8 Reasons Why Insurance is Crucial for Small Business

There are many reasons why a business needs to carry insurance coverage. In its most simple form, insurance protects a business from financial loss due to an unfortunate emergency, accident, or unforeseen event. Now there are many different types of insurance a business may need. Some businesses may need multiple types of coverage, some businesses may be able to get by with a bare bones package of coverages. Partnering with an independent insurance agent is one of the best ways to determine what types of coverage you need and what types of limits are best for your business.

Insurance is Required for a Loan

Banks require a business to carry insurance in order to qualify for a loan. If you think about it lenders want proof of insurance before you buy or build a new facility in order to safe guard all assets. To get access to cash for your business you will need to have certain types of insurance coverage. Without insurance, a business will be forced to fund its own expansion with cash on hand.

Some Forms of Insurance are Required by Law

In most states, Workers Compensation and General Liability Insurance is required by law for most business in most states. Each state has their own rules and regulations that offer some exclusions for some types of coverage. It is important to check with the proper state governing body within the state you operate in to make sure your business is properly insured.

Insurance Protects Against lawsuits

Today’s business environment is a very litigious society. If you stay in business long enough, more than likely your business will be sued in some form or fashion. When a business faces a lawsuit, even if your business wins the suit it can amount to an enormous sum in legal fees. Insurance coverage can reimburse your business for these costs.

Insurance Can Protect Your Employees

A business depends upon their employees to make the business work. Building a healthy workplace culture is crucial to success no matter what industry a business operates in. Insurance can add to the trust a business has with its employees.

Your business depends heavily on the knowledge of one person

If you operate a business that depends upon the talents of one or a few key employees, it is necessary to carry Keyman Insurance. Keyman Insurance is a policy designed to cover the life of a key employee for a monetary value so in the event of an untimely death of such key employee, the loss to the business will be recouped through monetary assistance.

Most Contracts Require Insurance

When it comes to contracts, insurance is required by both parties in order for the contract to be valid. Some examples of scenarios where insurance is required include:

A business rents a facility instead of owning the building outright.
A business borrows money to finance buildings or equipment.
A business enters into a contract where the client specifies that insurance coverage in the event the deal does not go as planned.

A Business Cannot Predict The Future

No matter how much experience a professional has there are unknown occurrences that no one can predict. Regardless of whether the occurrences are a natural disaster, injured employees, lawsuits, or damaged equipment; it is impossible to predict when one of these claims will occur. Insurance coverage can protect your business in the event of an act of god.

Insurance Grants Peace of Mind

Business owners and leaders face an enormous amount of pressure. Insurance allows those leaders the ability to ease some of that pressure because they can rest assured that an insurance policy will help the business become whole again in the event of a serious occurrence.

How to Save in 2019 when Small Business Owners Shop Insurance

In 2019 There Are Several Ways to Save When You Shop Insurance

As most small business owners know, every dime matters when you own and operate a small business. Before making any major changes or making and major purchases, it is important to speak with every advisor possible to determine how these decision will impact your insurance premium. Savvy business owners weigh their options and move forward with the largest amount of information possible. This decision making process should be no different when it comes to purchasing shop insurance. Here are five tried and true tips to help you save on commercial insurance and five tips you should try in 2019.

Shop Insurance

5 Tried and True Tips to Shop Insurance

Partner with an Independent Agent

It is always best to partner with an independent agent when it is time to Shop Insurance. The services done by an independent agent can be done by yourself or someone at your business, but depending upon the experience of yourself or your key employees, you are not going to be able to do it as efficiently as an independent agent can. This is especially true when it comes to the amount of time a business would have to spend acquiring quotes from multiple carriers and the knowledge an insider like an independent agent has within the insurance industry. An independent agent knows which carriers are hungry to quote a particular industry, which carriers are looking to quote a certain policy, and which carriers have better servicing when a claim occurs. This allows your key employees to spend more time running the business and allows the independent agent to shop insurance so you don’t have to.

Shop Around Your Policy

Once you have chosen an independent agent with whom you trust, it is important to have them shop your policy around to as many carriers as possible. This creates competition for your coverage and gives you options. It is not a good idea to switch carriers each year and it is not wise to make your decision on a carrier based solely on price. The margins insurance carriers make on policies are tight. If one carrier offers a price dramatically lower than all others there is more than likely a reason for it. An independent agent can help you determine which offer is the best, but it is important to first shop your policy around.

