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Liquor liability is something you need to have, be well-versed on as a business owner, and have if your company plans to serve or allow alcohol at a company function. This includes a holiday party or even after hours drinks, always use caution. There are actually certain situations an employer can be held legally responsible for the consequences of an employee drinking. This can include things such as inappropriate behavior, harassment and, drunk driving injuries.
If you do chose to serve alcohol in any capacity, there are a few things you can do to promote responsible enjoyment and also help protect your business. One of the most important and best options for you will be to make sure your insurance covers host liquor liability. In the event of a lawsuit, the insurance coverage can step in to defend your business. This can usually be added to your business general liability policy.
In the simplest terms, insurance scores (sometimes referred to as insurance credit scores) are ratings. These ratings are calculated and utilized by insurance companies. The long and short of the definition boils down into something relatively simple; an insurance score represents the probability that an individual will file an insurance claim during the time they’re covered by that company.
Insurance scores are based on your credit rating. Insurance companies also utilize property claim databases, auto accident history information, and other tools to determine the score that they give you. Insurance claim and profitability data will be brought into the fold during the decision-making process to, ideally, give your insurance company a clear picture of your reliability.
More than anything, insurance scores are intended to be tools that allow your insurance company to statistically predict risk. They want to know how likely it is that they’ll need to hound you for payments or that you’ll file a claim. These things impact their bottom line– it’s understandable that they’ll want an idea of the risk they’re taking on clients.
Your insurance score will directly influence the premiums that you wind up paying for health, auto, life, and homeowners insurance coverage. Higher scores mean lower premiums; lower scores mean higher premiums. Even small differences in premiums can add up to a substantial price tag over time.
Your insurance score can range from a low of 200 to a high of 997. Generally, insurance scores that are 770 or greater are seen as ideal; poor scores encompass those below 500.
Insurance scores generally apply to home and auto insurance. This means that they have a direct impact on how much you pay to keep two of the most valuable things (monetarily) in your life protected; if that’s not serious, what is? Some companies do use insurance scoring for health and life insurance policy pricing, as well.
Everybody experiences scenarios that are out of their control; and sometimes, these scenarios can lead to a low insurance score. In some cases, these issues can’t really be fixed. One great example of this is a short credit history. If you’re young or got into the credit game later on in life, you’ll be contending with time when your insurance company starts the scoring process.
In other cases, there are steps you can take to clean up issues and boost your insurance score. It’s always a good policy to make mortgage, loan, and credit card payments on time. This shows that you’re trustworthy and has a direct, positive impact on your credit score. If your utilization on your available lines of credit is creeping up, you’ll need to come up with a plan of attack to cut down on debts in order to raise your insurance score.
While few of us have much of a choice regarding whether or not we file insurance claims, it’s worth mentioning that those who file no (or few) insurance claims tend to have better insurance scores. This is something that’s difficult to avoid; however, it’s a factor that you may want to keep in mind. Whether you’re “on track” in this aspect or not, making a conscious effort to live your life a little more carefully might save you some cash on premiums down the line.
If you’re interested in learning more about securing insurance coverage and which solutions are best for you, contact us today. Our expert team will be glad to address your concerns and begin creating a roadmap to ample coverage that keeps you, your loved ones, and your property protected.
New Jersey has taken non-disclosure agreements to task. If an employee sues your company for discrimination, sexual harassment, retaliation or other employment issues, Employment Practices Liability Insurance (EPLI) can protect your business. Such lawsuits can cost your company $100,000 – $500,000+ in defense costs and damages. EPLI Insurance can absorb that burden so you can continue operations.
A recent change to New Jersey law means that employees may no longer be bound by non-disclosure agreements. Traditionally, when an employment practices case settles the employer and the employee enter into a settlement agreement. This is a contract spelling out how much the employer will pay and what the employee will do in return, such as dropping the lawsuit. Typically, settlement agreements contain confidentiality clauses that prevent the employee from sharing details about the lawsuit or the settlement. This is to protect the company’s reputation and allows the company to avoid admitting liability.
On March 19, 2019, Gov. Murphy signed a bill that limits the employer’s ability to use non-disclosure agreements in certain cases. Going forward, non-disclosure agreements will not be allowed in cases of sexual harassment, discrimination, and retaliation.
This means that employees will be free to discuss the circumstances surrounding their allegations and a resulting settlement.
According to Senator Weinberg, a sponsor of the bill, when settlements are not made public, sexual predators are able to continue their behaviors, which can endanger other individuals. Senator Nia Gill explained that while NDAs can still be implemented, they may not be used to silence victims of sexual harassment, assault, or discrimination in the workplace.
