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Best In-Class Business Insurance for Technology Firms & IT Consultants
You insure your car. You insure your home. Are you insuring your most valuable asset? You’re Job!
If the unexpected were to occur, would you be able to support yourself for 6 months, 1 year or possibly longer? Disability Income Insurance protects the most important asset.
Traditional policies cover 60% of income, tax-free. You determine the benefit payable. Disability policies are guaranteed to remain in force till age 70 if needed. Polices can also be written for a shorter period based upon your needs. Cost of living riders can be attached to keep up with growing incomes and time.
Benefits will begin once the elimination period is satisfied. You set the time for the elimination period. The time frame begins at 90 days and can be adjusted with 6-month intervals. Waiver of premium benefit, once the elimination period is satisfied premiums will be waived. And will continue to be waived during your continuous disability. Residual disability is part of the policy, if you can work for example 20% of the time, the policy will pay proportionately.
Disability is defined as the inability to perform the substantial and material duties of your occupation and you are not able to work. Catastrophic Benefit rider can be attached to the policy. If you are unable to perform 2 or more activities of daily living or be cognitively impaired your policy would increase based upon the amount you choose. This rider is similar to a Long Term Care Policy.
Premium is based upon the medical condition, age and job classification. Job classification is measured based upon occupation and the risk associated with such. The benefit amount is based upon income and can be adjusted to reflect your needs. To determine the cost and design a policy which best fits your needs, an appointment to discuss and a simple application begins the process. Similar to applying for life insurance, a para-med exam is performed by the insurance carrier. One can apply for life insurance at the same time using the tests taken for the disability policy.
Obtaining coverage when we are younger and healthy, guarantees lower premiums for the life of the policy.
If you haven’t insured your income in case of a disability contact us today and talk to a licensed professional.
When we think about employee benefits, we often think of a salary, health insurance, dental insurance, and a 401k. Those are important aspects of a compensation package, but employers shouldn’t overlook wellness programs. These programs are good for both individual employees and the company as a whole.
There are many different types of wellness programs and ways to implement them, but they all have something in common: they’re meant to promote health and well-being. Here are just a few examples:
There are clear benefits to the employee: they get a free (or low-cost) and convenient way to improve their health. They also have the benefit of working together with their co-workers within the program, so there is a sense of support and encouragement.
The company also benefits from these programs. Healthy, happy employees are more productive employees, as this study indicated. They are less likely to require sick days, and they have more energy and enthusiasm during their work hours. By offering these types of programs, you show your employees you care about them, which fosters trust and loyalty—leading to higher morale and lower turnover.
Furthermore, you’ll save money:
“Well, it turns out that a comprehensive, strategically designed investment in employees’ social, mental, and physical health pays off. [Johnson & Johnson’s] leaders estimate that wellness programs have cumulatively saved the company $250 million on health care costs over the past decade; from 2002 to 2008, the return was $2.71 for every dollar spent.”
In another study involving 185 employees at a single company, 57 percent of the participants who were classified as high-risk for cardiac issues at the beginning of the program were considered low-risk by the end of it. “…medical claim costs had declined by $1,421 per participant, compared with those from the previous year. A control group showed no such improvements. The bottom line: Every dollar invested in the intervention yielded $6 in health care savings.”
First, you need to consider the size of your company and your budget. Not all programs cost a lot of money: you could start a lunchtime yoga class, bring in a massage therapist once a month to offer free or reduced-fee treatments, or give everyone a pedometer and recognize those who achieve the most steps every week. The key is knowing your employees: what do they want and what will work for them? What are their biggest health and wellness concerns? If no one in your office smokes, it doesn’t make a lot of sense to offer a stop-smoking program.
It’s also not enough to simply offer the program: you need to demonstrate enthusiasm for it from the top down. Leaders in the company should participate in the program and encourage others to do the same. Whoever is organizing the program should regularly assess its popularity and effectiveness. Give the program time to take hold: employees need time to change old habits.
If you don’t yet offer some type of wellness program, now’s the time to consider it. As you improve employee wellness, you improve company wellness, too. See how you can best support your employees as they strive to maintain a healthy lifestyle, then back that up with the right health insurance plan. Contact us if you have any questions about insurance and other employee benefits.
A limited liability corporation(LLC) and a sole proprietorship need insurance. All businesses need protection. There are several types of insurance available to protect your business based on the products or services you offer.
Various insurance policies should be tailored to meet your special needs.
Professional Liability Insurance, including Errors and Omissions Insurance, work well for small businesses. This type of insurance protects the business and the owner from any mistakes including not delivering the services the customer expected. Customers may feel that the roof or the plumbing was not repaired to their satisfaction.
An accident may occur to a property you are servicing and the owner considers the damages to be your fault. As an example, your cleaning van or plumbing repair truck may back into a fence and cause damage. A customer may file a lawsuit and be able to prove that you caused financial loss as a result of the property damage.
