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Wednesday, July 03 2019
Types of Business Insurance
How to Decide Which Types of Business Insurance You Need
While the list above includes many of the most popular types of business insurance you’ll find during your research, there are other insurance products to be aware of.
The exact types of coverage you’ll need depend a lot on the kind of business you operate and the nature of your work.
Typically, taking the time to get business insurance quotes is the best way to find out which policies you need.
When you get a business insurance quote, you are typically asked an array of questions about your business and its practices.
The answers you provide will make it obvious which types of coverage you need to protect your business, any buildings you have, your equipment, and yourself.
Steps to Take Before You Buy Business Insurance
Before you purchase a business insurance policy — or several policies bundled together — you’ll likely want to take time to think through your needs.
What is your business worth and what do you need to protect?
Before you buy insurance for your business or get business insurance quotes online, take time to complete these steps:
Friday, January 04 2019
Sound Insurance Agency Inc.
Sound Insurance Agency
We have insurance for any driver regardless of your situation. We can transfer your coverage to any of our many companies to maintain the lowest rates as your situation changes.
9627 Aurora Avenue North Seattle, Wa 98103
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Recommended Reviews for Sound Insurance
Written by: Paul G.
sr-22 insurance, At Sound Insurance we are here for the underdog! We understand that life sometimes gives you lemonade. We are never of the mindset that passing any judgment or scrutiny is ok in this situation.
Manufactured by: Pemco
Model: Auto Insurance Seattle
Product ID: Sound Insurance Seattle - 1
5 based on 3 reviews
Home ? SR22 Insurance ? Auto Insurance ? SR-22 Insurance Seattle
Sound Insurance AgencyReviewed by: rgoldfarb on 11-26-2011
Very nice, great service and very helpful
Read Paul G.'s review of Sound Insurance on Yelp
Tuesday, June 05 2018
SR-22 insurance, At Sound Insurance we are here for the underdog! We understand that life sometimes gives you lemonade. We are never of the mindset that passing any judgment or scrutiny is ok in this situation. Rather, we are the ones that are going to do everything in our power to help you safely get back on the road. What's truly important is getting you coverage and assist you in getting your life and issues moving forward in a positive direction. We have had the same ownership for 50 years. Our knowledge and speed of "execution" will make all the difference in the world when it comes to getting you properly covered and secure within 24 hrs. The last thing you ever want to do in a situation that warrants an SR22 insurance coverage is put it in the hands of lesser experienced agencies. Not only will we get you back on the road, we will ensure that you get the most aggressive price possible. As an independent agency we have far more options. The greater the options the greater your chances for getting this done in the most inexpensive way possible.
National Traffic and Motor Vehicle Safety Act
1.The SR-22 is essentially a document that proves that a driver is financially responsible and has purchased the required amounts of auto insurance to be legally allowed to drive in the State of Washington.
2.Those who are required to carry an SR-22 will need to have it with them at all times while driving a vehicle, and failure to produce the SR-22 can mean significant legal trouble.
3.The SR-22 is not an insurance policy, it is evidence that you have auto insurance.
Saturday, February 10 2018
Read Spencer C.'s review of Sound Insurance on Yelp Read Colleen O.'s review of Sound Insurance on Yelp
Friday, April 21 2017
Sr-22 insurance, At Sound Insurance Agency we are here for the underdog! We understand that life sometimes gives you lemonade. We are never of the mindset that passing any judgment or scrutiny is ok in this situation. Rather, we are the ones that are going to do everything in our power to help you safely get back on the road. What's truly important is getting you coverage and assist you in getting your life and issues moving forward in a positive direction. We have had the same ownership for 50 years. Our knowledge and speed of "execution" will make all the difference in the world when it comes to getting you covered within 24 hrs.
For your Family
For your Business
Wednesday, February 22 2017
Sunday, October 18 2015
Vehicle insurance (also known as, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise there from. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.
