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You probably feel like a hair salon or barbershop is one of the least likely businesses to need professional liability insurance. On the contrary, barbershops and hair salons are highly vulnerable and must be protected from lawsuits and claims. The following are five situations where professional liability insurance would come in handy for you if you own a barbershop or hair salon establishment.
Slip-and-fall incidents are highly common in places of business, and they can occur at any time. Such incidents happen when customers fall and hurt themselves because of slippery floor surfaces. Water, spilled drinks, hair chemicals, and other cleaning items can cause a slip-and-fall incident to occur. Your business is vulnerable because the customer can sue if he or she falls in your establishment. Liability insurance could cover the funds you may have to pay for compensatory and punitive damages.
An allergic reaction is another situation that may bring you an ill fate if you don’t have insurance. Your choice of products may not work well with all of your clients. You may one day use something on a person that causes itching, redness, hair loss, or something worse. The client may choose to sue the manufacturer who created the product if he or she suffers financial loss because of the injury. Alternatively, that person may decide to sue you and your business.
You don’t ever want to think that a hair-cutting accident will happen, but it might. It would be best to prepare yourself in case the situation ever arises. You never know when you are going to help an antsy child or a distracted adult who moves at just the wrong time. As a professional, you are the first person who is going to have to take responsibility for the customer’s injury. An insurance policy can help you to pay the client’s medical bills. It can also help you pay for attorney fees and other expenses.
You can also experience some odd claims, such as a claim for illegal photo use. For example, let’s say that you take pictures of your clients when you do their hair, and you put them on your Facebook page to show them what you can do. You might be vulnerable to a lawsuit or claim if you did not receive their permission to use the photo. You can also suffer if any person feels as though you presented him or her in a negative light. The insurance could help you deal with a situation like that if it were to arise.
Another unforeseen situation that could come up in your business is harassment. Harassment can be sexual or non-sexual, and it might come from patrons who frequent your establishment or people who work for your establishment. There may be an incident where a disagreement turns into a brawl or fight, as well. All of those situations can shed a negative light on your business and put you in jeopardy of losing a lot of money if the court rules against you. It’s best to have personal liability insurance just in case one of these odd situations occur. You should always be three steps ahead when it comes to protecting your business.
Now you can clearly see some situations that may require professional liability insurance. Contact us and allow us to connect you with a policy that will ease your mind about suffering losses at your business. We’ve been helping business owners protect their assets for almost 20 years.
Workers’ compensation is an amazing financial benefit that assists employees throughout the country who experience work-related injuries. It provides them with a portion of their paychecks while they recover from such injuries. You may want to give the benefit to your workers if you run a business. In some cases, you may have to provide it to them to uphold the laws. These are four situations in which you should purchase a policy for your business.
If your business is in the state of New Jersey, you can almost guarantee that you’re required to purchase a workers’ compensation policy. All sole proprietorships, LLCs, and corporations with at least one employee must obtain the workers’ compensation coverage. The penalties for not doing so can be crushing. The state of New Jersey can charge you with a fourth-degree disorderly person’s offense that can cost you an initial $5,000 fine. You may also have to pay an additional $5,000 every 10 days if you don’t purchase a policy after that. That’s far more than you’d ever have to pay for a monthly premium.
All businesses are subject to a certain level of vulnerability when it comes to lawsuits. Personal injury and liability lawsuits are among the most common sources of financial loss for businesses of all types. Therefore, it would be wise for you to obtain a workers’ compensation policy if the state doesn’t require you to do so. The benefit will provide injured employees with wage replacement and medical bill coverage while they’re recovering. They’re less likely to go for a fault-based or personal injury lawsuit if they have a workers’ compensation policy to help them through their difficult time immediately.
As stated before, the workers’ compensation policy pays for diagnostic tests, medical expenses, and medication for people who have experienced injuries on the job. If you do not invest in a workers’ compensation policy, you subject your business to multiple expenses. Your employee might have to see a doctor more than once for the injury that he or she experienced. You will have to pay each bill out of pocket if you do not have an insurance policy. For that reason, it’s worth it for you to pay the premium.
Light duty is another reason that you might want to consider purchasing a workers’ compensation policy. You may not have to lose your healing employee entirely if you have a workers’ comp policy. That person will have to see a company-assigned specialist for an evaluation to see if light duty work is possible. The insurance company may require that person to come into work and perform light duties for a specified time frame. The employee would be obligated to do some form of work for you in that situation or risk losing the benefits. On the other hand, you may lose your employee altogether if he or she has to use FMLA or another benefit during the recovery process.
