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Best In-Class Business Insurance for Technology Firms & IT Consultants
If you’ve just started running a small business out of your home, you might not know about the advantages of home-based business insurance.
Many entrepreneurs believe their homeowners’ insurance will also cover their home-based businesses. However, this is not always the case. Most homeowners’ policies exclude home-based businesses. That means you won’t be covered for lost data, liability, or lost income.
However, there are many home-based business insurance options out there. Which option is right for you will depend on your specific business circumstances.
In order to determine if home-based business insurance is right for you, it’s important to examine your current homeowners’ policy carefully. Before buying additional insurance, you should understand the coverage you already have.
While looking through your homeowners’ policy, consider the following questions:
So you’ve answered the questions above and determined you need home-based business insurance. Now it’s time to decide what type of policy you need.
According to Entrepreneur, you have three options:
Adding a rider to your existing homeowners’ policy is by far the cheapest options. This will allow you to expand your homeowner’s or renter’s policy to cover the company. This type of rider will only cost you an additional $100 a year, but it will add an additional $2,500 in coverage. This type of coverage is ideal for one-person businesses that do not have a lot of valuable equipment or overhead.
For a larger business, an in-home business policy might be more appropriate. These policies cover many more contingencies such as theft of funds or a critical data loss. They are designed to cover up to three employees. The policy covers injury liability as well as most business equipment.
In-home business policies have to be purchased from a home insurer or a specialty company. It costs between $250 and $500 a year to add an additional $10,000 in coverage. Before buying an in-home business policy, check the requirements in your state. Each state has different rules governing which types of home-based business insurance policies can be offered.
A business owner’s policy is designed for businesses that need over $10,000 in coverage. This type of policy will cover liability, the loss of critical data, malpractice, loss of income due to the business interruptions, and the loss of business equipment. The cost of a business owner’s policy will depend on how much coverage you need. At a rate of $500 a year, you can buy $2 million in coverage. Prices go up from there.
To learn more about the benefits of home-based business insurance or to get a business insurance quote, contact us today.
One of the primary reasons many consumers prefer to frequent a small business is also one of the greatest challenges of small business: founder dependence.
Customers often remain loyal to a small company because the size of the business enables them to have direct contact with the business owner. This creates a strong sense of trust and belief in consistent quality and performance in whatever product or service the business offers.
However, nothing is forever. As your business grows and changes over time, there may come a day when you, the business owner, will have to let go of the wheel. Whether it’s by allowing your staff more control over the business or finally reaching your goal of retirement, the business must be prepared to continue—and thrive—without you.
As a business grows, there is often difficulty in transitioning clientele to put their trust in the hands of employees. It is not uncommon for customers to continue to expect the business founder to be present and personally managing their transactions and needs.
Educators from Michigan State University Extension offer guidance to entrepreneurs for this small business dilemma.
First of all, they advise that from the moment a business founder opens the company’s doors, they should be planning strategically for steady growth. From day one, they should be conditioning their clientele for the day when future employees will be assisting them in the day to day work of meeting customer demands.
In addition to an adjustment to change that affects clients, it is just as common for founders to struggle with delegating duties they once performed themselves. Perhaps a business owner is hesitant to relinquish control out of fear of a lack of quality. Oftentimes, it may simply seem easier to just do it themselves rather than take the time to train someone in the task.
However, if a small business is to ever grow, the realities of demands upon time and physical limitations dictate that founders must simply entrust employees with some of their own duties. Even in the early days of business, founders must continue to remind themselves that their role will eventually change as the business grows and demands become too great for one person to bear alone.
Entrepreneurial experts also advise founders to plan for the future when their business may transform into a family business legacy, being handed over to the next generation and continue being a community presence for the goods and services offered by a founder’s company. Estate planning is an essential responsibility for any business founder.
Business founders already have an expert estate planning resource: the company that is providing for their business insurance needs. Experienced professionals in estate planning can first explore a founder’s business philosophy and management style. Strong founders are what shape the direction of a company and establish its reputation within the local community.
