Company insurance is intended to safeguard the financial assets of a business owner and is a vital investment for a burial at sea service.
This article will discuss the primary insurance coverage for burial at sea services, as well as general liability insurance and additional policies that are appropriate for this company.
Burial at Sea Services General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
COMMON SITUATIONS FOR WHICH GENERAL LIABILITY INSURANCE MAY PROVIDE COVERAGE FOR BURIAL AT SEA SERVICE
Example 1: A prospective customer slips over a cable while visiting your facilities, fractures her wrist, and asks that you pay for her medical care. Her medical expenses would be covered by general liability insurance.
Example 2: A rival sues your company for defamation. While you disagree with the allegation, you want to consult a lawyer as soon as possible. Your legal defence expenses and any needed payment would be covered by general liability insurance.
Example 3: While moving equipment through your store, an employee accidently knocks a client to the ground. In the fall, the client fractures his arm and sues your company. General liability insurance would cover the expenses of your legal defence as well as any compulsory settlement.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
In the United States, burial at sea providers pay between $400 and $700 per year for $1 million in general liability coverage.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Burial At Sea Services Required
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that any burial at sea services should have are as follows:
Insurance for Professional Liability
This coverage protects you against negligence lawsuits based on mistakes you make or faults a customer accuses you of making. If a customer sues you, alleging that your burial services caused them injury, professional liability insurance would pay the expenses of your legal defence.
Insurance for Workers’ Compensation
Workers’ compensation insurance is required in most states for both part-time and full-time employees. This coverage covers your workers if they are hurt at work or get sick as a result of a workplace accident. It covers not just an employee’s medical expenditures and missed pay if they need time off to recuperate, but also any disability or death benefits resulting from a work-related accident.
Some Burial At Sea Services May Require Specific Coverage
In addition to the insurance listed above, your burial at sea service may need a few more forms of coverage based on particular features of your activities. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Commercial Vehicles
In the case of an accident, any car you use mainly for work needs commercial auto insurance to cover the vehicle, driver, and others on the road. Choose a policy that not only covers accident-related vehicle repair expenses and medical care for anybody harmed, but also provides enough coverage for any business documents you transport in your vehicle.
Umbrella Insurance for Businesses
While most claims are covered by your general liability insurance policy, certain incidents or lawsuits may be so severe that they threaten to deplete the limits of your main coverage. Commercial umbrella insurance protects you from having to pay for legal expenses and awarded damages that exceed the limits of your main policy out of pocket.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.