Now you know of at least four good reasons that you should invest in workers’ compensation for your employees. Now all you need to do is contact us about a policy. We can help you start protecting your business and employees today. We have been in business for almost two decades, and we’ve helped hundreds of companies connect with outstanding insurance providers. You can have 100 percent confidence in our ability to find you the best workers’ compensation provider so that you can invest in your employees’ wellness.
Today we’re going to talk about fraudulent inducement.
Your business is working really well and you’re making some money and all of a sudden your HR or accounting person comes to you and says, “Hey we’re not getting any invoices from XYZ company.” And you go jeez that’s strange, XYZ company is always on time. And you reach out to XYZ company and they say sure we’ve been paying you on time. In fact, we received an email from your person telling us to change banks. And you’re going, we didn’t change banks! And then you do a little bit more investigation and you’re really confused. So what happened? Well, you might have been hacked. Somebody might have gotten a hold of some email strings that you’ve been sending to clients. And lo and behold, your clients have received an email telling them to change bank accounts. But you didn’t change bank accounts. And now you’re getting worried. Because now your clients are starting to send your invoices somewhere else. So, what happens? Well, unless you have some sort of coverage for that, you’re out of luck. And major league, you’re out of luck. That’s called fraudulent inducement.
Workers’ Compensation is insurance, required by law, to protect an employee so there are benefits in case they get hurt. Workers’ Compensation also provides something called Employer’s Liability to protect you as the employer in case the employee sues you because they got injured or hurt on the job.
At the end of the policy term, usually a year, the carrier requests an audit where they can get your payroll information from the previous year and charge you accordingly. The insurance carrier performs an audit because they want to make sure that you are paying no more or no less than you should be paying for Workers’ Compensation.
You can prepare your business for an audit by making sure you have the payroll records and the appropriate 941 reports available for the carrier when requested. You can also ask the carrier to put you on what they call a “pay-go” system or a payroll or a pay-as-you-go system- where, as you file your payroll you can then go to the carrier and submit the information to the insurance company and they will charge you each payroll period instead of the monthly or quarterly that you might be paying now.
You’re usually going to get a letter or email or a call from the insurance company at the end of the policy year, usually 30 days after, and the letter they send says, the year is over we’d like to do an audit and they can enclose an audit form which you can easily complete. Send the last four quarter 941 reports with the payroll information they ask for, and that’s the audit. It can be done online also, many times the insurance company will send an auditor to your location and they will request the same thing. Payroll reports, federal 941’s, state 941’s.
So, those three items, payroll records, 941 from the federal government, which is the quarterly report, and a quarterly report from the states where your employees work, those are the things that you need to complete the audit.
After the audit is performed, the insurance company will send you an audit endorsement on your Workers’ Compensation policy. That audit endorsement will have the details of the audit. So you’re going to get in the mail either a letter saying WOOHOO we owe you money, or OH MY GOD you owe us money. Or you know what, the audit came out exactly as anticipated. So those are the three things that can happen. Nothing, you owe money, or they owe you money.
So the best way to make sure that your audit is going to be good, meaning it’s right on or they owe you money, is if you do consistent hiring, notify the insurance company that you have new employees. All we need to know is the annual payroll that you’re paying the employees and what state they’re working in. So keeping your insurance company and your insurance agent informed as to your payroll will eliminate a lot of the issues companies have with worker’s compensation.
Are you an employer with employees working in New York State? If so, you need New York Disability Insurance for your employees. Disability insurance provides cash benefits to a worker who is disabled by an injury outside of work or who can’t work due to pregnancy. It’s different from Workers’ Compensation, which covers on-the-job injuries.
It’s important to make sure you maintain disability insurance coverage because the penalties for not having it can be high. Depending on the number of eligible employees you need coverage for, it can be very affordable (less than $100 per year for some businesses).
You are required to have New York disability insurance if you are an employer with employees in New York State who have worked for at least 30 days in one calendar year. There are some specific industries and situations where employers are not required to maintain disability coverage, including:
If you work with independent contractors before you assume you don’t have to provide coverage for them, make sure that they meet the requirements of an independent contractor. Otherwise, a judge could determine that they are actually employees who should have been covered. If you are not sure if your employee is an independent contractor, keep in mind that an independent contractor has their own company, controls when and how they perform work for you, and performs work for different businesses under specific contracts.
Employers have a few different options for obtaining disability insurance. You can choose a commercial insurance plan from any company authorized to provide disability insurance or a plan offered by the New York State Insurance Fund.
