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Best In-Class Business Insurance for Technology Firms & IT Consultants
Make no mistake; insurance might be the only thing that can keep your business afloat when a disaster strikes. Yet, 40% of businesses never reopen after such incidents.
At the same time, many business owners often cry foul when insurers deny their claims. They assume insurance companies only want their money and therefore act unfairly.
But in most cases, insurance companies have very good reasons for denials. The most cited reasons include:
The surest way to prevent it from happening to you is to never take chances with your business insurance. And it all starts with the broker you work with.
Unfortunately, some business owners don’t take time to find the right broker or agent because they “already have a broker.” It is not uncommon to find business owners switching brokers after things head south. According to a 2017 Broker Services Survey, most clients changed brokers due to timelessness and ineffective services.
Choosing an insurance broker for your business is like picking a business partner. Get the right partner and your business’ interests will be prioritized. But choose blindly and the chickens will surely come home to roost someday.
So, how can you know you have the right business insurance broker?
The business world today is highly specialized and competitive. And since your insurance broker is more of a partner, it’s imperative that he/she understands your industry very well. The good news is that some brokers specialize in particular industries.
Industry expertise ensures you secure the best coverage for your business at a reasonable rate because they understand the risks involved.
Studying the carriers a broker represents can tell you a lot. Great brokers usually get contracts with the best-rated carriers, so make sure your broker works with A-rated carriers.
It is also wise to look at the products your broker offers. As you do so, think about the future. As your business grows, your insurance needs will also expand. So make sure your broker has the products and expertise to grow with you.
Claim time is the most important point in any insurance policy. Finding a broker with a solid track record in handling claims is necessary. Therefore, ask your broker about the claim services they offer.
Ask them about past claims to gauge their level of experience. Brokers who have handled claims before have a greater understanding of the entire process. They are more likely to represent you well.
Other factors to consider when evaluating business insurance brokers include:
As you can see, finding the right broker for your business is not a walk in the park. Sitting comfortably and assuming you “already have a broker” is also too risky. So…
Rather than waiting for an incident to happen to evaluate your broker’s prowess, take action now. This can help you avoid thousands of dollars in fines and property damage.
So if you already have a broker but feel unsatisfied, here are signs to confirm it’s the right time to find a new broker.
Managing a business takes time and energy. No owner has the luxury of chasing down brokers for certificates of insurance (COI) and endorsements. So if your broker is not responding to your requests on time, it may be a good time to find a great broker.
Insurance policies can be extremely complicated. Studies show that people tend to choose the wrong insurance plans if they rely on their own judgment. So your broker should be your expert.
For instance, they should clearly tell you how the policies protect your business from certain risks. If not, find another broker.
Renewal is an important time when your risks are assessed for changes. There is, therefore, a high chance that your coverage and policy will change.
However, that doesn’t mean you’re kept in the dark about the process and details that necessitate the changes. If that happens to you, it’s time to shop elsewhere.
As mentioned earlier, omissions of important details can put your business in a bad spot when making a claim. So if you observe significant inconsistencies, it means your broker doesn’t pay attention to details and is jeopardizing your business.
Other signs to watch out for are:
Clearly, having business insurance is no longer a reserve for only giant companies. But to make the most of it, make sure you get a broker or agent who understands your business and its risks.
At Insure Your Company, we pride ourselves in helping you secure proper coverage and documentation to help you take your business to the next level. Contact us today to speak with our business insurance expert.
If you’re an entrepreneur, responsible for employees, or managing a small business understanding group health insurance is crucial.
Offering a high-quality health insurance plan to your employees might seem expensive at first, but it can save you thousands, if not millions of dollars in the long term.
Studies show that healthy workers are more productive, efficient and cost-effective. The Department of Labor reports that for every $1 invested in health insurance and wellness programs, small businesses can get up to $6 back. And group health insurance is one of the most appropriate options for small businesses.
Group health insurance refers to a medical coverage designed to help you, your employees and sometimes your dependents pay for expenses arising from healthcare.
Unlike individual plans, group health insurance plans are engineered to be more cost-effective for small businesses. And that’s just the tip of the iceberg. The coverage also offers the following benefits.
Any cost related to health insurance that an employer incurs is usually tax-deductible. Therefore, you can set things up in a way that your employees save tax money.
For example, with little paperwork, your employees can contribute to the health insurance cost on a pretax basis. That means you deduct premiums before taxes are calculated. And as a result, your employees take home more pay.
As an employer, you also enjoy benefits such as:
A study by Glassdoor reveals that employees consider health insurance as the most important benefit they can get from employers. In fact, most of them look at health insurance offered when deciding whether to accept a job offer or reject. So if you want to attract top-tier talent and retain them, you must offer the best coverage.
A study from the University of California found that offering health insurance and other wellness programs can offer up to 76% return on investment due to higher productivity.
As an employer, having focused and productive employees is a top priority if you’re going to take your business to the next level. Failure to do so will only keep your employees worried about their health and stressing about the burdensome process of enrolling in individual plans.
Other benefits of offering group health insurance to include:
Now that you know the benefits of offering group health insurance, let’s look at how you can choose the right plan for your business.