Contents Quoted from wikapedia
Widespread use of the automobile began after the First World War in the cities. Cars were relatively fast and dangerous by that stage, yet there was still no compulsory form of car insurance anywhere in the world. This meant that injured victims would seldom get any compensation in an accident, and drivers often faced considerable costs for damage to their car and property.
A compulsory car insurance scheme was first introduced in the United Kingdom with the Road Traffic Act 1930. This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties whilst their vehicle was being used on a public road. Germany enacted similar legislation in 1939. Quoted From Wikapedia
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Monday, August 31 2015
The company operates in three segments: Personal Lines, Commercial Auto, and Other-indemnity. The Personal Lines segment writes insurance for private passenger automobiles, motorcycles Insurance Seattle, boats, and recreational vehicles through both an independent agency channel and a direct channel. The Commercial Auto segment writes primary liability and physical damage insurance for automobiles and trucks owned by businesses primarily through the independent agency channel. The Other-indemnity segment provides professional liability insurance to community banks, principally directors, and officers liability insurance. It also provides insurance-related services, primarily providing policy issuance and claims adjusting services in 25 states for Commercial Auto Insurance Procedures/Plans. In 2011, the company was ranked 164 in the Fortune 500.
Progressive is one of the largest auto insurers in the United States, with over 13 million policies in force, along with State Farm, Allstate, GEICO, Nationwide Insurance, Farmers Insurance Group, and USAA. Progressive primarily offers its services through the Internet or by phone and through independent insurance agents. Progressive's Agency business sells insurance through more than 30,000 independent insurance agencies and progressiveagent.com where customers can quote their own policies and then contact an agent to complete the sale.
In December 2009, Progressive announced it was selling car insurance in Australia. Initially called Progressive Direct, it rebranded as Progressive in 2011.
Marketing and operations
Progressive's marketing campaign is known for offering quotes of its competitors along with its own quote. It was the first major insurer to offer auto policies through the phone and through its web site. In September 2007 Progressive began to offer Pet Injury coverage, which provides coverage for dogs and cats that are injured in a crash and is included at no additional cost with Collision coverage.
Immediate Response Vehicles (IRVs) used by Progressive are specially modified Ford Explorers and Ford Escapes. quoted from Wikiapedia
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What do we offer that is different? No platitudes… Only the truth. We are family ran. We have had the same owners since day one. We have been in business for 48 years. We aggressively & proactively maintain our accounts. Our family and employees are skilled and highly knowledgeable from generation to generation sharing
Sound Insurance Agency has been licensed to sell insurance products for Washington State residents since 1967. We are conveniently located in North Seattle just minutes from I-5 near the Northgate exit.
Whether you are just renewing your insurance, relocating, looking for a lower rate or a more service oriented agent why not complete our online quote form, e-mail, or phone us today for a free comparison estimate for your insurance needs?
For auto insurance Seattle or boat insurance in Seattle our rates & coverage are incredible.
Saturday, August 22 2015
Liability insurance is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defense costs tend to soar when cases go to trial.
The liability insurance market
Commercial liability is an important segment for the insurance industry. With premium income of USD 160 billion in 2013, it accounted for 10% of global non-life premiums of USD 1 550 billion, or 23% of the global commercial lines premiums. Liability insurance is far more prevalent in the advanced than emerging markets. The advanced markets accounted for 93% of global liability premiums in 2013, while their share of global non-life premiums was 79%.
The US is by far the largest market, with 51% of the global liability premiums written in 2013. This is due to the size of the US economy and high penetration of liability insurance (0.5% of GDP). In 2013, US businesses spent USD 84 billion on commercial liability covers, of which USD 50 billion was on general liability, including USD 12 billion for Errors and Omissions (E&O) and USD 5.4 billion for Directors and Officers (D&O). US businesses spent another USD 13 billion on the liability portion of commercial multi-peril policies, USD 9.5 billion for medical malpractice and USD 3 billion for product liability covers.
