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Best In-Class Business Insurance for Technology Firms & IT Consultants
Insurance is like seasoning for a chef who’s cooking a dish. It’s easy to overdo it, using too much, thereby ruining the dish. Likewise, the right amount makes it perfect. Having no flavor in a meal is perhaps the worst case. In the same way, proceeding without proper insurance coverage is the worst-case for businesses and enterprises of all sizes. Occasionally certain worldwide or nationwide events affect the economy in odd and unpredictable ways. The NCAA is learning this first-hand in the wake of the 2020s Coronavirus pandemic and its effect on their revenue after the 2020 season was called off in early March.
The financial implications have been massive. A small fortune passes through NCAA coffers each season. This season, that money didn’t show up. Those whose livelihood revolves around this massive economic engine that is the many divisions and sports under the massive NCAA umbrella are now left scrambling for a way to replace those lost earnings.
When unforeseeable events take place that causes interruptions in normal business operations, insurance is a useful hedge against potentially catastrophic losses.
NCAA President Mark Emmert confessed in an interview that he “can’t give you any specific numbers” regarding how much the league lost due to the Coronavirus pandemic that took out the NCAA season entirely.
The earnings from the previous complete season surpassed $1 billion, so clearly there’s some red ink to be expected in these balance sheets ending this fiscal year.
$800 million of that billion-plus comes from the broadcast rights that CBS and Turner have secured through the 2032 campaign.
Emmert has reassured fans and media that, in fact, the league had been holding a business disruption policy that is expected to cover some losses. While this is encouraging for stakeholders, it remains to be seen how much funds are recuperated from claims.
It all boils down to advertising, of course. The bottom line is eyeballs watching ads. Because there were no games, there were no ads and ad revenue was literally nonexistent. It’s pretty safe to assume that most of that billion-dollar revenue pool didn’t materialize in 2020.
The NCAA itself is not the last stop on the proverbial line. Institutions of higher learning stand to be affected by this monumentally. The pool of funds that typically flows into the NCAA then flows downstream to schools.
With no revenue, now these institutions of higher learning face an additional budgetary shortfall in a year already so replete with them as is. In a normal year, 60% of NCAA revenue goes to schools, in a variety of ways. This year, that nearly $600 million revenue pool simply evaporated. Institutions of higher learning across the country are patiently waiting to see how much insurance recuperates on their behalf.
Insurance payouts will certainly serve a primary role in helping to replace some of these lost funds, the question is how much.
Reflecting upon the NCAA’s drastic revenue shortfall caused by COVID-19, enterprises of all sizes should take notice. Proper insurance coverage is one of the best and only strategies to replace funds in scenarios such as these that generally aren’t easily imagined.
The key to ensuring that you’re properly covered for these sorts of occurrences is to ally yourself with a team of insurance specialists. These agencies earn their living by knowing all the finer details regarding laws in the area they serve and how those laws affect proper insurance coverage structuring.
Insureyourcompany.com specializes in providing this trusted, well-informed consulting that organizations of every size expect when planning and selecting insurance coverage.
Reach out to one of their strategic insurance specialists today.
It’s never a good day when someone is injured on the job. Pain, recovery, and costs are all part of this terrible process. However, the hurt on the surface may not be as far as things go, including for an employer.
While a worker is obviously entitled to workers’ compensation for being hurt on the job, there’s another type of payout that might be required in certain instances — action over. What does this mean? What will it cost? How can you protect against it? Let’s break this all down to help you understand action over and why it’s crucial to have insurance coverage for it.
To put it simply, action over is a legal term for the act of suing a third party that is allegedly related to why someone was injured while performing a job. As an example, think of someone falling and injuring their back because a stool broke under them. At first, they’ll be entitled to workers’ compensation for the direct injury. After that, though, they may also file a case against the stool’s manufacturer, claiming that there was some defect with their product that caused it to fail and injure them.
As another example, someone hurt while working construction for a specific company would likely be able to sue the contractor at a site for allegedly creating an unsafe work environment by not taking the precautions necessary to prevent the injury. In this case, things get a bit more complicated for the employer. Assuming that the contractor has a contract with the same company employing the worker, the company would then be forced into a position of fighting its own employee in court and potentially paying out to them for injuries. All in all, not a good scenario no matter how you look at it.
Losing an action over a case can mean losing a large sum of money. Not only that, it could permanently damage your relationship with one of your employees. These reasons and many more are why it’s so important to be covered in the event a case like this is initiated. Thankfully, action over coverage is offered by many insurance companies now to help protect people in the event something like this were to happen.
Like any other form of liability insurance, you would be able to have the insurance company payout in your place for action over the case. Though it is possible for some more general insurance policies to cover action over cases, many specifically try to exclude this type of coverage. As such, having specific liability protection in the event action over the case is started against you, especially if your business is in a high-risk field, becomes crucial in keeping your business afloat. Neglecting to properly insure yourself against these kinds of situations can mean big losses, plus time wasted battling your insurance company itself trying to make them cover something if they decide your general policy does not include something.
Action over coverage is a crucial part of keeping your business safe, especially if your employees operate in environments that might easily lead to injury. Relying on general liability coverage does not always cut it, so taking the extra step of purchasing more coverage is frequently a much smarter decision than leaving things up to chance. Don’t let yourself be uninsured any longer. Get some action over coverage today by heading to InsureYourCompany.com and learning how we can help you keep your business safe and secure with many different types of coverage.
