Archive for 2014
The Different Types of Small Business Insurance
Business
insurance
is there to protect your company from lawsuits. To guide any
entrepreneur looking to choose a specific insurance policy, here are
a few of the most common choices explained:
General liability–
Every type
of business, whether office or home-based, needs to have liability
insurance. Having such provides adequate defense from situations
wherein either the owner, his/her employees, or the products/services
being offered cause (or are alleged to have caused) bodily harm or
property damage to any party.
A Good Technology Insurance Company Can Help Offset Tech Problems
Businesses, even the smallest of them, should be more willing to protect their assets. Insurance might not prevent an actual cyber-attack from happening, but it can preserve business continuity. An accommodating technology insurance company such as InsureYourCompany.com should be able to secure hedges for a business against whatever risks the company could face in the future. It is not enough to chart the growth of a business; owners also need to plan for the worst. Risk management arrangements can help businesses come up with contingency plans in the event of a crisis such as a cyber-attack or a network crash, but it will not save a company from having to pay for the total cost of the damage. Businesses that have high profile clients, in particular, will need a way to cover for the expensive losses they might suffer, or risk losing their clientele and even more money in the process. Tech insurance for small business owners might sound like a tall investment, but it can be a lifesav
http://www.insureyourcompany.com/good-technology-insurance-company-can-help-offset-tech-problems/
Technology Insurance Policies and Other Ways to Stay Safe from Hackers
Take note that your typical liability coverage will not cover the costs associated with cyber-attacks or malware/viruses. For this, you’ll need to purchase a comprehensive technology insurance policy for your business. This should financially protect your business in the event of a data breach and the like. Needless to say, you should purchase technology insurance for small business owners from respected agencies like InsureYourCompany.com. Similarly, you should make sure that the insurance policy you purchase provides coverage for the most common risks your business faces.
http://www.insureyourcompany.com/technology-insurance-policies-ways-stay-safe-hackers/
Comprehensive Technology Insurance: A Must for All U.S. Businesses
Fortunately, insurance companies, like InsureYourCompany.com, offer technology insurance policies. In a nutshell, technology insurance covers problems that may arise with your IT services. From data breaches to system integration and updates, this type of insurance protects your business from the costs associated with fixing the problem. Why is technology insurance an important insurance for small business owners to get? Contrary to popular belief, small to mid-sized businesses (SMBs) are a preferable target for hackers. In fact, a 2012 survey revealed that 87% of SMBs in the U.S. experienced a cyber-attack on their data systems—and why not? With less encryptions and other security measures, infiltrating SMBs are a walk in the park for experienced hackers.
http://www.insureyourcompany.com/comprehensive-technology-insurance-must-u-s-businesses/
A Capable Technology Insurance Company Provides Liability Coverage
If a piece of critical hardware malfunctions (such as those found in cars) and the error inadvertently leads to injury or death, it is often enough for customers to make negligent claims against the designers. Such mistakes can be extremely costly for tech companies, and can run businesses to the ground if they fail to handle the situation properly. A well-versed technology insurance company should be able to provide tech firms with reasonable professional liability coverage to deal with such instances.
http://www.insureyourcompany.com/capable-technology-insurance-company-provides-liability-coverage/
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.
Insurance: What the Self-employed Should Know
Self-employment can be
liberating but it does have its downsides. One of these is the lack
of health benefits. Thankfully, the Affordable Care Act allows for
entrepreneurs to acquire NJ health insurance plans much more easily–
here’s what you need to know about it:
Mandatory Health Coverage
One of the most prominent
provisions of the ACA, also commonly called Obamacare, is quite
simple: affordable (and mandatory) health insurance coverage for
every American. This provision gives employers the responsibility of
getting insurance for their workers– all taxpayers should have at
least minimal coverage by this year, otherwise the IRS might end up
penalizing offenders. For this year, the tax penalty will either be
1% of income or $95.00, whichever is greater.
No more Coverage Denial
Insurance providers are no
longer allowed to deny coverage to anyone with a preexisting
condition as part of attaining their primary goal– this is great
news for the self-employed who would otherwise have to pay the IRS
fine. Moreover, you can no longer be charged with higher rates based
on your race or gender, nor can your insurance provider hold your
claim back the moment you get sick. You can also obtain tax credits
from your insurance.
