When it comes to insurance plans, businesses and individuals both tend to consider plans with the lowest quotes and costs. The truth is, there are a lot of things that can affect your insurance rates, and the cheapest plans are rarely the best. Here’s what to know:
- The kind of insurance plan and coverage: General liability is usually the least expensive coverage, and it covers damage to property or injury to people as a result of your business. Professional liability covers damages that result from your business itself, usually financial losses.
- Size of your building or office: Property insurance is usually part of a business insurance plan. The size of your building or office space will affect your insurance prices in order to ensure adequate coverage for disasters, weather or accidents.
- Risk-level of your industry: Sometimes coverage costs will vary based on your industry. People who own a construction company may pay more for their premiums than those who own an accounting firm or a restaurant franchise.
- Location of your space: Location matters. Not only will the right location bring more customers to your door and into your space, it will affect your insurance costs. Is your commercial space in a flood zone or an area more prone to earthquakes? Just like homeowners’ insurance, business property and commercial insurance may vary based on location.
- Revenue: How much money does your business bring in? What is your business worth? The more money a business has or makes means the more they might lose in the event of a lawsuit. Business insurance can help prevent or offset the cost of legal action. To utilize this protection, your premium payment will be in proportion to the amount of coverage you need based on the business’s assets and value.
- Number of employees: Workers’ compensation insurance is directly related to the number of employees it covers. A larger workforce means more coverage is needed.
- Claim history: Just like other insurance policies, your coverage costs can go up if you’ve filed claims in the past. Businesses who have filed previous claims may be subject to higher premiums in order to stay protected.
When it comes to your business, don’t take chances. Buying into an insurance plan because it costs the least means you might not have the right coverage or enough coverage for your business. Call us today so we can quote you on the right policy protections at a fair price.Posted in Uncategorized | Leave a commentMay 22, 2019
Protecting your business starts with a plan. But “protecting your business from risk” can also seem vague. Where do you start? Every business will be different, but here are some steps to take to get you started.
- Identify risks: A risk is a potential problem that could damage your business. This includes cybersecurity threats, employee workplace hazards, and even damage to your physical space that could disrupt the operation of your business and hurt your finances and business reputation. Consider all the ways your business could suffer when starting your risk assessment.
- Create a risk document: After identifying, it’s important to document. This includes estimating how much each potential risk could cost your business – in anything from money to downtime to industry reputation. Rank your risks from mild to severe – this will help your risk mitigation plan and give you and your business a list of priorities.
- Make your prevention plan: Each risk has been established – now what? Begin research for how best to prevent them. Is your workspace laid out in a way that would allow for easy evacuation? Do you have regular emergency drills? Have you updated your operational security software to gate access to both your building and your software systems? Asking these kinds of questions help you identify gaps in your risk management plan.
- Review: Always go back and look at your risk plan. Have certain things become higher or lower risks, based on new location, new software, or new employee policies? Have your mitigation efforts helped reduce or eliminate incidents, or are you still seeing problems in certain areas? If negative patterns continue, it’s probably time to revisit your prevention plan and see if other strategies could be more successful.
Our business is helping your business be prepared and protect itself if the worst should happen. Even minor problems can become major risks if they’re not addressed. Working with us means having a partner who cares about your unique business needs and wants to ensure a positive and successful future for you and your company. Make sure you have all the protection you need. Call us today to discuss insurance, risk management plans, and other key business protection points.
On any given day when looking into the sky, you are more likely to see a drone than ever before. Both affordable and accessible, drones are a relatively new technology but are gaining in popularity for recreational as well as commercial use. As drone use increases and the technology improves, insurance companies are finding innovative ways to use drones in handling claims.
Where a traditional property insurance claim may take weeks to process, with a drone, it could be handled within minutes! With an aerial view of a property, an immediate assessment of damage can be made. This not only includes small property insurance claims but also catastrophic claims, the kind that occur after a natural disaster such as a flood, hurricane or tornado.
