February 2018 - InsureYourCompany

As a small business owner, you know the importance of adequate insurance for keeping everything moving smoothly. Unfortunately, it’s easy to get lax with your insurance policy, assuming that you’re fully covered when, in fact, you no longer have the right type of coverage for your business.

As your business changes, so will your insurance needs. It’s important that you know when to make those important calls.

Is it time for you to contact your insurance agent for a business insurance checkup? These key signs will let you know whether or not you’re in need of a review.

Sign #1: You’ve recently purchased new equipment or vehicles.

If you’ve recently increased the amount of equipment you have on hand at your business, it’s important to have adequate insurance coverage for each of them. Equally important is commercial auto coverage that will take care of all of your company vehicles. Make certain that the coverage amount of your insurance policies will allow you to repair or replace those pieces of equipment in case of disaster.

Sign #2: You’ve added several employees since your last insurance checkup.

Your business is growing, and you’ve added employees to help cope with the increased workload. Along with those extra employees, however, come increased insurance needs. Make sure that your policy is designed to cover all of your workers, whether they’re injured on the job or have done something that could cause trouble with a customer.

Sign #3: Your Revenue has increased substantially.

Even if you aren’t in need of more employees, you’ve suddenly found yourself making a great deal more money than before—or perhaps your revenue stream hasn’t changed substantially, but your reach has expanded so that you’re able to reach customers in a wider radius. Take a look at your insurance coverage to make sure that it’s adequate to covering the increased inventory that you’re moving in and out of your building.

This is particularly important if you’ve increased the amount of product that can be found in your inventory at any given time, since that would be the amount in need of replacement following an emergency.

Sign #4: You’re offering new services.

Are you and the members of your staff covered by insurance for the services that you’re offering your customers? If the services you offer have changed since your last business insurance checkup, it’s time to sit down with an agent and make sure that you have adequate coverage. On the other hand, if you’ve reduced the services you’re offering, make sure that you have a chance to sit down with your agent, as your coverage needs may change as a result.

Sign #5: You’re selling new products.

Along with new products comes a new insurance responsibility. Make sure that you’re covered on the products that are moving through your business so that if disaster strikes, you’ll be covered for those items. This is particularly important if your latest inventory includes items that are more expensive or more difficult to replace than items you carried previously.

Where to Go for Your Insurance Checkup

If you’re in need of an insurance checkup, whether you recognize these five key signs or you simply want to evaluate the insurance coverage you have for your business, it’s time to sit down with an agent. A qualified agent will let you know exactly what type of coverage you need for your business, including evaluating your existing policy to make sure that you’re covered and sitting down with you to discuss how the needs of your business have changed.

Are you ready to work with an insurance agent who will make sure your business is fully covered? If so, contact us today. We’ll work with you to make sure that your business has exactly the coverage it needs.

Life insurance is something that most people don’t want to think about needing, but the truth is that everyone could benefit from having this type of coverage at some point in their lives. Doing your homework and purchasing a life insurance policy can bring you and your family peace of mind for years to come—and you might even be surprised at how affordable it can be.

Still, as you begin navigating your options, you’ll likely be faced with one important question right away: Do you want term or whole life insurance?

There are substantial differences between the two, so knowing what each option entails and figuring out what’s best for your unique circumstances is important.

Understanding Term Life Insurance

As the name implies, term life insurance refers to coverage that lasts for a pre-determined amount of time. Usually, term life insurance policies are sold in terms of anywhere from five to 30 years, but this can vary from one insurance carrier to the next. Each time a “term” approaches expiration, you will have the option to renew or convert to a whole life insurance policy (more on those in a minute).

Generally, term life insurance policies tend to be the least expensive and the easiest to purchase. Because they’re only in place for a finite amount of time, this can really help to curb costs.

Of course, because the policy must be renewed after each term, prices can steadily increase with each renewal, since the age of the policy holder (and therefore the risk) will increase with each renewal as well. This is especially true for those who opt for shorter-term policies, such as five-year options.

Furthermore, it’s important for policy holders to realize that term life insurance policies only pay out death benefits—not any cash value accumulation.

Understanding Whole Life Insurance

Whole life insurance is another option worth considering. Unlike term life insurance, a whole life insurance policy is meant to cover you for life, rather than just a few years at a time.

Also unlike term policies, it is more common practice with whole life policies for insurance companies to require a medical exam before a person can be covered. From there, the cost of the policy can vary based on the policy holder’s age, health, and other unique risk factors.

In some cases, insurance companies may offer the option of allowing policy holders to forego a medical exam, but this may come in exchange for higher premiums.

In addition to offering death benefits, one of the main advantages of a whole life insurance policy (other than…well, being covered for life) is the fact that these policies can accumulate cash value over time. This allows policy holders to withdraw or even borrow a portion of the accumulated value if they so desire.

Which Option is Best For You?

