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IPS / Lighthouse Insurance Group Blog: liability insurance

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If you run a furniture store, you’ll often offer repair services. You might even refinish certain pieces. This might mean working with everything from delicate antiques to malfunctioning contemporary pieces. Clients expect you to make repairs professionally. If you accidentally damage an item, you might placeimage of furniture being painted the client (and yourself) in a bind. Why do these risks occur? How can you avoid them?

Property Damage Risks in Furniture Businesses

Repairing furniture means you’ll take a client's belongings into your care. You might repair them in your store, or in the client’s home. The client will expect you to do your job professionally. So, if an accident happens, they might want compensation for their losses.

Think about some of the ways you might damage your clients’ belongings:

  • You spill a solvent on an upholstered chair, staining and burning it.
  • A fire breaks out in your business, and in the process damages client belongings.
  • An antique piece falls off a work bench, splintering beyond repair.
  • While visiting a client’s home to pick up an item, you accidentally damage an item. For example, you break a window when trying to move a piece out of the home.

If any of these damages occur, you might have a duty to replace the item, repay the client or both. You might even face legal action by the client.

Any such loss might create particularly high cost burdens. You might even put your business’s finances or assets on the line trying to reach a settlement. Thus, you might want to use your commercial insurance to help ease some of this burden.

If you have property damage liability insurance, you can often file a claim for damage to a client’s possessions. This protection exists to cover damage you cause to others’ belongings. So, since you will handle a lot of client belongings in your business, make sure you have this coverage. Most policies will have financial limits. Therefore, make sure you have enough to cover the value of most items in your care. This will likely amount to several hundred-thousand dollars.

Create a Safety Process

You’ll naturally not want to have to file a property damage liability claim. Create a plan to protect client belongings, and you can often reduce such chances.

Your safety practices will likely vary. However, careful handling should remain front and center. Only follow tried-and-true practices when repairing furniture. Never place these items in harm’s way and make ample use of anchors and shields to keep them safe. With attention to detail, you’ll likely create a better degree of safety for items in your care.

Also Read: Prevent Business Insurance Claims with These Risk Reduction Tips

College StudentIt won't be long before students return to college once again!  

Did you ever stop to think about what happens to your belongings that you take with you to college in the event of loss caused by theft, vandalism, fire or any number of causes?  Are your things insured or will the cost of your loss simply need to be paid out of pocket?  The answer is:  "It depends!"

Most often, the parents' homeowner policy will extend to cover the student's property as long as the student resides ON CAMPUS - in a dorm, for example.  If you have a son or daughter heading off to school, you will want to read your policy or check with your insurance agent to be sure, and to understand how your particular insurance company would respond to this type of loss.

Now days, it is common for a student to join with others and rent a house, apartment or condominium that is located OFF CAMPUS.  When this happens, one thing is for certain...the parents' homeowner policy will not provide insurance for the student's belongings!  It is important to purchase a renter's insurance policy to provide insurance for the student's property AND to give liability protection.

Take a couple minutes to view this video and see why Justin recommends renter's insurance.

Call us at 800-220-5582 or contact us online if you have questions about renter's insurance.  You will be amazed at how little good protection can cost!

Image source: stockimages /


Owning a business is a difficult task. As a business owner, you worry for the future of your company in a time when many businesses are going under. In addition to making sure the company is growing, you must also plan for mistakes or accidents that could potentially devastate your business. The best way to protect against a potential lawsuit is through Umbrella Liability or Excess Liability insurance.

This form of liability insurance is called an “umbrella” because it provides an additional layer of insurance that spans above your firm’s general liability, auto liability and employer liability insurance.  It protects your business for catastrophic issues that threaten its security.

An Umbrella Liability policy offers 3 main benefits:

1. Increased coverage limits that kick in when a claim is made against you that exceeds the amount of your primary liability coverage

. It fills in when General Liability aggregates are exhausted

 It can provide coverage for unusual claims that are not covered by underlying policies.

Excess Liability insurance is similar to an Umbrella Liability policy except that it is designed to follow the coverage terms in the underlying policies.  In that respect, it only provides higher coverage limits that are excess of the primary underlying policies.

If you have questions about your business insurance, call INSURANCE PLANNING SERVICE at 800-220-5582 or contact us on the web today!

image of man building a houseIt's important for every business owner to have Michigan general liability insurance for their company. This ensures that they will have protection if someone is injured or suffers property damage due to an accident related to the premises or certain operations of their company. It is imperative, however, for a business owner to recognize how much general liability insurance they should have. Without knowing this, they run the risk of paying too much or not being properly covered if an accident does occur. Either of these instances can be detrimental to a business of any size.