Loyal customers are expecting a thriving business to remain active even in the event of a founder’s retirement or death. Although a business owner is naturally going to manage company profits to provide an active income as well as prepare for future retirement, financially planning for business as usual for the company after retirement or death must not be overlooked.
An investment plan that leaves behind sound financial footing for a future management team insures a founder’s legacy. This is how a small, independently owned company grows into a multi-generational family business.
Although the financial aspect of such a plan is crucial to the success of a future transition, there are many other details to work out. Employees and staff will need to be assured of a seamless, stable transfer of power. Proper estate planning can avoid high stakes drama that can be costly in more ways than litigating who takes over the helm of a family business.
Critical loss of productivity can be devastating. Avoid future catastrophes of founder dependence. Plan properly so that business as usual can continue. Professional services will continue uninterrupted. Marketing can remain consistent as it generates traffic. Customers will remain satisfied.
To get down to the specifics of insurance products to consider, these are the two most popular for small business protection:
Through a transition of power in a small business that has grown to become founder-dependent, professional estate planning can mean the difference between success or failure. For more information on how business insurance experts can help your small business create a lasting legacy, please contact us.
Nearly everyone switches jobs during their career. This is especially true in the IT industry where staff often move from one employer to another. That is why non-compete agreements are such valuable tools for companies looking to protect their business interests.
Non-compete agreements are contracts that prohibit employees from going to work for a rival employer within a certain period or from working in a certain area after leaving your company. They may also prohibit the employee from stealing clients and sensitive data.
The main rationale for non-compete agreements is to encourage innovation by preventing workers with “trade secrets” from transferring technical and intellectual property of companies to rival firms, and to protect the company from the loss of clients.
While non-compete agreements can be a great tool for employers, there are limits on how they can be used. Each state has its own rules for non-compete agreements and some even disallow them entirely.
For example, in New York, non-compete agreements are unenforceable when the employee was terminated without good cause. In California, most non-compete agreements are completely void.
In New Jersey, non-compete agreements are valid as long as they meet certain requirements. New Jersey courts require that non-compete agreements:
According to New Jersey law, an employer cannot prevent all competition. However, a business does have a legitimate interest in protecting trade secrets, confidential information and client relationships. This means that if an employer hires an employee to develop customer relationships, that employer may seek to restrain the employer from leaving and soliciting the same customer relationships that were developed on the employer’s dime by requiring the employee to execute a non-compete agreement. The employer can also prevent an employee from taking confidential and proprietary information to another company. New Jersey courts have found such restrictions reasonable and worthy of protection.
To judge if a non-compete poses an undue hardship on the employee, courts look at the likelihood that the employee will find work in his field even with the non-compete, the burden on the employee by the geographic area proscribed by the agreement, the subject matter of the agreement, and the duration of the agreement.
For example, a non-compete agreement may state that a former employee is prohibited from soliciting company clients in Middlesex County for 2 years. If the former employee breaches the agreement and a lawsuit is brought, the court will look to the aforementioned factors to determine if the restraints are reasonable. Each case is determined based on its specific facts.
The court has the power to change or invalidate any non-compete agreement that is deemed too restrictive. For example, if an IT company’s non-compete restriction prohibits a former employee from working in a 30-mile radius, the court can shrink that radius if it finds there are a shortage of IT professionals within that area.
Non-compete agreements are more likely to be enforced against higher-ranking employees with more access to confidential information. The “higher up” the employee, the more likely it is that the non-compete agreement will be enforced. For example, a CFO with access to sensitive company data is more likely to have a non-compete agreement enforced against them than an entry-level employee.
Like any contract, non-compete agreements must be supported by “consideration.” This can be anything given by the employer in exchange for the non-compete agreement. An offer of employment will usually satisfy this requirement. Therefore, it is often best to have the employee sign the non-compete upon their initial hiring.
For informational purposes, you can download a sample non-compete agreement by clicking here. If you have any questions, it is best to speak with an experienced employment law attorney who can specifically address your needs.
