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Best In-Class Business Insurance for Technology Firms & IT Consultants
When you purchase a business, there are many things to account for in the business plan. You know that you must cover overhead — mortgage, rent, utilities, employee wages, supplies, and worker’s compensation. It’s typical to budget for one-time expenses and recurring expenses and hopes that your monthly revenue will be sufficient to satisfy these obligations. If you can’t, then you must have savings or a credit line to cover your overhead. When business owners plan for disasters, they will ensure the cost of the building and its contents, but they may not add coverage for business interruption.
We don’t want your business to be overly vulnerable to the aftermath of a disaster. Please be sure to ask us your questions, but we invite you to first consider these insights into business interruption insurance:
Plan Ahead
It’s not just enough to purchase the business interruption add-on. As a business owner, you must also maintain the appropriate kinds of financial records throughout the year. Following any disaster, the burden of proof will be on the business owner to show the normal revenues that would have flowed into the business if the building was operational. That being said, it’s wise to back up your financial records in a separate location, which could be a cloud-based data center. The backup source will help you prepare this information for the insurance company and get reimbursed for all business interruption losses in a timely manner. Purchasing more coverage than you need is preferable to having little or no insurance. If a period of an operational shutdown is long enough, an unprepared company might go out of business permanently, especially if the company owner failed to add the benefit to his or her commercial insurance policy.
We have more ideas on protecting businesses of every size from different kinds of loss exposures. There are other types of benefits you might need to include on your commercial insurance policy to keep you and your employees safe and to offset the aftermath of unforeseen events. While you may have peace of mind that your building structure and equipment is covered, consider how to continue operations when the normal way of doing things is disrupted.
As of today, there are eight states in the US that have legalized the use of recreational marijuana. New Jersey is currently poised to become number nine. Though popular support is growing, the legalization of marijuana places New Jersey business owners in a precarious position as marijuana remains illegal under the Federal Controlled Substances Act. Many employers, especially those with federal contracts, are reluctant to imply they would violate federal law by condoning the use of marijuana, even if it is permissible in their state. Moreover, many business owners are merely apprehensive due to stigma, client perception, and concerns over employee safety.
A particularly difficult position for employers is addressing an employee’s request to use marijuana as an accommodation for a disability. Case law on the topic does not provide a clear answer. Some states have found that an employer has no obligation to accommodate while other states have taken the opposite view. In the state of New Jersey, a Court recently ordered an insurance carrier to pay for medical marijuana treatment after the employee suffered an on-the-job accident. This decision may set the stage for greater acceptance of marijuana use despite that, under current law, employers are entitled to enforce a zero tolerance policy when it comes to medical marijuana. Should an employee request to use medical marijuana due to a disability, the employer may reject this accommodation but must still work to find reasonable alternative accommodation.
However, as the workplace grows less centralized with the rise of remote access, the modern workforce no longer operates exclusively in the office or between the hours of 9 to 5. Therefore, an employer that permits employees to use medical marijuana outside the office or normal working hours runs the risk of having these employees work while under the influence.
A recent example of this is a New Jersey man who was diagnosed with cancer and subsequently prescribed medical marijuana. While at work, the man was involved in an accident. Although he was not under the influence at the time of the accident, the employee failed a drug test and was terminated for violating the employer’s drug policy. The employee sued for disability discrimination and failure to accommodate under the New Jersey Law against discrimination. A Superior Court Judge dismissed the case, but it is on appeal and employers around the state are waiting for the result. Should the case stand, New Jersey employers may enforce a zero tolerance policy disciplines or terminates ploys found to have used marijuana, regardless of when the drug was used.
Also, proposed legislation seeks to add protection for those who use medical marijuana. If this legislation passes, employers will need to make difficult decisions on the technicalities of how to monitor off-duty use of medical marijuana. While an overly strict policy may trigger a lawsuit, too lenient of a plan may result in an employee working under the influence and a potential lawsuit against the company if the employee is involved in an accident.
In addition to addressing the use of medical marijuana, employers will need to respond to recreational marijuana use if it is legalized. While legislation on the issue is pending, the topic exposes business owners to litigation, regardless of the authenticity of the allegations.
As it stands, the current state administration endorses legalizing and medical marijuana use, but it also appears unlikely that the federal government will change its stance on the drug shortly. This places employers in an awkward position. Until a bill New Jersey is finalized, put into law, and tested in the Courts, the employer’s specific responsibilities will remain unclear.
We are following this issue for new developments.
