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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.
6. Number of employees: Workers’ compensation insurance is directly related to the number of employees it covers. A larger workforce means more coverage is needed.
7. 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.

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.

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:

1. 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.
2. 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.
3. 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.
4. 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.

Insurance is one of those products that’s easy to ignore. We don’t use it often, and it can be hard to understand what we’re getting for the premiums we pay. It’s not like laundry detergent or your tax accountant, where you are aware of the quality of the product or service from time to time. When people buy insurance, they’re typically focused on price or simply trying to satisfy the minimum legal requirement.

The cost of insurance is important and should be considered when choosing your insurance policy, and you definitely want to make sure your coverage allows you to operate legally. But affordability and minimum legal obligations shouldn’t be the only driving force behind what insurance you buy. Plenty of businesses have found out too late that an inexpensive policy did not offer enough coverage to really protect their business. So how can you tell if you have enough insurance?

• Did your agent take the time to go over your coverage with you so you truly understand what is covered? And possibly even more importantly, did they review with you what is NOT covered in your insurance program? Insurance is your first line of defense, and it’s important to understand what the insurance company is insuring and what you are choosing to self-insure.
• Have you changed your operations, moved, or purchased new equipment? Do you have employees that work from home? If you answered yes to any of these, your current insurance program may not be accurately covering the assets of your business.

And a tip, do you quote your insurance out with multiple brokers? Quoting your policies is not the same as reviewing your policies for accuracy. While quoting may lead to lower pricing, it also typically leads to more errors that you may be completely unaware of until it’s too late.

Insurance is an investment. Not only can you not legally operate your business without it, it could cost you if you don’t have enough. Make sure you’re prepared if the worst should happen. We can help ensure that you’re accurately covered so you can get back to focusing on your business. Call us today to review your insurance program, you might be surprised as what we find.

Workers compensation is a must at every business. You need to protect your assets and your employees. But there are a few simple ways to keep the associated costs under control, no matter what industry you work in.

The most important and significant way that you can cut workers compensation claim costs is to reduce claims. Here are some ways to do just that.

1. Hire well: Does your HR group know what to look for besides education and experience? Some organizations would benefit from employees with specialized certifications or safety training. If you’re hiring for a high-risk department, this can prove especially beneficial, so know which questions to ask and what extra employee skills to look for.
2. Create best-in-class training: When it comes to safety training, don’t just do the bare minimum. Conduct trainings as part of orientations and on-boarding and regularly hold mandatory refresher courses. Make sure a comprehensive safety manual – with company policies and best safety practices, as well as emergency contact information – is easily available to all employees. Print copies are helpful, but digital copies allow for easier and faster access in most cases.
3. Create learning opportunities: In the unfortunate event of an accident or injury, don’t try to cover it up or gloss over it. Use it as a way to openly explore with leadership and employees alike how to avoid something similar in the future. Not only will this help to create solutions and preventative policies, it will solidify safety as a top priority for your company.
4. Create better policies: Your company may need to turn away from traditional business practices to emphasize safety. Things like drug-testing, no overtime, and mandatory breaks can help to reduce safety issues, injuries, and insurance claims.

The best way to create a safer office starts in that very workspace, with the people involved in the day to day work. Looking for another off-site way to spend less on workers compensation? Get a new policy. Call us today for an estimate to make sure that you’re getting the best rate and the best coverage for your business.