Technology Insurance Associates, LLC’s legal blog, samples and legal articles are made available for educational purposes only as a way to provide general information and a general understanding of the law, not to provide legal advice.
By reading our blog, legal article and samples, you understand that there is no attorney-client relationship created between you and Technology Insurance Associates, LLC. Technology Insurance Associates, LLC’s legal blog, samples and legal articles are not legal advice. You should not act upon this information without seeking advice from a lawyer licensed in your own state or jurisdiction. The blog, samples and legal articles should not be used as a substitute for competent legal advice from a licensed professional attorney in your state or jurisdiction.
Your use of the blog, samples and legal articles is at your own risk. The materials presented in the blog, samples and legal articles may not reflect the most current legal developments, verdicts or settlements. These materials may be changed, improved, or updated without notice. Technology Insurance Associates, LLC. is not responsible for any errors or omissions in the content of this site or for damages arising from the use or performance of this site under any circumstances.
Michael Levenson has extensive experience working for insurance companies and in the health care field. Prior to joining InsureYourCompany.com, Michael was an attorney with one of the largest insurance defense firms in the country where he specialized in health care law and previously served as the judicial law clerk to a judge presiding in the New Jersey State Superior Court.
Mr. Levenson earned his Juris Doctor degree from Albany Law School with honors. While in law school, he served as a Constitutional Law Teaching Fellow and worked at Albany Law School’s Civil Rights and Disabilities Law Clinic, where he dealt with a myriad of health care law issues.
They plant seeds with care and tend their crops meticulously. They feed and house livestock. Their everyday job puts food on our tables. Who are they?
They are the hardworking farmers of this nation, and we celebrate them on October 12th of every year.
Decades of dedication, patience, and trial-and-error led to the type of farming we have today, and just like any other business owner, a farmer must protect their business.
It is much harder to do when your livelihood depends on unpredictable factors like the weather, bugs, and the health of your animals—where anything could happen that could drastically impact them—but insurance companies have come up with ways to protect farmers from financial losses out of their control so they can keep their businesses running and their customers happy.
First and foremost, farms (and ranches) need coverage for the property itself. A farm is always considered a big risk in terms of insurance because all of the property and equipment, products, livestock, and profit are located at one vital location.
A farm also combines residential exposures (houses) with commercial exposures (barns, farm land, livestock), which creates a need for a detailed understand of everything going on at said location. If there were to be a loss, the potential impact is much greater and affects not just a business, but a home as well.
Alternatively, some farmers are dealers of farm feed, fertilizer, seeds and supplies to other farmers. These farmers do not necessarily grow their own crops, but aid in the growth of others’ by selling supplies and fertilizer and sometimes applying that fertilizer for the other farmers. They can have seed or grain silos, for which they would need insurance for as well.
The fertilizing and seeding of farm land also requires a tractor, soil cultivator, seeder, spreader, and/or sprayer, as well as many other pieces of equipment that coverage can be obtained for.
Other farmers raise animals exclusively and need insurance that will cover their farm, their feed supply, and their livestock, such as pigs, cows, goats, sheep, etc. with specialty coverage for poultry and horses.
This insurance protects a farmer’s livelihood by indemnifying them for losses due to the death of an animal from natural causes or otherwise. That indemnification will consequently provide funds for the loss of income due to the death of the animal(s) and/or the money required to purchase or breed replacement livestock.
When the crops are ready for harvest, a farmer can sell their product commercially or locally. Commercial sales involve contracts and quotas, something for which insurance can provide coverage if a contract cannot be fulfilled due to a bad year, an insect infestation, damage due to weather, fire, and other factors.
Local sales can happen directly on the farm itself or at a farmer’s market. Farmer’s markets need insurance just like the farmers do to sell their product. The primary staple of a farmer’s market is almost always fresh produce, but they expanded due to the demand to include baked goods, fresh fish and meat, canned and jarred goods, and crafts. Some markets even allow the sale of ready-to-eat, restaurant-style food and drinks.
