Archive for July 2014
Owning a business, big or small, means having a lot of things to protect.
Forbes.com put thirteen things in their list that every small business owner should have: a liability insurance, property insurance, BOP (business owner’s policy), commercial auto insurance, worker’s compensation insurance, professional liability insurance, directors and officers insurance, data breach, homeowner’s insurance, renter’s insurance, life insurance, personal automobile insurance and personal umbrella insurance.
That’s quite a laundry list, isn’t it? Believe it or not, though: insuring your small business for the long run is actually a good thing. Business operates on a 24/7 schedule, and any ripple from the flow will interrupt the operations of your business. To achieve success in a business, there must be consistency in the operations and processes. Once a business owner gets full protection from insurance, he is freed from any unwanted and harmful liabilities that he may shoulder. Providing protection to your business, including your employees, would mean better production and rendered service, because they know they are safe and at ease.
It’s better to keep it smooth by having all the protection you can get and being prepared for anything that could happen, especially when the real world is full of surprises and the unknown.
Commercial car insurance isn’t just for large fleets anymore. For some small and medium enterprise (SME) owners, this type of insurance may just be what the doctor ordered.
If you have a car insurance policy, you may believe that you’re covered for when you use your vehicle for work. When time comes to file a claim, however, this belief may just amount to losses. To avoid facing this difficult situation, have your vehicle covered by a commercial car insurance policy ASAP.
After months or even years of hard work, you have now reached stability in your business. Your checklist for success has already been mostly filled, and now it's time to move on to a very important step: business insurance. Not wanting to see the fruit of your effort go to waste, business insurance is highly recommended even for small businesses.
How prepared are you for the time when a disaster hits your area and affects your business? Will you be able to recover quickly?
Chances are that these questions do not cross your mind because you own commercial property insurance. However, if you only have a standard commercial property insurance policy, your business is still at risk because your policy doesn’t cover these disasters:
Floods and Earthquakes
More often than not, business owners think that the disaster coverage they have covers everything. Sadly, that isn’t true; while standard policies will cover fires and storms, they do not cover damage caused by floods or earthquakes. New Jersey is a flood prone state, so make sure that you actually add flood coverage to your policy.
Your insurance company will cover criminal acts like vandalism and theft— provided that it was committed by an outsider. If you or an employee is caught stealing or vandalizing your business, insurance companies won’t cover the cost of repair or replacement.
Fortunately, there are insurance policies that cover these disasters. Speak to your insurance agent or broker to see if you can attach coverage for these disasters to your existing policy. You never know when and what type of disaster will strike your business, so it’s best to cover all your bases.
"Data breach– Often offered by a reliable technology insurance company like Insure Your Company, this type of policy covers the pitfalls brought about by the unnecessary disclosure of sensitive, non-public data that the company holds. Now that you’re aware of the different types of insurance policies, you should take the time to pick the right one for your business. Be sure to keep their unique traits in mind, and your business will never be caught unprepared."
Thursday, July 3, 2014
Posted by Dan Levenson
"Even if you belong to high-risk classes though, there are always ways for you to keep your premiums down. One such way is to hold and document efficient safety awareness programs in your enterprise and actually practice them. Aside from training your employees on safety, you can also focus on installing safety technology and gadgets. With the help of NJ insurance providers like InsureYourCompany.com, you can be assured that you won’t have to face the prospects of financially-draining legal issues in the future. Nevertheless, in the long run, it still falls on you and your business to make sure that you don’t injure or harm any person in the day-to-day conduct of your enterprise."
Tuesday, July 1, 2014
Posted by Dan Levenson