WEDNESDAY, JANUARY 16, 2013
Business insurance coverage is designed to secure all types of businesses from known risks. Whether you are operating a high-end or low-end business enterprise, you require protection from hazards such as flooding and litigation. Buying business insurance coverage can also have a great influence on your personnel.
In addition to guaranteeing your workforce, Michigan Business Insurance also safeguards your assets as well as revenues. Still, there are laws and regulations which compel entrepreneurs to acquire business insurance. Discussed herein, are some of the advantages of purchasing small business insurance.
Perhaps the greatest benefit of buying small business insurance coverage is the protection it gives you against liabilities. Businesses often make the best targets in the event of an on-site accident. In case somebody is hurt while at your business premise and you do not have liability insurance coverage, you will be forced to pay for the medical expenses, lost revenue and any other additional payment as has been granted by a court of law from your own pocket.
Just because you operate a small business does not mean that you are not exposed to accidents for which you can be liable for. For example, if a client or an employee trips over a cable and twists their ankle in the process, he/she can sue you for damages. So long as the accident occurred in your business premise you are responsible. However, you can protect your business from losses by acquiring a small business insurance coverage such as general liability insurance.
2. Loss of Property and Damage
In case of theft or vandalism, business insurance coverage like property insurance will protect you from losses. Property insurance coverage is designed to compensate you if the building that accommodates your business is damaged or the items within the building such as furniture, computers, printers and fax machines are stolen or vandalized.
If you have a warehouse and merchandises stored therein are stolen after a security breach, your insurance provider will take care of the costs incurred in replacing the looted property.
3. Protection from Natural Disasters
Buying small business insurance coverage that caters for natural disasters such as flooding, fire and earthquake protects you from losses in case your assets as well as stocks are damaged during a natural disaster. Replacing items damaged or destroyed during flooding or an earthquake can be expensive. But, you can safeguard against such risks by acquiring business owner coverage.
4. Loss of Revenue
Small business insurance coverage, for example, business income insurance protects you from loss of income. There are various factors that can cause your business to shut down temporarily. Nonetheless, you can safeguard against such risks by buying small business insurance coverage.
For help finding the best Michigan Business Insurance policy for your business, call an Insurance Planning Service agent today at 800-220-5582.
FRIDAY, JANUARY 11, 2013
Whether your small business is a retail store, an office, contractor or one that provides services other services, insurance plays a key roll in providing the protections needed in the event a loss occurs. Every business is different and each one has different insurance needs. Here are a few of the most common types of coverage that most all businesses should consider.1. General Liability Insurance:
Every business, even if home-based, needs to have liability insurance
. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOPs will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
4. Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
5. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
6. Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..
7. Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
8. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.
9. Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
10. Renter’s Insurance: Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those whose who rent their home. The coverage is protects against damage to the physical property, contents of the property, and personal injury within the home.
11. Life Insurance: Life insurance. protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
12. Personal Automobile Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might rise from the collision.
13. Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.
The professionals at INSURANCE PLANNING SERVICE are able to assist you with any of these forms of insurance. Call us at 1-800-220-5582 or contact us online today!
WEDNESDAY, AUGUST 15, 2012
As sure as the swallows return to Capistrano, all over America the latest migration of students prepares to descend on college campuses. Depending on whether your student is facing year one or is farther along the higher education highway, their individual stress levels may range from sheer terror to borderline boredom. For you, concerns may be running the gamut from empty nest issues to “How are we going to pay for this?”
Not that we want to add any wood to the mental and emotional fires, but college-bound season is also the perfect time to schedule a session with your Trusted Choice® independent insurance agent.
College raises a plethora of insurance issues that are far better addressed prior to departure than after. Here are just a few questions to consider:
How will your home insurance cover a personal property loss at college?
While in your day packing for school may have meant a few boxes and one large suitcase, moving day on today’s campuses typically involves trucks and trailers. How much will your student be carting off to his or her dorm or apartment? Will it be properly covered for such losses as theft or fire under your current coverage or will adequate coverage require endorsements or even a separate policy?
Will your student be taking a car to college?
If so, who owns it? Where will it be garaged? Who will be driving it? Should you change the location address for that vehicle on your current policy to the school location? What affect on your current policy will such a change have—good, bad or indifferent? If your student has roommates with cars, how will your current auto policy
. work if there is an accident while they are using your student’s car? Or when your student is using their cars?
Will your student be living on or off campus?
In a dorm, apartment or rented house
? All of these variables, especially for older students, can have an impact on your current protection and dictate a need for modifying your policy or purchasing a new one. For many insurance companies, there are also underwriting and coverage considerations based upon how many roommates will share your student’s humble abode.
