Basic Business Insurance Information

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Complete Video Transcript

0:00hello i’m just 4.9%. much of it you just briefly about business insurance basics
0:04today
0:05and trying to sort out some differences between taxes
0:08stressed that are common today the first part name is Charles programs what we
0:12call a property and liability
0:14typically it is a single policy sometimes called a
0:18of or a business owners policy or a package policy
0:2236 call a package bosses because it packages
0:25property insurance liability was property insurers
0:28for lack of a better term pitcher stuff its inventories
0:32desks it is anything that you sell or anything else you need in your
0:36in your office right your operation so is your business
0:39stuff liability is something goes wrong UPS
0:43to a customer comes on your promises slips and falls
0:46or if you sell a product that hurts a customer that would be a products
0:50liability
0:51so these are the core of most insurance policies for most businesses
0:55next workers compensation workers compensation is a social contract
1:00between employers and employees
1:02basically says employer says if you come work for me
1:06and you get hurt on the job will take care of your medical
1:09expenses as well as lost wages and this is all true and by stage so
1:14workers compensation is what we call statutory meeting the actual
1:20benefits are determined not by the insurance company
1:23but by the state in which the accident may
1:26may a car or the businesses typically Massachusetts
1:29statutory workers compensation is a little different from our Rhode Island
1:33which is a little different from new hampshire so we stay has their own
1:35workers compensation and other taxes insurance their comments today
1:39depending on what you do professional liability
1:43or errors and omissions we call it you know in our business
1:46errors and omissions is if we make a mistake that
1:49right that ends up harming you that is error and
1:53people can sue for professional i doing very common in the legal profession
1:57medical malpractice is for most professional liability for doctors
2:01and other professionals engineers carry a dark texts
2:04for directors and officers is to protect directors officers for business
2:09decisions that they make about
2:10they make about the company and it finally Employment Practices Liability
2:15the acronym is 8p L I
2:18planning practice liability insurance is a case you fire somebody and they come
2:22after you and says
2:23discrimination or some other allegation
2:26these are the business insurance basics for more on your business insurance
2:30make sure that you are thank write about for your insurance not too much
2:34have the right coverage lodging or insurance visit acorn dot com on the web
2:39we look forward to working with thank you