Archive for June 2014

Management Consultant Fallback on E&O Insurance

The management consultancy industry is a tight battlefield in the business world. Some companies may have consultants like you on their payroll to help make the organization a better place for everyone. However, even the best consultants out there can commit some errors with serious consequences to follow. As such, management consultants must have themselves covered by an errors and omissions (E&O) business insurance policy. 
 
Also known as professional liabilities insurance, E&O policies are designed to cover your legal fees in case you are sued for mistakes you made on the job that affected your clients. These will include misrepresenting facts, improper documentation, deleting vital information, or violating a non-disclosure agreement (through acts such as leaking insider material, for example). The policy will also cover any compensation to the clients if the case worked in their favor. Take note that E&Os are different from general liability insurance, which only covers bodily harm or property damage if an incident involving you or your employees happened at your client’s office. 
 
Some consultants may argue the need for E&O coverage if your client is happy with your work. Still, like with other insurance types like homeowners insurance, some events may still happen that are just out of your control. You will need E&O policies to keep your business protected.
Friday, June 27, 2014
Posted by Dan Levenson

First-time Buyers Need Not Fear Health Insurance

A hallmark of adulthood, getting your first health insurance plan need not be so daunting. Though there are a lot of confusing terms floating around like co-pays, deductibles, and premiums, a prospective buyer should easily be able to get the information he needs and the plan he requires. Here are a few things to remember.

  • Determine that you need one first. Yes, you’ll be needing an insurance plan to protect you from any health problems, but you may already be covered on someone else’s plan. If you’re under 26, your parents’ insurance can cover you, as would the plan of your domestic partner. If any of your close family member is covered, you can ask to join in his or her plan.
  • Workplace insurance is one of the most accessible and affordable option. Your employer will help pay for the premiums when you join in the company’s group insurance policy.
  • For those who want to get their own policy, it is best to shop around first. Comparing rates will help you get the most benefit from the least cost. You’ll have to consider all the components of the policy, the conditions that the plan covers, and how high your deductible is.
  • The size of the insurance network is important. The larger the network of medical providers, the more choices you have to select the best health providers in the list to meet your health needs. You want your insurance policy to be accepted in as many medical establishments as possible, and in among the best ones.

Monday, June 23, 2014
Posted by Dan Levenson

Determining your Business Insurance Needs

Knowing your business’ insurance needs may not be as glamorous as planning your grand opening, but it gets the job done, nonetheless. Without insurance, you leave your business, your assets, and your employees unprotected from risks, which can be devastating on all angles. Determining your specific needs is one key step, and here are a few more tips.
Begin by clearly defining what your entire enterprise is all about. You could do this by writing a single paragraph of no more than four sentences, describing your business. To utilize this effectively, consider these tips:
  • Define the four questions Where, What, When, and How.
  • What are you selling?
  • Who will manufacture the stuff you sell?
  • Will there be employees? If so, how many?
  • What types of equipment will be used?
  • How is the business set up?
  • Will vehicles be used?
Given these information, take note of all the possible risks in your business. The Small Business Administration (SBA) recommends that you analyze your business liabilities so that you can predict or prepare yourself against potential events that could lead to a loss, either in terms of manpower, financial, or real estate resource. Your findings should also provide an estimate of the costs that will be incurred in such loss, and how you intend to address them in the most cost-efficient way.
Also, take note of your state’s requirements. If the law mandates that your business should have coverage for certain aspects in your business, then make sure you get coverage for them. While federal government doesn’t require such, most state governments do. With prudence and attention in these matters, you can adequately make business decisions without getting bogged down in legal concerns.


Tuesday, June 17, 2014
Posted by Dan Levenson

Types of Insurance for Small Business Owners

Small businesses play an important role in the U.S. economy as they help boost employment rate and job growth. Pres. Obama even called them as “the backbone of our economy and the cornerstone of our communities.” Some government agencies have even rolled out programs to provide small business owners and their employees the support they need. However,  the owners themselves must also take action to ensure their stability. How? Through insurance.

Now, there are a lot of insurance packages on the market. How can business owners know which one is best suited to their needs? Here are the common types of insurance tailored for small businesses:

  1. General liability insurance. This insurance addresses potential legal actions arising from accidents, injuries, and negligence claims.
  2. Product liability insurance. This one, meanwhile, is best suited for product manufacturers to protect them from financial losses in a defective product suit that also, normally, arises when customers are harmed or sustain an injury.
  3. Professional liability insurance. Service providers and professionals like lawyers and accountants strongly benefit from this as it curtails the consequences of malpractice, errors, and negligence.
  4. Commercial property insurance. This insurance covers the loss or damage of business properties.
  5. Home-based business insurance. As homeowners’ insurance don’t cover businesses, this is recommended for people with home-based businesses.


