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Best In-Class Business Insurance for Technology Firms & IT Consultants
Business insurance can be a tricky space to navigate, and it can be hard to know how much and what kind of coverage is needed. If your business needs more than one type of insurance, are they all available from the same insurer? How much will it affect your bottom line, and what types of insurance do different business types need?
If you are a small business owner asking yourself any of these questions, read on!
Insurance exists for risk management. One of the earliest specialties was related to fire:Following the Great Fire of London in 1667, local businessmen saw the potential for their city to be laid to waste in a single disaster and decided to find a way to pool funds to mitigate any losses from any similar event in the future. Almost a century later, in what was soon to become the United States of America, Benjamin Franklin founded the first colonial insurance company, whose name says it all: The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire.
Today, numerous commercial insurance policies exist to protect businesses from a wide variety of potential losses. Premiums vary depending on the type of coverage and the desired — or legally mandated — coverage level. Following are three essential forms of commercial insurance and why you need to consider them for your own business:
If you run a business with assets in the company’s name, you have (or should have) property insurance on those assets.
The need for property insurance may be more apparent to medium or large organizations, or those with equipment and inventory that they and their employees work with on a regular basis, than to smaller businesses such as drop shippers or other owners of small online businesses. However, if you fall into the latter category and you don’t have insurance on the inventory that you maintain in a warehouse, you risk losing everything if said warehouse goes up in flames or is destroyed in an earthquake.
Perhaps even more important than property insurance is liability insurance. Why? Because it can protect you and your business from a third-party lawsuit which could force you to liquidate all your business assets to pay damages to a third party. As a business owner, you never truly know what could go wrong in a client transaction or encounter until it happens. Liability insurance exists to protect you from those unknowns.
(If you’ve never seen Sunshine Cleaning, rent it and then be sure to heed the cautionary tale at the end.)
For small companies, such as single-member LLCs and other small businesses employing only a few people, worker’s compensation may not seem relevant. However, even office work can result in on-the-job injuries. Workers Compensation essentially protects you from liabilityto an injured employee by covering medical care they may need following a workplace incident, injury, or illness.
In In most states, workers’ compensation insurance is MANDATORY. If you have employees in any capacity and you do not already have legally mandated coverage, research your options and get a policy in place today.
InsureYourCompany.com provides insurance coverage for businesses in New Jersey. For more information on policies best suited to your New Jersey-based business and to request a quote, contact us.
Here at InsureYourCompany.com, we believe there are many facets to an employee’s life- both in and out of the office. Not everyone knows about their insurance policies because not everyone knows about their insurance agent. Every month we interview a select number of our agents and get to know them a little better with the “Meet the Agent” series. We find out who they are and share why our customers should know their agent. Keep reading to learn more about your favorite agent!
Here are some of the agents that have recently been featured in our Meet the Agent series.
Jeffrey Henderson
Jeff is a licensed property and casualty insurance producer and has been with IYC since 2010. He handles new business accounts and works with clients to quote, issue, and service policies. With a one on one consultation, Jeff is able to find and explain to the business owner what insurance is needed. Through the many consultations, Jeff has conducted he has learned that by educating our clients they become better consumers and more confident with the protection of their business. Jeff is able to help any retail, restaurant, service, and professional industries. Jeff loves seeing his client’s businesses succeed and is eager to help them by providing valuable insurance coverage at great prices. In his spare time, he enjoys golf, tennis, and anything involving cars.
Adam Levenson
Adam is an account manager here at InsureYourCompany.com and handles everything from client renewals to relationship management. Adam is an experienced sales professional who is passionate about providing coverage, protection, and relevant information to business owners nationwide. Adam is happy to answer any questions or provide hassle-free risk management assessments for improving your business benefits portfolio.
