A business insurance policy is a must if you are renting an office space. It is your landlord’s responsibility to carry insurance for the physical building itself. Business insurance can help protect your business property and provide liability or financial protection in case of certain mishaps or events.

Why Do You Need Business Insurance for a Rented Office Space?

There are several important reasons to have a business insurance policy when you are renting office space:

• The landlord may require it: Many commercial landlords require proof of insurance coverage – a certificate of liability — before they will rent to or enter into a lease with a tenant. Generally, commercial property owners require you to have commercial general liability insurance to cover potential damage to the building or the property of other tenants. Typically, this type of policy will also cover theft committed by people you invite into the building.
• Protection for your belongings: The landlord’s insurance coverage protects the physical structure, but not for your business property located within a rented office space. Property coverage included in your business insurance policy can protect you against accidental damage or theft of business valuables, such as computers, equipment, furniture, inventory, and files.
• Additional responsibilities under the lease: Read your lease carefully to find out what types of building damage you may be responsible for. Some landlords may require tenants to be responsible for modifications they have made to the interior of the space, building glass, and even air conditioning or heating units.
• Accidental damage: If you or an employee accidentally starts a fire, it could do severe damage, not only to your business property but to other businesses and the building itself. The property owner and the other businesses could sue you for damages. They could also sue you for business interruption caused by the fire.
• Personal injury: A client or someone visiting your office could slip or trip and fall, or otherwise sustain an injury on your business premises. The injured party may sue you for damages. Liability coverage can help with your legal fees and any settlement or award. If the accident or injury occurred in a shared area of the building, the property owner may be responsible. If it occurred within your office space, your business may be responsible for the injured person’s medical bills and other damages.
• Business interruption: This type of insurance provides financial protection in case an incident prevents your business from operating as usual. For example, a fire in the building could force you to relocate, which could lead to lost business and profits. Business interruption insurance can help cover the losses.

Insurance protection for a business is more important than ever today. If you are renting an office space, you will need insurance coverage to protect your business property and to protect your business against liability and financial losses. Speak with our knowledgeable agent. We can advise you on the types of coverage you need and help you find the best available rates.

Consumer spending increases for the holidays and business picks up during the winter months. But winter weather also brings certain risks for businesses. The following are some top winter risks and how to protect your business from them.

Slip or Trip and Fall Accidents

Icy walkways and slippery floors from melting snow can lead to slip or trip and fall accidents on your business premises. Customers, employees, and other visitors can suffer serious injuries, including fractured bones and back and head trauma. To help prevent slip or trip and fall accidents:

• Promptly remove snow from parking lots and walkways. If you outsource snow removal, make sure the company is reliable and can provide proof of liability insurance.
• Keep plenty of ice melt or sand on hand for use on sidewalks and steps.
• Make any necessary repairs to parking lot potholes, handrails, and outdoor steps.
• Placemats with non-skid backing that absorb water inside doorways to keep ice and snow from being tracked indoors.
• Inspect floors regularly and promptly mop up any puddles caused by melting snow. Use “wet floor” signs as needed.

Frozen Pipes and Water Damage

When temperatures drop below freezing, the water in your pipes can freeze, causing them to burst. Water from burst pipes can cause hundreds of thousands of dollars in structural damage. To help prevent this type of damage:

• Maintain a consistent temperature in the building. Set the thermostat to keep the temperature even when the business is closed, for example in the evenings, on weekends, or during holidays. Consider installing a system to alert you if the temperature falls below a certain point.
• Stop pressure from building up in pipes. If the forecast predicts a winter storm or extreme cold, leave faucets in the building slightly open to a steady drip to help prevent freezing.
• Install a backup power source, such as a generator, to warm your building in case of a winter storm power outage.
• Seal the building. Hire a contractor to repair or caulk cracks or holes in the building exterior. Cover pipes at risk of freezing and ensure your building is properly insulated.

Roof Collapse From Heavy Snow Buildup

An accumulation of heavy snow can cause a building roof to cave in. Too much snow on the roof can exert tremendous pressure on the structure. To help prevent snow damage to your building, do not let more than two feet of snow accumulate. Hire a licensed, bonded, insured contractor to remove it from your roof.