Look for a reliable provider
to gain these benefits. Many New Jersey health insurance providers
will be more than willing to help you get the best coverage you can
afford.
Gauri Gupta Earns Chartered Healthcare Consultant (ChHC) Designation
Gauri Gupta, CBC,ChHC, Director-Employee Benefits Division, at InsureYourCompany.com, a provider of reliable small business health insurance in NJ, has earned the Chartered Healthcare Consultant (ChHC) professional designation from The American College, Bryn Mawr, PA. Candidates for the ChHC designation must complete a minimum of six courses and 12 hours of proctored examinations. They must also fulfill stringent experience and ethics requirements. The ChHC program is considered the most comprehensive credential available for benefits specialists, healthcare consultants, and finical advisors interesting effectively providing clients with cutting-edge information. The curriculum provides professionals with an in-depth understanding of the latest reforms in healthcare mandated by recent legislation.
http://www.insureyourcompany.com/about/news/gauri-gupta-earns-chartered-healthcare-consultant-chhc-designation/
When Your Primary NJ Business Insurance Runs Dry, Open an Umbrella
You may ask: "Why can't I just expand my general liability insurance rather than buy an umbrella insurance?" You'll save more in premiums when you opt for an umbrella policy than if you were to expand your primary coverage. A large firm can pay over $3,000 a year for general liability coverage of $1 million. If you need another million, an umbrella policy can only cost below $1,000. Overall, umbrella insurance is a great way to reduce insurance expenses while expanding a company's protective field. As secondary coverage, umbrella policies won't take effect until the primary coverage is exhausted, making them rather affordable. Trusted insurance companies in NJ such as InsureYourCompany.com suggest buying an umbrella to keep you dry during a legal storm.
http://www.insureyourcompany.com/primary-nj-business-insurance-runs-dry-open-umbrella/
Provide Health Insurance to Get Tax Credits
Enrolling your employees in
a small
business health insurance plan
does more than just help them stay healthy. The IRS can actually give
you tax credits for doing it .
Eligibility
According to the IRS, a
small employer is eligible if he has fewer than 25 workers employed
full-time or a mix between full-time and part-time; furthermore,
their average annual wages should not exceed $50,000. The employer
should also pay uniform percentage for all employees equal to or more
than 50% of the insurance coverage’s premium cost. Tax-exempt
organizations falling under these factors may also qualify.
D&O Insurance: The Least-Known Small Business Insurance Explained
Directors and officers (D&O) liability insurance is the "most discussed and least understood" form of insurance, writes Hartmut Mai, global head of financial lines at Allianz. Despite being offered by small business insurance providers such as InsureYourCompany.com, very few have a clear idea of its benefits. Regardless, there's no denying the growing demand for this type of insurance. According to insurance analytics firm Advisen, while per-occurrence limits in D&O insurance dropped by 19 percent in 2012, the amount of written premiums increased to $2.154 million from $2.086 million just two years ago. The market continues to enjoy demand mostly from companies with revenues of $300 million and up.
http://www.insureyourcompany.com/insurance-least-known-small-business-insurance-explained/
Small Business Insurance Provider Earns ChHC Professional Designation
Gauri Gupta, CBC,ChHC, Director-Employee Benefits Division, at InsureYourCompany.com, a provider of reliable small business health insurance in NJ, has earned the Chartered Healthcare Consultant (ChHC) professional designation from The American College, Bryn Mawr, PA. Candidates for the ChHC designation must complete a minimum of six courses and 12 hours of proctored examinations. They must also fulfill stringent experience and ethics requirements. The ChHC program is considered the most comprehensive credential available for benefits specialists, healthcare consultants, and finical advisors interesting effectively providing clients with cutting-edge information. The curriculum provides professionals with an in-depth understanding of the latest reforms in healthcare mandated by recent legislation.
http://www.insureyourcompany.com/small-business-insurance-provider-earns-chhc-professional-designation/
The Importance of Technology E&O Insurance for Small Business Owners
As an owner of a technology business, you must be aware of these kinds of problems since they can arise at any time. Also, the rate of development in the technology sector is so rapid as to make predicting failures and mistakes all but impossible. Small business owners who tend to ignore E&O insurance end up shedding a significant amount of money when they commit errors such as releasing substandard products, hurting their profit and their reputations. Running a technology-based business requires technology-based protection. Basic packages like general liability insurance cannot cover IT-specific aspects such as lost data or stolen/hacked information. Approach your trusted technology insurance company to learn more about E&O insurance.