Gauri Gupta
Gauri Gupta MA, CBC, ChHC, REBC, is an integral part of InsureYourCompany.com since she started as an employee benefits consultant in 2008. She is a leader in her field and was named one of United HealthCare’s top brokers in 2013 (News India Times March 7th, 2014). Always looking to improve service to our clients, she is now the Director of the Employee Benefits Division, helping businesses find the right coverage with the best service.
Over the last decade, mobile working has increased dramatically. There’s no doubt that the future economy will be built on a mobile paradigm.
Reduced running costs and increased productivity have been some of the reasons why major and small companies alike have embraced the idea of remote working. While the benefits of this approach are imminent, some challenges could adversely affect your business and the transition to mobile work if not handled promptly and effectively.
Working in an office space gives you a definition of your work environment and distinguishes it from your home or extracurricular activities.
Without the office walls to create that work, life balance definition, you can easily overwork yourself and easily overshadow your social life.
More so, if you choose to work from home because it’s harder to transition from work to home when both aspects are under the same roof.
While getting rid of the office space might make it harder for some to unplug from work, the reverse is also true.
Mobile working often comes with plenty of distractions. The distractions can be pets inside the house, a neighbor stopping by, and even your own family.
You may not have to deal with co-workers, but in a mobile working model, the interruptions are amplified through numerous factors including the TV.
With full access to electronics and no one breathing down your neck to beat deadlines, getting yourself to start working is harder unless you are self-motivated. Without proper prioritization, you can underwork and miss vital deadlines.
There is a substantial amount of trust often tied to having a physical address. Walking into offices to speak to management is an age-old practice that has created trust between customers and businesses.
Without a physical business address, it’s harder to convince clients of your credibility and reputation. The problem is amplified in larger corporations that have to deal with employee integrity as well. Your business needs to be sure it can trust its employees to remain diligent and trustworthy to the clients, even without supervision.
Over time, the yoke of distrust surrounding mobile work, particularly with clients may be broken and make it easier for mobile businesses to appeal and sign contracts even without physical establishment. Before that happens, you just have to work harder to impress and earn your clients’ trust.
There is a social connection associated with having to leave your home, meeting with other people on your way to work, and finally interacting with co-workers. In fact, your co-workers make a significant chunk of your social workers.
Remote working can compromise your social circles by isolating you from the outside world. Even with internet access and crucial tools like Social Media and Slack, you can still develop “Cabin fever” from being in the same place for a long time.
Prolonged isolation will affect your social skills because of reduced physical contact with other people. The problem gets worse if there’s no family or friends to spend some time with you.
An internet outage, hardware break downs, software crashing – there’s an endless list of things that can go wrong when you’re using technology.
For most mobile workers, fast and reliable internet is the biggest challenge. It helps to have a back-up plan, but sometimes, even the best technology can be unpredictable.
Most mobile work, especially knowledge-based, tends to be sedentary. It’s easy to slip into bad habits at a comfortable location away from the office without a proper schedule. Frequent snacking, ordering takeout, and lack of exercise are among the biggest challenges you’re likely to face.
Final Thoughts
There’s no doubt that mobile working is an appealing alternative, especially to startups and small businesses. It significantly cuts back on capital requirements and overhead costs. However, it’s also vital to assess some of the predictable challenges and develop a plan on how to combat and overcome such challenges.
Contact us today and let’s discuss more on the challenges of working mobile.
If you’re one of the many people who have made the transition from the office to the home office over the last few months, it’s natural to miss the traditional workplace after so much time. Even more than the structure, fresh air, and change of pace it would provide, one of the major benefits of physically going to work is the community. Everyone may not have been best friends before now, but co-workers can become an important part of your life after many years of working together. After being apart for so long, here are five ways to make working remotely feel less remote you can use to stay in touch and reconnect.
It’s easier than ever to stay in touch with people thanks to the internet. If you’ve been wanting to speak with your co-workers, why not start a group chat for the office? It could be purely recreational in nature or for collaboration on your duties. Either way, the end result is that you’re not all stuck with minimal contact and can work together to get things done like the old days.