Deciding on term versus whole life insurance can be challenging. Generally, for those who are most concerned about affordability, a term life insurance policy will be the best offering. Otherwise, many people will likely prefer a whole life insurance policy, but it never hurts to weigh both equally.

Term and whole life insurance can both be great options under different circumstances. By understanding the differences between the two, you can make better informed decisions for you and your family for the future.

What is the recipe for small business success?

For Sonam Sondhi, the founder of ChocaL8kiss Bakery, the recipe looks a little something like this:

1 part ambition
1 part perseverance
6 great employees
Great business insurance

Located here in Manalapan, NJ, ChocaL8kiss Bakery serves up a mouthwatering variety of custom cakes for weddings, birthdays, anniversaries, graduations, sweet sixteens, and more. Their displays are filled to the brim with colorful, tasty pastries, cookies, and cake pops. They also offer guilt-free, healthy meals to those looking to follow The Max Fitness Program or enjoy some Paleo treats—and they even deliver!

Sonam started her business when she was just 21 years old, and she’s learned a lot along the way. By listening to the community and expanding her business model to meet the needs of her loyal clientele, she has grown ChocaL8kiss Bakery into a local staple. And she understands the importance of business insurance as a key factor to success—having the right coverage has helped keep the bakery and its staff protected through its incredible growth over the years.

Want something sweet to share with your loved ones this Valentine’s Day? Head on over to chocal8kiss.com to learn more about Sonam and her incredible team or visit them at 285 Gordons Corner Rd, #3 in Manalapan, NJ. And don’t forget to pick up some treats while you’re there!

The world is setting its focus on Peyongchang, South Korea as it prepares to host the 23^rd Winter Olympic Games starting this weekend. Located 80 miles east of Seoul and 60 miles from the demilitarized zone, this will be the second time South Korea hosts the Olympic Games (the first was the 1988 Summer Olympics!).

InsureYourCompany.com is looking forward to what the best athletes the world have to offer in this year’s games!

The tradition started with the Ancient Greeks. The Olympic Games are a competition that foster international camaraderie among athletes and spectators alike. Though there are dark marks in its history, it still stands as an honored tradition that brings humans closer to humanity. The Olympics are a time to come together in peace and competition, to put aside our differences and respect the achievements of human excellence.

At this year’s games, there will be six new countries in the competition: Ecuador, Eritrea, Kosovo, Malaysia, Nigeria, and Singapore. You’ll certainly see them at the opening ceremony, but we can’t say the same for Russia…

There will also be four new events this year: Big Air Snowboarding, Freestyle Skiing, Mass Start Speed Skating, and Mixed Doubles Curling. There are now 102 medal opportunities.

So, who are some athletes InsureYourCompany.com is looking forward to seeing? We’re hoping Lindsay Vonn will bring home some gold for Alpine Skiing, as well as Shaun White winning his third Olympic medal.

With 93 countries competing for gold, all of your favorite winter sports will be shown, including:

Alpine Skiing
Biathlon (Cross-Country Skiing and Rifle Shooting)
Bobsledding
Cross Country Skiing
Curling
Figure Skating
Freestyle Skiing
Ice Hockey
Luge
Nordic Combined (Cross-Country Skiing and Ski Jumping)
Short Track Speed Skating
Skeleton Sledding
Ski Jumping
Snowboarding
Speed Skating

However, if you were hoping to see one of your favorite NHL players at the Winter Olympics this year, you’ll be sorely disappointed. NHL Commissioner Gary Bettman made it clear in April 2017 that NHL players will not go to South Korea.

Even though the competitions are what everyone really wants to see, it’s always fun to see how cool the mascots are (or how bad… don’t think we forgot Phevos and Athena or Wenlock and Mandeville).

For this year’s mascot, South Korea has picked a white tiger named Soohorang. The tiger is a powerful symbol within Korean mythology, and it represents a guardian symbol in Korea. The name of the tiger is also significant, where “Sooho” means protection (for the athletes, the country, the spectators, etc.) and “Rang” is derived from “ho-rang-i,” the Korean word for Tiger. What a meaningful and interesting choice!

The games start on February 8^th, but the opening ceremony will be on Friday night, February 9^th. If you’re looking to tune in, remember to check your local listings to see when it airs and what channels it will be available on.

From everyone at InsureYourCompany.com, we wish all the athletes and participants in the 2018 Peyongchang, South Korea Winter Olympic Games the best!

If you’ve got big plans for starting a small business, you’ve probably already done your fair share of research and have a general idea of what steps will be needed to get that ball rolling.

Still, researching on Google can only take you so far when it comes to understanding all the intricacies of starting a business, which is why it’s also a good idea to meet with a few key professionals along the way. These experts will be able to provide you everything from guidance and legal assistance to financing and much more.

A Small Business Accountant

An accountant who specializes in working with small businesses can help you out in a number of useful ways as you prepare to launch your company.