What about liability protection? Yours as well as that of your student? There are a multitude of liability issues that may arise from a family member living elsewhere. Some are common to any such arrangement; others are unique to college students and their parents. Even for students who are otherwise of legally independent age, when can parents still face liability for the student’s actions while away?
How will your current health insurance apply at college?
Will there be “in-network” professionals and facilities available locally? Does the college have its own infirmary, pharmacy or hospital facilities, and will your current plan cover their services? Are there student insurance plans available, especially for certain activities such as organized sports—and is it advisable to take advantage of them, regardless of your current coverage? Are there eligibility issues to keep in mind, especially if your student is older, is disabled, gets a full-time job or gets married?
The good news is these are not isolated issues, but simply questions faced by every parent and student as the college years begin. The great news is they also are handled regularly by the professionals at Insurance Planning Service
, your Trusted Choice agent in Livonia. Call us at 800-220-5582
or contact us
using our convenient online form. We can provide answers, advice and options. You may discover your current coverages respond to all or the vast majority of your concerns, and little need be done. If action is needed to assure your current protection will be there at time of need, we can work together to make those choices at the best possible time—now, before that need arises.
Congratulations to your and your student as you together pursue a great future! It will be a rewarding, but sometimes wild ride!
Article and Image Source: TrustedChoice.com
TUESDAY, JULY 3, 2012
Much like sunscreen, business insurance is one of those things you don’t realize how important it is until you’ve been burned: A lot of entrepreneurs don’t have it, and those who do, may not be fully covered.
While large corporations have staffers specifically trained to be sure the business is protected adequately, small business owners are often not aware of the risks their business faces.
“Smaller businesses tend not to get the right amount of coverage,” says Loretta Worters, vice president of the Insurance Information Institute, an industry trade group that aims to educate the public about insurance. “They will get too little or not the right coverage.”
Here, three of the most common mistakes to avoid when deciding on business insurance.
1. You view insurance as one-size-fits-all. Think again. There are four basic types of insurance that all businesses need, according to Worters. Property insurance protects the building that your business is housed in and the inventory, raw materials and computers that you own. Liability insurance protects you against lawsuits. Commercial auto insurance covers any autos owned by the business. Finally, in every state except Texas, a business with employees must have workers compensation insurance should an employee be injured on the job.
In addition, every industry has its own specific risks and your business may require a specialized policy. “You need to get an agent that understands your line of business,” says Worters, noting that you should talk to an agent before just signing up with one. Ask a local business group or association for a recommendation.
2. You think you're covered by another policy. “The biggest mistake [business owners] make is they assume they don’t need coverage,” says Ted Devine, CEO of Dallas-based Insureon, an online small-business insurance agency. He says business owners often falsely believe their company is covered by their client's policy or they're no longer at risk when a client leaves. Not true, according to Devine. A client can come back and sue you years after an event or transaction occurs, he warns.
And don't think your homeowner's policy will bail you out, either. Even if you have a home-based business, a homeowner's policy won't protect it should you get into any legal issues with employees or business litigation. Whether the homeowners’ policy will protect your business property in your home depends on the policy, says Devine.
3. You think you're invincible. Worters says many businesses don’t even consider what is called either business income or business interruption insurance. If a natural disaster hits, for example, and your business closes, your revenue can be immediately shut off for an undetermined amount of time, and that can really threaten the life of your business.
To learn more about your business insurance policy, contact the experts at Insurance Planning Service by calling 800-220-5582 or using our online contact form today!
WEDNESDAY, JUNE 13, 2012
Small business exposure to Cyber risk is increasing, as is the need for Cyber Risk Insurance. The Zeus malware is a good example, and has been busily infecting computers and stealing the bank account access information of unsuspecting victims.
What is Zeus? Zeus is a computer program used by criminal hackers to steal information. It monitors the keystrokes and screens of unsuspecting victims, and sends the information to hackers. Hackers can then use the information to steal money out of victims bank accounts. One way hackers get the virus onto victims computers is through bogus emails, such as bogus LinkedIn invitations. The Zeus software has even infected computers of the hacktivism group Anonymous.
Two escrow company thefts demonstrate how devastating the attacks can be. One escrow company had $440,000 wired to Cyprus from its accounts, and the other lost $465,000 in a series of 26 wire transfers.
Cyber Risk insurance coverage provides protection from various risks associated with technology, including data breaches. Policy forms are not all the same, and most do not cover loss of money. Cyber Risk insurance is easy to obtain, provides broad protection and is inexpensive.
For more information about Cyber Risk Insurance, contact Insurance Planning Service today by calling 800-220-5582 or use our online contact form today!
Article Source: Specialty Insurance Blog