Meetings are commonplace when you work in the office, so why does it have to be different when you work from home? Regular weekly meetings can be a good way to catch up and keep everyone on the same page with current projects. Ideally, you’ll be doing this in the form of video conferences for a more connected and personable touch to make it feel more like you’re in the same room as each other.
If you and your co-workers want to do things together again, it’s easy enough to try to set up some kind of online hangout in your free time. This can take many forms depending on what your office enjoys doing, some popular options being movie nights and book clubs. With so many apps and websites that allow people to watch videos together or share their screens, it shouldn’t be any problem recreating the experience of spending time together.
While chain emails might normally be the bane of one’s existence, starting one yourself for your company can actually turn out to be a lot of fun. For example, you could send a joke you found to one person’s inbox with the instruction to forward the email with their own joke added on to another person. Keep this going until everyone’s had a turn. This works for all sorts of things from nice messages to funny cat videos to entertainment news and more, so it’s entirely up to what you think your co-workers might enjoy.
These are uniquely stressful times for everyone, isolation only working to exacerbate the bad feelings most of us are experiencing right now. One of the most comforting things you can do for another person is to tell them that you’re there for them if they’re in need. Whether it’s personally or professionally, knowing a co-worker really has your back can make a world of difference when you’re stuck at home behind a screen. It doesn’t have to be a big deal — in fact, it’s better to keep it casual — but the fact you’re offering your support and being available to others is likely to make your relationship with your co-workers a lot closer.
It’s easy to start feeling overwhelmed and isolated when you’re working remotely for long periods of time. Stay grounded and reconnect with others in the office by using these five idea for reaching out and making remote work feel less remote. For more tips and tricks on improving your business and office culture as well as learn about insurance related to your work, check out InsureYourCompany.com today.
The coronavirus has had an enormous impact on virtually every industry, including the insurance sector. According to Lloyd’s of London, Covid-19 is expected to cause the largest loss to the insurance industry on record.
Lloyd’s estimates that its own COVID-19 related claims will top $4 billion by late June and it is feared this number will rise further if the pandemic continues for an additional quarter. When it comes to the non-life insurance industry, Lloyd’s estimates over $100 billion in underwriting losses occurring over the course of 2020.
Lloyd’s also expects investment portfolios to decline to the tune of around $96 billion throughout the industry, radically affecting retirement, though true costs won’t be able to be fully assessed for years. Much like the 2008 financial crisis, this will have ramifications for quite a while on the national and global economy. This kind of uncertainty only adds to the already stressful situation of business navigation during this time of economic downturn.
Another report put out by American Health Insurance estimates losses between $56 billion over $500 billion.
While the range is enormous, the actual costs depend heavily on infection models. It is estimated that over 50 million Americans total could end up being infected, trickling down to around 1.3 million that not only develop symptoms but symptoms so severe that they require intensive care.
Intensive care may require a ventilator for a little over a week, which on top of standard hospitalization costs can total upwards of $30,000. This alone adds to around $39 billion in healthcare costs based on the initial estimates. Out-of-pocket costs are another story altogether.
Estimates of out-of-pocket costs to patients are staggering as well. Cost-sharing is estimated to grow by around 14-18% annually over the next few years totaling around $10-$78 billion across all the businesses modeled. However, one ray of light for consumers is that some insurance providers are temporarily waiving out-of-pocket costs for COVID-19 related testing and treatment.
COVID-19 is a situation that is shifting the way the world operates and resulting in industry altering costs on the world of insurance. These costs are not just hitting in the form of exceptional payouts but also in terms of damage to investment portfolios and retirement plans within companies. We are also seeing enormous costs for consumers as treatment for this illness can be quite expensive. With all this information being processed we are working hard and hoping for the best on the horizon. For more articles and insurance advice on navigating this time, contact us.
Changing your company’s operations can be a busy time. You might be rolling out a new product, expanding your business outside of your home state, or adding new vehicles or buildings.