Are you looking to become an owner-operator of a semi-truck or add a semi to a growing business? Owning your own truck gives you the freedom to drive as an independent contractor, choosing your routes and your loads. One of the things you can choose is whether to drive a day truck or a sleeper truck. Day trucks are great for short distances but if you plan to take interstate and cross-country routes, then a sleeper has some invaluable qualities. Even with a basic bunk model, you can save a ton on motels just by having a safe and comfortable place to sleep.
Sleeper models tend to have more heat and sound insulation, and some have tiny RV compartments including a mini-kitchen and a shower/toilet. For semi-truck drivers looking for the perfect truck to buy, a sleeper gives you great range and is worth the investment. When deciding which truck to buy and where to get your truck loan, keep the following five things in mind:
The size of the cabin makes a big difference for your trucking experience. Your cabin size determines two things, the space in your ‘living quarters’ and the mass of your rig. Naturally, the more space you have indoors, the longer your cabin will need to be and the more it will weigh. This will impact your cargo-hauling capacity and how you drive the total longer vehicle. Weigh the features inside the cab and your personal comfort with the size of the cabin.
The weight of your tractor is also an important factor. Some manufacturers work with lighter materials than others, so size is not always the final determiner of weight. Consider the truck body and the interior sleeper features when calculating for weight. If your sleeper has a kitchenette or bathroom, don’t forget to calculate for the water tanks. A freshwater tank and gray/black water tanks can add an impressive amount of weight. Many RV experts suggest keeping your water tanks only partially filled unless you’re parked with hookups.
Your comfort as the driver and occupant is a major decision-maker. Sleeper trucks also tend to be more spacious and comfortable up-front compared to day trucks. This is because it’s assumed you’ll be spending more of your day in the driver’s seat on long-hauls than with daytime delivery routes. You want to consider your comfort in the driver’s seat as well as your comfort sleeping and living in the back cabin. Test out the bed, go through the motions of making food, and stand in the shower/toilet to see how it feels. Choose the cabin design that you’ll be most comfortable living in for long hauls on the road, especially if you’re skipping motel stops.
One of the great things about sleeper cabs is that they are better insulated. Sleeper semi-trucks tend to retain heat (or cool) more efficiently and they are built to block sound so you can get a good night’s sleep inside. This also means less blasting AC and less road noise when you’re driving. Spend a little time in the cabin and find out the quality of the insulation. You might discover that a particular model or brand has superior insulation that can really improve your long-distance trucking experience.
Finally, consider the ports. The water tank refill valve, tank drains, and gas tank access should all be easy for you to work with and to hook up to the appropriate appliances. You need to be able to maintain your living quarters on the road without extra hassle. Test how you will get around the entire truck. Walk through the cab and imagine your future routine. Handle the valves and make sure you can handle them by memory. If the truck feels right when you interact with it, then you’ve found a truck that will be more enjoyable to maintain.
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Shopping for a semi-truck involves many different considerations. But while you’re thinking about engine power and axles, don’t forget to consider the quality of your sleeper cab. With a careful eye for quality, you’ll soon find the perfect truck for your owner-operator enterprise. Contact us for more smart small business insights.
Managing a business is a lot more than just standing behind a counter and ringing people up. No matter your industry, there’s a ton to consider with regard to making your company as safe and successful as it can be. One such consideration is insurance, a fairly crucial element in not being left destitute if some sort of accident were to befall your store.
Too often, however, businesses just don’t have the proper insurance to deal with these major issues. In this regard, one of the cardinal sins a business owner can commit related to insurance is trying to use personal insurance to cover their company. There are a smattering of issues when one tries to do this, so let’s cover a few here so that you can be informed enough not to repeat the mistakes others have had to deal with the hard way.
On the most fundamental level, insurance for personal property is unlikely to cover business assets. While your specific policy will be the deciding factor here, most forms of coverage stipulate that the property insured — be it a plot of land, a building, or some good you intend to sell — be of a personal nature, meaning not related to a business. Even something like a home office is typically excluded from personal coverage despite being in your own home. That means that even if you were to try to have your policy pay out for damages to your business, you would be denied on these grounds. Considering at least 40% of small businesses are expected to file a claim within the next decade, it might not be a good idea to leave that to chance.
Assuming you manage to find a personal insurance policy that does cover your business in some way, it’s very likely that you’ll still end up underinsured. To be underinsured just means that, while you have insurance, your policy does not cover enough to fully cover your entire operation or does not pay out enough in the event you file a claim. Both of these are fairly likely if you try to use a personal insurance policy to cover your business operations due to the personal nature of the policy. In most cases, a personal insurance policy was designed to insure only one individual and their things, so trying to apply that to an entire business just won’t be enough.
While personal and business insurance may overlap in certain areas, the fact remains that businesses face unique risks when operation that aren’t comparable to the average person’s insurance needs. For example, the risk of theft for businesses is typically much higher than for an individual’s home. Having a policy tailored to the expectations of a business is beneficial as you’re both more likely to be covered in the event something happens but also more likely to get a better payout compared to a personal policy.
Insurance costs money, but there are various ways to get a better deal. Part of that will obviously be in choosing the right insurance company, but another part is simply choosing the right coverage. While business insurance does typically cost more than personal insurance, you’ll often find you’re paying less by purchasing a business insurance policy rather than trying to expand your personal policy to cover all your business risks. This is in addition to the previously mentioned point regarding the gaps and exclusions when applying personal insurance to a business. Overall, it’s just a better value.
In almost every instance, trying to substitute proper business insurance with a personal insurance policy will not end well. Avoid common pitfalls and mistakes related to this by purchasing the right coverage for your operation today. If you’re looking for somewhere to do that, InsureYourCompany.com has you covered (literally).
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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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