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Some hurricanes still come as a surprise even with the vast assortment of weather-predicting technology in the world. Therefore, you must think ahead and consider the possibility that a massive storm may hit your commercial property one day. If you implement smart strategies to protect your business, you can stay open to serve your community even if the worst happens. These tips will help you prepare your building for a hurricane:
Your first step toward protecting your assets in a hurricane is to obtain hurricane insurance. Regular commercial policies do not cover hurricane destruction. You need a specific plan that will shield you by covering things like:
Each policy differs, so you need to speak with an agent about your needs and what the company offers. Your first line of defense is securing a policy so that a vicious storm doesn’t catch you by surprise.
You more than likely have an area within your building where you can stock essential items for a hurricane. The storm may leave you and your employees stranded inside the building and without food, clothing, and toiletries for an extended period. The wise thing to do would be to invest in such items now and store them in a secure area for a time when your staff will need them. Examples of some items you will need are:
You can order survival kits now that have food in them that won’t expire for decades. If you invest now, you can feel confident you and your workers will have the coverage they need later.
Many businesses and homeowners get stuck in a hurricane because they do not take the time to develop an emergency plan. You must take the time to talk to your employees and management staff and discuss emergency procedures. You should at least hold one meeting in which you discuss such storms and what you will do if one ever hits your workplace. You should designate team leaders, evacuation plans, and inner-building survival techniques to put in place if you all get stuck inside. Half of the battle in a hurricane is that you know what to do when one hits.
Massive storms like hurricanes can wipe out all of your existing data if you don’t think ahead. A colossal data loss can set your business back ages. It’s time to shop around and find a reliable backup option for all of your data. That way, the integrity of your company will remain even if a monstrous storm shocks you.
While you’re shopping for data backup services, you should also look for portable generators and other power sources you can activate if a hurricane strikes. You’ll save a heap of time later if you find a solution now. You’ll also reduce stress levels during the disturbance.
We can’t take care of all the essentials for you, but we can help you find an insurance policy that meets your needs. Contact us and converse with one of our dedicated agents who can help you navigate through the hurricane insurance options to find the most viable solution. We want you to be 100% ready for anything that comes your way so that your business can thrive.
Contact us and allow us to support you in your efforts to stay a strong force in your community.
We have covered a number of different attributes that make up our different Law of Success, this next one is incredibly important. Being able to have a good handle on your self-control is a major factor in your continuing success in rising to the top of your industry. In order to be the best at what you do, you have to be able to control your emotions, thoughts, and behavior.
There are a time and a place for everything in business. You have to be able to think before you say certain things. This is to ensure you’re saying the right thing, being encouraging (not negative), keeping confidential things to yourself (should an employee tell you something in confidence), and ensure your emotions are the right reaction for each instance.
In order to make sure you are doing everything you can to have the best self-control practices, click the video below!
Many companies are increasingly outsourcing IT services to external providers. While at it, they’re sharing sensitive customer or employee information with third-parties. This arrangement poses internal and external cyber risks. So, both a company and its managed IT services provider bear a degree of cyber liability in the event of personal data theft, loss, or inadvertent disclosure.
There are two types of cyber risk insurance options: first-party policy and third-party policy. If your company processes any personally identifiable information (PII), such as social security numbers, you need to protect yourself with the right cyber liability insurance. Companies that require such protection include managed IT services providers, staffing agencies, and independent IT consultants.
To help clarify the difference between the two cyber insurance options, consider a slip and fall claim, where a tenant sustains physical injury after falling on stairs that require a handrail:
Here’s a look at the difference between first-party and third-party insurance policies:
First-Party Cyber Liability Insurance
First-party cyber insurance is ideal for non-IT companies storing or handling employee or customer information. These firms bear direct legal responsibility for the safety of the sensitive data they’re managing. A non-IT provider may face inadvertent disclosure or similar claims if criminals breached their cyberinfrastructure and stole customer or staff data. In that case, first-party data breach insurance would cover any settlement determined in or out of court.
Consider this scenario: You’re a consultant, and a cyber attacker has accessed one of your servers holding client and employee details, including names, birthdates, bank account info, and social security numbers. The criminal has locked you out of your IT system, and they’re demanding a generous ransom before they can allow you back in. That’s a typical ransomware attack! Happily, you have first-party cyber liability insurance, and you can file a claim in case of the following outcomes of the data breach:
Third-Party Cyber Liability Insurance
Third-party liability insurance covers IT firms, independent IT contractors, or individuals providing outsourced IT services. From a legal perspective, these professionals are liable for any data breach they could have reasonably prevented. They’re directly in charge of developing and securing computing infrastructure and data storages on behalf of their clients.