As a way to thank farmers for all that they do and celebrate their national holiday today, October 12th, stop by your local farmer’s market right in your own hometown, wish them a happy National Farmer’s Day, and enjoy all they have to offer.
InsureYourCompany.com has been cultivating success for businesses for over 15 years. We are able to help businesses find the right insurance for the right price. Contact us for an insurance quote and start protecting your business today!
When an issue arises at your place of business, what are the first steps you take after it’s resolved?
As a business owner, there is limited time for you to deal with a problem and keep everything else running smoothly. As a result, it may not occur to you to reach out to your insurance agent to let them know what transpired. While this is understandable, given all of the responsibilities that demand your time and attention, it can lead to problems down the road.
In the video below, Alan explains the pitfalls of not keeping your insurance agent in the loop when something occurs at your small business.
Hey, it’s Alan from InsureYourCompany.com. Today, what I’d like to talk about is untimely filing.
What do I mean by untimely filing?
Well, all of you have various forms of insurance and insurance policies. You have your general liability, your workers’ compensation; you might have professional liability or employment practices liability, whatever that is. While you’re running your business, while your business is operating, things happen.
You know what? If something happens, notify your insurance guy. Let them know something has happened. If you don’t and something is not notified on a timely basis, the insurance company can say, “Oops, it’s not covered. It’s an untimely filing.”
I’m not talking about one day or two days. We have various instances where clients learn of issues, and then months go by and they forget to call us up. They forget to notify us, and then 6-8 months later, they get an attorney letter. Why weren’t we notified when you found out?
What’s the worse that’s going to happen? We file a claim and nothing goes from there. But if that problem persists and comes back to haunt you, we already notified the carrier. Now, this can be for anything because once you notify the insurance company, then you have it on record that something was done.
If you have any sort of attorneys or deal with attorneys on a regular basis, you should notify them that you have coverages, that you have all of the insurances you have. Because then, if an issues comes up and you notify your attorney, he’s aware of the insurance you have.
We have had multiple incidents where you’ve contacted your attorneys and they fail to ask you if you have insurance for that particular issue—say, an employment practices issue. So the attorney is busy defending you when the insurance company would be responsible to pay the bills.
So here is what I have to say: If something happens, be it workers’ comp, be it general liability, even if you don’t know where it falls—call up your insurance guy. Let them know that there was an issue; let them file it. Don’t worry. Just filing is not going to raise your premium dollars.
Why do you have insurance if you’re not going to let the insurance company do their job?
This is Alan form InsureYourCompany.com. I’ll be talking to you.
Since 2001, InsureYourCompany.com has been working with New Jersey small businesses to protect their assets and provide great employee benefits. For a free insurance quote for your business, click the banner below to contact our team of experts.
Let’s face it: The millennial workforce is a whole new species of employee.
Gone are the die-hard workhorses that will clock in for decades without complaint or compromise. Millennial employees worry about the Big Picture: their quality of life, their health, time with their families, and being treated fairly for their hours and energy.
This isn’t a true first in the workforce, but it is now a majority that demands the attention of small businesses owners.
Since the Depression, the mighty dollar has steered everyone in our society to the point that they would tolerate a lot just to have that paycheck.
In today’s industry, however, you need employees just as much as they need the job you’re offering. Employees have more options than ever and they will walk away if they don’t feel appreciated and taken seriously.
This means a need for compromise and communication in the workplace.
The millennial workforce is willing to work hard for you, but they want realistic expectations and a flexible environment. Not every employee needs or wants eight hours to complete whatever tasks they are responsible for. They refuse micro-management or lack of individual attention and evaluation.
Quality employees provide you with better output, improved client relations, and product reviews. The modern worker knows their worth and knows they shouldn’t necessarily have to perform during the daytime, weekdays, or for a set period of time.
If you make a future for them, they will make a place for your company in their future.