Understand your Experience Mod

The Experience Modification Rating of a business is the one factor businesses have control over that can impact what the pay for commercial insurance. Especially what the business pays for workers compensation insurance coverage. Underwriters at Insurance Carriers use the experience modification rating to determine if they are gong to offer a business coverage and what they are going to charge each business for premium. Keeping this rating low is important.

Safety Programs

Implementing an effective Safety Program is the primary way a business can keep their experience modification rating low. When effective a safety program can keep the number of insurance claims low and it can limit the severity of insurance claims when they do occur. A safety program does not have to be extremely time consuming. It can be as little as an hour meeting once a month or even a 15 minute huddle a few times a week. No matter what type of program a business deems is best for their business, a safety program is the best way to lower the experience modification rating.

Return to Work Program

A Return to Work Program should be a part of any safety program. A return to work program helps inured employees get back to work faster and make them more likely to eventually return to full-time permanent work. Humans are creatures of habit and the longer an injured employee stays off the job, the longer they have to develop habits not associated with work. A return to work program can help your business retain these employees and limit the damage to your businesses experience modification rating.

5 Insurance Tips to Use in 2019

Consider Updating Equipment

If your business has certain types of equipment you depend upon; it may be wise to talk with your independent agent about all of the equipment your business owns and operates. Your independent agent should be able to help you determine which types of equipment are causing your premium to rise or fall. They may be able to help you determine when it is time to either limit the amount of equipment you own, upgrade the equipment you have or to sell outdated equipment.

Consider a Different Kind of Bundle

Bundling policies is always a good way to get additional discounts on insurance premium. If you are a small business owner; consider not only bundling all of your business and personal policies with one carrier, but try to leverage the policies of your employees as well. If you have a staff that needs health insurance coverage, it might be worth your while to get all of their policies added to your bundle. When you ad in dental, vision, life, and supplemental income coverage; this can amount to a lot of premium. This is the type of situation an insurance agent loves. If an agent has the opportunity to sell multiple policies while dealing with only one person, they are much more likely to dig deep for all of the credits, debits, and discounts they have available.

Change your payment method

The payment method preferred will vary from carrier to carrier. You may be able to reap substantial savings by paying your premium in full, paying quarterly, or by making a larger payment up front. Some carriers will give you a small discount for setting up payments through an electronic funds transfer. It is important to communicate to your agent, that you want them asking for any and all discounts offered. Insurance agents interact with customers from all walks of life. Not all of these customers value price as much as other customers. If you are a customer who does want to use every option possible to maximize savings, than communicate this preference to your agent.

Explore Every Type of Discount

There are a number of types of discounts insurance carriers offer. Here is a list of discounts a business might be able to benefit from:

Claims Free
Safety Discounts
Bundling Discounts
Group Discounts
Loyalty Discounts
Paperless

Each insurance carrier is different. Some will allow you to ad on multiple discounts. Some will only allow you to take advantage of one or a select few. If you’re not sure about what discounts an insurance carrier provides, ask to speak with a representative who can explain the different policy combinations and available deals. Your independent agent should be able to find any and all discounts to meet your needs, but it is important to express to them this is a priority for you as a business owner.

Make your Workplace Ergonomically Friendly

Ergonomically friendly working places are a long-term investment, but if executed properly they can help your business save immensely. Having an ergonomically friendly work station for each of your employees is a difficult situation. Each employee has their own unique needs. Some may be very tall while others may be very short. Some may be large while others may have a physical disability. Working with these employees to take care of their needs on the front end can eliminate a lot of costly insurance claims down the road by preventing repetitive use injuries. This will contribute to your staff being more productive and will lower what you pay for insurance because you will be filing less insurance claims.

Business Owners Policy

3 Reasons why Small Businesses Need a Business Owners Policy (BOP)

A Business Owners Policy, typically includes three types of insurance. Those three types of insurance include Property, Business Interruption, and liability protection. There are additional coverages your business can purchase to tailor the policy to fit your business’s specific needs. Two common additions include inland marine and data breach coverage. No matter the size or scope of your business, a BOP is almost always the best way to properly insure your business. Here are 3 reasons you should consider a BOP.

BOP

A BOP will ensure no gaps in coverage

Because with a Business Owners Policy, you bundle several products together, your business is less likely to have a claim not be covered because of a gap in coverage. A gap in coverage occurs when you purchase two products from different carriers and each carrier has an exclusion to their policy. If both policies have an inclusion for the loss, it may cause the loss to not be covered at all. Even if the loss is covered it can slow down the response time for the claim because the insurance carriers have to determine who is ultimately responsible for the claim. When you purchase a BOP, it will speed up the amount of time to process a claim and do the best job of preventing a gap in coverage.