Your tech service can benefit from third-party cyber risk insurance if a client (or business partner) holds you legally liable for:
Bottom Line: Cyber Liability Insurance is Your IT Firm’s Safety Net
As an IT provider, the sensitive personal information you receive, process, maintain, or transmit is a lucrative target for cybercriminals. It’s not uncommon for data breach victims, such as IT services consumers, their customers, or their staff, to include their providers in compensation lawsuits. Cyber liability insurance protects you against potential costs associated with data breach claims against your company.
Whether you’re involved in a short-term or long-term IT project, Insure Your Company can help you select the right and secure cyber risk insurance. Get in touch with us for a comprehensive evaluation of your IT business insurance needs!
Enthusiasm is contagious, that’s the old saying at least, right?
What if you brought the level of enthusiasm you have for your passions in life, into your work environment. Enthusiasm creates an upbeat work culture that boosts productivity and becomes more enjoyable for everyone. When you are enthusiastic, your team works harder because enthusiasm stimulates your brain.
Clients want to work with passionate organizations. Your clients will instantly notice your enthusiasm, which will build their trust in your capabilities because of your obvious passion.
Enthusiasm brings positivity and positivity brings success!
Regardless of your age or station in life, you can be at risk for lawsuits because we live in an exceptionally litigious culture. When this occurs, you can lose just about everything, including your hard-earned investments and savings.
When you have an umbrella insurance policy, however, you don’t have to worry since this type of policy provides the extra coverage you need.
Here’s what you need to know about personal umbrella insurance and why you may need it.
Simply put, umbrella insurance, also known as excess liability insurance, is additional liability insurance coverage. The purpose of this type of policy is to give you extra insurance protection from lawsuits and major claims so that your assets are protected.
In other words, it gives you liability coverage that goes beyond the limits of your auto, homeowner’s, or boat insurance policy.
In addition to providing additional liability protection, this type of insurance policy also protects clients in situations that aren’t typically covered by a home insurance policy. These include things such as a wrongful eviction, slander, libel, invasion of privacy, and others. It also offers protection from litigation that arises from bodily and personal injuries, property damage, and legal defense expenses because of lawsuits.
Assets protection is the main benefit of having a personal umbrella insurance policy. Here are some examples.
Besides assets protection, there are other benefits to having a personal umbrella insurance policy.
On the other hand, umbrella insurance doesn’t cover everything, such as:
Although umbrella insurance isn’t required, it’s usually purchased by people who need it more than others, such as those who are more at risk for lawsuits, including:
It’s important to determine if you need this type of insurance coverage. Please contact us and let one of our experienced and highly trained insurance agents help you make this decision.
As you grow your small business, you don’t just want mediocre employees who will put in an average day’s work, right? Instead, you want exceptional staff. You want talent that is eager to come into work every day. You need employees who are invested in your organization, brand, and industry.
By utilizing these key strategies to build your company culture, you’ll be able to substantially increase the odds that you’ll be able to attract top talent and keep that talent long-term.
What’s important to your company as a whole? What core values do you want to shape your organization? It’s critical to begin shaping these values as early as possible in your company’s life. Once you’ve created them, enforce them! Make sure that you’re encouraging honesty and creating an environment that centers around those core values.
Trust is one of the key elements in any relationship—and that’s particularly true of the relationship between an employee and their employer. You want trustworthy employees who will bring you key information: when they’re struggling, what they need to know versus what they do know, any personal problems that might be impacting their ability to complete their job, etc.
In order to create that atmosphere of trust, you need to be trustworthy yourself! Let your employees know that they can count on you by following through on your promises and providing them with key information when it’s relevant.
You want engaged employees at your business. In 2015, only about 32% of employees were actively engaged at work. Disengaged employees are less productive, less interested in what’s going on around them, and more likely to cause problems at work.
To avoid these challenges, look for opportunities for team-building. Eat together, play together, and show your team that they’re appreciated. The more you build up your team, the better they will work together—and the better the odds that they’ll give you their best.
Today’s candidates are constantly looking for opportunities to grow personally and professionally. Which means they are looking for employers who will provide them with those opportunities.
In the early days of your business, you may not be able to provide things like tuition compensation for your employees, but you can offer key benefits that will allow them to continue to learn. This can include supporting time off for learning opportunities, offering the chance to go to seminars and events, and paying for certifications for your employees.