The UK is the world’s second largest market for liability insurance, with USD 9.9 billion of liability premiums in 2013. The largest sub-line of business is public and product liability. This is followed by professional indemnity and employers’ liability (cover for employment-related accidents and illnesses). There has been a significant shift in the sub-segments of UK liability insurance. In the last decade, the share of professional indemnity has increased from about 14% to 32%, highlighting the shift towards a more services-driven economy. Manufacturing, meanwhile, comprises a lower share of liability claims as accidents related to injuries and property damages have declined.
In continental Europe, the largest liability insurance markets are Germany, France, Italy and Spain. Together they made up almost USD 22 billion of global liability premiums in 2013. Typically governed by civil law systems, these markets rely on local conditions and historical experience to determine which liability policies and covers are available. Penetration ranges from 0.16% to 0.25%, which is low compared to the common law countries such as the US, the UK and Australia.
Japan and Australia are the largest markets in the Asia Pacific region, with commercial liability premiums of USD 6.0 billion and USD 4.8 billion, respectively, in 2013. At 0.12% of GDP, the penetration of liability insurance in Japan is much lower than in other advanced economies. In Australia, penetration is much higher at 0.32% of GDP. This is due to the country’s Anglo-American legal framework, which has increased demand for employers’ liability insurance. Australia has mandatory covers for aviation, maritime oil pollution and residential construction and, in certain states, for medical practitioners, property brokers and stock brokers. Liability insurance premiums have grown at an average annual rate of 11% since 2000.
China is the ninth largest commercial liability market globally, with premiums of USD 3.5 billion in 20136 and strong annual average growth of 22% since 2000. However, penetration remains low at 0.04% of GDP. Growth has been driven by increasing risk awareness and regulatory changes.
What liability insurance provides
Liability insurers have two (or three, in some jurisdictions) major duties: 1) the duty to defend, 2) the duty to indemnify and (in some jurisdictions), 3) the duty to settle a reasonably clear claim.
The duty to defend is triggered when the insured is sued and in turn "tenders" defense of the claim to its liability insurer. Usually this is done by sending a copy of the complaint along with a cover letter referencing the relevant insurance policy or policies and demanding an immediate defense. At this point, the insurer has three options, to:(1) seek a declaratory judgment of no coverage; (2) defend; or (3) refuse either to defend or to seek a declaratory judgment.
If a declaratory judgment is sought, the issue of the insurer's duty to defend will be resolved.
If the insurer decides to defend, it has thus either waived its defense of no coverage (later estopped), or it must defend under a reservation of rights. The latter means that the insurer reserves the right to withdraw from defending in the event that it turns out the claim is not covered, and to recover from the insured any funds expended to date.
If the insurer chooses to defend, it may either defend the claim with its own in-house lawyers (where allowed), or give the claim to an outside law firm on a "panel" of preferred firms which have negotiated a standard fee schedule with the insurer in exchange for a regular flow of work. The decision to defend under a reservation of rights must be undertaken with extreme caution in jurisdictions where the insured has a right to Cumis counsel.
The choice to do nothing can be very risky because a later determination that the duty applied often leads to the tort of bad faith. (So, insurers often prefer to defend under a reservation of rights rather than simply do nothing.)
The duty to indemnify means the duty to pay "all sums" for which the insured is held liable, up to a set policy limit.
In some jurisdictions, there is a third duty, the duty to settle a reasonably clear claim against the insured. The duty is of greatest import during situations in which the settlement demand equals or exceeds the policy limits. In that case, the insurer has an incentive not to settle, since if it settles, it will certainly pay the policy limit. But this interest is at odds with the interest of its insured. The company has incentive not to settle since if the case goes to trial, there are only two possibilities: its insured loses and insurer pays the policy limits (nothing gained nothing lost), or its insured wins, leaving the insurer with no liability. But, if the insurer refuses to settle, and the case goes to trial, the insured might be held liable for a sum far exceeding the settlement offer. In turn, the plaintiff might then attempt to recover the difference between the policy limits and the actual judgment by obtaining writs of attachment or execution against the insured's assets.
