Showing posts with label InsureYourCompany. Show all posts
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.
Monday, December 8, 2014
Posted by Unknown
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
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.
Sunday, November 23, 2014
Posted by Unknown
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.
Saturday, November 15, 2014
Posted by Unknown
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.
Monday, November 3, 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
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.
Thursday, October 23, 2014
Posted by Unknown
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.
Wednesday, October 15, 2014
Posted by Unknown
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.
Wednesday, October 8, 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
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.
Tuesday, September 23, 2014
Posted by Unknown
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.
Monday, September 15, 2014
Posted by Unknown
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.
Tuesday, September 9, 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
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.
Wednesday, August 27, 2014
Posted by Unknown
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.
Wednesday, August 20, 2014
Posted by Unknown
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.
Thursday, August 7, 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
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.
Tuesday, July 15, 2014
Posted by Unknown
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.
Monday, July 7, 2014
Posted by Unknown
