When you own a business, you have a lot to protect, and the right small business insurance coverage can be important to your continued success. Luckily, there are a variety of coverages to choose from when it comes to protecting your business.
Every industry has specific needs when it comes to insurance. Industry-specific risks make it impossible for insurance companies to lump together one insurance plan for every business. We understand that being unique is what makes your business successful across the board.
Business Insurance Mistakes
Misclassifying independent contractors as employees – or vice versa on your workers’ compensation policy.
Failure to update your insurance program. Coverage and risk change over time. It pays to keep up on the changing risk and insurance landscape. Trending risks like cyber, employment, pollution, professional liability, and directors and officer’s liability should be part of your business insurance package.
Buying insurance that you don’t need. Don’t spend money on insurance coverage you don’t need. Your needs are not going to be in the same ballpark as big-box stores or billion-dollar companies. We know and understand your industry and are better able to provide you with the coverage you need.
We are committed to providing clients with the highest quality insurance plans available combined with some of the lowest possible rates. Whether you are shopping for auto insurance, home insurance, life or business insurance, we can help you obtain the best coverage available with the lowest rate possible.
Let us help you choose a policy that will fit your individual needs. Protecting your assets, whether personal, business or both, is our goal. A well-chosen policy can lessen the impact of some of life’s most common, yet unforeseen perils. We’re here to help when you are considering Business coverage.
The risk management landscape is changing fast. It is important for business owners and managers to understand how these trends will impact their commercial insurance programs. Technology, consumer trends, litigation, and regulations all have increased risk.
The Changing workplace environment. Employers are having to manage a change in workplace demographics. The baby boomers are retiring and employers will need to figure out how to attract the next generation of workers.
Cyber Risk. Every business will need to consider cyber insurance. Most businesses have a greater risk of having a cyber-attack than they do of having a fire. Cyber security was big news last year. Hardly a week went by without a report of a data breach in some industry. In fact, the Identity Theft Resource Center reported a record high of 1,233 data breaches in 2015, which is a 39 percent increase from 2015’s numbers.
Employment Laws. Whenever there is political change you can count on new and/or updated employment laws. Employers will need to keep up to date on how these laws will impact their businesses. Every employer should consider Employment Practices Liability Insurance.
Connections with Customers. As we continue to increase our reliance on technology, businesses must find the best ways to stay connected with clients. Customers want real time information about the products and services you provide. The road to being connected begins with understanding that consumers want to use technology in their healthcare decisions. They want to be able to email their partners and access services and information through telecommunication devices.
Workers’ Compensation. All states will continue to address legislative measures that could have an impact on employers including; drug usage, independent medical exams, medical marijuana, and the misclassification of employees and contractors.
Enhance Your Policy With Some of These Options:
Employment Practices Liability can cover your business if discrimination, sexual harassment or wrongful termination claims are made by present, former or future employees.
In today’s world, the most valuable asset owned by people is their home. And when considering any size home improvement project, protecting this investment should be a top priority.
If you are planning for renovating or remodeling your home and facing difficulty in finding the proper contractor, here are some tips to be keep in mind while selecting a contractor for your home improvement project.
How to find a Qualified Contractor:
One source for locating a qualified, experienced contractor is from other people who have had similar remodeling work done. When talking with contractors, request references, and take the time to check them out.
Check with a service that keeps track records of various contractors.
You can also use online resources and directory for locating a qualified contractor in your area.
You can also use sites like LocalContractorBids.com, where you can submit your project so that contractors can place a bid on your project. After reviewing all the bids, you can select the most appropriate one.
Hire only a home improvement contractor with strong referrals and high rankings. Depending on the type of project you are planning, you may need to deal with any of the following professional contractors:
Architects are designers of homes, buildings, and home improvement remodeling projects. You may want to consult one if your project includes new construction or structural changes.
Questions you should ask to Possible Candidates:
How long have you been contracting? What licenses and certifications do you carry? How many projects have you completed in the last year; what were they, and who were they for? How many years have you been working on home improvement projects? “What references do you have? Will, there be any subcontractors, and if so, what are their credentials? What insurance coverage do you have? What permits are required for my project?”
Also, check with the appropriate government office to see whether or not there are any unresolved complaints against the contractor before making your final selection.
Call all references and ask questions such as: Was the project completed on time, and were you happy with the results? How well did the contractor communicate with you throughout the project? Were there any cost over-runs?
Also ask if the contractor employees were on time, courteous, and whether or not they cleaned up the home improvement site when they were finished?
Please feel free to contact our office at 713-388-6681, as I am sure we know some contractors we can reccomend. Also, as we head into Fall please keep us in mind for any coverage changes you might want to make such as reducing insurance on your summer toys.
We know choosing the right insurance for your business is an important decision. Our agency has the experience to market your insurance and provide you with options for your business. Whether you're a store owner, distributor, office professional, or wholesaler, you need insurance to protect you against the unique risks and exposures you face so you can tend to your business and be rest assured that it is protected. Here are the types of insurance you should consider when selecting and designing your business insurance:
General Liability: Covers third party liability claims, namely claims against you from a customer or visitor on your premises, or who may be injured by your business activity or product.
Business Property Insurance: Insures your building and contents both on and off premises.
Employee Dishonesty Coverage: Protects your company from financial loss resulting from employee theft of money, securities, or property.
Workers Compensation: Provides compensation for your employees for medical care in the event they are injured on the job, including medical benefits, income benefits, death benefits, and rehabilitation benefits.
Business Auto: Provides insurance coverage for your company’s cars, trucks, trailers, vans, or other vehicles.
Non-Owned Auto Coverage: Protects the company for vehicles owned or used by others (such as an employee) that are used in the business of the company.
Professional Liability: Covers you for the failure to perform professional services. If you design something or perform work which does not meet standards or expectations, you could be sued for the cost of the contract, damages, or lost business revenues by your customer.
Business Interruption Insurance: Provides protection from loss of income and extra expense if your business suffered a loss and you were unable to operate for a period of time.
Equipment Breakdown Insurance: Provides coverage for the accidental breakdown of equipment.