This is where the duty to settle comes in. To avoid endangering an insured to gain a remote possibility of avoiding paying on the policy, the duty to defend obligates the insurance company to settle reasonably clear claims. The standard judicial test is that an insurer must settle a claim if a reasonable insurer, notwithstanding any policy limits, would have settled the claim.
An insurer who breaches any of these three duties may be held liable for the tort of insurance bad faith in addition to breach of contract.
Occurrence v. claims-made policies
Traditionally, liability insurance was written on an occurrence basis, meaning that the insurer agreed to defend and indemnify against any loss which allegedly "occurred" as a result of an act or omission of the insured during the policy period. This was originally not a problem because it was thought that insureds' tort liability was predictably limited by doctrines like proximate cause and statutes of limitations. In other words, it was thought that no sane plaintiffs' lawyer would sue in 1978 for a tortious act that allegedly occurred in 1953, because the risk of dismissal was so obvious.
In the 1970s and 1980s, a large number of major toxic tort scandals (primarily involving asbestos and diethylstilbestrol) resulted in numerous judicial decisions and statutes which radically extended the so-called "long tail" of potential liability chasing occurrence policies. The result was that insurers who had long-ago closed their books on policies written 20, 30, or 40 years earlier now found that their insureds were being hit with hundreds of thousands of lawsuits which implicated those old policies.
The insurance industry reacted in two ways to these developments. First, premiums on new occurrence policies skyrocketed, since the industry had learned the hard way to assume the worst as to those policies. Second, the industry began issuing claims-made policies, where the policy covers only those claims that are first "made" against the insured during the policy period. A related variation is the claims-made-and-reported policy, under which the policy covers only those claims that are first made against the insured and reported by the insured to the insurer during the policy period. (There is usually a 30-day grace period for reporting after the end of the policy period to protect insureds who are sued at the very end of the policy period.)
Claims-made policies enable insurers to again sharply limit their own long-term liability on each policy and in turn, to close their books on policies and record a profit. Hence, they are much more affordable than occurrence policies and are very popular for that reason. Of course, claims-made policies shift the burden to insureds to immediately report new claims to insurers. They also force insureds to become more proactive about risk management and finding ways to control their own long-tail liability.
Claims-made policies often include strict clauses that require insureds to report even potential claims and that combine an entire series of related acts into a single claim. This puts insureds to a Sophie's choice. They can timely report every "potential" claim (i.e., every slip-and-fall on their premises), even if those never ripen into actual lawsuits, and thereby protect their right to coverage, but at the expense of making themselves look more risky and driving up their own insurance premiums. Or they can wait until they actually get sued, but then they run the risk that the claim will be denied because it should have been reported back when the underlying accident first occurred. chiropractor seattle
Claims-made coverage also makes it harder for insureds to switch insurers, as well as to wind up and shut down their operations. It is possible to purchase "tail coverage" for such situations, but only at premiums much higher than for conventional claims-made policies, since the insurer is being asked to re-assume the kind of liabilities which claims-made policies were supposed to push to insureds to begin with.
Not surprisingly, insureds recognized what the insurance industry was up to in trying to use claims-made policies to push a substantial amount of risk back to insureds, and claims-made coverage was the subject of extensive litigation in several countries throughout the 1970s, 1980s, and 1990s. This led to important decisions of the U.S. Supreme Court in 1978 and 1993 and of the Supreme Court of Canada in 1993. QUOTED FROM WIKAPEDIA
Wednesday, July 15 2015
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Thank you very much for your interest in Sound Insurance Agency. Thank you again for your interest in the Sound Insurance Agency and we look forward to earning your business!
Respectfully, THE SOUND INSURANCE TEAM
Tuesday, 09 July 2019
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