Establishing a Strong Foundation for Your Company’s Insurance

Finding the right insurance is not always as straightforward a journey as you’d like. There are countless factors that can influence your decision and failing to take certain points to heart could leave your business vulnerable in some serious ways. Though it can be a challenge, there is no need to worry. Finding appropriate insurance for your staffing agency is a whole lot easier when you give yourself time to review the choices before you.

Review Your Risks

As reported by the professionals at WWSPI, all businesses require a plan of action in order to see success when taking out insurance. If you assume a standard policy is enough to cover all your bases, you could be in for a rude awakening when you discover some major gaps in your coverage. Before you make a decision, you want to look at the largest threats facing your company. With staffing firms, finding sensible coverage for contractors is one of the biggest challenges. Areas to pay attention to when selecting insurance include:

  • Workers’ comp and benefits
  • Protection for directors and officers
  • Individual policy options

Get Ahead in No Time

By giving yourself time to formulate a plan for your insurance needs, you are increasing the odds of satisfaction with your final decision. Take time to think through all the options presented to you and find coverage that hits all of the right marks.

What Does Retail Business Insurance Cover?

General liability insurance, inventory insurance, and other major policy types might be used across a range of industries, but the coverage still needs to be custom-fit to your business to be effective. That’s why it’s usually a good idea to work with an agent or provider who has a lot of experience with businesses like yours. If that makes sense, then it should also make sense to purchase your insurance policies in one comprehensive package that suits all your company’s needs. That is basically what you get when you buy a retail business insurance policy.

Reputation, Inventory & More

Comprehensive retail business coverage monitors your avenues of risk and advises you in the best practices for reducing that risk as much as it covers you when claims arise. That means monitoring your reputation, protecting you against cyber theft and other security breaches that could damage it, keeping your workers compensation up to date, and more. It goes way beyond general liability or even public liability insurance, and it can be purchased with those policies or as a stand-alone addition to them, depending on your preferences and the agent you settle on. When your insurer is proactive about helping you reduce your risk, the advice alone can be worth what you pay in premiums. It is a lot more profitable to keep business moving forward than it is to stop and file a claim, after all.

Why You Should Consider Guaranteed Replacement Cost Home Insurance

A house is the single largest investment most people ever make, which makes it a key component of their financial portfolio. For that reason, it is crucial that any homeowners policy in effect will do what it is intended to do: cover the cost of replacing a home if it is destroyed or damaged beyond repair. Adding guaranteed replacement coverage to your policy helps ensure this.

Purchase Price vs. House Value

When you bought your house, you probably had an appraisal done. For many homeowners, that is the last time — at least for a while — they think about the home’s value. However, markets can fluctuate and, over time, house values have historically increased. In some areas, prices have doubled or tripled in a very short timeframe. If your insurance policy is based on the purchase price, you may not have enough coverage to cover the current market value.

Variable Construction Costs

Construction costs are not stagnant. They rise and fall with the rest of the market. Consequently, a rebuilding estimate from five years ago may be completely off the mark today. If your policy is based on an old estimate, you may not have enough coverage to rebuild. Increased demand and reduced supply after a major disaster and rising employment costs in construction trades are just a few of the things that tend to affect construction costs.

Guaranteed replacement coverage fills the gap between your standard policy’s limits and the actual cost to rebuild. With it, you won’t have to worry about rising construction costs or increasing home values.

Why Small Businesses Need General Liability Insurance

You may think that one way to minimize expenses in your small business would be to eliminate your general liability insurance. However, this type of policy is usually quite affordable, and it protects you from losing substantially more money in the future. Here is an explanation of why you should keep this coverage.

What It Covers

General liability provides protection from personal injury lawsuits brought by members of the public who get hurt while on your property. It also would pay your legal bills if someone were to accuse you of copyright infringement; therefore, it’s a good idea to have this policy in place, even if you work from home and do not see clients regularly.

How Much It Costs

General liability is less expensive than most people imagine it to be. Depending on the details of the policy, many small businesses pay between $30 and $50 per month. This premium is actually quite low when you consider that an average attorney charges between $100 and $400 per hour to represent you in court, on top of court fees.

When your main source of income is a small business, you learn to cut unnecessary expenses. However, your general liability insurance policy is not something you can do without.

3 Main Types of Utah Restaurant Insurance

Jell-O may be the official food of Utah, but there is a lot more involved in running a restaurant than just serving it. Besides great food, having restaurant insurance in Utah is key to being successful. Here are three of the main types and what each covers.

Commercial General Liability

One incident of food poisoning doesn’t have to cost you your business in medical bills and legal fees. General liability protects you when mishaps occur to customers. Not only does it cover damages, but it pays to protect your reputation in court.

Liquor Liability

Unless you do business in one of Utah’s nine dry cities, serving liquor is a smart business move. Because people drinking alcohol do not always act smart, however, having insurance to protect you from their actions is very important. A liquor liability policy even pays for personal injuries that occur after patrons have left your establishment.

Workers’ Compensation

Like most states, Utah state law requires restaurants to carry workers’ compensation. This coverage protects your employees in case they are injured at work. It also covers them if they are injured while driving a company vehicle.

There are other policies you might want to include, depending on your unique venue. However, the three above are must-haves for anyone in the restaurant industry.

Why You Need Maritime Insurance for Your Business

As an employer in the maritime industry, you know that protecting your employees is essential every single day. Without them, you wouldn’t be able to run your company or meet the demands of your clients. To fully protect them and your company, you need to invest in the right type of maritime insurance.