http://www.insureyourcompany.com/importance-technology-eo-insurance-small-business-owners/
Reasons to Get Business Insurance in NJ for Your Starting Company
General liability insurance can protect your business from future lawsuits. This coverage can provide the funds needed for your legal defense or pay for the necessary judgments, making lawsuit claims less expensive for you. On the other hand, professional liability protects you from lawsuits caused by your company’s errors in your product or service. These kinds of policies constitute the basic insurance suite that a small company needs. Having additional coverage can help, but make sure you assess the needs of your NJ business to justify spending for insurance. The important thing to consider is that having the right NJ insurance for your company will never go to waste.
http://www.insureyourcompany.com/reasons-get-business-insurance-nj-starting-company/
Trusted Small Business Insurance Agency Helps Protect Company Assets
The Homeowner Flood Insurance Affordability Act is designed to protect millions of American homeowners and businesses from dramatic increases in their flood insurance premiums. Owners of small enterprises welcome this news as the law makes it easier for them to cover their properties against destructive flooding. Amid this development, a trusted small business insurance agency such as InsureYourCompany.com can help local companies and startups protect their company assets. Small business insurance providers feature useful and affordable products such as commercial property insurance which is designed to secure real properties and equipment necessary for small-scale ventures to operate. Natural calamities pose a significant a risk that enterprises need to shield themselves from since climate change has intensified their impact.
http://www.insureyourcompany.com/trusted-small-business-insurance-agency-helps-protect-company-assets/
Turn to Trusted Companies for Small Business Health Insurance in NJ
Experienced small business insurance firms in New Jersey, such as InsureYourCompany.com, are known to provide comprehensive coverage that would safeguard the interests of businesses such as startup tech firms and software developers. Insurance companies can offer their clients appropriate commercial general liability and commercial property insurance together with employee protection products such as healthcare coverage. Moreover, they can give small organizations professional advice on the types of insurance that would suit their particular needs. While healthcare is one of the top concerns among owners and their employees, business operators cannot disregard the fact that they also need to be adequately covered by insurance policies to protect their interests. Turning to a reputable insurance company can help them get the needed coverage for healthcare and other business concerns.
http://www.insureyourcompany.com/turn-trusted-companies-small-business-health-insurance-nj/
3 Basic Insurance Needs for Small Business Owners
Insurance is something that
small business owners definitely need, but sifting through the
unfamiliar jargon can make anyone’s head spin. What do you need
coverage for? Here are three, put simply:
Insure the Things You Own
First, you need coverage for
your tangible property. This can be your physical store, the
equipment you have, your inventory, and other things you use to run
your business. In case of unfortunate events where these are damaged,
your insurance can help you recover from the loss.
Insure the People Who
Work for You
When you hire people to work
for your business, you are assuming responsibility for them.
Job-related injuries that may befall them, for example, are one of
the things that need coverage.
Insure Against Unforeseen
Events
You may be the most careful
business owner on the planet, but you can never fully control the
things that happen during your operation. Someone may get injured
inside your business premises, your product can cause unintentional
harm to its users, or someone may sue you for negligence. It’s
always a wise move to be prepared for these scenarios.
These three are just some
considerations you need to think about as you shop for the right
insurance policy. Consulting with a professional insurance agent,
however, is still the best way to understand and determine the right
blend of protection you need as a small business owner.
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.
Words Can Hurt Your Business
As a tech firm, you expect
your staff to be proficient in coding languages like JavaScript, C++,
and Objective C. Like any business, though, you also deal with a more
universal language: English.
That’s right, regardless
of industry, strong communication skills is a must not just in
keeping your employees informed of project requirements, but also in
getting the word out about your products and services.
Unfortunately, words can
also get you in trouble. For instance, if you say that a competitor’s
software has security vulnerabilities, they may very well sue you for
defamation, especially if they believe your claim to be false.
Basically, defamation is
when someone makes an incorrect statement about another party that
results in their suffering. In the case mentioned above, your
allegation might deter people from buying said software, which may
ultimately cause the competing firm’s stock price to fall.
If your defamatory
statement
is spoken or oral, you will be slapped with a slander case. If it is
written down, like a press release, news item, or even a blog post,
you’ll be facing a libel suit.
