Showing posts with label business insurance nj. Show all posts
Business Insurance Protects Your Company
The business world is fairly
litigious, with lawsuits being filed all over place. Ensure that your
New Jersey business is protected by liability insurance.
What it is
Business liability insures
your assets in case a lawsuit is filed against you and you end up
needing to pay for damages or the hospital expenses of the victims.
It also covers other legal costs that you will incur, like the cost
of hiring legal defense.
Sunday, November 30, 2014
Posted by Unknown
Protect Your Financial Position from Cybercrimes
Technology today is
essential in running businesses as computers, mobile devices,
servers, and the Internet support company processes like receiving
orders, tracking deliveries, charging customer accounts, and filing
tax returns with the IRS. However, advances in hardware and software
have also equipped unscrupulous individuals with means to commit
fraudulent acts, such as cyber-attacks, which could translate into
irrecoverable losses for many local and growing businesses.
While investing in good
online security programs and apps like firewall and antimalware
reduces vulnerabilities to fraud-motivated cyber-attacks, businesses
can also consider getting an extra layer of protection that offers an
additional financial benefit. Insurance products, such as commercial
general liability, professional liability, and cyber risk and network
security coverage, can give businessmen peace of mind knowing that
they can shift the financial burden that comes with fraud-intended
cyber-attacks directed to them.
Getting a comprehensive set
of business insurance can be the smartest thing companies can do as
the proceeds of insurance policies give enterprises the needed
resources to pay for possible litigation, compensation, and
rehabilitation of affected business installations. Aside from the
actual damages brought by exposure to cybercrimes, businesses also
need to be substantially prepared for potential financial losses due
to damaged reputation.
Thursday, October 30, 2014
Posted by Unknown
The Lowdown on Errors and Omissions Insurance
If you’re a typical
business owner nowadays, there’s a chance you might have heard
about the E&O
insurance
before. But what is it exactly?
E&O means Errors and
Omission. It’s a specific type of business insurance which covers
either your company as a whole, or yourself as an individual, from
damages that come after a failed product or service, or the latter
not living up to expectations.
In considering the need for
an E&O, you need to ask yourself first: How badly do I need it?
E&O insurance will work like a charm if your business’ line is
something that entails a great potential for liability (aka high-risk
fields). Medical professionals are more often than not protected by
E&O. In their case, however, the insurance is typically termed as
“malpractice insurance.”
The cost of an E&O
insurance heavily depends on a number of factors. These include the
inherent risk of the business’ work, the rating category under
which your business is classified (i.e. high-risk or low-risk
industries), the amount of claims for inadequate service that have
been filed in your industry over the years, and in several cases,
your business’ locale.
Bottom line is, an E&O
insurance is critical for every business regardless of whether it’s
high-risk or not. Any company could make a mistake. It doesn’t
matter if your company has the latest equipment or the most skilled
employees. When things get sour with your customers, it is still best
to be covered.
Wednesday, October 1, 2014
Posted by Unknown
Insurance for Your Home-Based Business
Do
you run your business out of your own home? If so, then you need to
obtain an add-on (or rider) to your existing homeowner’s policy to
cover your business. Many others fail to obtain this add-on because
they are confused with what’s already covered by their homeowner’s
(or renter’s) policy. You should know that if you failed to
disclose your home-based business to your insurance provider, any
claim for losses or damages sustained or caused by it may be refused.
Your insurer may even cancel your policy altogether.
If
your home and business location are one and the same, your best bet
is to obtain coverage for your business as well. Did you know that if
the delivery guy comes with a business package at your door and he
slips and injures himself in the process, you could be paying for his
medical expenses from your own pocket? There’s no coverage for this
type of injury in your homeowner’s policy, and with the amount of
loss you could be facing, you’re sure to regret not obtaining
insurance for your business in the first place.
An
add-on to your homeowner’s policy generally provides around $2500
additional coverage, which is usually enough for sole
proprietorship-type business. However, if you have a lot of valuable
equipment and a lot of people visiting your home for business
matters, consider acquiring an in-home business policy.
Wednesday, September 3, 2014
Posted by Unknown
Why Insurance is a Protector of Business Operation
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.
Tuesday, July 29, 2014
Posted by Unknown
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 Unknown
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.
Friday, June 13, 2014
Posted by Unknown
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.
Posted by Unknown
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.
Wednesday, June 11, 2014
Posted by Unknown