For starters, an accountant will be able to review your business plan and specific calculations to make sure your numbers all check out. As you move toward the launch of your business, an accountant can also help you determine which business structure will be best for your needs (while potentially minimizing your tax burden in the process).

If you’re feeling a little lost when it comes to recording and reporting your company’s financial information, an attorney will also be able to help you set up a record system and even provide you with some guidance for analyzing financial reports to make sound business decisions.

An Experienced Insurance Agent

Any business, regardless of how small, will need to have some minimum levels of insurance coverage to protect you (and your assets) in the event of physical loss or other unforeseen circumstances, such as a business lawsuit. And because business insurance can quickly become complicated, having help from a trusted insurance agent who specializes in small business coverage can make all the difference.

Specifically, an insurance agent will be able to assess your business plan and structure to determine exactly what type of coverage you need, whether it be liability protection, property coverage, workers’ compensation, or any combination thereof. An agent can also help you figure out how much coverage you need based on your company size, assets, and other important factors.

A Small Business Attorney

A business lawyer/attorney can be extremely helpful not just as you prepare to launch your business, but long after you’ve been in business as well. Early on, a small business attorney can help you better understand any licensing, regulation, or other legal obstacles you may face as well as write and review contracts to ensure they’re in your company’s best interests.

And of course, in the event that your business ever needs legal representation, your small business attorney will already know the ins and outs of your company and can be there to assist you.

A Reputable Banker/Investor

Unless you’ve already got your funding already sorted out, you’ll also want to begin meeting with some local bankers, investors, or other potential sources of financing for your small business launch.

This is one situation where it doesn’t hurt to meet with a few different possibilities, as it’s unlikely that all of the potential sources of financing with which you meet will approve your requests. And even if they do, it’s good to have options, as one bank may offer you a better interest rate on a business loan than another financial institution.

No matter how confident you may be feeling in your plans for starting a small business, it’s always a good idea to meet with these professionals for added expertise, guidance, and peace of mind.

Looking for help with determining your business insurance coverage needs? Be sure to contact us today!

Tragically, insurance fraud occurs more often than most people think it does. In fact, nearly every type of business has been a victim of insurance scams and fraud. That’s why it’s important you know how to avoid insurance scams. Besides being monetarily detrimental to small businesses, this problem is also financially damaging to the overall economy.

Basically, insurance fraud is when a person intentionally lies to a potential client for obtaining benefits that aren’t otherwise entitled to them. It can also occur when someone purposely denies you a benefit that you’re entitled to receive.

If you’re a small business owner, it’s imperative to be aware of what’s involved in insurance fraud, in addition to knowing how to avoid an insurance scam. So, here are five ways you can prevent insurance scams, along with a few other considerations and warnings.

Meet Directly with an Agent

Unfortunately, sometimes business owners conduct business with insurance representatives over the phone. As a result, they could be doing business with scammers. You should insist on meeting with insurance representatives face-to-face to be sure they’re for real and not scammers. Furthermore, be suspicious if an agent tries to do business in atypical places, such as in a bar, eatery, or home.

Be on the Alert for Bogus Insurance Plans That Seem Too Cheap

Often, insurance scammers post information on ads and flyers they send to email accounts. One way to suspect an insurance plan is phony is if the premiums seem considerably lower than the average company. Find out what the normal price range is, and don’t be deceived into falling for a policy that offers 30 to 50 percent lower coverage than its competitors. Consider how you could be charged with costly fees later.

Be Wary of an Agent Who Can’t Give Out Basic Information

Another clue is an insurer failing to answer questions or provide other critical information, such as a listed phone number, claiming it’s too hard to give out information over the phone. Moreover, if an agent is too aggressive, pressuring you to buy a policy immediately because “the premiums will increase,” don’t fall for it.

Do Comprehensive Research on Insurance Companies

You need to be familiar with the name of an insurance company and make sure the firm is licensed within your state. Besides reading and understanding their pamphlets, do a thorough investigation of their website, checking out anything that appears to be strange. What’s more, contact a local consumer assistance agent or your Better Business Bureau to check for any complaints that have been filed against a company.

Find Out the Charge of an Upfront Payment

It’s critical you find out how much you’ll be charged up front, as well as the amount you’ll have to pay out-of-pocket. Consider that you shouldn’t be charged unless you make changes to your plan.

Other Considerations and Warnings

Carefully read everything on a policy, including the small print. If you’re unable to read or understand something, ask someone to explain what it means before signing a policy.
Don’t give credit card information over the phone to a representative. Instead, wait for an insurance company to mail you the proper paperwork.
Ensure a company provides clear details on the insurance claims forms and don’t sign a blank form.
Be sure you choose an insurance plan that is useful. In other words, don’t commit to any additional items that you don’t need as this can mean paying more.
Be leery when an agent tells you that you have to pay in cash.

Although accidents can occur at a workplace, you don’t have to worry about covering for damages when you buy an insurance policy that gives you protection against all losses that can result. If you need a quote from an insurance agency you can trust, contact us today!