If you want to attract a broader range of talent, consider offering something interesting at your business. You could consider offering something like a cool workspace that will intrigue the top talent in your field. For example, provide the chance to work with cutting-edge technology or offering a room filled with retro arcade games where employees can relax during their breaks. The space you offer your employees can create a big difference in their engagement and their desire to stay with your company.
One of the most important elements in keeping your employees is a safe work environment where everyone has equal opportunities to contribute. If your employees don’t feel safe at work, they aren’t going to stay with you long!
Create an atmosphere where harassment and threats are quickly dealt with. Offer opportunities for employees of every race and gender. Open the doors for disabled employees. By offering an inclusive environment, you’ll expand your potential employee pool and make it easier to capture the talent you need.
Even in the earliest days of your business, it’s important to choose your employees carefully. If you need more help shaping your company, including selecting the right insurance coverage for your business, contact us today to learn how we can help.
Picking just a few tips for a first-time homebuyer is not as easy as it sounds. If you have never been through the home buying process, you will be amazed at the volume of information and new language you’ll learn during the process.
This isn’t to say that it’s an arduous process—it should be anything but that! Buying a first home should be an exciting and rewarding time in your life—you are taking a giant step that will benefit you and your family for years and years to come.
Because of the responsibility of home ownership, you need to become aware of the buying process and surround yourself with an experienced, trustworthy, and hard-working team of professionals.
Money management is the first—and obvious—area that you should be concerned with. Not only should your income and cash on hand be able to handle the basic costs of down payment and monthly mortgage payments, you also need to factor in projected maintenance costs, utilities, taxes, home insurance, and the scariest category of all: the emergency fund.
These expenses are mostly self-explanatory, except maybe for the home insurance category. First-time homebuyers have never needed to buy home insurance and probably have no idea what is involved. Simply shopping for the cheapest policy is not always the smartest option.
Your income has to cover all of these recurring expenses, some of which will increase every year (i.e., taxes). Buying a home on a shoestring is a risky proposition—if something major goes wrong, it can wreck your finances to the point where recovery will be long and difficult.
Building on the money theme, this tip is vital. No matter how good your home inspector was or the rave reviews from the selling agent about how great the house is, after you move in, anything that goes wrong is your responsibility to fix. Entering into the home buying process with the understanding that the unexpected can and often does happen, and having the proper financial resources—which includes a well-structured insurance policy—will make your home ownership experience much more enjoyable.
Put yourself in this scenario: It’s your first full day after moving into your new home with your loving spouse. After taking some time off from work to move in, it’s time to get back to it. You are in the shower at 6:30 in the morning in the upstairs bath, when all of a sudden, your significant other comes running up the stairs screaming that the sink in the kitchen is backing up with the shower water and it’s leaking all over the beautiful hardwood floor that you fell in love with!
What happens next? Can you say emergency fund and good insurance policy?
You will need someone to fix something at some time, hopefully not immediately, but it will happen eventually. Now is the time to gather information on reputable repair people: HVAC, plumbers, electricians, carpenters, pest control company, etc.
Take time to meet your new neighbors and see who they are happy with—you’ll make friends in the process and build your support list at the same time. You don’t want to be Googling plumbers at 7 AM when the water is pouring out of your kitchen sink.
This has been mentioned a few times, but having the proper coverage in place for your home is so essential, it can’t be understated. A home is probably the largest single financial investment you will make in your lifetime—don’t risk it with improper/inadequate insurance coverage. Not all policies are the same—just as with your automobile policy, there are many options and variables to consider.
When you buy your home and set up the mortgage, unless you are buying in cash, the lender will not issue a mortgage without a policy in place. They need to be sure that in the event of a major problem their investment in your home is protected. You need to be sure that your policy protects you as well. The last thing you need are gaps in coverage should a catastrophe happen. Understanding the potential threats to your home is part of getting proper coverage.
Is your home in a floodplain? Do major weather-related events happen—hurricanes, tornadoes, forest fires? You might have a difficult time answering some of these questions and that’s why one of the most important members of your new home buying team is your insurance agent. They know your home’s area and understand any possible dangers.
Every business has a goal. In order to achieve your goal, you are constantly analyzing your results, reworking concepts and aiming to achieve a way to hit your goal and new levels of success for your organization. Being in tune with your imagination will thrust your business forward.
To think outside of the box, take constructive criticism, create new ideas and re-use old ideas in new ways is a success trait that will thrust your business forward. To make your imagination productive, You must organize your ideas ensuring that each idea is productive towards your organizations’ goal.
It is time to re-embrace your imagination and put it to work for the success of your business!
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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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We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
