Auto insurance is an agreement between an individual and an insurance agent. Upon signature and payment, the agent provides a specific amount of financial coverage to the individual should they be involved in an accident. Although some people cringe at the thought of this payment month after month, the benefits of car insurance should make you more than happy to protect yourself with the small amount.

Coverage is Mandatory

State auto insurance is required in 48 of the 50 U.S. states and Washington, D.C. There are minimum amounts of coverage mandatory to be carried at all times, with these amounts varying by state. Failure to carry this coverage can result in suspension of driving privileges, increased auto insurance costs and huge fines. In some states the misdemeanor offense is punishable by time in jail.

Minimum insurance amounts cover financial loss related to injuries, property damage and medical payments that result after an accident. Most minimum state auto insurance policies cover these losses only for the other party involved in an accident that you are at fault for, though additional policies can be purchased to provide yourself protection. Uninsured motorists is one of the most recommended (and required in some states) policies, and collision, comprehensive and others are available.

Protecting after an Accident

Benefits of auto insurance begin from day one. Not only does the coverage protect you should you be involved in an accident with another car, it can also protect you from accidents involving other objects. Your policy will look something like this: 25/50/15. This means you will have $25,000 in Bodily injury protection for one person injured, with a cap of $50,000 for all parties involved; and $15,000 in property damage protection. This means that, once your deductible amount sets in, the insurance company will pay up to these amounts for accidents. That is money that you are responsible for and would otherwise be forced to pay out of pocket. An auto insurance policy protects you from financial disaster!

Having state auto insurance not only keeps you out of legal trouble, it ensures that you aren't spending the rest of your life paying for an accident. In addition, auto insurance gives you the confidence to get behind the wheel of your car with peace of mind no matter where you are heading.

The benefits of your auto insurance can be increased with the right company. Many offer discounts that can chop off 30% or more of your costs of insurance premiums. These discounts include safe driver discounts, multi-policy discounts, safe-driver discounts and many others. Ask your agent for these discounts; they may not always offer them to you.

The way you Pay your Policy could Equal more Discounts

Policies can be paid each month, every six months or annually. Your price can be affected by the number of payments that you make, with discount provided when you pay more at once. Before you purchase a policy, comparing is always a step you must take. Comparing is fast and easy to do on the web, instantly giving you the best prices for your coverage. Because auto insurance costs are based upon many factors, the amount you pay will vary from the next person's payment.

As you can see there are far more benefits to state auto insurance than you may have realized to begin with. A few bucks per month and all of these great benefits, and so many more, could all be yours day after day, week after week and month after month. Do not moan the next time you need to choose a policy; instead be grateful you were given the opportunity to protect yourself!

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Right from dealing with diverse interest groups and factors to unfortunate incidents, natural calamities and unfavourable business conditions, a hotel business is prone to various risks. So as to make the business traverse through these obstacles smoothly and make it sustainable, there is a need of adequate financial coverage. One such comprehensive tool that offers financial assistance in times of need and makes the business sustainable is 'hotel business insurance policy'.

Importance of hotel insurance
As an owner of a hotel business, you are at risk of facing situations which can result in loss and damage to your business. These situations include fire accidents, public liability, theft of contents, any catastrophe leading to damage of property or casualty to customer/employee, legal claims from disgruntled customer, employer-employee dispute, etc. Further, there might be situations, such as recession, etc., when you are compelled to close your business temporarily.

Hence, it is significant that you quantify the risk to your hotel business and buy adequate insurance cover, as the coverage would come to your rescue in these situations.

Benefits
The benefits accrued from hotel business are far reaching. By spending a reasonable amount on getting insurance, you can yield few crucial benefits, which are as follows:

• Coverage to both, the property and the contents
Though hotel business comes under hospitality industry, it deals with heavy infrastructure such as spacious buildings, sophisticated storages, important machinery, huge inventory, and also other contents such as articles, instruments, crockery, utensils, furnishings, furniture, fixtures, electrical installations, air conditioners, etc.

While the physical building is prone to damage from incidents such as natural catastrophes, fire accidents, etc., the components are prone to risk from damage, theft, liability from customer/employee, etc. Therefore, it is sensible to buy insurance policy to cover your hotel business from the possible and unexpected risks.

As the hotel insurance offers coverage for both hotel building as well as its contents, you need not take two separate insurance policies.

• Coverage against claims made by public
Hotel business involves diverse dealings with general public, which include selling food and beverage, providing accommodation, arranging tourist vacations, business delegation conferences and range of other activities. Large or small, there is high risk of liability in all these services because of apparently unhappy customers for any reason while dealing with your business or because of petty issues between your employee and the customer or because of any damage occurred to the customer or customer's property, due to the negligence of your business or employee.

• Employers' and product liability claims
Here, there are two segments - employers' liability and product liability. We will discuss each separately.

o Employers' liability: The law instructs all employers to take care of the employees' health and working conditions at the workplace. It is the employer's responsibility to take adequate measures for sickness or casualty. In case, the working conditions cause any harm to the employees' health, then are there chances of facing a liability claimed by the employees.

o Product liability: Hotels serve various dishes and beverages, including routine foods, alcoholic and non-alcoholic beverages. But, there is high risk of liability associated with these food items - people may fall sick after using your product, say a packet of hamburgers. Hotel liability insurance protects your business against the claims that originate due to the faulty food items served by you.

• Ensures smooth run of the business - business interruption
Apart from the risks associated with employees, the public and customers, you may face risks that are absolutely out of your control. These include economic recession in general, catastrophes like flooding, heavy rains, earthquake and the like. All these interrupt your hotel business, and might result in temporary shutdown of the business. Hotel business insurance offers cover for all these risks.

Reliable brokerage firm helps you get tailor-made policy
Being aware of the risk involved in your hotel business and the importance of the hotel business insurance, it is time to buy an insurance cover that is appropriate in terms of amount of coverage, span and premiums. Instead of buying multiple insurance covers, it is better to buy one policy that covers all the probable risks that you face. Further, it is better to buy customised insurance cover instead of a standard one.

For getting the most suitable business insurance cover, it is advised to approach a reputed brokerage firm having experience and knowledge in selling hotel business insurance. Negotiate for a cover that is comprehensive enough for your hotel business. It depends on the size, number of customers, working hours, and the product/services you are selling.

Hotel insurance is thus significant and hence, you should buy it keeping in view the risks involved therein. It protects your valuable business against diverse risks and liabilities.

Keystone Insurance Group is Ireland's premier supplier of public liability insurance and business insurance solutions to Irish industry. Our experienced and professional team quickly arranges quotes for all classes of business insurance.

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