For motor vehicles that are used in business, it is vital to ensure you have commercial vehicle insurance coverage. Personal auto insurance policies are not designed for vehicles that are used for business activities and will refuse to pay for accidents if a vehicle was engaged in business activities. When you have commercial auto insurance, the policy can cover family members performing business duties, employees, and others driving a covered vehicle.

What Does Commercial Auto Insurance Cover?

If you have a vehicle that you plan on using for business purposes, it is crucial to buy coverage for it before any business use. You want to make sure that you and any other drivers who operate it are protected every time the vehicle is used.

The coverages provided in a commercial vehicle policy include:

• Property damage liability: If your business vehicle collides with someone else’s vehicle or property, this can help cover the cost of any property damage as well as potential legal fees you may incur.
• Bodily injury liability: In an accident, people can get hurt, so this coverage can help pay for medical expenses associated with any injuries sustained. It can also help pay for deaths that may result from the accident as well as legal fees.
• Combined single limit: While liability policies tend to provide separate limits for bodily injury claims and property damage, combined single limit policies provide the same dollar amount of coverage per occurrence for bodily injuries or property damage, no matter how many people may have been involved.
• Medical payments (no-fault/personal injury): If the driver or passengers in your business vehicle are injured in an accident, this will cover their medical expenses, regardless of who was at fault.
• Uninsured motorist: If you or the driver of your business vehicle is involved in an accident with an uninsured driver or a hit-and-run driver, this can help cover the cost of medical expenses and property damage.
• Collision: If your business vehicle is in a collision with another vehicle, the damage is covered by collision insurance, up to the policy limits.
• Comprehensive physical damage: Accidents are not the only risks your business vehicle could encounter. If it is damaged due to flood, theft, fire, vandalism, or other risks, this coverage, based on the covered perils in the policy, can save you from serious financial damage should other problems occur.

If you have tools, materials, or inventory that you are transporting from one location to another in a business vehicle, these are not covered by your commercial auto insurance. These items can be protected with a business owner’s policy.

If you plan on using your vehicle for your business, it is crucial to get it insured before you start using it, so you are protected. We understand choosing the right policy can be challenging, which is why our knowledgeable insurance agents are here to provide the advice and guidance you need to make the best choices for your business, your budget, and how vehicles are used in your enterprise.

If you own a business that only operates during certain seasons, it makes more sense to have seasonal business insurance. Seasonal business insurance can provide coverage for businesses that only operate for a limited window of time during the year. It can also provide business income protection for full-time companies with less busy seasons. Continue reading to learn more about seasonal business insurance and how you could benefit from it.

What Kind of Protection Does Seasonal Business Insurance Provide?

Businesses like firework stands, fairs, and swimming pools, which only operate during the summer, do not need coverage year-round, so seasonal business insurance is a more practical option. That said, even business owners with full-time operations can benefit from seasonal business insurance as it could protect and cover them in situations where they do not make enough during peak seasons.

Here are some protections seasonal insurance provides:

• Special events: If you have a business that hosts fairs, festivals, concerts, or other events that require coverage if canceled, special events insurance covers the losses you may face, including ticket refunds, lost income, and the cost of the venue.
• Pop-up stores: Some businesses do not need to rent out a building all year-round. Many seasonal, short-term businesses rent a property for a limited time. With seasonal business insurance, equipment, and inventory can be covered. It could also protect you against liability if someone sustains injuries while visiting the property.
• Hazard income loss: Terrible, unforeseen events can happen while operating a summer business. You could experience a robbery or inclement weather that could damage your operation, closing it down for the rest of the season. Talk to your insurance agent about policies that include income replacement in the event that your business must close due to vandalism, weather damage, or theft.
• A weak season: If you have a business that makes most of its money during certain seasons, seasonal business insurance can protect you if you come up short and cannot cover your expenses, such as rent or employee paychecks. Ultimately, it could help keep the doors of your business open even during times of struggle.

Our insurance agents will work with you to understand your business’s needs, weigh the pros and cons of your options, and help you make the best choice for your business.

