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Best In-Class Business Insurance for Technology Firms & IT Consultants
New businesses often make one costly mistake- not buying adequate insurance. It is a very easy mistake to make. At this time, money is usually tight and there are so many things to do or think about.
But while protecting yourself and your business against potential threats might seem unimportant at this stage, a single lawsuit, an injured employee, or one natural disaster is all it takes to destroy your business before it even takes off.
And yet, for every risk, some insurance company out there is ready to offer protection. And there comes your first conundrum- should you run broke keeping your business secure?
The reality is that when running a business, you must determine your comfort level, how much risk you can take and how much protection you need to cover those risks. And to help you do that, here are four business insurance basics to keep in mind.
As soon as you recruit your first employee, you may be legally required to have workers’ compensation insurance. However, the mandatory requirement varies from one state to another depending on the number of employees.
Workers’ compensation covering medical bills, lost wages and rehabilitation costs for employees injured while working is usually required in all the 50 states. The coverage usually consists of two major parts and a third optional policy.
The first component covers lost wages and medical bills while the second part covers the business owner in case a dependent of an injured or killed employee decides to sue. The third component protects your business from lawsuits arising from claims of issues such as discrimination, harassment and more.
The rates for workers’ compensation and the minimum amount are usually set by the state. However, you can buy insurance from private insurers. Just make sure you choose a reputable company that is licensed to offer the coverage in your state.
Commercial general liability (CGL) policy covers your business from financial costs that may arise from bodily or personal injury and property damage caused by your products or operations. And it’s not just about protecting you or your business from financial losses.
Having commercial general liability insurance can boost the reputation of your business in many ways, including:
With so many insurance companies in the market, getting multiple quotes is easy. Just apply for business insurance and wait.
But once you get them, it is extremely important to review the coverage thoroughly. Most new businesses often focus so much on premiums that they forget it’s just one part of a big equation.
To effectively review and compare quotes, here are a few tips to follow:
Insurance ratings can vary greatly from one business to another. This is because there are so many factors can affect the price of your policy. Some of these factors include:
Insurance is important for all businesses including startups. At Insure Your Company, we take pride in helping you secure the best coverage and acquire the right documentation for your business. Contact us today to speak with one of our business insurance experts.
If you’re a business owner or manager, understanding how to submit an insurance claim is crucial. This can be the difference between getting the money you need to get your business back on track and having your claim denied.
Although the process may vary from one insurer to another, there are certain steps that can expedite your claim and keep your business running as soon as possible. In this blog post, we will outline these steps in detail and mention a few mistakes to avoid.
It’s difficult to face a situation that interrupts or sets back your business. For example, if:
Fortunately, you can recover from these events if you’re adequately insured. So if an insured risk occurs, respond to any immediate emergency on-site then take the following steps:
If your claims incident entails criminal activity like vandalism, break-in or robbery, file a police report immediately. Record the report number and get a copy if possible.
It’s extremely important to contact your insurer immediately. Provide the representative with the police report number or a copy of the report.
Don’t clean up any damage before the representative from your insurer visits the site. Cleaning up can create confusion about how things really were. Fortunately, most insurance companies have a quick-response team.
Take inventory of damaged property. Create a list of the items including their model, purchase date, location, and price. Take a photo of each item and make copies to file. Don’t discard damaged items until an adjuster has inspected them.
Request bids for any replacements or repairs that you will need. Be sure to get several bids to compare pricing and quality. Ask each bidder to offer a written estimate so that you can give them to your claim adjuster.
As mentioned earlier, different companies may have different processes for submitting business insurance claims. Therefore, familiarize yourself with your insurer’s policy coverage and endorsements.
And as you do so, expect a visit from your adjuster. Make sure you have everything he/she will ask. For example, you will need a list of your inventory, copies of supporting documents like warranties, police reports, and receipts.
When your claim adjuster finally arrives, give him/her a detailed account of the incident. Tell them everything including information that you may not think is important.
After submitting your claim to your insurance company, keep copies of all the documents you provided. Remember to also store any document provided by your insurer. Also, record the names and contact details of everyone you’re in touch with throughout the claim process.
Now that you know the steps to take when submitting a business insurance claim, here are a few mistakes to avoid if you want it processed as fast as possible.
For any insurance policy, claim time is when the rubber meets the road. And knowing how to submit your claim can make the entire process smooth and stress-free. To learn more, please contact Insure Your Company to speak with one of our business insurance claim expert.
Imagine you are at your job. You’ve been going about your normal routine and everything is going just as it should. Then, out of nowhere, a faulty piece of furniture causes you an injury that is going to keep you out of work for an extended period of time. This injury was no fault of yours, so you should not have to miss wages because of it. This is the exact reason workers’ compensation exists. While the basic concept is a simple one, there are numerous facts and details that you’ve probably never thought about at all. Take a few moments out of your day and read about where workers’ compensation started, and why it is so important today.
