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Surname 1Student’s Name:Professor’s Name:Course:Date:Business LawInsuranceAn insurance agent is someone who solicits, negotiates, and implements contracts of insuranceon behalf of an insurer (Insurance Information Institute). When looking for an insurance agent, I wouldlike to find one who understands the nature of the business I am involved in and the possible claimsthat are likely to arise out of the business so that they could offer insurance products that meet theneeds of my business. They should also be able to make me see financial reality related to my businessand suggest extra advice related to the business such as how to reduce risks like work related accidents,theft, and other losses.The agent should be one that puts the needs of my business above personal ones and thenecessity to make more money. This will allow them to offer the best products to the business even ifthey pay lower commission. It will also allow them to advise me on products that I really need and notproducts that are just meant to make more commissions for them.The business agent should be honest and not use deception to make mebuy their products.They should possess a wide range of technical knowledge such as tax and the legal aspects of theproducts they offer to my business and how they would affect it (Cussen). An agent with thecharacteristics listed above would instill professional confidence in me and assure me that I will be ableto get quality service from him on an ongoing basis.Generally, Property Insurance covers such common perils as a fire and theft. It may containdifferent types of insurance covers depending on the type of property you want to cover. For example,
Surname 2you might have an aviation insurance to cover planes airplanes and helicopters and Marine Cargoinsurance for goods in transit. Property insurance may be in form of packages where many covers areprovided under one policy. For example, an Office Package Policy or shopkeeper’s policy may coverthe property one usesinsmall business. It covers buildings and personal property such as officefurnishings, inventory, raw materials, and other items that are essential for business’ operations. Insome instances it may even provide operating funds during the period when you are trying to get thebusiness back after a loss and cover the loss of profits. All this however depends on the insurancecompany’s terms and conditions.Liability insurance, on the other hand, is the insurance that covers against claims that may bebrought against your business. People may claim that your business has caused harm to them due to anerror in a service or disregard for their property. Someone may allege that you created a hazardousenvironment. Your liability insurance pays damages for which you are found liable, up to the policylimits as well as attorneys' fees and other legal defense expenses. It also pays the medical bills of anypeople injured by your business (Insurance Information Institute)Part 4: Licenses and Permits Needed

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Term
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Tags
property insurance, Insurance Information Institute, Receiving Party

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