Talk to Our Team About Your Seasonal Business Insurance

Owning a seasonal business can be an exciting business venture. With the summer season coming up, you may be planning your next steps. Finding the right coverage for your business should be one of those steps, so you can ensure a smoother road ahead. We will talk to you about your options, provide recommendations based on the unique needs and key factors of your seasonal business, and help you find the most affordable policies.

Reach out to our agency today to learn more and obtain the right seasonal business insurance for you!

Business interruption insurance is a specialized form of protection for business owners. In the event that your business is shuttered due to sustaining damage from fire or a natural disaster, this type of insurance could save you from suffering a financial disaster. Depending on the policy, the cost associated with moving to another location, payroll, taxes, loan payments and operating costs can be paid through the policy, keeping your business alive. The top 4 top reasons to consider business interruption insurance are:

1. Heavy storms in your area are becoming more common.

Wind, snow, and ice can seriously damage a business facility. To determine the best business interruption policy, read the “named perils,” which typically include fire, wind damage, falling objects, lightning, and theft. Some perils are excluded, typically including earthquakes, floods, infestations, or pandemics, and others. Every policy is different, and our local agent can help you choose the policy that best suits your business and location.

2. Your business would not survive if shuttered for a month or more.

If your facility has been seriously damaged, to the point where you cannot produce your product or service, your rainy day fund could be depleted within a few weeks. The costs associated with paying employees, taxes, and keeping all leases current adds up fast, and business interruption insurance can help you keep your most valued employees, move to another facility, and keep your payments current, for a specific period of time – and help your business continue to operate.

3. Your business relies on digital information to operate.

Few businesses exist that operate on a cash basis. If your business relies on digital devices to store customer or client data, process payments, and communicate internally and externally, a cyber incursion can be a serious setback. The risk of a privacy or security breach has never been higher, and when it happens, the entire operation comes to a halt, unable to function normally until the issues are resolved. An evaluation of your business operation will determine what type of policy to put in place, and the limits that make the best sense. This insurance will reduce the impact on your day-to-day operations after a cyberattack.

4. When a shutdown happens, business interruption insurance softens the blow.

If your business must shut down due to a natural disaster or other covered peril, rather than facing extensive financial losses, the basics are covered to continue to operate, or make the transition to another facility. Your business will be able to recover the amount of income you would have earned during a closure, pay your employees, pay for the cost to relocate, and make timely payments on loans or leases. While the challenges you face are stressful and difficult, this insurance will definitely make the transition easier, and far less expensive.

What is the best type of business interruption insurance?

Every business interruption insurance policy is slightly different. Choosing the best policy will require looking over your monthly payroll, lease or rent payments, and estimate the costs associated with moving to another facility. These policies have a time limit, which can range from a month to a year. Speak with one of our local agents for assistance in choosing the best policy at the most affordable rate.

No business owner wants to have injured an injured employee. Reducing the risk of accidents and injuries is a critical aspect of good management, in every industry. Employees who have been trained with customized worker safety programs are far less likely to be injured when performing the duties of employment – and file a claim with your workers’ compensation insurance provider. Every claim filed with your insurance provider will lead to increased premium costs, and in some industries, may lead to OSHA fines for violations of workplace safety standards.

How to Reduce Workers’ Compensation Claims

A customized workplace safety program, implemented to train employees, can significantly reduce the risk of an employee suffering serious injuries or worse. These programs are built to match the activities of the business. A company that has a built-in culture of safety has an added benefit – happier employees, and improved employee retention.

Workplace safety programs – the cost of doing business.

A well-crafted workplace safety program, implemented throughout a business, is one of the wisest investments a business owner can make. The return on investment includes reducing the costs of losses associated with wages and productivity, medical costs, and increases in monthly workers’ compensation costs. The benefits of promoting workplace safety include:

• Greater work efficiency
• Higher employee morale
• Higher employee retention
• Savings on workers’ comp premiums

What are the Costs of Workplace Injuries?