Businesses need to be addable, but changes in your operations can affect your insurance coverage. Your new venture may not be covered by your existing insurance policy or your current limits might not be sufficient. As a result, you may find yourself without coverage in the event of a claim.
When making changes to your company’s operations, you should speak to your insurance broker. Here are several reasons why speaking to your broker when making operational changes to your company will protect your business:
It is important that your business has the proper insurance. It protects your business from a wide variety of problems. Having the proper insurance, can provide peace of mind so you can focus on the company.
When your company operation changes, your insurance needs may change as well. Some of these changes are obvious. For example, if your company buys its first motor vehicle, you will need to add car insurance.
However, other needs might not be as obvious. For example, if you begin hiring employees, you will likely need workers compensation insurance and your business may consider employment practices liability coverage. It is much better for find out before you need the insurance than regret not having it at all.
As a result, checking with your insurance broker every time your company’s operations change is a good idea to keep your business protected.
In addition to making sure your new changes are covered by your existing policy, you can also review your entire policy. Many people forget to periodically check their coverage. They assume once they choose a coverage, it should be fine for the future.
While note all changes require increased insurance insurance coverage, over time small things may add up. In the event of a claim, insufficient coverage can leave your business on the hook. What you thought was appropriate five years ago might not be enough today.
Avoid this problem by periodically checking with your insurance broker. Anytime you make a change in your business operations, schedule a full review as well. It allows your broker to review your coverage and suggest any changes to your overall policy.
Chances are that your latest change in company operations will not be your last. As companies grow and change, their insurance needs change as well. Because your latest change is the next step towards a new change, planning is key.
By discussing possible future changes with your broker, you can make better plans for future expansion or changes. By understanding additional costs or liabilities now, along with the type of protection you will need, you can make more accurate plans while knowing the exact steps you need to take.
By discussing updates to your coverage, you can get a jump on your next step.
If you would like to review what you have, if your business needs to update its insurance coverage, or you are shopping for new insurance, contact us today! We can discuss your options and help you choose the best coverage for your business.
Your business means stability and financial security. However, many entrepreneurs fail to take out life insurance, putting their businesses and families at risk in the event something unforeseen happens. LIMRA’s Life Insurance Barometer study revealed that 41 percent of business owners do not have life insurance covers. The sudden death or disability of a key member of a business can end up derailing a company, lead to bankruptcy, or even cause a total collapse of what you’ve worked so hard for.
There are 3 key issues to consider while deciding on the best insurance policy for your business:
Here we address 5 reasons why you need life insurance cover as an entrepreneur.
Life insurance caters to financial needs in your absence. Considering the effort and time you have dedicated to your business you and your family cannot afford to lose it. With life insurance, your brand can continue to provide.
Life is unpredictable. Unfortunately, death and disability can occur without warning. leaving your family in a situation of financial uncertainty. Life insurance can ensure those you care about continue to benefit from your business even after you are gone. In any case, you will be at peace knowing that the lifestyle of your loved ones does not have to change just because you are absent.
Life insurance may be used as collateral.
Often, financial institutions are reluctant when it comes to lending money to new businesses. Of course, the early stages of a business are often when your need for financial assistance is the greatest. This financial problem can be solved by having life insurance; with it, you have collateral security that you can use to secure a loan and help bring your company up to scale.
A wise entrepreneur not only considers the future of his family, but also those of their partners and employees. There are many people who depend on you for their livelihoods. Comprehensive life insurance can ensure that your business and employees will continue to survive.
Many companies take out loans in their normal course of operations. In your absence, these loans will still have to be paid. Without life insurance, it might be difficult to keep up with every debt you have. Mounting debt can ruin your business and put your family and employees in financial troubles. Life insurance can help take care of your financial needs, and as a result, keep your business up and running.
Life insurance is vital for entrepreneurs. At InsureYourCompany.com, we help individuals and business secure insurance for their personal and business needs. Contact us to learn more about our services!