Though many see this as a triumph for employees, it may actually make claims harder to settle. Companies value their reputation and have been willing to pay a premium to dispose of claims quietly. With no guarantee of confidentiality, companies may be more reluctant to settle claims and may place a lower value on the settlement.
Non-disclosure agreements are still enforceable for things like trade secrets and proprietary information.
Regardless of the impact, Employment Practices Liability Insurance remains an important tool to protect your business.
If you’ve ever been notified that your property and casualty (P & C) insurance policy is being canceled, you know how this can send shock waves throughout your being. Too often, people think their insurance policies will always be there for them, regardless of what they haven’t done to keep their policies intact. Here are five of the most common reasons for a P & C insurance policy being canceled, along with the importance of working with your insurance agent for solutions to rectify the problem.
One of the main reasons for an insurance company to cancel a P & C policy is because of too many claims. If this is the case, you’ll need to ask yourself some questions, such as the financial worth and nature of each claim. Were the claims because of related or similar problems, such as water or fire damage?
Maybe the claims were from unrelated causes. Furthermore, did they all happen at the same location, and have you made any changes that have made your property less hazardous?
Unfortunately, sometimes policies are canceled because of people forgetting the due dates of their payments or not paying at all. One of the worst blunders you can make is to ignore a payment notification.
If your policy is canceled, for this reason, you’ll need to promptly call your agent so that reinstatement can be negotiated, and you can keep your policy. Ask your agent what you need to do to prevent your policy from being canceled. Explain why you didn’t pay on time, such as having a death in your family, an extended illness or hospital stay. Another reason may be financial problems or even a trip that lasted longer than expected.
Did your insurance company tell you to make certain repairs on your home, but you failed to do them? Then your policy could be canceled. Even if you started to make the repairs but didn’t complete them within the timeline that your insurance company provided, you could still lose your policy.
For example, it’s common for insurance companies to have safety concerns about specific kinds of electrical wiring in older homes, such as tube wiring, which can be exceptionally hazardous. Another issue is an outdated electrical box that needs replacing. If you believe your wiring is safe, ask a professional electrician for a written statement supporting your case.
The term “material change in risk” is a change in a situation. This is a term insurance companies use for a continuous, substantial change in a client’s situation that causes risk factors in a property to increase. A typical example is someone converting their home into a daycare center or another type of business. To prevent your policy from being canceled, immediately notify your agent of any changes you’ve made.
Perhaps you’ve heard of the term “moral hazard” but aren’t quite sure what it means. Simply put, this involves people taking risks at the financial expense of others. In other words, they fail to do what’s right and only consider what benefits them. For instance, someone drives a rental car on rough, mountainous roads when they would never even consider exposing their own vehicles to such risks.
Are you a small business owner who’s in the market for commercial insurance? Please contact the insurance pros at InsureYourCompany.com.
If you have auto insurance, maybe you’ve never considered why it’s important to review your policy every six months. Reviewing an auto insurance policy is even more critical when things have changed in your life, such as getting married or moving to a new location. Here are six reasons why you should review your personal auto insurance policy every six months, along with a few considerations and warnings.
Since auto insurance rates are mainly determined by the value of a vehicle, you need to be sure your insurance carrier has adjusted your premiums that are based on your vehicle’s annual depreciation. In fact, vehicle depreciation is the main reason for convincing insurance carriers to reexamine and reduce a client’s insurance rates. Consider that a new vehicle depreciates in value from 15 to 20 percent during its first year.
In most cases, traffic violations can mean increased insurance rates for the next three years, starting from the date that the violation was filed on a police report. Unfortunately, traffic violations can remain stamped forever on your MVR (Motor Vehicle Record) unless you notify your new carrier.
Thus, you need to be sure that when you switch insurance carriers, the new company doesn’t look at an old violation and increase your rate. In other words, make sure your carrier reassesses your rate for any violations that are outdated or almost up.
If you’ve moved within the last six months, you need to review your policy and contact your insurance agent. Keep in mind how many carriers evaluate geographic regions by their overall risks.
For example, areas prone to more vehicle theft and bad weather typically charge higher rates because drivers living in these areas usually file more claims. Also, areas that are highly congested generally have higher rates. Therefore, if you bought your policy in an area considered risky but move to a community where there is less risk, then you need to notify your carrier as you’ll probably get a cheaper rate.
If you don’t drive as much as you did six months ago, your insurance company may be able to give you a low-mileage discount as many carriers do offer these discounts for people who don’t long distances. In fact, there are some carriers that offer what’s known as “pay-as-you-go” auto insurance that offers even more of a reduction in rates.
Have you tied the knot in the past six months? If so, as a married couple, you and your spouse can receive discounts on your auto insurance. Therefore, you need to notify our insurance carrier. It’s also a good idea to ask other married couples about marriage discounts they’ve received from their insurance companies.