A BOP will make insurance more affordable

Keeping expenses as low as possible is extremely important for the long-term success of any business. A Business Owners Policy allows you to keep the price of premium lower because insurance companies are more likely to dig deeper for credits and discounts when they know they are quoting multiple policies through your business.

A BOP can be modified to fit your needs

Business Owners Policies are designed with a specific industry in mind. Insurance carriers have loads of data about claims in each particular industry and with that data they know with a high probability which coverages each industry is most likely to need. This data can help a business owner to know what types of insurance they need and what types they can do without. If your business is an exception to the rule, your insurance agent can help you fine tune your specific package to meet the unique needs of your business. This is something not offered from most traditional insurance policies.

Drones and Aerial Photographs

Drones are helping the insurance industry process claims much quicker in disaster ridden areas.

In the wake of three devastating hurricanes this fall, many insurance carriers have begun to use drones and and other aerial vehicles to aide in the claims process. The use of drones have sped up the turn around time for claims processing dramatically.

Drones and Aerial Photographs

Unfortunately, this fall far too many small businesses are beginning to understand the need for protecting their small business with adequate insurance. These same business owners are also getting more familiar with the claims process between the business, the insurance agency and the insurance carrier. If they did not know before, they are becoming familiar with at this time, the fact of how crucial it is for a claim to be processed quickly. Getting victims back to everyday life can have an enormous impact on the communities impacted by natural disasters. This is what the insurance industry is striving to help the communities hurt by the hurricanes over the past few months.

Technology is helping in many ways. First, drones are helping carriers take both still photos and video to observe properties they are not physically able to visit. The carriers can use the information they get from drones, both in the form of aerial photographs and video, to create 3D images of the impacted area. Technology is now allowing them to do this at scale and determine what percentage of a property is destroyed without ever setting foot on the property. Now, this is not possible in all circumstances, but it is possible in many. Every case that is sped up, frees the adjusters to move on to other victims who desperately need help.

According to an article with the Insurance Journal, a recent KPMG (Klynveld Peat Marwick Goerdeler) Survey found, “the two biggest challenges facing insurers are the difficulties in assessing property damage and managing customer expectations”. As a result of the same survey insurance executives overwhelmingly said, ‘To improve claims efficiency and communication with customers, insurance executives cited the use of drones as one of the technologies they will utilize to help quickly settle claims’. Drones are helping with these exact problems facing the insurance industry, by allowing those within the industry to show the victims, with pictures and video, what they are doing and how they are going about doing it.

Through the use of drones many companies within the industry are able to drastically speed up the processing time for claims by allowing the insurance claims processor to get a majority of the claims process done without the ability to physically visit the property. Once they are able to get out to the property, insurance professionals can use the drone to examine several properties in a particular area in a short amount of time. This allows the claims adjuster to spend a short amount determining what properties are most devastated and will need the most of his time. It can also allow the adjuster to determine if another property does not need any further observations on his part and free up time for him to observe other areas that are severely devastated.

This is just the tip of the iceberg for how this and other technologies will help the insurance industry, better serve their clients in the future.

Boo – Halloween is coming!!!

What kinds of risk does the Halloween Season cause your small business to face?

My Insurance Question - Happy Halloween

For some people, Halloween Season is their favorite time of the year and their favorite holiday. For some businesses it offers an opportunity for them to get a larger than normal amount of business. With these opportunities for additional business come additional risks to your business. Here are three tips for how to protect your business during the Halloween Season.

Halloween

Seasonal Halloween Businesses

There are many businesses that pop up for a short amount of time to help people celebrate the Halloween Season. Corn Mazes, Pumpkin Patches and Haunted Houses are all businesses that pop up, but may be a part of another business like a farm. If you decide one year to host a corn maze and you do not inform your insurance agent, you may be opening up yourself or your farm business to an enormous amount of risk. Speaking long and honestly with your insurance agent can help limit these risks.

Speak long and honestly with your Independent Insurance Agent

It is always a good idea to speak long and honestly with your insurance agent when you are purchasing commercial insurance. If you do not take the proper time to tell them about all of the tasks your employees do and do not partake in, your agent is left to guess how risky your business is. The insurance agent is in the business of analyzing risk, so it is in their best interest to always assume more risk. This can cost you considerably in additional premium if you are not classified properly. It can also cause a claim to not be covered if you are partaking in an activity that is not covered by your general liability policy or any other policy you may or may not have.