Business Interruption from Winter Storms

A major winter storm could shut down your business for days or weeks. Snowstorms can cause power outages and prevent you and your employees from showing up for work. If your employees can work from home, it may be wise to have a telecommuting policy in place. It is also important to have business interruption insurance coverage.

For protection against winter risks, your business may need several types of insurance coverage, including general liability, workers’ compensation, property, and business interruption policies. Our agent can help you find the best rates for the insurance protection your business needs.

As a small business owner, you have consistently paid your insurance premiums. When the time comes to file a claim, it can be a shock to have your claim denied and be forced to pay out of pocket – especially when you believed you were covered. These are the most common mistakes small business owners make:

Failed to Understand Covered Perils
Insurance policies cover specific “perils” only. Business owners may believe they are covered when a facility is damaged by flood, fire, earthquakes or other natural disasters – but this may not prove to be true. You need to know what your policy covers and understanding the small print is not easy. Talk to an insurance agent and ensure you fully understand what is covered, and what is not, and put a policy in place to fill the gaps.

Failing to File a Claim Quickly
If you wait too long to file a claim, it makes the entire process far more difficult and can lead to having a claim denied. Rather than attempting to repair your restaurant, call your insurance provider so an adjuster is dispatched to your facility as quickly as possible after the event.

Failing to Fully Document the Damage
Ensure you take pictures and videos of every area that was damaged. The details of damaged equipment, inventory, or goods must be very thorough. Keep a log of your conversations with your insurance company, and copies of any correspondence. Your insurance company is far more likely to pay what you deserve under the terms of your policy when the losses are thoroughly documented.

Discarding Damaged Goods
If you throw away the damaged goods, you may lose the ability to recover compensation for the loss. You have taken images and video but must retain the damaged goods so that the insurance company can confirm the losses.

Admitting Fault
You may believe you are at fault in some way if someone was injured on your property. Never admit fault as this could cause your insurance company to deny your claim. Allow the investigation into what happened to proceed without admitting fault.

Failing to Cooperate with your Insurer
Your policy will state that you must cooperate in the investigation into what occurred. When they ask for documentation, you need to be prepared to send it to them in a timely manner, including video, pictures, and receipts. If you wait or fail to send this information, your claim may be denied, or it will take far longer for any claim payment to arrive.

Paying Claims Out of Pocket
If a customer slips and falls and is injured on your property, you may feel inclined to pay their medical bills – a mistake. Your insurance policy will not reimburse you when you try to recover the cost. Many policies bar policyholders from making these payments, and if you do, your claim could be denied.

Your Business Insurance
You need to understand your business coverage, and our friendly, local agents can review your policies to ensure you have the coverage you need, at the lowest rates possible.

If you own a restaurant, you know the importance of carrying the right insurance to protect your investment. It can be challenging to choose the best possible business insurance policy for your restaurant, and we are here to help. Read these tips about restaurant insurance to help avoid a financial disaster if something goes wrong.

Risk Factors Specific to the Restaurant Business
A restaurant has several risks specific to the industry. These include the risk of patrons becoming ill after eating at a restaurant, the risk of employee theft, the costs associated with expensive damage to appliances, or fire. All potential risks must be covered in your business insurance policy and other additional policies when needed.

Types of Business Insurance for Restaurants
Several types of policies should be in place to provide the best protection for your restaurant:

• General Liability Insurance: This insurance (often called business liability insurance) protects your business should a patron or employee be injured, or their property damaged while at your facility. This insurance pays for the legal costs of defending against a lawsuit, medical expenses for any person who is injured on your property, and for judgments and settlements, up to specific limits.
• Liquor Liability Insurance: If you serve alcoholic beverages, ensuring your restaurant is covered should a guest injure another person, your restaurant could be named in a lawsuit. This coverage protects against this eventuality.
• Commercial Property Insurance: This type of restaurant insurance can be a lifesaver. The insurance covers the costs related to fire damage to your facility or equipment, or the cost of replacing stolen items.
• Business Interruption Insurance: This coverage protects against external factors that impact your ability to do business. When a covered peril leads to the need to close your restaurant for a period, this insurance covers direct physical loss or damage.
• Food Contamination Insurance: This insurance, often called “food poisoning insurance” protects you should a patron become ill after eating at your restaurant. Whether the problem occurred due to contaminated ingredients from a vendor or some error in your restaurant, you will be covered.
• Auto Liability Insurance: If you deliver food and use a driver from your restaurant, you must have auto liability insurance to ensure you do not face a financial disaster if the driver gets into an injury accident.
• Machinery Breakdown Insurance: Restaurant equipment is costly, and so are equipment breakdowns – you may be forced to shutter your restaurant when equipment fails. Machinery breakdown insurance covers the cost of machinery repair or replacement. This insurance should cover the cost of replacing perishable goods destroyed when a freezer or refrigeration unit fails.