Consider that part of the purchase price of your insurance policy goes for covering an insurance company’s expenses, such as employee compensation, marketing, and other costs. In other words, an insurance rate is calculated by other factors other than a client’s vehicle and driving record.
Because costs can fluctuate, companies compensate by varying insurance rates, which explains why rates can vary significantly between different carriers. Often, companies who pull back from marketing offer even cheaper rates, so it pays to shop around.
Questions? Please contact the New Jersey commercial insurance specialists at InsureYourCompany.com.
If you’re a pet owner, you understand the importance of keeping your pet happy and healthy throughout their life. As an integral part of your family, your pet deserves to get routine checkups, important vaccinations, and exceptional healthcare. But, visits to the veterinarian are costly and may not be affordable for everyone. Fortunately, you can purchase pet insurance that can help you cover the costs associated with your pet’s healthcare. Here we explain what pet insurance is, what types of coverage are available, and how it can benefit both you and your pet.
Also known as pet health insurance, pet insurance works similarly to health insurance for humans. It helps cover the cost of veterinary care for your pet. In addition to providing coverage for times when your pet is injured or ill, pet insurance can also help you cover the cost of routine checkups and vaccinations. Much like human health insurance, there are certain terms you need to know that can help you understand your pet’s coverage.
Co-pay — The percentage you must pay after the deductible is met
Maximum payout — The maximum amount that can be reimbursed by the insurance company
Deductible — An amount you must pay before the insurance company will begin paying their portion
Premium — The amount you pay monthly for the coverage
Before you purchase pet insurance, you may want to know what types of things are covered. Although different policies vary in coverage, here are some items that may be covered by your pet insurance.
Although having pet insurance does not mean your pet will never get injured or become ill, it does provide a wide range of benefits that can help you relax and take care of your pet the way you want to. Here are just a few of the many advantages of having insurance for your pet.
Sometimes, pet owners do not take their pets to routine checkups simply because of the expense of an appointment. But, when you have insurance coverage that pays a portion of the cost, you’re more likely to schedule appointments with your veterinarian on a more routine basis. This helps your doctor identify any potential threats to your pet’s health before they turn into a medical emergency.
Most people know that having a pet comes with certain expenses. However, until you have a pet, you don’t always realize how much it costs to take them to the veterinarian. With pet insurance, you don’t have to cover all the costs on your own, which means you can save a significant amount of money each year on healthcare costs.
When you have health insurance for your pet, treatment options that may not have been available to you can now be considered. For example, chemotherapy for a pet with cancer can be a significant expense that you may not be able to afford on your own, thus making it unattainable. However, with the right coverage, you can get your pet the treatment option that is right for them without having to make the hard decision of how to pay for it.
Like most pet owners, you don’t want to spend time worrying about what you will do if your pet becomes ill or suffers an injury. Pet insurance can offer you the peace of mind in knowing that your pet will get the care they deserve no matter what happens during their life.
People cancel and change insurance providers for several reasons. One of the main reasons that an insurance policy is canceled is due to poor customer service, such as an agent is hard to contact. Often, customers switch companies because they’re looking for cheaper premiums, while others have encountered negative experiences in filing claims. Regardless of the reasons for canceling or switching providers, it’s important to do it the right way. Here are four factors to consider before making a final decision.
When you cancel and change insurance providers, you can either contact your agent or simply stop making monthly premium payments. However, it’s highly recommended to officially call him or her and set up an appointment. Of course, your agent will ask the reasons why, so be prepared to answer questions. Agents also tell their customers the correct way to cancel a policy, which is another reason to meet with them.
On the other hand, if you decide to not inform your agent and want to just stop making monthly payments, your policy will terminate automatically or lapse. If you choose this option, be forewarned this is not the wise way to cancel a policy. Think about how it can negatively affect your record by making it difficult when applying for new insurance.
Before you cancel an old insurance policy, check to see if you have any penalties, which is another reason for talking with your insurance agent before canceling a policy. If you do have penalties, you certainly don’t want to have to worry about paying more for your new policy because of penalties from your old one.
Be sure your new policy is effective before canceling the old one, so you don’t have a gap in coverage. A gap in auto insurance coverage is especially risky. Besides the possibility of getting into an accident and not having coverage, insurance companies tend to give lower rates to drivers with continuous insurance.
Ask if an insurance company offers a “free look” period. This is a period of time that allows customers to have full coverage while reviewing a policy. After studying the conditions and terms of a policy, sometimes people decide it doesn’t fit their needs. When this is the case, the contract is canceled, and they are fully refunded for paid premiums without having to pay penalties.
