Hialeah Business Liability Insurance

Hialeah business liability insurance will protect your company in the case of claims related to personal injury, advertising injury and property damage. However, your Hialeah business liability insurance will not protect you for the property damage itself. Instead, you need an additional Florida business general liability insurance policy to protect your property in the case of a natural disaster.

Furthermore, if you're manufacturing or selling a product, your basic Hialeah business property insurance won't protect you from claims related to your product. You need a product specific policy called product liability insurance to cover those claims. If, for example, someone claims that the oven your Hialeah, FL company designed has malfunctioned, you need good product insurance in place. Furthermore, product coverage includes extensive coverage regarding potential product claims.

Product Liability Insurance

Again, your general Hialeah business liability insurance doesn't cover product related claims, and you need coverage even if your product is relatively harmless (clothing, toys, or some such). People sue for all kinds of reasons in Hialeah, FL, and you need to have the appropriate coverage in place. You can view your estimated rates for business liability insurance online in seconds. Luckily, your premiums will be based on the type of product and the volume of sales.

Don't under-report the volume of sales in order to reduce your premiums, though. If you do so, you can expect substantial penalties. Under-insuring is never a good idea. That being said, be sure that your products are carefully specified. Don't pay the cost of insuring ladders if you're really manufacturing a stepping stool (you can, obviously, guess which one is riskier!).

A product liability policy will cover your company from claims related to the sale of the product, which can be brought up by a buyer, user or bystander. It's important to understand that there are three different kinds of claims that may come up regarding the product your Hialeah company sells or manufactures. Luckily, your product liability policy will offer your business protection from all three kinds of claims.

The first type of claim is a manufacturing or production claim. If you're just selling a product in your Hialeah, Florida store, you won't be susceptible to these kinds of claims. However, if you're manufacturing something, you might face a claim related to the production process. If, for example, there are harmful chemicals found in your product, you might face this kind of claim.

The second type of claim is related to the design of a product. For example, in the 1970's, Ford faced a number of claims regarding the poor design of the Pinto car. Design claims are similar to manufacturing claims, though they're related to the overall structure rather than the building process.

The third type of claim involves defective instructions or warnings. Do you remember the McDonald's suit, related to too-hot coffee? That was a failure to "warn" the customer about the heat of the beverage. Poor labeling is also a concern. If, for example, your product is not intended for children but it looks like a toy, you probably need a warning signal.

You may be able to get product liability coverage as part of your Hialeah business liability insurance, rather than as a separate policy. If so, it might be called "products-completed operations insurance". It may be more affordable to purchase Hialeah business liability insurance with product coverage as part of the package, rather than as a separate, add-on policy.

Property Insurance and BOPs

Speaking of "packages", you may be able to get a business owner's policy, or BOP, that includes both Hialeah business liability insurance and a policy to protect your Hialeah, Florida property. If you can get the package deal, you'll typically save money. In fact, you may be able to get a bundle that includes Hialeah business liability insurance, property insurance and product liability coverage.

Furthermore, if there are other policies you need for your business, like an auto policy to protect your company cars, you may be able to get those in the bundle as well. The best way to get a deal on your business protection is to find a Hialeah business liability insurance agent that knows your industry and can help you find a good package.

Plus, a good agent will identify other potential risks your business might face. For example, if your Florida company involves giving advice, building houses, or anything along those lines, you probably need malpractice coverage as well. If you face claims of professional negligence, you need to have this coverage in addition to your basic commercial policy.

As you've probably gathered, Hialeah business liability insurance is a must for your small company. However, it's not sufficient. You will need several other policies (or a special package) in order to cover all of your potential risks. Consult a professional to make sure your company has appropriate and thorough coverage for potential risks.

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