COVID-19 guidelines are continually evolving. It’s important for everyone in the food service business and members of the public planning to dine out, to check with the Center for Disease Control (CDC) website on a regular basis, as well as that of the World Health Organization (WHO). But we’ve put together a list of the basic protocols for best practices for restaurants offering dine-in services for the duration of the time we must join together to prevent the spread of this virus.
Dining out will look different for the foreseeable future, maybe forever. Some trends, may remain when the COVID-19 risk ends, others may return due to popular demand. But as always, restaurants who show concern for customers, whose management and staff taps their creativity to make dining at their establishment a pleasurable and unique experience, will fill tables now and in the future.
Restaurant owners, managers, and all workers, must be monitored for signs of disease, following CDC guidelines. Simple, effective personal habits that help prevent infection, like hand washing and refraining from touching one’s face, should be posted in a prominent place.
Every staff members must wear a mask at all times. The masks must cover both nose and mouth. Restaurant patrons should also be required to wear masks, before and after dining, and when they are away from their table. Here are some facts about masks from the Mayo Clinic.
This has always been a priority for any food service enterprise. But sanitizing commonly overlooked surfaces continually, is absolutely critical these days. Door handles, of course, must wiped as often as possible, as well as all surfaces inside restrooms. But even walls, and any surface that may be touched by multiple customers, must be considered a potential area of virus transmission.
Restaurants should post customer guidelines and print media detailing the preventative procedures they are following to protect everyone. Customers will choose dine-in restaurants based on how safe they feel while on the premises.
Tables should be removed, plexiglass installed, to create six feet of space or a solid barrier between tables. This will fulfill basic CDC guidelines, and reassure diners.
If a restaurant’s tables are filled and the waiting area isn’t spacious enough for social distancing, customers should be advised to wait in their cars, to be notified by phone when a table becomes available. If this situation occurs with frequency, the enterprise could offer seating exclusively by reservation.
Printed menu, passed by servers from one table to the next, may be a thing of the past. Though lamination allows the traditional type to be sanitized, that step added another task to an already busy restaurant worker’s day. It’s an essential step that could be easily overlooked.
Providing paper menus lower risk of disease transmission and makes it possible to easily alter menu offerings and prices.
The same goes for a QR based system which provides completely “no touch by others” menus to those with smartphones, without the need to download an app. This post offers tips for creating a contest to encourage customer engagement when introducing QR menus. Paper or traditional menus could be provided to patrons without smartphones.
Salad bars and drink refill stations are potential sites for contamination. Some customers may actually appreciate completely personalized service.
In some restaurants, customers are used to seeing things like salt and pepper shakers, sugar dispensers or packets, silverware and napkins, already provided for them. While this has been considered a sign of hospitality, it’s not a wise practice, even during normal times; definitely not during a pandemic.
Every object is a potential infection source, COVID-19 an especially serious virus; therefore, everything should be removed from a restaurant’s tables, between diners.
As mentioned above, the points presented create a basic roadmap, to help restaurants stay in compliance with regulations, and aid patrons in locating the safest places to dine during while COVID-19 remains a risk. But it’s essential to stay up to date with CDC and WHO guidelines, as well as those of state and local health departments.
At Insure Your Company.com, we do sell insurance. But we also help businesses create success stories by providing information. Questions? Contact us.
One of the worst moments for any employer occurs when an employee is injured on the job. Unfortunately, if you hire enough employees the likelihood of an injury or illness occurring increases dramatically. It can be a stressful thing for an employer to consider but every business should be prepared for an on-the job injury or illness. We are here to break down what to do when an employee gets injured.
“By failing to prepare, you are preparing to fail.” Benjamin Franklin
Like most things in the American business world, safety is regulated by several different authorities, organizations, and laws. You should follow the regulations applicable to your industry, such as the OSHA Occupational Safety and Health Administration standards. Visit their website to see how the administration works and for local offices.
In addition to setting safety standards, one of the most important ways to prepare for an on the-job injury is having a Workers’ Compensation insurance plan in place.
