September 15th, 2021 — Commercial Insurance
Think you don’t need to worry about product liability? If your business manufactures, sells or even distributes products, you do, because the awards for liability suits can be high, making consumers more and more litigious. But you can head off the damage with product liability insurance.
Product claims can vary, but they generally involve one of three complaints: a design defect, which means your product design is unsafe; a manufacturing flaw, meaning your production process resulted in a defect that made the product unsafe; or a defective warning or instruction, meaning your labels provided insufficient information regarding the risks related to your product. If you were involved in placing the product in the consumer’s possession, you can be held legally liable for its failure.
That’s where product liability insurance comes in. Product liability insurance is a business policy that protects your company against claims for loss or injury due to defects in the products you manufacture or sell or the failure to provide proper warning about your products. It generally covers legal fees, medical costs and awarded damages.
The product liability insurance coverage a business needs depends on many factors, such as your industry, the products you design, produce or distribute and your location. To ensure your coverage is appropriate, you should provide accurate and detailed information to your insurance provider. Don’t underreport!
While getting product liability insurance may seem cumbersome, it’s important to plan ahead for possible problems. Give us a call today to see how we can support you on your journey!
July 15th, 2021 — Annuities
If you’re nearing or in retirement, chances are you’ve heard about annuities and possibly considered investing in one. After all, annuities can provide you with income for life, which provides much-needed peace of mind in retirement. But when does buying an annuity make the most sense, at least for you? Here are three times.
You don’t want to worry about outliving your nest egg. A major worry for many retirees is running out of income when it’s too late to get a job. A fixed annuity protects against that possibility by offering a guaranteed level of income for life. So, if your number one priority is predictable, guaranteed income, a fixed annuity could make sense.
You want a low-risk investment. All investments come with some downsides. With fixed annuities, one downside is relatively low payouts in today’s low-interest-rate environment. But fixed annuities may make up for the downside by offering guaranteed income for life. For a price, you can even include a number of riders, such as cost-of-living adjustments (which protect against inflation risk) and options that cover long-term care expenses, should you require it.
Minimal maintenance is important to you. When you invest in a portfolio of stocks and bonds, some maintenance is necessary (by you or your financial advisor), including review and rebalancing, often annually. With an annuity, on the other hand, you essentially set it and forget it.
We can provide the input you need to help you decide if an annuity is right for you. Please call or email us today.
July 15th, 2021 — Health Insurance
Whether you are turning 65 or have been a Medicare recipient for years, many seniors find Medicare benefits confusing. According to a recent article from the RISE Association network for healthcare professionals, one in three U.S. seniors lacks knowledge of their Medicare benefits. This lack of information may cost you money.
You may hear the words “Medicare Advantage” (MA) and “Medigap” used interchangeably. Both provide supplemental benefits beyond original Medicare, but they are not the same. Each plan can impact which physicians you visit, your copays and other supplemental offerings. Scheduling time with a licensed health insurance agent can inform you of the advantages and disadvantages of both approaches to coverage because the differences are many.
Original Medicare consists of hospital and medical insurance, known as Part A and Part B. Private health insurers offer plans called Part C, also called Medicare Advantage plans. These MA plans offer parts A, B and D for prescription drug charges. In an MA plan, you’ll work within the provider network created by your insurance company. Medigap plans pay after Medicare pays, while MA plans pay instead of Medicare. Medigap is a supplemental plan that covers much of your deductibles and copays. Medigap and MA plan costs vary by state. Since many supplements are “community rated,” states with higher living costs can mean higher Medigap costs.
If you plan to travel internationally, consider this: some supplemental plans cover many of the costs arising from sickness or injury while traveling internationally, while some do not. If you plan to travel overseas, be sure to call us to determine if a travel policy is right for you.
Medicare can be bewildering. Even if you have been on the same plan for years, call us to discuss your plan. We can help you find out which coverage approach is best for you and make sure you are in the know.
June 15th, 2021 — Commercial Insurance
Audits are common with general liability, workers’ compensation, liquor liability, commercial and other business insurance policies. This is because when your commercial insurance policy is drafted, it’s based on an estimated risk exposure based on sales volume, number of employees and contractors, locations and common industrial risks. In most cases, the premium for your insurance isn’t a final number and fluctuates based on year-end actual numbers. The audit is an important process that determines the final premium.
Most cringe at the thought of an audit, but did you know there are several ways that an audit benefits you and your business? Let’s take a look at why you can look forward to your audit.
Changed mindset. Audits aren’t always spurred by something negative. They don’t have to mean that a business has done anything wrong or that the IRS is asking to dig through your finances. In fact, this is a positive thing in the insurance world! A general liability insurance audit is completed to thoroughly examine your business’s payroll and risk exposure and to check for any changes over the year in how much risk was actually incurred. An audit may also be required for your workers’ compensation and commercial property insurance coverage.
