A sweetheart deal if you can swing it: buy insurance today and make the coverage begin at a date in the past. This form of policy is not a commonly available coverage, because it increases the risk for the insurance company by extending coverage prior to the date the policy was purchased.
The intent of backdated liability coverage is to cover for claims that may pop up from past business activities. This makes sense if you are buying a "blue sky" business in which the purchase is a building as well as a client base (which is "the blue sky"). A typical backdated liability insurance is usually a commercial general liability policy that provides coverage including claims of bodily injury or other physical injury, personal injury (libel or slander), advertising injury and property damage as a result of your products, premises, or operations. It can be offered as a package policy with other coverages such as property, crime, or automobile insurance.
However, it is expensive by virtue of expanding the length of coverage time and the unknowns that may have occurred prior to the policy purchase.
Related or Semi-related Video
Finance: What are Misappropriation, misr...0 Views
Finance allah shmoop what are misappropriation misrepresentation misogyny and miss
independent Yeah a misappropriation not a kelly clarkson song something
about attitude and misdemeanor maybe on no Alright well they
miss here is all about bad bad things people do
teo people while clothes generally first up miss appropriation well
when you appropriate something you take it And in the
highly regulated world of finance it had better be appropriate
that you appropriate that we did They're really clever So
the missus here are things you can't do like Thou
shalt not steal ee appropriate things without it being legal
right Okay moving on then there's mis representation thou shalt
not represent myself as being registered as a rap for
legal to trade derivatives Or that the fair commission really
wass for thousand dollars on that twenty five thousand dollar
trade right That's misrepresentation you have to represent yourself and
your interests honestly All right Well as to the other
mrs well misogyny and doesn't look good on your uncle
how they're so it probably won't look good on you
either So don't do it and then miss independent Yeah
that's the kelly clarkson songs you sing it girlfriend doesn't
kill you makes you stronger something or other Yeah she 00:01:34.679 --> [endTime] sings better way
Up Next
What is Directors & Officers Insurance Coverage? Both for profit and non-profit companies can become the target of lawsuits that can also name boar...
What is term life insurance, and variable life insurance? Hit play to find out, and, uh...let's hope you live long enough to figure out the answers.