Of course, legal proceedings
are very expensive, and if your company happens to be a startup, the
legal costs may cause it to go under. So aside from getting health
insurance for your employees, be sure to get general liability
insurance as well, since it also covers litigation expenses
associated with defamation lawsuits.
When Good Employees Go Bad
You may not be the biggest
tech firm in your area, but you do have a talented team working for
you. As you might know, people are your biggest asset since it is
from their minds that innovative technologies and solutions spring
forth.
That being said, are you
prepared for a scenario wherein one of your staff goes rogue and
commits actions that may be detrimental to your bottom line? For
instance, he or she may misappropriate company funds or leak
proprietary software to a competitor firm. Or maybe that person
decides to overbill a client to pocket some extra cash? In all these
cases, you will definitely end up with a major headache, as you’re
left reeling in the aftermath of your employee’s dishonest actions.
Fortunately, you can protect
your company through Fidelity Bonds, a type of insurance specifically
designed to protect employers against the problems caused by errant
workers. If you suffer monetary loss, the insurer will pay out a sum
commensurate to your lost revenues. If a disgruntled client is suing
your company because of an employee’s wrongdoing, your insurance
policy will shoulder the litigations fees.
Indeed, brilliant minds are
the bread and butter of technology companies. At the same time,
though, one cannot be complacent about the problems that a few bad
apples can do to your firm. As such, get Fidelity Bonds now to
protect your small business.
Business Prosperity 101: Small Business Insurance
Accidents happen and this
can be devastating to any business, especially if it’s a small
company, such as a struggling tech startup. The accident can involve
one of your employees, a customer, or your property. However, the end
result is the same: you end up paying out of your nose because you’re
liable for them. That’s why it’s smart to purchase insurance for
your company. Here are some insurance plans your business would need
to ensure that it’s completely covered:
- General Liability Insurance. When an accident happens and the cause can be traced back to either your employees, your product, or your service, you’ll end up paying a lot during a lawsuit. Additionally, if your business ends up injuring or making your employees sick, you’ll see the same result. Both of them can drain your company’s coffers. Liability insurance can help cover the costs of these expenses and make sure you still have money to operate.
- Property Insurance. Businesses need equipment to operate. This can range from computer workstations for software companies to a delivery service trucks. Moreover, you need to have offices. Having these items protected by insurance is the next logical step, since you don’t want a fire or flooding to completely ruin your business.
- Directors and Officers Insurance. Being the boss doesn’t mean you’re immune to lawsuits. If you or your company officers did something in pursuit of the company’s interests that ended with a lawsuit, this particular type of insurance should cover it.
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.
A Need for Professional Liability Insurance
When it comes to insurance,
businesses have a lot more to worry about than just health insurance.
Professional liability insurance, for instance, aims to protect
people (and businesses) from costly lawsuits relating to the
performance of their professional responsibilities. Common examples
of these are malpractice insurance for doctors and lawyers.
Cases
Malpractice or negligence is
just one aspect of the liabilities insurance. Customers or clients
could file a lawsuit against companies for a variety of reasons, such
as failure to deliver a promised product or service, production and
distribution of inferior or damaged merchandise, errors in judgment
calls, and many others.
Every Lawsuit Counts
Many professionals believe
that since malpractice lawsuits essentially have low probabilities of
succeeding, they can do away with professional liability insurance.
However, the fact is, the moment your business is summoned to appear
in court, the costs are already flowing out of your pocket, something
that could take a huge toll on your revenues.
Claims-Based
Know that most liability
insurance offered by firms involve claims-based coverage. This means
that only lawsuits made and reported during the period of your policy
will be reviewed. If there are previous claims that you want covered,
look for a retroactivity coverage. If you’re retired but you’re
still concerned about lawsuits made relating to your previous
services, look for extended coverage.
When Choosing Insurance, Have a Broker Help Out
For
small New Jersey companies, purchasing insurance is just like paying
taxes—it’s a basic part of any household budget. However, with
all the choices out there, choosing the right insurance company from
an array of popular insurance companies nationwide, can be quite
daunting. Fortunately, an insurance broker can make the process as
quick and hassle-free as possible.
What
does an insurance broker do?
Insurance
brokers, in stark contrast to insurance agents, are completely
independent and are able to represent many insurance companies. Thus,
in theory, an insurance broker can give you—the client—the best
coverage at the lowest price. Brokers can guide you through the messy
paperwork and help you understand the unintelligible jargon commonly
found in many insurance contracts.