As mentioned earlier, healthcare coverage is essential for your business to succeed. But choosing the right plan can be dizzying. Why?
Unlike big companies, you don’t have enough resources to spend hours comparing plans. The good news is that you just need to consider the following factors to narrow down your search.
Employee demographics impact the type and cost of group health insurance for your business. Generally, most insurers look at the health history and ages of your employees before offering a quote.
Therefore, it is wise to be one step ahead to choose a plan that’s flexible enough to cover all your employees’ needs. Consider conducting an anonymous employee census or survey. Find information such as:
Remember, the HIPAA stops you from asking your staff sensitive information like personal health details. Also, you can’t disclose any health information about your staff to an insurer. So make sure your study is light and high-level.
The current low unemployment rate means small businesses have to devise new ways to compete for the few available talents. Although there are several ways to compete with peers in your industry, having an attractive health insurance policy is one of the best ways to lure high-quality talent.
So be sure to look at what your competitors offer. For starters, take a look at their careers sections. You will see what applicants are offered and then strive to either surpass, or match them.
You have to balance your workers’ needs with what you can afford. So make sure the premiums fall within your budget.
However, if you have less than 50 employees, you may not be legally required to contribute a certain percentage of your workers’ health insurance premiums. Also, you may qualify for small business tax credit if you enroll through SHOP Marketplace.
It is also important to understand the different types of plans that you can offer your employees. Generally, there are three:
Clearly, you must balance lower costs versus plan restrictions to pick the right plan for your business. To do so, think about your employees. Will they be frequent recipients who might be hesitant to use the plan because of restrictions?
Evidently, most employees mention health insurance as their top benefit from employers. Finding the right plan is, therefore, the best way to keep employees happy, engaged, and satisfied to reduce your turnover. For a small business, group health insurance is the right place to get started. Want to learn more? Contact Insure Your Company to speak with one of our industry experts.
No matter what type of business that you own, there are certain types of risk involved. As a financial services professional, you are in charge of sensitive information, which can expose you to a higher level of risk. Losing records, damage to your building, and other common risks are all a bit more daunting when you are a CPA. For these reasons, it is important to make sure that you have the right business insurance in place.
When it comes to choosing the right insurance as a CPA, there are several things to consider. A business owner’s policy is a good place to start as this will protect your accounting firm in much the same way that a home insurance policy protects your house and personal possessions. In addition, a business owner’s policy will also help protect against liability claims and property damage lawsuits.
A quality business owner’s insurance policy will provide you with three types of coverage:
It is possible that your company will need more coverage than what is offered by the basic business owner’s policy. As a CPA there are several types of additional insurance coverage policies to consider.
A small omission or error can lead to major consequences in the accounting profession or at a CPA firm. If you overlook an expense when preparing financial statements, this mistake could cost the client thousands of dollars. Your client may file a lawsuit against the firm based on this mistake. Errors and Omission policies can help cover the cost of your defense as well as any settlements pertaining to the lawsuit.
As a CPA, chances are that you store data from your customers as well as your employees. The data can be quite sensitive and include financial records, social security numbers, credit card numbers, bank information, etc. If this sensitive data is lost or is stolen, data breach insurance can help pay the costs related to the data breach such as:
While most information is now digitized, as a CPA firm there is a good chance that you keep a large number of paper records as well. This includes papers that your clients provide you when you are helping them with their accounting needs. A Valuable Papers and Records insurance policy will help cover the costs involved to reproduce important documents if they are damaged in any type of disaster such as a fire or a flood.
If you are a CPA, it is important to make sure that you have proper insurance coverage for your business. We have been helping businesses get the insurance that they need for many years. Contact us today to get started on finding the proper protections for your company.
When it comes time to choose a new vehicle for your business, you will have the option to either lease a vehicle or buy one new or used. Many people find buying a new car to be the best option as it provides them with the latest safety features, better onboard technology and greater fuel economy. However, with so many makes, models and dealers to choose from it can be difficult to know how to go about purchasing a new vehicle. To help make the process of buying a new vehicle for your business as simple as possible, here are a few tips to follow when buying a new car.
Your first step when searching for a new car would be to determine what kind of car you want and what features you would ideally like it to have. A great place to start when trying to decide what you want your new car to be like is to think about what you do and don’t like about your current car. Do you like your car’s size or do you want to go bigger/smaller this time? Is fuel economy a priority to you or is having the latest technology more important? Deciding what you want in a car can help you to narrow down your options moving forward.
Once you have a general idea of what you want your car to look like, you will need to consider your budget before you start looking at specific models. The fact is that car prices are on the rise and the average car purchased in the U.S. in 2019 cost $36,718 at an average interest rate of about 6%. You should then think about what you can realistically afford to spend on a new car and if you plan on financing your new vehicle you need to think about what monthly payment you can afford based on current interest rates. Determining a realistic budget can help point you toward a specific class of vehicles based on what you can afford.
