If you’re a processor looking for the right insurance policy, you may not know what to look for in a provider or policy. Politics and terminology can be very difficult to understand, especially when you are trying to understand what is best for your business. The following information may further explain the nuances of Process Server Insurance.
In the following videos, the basics of insurance, such as general and professional liability, why insurance is needed, and what to look for in a provider, are all discussed while explaining timers such as approvals, exceptions, errors, and omissions, and forms of occurrence.
Additional videos will help you assess the biggest risks in your business and review important coverage that needs to be covered, such as on-site and off-site liabilities and commercial vehicle rules and types of requirements. may encounter a process server.
The Basics of Insurance for Process Servers
Watch the videos below for tips on covering general and professional liability, the differences between claims and incident forms, and assessing your personal risks.
General and Professional Liability
The general liability covers claims for bodily injury and pecuniary damage. Your general liability policy may cover both indoors and outdoors. Professional liability, also known as errors and omissions, covers the financial loss.
Claims Made Vs. Occurrence Coverage
The statement of claim has a short reporting period, typically 0 to 60 days. The incident form allows you to file a claim even if you have waived your insurance policy. Allow extended reporting period.
Important Coverage Types
Learn more about why auto coverage covers the processor’s biggest risks, the difference between an insurance policy and a warranty, and which one to consider, as well as information about the coverage of directors and officers.
A Bond Vs. An Insurance Policy
The bond only protects third parties and does nothing for the person. Instead, the insurance policy protects both the third party and the individual. Although bonuses are sometimes required for process servers to meet licensing requirements, it is often recommended that a process server obtain an insurance policy only if no obligation is required.