How
are they different from insurance agents?
Generally
speaking, the work of an insurance agent and a broker are entirely
different. However, the line between the two can often get blurry in
the real world: good agents will be willing to refer their clients to
other popular insurance companies just to give them the best rates,
while some brokers have special relationships with particular
insurance companies because of stronger ties and a sense of loyalty.
Despite this common role-switching, it still pays to talk to an
insurance broker over an agent because of the broader reach and
choices they offer.
Types of Insurance Startup Businesses Need
No business is safe from
several factors that might put its critical assets in trouble over
time. Several untoward happenings like natural disasters or civil
unrest subject any type of enterprise to great risks, especially
those that are particularly new in their field or industry.
Therefore, to protect themselves, startups need to have these
essential
insurance
coverages at their disposal:
General liability –
Contrary
to popular belief, this type of insurance doesn’t make a business
immune to lawsuits, but rather provide financial protection should
legal claims find their way to the doorstep. Structured to cover
aspects like financial settlements and legal costs, liability
insurance effectively shields a startup company’s assets whenever
unsatisfied customers decide to take their claims to court.
Property – Startup
business owners need to take note that while profits are good, their
physical assets are also critical. Property insurance basically
encompasses assets like equipment, inventory, furniture, and even the
entire building, as well as accounting records. This specific policy
(provided that all relevant terms are agreed upon) can protect a
business’ physical assets against damages from disasters, man-made
or natural, and whether they’re owned or leased.
Worker’s compensation –
In several
states and cities, businesses are mandated by law to have this type
of insurance. On simple terms, this coverage compensates an employee
for lost wage and medical expenses in the event that he/she gets
injured on the job and requires medical treatment, in exchange for an
agreement that the employee doesn’t sue the employer at any time.
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.
What You Should Know about Product Liability
Health insurance, worker’s
compensation, and commercial property insurance—these are some of
the most common types of insurance coverages that businesses should
have. However, what many fail to take into consideration is the
importance of product liability insurance. This also falls under
errors and omissions insurance, and for good reason, too.
Product Flaws
When one thinks of product
liabilities, manufacturing errors is often the first thought to cross
the mind. This problem is rampant ever since the beginning of the
Industrial Revolution, where every step of the manufacturing process
could be tainted with imperfections or mistakes. Though mass
production processes are much more refined today, flawed products
remain one of the most common sources of business lawsuits.
Design or Instruction
Defects
Sometimes though, the
manufacturing process isn’t to blame, but the very nature of the
product itself. Many customers often file class action suits claiming
that a product’s design is hazardous, ineffective, injurious or
even downright deadly (when it shouldn’t be). In some cases, the
manufacturer failed to give sufficient instructions as to the
product’s proper use.
Failure to Warn
Even with sufficient
instructions as to use, a manufacturer could nonetheless fail to
provide sufficient information as to the danger or hazards that a
product poses. This is especially true when it comes to chemical
cleaners, fertilizers, or other substances and products that can
potentially harm the user.
Property Insurance for Small Business Owners: Deciding if You Need It
Generally, property insurance policies cover damaged or completely destroyed physical assets. It could be your building that needs remodeling after a fire, or your inventory and machines that require replacement due to flooding. IT industries and other offices that rely on computers or machines can especially benefit from technology insurance policies that would protect the tools used for business. Some policies can also cover office furnishings like furniture and light fixtures. Additional provisions of this insurance may include coverage for the properties you lose to theft, fraud, or vandalism.
http://www.insureyourcompany.com/property-insurance-small-business-owners-deciding-need/
How Business Insurance in NJ Protects your Company against Liabilities
In protecting your business, insurance is the place to start. There are various types of business insurance in NJ, but sufficient coverage against the most common liabilities should be a priority. Attorney fees, court costs, settlement or judgment payments, and other expenses can easily add up to hundreds of thousands or even millions of dollars. The benefits offered by insurance companies could save your business by shouldering these costs fully or partially.
http://www.insureyourcompany.com/business-insurance-nj-protects-company-liabilities/
Insurance Small Business Owners Should Get
As a business owner, you
have the primary responsibility over your enterprise’s survival—and
one of the most important ways to protect your assets is to buy
adequate insurance
coverage so that you avert the potential risk of getting buried in
financial burdens. Here are some insurance products that should be
invaluable to your small business:
Liability Insurance
Liability insurance coverage
protects your business from costly lawsuits. There are three main
types: (1) general liability that protects you against accidents or
injuries related to negligence, (2) product liability meant for
product defects and injuries caused by your products, and (3)
professional liability that protects you against errors and
negligence within your business, especially if you provide
professional or personal services.
