Follow Us
We speak Spanish and Mandarin (中文)
Family of three on couch

Posts made in February 2021

insurance agent going over a quote

Understanding a Business Insurance Quote

Business insurance in Newark, DE, can empower you to go about your day-to-day operations with peace of mind. When shopping for a policy, it is crucial to remember that price is just one factor that should drive the decision-making process. Here are a few things to remember when you receive an insurance quote.

The Price Isn’t the Bottom Line

It’s easy enough to get quotes from several different insurance carriers. While you might be lured by a low rate, the price shouldn’t ultimately drive your decision. The quote is a great research tool in itself because it may also tell you the extent of the coverage you will buy.

In most cases, business insurance is separated into two primary categories: liability coverage and property coverage. Liability coverage mainly protects against bodily injury, property damage, and the legal fees should you encounter a lawsuit. Liability coverage might also protect your from copyright infringement, data breaches, and defamation suits. Property coverage includes protections in case your place of business suffers a loss due to severe weather, a worksite accident, or theft.

It’s All in the Details

If the quote doesn’t say the policy covers it, then you need to start asking questions to the agent. Beyond that, the quote will also state how much each specific part of the policy covers. For instance, the policy quote might provide plenty of coverage in the event of hurricane damage, but won’t say much about flooding. A policy might also have more coverage related to liability, but not much in the way of property damage.

Comparing quotes can be tricky, but it beats paying for something you won’t need or that will hardly protect anything. By speaking with an insurance broker, it will be easier to navigate the nuances that surround different business insurance policies.


business insurance forms

Know the Difference: Property and Liability Insurance

Your business illustrates how your love for doing something can affect the community. However, it is crucial to separate the romanticism behind your livelihood from the world’s realities. In other words, you have to take the right measures to protect not only your business, but also those around you.

Many insurance agents will recommend that you take out both property and liability insurance in Newark, DE. It’s important to have both because they are two different products that cover two different aspects of your business. Learn about their differences and strengths here.

Liability Coverage Protects You in a Lawsuit

When people talk about “liability,” they refer to any event that your business is legally responsible for. A liability is normally determined as the result of a lawsuit, and it might include accidents that result in a person’s injury, or if someone fails to fulfill a contractual obligation. Liability insurance can protect a business from such incidents by covering the costs associated with legal fees, hiring a lawyer, and providing compensation for damages. This protects a business from paying out-of-pocket costs.

Property Insurance Protects Your Livelihood

Think about property insurance as something that guards your day-to-day operations. These types of policies can provide coverage against loss or damage related to the building, supplies, equipment, and inventory. Depending on the coverage, property insurance protects you from different events, such as fires, theft, vandalism, or severe weather.

Property and liability insurance can protect you in different situations, so choosing both can help you in the long run. When choosing new policies, always be sure to consider the different options.

out of office sign

What You Should Know about Business Interruption Insurance

For your business to be successful, it needs to be in continual operation. Any disruptions can deliver a financial blow from which it is hard to recover. To prevent such a scenario, many companies rely on business interruption insurance.

Broadbent Insurance, Inc. is experienced in all forms of business insurance in Newark, DE. We’ll apply our expertise here to discuss interruption insurance, which is also known as business income insurance.

This business insurance can help replace income if you have to shut down your company temporarily because of a covered loss. Say, for example, your shop closes due to property damage. Your policy will cover your lost income while the repairs are made. You could also be covered in the case of an event such as a road closure that shutters your business for a short span.

Interruption insurance covers operating expenses such as the revenue you would typically make, in addition to items like rent payments, taxes, payroll, relocation costs, and training costs. There is usually a 48- to 72-hour waiting period before the coverage kicks in following a closure. The restoration period is the time that your policy will cover lost business income. For a more detailed look at your business insurance, it is always best to contact your agent.

power plant

What is Pollution Liability Insurance, and Do You Need It?

We are all familiar with pollution, but how many of us are familiar with pollution liability insurance in Newark, DE? Probably not too many. That’s why the team at Broadbent Insurance, Inc. is providing this article. We’ll talk about this insurance and offer points to consider to help you decide if you need it.

The first thing we’re going to do is define pollution liability insurance. This is coverage that protects businesses that generate hazardous waste during operations. It is standard coverage for oil, construction, excavation, asbestos abatement, agribusiness, and waste disposal companies. If your business falls into one of these categories or generates dangerous waste through other processes, then you should have pollution liability insurance.

This coverage was included under commercial general liability policies but eventually became a separate product. Pollution insurance will protect your business in the case of an environmental clean-up or injury from hazardous waste exposure. It is extremely valuable for independent contractors and corporations alike.

We suggest you discuss this topic further with your insurance provider to determine if you need pollution liability insurance and the amount of coverage that would be best for your business.