Insurance is essential in today’s economic environment. We have health insurance in case we become ill or injured. We carry auto insurance so we can legally drive and for protection in case of a crash. Businesses are no exception to the rule. If you own a business, you need the right kinds of business insurance coverage to protect it.

The following are common business insurance myths – debunked:

1. A Small Business Doesn’t Need Insurance

This statement is simply false. We live in a litigious society and a business of any size can be sued. Many small businesses are involved in litigation every year.

Business insurance is not about the size of your business property, the number of people you employ, or even your revenue. It should be based on the exposure to risk your business faces. Whether the risk is fire, theft, liability for injury, or a lawsuit based on a service or product your business provided, the right insurance coverage can help shield your company from disaster.

2. Homeowners Insurance Will Cover My Home-Based Business

If you are self-employed and work out of your home, it is important to know that your homeowners insurance will not provide adequate coverage for your home-based business. The typical homeowners policy only provides $2,500 in coverage for business equipment, as stated by the Insurance Information Institute (III). This may not be enough to cover all your business property. You may also need liability and lost income coverage, which a homeowners policy will not provide. To insure a home-based business, your options may include:

• Endorsements: Adding an endorsement to your existing homeowners policy can increase your coverage for business equipment. You can also add a homeowners liability endorsement in case a client or delivery person gets hurt on your property.
• In-home business policy: This type of policy can provide more comprehensive coverage for your home-based business. Policies can vary widely from one insurer to another. In addition to protection for your business property, most will reimburse you for loss of important records, and some will cover lost income from business interruption. Generally, these policies provide broader liability coverage with higher limits.
• Businessowners policy (BOP): This type of policy is designed for small to mid-sized businesses. It is a good choice if your home-based business operates in more than one location. A typical BOP will cover business property and equipment, liability, loss of income, and extra expenses, on a much broader scale than an in-home business policy.

3. Business Insurance Is Too Expensive

Business insurance is not free, but it is necessary to operate a business. It is not cost-effective to cut corners in a way that leaves your business exposed to serious risk. Small businesses are sued every day for a variety of reasons. The cost of your business insurance will depend on several factors, including your size, your location, and the types of services or products you provide.

Our agents have extensive experience with business insurance policies. We can help you get the coverage you need at the best available rates.

Every business is advised to have a blog, but does this come with risks? Surprisingly, yes. A blog may mention a specific company, competitor, or include claims regarding results, and under the right conditions, could lead to a lawsuit. Companies that make promises about what they can achieve can be at high risk. What if the advice is taken, with no result, or a bad result? Business liability insurance covers the business against the risk of an accusation of false advertising.

Business Blogging and Liability

Blogs are among the most popular ways people get information, but a business blog comes with some risks. The types of issues that may arise related to a business blog include:

• Claims of libel: If a blog mentions a competitor or a product, it can trigger a lawsuit by the named person or manufacturer who accused you of libel.
• Claims of invasion of privacy: Posting images is always a good idea, but you must ensure the person in the image approves the publication of an image.
• Securities fraud: A company that promotes themselves through a blog must be very careful with the words used, or may be subject to scrutiny and legal problems from the SEC.
• False advertising claims: If you promote your product, company, or services in a blog, and a consumer claims the blog presented false information or the product did not perform as described, you may be facing a false advertising claim.
• Defamation claims: A person mentioned in the blog may take offense to what is written and file a defamation lawsuit against you.

Blog for a Living? Get Covered with Liability Insurance.

If you are a blogger and are busy monetizing your activity, attracting followers, and watching your dream come true, it can turn into a nightmare when someone takes offense to your words. To protect against the cost of defending the lawsuit, putting a liability insurance policy in place can save you from a total financial disaster.
Whether you write a business blog, personal finance blog, interior design blog, news blog, political blog, or a benign blog such as a mommy blog or food blog, you need insurance to protect you against the significant losses if a lawsuit or claim is filed against you. Whether the accusation is true or false, you still need an attorney to defend against the accusations. That’s when your liability insurance can be a lifesaver.

What is Business Liability Insurance?

Business liability insurance protects against claims for personal injury, property damage, advertising injuries such as errors or misstatements. It also protects you against the losses from bodily injuries, libel, and slander. Gossipy blogs may be fun to read, but an individual mentioned may not appreciate any shared, incorrect news they claim has damaged reputation. General liability insurance pays for your defense costs if a lawsuit is filed against you, as well as pays out on judgments up to policy limits.

