Tags: Business Insurance

Insurance Spotlight: Get the 411 on a General Liability Insurance Policy

For small business owners, general liability insurance is one of the most important types of small coverage you need to protect your business. This insurance not only protects your business from claims of bodily injury but also covers property damage and personal injury that your business might have caused. General liability insurance is a necessity. Without this type of coverage, a single event or lawsuit can cripple your business. It’s important to note that you will need to buy enough coverage to match your level of exposure and decide if... Read More

Umbrellas Provide More Than Just Protection from the Rain

Spring showers may require you to carry an umbrella but are you also aware of the other type of protection an umbrella affords when it comes to your insurance? Commercial Umbrella Insurance isn’t a requirement for licenses or permits in most cases, so almost no business technically needs this policy. But plenty of clients may require you to have high coverage limits, and, depending on your business, an accident could exceed your insurance policy limits. Having commercial umbrella insurance in these situations could be invaluable. Consider this, when you get... Read More

Protecting Your Business from Natural Disasters

Last month’s bomb cyclone storm was a doozy, coming in fast and furious, shutting down businesses, the airport and schools all over the metro area, sidelining cars, and leaving a bunch of snow in its wake. While snow storms like these can be a logistical nightmare, they also serve as a reminder that natural disasters can wreak on your business – big or small. And, while some places are more likely to experience disasters than others, you’re never completely free from the threat of one occurring. Property that succumbs to... Read More

Umbrella Insurance for Your Business and Peace of Mind

Umbrellas provide protection against more than just inclement weather. In a culture where litigation is commonplace, business owners have many more worries than making profits and retaining top employees. If your product injures a consumer, your organization could face a devastating lawsuit, exponential damages and a tainted reputation inthe marketplace. To assist with the financial burden of a claim, many business owners purchase commercial umbrella insurance on top of their standard commercial general liability (CGL) insurance policies. Most CGL policies have an aggregate limit that, once exhausted, will not cover... Read More

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