Employers face several financial losses when a workplace injury occurs, including:

• Medical bills: The cost of medical care is covered by workers’ compensation insurance, but when a claim is filed, the premiums increase.
• Fines, penalties: OSHA may get involved when an injury occurs, and if they discover violations of safety regulations, can lead to expensive fines.
• Equipment and property damage: When an employee has not been well-trained with the materials and equipment, it can lead to a serious or fatal accident. Equipment and materials can also be damaged, at high cost of replacement.
• Missed work: An injured employee will be unable to perform their work duties, but still must be paid. Lost production time can reduce the ability to deliver goods or services, significantly affecting the bottom line.

What Type of Training Program Would be Best for Your Business?

Promoting safety is not a “one-time” activity but must be ongoing. It is a critical aspect of onboarding a new employee. Safety education and training allows all employees, including managers, supervisors, and workers to understand the inherent hazards in the workplace. In many states, the cost of worker’s compensation is reduced for businesses that have implemented a safety program. Whether you are operating in a state with these discounts, or another state, reducing workers’ compensation claims is always a critical concern. The types of programs that can be implemented include:

• Seminar training
• Workshop training
• Peer-to-peer training
• On-the-job training
• Regular safety inspections
• Training programs for supervisors, managers, and employees
• Reporting systems to identify developing hazards
• Promoting safety with posters, emails, and other materials
• Safety training geared to be easily understood and absorbed, in more than one language when needed
• Additional training for new processes, equipment, or when a worker takes on new tasks

The Right Workers’ Compensation Insurance

As workers’ compensation premiums can be expensive, doing all you can to ensure your employees are safe protects workers – and the bottom line. When it is time to review your workers’ compensation insurance, speak to one of our local agents, as new programs become available every year, and it may be possible to reduce the cost of monthly premiums.

One thing is certain. If you own a business, you need business insurance. Without it, you would face paying out of pocket to defend legal claims or pay judgments against your company. This could be financially devastating for many businesses. The question is, what types of coverage do you need to best protect your business? Do you need general liability, professional liability, or a BOP?

General Liability Insurance

Also known as commercial liability insurance, general liability is designed to help cover liability claims against a business. If a third party sues you, it covers court costs, attorney fees, and any settlement or judgment against you, up to policy limits. We live in a litigious society, and general liability insurance is the cornerstone of business protection. No matter how careful you are, your business could be sued for a number of reasons including:

• Bodily injury, if someone is injured on your business premises, for example in a slip or trip and fall accident
• Property damage you or your employees may cause in the process of completing work
• Advertising or personal injuries, such as libel, slander, or copyright infringement

Professional Liability Insurance

Professionals with expertise in a particular area need professional liability insurance for protection against claims of negligence. Depending on the profession, it may be called malpractice insurance or errors and omissions insurance. This coverage is recommended for doctors, accountants, architects, consultants, engineers, real estate agents and brokers, information technology specialists, financial advisors, and any professionals that contract their services.

It is important to have professional liability insurance because general liability insurance does not cover claims arising from mistakes, misrepresentation, malpractice, or negligence. If your business provides services to customers, consider purchasing this type of insurance to cover potential claims against your company for professional errors, mistakes, or failed service delivery. There are two basic types of professional liability policies:

• Claims made: To be covered, the incident must have occurred and been reported within the
  timeframe of the policy, unless a “tail” is purchased. 
• Occurrence: This covers any qualified claim resulting from an incident that occurred during the
  policy period, regardless of when the claim is reported.

Business Owner’s Policy (BOP)

Essentially, a business owner’s policy (BOP) is a general liability insurance policy with additional protection. It can save you money by bundling several different policies into a single package at a reduced rate. Typically, a BOP includes:

• General liability insurance
• Property insurance to cover buildings and contents owned by your company
• Business interruption insurance to cover loss of income resulting from a fire or covered event that disrupts your business operations. It may also cover the additional cost of operating temporarily out of another location.

A BOP may not provide all the protection your business needs. For example, it will not cover professional liability, worker’s compensation, or commercial auto insurance. Our knowledgeable agent can sit down with you to discuss the risks your business is exposed to and the types of business insurance protection you may need.

A home-based business is any business with its primary office located in the owner’s home, regardless of type or size. Many well known companies began as home-based, including Apple, Baskin-Robbins, Hallmark, and Purex, as stated by Entrepreneur. With so much that can be done online, operating virtually from home is more feasible than ever today.