Choose the Best Blogger Liability Insurance

Get help from a local agent to select the policy that will best suit your blogging activity. It is advised that you seek the help of a professional in the insurance industry to guide you to a policy with the highest limits at the lowest cost, from a reputable insurance provider.

Inflation – no one loves it. When it hits a business, it affects the cost of goods, particularly for any business that manufactures products, and can have an impact on the cost of business insurance. The types of policies that may increase in price due to inflation include:

• Commercial property insurance: The construction industry is suffering growing pains, exacerbated by the radical increase in the price of materials. Replacing or repairing any damage to a facility will be much more costly than it was in the past, and you can expect to see higher rates for coverage.
• Commercial auto insurance: The auto industry has been affected by inflation, with the cost of repairs to vehicles on the increase, with added issues related to chip shortages. Your commercial auto insurance may increase in cost due to this situation.

How to Manage the Impact of Inflation on Your Business Insurances

Your business insurance policies should be reviewed on a yearly basis. New programs become available every year, and you want the best deal possible – the highest coverages at the lowest rates. Rather than looking at an insurance bill from your provider and just paying an increased rate, it is advised that you work with a local business insurance agent to help you find the most affordable option, with the best coverage, and offset the added costs associated with inflation.

How to Lower Your Business Insurance Premiums

The only method by which you can avoid excessive increases in insurance premiums is to shop for a better policy. While dealing with insurance may not be your favorite activity, with help from a local agent, you can get the professional help you need to find a better option. Business insurance agents have access to the market and can identify the best options for your operation. The ideal policies are those that provide the highest level of coverage at the lowest rates. When a favorable option comes on the market, your agent does the heavy lifting for you. All business owners should have the support of an insurance agent they trust to be a partner to navigate the ever-changing market.

Is Inflation Slowing?

Inflation appears to be slowing, but only time will reveal how long increased rates will continue. The positive impact of reduced inflation should begin to become evident in the last quarter. We all look forward to the costs of doing business reducing, and a more stable, predictable economy in the coming years – and more options to reduce the costs of business insurance. Stay in contact with your agent to stay ahead of the curve and save when and where you can.

The Labor Market, Inflation, and Insurance

Business owners have weathered many storms over the years, and the current rate of inflation brings one more challenge, along with a labor shortage that most company owners are experiencing. Throughout every up and down in the economy, one thing holds true – your business must be thoroughly protected with business insurances from reputable providers.

Becoming an Airbnb host is an exciting prospect, with a great financial upside. However, it is important to be aware that hosting others on your property comes with added risks. The visitors to your property are unknown to you, and you can’t be completely confident that they will treat your property with respect. You have invested in your property, adding all the features that attract visitors, including furniture, appliances, artwork, TVs, Wi-Fi systems, and a range of other features. Protecting your investment could not be more important.

Risks vs. Rewards

When planning to become an Airbnb host, consider what you are hoping to achieve. The added income you can gain must be balanced against the work you must perform to keep the property in good condition, and the time involved in being available to your visitors. Consider the time you devote to the property, along with the cost of maintenance against the income you earn.

Guest Quality

The guests you allow on your property are hopefully clean, friendly, and responsible. Unfortunately, some guests are a nightmare. They may invite others to visit and have a loud, raucous party, break valuables, start a fire, leave a faucet running that leads to a flood… and the list goes on. Even the best guests will not respect your property the way you do and may damage your property. Along with the cost of repair, the stress can be a little more than expected.

Protecting Against Losses with Insurance

The idea behind an Airbnb is added income, so protecting your property is of great concern. The types of insurance you have in place could save you from a financial disaster when something goes wrong. Your home insurance will not cover damage to the furniture, appliances, or technology you have in your Airbnb. Meet with a local insurance agent to discuss putting the right insurances in place, which could include business insurance, landlord insurance, liability insurance, add-ons to your homeowners insurance, as well as personal property insurance if you are a victim of theft or vandalism. Every insurance company offers different levels of protection.

Injuries on Your Property

A guest could be injured while staying in your property, and hold you liable for their medical bills, lost wages, and other losses. You need to ensure you are fully protected against this risk if you plan to offer an Airbnb to travelers to your region. Personal liability insurance provides protection in the event of an accident on your property, and the cost of defending against a lawsuit. Personal umbrella liability insurance adds an extra layer of protection. All these possibilities should be fully discussed with your insurance agent, and a plan put in place that is both affordable and covers a range of risks.