The insurance company will try to settle out of court based on the limit of coverage in your policy. They will pay out based on the amount specified in your policy if you lose a lawsuit.
State laws usually require professional liability coverage for some small businesses. A contractor with whom you subcontract may also insist that your business has professional liability insurance. How much insurance you carry will depend on the type of business.
Your employees should have coverage based on your business. You may manufacture a small product with a workforce of only a few people. They should be covered for any injuries sustained on the job. Many states required workers compensation insurance based on the type of business and the number of employees.
General liability insurance to cover customers, visitors and guests who sustain an injury on your premises is another type of insurance that is advisable. This is third-party injury insurance that will cover medical and related costs if someone slips on a wet surface or is injured on your property in any other way. It may not be the fault of your business location, but the injured party can sue you for negligence and/or other damages. This is one reason for keeping your walkways clean and safe during heavy rain and snow. There are many precautions that are necessary to protect employees and customers if you have a street front business.
Your business may be a home-based operation where you design web pages or sell a product through a multi-level distribution system. You still need to protect your business location, your equipment, and storage facilities if applicable. You need special insurance if you warehouse products and deliver them to customers.
You need property insurance to protect computers, printers, communications equipment, and other supplies that may be used in your business. You may need special materials, equipment, and products for manufacturing or services that should be insured. Commercial vehicle insurance is necessary for business cars and trucks.
The business location requires protection as well against theft, vandalism, fire, and flood. Your risk insurance should also cover business interruption. A business may need to close down temporarily causing loss of income from water or fire damage. This type of insurance can cover payments for salaries, rent, and any taxes that are due as well for property damages. The policy can cover all costs until your business reopens.
Contact us at InsureYourCompany.com for a customized insurance quote to protect your small New Jersey area business with the right coverage. We will find the coverage and packages that offer the maximum protection for an LLC or sole proprietorship.
Sometimes, starting a business relationship with another company, such as a general contractor, may be difficult before all parties can find a way to address additional liabilities that the partnership may potentially create. You may already have a commercial general or professional liability policy, but the insurance cover may fall short when the other business makes mistakes for which you may be held liable. An additional insured endorsement (ISO) can solve that problem by protecting you both against potential liabilities.
If you take out an additional insured endorsement, you’re extending an already existing liability insurance coverage, for example, general liability policy, to a business partner to cover any additional liability exposure you potentially create for them. It protects your company and your business engagements with parties such as general contractors. Generally, a larger company may require a smaller potential partner to name them as an additional insured as a prerequisite for doing business with them.
There are different types of additional insured endorsements, each of which may be worded uniquely to address specific liabilities or compensable risks. Be sure to get your policy’s language right to protect your business interests sufficiently. For example, the ISO type CG 20 10 4/13 does not cover the other party, such as general contractor, against their sole negligence. The additional insured can only obtain protection under this endorsement if the policyholder (e.g., a subcontractor) bears full or partial liability for the loss in question.
The owner of a commercial building in which your business operates may ask you to name them as an additional insured on your renters’ insurance policy. Your landlord will benefit from the coverage in the event of loss of property or personal injury on your business premises. The required endorsement, in this case, is the managers or lessors of premises or CG 20 11.
A third-party may deem the project owner liable for a contractor’s acts of commission or omission on a construction project. For example, an investor hires a contractor to set up scaffolding over a sidewalk, and people are allowed to walk under the installation. Two pedestrians sustain injuries after the scaffolding collapses. They then file claims against both the project owner (investor) and the contractor. While the investor neither built the scaffolding nor told the contractor how to assemble it, they’re now facing vicarious liability for the contractor’s errors. If an additional insured endorsement covers the project owner (because the contractor extended their preexisting liability insurance accordingly), they have protection against financial loss in case the court rules in favor of the injured pedestrians.
An insured company (lessee) that uses leased machinery, such as heavy construction equipment, may also require an additional insured endorsement to address the exposure the business arrangement creates for the equipment owner (lessor). In this scenario, the lessor may require indemnity against liability that the lessee creates while using or maintaining the leased machines. The right form of additional insured endorsement for this contractual relationship is lessor of leased equipment (CG 20 28).
A company may include an additional insured endorsement in its commercial auto insurance policy. The ISO is suitable for businesses whose vehicles have multiple drivers. Without necessarily specifying a name, the cover may protect any individual (besides designated drivers) who may drive company cars.
ISOs are business-critical inclusions in contracts for general contractors, project owners, subcontractors, commercial landlords, tenants, and other parties. However, including a specialized additional insured endorsement in your general liability policy can only yield maximum benefits if you fully understand the perks, conditions, and limitations specific to it.