Millennials in the workplace are far less likely to sacrifice rest and comfort to please you, their employer. They want health insurance that goes above and beyond and allows for more than just traditional options and remedies. Vacation and personal days are mandatory in their expectations of a quality life. They want breaks and comfortable break areas. Many are even looking for company fitness rooms, discounted memberships, or other wellness programs.
This expectation also extends to their families in corporate environments. The joint expectation and desired outcome is that healthier employees are efficient and energetic, requiring fewer sick days and actually using their health insurance less. In the long run, employees last longer and make long-term commitments to your company, your goals and your expectations.
Employment is no longer the most important aspect in the lives of millennial workers. Children and spouses and holiday dinners now take priority over seminars and deadlines. No amount of overtime is worth relinquishing their weekends running marathons or their evenings at book club. Requiring their spare time is simply not accepted as it once was.
There is a new awareness in our society about the benefits of relaxation and physical activity outside of work that results in better employees in the long-term, less turnover, and lower costs.
Obviously our labor laws have come a long way since a time when people were basically abused at work, but even basic safe conditions have come under scrutiny.
Millennials in the workplace are not interested in just the bare essentials. They want comfort and cool air, chairs that don’t strain their back and floors that don’t hurt their feet. You might have to consider specialized footwear and office equipment depending on your industry.
In some cases, you may consider major building renovations if you want to stay competitive.
It isn’t all a one-sided playing field with you making all the concessions. The employees worth all of this investment are top-notch. Their commitment to better work in less time, fewer mistakes, and ultimate loyalty are their currency to bargain with. Watch your relationship evolve to a true team environment where everyone has the same risk, the same losses, and the same potential for gain.
Running your own small business means there are many details you need to keep up with. From ordering stock and making bank deposits to hiring new employees and paying taxes, your to-do list never seems to end.
Now that your small business is off the ground, it’s time to consider offering group health insurance to your employees. While mulling over this decision, consider the cost versus the benefits of offering this program.
Here are some benefits of providing group health insurance to consider.
Day to day, it’s your employees that help your small business succeed or fail. When you have a position open, you will receive tons of applications and resumes, and you’ll have to determine who would be the best candidate.
If you offer group health insurance, you stand a better chance of attracting the best candidate for the position. A person with the right experience and education has his or her choice of positions—you need to make sure that your offer of employment matches the benefits of larger companies. After all, one of the basic benefits most employees look for is affordable health insurance.
Having health insurance helps your employees stay healthy. Using preventive care, your employees won’t get sick as often or require emergency care.
If one of your employees has a medical condition such as high blood pressure or diabetes, reliable health insurance helps them manage the condition on a daily basis with prescription medication so they always feel their best.
Also, when the occasional cold or sinus infection happens, they can see a doctor immediately, lowering the number of days of work they might miss getting better.
If your small business has fewer than 25 employees, you may find that you are eligible for a tax credit by offering group health insurance. Aside from company size, there are other criteria that need to be met as well.
Also, you can deduct the portion of health insurance that your business pays for employees’ insurance.
Your own health insurance costs are tax deductible as a business expense if your company is incorporated. Lower tax liabilities can put more money back into your business, which can go toward improvements or expansions.
In 2015, new laws went into effect regarding employers offering health insurance to their employees. If you have more than 50 employees on the payroll, you can receive an assessed penalty and be required to pay additional taxes.
Even if you haven’t reached that number yet, you want to be prepared for when you do reach it by already having the benefits in place. Additionally, there are new insurance plans available for small businesses that can save you money.
Financial strain can cause your employees to become anxious and thus less focused on work. By providing health insurance, you can reassure your employees that their health insurance is covered and that any emergency medical condition won’t bankrupt their household.
With less worries on their minds, you’ll find that they are more focused on daily tasks at work. Also, you’ll find that by offering them perks and showing concern for their stress that your employees are more loyal to you and your business.
At InsureYourCompany.com, we work with many small businesses just like yours to help find the right group health insurance. We understand that you want the best coverage at the most reasonable cost. Contact us to learn more and for help selecting the best policy for you.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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