Some employers opt to get approval for self-insurance, maintaining the necessary funds for covering disability claims on their own and keeping a security deposit on file with the Workers’ Compensation Board.
Employers can use payroll deductions to offset some of the costs of providing disability benefits. You may choose whether or not you want to collect employee contributions.
The Workers’ Compensation Board determines whether employers are required to have disability insurance and levies penalties for noncompliant companies.
According to the New York State Workers Compensation Board, penalties include:
“…1/2 of one percent of the employer’s payroll during the period of noncompliance PLUS an additional sum of $500 for each period of noncompliance.” “…a fine of not less than $100 nor more than $500 or imprisonment for up to one year or both. A second violation of the Law within five years may result in a fine of not less than $250 nor more than $1,250. A third or subsequent violation of the Law within five years may result in a fine of up to $2,500.”
“…1/2 of one percent of the employer’s payroll during the period of noncompliance PLUS an additional sum of $500 for each period of noncompliance.”
“…a fine of not less than $100 nor more than $500 or imprisonment for up to one year or both. A second violation of the Law within five years may result in a fine of not less than $250 nor more than $1,250. A third or subsequent violation of the Law within five years may result in a fine of up to $2,500.”
Given the reasonable costs of maintaining disability insurance coverage and the seriousness of the penalties, it makes financial sense to determine whether you are required to have coverage, choose a plan that works for you, and make sure to keep your coverage up-to-date.
At InsureYourCompany.com, we can help you navigate the requirements of New York State Disability Insurance and work to get you the affordable coverage you need. Don’t risk serious penalties by ignoring this requirement – contact us and get covered today.
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.
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.
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.
Life insurance: you know that it’s something that you need sooner or later, but when do you really need life insurance? At what point in your life should you acquire life insurance to help protect your loved ones and pay for your final expenses in the event of your death? Knowing when to acquire this key type of insurance is critical to protecting your loved ones.
The simple answer? Life insurance should be acquired as early in your adult life as possible. When you are younger, your monthly life insurance premiums are likely to be lower, and you can lock in those payments for the life of your policy. Many people make the mistake of waiting until they are older or they have significant health problems to make the choice to seek life insurance, but looking into a policy when you are young can make your premiums much lower as you age and your health declines. If you’re waiting for the perfect moment to seek life insurance, however, ask yourself some of these questions.
Once you’re married, for example, you and your spouse likely share the burden of handling your finances and paying your bills. When you have children, the financial responsibility only increases. Would your spouse be able to pay the bills without you if you were to die unexpectedly? Having a life insurance policy will provide some financial stability in the weeks and months immediately following your death, allowing your spouse to get their feet back under them and figure out what they need to do in order to provide for themselves or your family.
It’s not just getting married that can increase your need for a life insurance policy. You might, for example, be caring for your elderly parents or a disabled loved one: a sibling who is unable to work, or an elderly aunt or uncle who is no longer able to provide for themselves. If you are the one taking care of finances for anyone in your life, it’s important that you take out a life insurance policy to provide financial protection in case you are no longer with them. This simple step can take a weight off of their shoulders and make it easier for them to move forward if something happens to you.
You might, for example, be responsible for providing care for aging parents at home or for caring for your children. In some cases, you might not even have a job that provides income for your family, but you do have a responsibility that they would have to pay for in your absence. In this case, a life insurance policy would help ensure that your spouse, children, or other loved ones could have that care even if something happened to you.
If you have significant debt in your life, from student loans to credit card debt, that burden may fall on your loved ones to pay if you die unexpectedly–especially if, for example, your parents cosigned on your student loans or you share debt with your spouse. When you have significant debt, taking out a life insurance policy that will help protect your loved ones and pay for those bills after you die will help ensure that the bills are taken care of and that your death doesn’t leave a heaping mess on the shoulders of people you care about.
A life insurance policy isn’t a luxury, nor is it an unnecessary expense. Rather, it’s an investment in the futures of your loved ones–and one that will pay off if something happens to you. Do you need to take out a life insurance policy or need more information about its benefits? Contact us today to learn more about how we can help.
In your career, it is crucial to work with your colleagues as a team in order to have a successful business. The advantage of working together and the ability to have cooperation amongst each other as a unit is that each person is able to contribute their different experience and views. This then makes the project/task at hand the best it can be! The most successful people in the world will always have a team around them to bounce ideas off of, brainstorm, work through projects together and help to overall expand each other’s capabilities.
We previously discussed definite aim, in order to be cooperative you must use your definite aim and write it down. This will create a habit to build your cooperation between your conscious and subconscious mind, to ultimately have you be successful.
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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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