WEDNESDAY, MARCH 20, 2013
Home-based business owners choose to run their business from a residence instead of a designated office space. A home-based business can be run from an apartment, mobile home, garage, condo, house or a separate dwelling in the back yard. Most home-based business owners believe that their current homeowner or renter insurance covers damage to their business property; and in most cases it does, but there are some very important business related items that a standard insurance won’t cover.
Why Isn't Homeowner’s Insurance Enough?
As a home based business owner, you may not think much about adding additional coverage onto your existing homeowner’s policy, but keep in mind that a general homeowner’s policy doesn't cover everything in a home. Homeowner’s policies generally cover structural damage or contents damage caused by structural damage. However, the policy generally does not cover damage to contents alone. For that you may have to add additional coverage called contents insurance.
Contents insurance is an additional policy that covers the contents in your home. In most cases, contents insurance covers for damages that are not covered by your content’s warranty. Warranties generally cover electronics and appliances for damage caused by defects or mechanical breakdowns. However, they do not cover the damage caused by you or by natural disasters.
Home-based Business Insurance
Home-based Michigan business insurance covers your business contents as well as loss of income. Unlike a general contents insurance policy which would only cover the damaged contents, business coverage has a higher dollar amount of coverage and it covers you for loss of income due to damages to your business or contents. Home-based business owners generally don't have home-based business policies, because they falsely believe that their homeowners insurance will cover their home-based business; however, it is important to add home-based business coverage to help financially while getting your business back on track after a disaster.
Commercial Auto Coverage
If you have a vehicle that you use for business, you will need commercial auto insurance. General auto insurance policies don't cover vehicles used to haul goods or people. If your business has more than one driver or you haul goods, it may be best to get a commercial auto insurance policy to make sure that you're at it quickly covered in the event of theft or an accident. This type of policy has a higher dollar amount of coverage than a general auto insurance policy so it costs a bit more.
If you’re just starting your home-based business or you are a current home-based business owner who needs more information about the above policies, give Insurance Planning Service a call at 800-220-5582 and we’d be more than happy to assist you.
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, NOVEMBER 2, 2012
We are excited to announce that, effective November 1, 2012, in association with Grand River Insurance, we are able to offer a new Michigan Workers’ Compensation Insurance program to businesses throughout Michigan through the National Specialty Insurance Company! The new program offers competitive pricing - especially for companies that already have favorable experience modifiers.
Plans include an expansion of commercial lines product offerings to Michigan businesses throughout 2013 that include property, liability, auto and umbrella liability.
The National Specialty Insurance Company is rated “A (Excellent)” by the AM Best Company.
SATURDAY, OCTOBER 13, 2012
Recently cyber-attacks were back in the news, and the latest attempted victim was the White House. According to an October 1st report from the Washington Post the White House acknowledged that hackers attempted to remove data from a White House computer. While the attempt wasn’t successful thanks to mitigation efforts, the attack should serve as a reminder to all small businesses that they face risks of similar attacks from data thieves, and they may not have the same level of mitigation systems in place.
In addition to a hacker getting into your system, data theft can occur if an employee’s computer is stolen, or if an unauthorized person is able to access a computer in your office. It could even be a disgruntled employee who carries out data theft. Any business that collects and stores sensitive information from customers, including credit card information, contact information, credit information, social security numbers, medical information, etc. is at risk for data theft.
Here are a few tips to reduce your risks for cyber-attacks and data theft of sensitive customer information:
Change the passwords you and your employees use to log into your technology systems on a regular basis
Avoid emailing sensitive information, but if you do, use a secured email service
Have employees lock their computer screens when they step away from their desks
Avoid having unescorted/unsupervised visitors walking through your office
Don’t open strange email attachments or click unusual links in emails, especially from an unknown sender as they may be scams
Have a written technology policy in place so that all of your employees understand the expectations and rules guiding how your business handles sensitive data
Loss of electronic data is not covered under most commercial theft policies because it is not a tangible asset, and most general liability policies also exclude coverage for your costs to notify customers of potential data theft, pay for the costs of investigating the loss or the costs of potential fines, penalties or lawsuits that result from a failure to protect the data. A cyber liability policy can provide your business with coverage that will help you cover several costs, including the expenses to inform your customers and regulatory authorities about the possible exposure of data.
To protect your small business from these exposures, consider a cyber-liability policy. INSURANCE PLANNING SERVICE
, a Trusted Choice® Independent Insurance Agent,
can help you identify the risks your business faces from data theft, and can help you identify a policy to cover those exposures. Call us at 800-220-5582
or contact us
online today!Source: TrustedChoice.com
THURSDAY, AUGUST 9, 2012
The definition of a small business is one that—to many business owners—doesn’t actually seem very small. A small business is defined by having fewer than 500 employees and less than $5 million in revenue each year. Along with the Internet, a new type of small business has become more prevalent, and that is the microbusiness. A microbusiness is generally defined as one with fewer than five employees that takes a very small capital investment to get started (generally less than $15,000).
If you have a microbusiness either operated out of your home or another location, you may think that your business is too small to worry about insurance. However, the size of your business does not necessarily reduce your risk of suffering damages due to liabilities and loss of property, nor does it make your property and future finances any less important to protect.
The types of commercial insurance that a microbusiness needs will vary based on industry, location and what kind of property loss and perils it could face. If you operate a microbusiness and need to shop for insurance, here are a few things to keep in mind:
· If you operate your microbusiness from home, your personal home insurance or renter’s insurance policy will not cover damages to property or liability claims unless the policy has a special endorsement to that effect.
· Every business has potential liabilities. From consultants to virtual assistants to designers, you could have business-related visitors to your home, such as delivery people, who could get hurt on the premises. Or, your work might have the potential to cause damage to a client, which could prompt a lawsuit.
· If you use your personal vehicle to run errands for your business or to transport business property from one location to another, then you need commercial auto insurance.
· When you run a microbusiness, your finances may be tighter than a business with higher revenues. This means you can ill afford a temporary business interruption or other disastrous event such as cyber theft. Insurance can offer you an appropriate level of protection against these threats.
If you are interested in learning about all the ways insurance can help protect your business and keep it running for years to come, give us a call at 800-220-5582. One of our experienced professionals will help you design a Michigan business insurance portfolio specifically tailored to the needs of your microbusiness.