Employee Compensation and
Liability
Businesses with quite a
number of employees have to invest in a reliable employee
compensation insurance in case of workplace accidents. Check your
state’s laws for provisions about the minimum number of insurance
for which the workplace compensation requirements apply. Aside from
compensation though, you can also get employee liability insurance
that can protect you against groundless lawsuits from within your
workforce.
Car Coverage
The vehicles your business
uses also needs to be insured, just as much as your personal car.
Business vehicle coverage is very important in the trucking or
logistics industry, as well as any other enterprise that calls for a
vehicle as an integral part of operations.
Despite Law to End Criminal Bias, NJ Business Insurance Still Matters
The “ban the box” law is a welcome development, but it shouldn’t be a reason for employers to be complacent. There’s always the temptation to return to a life of crime. When it happens after the ex-convict gets the job, the impact on the company and its clients can be significant. Background checks will still remain an integral part of the screening processe despite the law. If such an incident does happen, a company carrying fidelity bonds from NJ business insurance providers like InsureYourCompany.com can mitigate its effects. Fidelity bonds cover any losses incurred by an employee’s wrongdoing. If interviews are unable to see any risk of fraud, fidelity bonds act as a company’s second line of defense.
http://www.insureyourcompany.com/despite-law-end-criminal-bias-nj-business-insurance-still-matters/
Ensure Protection from Hour Claims with EPL Small Business Insurance
If an employee must work beyond hours, whether after work or a weekend, the law requires offices to pay extra for the trouble. This sounds okay for occupations with regular schedules, which is why those with irregular schedules cry unfair. Despite compensation, however, the afterhours are finally taking their toll on workers physically, mentally, and socially. Enter H.R. 5159, also known as the Schedules that Work Act. This legislation aims to end on-call schedules by giving workers more rights to flexible work schedules. Proponents aren’t asking to change the law-mandated 40-hour work schedule. They only want to be given a heads-up every time they receive a valid reason to work after hours.
http://www.insureyourcompany.com/ensure-protection-hour-claims-with-epl-small-business-insurance/
Shielding Against Practice Liability
Not every business performs
like a well-oiled machine. Some companies may have a few bad seeds
that you found fit to dismiss or well-performing employees that left
because of a misunderstanding. Whichever the circumstances, it’s
not going to be pleasant when the former employee(s) serve a case on
you. Given the high costs of employment litigation, you don’t want
your finances sapped for a claim that may be without merit,
warranting protective foresight through an employment practices
liability insurance (EPLI) policy.
EPLIs are insurance policies
designed to shoulder a company’s legal costs in case they are sued
for workplace matters such as wrongful termination, discrimination,
or sexual harassment, among others. They are usually activated when a
claim is made upon occurrence of a sensitive workplace issue.
In arranging for an EPLI
policy, some legal experts recommend studying how to have all bases
covered. Your preferred insurer’s packages should contain coverage
for intentional acts, bodily injuries, and full prior acts, among
other elements. The latter is vital because the plaintiff can argue
that certain acts allegedly performed on them were carried out over a
period of time.
Being sued by an ex-employee
can be tough. Experts on insurance for small business owners will
help you with ample coverage.
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.
Why You May Need Commercial Car Insurance
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.
Safeguarding your Business
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.
You Need Separate Insurance for These Disasters
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.
Criminal Acts
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.
The Different Types of Dependable Insurance for Small Business Owners
"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."
http://www.insureyourcompany.com/different-types-dependable-insurance-small-business-owners/
On Business Insurance in NJ: Tether your Finances Against Legal Cost
"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."
http://www.insureyourcompany.com/business-insurance-nj-tether-finances-legal-cost/
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.
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.
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.
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:
- General liability insurance. This insurance addresses potential
legal actions arising from accidents, injuries, and negligence claims.
- 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.
- 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.
- Commercial property
insurance. This insurance covers the loss or damage of business
properties.
- 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.
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.
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.