When You Need Help, Call Us.
Some insurance policies are “bundled,” providing a combination of coverages. When you need to understand the fine print, not overpay when you don’t need to, and ensure you have the best coverage for the lowest price, contact our local team of agents. We will review your existing policies and search out the most affordable options with the best coverage to help you keep your bottom line reasonable.

Small Business Saturday is celebrated every year on the Saturday after Thanksgiving. In 2021, this holiday falls on November 27. This is the day set aside to support small businesses in the U.S. It was started by American Express in 2010 to bring more holiday shopping to small businesses.

In 2016, 112 million consumers across the nation participated in this event by shopping and dining with small businesses, as stated on businesswire.com. This upcoming holiday is a great opportunity to promote your brand, and here are some ideas on how to do it.

Offer Special Promotions

Many consumers like to shop on Small Business Saturday to have fun, save money, and get ahead on their holiday gift-buying. Special promotions can help your business stand out from the crowd. For example, you can offer:

• A free gift with a purchase
• Bundled services and/or products suitable for gifts
• Sale prices on specific products or services
• Buy one, get one free, or buy one, get one at a discount specials

Market By Email

Use your email list to let people know in advance what your business is planning for Small Business Saturday. This is a great cost-effective way to promote your specials and help bring customers into your business. As luck would have it, American Express provides email marketing templates specifically for Small Business Saturday, in addition to other resources, according to your industry.

Use Social Media

Post on your social media profiles to promote Small Business Saturday and other specials. You might want to upgrade your profiles with new cover photos for the occasion. American Express makes resources available for profile updates. As another option, you can use Canva to create graphics that will promote your brand.

Cross-Promote

Cross-promotion involves promoting different brand products with similar audiences but not in competition with each other. It can help boost sales and create brand awareness. It provides a way for businesses that do not compete to cooperate for mutual benefit. With cross-promotion, it is important to choose the right partner and select the best channels for promotion.

Utilize Business Directories

Set up a Google My Business account or update your business profile to capture attention from consumers and to connect with your customers. You can also use the small business directory provided by American Express to help drive customers in for Small Business Saturday shopping. Properly optimized business directories can significantly increase foot and website traffic.

Use Local Media

Publish a write-up for Small Business Saturday in a local newspaper or online publication. For example, it could be an article on the history of your business or a piece on the importance of Small Business Saturday and the role of small businesses in the economy. End your article by promoting your specials for the holiday.

If you own a small business, you undoubtedly know the importance of having the right business insurance to protect you against various risks. Our agent can help ensure your small business has the insurance coverage it needs.

Veterans entering the business world have access to a number of resources. These include the Small Business Administration, Veterans Affairs Office of Small and Disadvantaged Business Utilization (OSDBU), the SCORE Veteran Fast Launch Initiative, and American Corporate Partners (ACP).

One essential aspect of running a business is having adequate insurance coverage to protect your interests. The type of business insurance you need to protect your veteran-owned company will depend in part on the nature of the business you are operating.

Protections for Veteran-Owned Businesses

The types of protection your business needs will depend on your operations and the risks you are facing. A veteran-owned business may need coverage for:

Assets of the business

This may include buildings, equipment, inventory, and supplies. Commercial property insurance can help protect your business assets against damage from fire, theft, vandalism, and other covered perils.

Liability protection

Accidents can happen in a growing business, onsite or offsite. If a customer or other third party is injured, your business may be liable. General liability insurance can help cover medical bills and other damages, as well as your legal fees if a lawsuit is filed against your company.

Errors and omissions

You may need protection in case you or one of your employees makes a mistake in providing professional services that causes a client to lose money, or in case you are sued for negligence. Professional liability insurance, also known as errors and omission (E&O) insurance, can help protect your business in such a situation.