Special Events Coverage

If your business is hosting an event related to the Halloween Season, you can buy special event insurance just for that event. This can go for any event you have with your employees. If you are having third aprties who are not employees at the event, you can be opened up to third party liability. This can be the case even if you are only going to have employees and their families attending the event. You need to protect your business from any injuries that may occur at the event. You should consider whether or not to offer alcohol based upon the risks you are comfortable with.

Happy Halloween from the friendly ghosts.

The Halloween Season can bring about additional opportunities for your business to generate revenue. Depending upon how you plan to target this market may or may not cause additional risk for your customer. In many cases it is a good idea to run the ideas by your insurance agent to make sure you are covered by your insurance policies. If you are not covered they should be able to help you determine how much risk you are comfortable taking on. These conversations should be able to help you determine what risks you face and if the additional revenue you gain is worth that risk.

4 Big Misconceptions about Commercial Liability Insurance

General Liability Insurance covers your employees

General Liability Insurance only covers your businesses liability to third parties. Third parties do not cover your employees. Bodily injury claims that involve your employees would involve a workers compensation policy.

Insurance rates solely depend on a businesses claims history

There are many factors that go into what your business pays for commercial insurance and the businesses claims history is one of those factors. The size of your business, the industry you operate in, the class code within your industry, the years in business, how many employees you have, the revenue of your business and where your business is located also go in to what a carrier uses to determine a rate on premium.

Many businesses cannot afford insurance

There are many ways to save on commercial insurance. If price is important to your business than express that to your agent. They can negotiate on your behalf for better rates, deeper discounts or larger credits on premium. If you have well-documented safety programs in place than express that to your agent as well and they can use it to get a better rate. Another way to save on premium is to choose the pay as you go method for some coverages. This can allow your business to get coverage in place with a significantly less up-front cost.

If I have Workers’ Compensation Coverage my employees cannot sue my for anything

Workers’ Compensation Coverage can protect your business from injuries that occur as a part of normal business operations. Employees can sue your business for any reason at any time and it can cost your business a large amount to defend. The accusations do not have to be founded to rack up a lot of legal defense costs. Also, if your business does not have the proper safety precautions in place or if it is found that the injury resulted because of carelessness of the business or its leadership can cause you to be liable for damages.

Insurance is all-encompassing

In most states, workers compensation and general liability insurance are required by law. They are the bare minimum coverage that a business needs to legally be in business, but they are not enough coverage to adequately protect most businesses. For this reason, it is important to partner with an experienced independent insurance agent. They can negotiate with the carriers to get your business better coverage at rock-bottom prices.

Small Business Insurance

It’s human nature for a business owner to wonder how much and which types of small business insurance coverage their business actually needs. To be successful, a business has to be comfortable with some amount of risk. Taking the first step to open a business is a risk. With that simple fact, one would have to assume a small business owner is comfortable with some amount of risk. Now how much and what types of risk the business owner is willing to take are completely unique to the industry the business operates in and the personal philosophy of the business owner.

Coffee shops need Small Business Insurance. Find out the latest information at https://www.myinsurancequestion.com/

Here are 5 insurance policies every business should secure.

General Liability

General Liability insurance protects an organization from damage to third parties who are not associated with the business. Third parties may include customers, the general public, vendors or anyone that could potentially be damaged by the actions of your business.

Workers Compensation

Workers’ compensation insurance is similar to general liability except it deals only with your employees. Workers comp is the ‘exclusive remedy’ for injuries that occur to employees as a part of normal business operations. This policy provides medical coverage and some lost wages for injured workers who are hurt as a result of normal business operations. Employers benefit from the policy by not having to worry about being sued for injuries that occur as a normal part of business operations.

Business Interruption

Business Interruption Insurance will protect a business in the event it is forced to be closed for an extended period because of another covered loss. The covered loss is an important part of this coverage. If you are the victim of a hurricane or a flood and you do not have coverage for that loss, the business interruption coverage will not kick in. This is typically included as a part of a business owner’s policy (BOP).