It’s All In the Fine Print

An insurance policy is a legal document, with pages of fine print. Few people read these policies or understand fully what is and isn’t covered. With assistance from an insurance agent, your choice of policies is much safer – far better than clicking a button on a website that offers fast, cheap coverage that may do nothing for you when you most need help.

Your business insurance should cover every possible risk for your operation. It may surprise you that as a basic calculation, the entire range of business insurances, including commercial liability, commercial property insurance, health insurance for employees, workers’ compensation, and other insurances should be budgeted at about 20 to 30 percent of expected gross sales. Smaller businesses can expect to budget far less.

Every industry, and every business is unique, and business insurance should be custom-tailored to suit the needs of the company.

Business Insurance Options

The type of business insurance you purchase will reflect the size of your activity, number of employees, your facilities, vehicles, and the value of all your business assets, along with the inherent risks in your industry. Smaller businesses can invest in a general business insurance policy. The right policy will cover a range of risks, including injuries to customers, vendors, or others, damage to another’s property, and pay the cost of defending against lawsuits, up to the policy limits. Larger operations will require a more comprehensive set of insurances, which could include:

• General liability insurance: This insurance is usually ideal for small business owners, as it covers the cost of personal injury lawsuits, third-party property damage claims, lawsuits regarding defamation, copyright infringement, or false advertising.
• Commercial property insurance: Your business assets are valuable, and must be protected against losses from theft, damage to inventory, equipment, or office furnishings.
• Business interruption insurance: If your operation is shuttered due to storm damage, fire, or other incident, this insurance can help you avoid losing valuable employees and repairing the damage.
• Data breach insurance: If a cyber incursion has stolen the private information of your customers, clients, patients, employees, or other, the costs involved can be astronomical. Many companies choose to invest in this insurance, as cyber crime is at an all-time high.
• Commercial umbrella insurance: This insurance adds another layer of protection to your liability coverage.
• Commercial auto insurance: If your business uses vehicles, commercial auto insurance can protect you should an employee be injured, cause an accident, or other incident.
• Business owner’s policy: These policies are designed for small businesses, covering both property and liability insurance.
• Employment practices liability insurance: This insurance protects businesses from lawsuits associated with the treatment of current or former employees, such as claims for discrimination, wrongful terminal, sexual harassment, etc.
• Product liability insurance: If your business sells a product, this insurance protects against losses should your business be accused of a product that caused injury or damage to a consumer, including in manufacturing, design, marketing, and consumer use.

How to Choose the Right Business Insurances

When choosing your business insurances, the reputation of the insurance company is important. A great online offer may not be the best way to find a provider you can trust to come through when you need it. It is always advised that you work with an insurance agent who understands what you do and can advise you about the coverages you need. A professional can search for the most affordable business insurance policies on the market that offer the best coverage. Connect with our local agent for a customized approach to business insurance.

It takes hard work, dedication, creativity, and tenacity to get a small business up and running successfully, so it makes sense to have the right insurance coverage in place to protect it. In fact, purchasing business insurance may be one of the most important decisions you make. The right coverage can help prevent unforeseen events from ruining all you have worked so hard to build.

Small business owners often make mistakes in the area of insurance. To help you avoid them, some common insurance mistakes business owners make are listed below:

• Thinking that two insurance agents are better than one: This is simply not so. When you use more than one agent, you are setting your business up for lost discounts (higher premiums) and potential gaps in coverage. It is better to use one agent for all your business insurance needs.
• Buying unneeded insurance policies: This is one of the most common mistakes of small business owners – paying for coverage they don’t need. Our insurance agency can help you determine the coverage you need and the most economical way to obtain it.
• Only buying general liability insurance: This could be a serious mistake. While general liability insurance can protect you from many business risks, it does not cover everything. Work with our knowledgeable insurance agent to evaluate your risks and determine what additional coverage you need.
• Not buying loss of income coverage: Also known as business interruption insurance, this covers loss of business income in the event of a disaster. Property insurance only covers physical damage should a disaster require you to shutter your operations. Loss-of-income coverage can be added as a rider to your business owner’s policy or business property insurance policy.
• Not keeping policies updated: Successful small businesses are continually expanding and evolving. It is essential to review with your agent and update business insurance policies accordingly at least once annually, if not more frequently.
• Paying too much for business insurance: Always shop the coverage offered to find the best rates available. Our agent will work hard to help ensure that you have the right business insurance coverage for the lowest available premiums.