Workers’ compensation is insurance that directly deals with workplace injuries and illnesses. It is regulated by state law and most companies are required to have an active policy. You will want to check your state’s department of labor and the department of insurance for the laws and statutes that may apply to your business. Other laws to be aware of are the Family Medical Leave Act, also known as FMLA and Americans with Disabilities Act Amendments Act, also known as ADAAA.
After understanding what is required of you by law as an employer, it’s time to prepare yourself and your employees for the unfortunate day when a coworker is injured on the job.
Start today and come up with a risk prevention plan to minimize workplace accidents. Implement education and training so you and your employees know what to do when the time comes. When your team works together and knows what to do the chance for serious injury or death is greatly minimized.
Here are some steps to take in your workplace injury prevention preparation:
With these steps in place, accidents should be rare and, when they do occur, you and your team will be ready to respond immediately.
How should you respond to a workplace injury?
Your worker’s compensation policy provides several coverages in case of an accident. It provides medical payments for the injured employee and can protect the employer from lawsuits. If an injured employee goes to a hospital, they should tell the doctors and nurses that this was a work-related injury. Care providers have certain procedures in place when they know that it is a workplace injury and workers’ compensation coverage will be involved. Maintain open communication with employees, claims adjusters, and insurance agents to allow for funds and treatment ease. In some cases, with a serious injury, the employer must notify OSHA.
Consider a return-to-work program to help aid a returning employee from injury or illness. It can be difficult to return from a prolonged absence. Having a plan in place to ease employees back into their job duties will keep them off long-term disability and will make it easier for the employer.
It is never easy dealing with workplace accidents and employees’ accidents are going to happen. With a plan, the proper insurance, and clear communication, you can prevail through the difficult time of dealing with a workplace injury.
Every weekday during quarantine, InsureYourCompany.com has provided a half hour long guided workout with trainer Melanie Levenson of Ignite Training LLC. Our employees are encouraged to take this class which is done virtually through a zoom conference. Here are a few words from Melanie Levenson of Ignite Training LLC:
Active aging adults make up a large part of our population today in 2020. There is a growing want/need for a fitness niche for these individuals. They come from all different fitness backgrounds ranging from little to no experience, to moderate activity levels. Some have pre-existing health concerns which makes it even more important to become actively healthy. Some just realize the importance of longevity. I designed this group fitness video series to target this much needed niche. With a folding chair, light weights, towel and countertop, I have made it simple to work out from home. No gym membership is necessary and there is no intimidating environment. Over the course of this series, I target total body movements meant to strengthen important areas of the body such as hips, glutes, shoulders, core, and back. As we progress, the movements become more advanced. All classes are a manageable 30 minutes and convenient for scheduling.
Here is a little sample of what our employees think of the training:
Really enjoy my workout with Mel… It changes my whole day for the better! I feel more relaxed and my back does not hurt. Always looking for something that can make a positive impact on my day and Mel’s class makes that happen. In our situation, I am appreciative that her class is in place.
-Babette Mallow
Melanie has been my trainer now for over a year, so while I was used to working out with her in person, I don’t feel like the quality of the workout has been compromised at all by now working out via Zoom call. Being able to log in any morning I want and workout with her has made keeping my routine during quarantine a lot easier and I still feel motivated. She keeps it diverse but easy to follow along with so it’s never boring.
-Emily Sperry
Mel’s classes are great! She always explains what each exercise is targeting and what not to do. Each week we progressed further and built up to where we were doing some of the same moves in her higher intensity class at a slower pace. This was great as I didn’t feel as intimidated to do her regular class. These morning workouts kept me going and helped me through this tough time. I see a difference mentally and physically.
-Maryanne Pacifico
I love Mel’s class. It really challenges me and gives me a feeling of accomplishment after the class. Initially, I used to be tired but now I feel energized. She is an excellent coach. I would love to workout with her in future as well.
-Gauri Gupta
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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.