Employment Practices Liability Insurance (EPLI)

EPLI coverage is a type of insurance coverage specifically designed to protect your business from lawsuits relating to the employment process. Over the past decade employment lawsuits have increased significantly. If you stay in business long enough, chances are you will face an employment related legal issue. Your business can face one of these lawsuits even if the employees of that business have not done anything wrong. It can also cost an enormous amount of time and money for a business even if the business is found to be innocent. An EPLI Policy can protect a business in just this case.

Commercial Auto or Hired and Non-Owned Auto

Driving risks are one of the most difficult parts of insuring a business. When driving a vehicle is involved in the work of a business, the frequency and severity of claims tend to rise dramatically. Of course if your business owns vehicles and employees drive those vehicles as a part of their work, the business needs a commercial auto policy. A business does not have to own a vehicle to face liability around employees injured while driving any vehicle. If you have employees who use rental cars while they are travelling on business purposes than the business is liable for any accidents they are involved in while they are travelling. This is because the purpose of the employee being where they are is because of the business function. If you have employees who use their personal car for business purposes, the business is liable for any damage caused in an accident that occurs. The employees personal auto insurance policy will cover the damage to their car, but the business will need additional coverage because the liability to other people involved in the accident rests with the business. These instances can be covered by a Hired and Non-Owned Auto Policy, which can be added to most standard business owner’s packages (BOP’s).

20 Quotes for small business owners about Risk.

20 Quotes Small Business Owners can use to access risk.

JFK quote about risk.

“There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.” JFK John Fitzgerald Kennedy

“Take calculated risks. That is quite different from being rash.” — General George Patton

“Biggest profits mean gravest risks.” Chinese Proverb

“The best we can do is size up the chances, calculate the risks involved, estimate our ability to deal with them, and then make our plans with confidence.” Henry Ford

“Security is mostly a superstition. Life is either a daring adventure or nothing.” — Helen Keller

“If things seem under control, you are just not going fast enough.” — Mario Andretti

“Yes, risk-taking is inherently failure-prone. Otherwise, it would be called ‘sure-thing-taking.'” — Jim McMahon

“You’ll always miss 100% of the shots you don’t take.” — Wayne Gretzky

“Danger can never be overcome without taking risks.” — Latin Proverb

“I’ll play it first, and tell you what it is later.” — Miles Davis

“Whenever you see a successful business, someone once made a courageous decision.” — Peter Drucker

“Business people need to understand the psychology of risk more than the mathematics of risk.” Paul Gibbons,

“Opportunity and risk come in pairs” Bangambiki Habyarimana, The Great Pearl of Wisdom

MLK was a man who was not afraid to take on risk.

“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.” — Dr. Martin Luther King, Jr.

“Leadership is the art of getting someone else to do something you want done because he wants to do it.” – Dwight Eisenhower

“You don’t close a sale, you open a relationship if you want to build a long-term, successful enterprise.” ~Patricia Fripp

“Most people think “selling” is the same as “talking”. But the most effective salespeople know that listening is the most important part of their job.” ~Roy Bartell

Albert Einstein

“Life is like riding a bicycle. To keep your balance, you must keep moving.” ~Albert Einstein

“Leaders become great, not because of their power, but because of their ability to empower others.” -John Maxwell

“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” – Charles Darwin

3 Factors Affecting Your General Liability Insurance Rate.

Many business owner’s and managers frequently wonder what goes in to their General Liability Insurance Rate for their small business. Many compare their costs with fellow business owners or friends and family who run other businesses. Depending upon your industry, this may cause some shock when they find out how much more they pay than other businesses in different industries. Every state and every insurance company determines their own way to determine your businesses General Liability Insurance Rate. There is not one set in stone way to determine how much to charge for coverage. There are three main factors that weigh heavily on what you pay for General Liability Coverage: The size, the class code and the loss history of your business.

Find tips to positively impact your general liability insurance rates at My Insurance Question.com

The size of your business

For most businesses this is the physical dimensions of your property times a number determined by your classification code. The condition and age of your property mean a lot for this rate as well. Underwriters will examine the age and complexity of the construction. Whether the building is up to code means a lot to the insurer. Generally, newer construction lowers your rate, while older construction tends to raise your businesses General Liability Insurance Rate.

Class Code

General Liability Insurance Class Codes are determined by the activities your business partakes in. In order for this to be accurate, it is important to be honest with your agent about everything your business does and does not do on a daily basis. You can understand the differences in risk from a accounting office compared to a rooking business. Even small differences in a business can have an effect on your class code.