Ensures proper coverage. During the first policy term or at the end of the coverage period, the insurer will request an audit to adjust your premium based on the most accurate sales numbers and earnings. With how much a business can change year to year, this helps to ensure that you have the right amount of coverage as you grow and change. It can also spot gaps in coverage or new exposures that appeared during the year that weren’t seen before, helping to make sure you are covered should the unexpected arise.
It can save you money. The initial insurance premium estimate can be off; remember, the purpose of insurance premium audits is to use your actual sales and operating data to determine the true picture of risk. The audit can save you money, as your premiums can decrease if sales volumes, staffing or other adjustments to predicted exposure change and less coverage is needed. You may also be entitled to a refund or a credit on the overquoted premium at the start of the year.
Best practices already involve accurate record keeping in your operations; this is exactly what will help your insurance audit go smoothly and painlessly. Documentation you’ll need to provide includes payroll and cash summaries, federal and state employment reports, subcontractor and 1099 forms, relevant tax documents and any other items that will help an auditor have a clear understanding of your business state and revenues.
We can walk you through the process and answer any questions you may have. Call or email us today, and let’s discuss your premium basis and risk exposure and what that could mean for an upcoming audit. Let’s help you prepare so that your audit can feel more like a walk in the park. |
|
May 17th, 2021 — Commercial Insurance
Each industry has its own unique business cycles: some are steady throughout the months, while others peak and valley. Many seasonal entrepreneurs feel their businesses are too small to necessitate coverage without realizing how critical it is that they are protected as businesses that operate year-round. With the seasonal peaks summer brings for many, here are some factors to consider when it comes to making sure you’re covered.
The elements. The summer season calls us to the great outdoors, which means employees and customers become subject to the risks weather creates. Rain can cause slips and falls, wind can knock over heavy objects and injure people or damage property and heat and humidity can cause equipment to fail, resulting in repair costs and lost revenue.
Increased volume. The seasonal uptick in business often means busier days with hotter nights for employees, calling for changes or updates to your workers’ compensation policy. Additional equipment might also be purchased with expanded operations. It’s important to review your policy’s limits to make sure you’re protected.
More driving. Service-based industries especially experience increased driving and travel time to job sites. Ensuring that you have adequate coverage for both the number of vehicles and each driver is mission critical.
Vacation time. While your regular employees take time off to take much-deserved vacations, you might find the need to hire temporary staff to cover the workload. Ensure that your commercial policy includes the appropriate level of workers’ compensation.
We’d be happy to review your specific needs and discuss any other exposure to risks or additional liabilities you could incur as the seasons change. Contact us today to get your recommended SPF for summer! |
|
|
April 15th, 2021 — Commercial Insurance, Sign Of The Times
To briefly discuss a critical and complex topic for small business owners, let’s do a quick overview with an analogy to something simple we can all enjoy: pizza!
Business Owner Insurance (BOP) is like a standard Domino’s pizza. Its preset bundle of ingredients is designed to meet the needs and requirements of most small businesses and is practical in terms of cost and coverage.
A Commercial Policy Package (CPP) is more of a build-your-own, à la carte menu of options for those with more specific appetites or dietary requirements when there are unique risks within that business’s industry that necessitate extra coverage. This might sound expensive, but because it can be built from the ground up, it facilitates nearly unlimited options and has the capacity to be more cost-effective (rather than purchasing a standard BOP policy and adding additional menu items to your order).
Keep in mind, while BOP and CPP packages cover the majority of the gamut of coverage business owners need, they often do not include vital coverage for other key ingredients, such as commercial flood insurance, workers’ compensation and other crucial liability insurances.
Also, with the impact that COVID-19 has had on many brick-and-mortar businesses, it is critical for those now operating businesses out of their homes to know that homeowners insurance policies specifically exclude liability coverage for all business operations.
We’re here to help you painlessly place your order; we’ll assist you in understanding and confidently deciding which policy type is best for you. Our goal is to help you navigate toward options that make the most holistic sense for your business in terms of risk management, budgets and bringing you a personal sense of stability.
March 16th, 2021 — Commercial Insurance, Professional Liabiliy
When you think of insurance for your business, you may think of the more obvious policies, such as property insurance, workers’ compensation and general liability insurance. But if you provide a service to customers or clients, errors and omissions insurance is also a must.
What is errors and omissions insurance? Errors and omissions insurance, also known as E&O insurance and professional liability insurance, provides protection for your business from lawsuits that claim you made a mistake in your professional services. E&O insurance protects your business from claims of inaccurate advice, negligence, potential errors in services provided, misrepresentation, omissions or other applicable claims. This insurance can help cover your court costs, attorney’s fees and administrative costs to put your defense together. E&O insurance can also help cover settlements or judgments, which can be a few thousand to millions of dollars.
Who needs errors and omissions insurance? Business owners or operators whose clients depend on their judgment or services to accomplish goals need errors and omissions insurance. While some may believe this only applies to professional services such as medical, legal and accounting services, businesses such as website service providers, barbershops, advertising firms, consulting companies, pet groomers, engineering firms and many others could benefit from errors and omissions insurance. If you have a business that provides a service to customers, errors and omissions insurance should be part of your coverage.