A business operated from the comfort of your home is still a business, and it needs to be insured, the same as any other operation. Homeowners insurance and renters insurance will not cover home-based businesses. With the potential for business liabilities today, you would be wise to have some combination of business insurance policies in place.

What Types of Insurance Coverage Does a Home-Based Business Need?

The insurance you need for your home-based business will depend on your industry or business. Our experienced agent can help you determine what types of coverage to purchase. The following are some common types of home based business insurance:

• Business property: If you use any equipment to operate your home based business, it should be insured against damage or loss. This may include a computer, printer, fax, office furniture, etc.
  Business equipment is generally not covered by homeowners policies, in case of a fire, flood, or other disaster.
• Liability: This coverage protects your business from liability for damage caused to another person or property. If a carrier making a business delivery to your home is injured in a slip and fall on your property, you need liability insurance. Your homeowners insurance will not cover it.
• Commercial auto: Your personal automobile insurance will not cover the use of your vehicle for business purposes. If you are involved in an accident, for example, while visiting a client, or picking up or delivering items for your business, you need commercial auto insurance to be covered.
• Professional liability: Whether they are working in or out of the home, professionals need professional liability insurance for protection against claims made by clients or patients for negligence, failure to deliver, malpractice, misrepresentation, or mistakes. This type of coverage is necessary for doctors, lawyers, accountants, engineers, realtors, and any professional with expertise in a particular area. Professional liability is specialty coverage not provided under in-home business policies or homeowners endorsements.
• Product liability: If your home based business manufactures or supplies a product, speak with our agent about product liability insurance. This coverage protects your business against product liability claims for damages or injuries caused by a product it designed, manufactured, or supplied.
• Workers’ comp: If your home based business has employees, you may need workers’ compensation insurance. In some states, this coverage is mandatory if you have even one employee. Workers’ comp covers work-related injuries and illnesses. If your employee is injured on the job, it will cover related medical expenses and reimburse your employee for a portion of his or her lost wages.

Sit down with our knowledgeable agent to discuss the types of insurance you may need for your home based business. We can help you find the right coverage for the best available rates.

If you own a business, you need business insurance. No matter how unconventional your enterprise is, be assured, you have some exposure to risk. The following are unconventional businesses that still need insurance.

Dog Walker

Professional dog walkers need strength and stamina to keep up with the pets in their care. They also need financial protection in case of an accident. A basic dog walking business insurance policy should begin with comprehensive coverage, such as general liability, business personal property, and animal bailee coverage – additional protection in the event of injury, death, or damages caused by an animal in your custody or care. It may also include optional coverage such as veterinary expense reimbursement (regardless of fault) and lost key liability coverage.

Blogger

Even if you normally work from home at your computer as a blogger, you still have risk exposure. For example, another blogger could accuse you of plagiarism and take legal action against you. Someone else could accuse you of libel based on something you wrote. In the course of conducting an interview, you could accidentally cause damage to someone else’s property. At the very least, bloggers need business general liability insurance. You may also need professional liability insurance and commercial property insurance. Our agent can tailor an insurance product to suit your business needs.

Handyman

A skilled handyman is in great demand, and anything can happen in this line of work. Insurance coverage for a handyman business should protect you in case of an accident, injury, or loss. In some states, it may be legally required. A handyman business insurance policy should include commercial general liability, professional liability, tools and equipment coverage, and workers compensation if you have employees. In addition to the protection it provides, having a business insurance policy demonstrates professionalism to your clients.

Pet Sitter

Things can happen when you are caring for other people’s pets. An animal could be injured on your watch. You could lose a client’s keys. A pet could die because of an error made by you or someone on your staff. Pet sitting business insurance is designed to protect your business from property damage and bodily injury claims. Among other options, it should include general liability, animal bailee, and coverage for basic grooming and obedience training.

Freelancer

Freelancers are independent contractors who earn income on a per-job or per task basis. A variety of companies, government agencies, and organizations hire freelancers. They can be found in a variety of fields, including accounting and finance, medical and health, education, and training, writing, and editing, and computer and IT. The business insurance you need as a freelancer will depend in part on the type of freelance work you do. At a minimum, you may need general liability, professional liability, cyber security, and business interruption coverage.