It is important to be thorough in setting up business insurance policies and keeping them updated. Work with only one agent to avoid gaps in coverage and to benefit from multiple-policy discounts. Regularly, at least once a year, meet with your insurance agent and review your business policies carefully.

If your business is expanding, you may be purchasing equipment, setting up new facilities, hiring employees, or adding to your product or service lines. To protect all you have invested in your business, it is crucial for your insurance coverage to keep pace with the changes. Our agency has the knowledge, experience, and affiliations to advise you on the coverage you need, shop the policies for the best rates, and help you make the right business insurance decisions.

Workers’ compensation has become a major contributing factor to the cost of business insurance. Premiums are high for many types of businesses, and the additional costs associated with employee injuries can be staggering.

However, business owners are not as helpless as they may feel in controlling the cost of workers’ compensation insurance. Our knowledgeable agency is available to assist with loss control in several different ways. The following strategies can effectively help you keep your workers’ compensation costs to a minimum.

Implement a Formal Safety Program

A formal safety program will qualify your company for a discount on workers’ compensation premiums. It will also help create a safety culture within your organization. A safety culture promotes teamwork, rewards results, and increases awareness of safety hazards. If you implement a Drug Free Workplace program, it can provide an additional premium credit.

Establish a Return-to-Work Program

When a work-related injury causes an employee to miss work, it impacts the employer with both direct and indirect costs. Direct costs include medical and indemnity benefits, premium increases, and wages or overtime for replacement workers. Indirect costs involve time spent on crisis management, retraining replacements, decreased production, and lower morale.

A formal return-to-work program makes it possible for the employer to reduce workers’ compensation benefits payments and gain the production of injured employees, even when they have medical restrictions. Employers that use a return-to-work program may also benefit with significant additional credit on the value of a claim.

Use Medical Providers That Are In Network

Using in-network medical providers can result in significant savings on the cost of medical treatment over out-of-network providers. Keep a directory, by specialty, of all workers’ compensation providers and direct treatment to providers who help you control costs.

Complete the Annual Workers’ Compensation Experience Mod Audit

A large percentage of workers’ compensation Experience Mod Rates (EMR) contain errors. Ensuring accuracy of the EMR is critical, as it has a direct impact on your workers’ compensation insurance premiums. Inaccuracies are a common occurrence in class codes, claim status, claim codes, claim values, and payroll.

Choose the Right Rating Plan

There are many workers’ compensation plans, many of which reward employers for minimizing claims and maintaining a safety culture. Participating in risk sharing plans, such as Deductible and Retrospective, can provide the best payoff for good performance. These plans often include cash flow incentives in premium and claims payments.

Be Sure to Get Value for Your Premium Commission

Agent commissions on workers’ compensation policies can range from 5% to 15% of the premiums. Commensurate with the amount of commission, insurance agents can provide a variety of services in addition to placing the policy, including safety and loss control services, claims reviews, Experience Mod Audits, and statistical analysis of claims. When you work with an experienced agency, you will never have to pay a third party to provide what is covered by your premium commission.

If an unexpected accident takes place at your facility or office, or a lawsuit related to a product or service is filed against your business, the general liability insurance you have in place should cover your losses, including the legal costs involved in defending against it. A general business insurance policy should cover you against injury lawsuits, false or misleading advertising lawsuits, accusations of slander, and copyright infringement, as well as property damage to your place of business if you are tenant rather than the owner of the property.

Do You Have The Right Level Of Protection?

The level of coverage you have in place will determine whether you are actually fully protected against financial losses. Many business owners have a policy in which property insurance and liability insurance are bundled into one contract called a “BOP” or Business Owners Policy. The actual coverage for liability in these policies is often less than what is needed should the unexpected occur. As with any insurance policy, you will be forced to pay the shortfall once you reach the limits of your coverage. If you have concerns about your actual protection against risk, our local commercial insurance agents can review your policy, your facility, and your level of risk based upon your industry.

Business Insurance In Your Area

Creating a custom insurance policy might be the right choice for your business. This policy would be created based upon your level of risk with a focus on affordability. You need the coverage, but the price must be reasonable. Our entire team lives and works in the area, and as a local agency, we will make it easy for you to get the service and assistance you need in this important matter.