Before deciding to cancel a policy, be sure it’s necessary, or that you can replace your old one with a better policy. Instead of rushing out to get a new policy, take time to list the pros and cons for changing providers. Additionally, do your “homework” by comparing what different providers offer. Unfortunately, often people change insurance companies only to discover later that the new policy provides the very same coverage as their old one.
Are you shopping for high-quality commercial insurance? Then, contact us at InsureYourCompany.com. Our insurance specialists work with a wide range of businesses, although we mainly focus on single-person LLC’s in tech and small businesses in New Jersey
The Golden Rule is your standard for any and all human interaction. As you were growing up, I am sure time and time again you had your guardian constantly reminding you to “treat others how you want to be treated.” Well, this is actually the basis for The Golden Rule. In your career, whether you are in a senior role or just getting your start, you have to always ensure that you are giving your colleagues (and customers) the same courtesy and respect you would expect to be shown by others.
The Golden Rule means being genuine in your actions, not just doing something to be seen doing it. The true seeds of The Golden Rule and success come from being honest, trustworthy, generous, confidence, loyalty and self-confidence. Being able to embody all of these characteristics (or “seeds”) will enable you to truly be able to not just SAY, but also ACTION The Golden Rule.
Your big day is coming up before you know it. You’ve already decided that you’re going to join your life to the person you love most. What comes next? Hopefully, your wedding will go off without a hitch: no accidents, no injuries, and nothing unexpected.
Unfortunately, things might not go as smoothly as you had hoped.
As you’re preparing for your wedding, consider how the potential for the accident could impact your family–not to mention how it could impact your finances just as you’re joining your life to your spouse. Wedding insurance is an incredibly smart move that can help ensure that you’re able to get your new life off to the best possible start.
In the middle of the ceremony, the unity candle topples over, catching the carpet on fire–or worse, landing right on your mother-in-law’s new dress. Minutes after you cut the cake, there’s a disaster: someone fell out on the dance floor and broke an ankle. No one likes to imagine that those things will be part of their wedding, but for all too many couples, disasters do strike in spite of their best efforts to plan a safe, beautiful ceremony. Wedding insurance might not be able to prevent the disasters, but it can help prevent you from being held financially liable for them. There are plenty of excuses for not choosing wedding insurance, but going forward with your insurance is a smart move.
Doesn’t the venue have insurance? Most venues do carry insurance, though you’ll find some locations where insurance is unrealistic–a public beach, for example. Venue insurance, however, doesn’t cover the items you bring into the venue yourself. Whether you’re making your own directions or a drunken groomsman accidentally causes an accident for another guest, you don’t want to find yourself held liable. Not only that, venue insurance won’t protect you financially, regardless of what happens. The venue’s insurance policy is designed to protect the company and its employees. Wedding insurance, on the other hand, is designed to protect you.
My friends and family would never sue me for an accident. Most people don’t want to imagine that the ones closest to them would sue over an accident, but it can happen! Consider your guest list: does it include that uncle who’s always starting trouble? That aunt who always has to make a scene about everything? Sometimes, even the people you love most will react badly in the aftermath of an accident. Not only that, your wedding insurance can help offer financial protection to your loved ones: if they’re hurt during your ceremony, you’ll be able to help provide for their care without taking the money out of your own pocket.
Whether your big day is just a few weeks away or you’re still in the basic planning stages of your wedding, now is the perfect time to make sure that you have wedding insurance. If you create your policy now, you’ll be able to save $100 on your wedding insurance. Whether you’re looking for a one-day policy just to cover your big day or a three-day policy that will help cover the whole wedding weekend, those savings will make it easier to secure insurance while celebrating the day of your dreams.
Are you ready to take out your wedding insurance policy? Is protecting your friends and family members a top priority as they gather to celebrate you and your new spouse? If so, contact us today to learn more about the wedding insurance policies we offer. From small ceremonies to the biggest wedding of the season, we offer policies that will help protect your loved ones financially if an accident does occur during your wedding.
Intolerance has a long history of tearing down governments, causing war and increasing mob mentality. It is key in every aspect of your life that you learn how to have tolerance for others. As we are growing up, we are taught to believe what our family believes. So the first step in ensuring you are having tolerance is to take a look at yourself and the areas in your life that you may not have tolerance for others. Understand why a certain prejudice may exist to you and then rebuild your attitude around how YOU would want to be treated by others.
At work, you have to work with several different personality types, learning ways to tolerate each different type that you normally may not gravitate towards (outside of work). You have to learn how to control yourself, your environment and set standards in order to ensure you are successful. Being able to never assume, open your mind and willingness to listen to everyone will assist greatly in your journey to true, real, hard-earned success.
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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.
