Tags: Business Insurance

Sexual Harassment Policies Can Reduce Small Business Liability

Sexual Harassment Policies Can Reduce Small Business Liability

Following the #MeToo movement, awareness of sexual harassment has increased. In addition, many businesses have placed an increased emphasis on sexual harassment policies and training to prevent sexual harassment claims. Unfortunately, this is not necessarily the case in the small business world. According to the CNBC/SurveyMonkey Small Business Survey of more than 2,000 small business owners, only half of businesses with 5-49 employees had formal sexual harassment policies in place. That number decreased to 39 percent at businesses with less than five employees. That’s a stark contrast to businesses with... Read More

Business Owner’s Policy–What Every Small Business Owner Needs to Know About Insurance

Business Owner's Policy--What Every Small Business Owner Needs to Know About Insurance

One of the critical needs for every business owner is choosing the right business insurance. Too much insurance means money spent that could have been better spent elsewhere. Too little insurance, or the wrong insurance coverage, can mean leaving your business unprotected and open to risk. Choosing appropriate insurance coverage is key to ensuring that the business remains lucrative, especially if any of those risks become reality. A business owners policy (BOP) takes some of the guesswork out of choosing insurance and can make it easier to safeguard your business.... Read More

How Key-Person Life Insurance Fits in a Business Succession Plan

How Key-Person Life Insurance Fits in a Business Succession Plan

A buy-sell agreement is a contract among business owners which, upon the death of one of the owners, requires the remaining owners or the company itself to purchase the deceased’s interest in the company according to the agreed upon terms of the contract. In addition, the deceased’s heirs are required to comply by selling their inherited interest at the previously agreed-upon price. Although there are other options for funding a buy-sell agreement, the smartest method for doing so is through life insurance, most often a key-person life insurance policy. This... Read More

How Key-Person Life Insurance Can Protect Your Business

How Key-Person Life Insurance Can Protect Your Business

Jeff Moses, president of Auto Custom Carpets, was on his way home from a business trip in Ohio when tragedy struck. The small airplane he was riding in lost control and crashed into a creek near Talladega, Ala. The plane exploded upon impact, killing everyone on board. Jeff Moses’ death left a huge void in the company’s leadership team. Not only was Moses the president and co-owner of Auto Custom Carpets, he was also a charismatic sales leader whose product knowledge and extensive industry experience were integral to the company’s... Read More

Protect Your Business with Employment Practices Liability Insurance

Protect Your Business with Employment Practices Liability Insurance

According to a recent study, more than half of all claims filed for employment-related liabilities are against employers with fewer than 50 employees. Alarmingly, the study also reveals that not even 2 percent of small businesses have employment practices liability insurance (EPLI) coverage. Employment Claims Can Be Costly Employment-related claims can be extremely costly, especially in cases that drag on for years. With a slow economy and increasing adoption of worker-friendly laws, these cases are on the rise—in fact, discrimination claims have increased significantly in the last 20 years. According... Read More

How to Prepare for Your Cyber Liability Insurance Policy

How to Prepare for Your Cyber Liability Insurance Policy

Do you have cyber liability insurance for your business? If you use computers and mobile devices in your business, especially if you store critical company information or personal identifying information or financial information about clients and employees, you need cyber liability coverage. Every insurance policy starts with an application, and cyber liability insurance is no different. While the underwriting process in long-established insurance lines is streamlined, this is not the case for cyber liability insurance. Currently, application forms for cyber insurance are not standard and can be complex—often consisting of... Read More

Are You Prepared for a Fire Emergency?

are you prepared for a fire emergency

Fires are the leading cause of home injuries and death. Most of us have seen the tremendous power of fires, including the devastating fires in California this week. October 8-14 is National Fire Prevention week and their theme this year is “Every Second Counts,” focusing on the need to have an emergency plan in the event of a fire, either at home or in the work place. Do you have a fire safety plan in place for your home and your workplace?   Prevent Fires The best way to practice... Read More

Is Your Workplace Prepared For The Unexpected?

Is Your Workplace Prepared For The Unexpected

Mother Nature seems to have gone crazy this summer.  Dozens of wildfires in the west, Hurricane Harvey—and now Hurricane Irma—heading into the Gulf Coast, extreme temperatures and unpredictable weather everywhere. And in addition to crazy weather, there are all kinds of other unexpected events that can throw your workplace into chaos. According to the Insurance Information Institute, as many as 40 percent of businesses forced to suspend operations due to a natural or human-caused disaster never reopen their doors. Try to imagine the challenges and struggles your business would face... Read More

Commercial General Liability: Do You Have This Essential Insurance Coverage?

Commercial General Liability Do You Have This Essential Insurance Coverage

What would you do if a customer or vendor is injured while at your business? What would you do if a customer is injured by one of your products? How would you handle the medical bills or legal expenses? Commercial General Liability insurance is the coverage your business needs to protect you from these and other possible hazards of being a business owner. This insurance protects your business from damages caused by bodily injury or property damage for which your business is found to be legally liable.   What Does... Read More

How to Save on Work Comp Costs with a Safety Program

How to Save on Work Comp Costs with a Safety Program

Work comp costs can be one of the highest insurance costs in any business. There are many ways to save on work comp costs but one of the best and most effective ways is to reduce work injuries. And one of the best ways to reduce injuries is to create a company culture of safety by implementing a company safety program. With help from safety programs, you can save your company money, improve productivity and increase employee morale on the road. Here’s how. According to the Occupational Safety and Health... Read More