At Insure Your Company, we can advise you on how to create a comprehensive insurance cover for your business by selecting the right additional insured endorsement. Contact us today to discuss specifics!
Whether you’re just starting out or successfully running your own business, there’s plenty for you to worry about. According to the Small Business Association, 30% of new businesses fail during the first two years of being open, 50% during the first five years and 66% during the first ten. You’re probably thinking, “and this is supposed to make me feel better?”
Well, actually, it is. Many of those businesses that failed could — and should — have succeeded if they had the right business model in place, one that focused on what is truly important when growing a small business. But many companies choose to overburden themselves with complicated policies and unnecessary structural components when what they really need to do is keep things simple. Focus on what is important to the customer, and make that your top priority.
Below, we’ve outlined the top five areas where small businesses should focus their efforts during their first few years. Keep it simple for now. Save the complicated stuff for after you’ve seen the sunny side of success.
Customer Service
According to a survey conducted by American Express, 78% of consumers have canceled or not made an intended purchase due to weak customer service. Customer service should be the number one priority of any business that is starting out, as it can truly make or break you. Great customer service will lend itself to market expansion through word-of-mouth and improves an online presence through positive reviews on Yelp or Google.
Without excellent customer service, your business has no reputation to speak of and thus does not motivate the consumer or the potential employee to dig any deeper. Put customers first, and your customer service will need no introduction
Market Expansion
If there’s any one area where you should spend money right now, it is on expanding your market. Effective marketing is the key to increasing sales. But you may not have to break open the bank to do so. There are many smaller ways that you can expand your marketing efforts, such as partnering with other local businesses or with charitable organizations (which will also impact you positively on social media).
You can promote your opening in the newspaper (yes, some people still read it!) as well as online. You can send out promotions with your invoices. You can even offer free classes or workshops relating to your business and the services you offer. These are all also great ways to generate positive word-of-mouth, which is the best free marketing that anyone can ask for.
Online Presence
Increasing your online presence has much more to do with making the right moves and using technology efficiently than it has to do with spending money. Social media accounts are a great place to start. Build your brand through social media, and then begin tracking your brand mentions. Use a free service like Google Alerts to let you know if people are talking about your business online.
Engage with customers through replies on their reviews or commenting back on their Facebook posts to you. Increase interest by posting original content with a story behind it. Everyone loves a good story, so tailor your brand’s story into something that everyone wants to read about and see more of.
The Right Team
Hire the absolute best people for your business and then figure out a way to keep them coming back every day, doing their best work, for you. This can be as simple as leading with transparency, cultivating an environment of positive adult culture at work, and making time to build those personal relationships with individual staff members.
Keep in mind that it’s much easier to train people with the right mindset than to rid someone of a poor mindset. Only take on those employees that have a special way of thinking that aligns with your business model. Because once you have the best team behind you, your business will be able to get itself off the ground in no time.
Be the Best You for Your Business
With you, there would be no business. It’s incredibly important, especially in this day and age of burnout and high-stress levels, that you take time to focus on your own health and well-being as you create and grow your dream company. Know that the journey will be a long, sometimes slow, and often difficult one, but the rewards you can reap are worth it.
Just don’t wait until “the end” because when you have your own business, you should know that there is no end. The workday never has to stop, yet it must. You are human. Learn how to delegate, don’t spread yourself too thin, and remember that when you’re at your best, the rest of the business can be at its best.
Want to hear more about how small (and medium, and large) businesses can stay successful? Continue reading on our blog. Or contact us directly today. We understand your need to keep things simple, and we’ll make finding the right insurance policies just as simple.
Today is Collector Car Appreciation Day! Are you TIRED of new cars constantly coming out, with no appreciation for the classic cars of the good old days? Well, I find it EXHAUST-ing. Give me a BRAKE, right? Aside from my cheesy puns, collector cars are no joke. Here are a few tips for anyone looking to buy a classic car!
Jay Leno, a car enthusiast, comedian and star of the show, “Jay Leno’s Garage” is quoted as saying: “If you have a car that you think is just beautiful and you enjoy washing and polishing it, and it’s fun to drive and it’s technically interesting, then it’ll probably go up in value,” He also says that “If you’re just trying to buy cars for investment purposes, you’ll always be disappointed because you’ll never make enough money[…]But if you buy something that you like, if it goes down in value, then at least you still like it.”
Kim and Mitch McCullough are rare and vintage car enthusiasts. They not only collect obscure cars but they have accumulated lots of catalogs and books along the way, as well as posters, models, and marketing materials that they have on display. “All of these things add to your understanding of the cars,” says Mitch.
Jeff Allen of the car-flipping TV show, “The Car Chaser” recommends to research before buying any collector car! Though some classic cars were made before the advent of the internet, it doesn’t mean you shouldn’t do your research by any means necessary. Use any search ENGINE you’d like, and find something you can AFFORD!
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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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