Recent years have seen an uptick in natural disaster activity in the United States. For the insurance adjuster, even getting to a site where a natural disaster occurred could be a difficult or impossible feat. Maps and 3D models made with drone technology can cut the time needed to get to and assess a claim as well as keeping adjusters safe. It also significantly reduces the cost of processing a claim for insurance companies.
Cutting down on claims processing times is huge for insurance companies. Every day homeowners are unable to occupy their home is another day of paying additional living expense claims. For business owners, the insurance company must pay business interruption costs for every day they are closed.
Not only do drones make processing claims more efficient for insurance companies, there are also many benefits for the insurance customer. The sooner a claim can be processed and paid, the sooner homeowners and businesses can get back to normal everyday life.
Drones are redefining the customer experience for policyholders. Customers want fast and efficient claims service and with drone technology, these demands are being met.Posted in Uncategorized | Leave a commentApril 24, 2019
Workers compensation insurance is a staple at just about every business, known by employers and employees alike. But where did it come from? Today’s businesses have a legal and ethical obligation to prioritize the safety and well-being of their employees. Having workers comp protections in place also helps protect the business from a variety of risks, including lost productivity and expensive lawsuits.
Some history texts make a strong case that compensation for work accidents has existed for centuries. Some historians point to thousand year old texts from Greece, Rome, China and Iraq that indicate those injured in the line of work were entitled to some compensation and that each injury had a specific monetary value.
In the US, the Industrial Revolution brought a huge increase in factory employee injuries caused by mechanical equipment. At the time, the only recourse was to sue the employer and try to show negligence. It ended up being difficult for employees to overcome the restrictive burden of proof and convince a court of true employer negligence and responsibility. Many employees were assumed to understand the risks and therefore be at fault for any injuries.
Coverage for occupational injuries in the US started in the early 1900s, after the dangers of working in American slaughterhouses became public. The first federal attempt at widespread worker’s compensation law was in 1906 and 1908 when Congress passed the Employers’ Liability Acts, but most states would fail to pass employee protection laws. Still, the public demand for a more protected workplace increased, and Wisconsin was the first US state to pass a comprehensive workers’ compensation law in 1911. Mississippi was the last state to pass such a law in 1948. Initial workers’ comp insurance laws meant that employers needed to provide medical and pay replacement benefits for workers who were injured at work, and if an employee accepted the workers’ compensation benefits, they couldn’t legally sue the employer for negligence. The workers protection laws of today work about the same – to help safeguard employees and protect business assets. However, modern workers compensation doesn’t apply only to industries with heightened employee risks.
If your business needs workers’ compensation coverage or has questions about employee injury insurance, get in touch today. Our expertise and experience can help you provide the best possible protection to your business and employees.Posted in Uncategorized | Leave a commentApril 10, 2019
As a business owner, you’re an expert on your business but not necessarily the business insurance dos and don’ts that come along with it. It can be confusing for entrepreneurs or first time business owners to navigate the insurance maze. Sometimes even long-time business owners don’t know if they have enough coverage! Here are some situations to avoid:
Not understanding your obligations: Not every business is required to purchase insurance. Many are, depending on the industry, state laws and other requirements. One of the most important things to know when getting a small business insurance policy is to understand your legal obligations.
Not knowing your industry’s risks: Every industry is different, and they all face unique risks. Business owners should carefully evaluate the risks they are most likely to experience in their industry to ensure they’re purchasing the right kind and the right amount of insurance.
Prioritizing cost over coverage: It’s important to be cost-conscious; all business owners should be. But insurance is not an area to cut corners. You don’t want to buy a policy simply because it’s the least expensive. Not only might than plan not offer you the protection you need, but it’s possible that a cheaper policy will come with longer wait times for correspondence, processing and other customer service issues. Not having the right coverage will always end up being more expensive than paying more per month if your business ever needs to file a claim.
Not working with a well-respected insurance professional: Working with a person has advantages. They can take the time to know your business and your coverage needs and work to customize a quote that works for your business now with room for the future. In these situations, you don’t have to be the expert – you work with agents who specialize in business insurance.