Vehicles used in the business

Whether you use your own car to conduct business, have employees who use their own vehicles to perform job duties, or have a fleet of company-owned vehicles, you need commercial auto insurance protection. This coverage can provide protection against damage to vehicles belonging to the company and from liability for vehicle accident-related bodily injury or property damage caused to others.

Employee on-the-job injuries and illnesses

If your business employs workers, you probably need workers compensation insurance protection in case an employee is injured on the job or develops a work-related illness. This coverage is legally required in most cases. It pays for employees’ medical expenses and partial replacement of lost wages. Workers comp insurance also protects employers from being sued by their workers for injury or illness related to their employment.

Data breaches

Most businesses today use technology to store personal information for customers or clients and employees. Cybercrime is on the rise, and attacks on small and medium-sized businesses are increasing. A data breach can be extremely costly in terms of liability and lost business. Data breach insurance can help cover the costs of notifying customers and employees, providing credit monitoring services to victims, and hiring a public relations firm to help repair your company image.

Package Your Veteran-Owned Business Insurance

You can save money by purchasing different types of business insurance in a packaged policy. A packaged business owner’s policy (BOP) can give you a good start toward protecting your veteran-owned business. Our knowledgeable agent can help you tailor a BOP to suit your unique needs.

Any business that uses computer technology today has to deal with cyber risk. Ransomware attacks are on the rise, and small and medium businesses are being targeted more than ever. With the shift to more people working from home in 2020, cybercriminals are taking advantage of the opportunity to exploit remote workers.

Cyber insurance may be essential for a business of any size. The following checklist can help savvy business owners secure the right coverage for protection against cyber-attacks.

Decide Whether Your Business Needs Cyber Insurance

It is likely you need cyber insurance coverage if your business:

• Handles sensitive information: This can include a lot more than health information, Social Security numbers, bank accounts, etc. Even the most seemingly harmless information can be used by cyber attackers.
• Has staff who use their own devices: Cell phones, laptops, and other electronic devices can be lost or stolen. If this occurs, it can give criminals access to important company information, including confidential data.
• Hosts a public website: If your website interacts with clients or customers and stores their login data, you are vulnerable to cyber theft.
• Uses a third-party vendor: If your company has a third-party vendor supplying goods you sell, providing an online shopping facility, or managing your database, you may be vulnerable to cybercrime. You don’t control the level of security provided by a third party.
• Relies heavily on confidentiality (for example, a dating website).
• Gather information that, if lost, could result in embarrassment, invasion of privacy, or bullying.

Determine What to Look For in a Cyber Insurance Policy

Consider how much cyber insurance you need and how much your business can afford. Evaluate your risks and the types of coverage you need. Decide whether unintentional error should be covered, as well as intentional attack. Determine what your policy can exclude, what data should be covered, and where it is stored. Find out what insurance providers offer, such as legal costs, first responder services, or business interruption coverage.

Custom-Tailor Your Cyber Insurance Policy Outline

This outline should include:

• The level of risk your business is facing
• The type of policy (package or standalone) that works best for you
• Whether coverage includes third parties
• Types of coverage (network security, privacy liability, media liability)
• Amount of coverage your business needs

Ask Questions of Potential Providers

With your policy outline in hand, get insurers to answer important questions about the cyber insurance coverage they provide. For example, you should ask about:

• Policy exclusions
• Deductible amounts
• Response time after a data breach
• Timeframes for coverage
• Geographical coverage area (is coverage limited to within U.S. borders?)
• Types of covered incidents (do they include unintentional or non-malicious attacks?)
• How coverage and policy limits apply to first (policyholder) and third parties
• Premium increases after claims are made
• Auditing or compliance obligations
• How provider handles cyber threats

Finding the right cyber insurance coverage for your business can be a complicated process. Our knowledgeable agent is happy to help.

A side gig is a great way to earn extra cash. It is an opportunity to branch out on your own, and it could even grow into a full-time business that allows you to “quit your day job.” One thing to keep in mind while running a side hustle is the importance of protecting your business and yourself in case something goes wrong. To be fully protected, you may need business insurance.

Does Every Side Gig Need Business Insurance?