Your next step will be to begin researching car brands and specific models as researching vehicle specifications can help you to find the right car for your business based on your wish list and budget. It can be helpful to research vehicle reviews, customer satisfaction with specific brands and safety ratings as you try to make your final decision.
Once you have a make and model in mind that you think will be a good fit for your business, you will next want to research local dealers to see where you may have the best chance of finding a reputable salesperson who can provide you with a good deal. You will also want to research the pricing of your desired vehicle before visiting any dealerships, as this will allow you to see what others have paid recently for your vehicle. This can also give you a chance to compare prices, giving you leverage as you try to barter with your preferred dealer.
You may also be able to save money by researching financing options and getting pre-qualified for a loan before you speak to a dealer. The fact is that dealers often make a large portion of their profit on financing and you may be able to find a better deal by going through your bank or credit union. Having a pre-approved financing offer already when you meet with a dealer can help you to find the best deal as it can give you leverage to negotiate with the dealer for a better financing option.
Of course, before you purchase a vehicle it is important that you talk to your insurance agent to find out how much it will cost to insure the vehicle you intend to purchase. The cost of auto insurance can have an effect on your overall budget and you will want to ensure that you can realistically afford to insure the vehicle you are considering.
If you are considering purchasing a new vehicle for your business, contact us to find out about business auto insurance options and the policies that you should consider investing in for your new vehicle.
At InsureYourCompany.com, we encourage our employees to give back and volunteer. There are many organizations and charities that need volunteers to get the help to the people who need it. Volunteering your time is one of the greatest donations you can make. With a small amount of time, your connection can make a huge difference in someone’s life. See firsthand the impact you can have by going out and volunteering today.
To show appreciation and to motivate other to volunteer we would like to highlight our employees who donated their time to Fulfill NJ, a non-profit organization that strives to alleviate hunger and build food security in Monmouth and Ocean Counties. Fulfill NJ addresses the root causes of hunger while creating real results that are life-changing for those in the community. There are many ways to support Fulfill, such as donating food or funds, hosting a fundraiser or by volunteering. To contact Fulfill by phone, call them at 732-918-2600 or you can visit their website at: https://fulfillnj.org/
Do you have workers’ compensation insurance? While failing to have such coverage in all states is against the law, the state of New York’s investigations and penalties are especially strict.
New York State Workers’ Compensation Board carefully oversees companies to ensure all employees have workers’ comp insurance.
All insurance companies providing services to businesses in New York must report whenever they issue and change the policy or if the holder cancels it. Accordingly, the Workers’ Compensation Board can easily check if your company pays for the required coverage. The Board coordinates its work with the Department of State and the Department of Labor.
What are the penalties for the lack of workers’ compensation coverage in New York? How can you avoid them?
It’s a business owner’s responsibility to purchase workers’ comp coverage according to the state law. Whether you’ve failed to buy the insurance or accidentally missed extending the policy, you may be subject to a penalty.
According to section 52 of NYS Workers’ Compensation Law, if you have five or fewer employees, failing to purchase workers’ comp coverage for them within one year is considered a misdemeanor. Your company may have to pay a fine between $1,000 and $5,000.
If you do the same for five or more employees, the offense turns into a felony. You have to be ready for a fine between $5,000 and $50,000. In case you fail to secure coverage again within five years, you may face a fine between $10,000 and $50,000 as well as other penalties. Such subsequent conviction is considered a class D felony.
Penalties apply for the entire period an employer had employees but failed to provide coverage.
According to section 131 of NYS Workers’ Compensation Law, each business owner should keep accurate records of the number of employees, their classification, wages, and worker compensation cases for four years.
In case an employer intentionally provides wrong information about payroll, employee duties or any other parameters that affect the calculation of premium, the company may be subject to a penalty of up to $10,000.
For payroll record misrepresentation, a business owner may face a fine up to 2,000 for every 10 days of non-compliance. Such actions could also lead to a criminal conviction.
According to section 141 NYS Workers’ Compensation Law, in case the employer fails to secure the compensation or pay a fine imposed according to sections 131 and 52, the business may receive a stop-work order, terminating all operations of the company.
Since penalties for not having a workers’ compensation coverage are so severe, it’s vital to make sure your company has it. Purchasing a workers’ compensation policy suitable for your employees and their families is the only way to avoid penalties.
To prevent unexpected punishment, you have to be careful about maintaining accurate records about employee duties and payroll. Even if concealing information is unintentional, it may be hard to prove it to the authorities.
And finally, if for some reason you’ve received an inquiry notice from the Workers’ Compensation Board, you must react as soon as possible. You can respond to the notice on the Board’s official website.
While abiding by the law and avoiding penalties seem to be sufficient reasons for purchasing workers’ compensation policy, they are hardly the only ones.
Accidents happen even in the safest workplace. Workers’ compensation insurance reimburses medical expenses and lost wages to your employees.
The potential costs of medical services and lost wages are gigantic. Having them covered by insurance could save your business. Furthermore, according to some policies, when employees take advantage of workers’ comp insurance-related benefits they agree not to sue your business for additional financial compensation related to the incident.
For more information about workers’ compensation insurance in New York and beyond, please contact us at any convenient time.
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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.