What You Need in a Policy

The right type of insurance policy for your maritime business should provide enough liability protection to keep you from ruining your operating budget in the event of an accident. It should also protect your employees whether they’re on your vessel or working on someone else’s property.

This means you’ll need to choose a dedicated maritime employer’s liability policy to fully protect your operation. If an employee gets injured on the job or damages property in the course of their duties, the liability coverage will help pay for the cost of any resulting lawsuits and settlements.

What Happens Without Coverage?

Though maritime insurance isn’t something you’re legally required to have, it’s always in your best interest. Without the coverage, you risk paying high out-of-pocket legal fees and settlement amounts. Depending on the severity of the suit, those payments could disrupt your budget or force you to close up for good.

Invest in maritime insurance as soon as you can. Once you have the policy, you’ll be able to avoid those high out-of-pocket costs.

Getting the Lowdown on EO Insurance

As a provider of professional services, your clients expect you to have adequate coverage for errors and omissions, or E&O. This type of coverage, also known as professional liability insurance helps protect a company from claims and lawsuits based on work product or deliverables. For example, an engineering firm would have E&O insurance to protect them from lawsuits based on a design flaw in a product they sold. Whether the flaw was due to wrong information, missing details or poor judgment, it resulted in damages for a client, resulting in a claim.

What Are Some Common Reasons for E&O Insurance Claims?

Lacking sufficient professional liability insurance threatens your business in the event of a claim. These are some of the most common causes of E&O claims:

  • Poor communication and documentation
  • Misrepresentation of qualifications
  • Insufficient coverage limits
  • Failure to fulfill contractual obligations

An errors and omissions lawsuit can arise from more than just a mistake in a deliverable. Even if you have an existing policy, it’s your responsible to make sure that it’s adequate for the contracts you secure and the risk associated with delivering to your clientele.

What Else Should I Consider?

Other environmental enterprise considerations clarify the need for E&O insurance. Evolving technologies, emerging markets and the use of global collaborative teams present risks to companies’ deliverables. Find an insurer that can put together insurance products that fully address your needs.

The Advantages of Grocery Store Insurance

Running a business always comes with a certain amount of risk and grocery stores are no exception. While this may be surprising, many things can potentially go wrong.  These risks can range from issues with spoiled food to slips and falls.  Luckily, you can add an extra layer of protection with insurance.  Having Grocers’ Advantage grocery store insurance can make all the difference.

What Things are Covered by Grocery Store Insurance?

Having a good insurance policy can protect you against a variety of different things. First, your grocery store is vulnerable to physical risks and property damage. A good grocery store insurance policy can protect you from many different types of property damage. Some of the things covered include:

  • Your inventory/products
  • Equipment
  • Computers
  • Fridges
  • Freezers

A good insurance policy can also provide coverage if you are the victim of a crime.  Grocery stores handle a good amount of cash and make sizable deposits nearly every day.  When sizable amounts of money are present, there is always the chance of a robbery. You also run the risk of having shoplifters take your products. Grocery store insurance can provide protection against these crimes and others committed on your property.

Owning a grocery store can be difficult. Having a good grocery store insurance policy can make a huge difference.

Do You Carry Enough Professional Liability Insurance?

Bankers, mortgage brokers, and other professionals who take on fiduciary responsibilities to people or corporate entities have unique liability exposures. In some ways, the risks they encounter professionally are similar to those encountered by doctors and lawyers, whose work also affects the course of entire lives. Like those other careers, though, financial professionals need very specific coverage that speaks to the exact nature of the sensitive information they handle and the decisions they make on behalf of others. That’s why it’s essential to be sure you are carrying enough coverage.

Evaluate Your Professional Insurance Policies

Mortgage errors and omissions insurance is designed to cover the common risks faced by professionals who act as the go-between, finding mortgage providers for buyers who need homes. Those risks include bad faith actions by employees and agents of your company, as well as the usual range of accidental omissions and oversights that could potentially cost your clients money. Similarly, other financial professionals need their own coverage packages that protect them from the specific kinds of omissions and errors commonly found in their roles within the industry. If you’re buying for a financial institution with staff in many roles that need this coverage, it’s a good idea to work with insurance providers who know how to craft specialized coverage to suit each one.

Why Fiduciary Liability Insurance Matters for Your Business

As a fiduciary, you bear the responsibility for your clients’ finances. You promise to act in their best interest at all times even if that means losing out on opportunities to increase your commissions. Unfortunately, accidents happen and, when they do, you may be liable for the damages. Fiduciary liability insurance is a simple way to protect your business and your reputation.

What This Coverage Does

Fiduciary liability coverage protects you from having to pay settlement fees, legal fees and attorney fees out of pocket if a client sues your company. This helps you better preserve your budget and makes it possible to keep your company afloat during and after the lawsuit. Without the policy, many businesses find it difficult if not impossible to recover after even a single lawsuit.

What To Look for in a Policy

Remember, your general liability insurance isn’t going to be enough to fully protect your company if you’re in charge of overseeing any type of investment or monetary contributions. Investing in a fiduciary liability insurance policy is the only way to cover your bases.

When shopping for a policy, keep the following in mind:

  • The coverage limits
  • The reputation of the insurance company
  • The premium amount

By being selective and reviewing each insurance policy in detail, you’ll be able to find the right coverage for your company.