Take for instance commercial versus residential cleaning businesses. Commercial cleaning businesses typically have employees who drive to one location, clean the building and go home. A residential cleaning business typically has employees who are going to more than one residence throughout the day. These employees are driving to and from each residence. While driving between locations, the business is liable for any accidents that occur. This elevates the risk for covering this business and will in turn cost more. This is why it is very important for you to speak long and honestly with your agent in order to be placed in the proper class code.

Loss History

The final factor that impacts your general liability insurance rate is your businesses loss history. This depends upon the industry and the operations of your business. For some industries, it is common to have many small accidents. A restaurant is be a good example of a business that might have a lot of small occurrences. This is because the frequency and amount of customers coming in and out of the restaurant. Slips, trips and falls are common in these industries. If your business tends to have a larger amount or more severe incidents during a recent year, it may cause your rate on premium to go up. Another thing to consider if you have had some claims in the recent past is what type of formal safety program does your business have in place. If you have a well documented safety program in place, your agent may be able to explain some incidents as freak occurrences and not a sign of an underlying problem that makes your business more of a risk.

There are several other factors that go in to what you pay for your General Liability Insurance Rate, but the size of your business, your class code and your loss history are the main factors that determine what you pay. Staying on top of these three factors can go a long way towards preventing your business from paying too much for General Liability Insurance.

Due Diligence Insurance Questions

Due Diligence Insurance Questions for Small Business Owners.

9 Key Insurance Due Diligence Questions every Small Business Owners should be asking their Insurance Agent.

Does the insurance cover all the risks my business faces’?

First and foremost, any insurance due diligence review should determine whether the small business bought the right policies in the first place. This is not always as easy as it seems and this is why it is crucial to consult the guidance of an experienced independent insurance agent. You should speak long and honestly with them about the actions you do and do not partake in on a daily basis. They can help you identify risks you did not know your business faces.

Who is insured?

As a business owner, make sure to do your due diligence and install a proper driver safety program for your business. It is important to understand what and who is and is not covered under your specific insurance policies. This can determine how you operate your business on a daily basis. For instance, if you have a commercial auto insurance policy and it only covers people specifically reported on the policy than you need to be aware of this if you hire new employees mid term. Commercial auto policies can be sold on a different basis and each carrier has their own policies for who is and who is not covered under the policy. Do your due diligence and by consulting with your agent so that you are clear who and what is covered under the policy.

Does the policy have any unusual exclusions?

There are many exclusions that apply to most insurance policies. Most exclusions have a reason and it is important to know what they are and how they apply to your business. When an incident occurs is not the time to be concerned about exclusions. Most business owners are busy people. When purchasing commercial insurance they are usually strapped for time. Most business owners wonder why an insurance agent has to know so much information about your business just to give you a quote for coverage on your business. There are several reasons for this. Some of them deal with regulations, but if you have a good agent they are attempting to protect your business properly. It is human nature to think a salesman is offerring you something simply to make more money for themselves, but insurance agents deal with claims on a daily basis. They deal with clients on a weekly basis who have had something terrible happen to their business and more often than not they have to explain to business owners why their insurance coverage does not cover the claim. Taking additional time when purchasing coverage can prevent your business from having to bear the cost of an incident when a claim occurs.

Are there flexible payment options?

Pay as You Go Workers Comp Insurance Coverage is one option that can help businesses pay for their coverage monthly based on payroll instead of in one lump sum. Pay as You Go Workers’ Compensation benefits businesses by freeing up cash for more immediate business needs, by preventing over or under paying and by drastically lowering the likelihood of a mid-term audit by your insurance carrier. This is especially helpful for cash strapped or seasonal businesses.

Am I classified properly for workers’ compensation?

This is extremely important for your business cash flow. Especially, if you operate in an industry with several different areas of operation. If you do, you need to ensure the agent classifies your business properly. They are in the business of analyzing risk. If you do not tell them all of your risks, then it is in their best interest to assume your business is taking on more risk. If you do not give your agent enough information they may place your business in a riskier classification code. This can have an enormous impact on what you pay for general liability and workers compensation insurance. Taking just a few extra minutes to explain exactly what your business does and does not do, can save you immensely when it comes to premium.

Does my business need Cyber Coverage.

Anyone that hosts a website that interacts with the public at large is a candidate for cyber liability insurance. If you conduct even a portion of your business online or ask customers to trust you or a third-party vendor with their information, you should seriously consider purchasing cyber insurance. The risk may be small that you ever incur a breach, but when a breach does occur many business never survive without this coverage.