Whether or not you need business insurance depends on the level of risk associated with your side gig. If you are working on someone else’s house, you need insurance for protection against liability. On the other hand, if you are working from home as a writer, there is not much risk involved, and you may not need the protection. Consider the following to help you decide if you need business insurance for a side hustle:

• Are business packages delivered to your home?
• Do customers or clients come to your home?
• Do you use your vehicle for work?
• Do you handle any sensitive material or process payment information?
• Do you work with children or animals?
• Could anyone be injured or become ill as a result of your business?
• Could a major inventory loss or lawsuit wipe you out?

The main question to ask yourself is what happens if something goes wrong. If you stand to lose everything you have built, then you may need business insurance.

What Types of Gig Insurance Do I Need?

Each side business is different, and so are its insurance needs. A Business Owner’s Policy (BOP) may be a good place to start. This is a customized, packaged policy including different types of coverage you may need. A BOP generally includes property, liability, vehicle, business interruption, and crime insurance. Our agent can help you tailor a BOP to meet your specific requirements.

General Liability Insurance

General liability is basic coverage most businesses require. It protects you and your business from liability for bodily injury or damage to someone else’s property. Most BOPs include general liability coverage, plus property protections.

Professional Liability Insurance

Professional liability insurance is also known as errors and omissions (E&O) insurance. It provides protection against lawsuits and claims against your business based on alleged errors, negligence, or failure to perform. Typically, these policies cover legal costs associated with claims and any settlements or awards, up to policy limits.

Cyber Liability Insurance

Even small businesses are at risk for cyber-attacks. Hackers could break into your system and steal your clients’ personal information, which could lead to lawsuits for breach of privacy. Cyber liability insurance covers the cost of legal expenses and settlements associated with lawsuits resulting from cyber-attacks. It may also cover costs of notification, credit monitoring, retrieving data, fines and penalties, and client and personal identity theft loss.

The business insurance package you purchase for your side gig should be tailored to your unique needs. Speak with our agent for knowledgeable advice on how to protect yourself and your business.

Every season of the year poses safety and security challenges. In the fall, the days grow shorter and the nights grow longer, providing greater opportunity for thieves and vandals. Falling leaves can make walkways slippery, increasing accident risks. The following tips can help you reduce the risks for your business during the autumn months.

Install Proper Lighting

We have fewer hours of daylight in the fall. If your business is not well-lit, it could attract burglars and other criminals at night. Adequate interior and exterior lighting can discourage break-ins and make it easier to identify intruders.

Invest In a Professional Security System

A proper alarm system and high-quality surveillance equipment can go a long way toward protecting your business. Many modern security cameras have night vision features, making them effective deterrents against vandalism and burglary in the dark hours.

Drill Security Protocols

Have emergency protocol and alarm system procedures in place, and make sure your employees know them. Get them trained on workplace safety and drill them on emergency procedures. Review arming and disarming the security system with your team.

Update Your Security System for the Fall

Daylight Savings Time ends and the clock falls back an hour on November 3rd. Many businesses run on a different holiday season schedule beginning at Thanksgiving. This can affect card access systems on automatic lock schedules and the opening and closing of alarm systems. Make sure to update all security systems to the correct time.

Clean Up Your Exterior and Landscaping

Overgrown shrubs, trees that need pruning, fallen leaves, and debris can present safety and security hazards. Autumn leaves can make walkways slippery and increase the risk of a fall. Overgrown shrubbery gives criminals a place to hide and can obscure the line of sight for officers or security guards on patrol. Maintaining your landscaping and exterior can not only improve your business image but also reduce safety and security risks.

Be Alert for Shoplifters

When the weather cools down in the fall, people are more likely to wear bulkier clothing. This makes it easier for shoplifters to hide items they are planning to steal. Train your staff to greet customers as they walk in the door (as a courtesy and to let them know they are noticed) and be alert for shoplifting. If a customer is behaving suspiciously, instruct your staff to ask if any help is needed. This lets potential shoplifters know they are being watched.

Have Staff Walk Out Together After Dark

Criminals take advantage of the darker, colder months when it is easier to hide and there are fewer people around to observe them. Instruct your staff to be alert when walking to and from your business, and to walk out together in groups or pairs for greater security.

Review Your Business Insurance Coverage

It is important to have sufficient business insurance for protection against theft, vandalism, accidental injury, or assault on your premises. Fall is a good time of year to review your policies. Our agent can help you find the coverage you need at the best available rates.