Showing posts with label insurance for small business owners. 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
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
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
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
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
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
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.
Friday, June 13, 2014
Posted by Unknown
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.
Wednesday, June 11, 2014
Posted by Unknown