Company Location

It may seem strange to consider, but where a company is located should play a big part in how much coverage a business owner decides to get. While it would seem as if a broken leg, or any other injury, would receive the same amount of compensation anywhere, this is simply not the case. There are some states, and even localities, that end up rewarding far more substantial damages to those injured by a company's perceived negligence. This includes not only compensatory damages, but punitive damages as well.

Amount of Risk

Maybe the most important thing a business owner needs to consider when deciding their coverage needs is just how much risk their company actually presents. This isn't to say that a specific company is dangerous, but there's no doubt that some industries present more of a perceived risk than others. If an accident at a company is likely to cause serious injury or death to a person, it's extremely beneficial for that company to get more coverage than a company that only presents minor risks.

Consider other Policies

There are several types of insurance policies that every company should have. Considering other policies, however, doesn't mean that general liability insurance shouldn't be purchased. What a business owner can do, however, is consider simply purchasing a "business owner policy" (BOP). This policy will actually combine all of a business owner's necessary coverages into a more simple policy. This will allow a business owner to really assess their risk and coverage needs when speaking with their insurance company. Additionally, it's very likely to save them money as well.

There's no doubt that every business will need different amounts of general liability coverage to keep themselves and their business safe. A construction company, for instance, will usually require far more coverage than a company that simply sells bracelets over the Internet. Recognizing potential risk is the most important step in ensuring proper coverage. Once this is handled, a business owner can usually rest comfortably. 

If you need more information on what amount of coverage is enough to protect your business, give Insurance Planning Service a call today at 734-421-9900.

Michigan Business InsuranceBusiness insurance coverage is designed to secure all types of businesses from known risks. Whether you are operating a high-end or low-end business enterprise, you require protection from hazards such as flooding and litigation. Buying business insurance coverage can also have a great influence on your personnel.

In addition to guaranteeing your workforce, Michigan Business Insurance also safeguards your assets as well as revenues. Still, there are laws and regulations which compel entrepreneurs to acquire business insurance. Discussed herein, are some of the advantages of purchasing small business insurance.

1.       Liability

Perhaps the greatest benefit of buying small business insurance coverage is the protection it gives you against liabilities. Businesses often make the best targets in the event of an on-site accident. In case somebody is hurt while at your business premise and you do not have liability insurance coverage, you will be forced to pay for the medical expenses, lost revenue and any other additional payment as has been granted by a court of law from your own pocket.

Just because you operate a small business does not mean that you are not exposed to accidents for which you can be liable for. For example, if a client or an employee trips over a cable and twists their ankle in the process, he/she can sue you for damages. So long as the accident occurred in your business premise you are responsible. However, you can protect your business from losses by acquiring a small business insurance coverage such as general liability insurance.

2.       Loss of Property and Damage

In case of theft or vandalism, business insurance coverage like property insurance will protect you from losses. Property insurance coverage is designed to compensate you if the building that accommodates your business is damaged or the items within the building such as furniture, computers, printers and fax machines are stolen or vandalized.

If you have a warehouse and merchandises stored therein are stolen after a security breach, your insurance provider will take care of the costs incurred in replacing the looted property.

3.       Protection from Natural Disasters

Buying small business insurance coverage that caters for natural disasters such as flooding, fire and earthquake protects you from losses in case your assets as well as stocks are damaged during a natural disaster. Replacing items damaged or destroyed during flooding or an earthquake can be expensive. But, you can safeguard against such risks by acquiring business owner coverage.

4.       Loss of Revenue

Small business insurance coverage, for example, business income insurance protects you from loss of income. There are various factors that can cause your business to shut down temporarily. Nonetheless, you can safeguard against such risks by buying small business insurance coverage.

For help finding the best Michigan Business Insurance policy for your business, call an Insurance Planning Service agent today at 800-220-5582.

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Lighthouse Group Main Office in Grand Rapids, MI
Mailing Address | P.O. Box 530009, Livonia, MI 48153

Phone: 734.421.9900 | Toll Free: 800.220.5582 | Fax: 734.421.9911

Also serving these Detroit area communities in Michigan: Livonia, Farmington Hills, Ann Arbor, Southfield, Plymouth, Canton, Westland, Northville, Novi, Dearborn, South Lyon & Walled Lake