The Importance of Getting Your Business Insured

Warner Bros.’ sitcom “2 Broke Girls” is a fan favorite that it’s among CBS’ top-rating shows. However, beyond the show’s hilarity and often risqué jokes, one can get valuable business lessons from the challenges the two main characters, Max and Caroline, face as they attempt to make their cupcake business a success. A particularly good episode is “2 Broke Girls and the Broken Hip” where they had to face the consequences of having an uninsured business.

While the circumstances in that episode were meant to be comical, if they took place in real life, it would have been a serious matter that will make viewers realize the importance of getting a business insured. Even their diner owner/boss Han gasped in disbelief upon learning that Max and Caroline didn’t have insurance, saying “How could you not have insurance? You need to get protection.”

Essentially, all businesses need to get insured. This helps a lot in case customers suffer some mishap while inside your store or your product caused them to sustain an injury. Business insurance also provides protection to employees who might be at some form of risk while doing their job. As a business owner, you can also use insurance to protect your assets and the structure itself when they get damaged due to a catastrophic event.


They say that doing business is a form of investment with risks. That’s a fact. Having business insurance helps a lot to reduce those risks.

The Importance of Getting Your Business Insured

Warner Bros.’ sitcom “2 Broke Girls” is a fan favorite that it’s among CBS’ top-rating shows. However, beyond the show’s hilarity and often risqué jokes, one can get valuable business lessons from the challenges the two main characters, Max and Caroline, face as they attempt to make their cupcake business a success. A particularly good episode is “2 Broke Girls and the Broken Hip” where they had to face the consequences of having an uninsured business.

While the circumstances in that episode were meant to be comical, if they took place in real life, it would have been a serious matter that will make viewers realize the importance of getting a business insured. Even their diner owner/boss Han gasped in disbelief upon learning that Max and Caroline didn’t have insurance, saying “How could you not have insurance? You need to get protection.”

Essentially, all businesses need to get insured. This helps a lot in case customers suffer some mishap while inside your store or your product caused them to sustain an injury. Business insurance also provides protection to employees who might be at some form of risk while doing their job. As a business owner, you can also use insurance to protect your assets and the structure itself when they get damaged due to a catastrophic event.


They say that doing business is a form of investment with risks. That’s a fact. Having business insurance helps a lot to reduce those risks.

Queries before Biting into Dental Health Insurance

Setting up an extensive, reasonable dental plan for your employees require thorough attention and dedicated focus so you can keep business costs fair and your employees happy. Along with medical insurance, dental coverage can be used to your advantage in seeking out and maintaining top talent in your company.

 Here are some questions you should ponder on before selecting the most suitable dental plan for your employees:

What’s included?
Carefully deliberate which dental procedures you want covered for your employees. Dental plans generally promote preventive treatments like routine cleanings and checkups, as well as x-rays and fillings. Complex practices like dentures, braces, or bridges aren’t common but can still be included in the dental plan. Moreover, ask about co-payments, deductibles and maximum annual limits involved.

How much does it cost?
Decide if you wish to fully sponsor your employees’ dental plans, or if you only want to shell out 80% of the monthly insurance costs. You can also opt to make your employees distribute their own payments while you take care of administrative costs and payroll deductions. Though financing is in place, be ready for varying prices as the value of premiums still depend on business location, company size, and dentist availability.

How do I pick the ideal plan?
While looking around for dental care administrators, ask about their claims processing and their record of customer service and reputation to gauge their ability to accommodate you and your company. Confirm that they work with competent dental professionals.
Wednesday, June 11, 2014
Posted by Dan Levenson

Why You Should Rely On Business Insurance

Engaging in a business venture is, for all time, a serious undertaking because no matter how well you manage your business, there are still inevitable events that can occur that's out of your hands. You have a lot of things to work out and make sense of. To prepare for the times when things go unplanned, it's essential that you utilize reliable general liability coverage to help you with what you need.

Business insurance protects you and your company's assets and pays for certain aspects of your business that you're accountable for. For example, if injuries or damages occur within your location, you’re obligated to pay for them through your insurance coverage plan. When you’re renting out a property, you’re protected from costs triggered by cases of fire and other natural disasters.

To know what kind of coverage you need, start with evaluating the type of business you have and the potential risks you face. Research and study what you have and decide if your risk is on the low end or the high end. Tech companies are at high risk compared to fashion retail outlet chains, as their services can bring down entire database systems should things go awry.

After evaluation, explore your different options and ask advice from insurance experts on how to go about your coverage plans. They can give you recommendations that fit your business needs and explain to you how to maintain your protection should a crisis strike.

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At InsureYourCompany.com, our services are available any time of day to overcome any issue, question or concern a client may have. We achieve this through our world class customer service team. We have a simple and easy quote process that allows you to choose the insurance you want. Not only will you walk away with great savings you will fully understand your insurance policy and the value it has to your business.

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