Today, every business is exposed to risk. No matter how unconventional your business, you need insurance for protection against loss. Our experienced agent can custom tailor a business insurance package for you.

Your business’s workers’ compensation policy protects against lawsuits filed by injured employees. The trade-off is the cost of these policies eats into your profits. Every workers’ compensation policy is slightly different, and it is important to know what it does and does not cover.

Your Workers’ Compensation Policy – Are You Getting the Best Deal?

Essentially, workers’ compensation covers injured or ill employees in job-related cases. These policies pay for:

• Medical care
• Ongoing treatments
• A percentage of lost wages
• Disability benefits
• Funeral costs 

A workers’ compensation policy will not pay these costs for injuries or illnesses unless they are work-related. State laws vary regarding workers’ compensation, but any business with more than a certain number of employees (typically five) must carry this insurance and keep the policy current. It comes with a significant level of protection – injured or ill employees, in most cases, are barred from filing a personal injury lawsuit against the business but can expect medical care and some percentage of the lost income. 

Workers’ Compensation Fraud – Should You Worry?

Unfortunately, the workers’ comp system is also prone to fraudulent claims. An estimated $30 billion in fraud occurs every year, but most workers’ comp claims are legitimate. A claim filed and paid has an impact, raising the cost of premiums. It makes sense to carefully evaluate any workers’ compensation claim and ensure that you are not the victim of insurance fraud if you have doubts about the validity of a claim. If you do, you must notify your insurance carrier of your concerns so that they can investigate. As an employer, you have the right to dispute a claim under the processes required in your state. 

Steps to Choosing the Best Coverage for Your Business

Business owners in most states will have two options for purchasing workers’ comp insurance: a State fund or a private insurance company. A few states offer only a state fund. The cost of this insurance is generally a big bite out of profits, so shopping around makes sense. Meet with a local business insurance agent to get multiple quotes before you commit. The issues to evaluate in a decision include:

• Your state’s coverage requirements
• Your industry requirements
• Your annual payroll
• History of workers’ comp claims
• The cost of premiums

Reducing the Cost of Workers’ Comp – Your Options.

To make your company’s premiums more affordable, including shopping for a better deal with the help of a local workers’ compensation insurance agent who has access to the latest deals, which can change from year to year. Essentially, the fewer claims, the lower your premiums. It is in your company’s best interests to implement a customized workplace safety program with regular seminars and workshops for your employees. Fewer claims mean lower premiums. 

Benefits: What Does Your Company Offer?

The job market has changed, with a low national unemployment rate. The best employees look at several issues when applying for a job, including the benefits package you offer. In workers’ compensation, how medical care is provided can vary. Some employers require injured workers to go to a specific medical provider or clinic, while others allow them to visit their own doctor. When planning your workers’ comp insurance, consider it part of the benefits package you offer your employees and that the best employees in the current job market are fielding many job offers – make yours among the best.

2023 is almost upon us, along with the long-held tradition of New Year’s resolutions. For individuals, after a season of parties, food, holiday cookies, cakes, and drinks, resolutions about losing weight are a common theme – but what about small business owners? 

The New Year is the ideal time to set goals for the year, establish a workable plan to achieve those goals, and evaluate the current performance of your business.

Business Goal Setting for 2023

Small business owners are typically deeply involved in every facet of the operation, including hiring, sales, delivery, and financial planning. The COVID pandemic seriously impacted small businesses throughout the country, even with government help. 

Layoffs, cutbacks, and budget trimming may have been the only way to survive. Other small businesses, particularly those that could continue to operate, or provide essential services, may have done well. With the pandemic fading, now is the time to plan for a profitable year. Rather than continuing with “business as usual,” the New Year is the ideal time to review the past year’s production and plan for the new. Three of the most important New Years’ resolutions for small business owners include:

Review your Marketing Spend.

Most small businesses invest in marketing but may not take the time to determine what worked, and what didn’t. If you use a marketing firm, whether online, traditional, or both, most companies offer analytics that can tell you much about where your customers are coming from. Once this is determined, you can “mine” that area more deeply in the coming year. Marketing initiatives that have not increased sales can be canceled, with the money dedicated to programs that are bringing in customers or clients. 