We can review your existing policies and offer simple suggestions on risk protection that are based upon a real-world understanding of your operation, your facility, and the level of risk that may exist. There are a range of strategies that may work for you, and since we are business owners ourselves, we know the importance of the bottom line. We will go the distance for you in finding an affordable policy that will best protect you and your business.

Contact us today if you’re interested in learning more about the commercial insurance policies we offer, or if it is time to review your existing coverage.

Your company has specific needs for commercial auto insurance coverage. How much coverage should you have in place for liability, comprehensive coverage, collision coverage, and medical payments? Your company may rent certain vehicles from time to time, or you may have employees who use their personal cars or trucks for company business. Regardless of the type of coverage, you need to protect yourself and your business against both uninsured and underinsured drivers.

We can help you find the right policy at the right price. As a commercial auto insurance agency, we can provide your company with easy access to information, support, and service.

The Right Commercial Auto Insurance for Your Company

We can negotiate with the insurance company for reasonable rates and work to keep the costs as low as possible without sacrificing the coverage you need to stay protected. We cover all types of vehicles for business owners and companies of all sizes, and we will do our best to help you find equal or better protection at a lower price. We care about your company’s bottom line.

It’s important to have the right insurances in place to protect the assets of your company. One aspect of safeguarding the financial health of a business is to have sufficient commercial auto insurance coverage. It may be the right time to look into an umbrella policy that covers your business in case a lawsuit against you is successful and the award is higher than your current liability coverage will pay. We can explore the various options for you so that you can make an informed decision on which policy suits your commercial auto insurance needs.

Our goal is to help you manage your commercial auto insurance and to protect your company against lawsuits or claims. We serve all of the local area, so contact us today to find out more about our commercial auto insurance policies.

If you are practicing medicine, malpractice insurance is a must. Myths and misunderstandings surrounding professional liability insurance for doctors make the subject more complicated than it is. Here are some common medical malpractice insurance myths, followed by the facts:

You Cannot Be Sued for More Than Your Policy Limits

This statement is false. You are the one being sued for malpractice. If a jury awards a plaintiff an amount that exceeds the limits of your medical malpractice coverage, your assets may be at risk for the balance. Judgments can be placed against your assets for the amount beyond your coverage limits.

It is vital to have policy coverage to match your practice. Many medical malpractice policies provide coverage ranging from $100,000 to $300,000 per claim and from $1 million to $3 million per policy period (typically one year). You are personally responsible for any damages that exceed policy limits.

Only Doctors Need Medical Malpractice Insurance

Medical providers other than doctors are exposed to medical malpractice risks. Nurses, PAs, and other healthcare providers face liability exposure. Medical malpractice insurance can help protect a range of medical professionals, including Nurse Practitioners, Registered Nurses, Clinical Nurse Specialists, medical students, residents, and others. Any healthcare services provider, and anyone who provides direct or indirect patient care, needs medical malpractice insurance.

If You Are Covered Under Your Employer, You Don’t Need Your Own Malpractice Insurance

Although most medical employers provide some malpractice insurance for their employees, you may need personal, professional liability insurance to be fully protected. Personal coverage is portable from job to job. It can protect your assets, your license, and your financial future wherever you go. A malpractice claim may be filed up to two years after treatment, at which point you may have moved on, and the previous practice may have closed or merged into another practice or hospital.

Having Personal Malpractice Insurance Makes You a More Likely Target for a Lawsuit

This is also false. When a medical malpractice lawsuit is filed, lawyers for the plaintiff name every provider involved in the patient’s care who may be liable, as they only have one opportunity to present their case in court. They have no way of initially knowing who has personal malpractice coverage or their policy limits. Public registries of private insurance contracts do not exist. Information about medical malpractice coverage comes later, in the discovery phase of the litigation process.

Doctors No Longer Need Medical Malpractice Insurance Once They Retire

Exposure to malpractice claims continues for some time after you have stopped actively practicing medicine. Claims-made medical malpractice insurance provides coverage for incidents that occurred and were reported while you were insured with a carrier. If retirement is impending, consider purchasing a tail. This is an extension of a claims-made insurance policy to cover the window of liability after you terminate your practice. Our agent can help you weigh risk against cost to find the most affordable option.