Below are some of the most frequently asked questions. This FAQ page was created with the help and the feedback of some of our existing customers. Its purpose is to save you valuable time by providing answers to commonly asked questions. Feel free to contact us with any additional questions.
Frequently Asked Questions
Entertainment Center Insurance FAQs
I’m just getting my business started. Do I need insurance right away?
Yes, because the chance that you could suffer a loss begins with the first day of business. You cannot get help after the incident. If you suffer a loss and have no insurance, there is nothing your Liberty United Insurance agent can do to help you. Part of the risk of any small business is the loss of critical tools and property or liability to others either of which can cause loss of income or even force you to close your business.
Why do business with an independent agency?
Independent agents work for you, the customer; we are not employees of the insurance carriers and therefore we can offer our customers greater customization of insurance policies. We pride ourselves in having access to several of the best specialty insurance carriers available in the marketplace and get to shop around for our customers for the best insurance values.
What is the difference between an Admitted Company and a Non-Admitted Company?
Admitted carriers are companies that are licensed to do business in their particular state. They are to follow guidelines set by the department of insurance regarding rates, forms, cash reserves, advertisements, etc. They cannot deviate without approval. They are part of their state’s insurance guaranty program, which pays claims if the company should become insolvent.
What is a "rating"?
Admitted carriers are companies that are licensed to do business in their particular state. They are to follow guidelines set by the department of insurance regarding rates, forms, cash reserves, advertisements, etc. They cannot deviate without approval. They are part of their state’s insurance guaranty program, which pays claims if the company should become insolvent.
Why do business with a non-admitted carrier?
A standard (admitted) company has designed their policies, rates and forms for customers with average or better than average exposures. There are several reasons a risk may not fit within a standard company’s appetite. Just a few are classes of business:
I keep one auto strictly for business. Do I need a separate policy?
Yes. Whether you have one vehicle or several, you will need a business automobile policy. Such a policy covers any motor vehicle used in your business including cars, vans, trucks and trailers pulled by trucks, and offers coverage if they are damaged or stolen. It also covers liability if the business vehicle is in an accident and the driver is at fault.
What is business income insurance?
This insurance may reimburse you for the net income that would have been earned if, for example, a fire or other covered causes of loss had not occurred. Losses due to down time or extra expenses needed to restore operations (such as additional property rental) also may be covered.
How does an umbrella insurance policy work?
A policy designed to provide protection against catastrophic losses, the umbrella insurance policy is generally written over various primary liability policies, such as a general liability insurance policy, business auto policy and employers’ liability coverage. Once the underlying limits of these primary policies are exhausted, the umbrella liability policy would provide further coverage beyond the limits of those policies.
The above explains some general insurance terms and recommendations which may help you minimize losses and understand your policy better. Your policy should be closely read for specific definitions, limitations, and exclusions. |