The idea of employees being compensated for lost wages seems like it would be an aspect of the modern workforce. You may be surprised to hear that it actually dates back centuries ago. Believe it or not, one of the first recorded workers’ compensation systems was put together by pirates. The high seas were a treacherous place and captains would reward their crew with extra gold if they suffered extreme bodily harm. This included the loss of a limb or an eye. If the pirate survived they would get their payment and would usually be given time to heal with lighter duties on the ship. While it may seem like a kindness given to loyal crew members, it was implemented to ensure the crew would face danger head on rather than retreat to avoid injury. With all the destructive and deceitful acts we know about pirates in general, it is amazing to learn about how organized they really were.
Workers were being taken care of for centuries all over the globe before America considered workers’ compensation a necessity. It was not until the early 20th century when serious discussions on the topic took place. The Industrial Revolution was in full swing, and so were work related injuries. Factory and railway workers were at a much higher risk of bodily harm because of their physically demanding jobs. Combine that with long hours and new, untested technology and you have a recipe for disaster. This was a time when all the advantage went to the employers and the workforce seemed to be easily replaceable. It was not until 1911 when thoughts of real compensation began. That very year, a factory fire that killed 146 workers brought their families to court. The verdict awarded each family only about $75 each. Today that would be just over $2,000. It was at this point that states began to reform their laws. It was a long and difficult process that went on until 1948 with Mississippi became the last state to get on board.
It was not until 1970 that the modern system we know today took effect. The Occupational Safety and Health Act (OSHA) was enacted to make sure employees got the training they needed to fulfill their positions responsibly. It also holds employers accountable for the health and safety of their staff. Since it was enacted, workplace injuries and lawsuits have dropped dramatically and created a better space for management and workers alike. It may have taken a long time, but then every state was finally on the same page.
A concept like workers’ compensation is never as simple as it seems. While the main goal is to make sure people are not left bankrupt after getting injured, it takes a good amount of thought and action to be fair to both sides. Pirates may have gotten the ball rolling, but it was time and knowledge that developed the system we have today. Innovation has always required a certain amount of sacrifice, thankfully, we no longer have to willingly endure the loss of a limb to be fairly compensated. There are so many interesting details in the world of compensation and insurance. Contact us today to learn more.
Starting a business comes with many questions. One of the first you will ask yourself is “Do I need insurance?” Many people will investigate options themselves relying on internet searches and things their friends said. I know talking to an insurance agent isn’t as fun as exploring the internet but when it comes to business and commercial insurance, understanding how to protect yourself is essential to success. Join us as we tackle the loaded question: Do I need insurance for my business?
It is rare for business owners to voluntarily procure a fully comprehensive insurance package that protects their business and employees from the many risks a new business may face. The topic of insurance usually comes up when a business owner is about to enter a business contract, which can be for their services, to lease office space, or to conduct business in a certain area that requires a certificate of insurance. This is the moment when business owners ask, “Do I need insurance for my business for reasons other than outside requirements?”
The answer is yes! Insurance is never a bad investment. Insurance will protect your business, property, and employees from the chaotic world we live in But you need to make sure you’re getting the right coverage. Even if you think your business is providing the same service as others might be, business operations from one to the next can be as unique as a fingerprint. The number of employees, the amount of property you own, and the location of your operations all play a part in how insurance can be optimized to protect you.
The first thing to look at, as with any endeavor, is your state’s laws. There may be laws that require businesses to maintain an active insurance policy always. Depending on the state, businesses with employees are required to have workers’ compensation. Workers’ compensation provides coverage for employees injured on the job and protects the business owner against a lawsuit from those injuries. Whether it’s required by law or not, if you are planning on hiring employees you should investigate the cost of workers compensation. Other examples of a state law requiring insurance are
The type of entity you are also factors into what kind of insurance you need. Companies that are registered as LLCs have different requirements than a company that is an S-Corp or C-Corp or a business that is considered a sole proprietorship. For example, it is required for an S-Corp to have workers’ compensation even if you do not have any employees but a single member LLC with no employees doesn’t need a policy. There are several other regulations that you may encounter be sure to check your specific state’s department of labor and Department of Insurance for requirements more details.
In the natural flow of doing business, you will likely run into someone who asks for your certificate of insurance. It could be a landlord, a contractor, a business partner or a government entity. To do business with them, you will need to provide a copy of your certificate of insurance that lists all of your active insurance coverages. If you plan on doing business, you will need insurance to have a certificate of insurance. Almost every business contract has an insurance requirement and those requirements will dictate what policies you need to get. Policies you should consider are Commercial General Liability, Umbrella Liability, Commercial Auto, Errors and Omissions also called Professional liability, Third-Party Fidelity Crime Bond, Surety Bonds, D&O, EPLI and more.
Running a business based on a product or service you provide can open you up to all sorts of claims and lawsuits. You have no control over what someone alleges you may or may not have done. The only thing you can do is make sure you’re protected if that day comes, so insurance should be a top priority for your new or existing businesses. If you find yourself asking if you need insurance, you are on the right path to good business ownership and success. When shopping for insurance, be sure that everything is explained to you. If it’s not, then maybe you are not speaking to the right people. Insurance isn’t complicated when you know what you are looking for. Contact a licensed insurance agent today and start protecting your dream.
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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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