Evaluate Your Online Presence.

Many small businesses have a website but may not have paid much attention to it over the years and may not realize it could be an untapped goldmine. Your potential customers are out there, and if they can’t find you, they will go somewhere else. It may be time for a site redesign, and an online marketing plan, built around your available budget. 

Review your Business Insurance Policies.

Your business insurances are an investment every small business needs. A business changes year to year, and so do the business insurance coverages you need – and new programs may be available on the market. Take the time for a full review of your policies and coverages. Meet with a local business insurance agency to look over all your policies to ensure your business – and your years of dedication and hard work – are protected, and at the best rates.

Types of Business Insurance – What Do Your Business Really Need?

Every business has unique insurance needs. Depending on what you deliver to your customers, clients, or patients, you may need specific coverages. Some of the options include:

• General liability insurance
• Product liability insurance
• Professional liability insurance
• Commercial property insurance
• Professional liability insurance
• Workers’ compensation insurance
• Cyber insurance
• Umbrella insurance
• Commercial auto insurance
• Home-based business insurance
• Business owners policies
• Employment practices insurance

The basic minimum coverage for small businesses is general liability insurance, which covers your operation for issues such as bodily injury, property damage, claims of false advertising, and other risks. These policies vary in price and policy limits, and it is possible that you could find better coverage at a lower rate. Take advantage of the start of the New Year and meet with a local business insurance agent to review your coverage and find the best deals now available – your company’s survival is important to you, your employees, and the community at large, and deserves to be protected.

Small business owners are not exempt from the risk of a cyberattack. The loss of customer data is a financial disaster, and with cyber incursions becoming more common, and hitting even the largest companies, from banks to retails to online giants with extensive security, it is well worth ensuring your business has adequate cyber insurance.

The Costs of a Cyber Breach

The financial losses a business will experience after a cyber attack are extensive, and include:

• Legal costs
• The cost of a forensic investigation to identify who was affected by the breach
• Potential fines and penalties
• Credit monitoring for affected customers

Cyber Insurance and Exclusions

Every cyber insurance policy is different – and the differences are found in the small print. Your policy has exclusions that must be fully understood. A full audit of your cyber insurance is a critical aspect of ensuring your business is fully protected. Your business cyber insurance does not cover the losses associated with stolen intellectual property or copyrights.

An insurer may deny a claim if it is found that the policy owner failed to safeguard business data. Most of these policies exclude the losses related to wars, invasions, or insurrections, which are very unlikely events, thankfully. Exclusions for “prior acts” mean that if your business had a breach before the policy was in effect, it is not covered. This poses a problem, as some cyber breaches are not discovered for months after the fact. Always keep your cyber insurance current, and do not allow any lapse, for this reason alone.

Types of Data Breaches Affecting Businesses in the USA

• Confidentiality Breaches: These attacks involve an outside individual gaining access to private business and client information by accident. When this occurs, the affected patient, customer, or client can file a legal claim against the business to seek compensation for revealing private information.
• Availability breaches: This type of breach is typically associated with ransomware, when huge blocks of data may be lost or destroyed, even if the ransom is paid.
• Stolen information: An employee may access client information on a home device or phone, which opens the door for bad actors to gain access to client data, which they then sell to others involved in criminal activity.
• Confidential data breach: An individual, either within the business or outside the business, gains access to private information and steals it from the business. These breaches may not be noticed for many months, as the individual may work within the company and did not leave a visible trail.

After a Cyber Attack, Will Fines be Assessed?

When a business has been the victim of a cyberattack, credit card companies may assess fines. Your cyber insurance policy will have limits and deductibles, which should be carefully reviewed. The losses to a business from a cyber breach can be so expensive that an uncovered business may have to close.

Get Help When Choosing Your Business Cyber Insurance

The best way to protect your business from the losses of a cyber breach is to work closely with a local agent to select the ideal policy for your business. If you feel your current policy may not provide the coverage you need, your agent can check the market to identify the policy that best suits your business, provides the best coverage, and has the lowest rates.