Let us help you review your policies and determine what specific coverage is best for you and your circumstances. Call or email us today. We are always here for you.
February 15th, 2021 — Commercial Insurance, Cyber Liability
Millions of Americans scrupulously guard their identities and personally identifiable information for fear that their bank accounts will be compromised, identities stolen and a parade of difficulties will follow them at the hands of those who wish to steal their identities. However, they will often not exercise the same care with their business “identities.” Even for small businesses that try their best with free tools, professional identity thieves can evade this type of protection and gain access to lines of credit or accounts. Here are some of the ways businesses can protect their identities.
Monitoring service. Businesses can enroll in monitoring services that continuously monitor any activity on their companies’ credit reports, looking for any red flags.
EIN. For many small business owners, using their Social Security numbers and establishing sole proprietorships are the easiest things to do practically. However, this could lead to exposure for both your personal and business finances if either is compromised. Small business owners should obtain Employer Identification Numbers (EINs) to separate both and reduce risk.
Data protection. Keeping your passwords in a safe, protected place is a crucial part of protecting your data. Use anti-virus and anti-malware software in addition to a secure password manager.
Insurance. A cyber insurance policy can make all the difference in recovering from significant loss related to identity theft in the unfortunate event it does happen. Call or email us today, and we can review your insurance coverage to make sure your business is protected. We are always here to help.
January 15th, 2021 — Auto
Cars are significant investments for millions of Americans, from the price of the monthly payments to gas and maintenance costs. It’s helpful when you can save on car insurance. Some wonder whether insurance is cheaper for leased cars or cars that you buy outright.
However, the idea that insurance is cheaper for leased cars is nothing but a myth. Car insurance is not based on how you purchase a car. Car insurance is primarily based on your driving record and the make, model and year of the car.
One of the considerations with leasing a car is that you may have to add the lender to your insurance policy, given that they have an interest in the vehicle. Thus, if you get into a crash and make a claim, the lender will be able to recover the portion they are still owed.
Besides that, the coverage options for car insurance on a leased versus owned vehicle should remain the same. The premium has to do with the condition of the car and the cost to make repairs, not the lease option. Typically, the newer, more expensive and rarer the vehicle, the higher your insurance premium will be due to the higher cost of making repairs.
Whether you buy or lease a car, consult with us for sample quotes before you make a decision that could cost you thousands in the long run. We are always here to help, and we’re just a phone call or email away.
December 16th, 2020 — Commercial Insurance
One company manufactures golf balls. Another builds golf courses the balls are used on. These companies have very different needs. Despite their businesses being intertwined, the businesses’ needs vary greatly.
This is also reflected in what they should look for in insurance coverage, as not every company faces the same risks. For some companies, liability is a priority. For others, workers’ compensation is top of mind. While it’s essential that all companies carry insurance coverage, not every policy is the right fit for every company. Some common policies span industries, but each business’s unique priorities contribute to its insurance needs. Here’s a breakdown of the most common needs by industry:
Home and building services: If you offer home or other building services, it’s important to ensure you have commercial auto, workers’ compensation, property and liability insurance. You should have insurance coverage for tools and equipment.
Office: Companies that rely on offices have to protect their assets, employees and intellectual property. With a focus on Internet-necessary services, these companies place a premium on auto, workers’ compensation, property, liability and cybercrime insurance.
Manufacturing: In manufacturing, worker and consumer safety must be guaranteed; thus, liability is high. There are many moving parts, and they must all have proper insurance coverage. Manufacturers must require auto, product recall, property, workplace injury, workers’ compensation, liability and equipment failure insurance.
Education and nonprofits: Organizations that serve others need insurance. Business owners in this field should focus on workers’ compensation, counseling liability, auto, liability, property, and tuition and fees policies.
Retail stores: Retailers are at high risk when it comes to property, liability, commercial auto, and workers’ compensation claims, and they must secure coverage for these issues. Retail store owners should also secure coverage for income loss and crime in addition to business interruption insurance and protection against theft and fraud.
Religious organizations: For this industry that people rely on for crucial decisions, it’s important to cover any property involved and leadership as well. Religious organizations should obtain solid coverage in pastoral professional liability, business liability, business property and business crime insurance.
Hospitality: Business professionals in this industry have many different needs when it comes to insurance. It’s vital to obtain policies that provide business property insurance, business personal property insurance, workers’ compensation insurance and business liability insurance to properly insure your business and your guests.
Real estate: There are unique risks in the business of selling real estate. Make sure you’re covered by policies for business property insurance, business income insurance, sale and disposal liability insurance and rent guarantee insurance.
Restaurants: Your business model poses risks of employee injury and medical issues as well as fires and other accidents that result in property damage. For proper business coverage, it is recommended you obtain restaurant property insurance, restaurant liability insurance, restaurant crime insurance and workers’ compensation insurance.
As you can see, each business is unique, even within its own industry. Speak with our office today to determine the exact needs for your company and how we can help you.
