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Best In-Class Business Insurance for Technology Firms & IT Consultants
Like most businesses in the U.S., we are working from home. Since it has been a few weeks, we’ve been asking our team: what’s it like for us to work from home? Is it better or worse? Here is what our amazing team at InsureYourCompany.com and InsureYourHome.com had to say about the work from home experience.
The first thing that we generally agreed upon was the commute. Since no one had to get in the car and drive anywhere, there was no more worrying about getting the pets taken care of and the family ready before we run out the door, no more commuter traffic, and of course no more spending money on filling up the gas tank. The most positive thing about having no commute is the ownership we can take with our work. If something isn’t finished by the end of the day, we can come back to it once we have recharged instead of grinding at our desks and then having to deal with a drive home.
The second thing we have found is that most of us enjoy the comfort of a home workspace. Finding the peace and quiet we can’t find in a busy office is just the thing some of us need to laser focus our minds and become super productive. With less interruption, we can hone our workflows and make better time management decisions. The pure comfort of our home workspace is what we found comforting and left us with a better mindset about the workday.
Along with the comfort of a home workspace comes the people and animals that live there. It is here that we have differing opinions. The IYC/IYH team ranges in age from their 20’s to 60’s. So, each person’s living situation is very different. We are either motivated or completely distracted by our pets and loved ones. For some, the peacefulness of the birds chirping can be equaled by the annoyance of the neighbor’s kid riding his dirt bike continually up and down the street for an hour.
Equipment and technology are the next biggest issues that can make or break the work from home situation. Not having the same equipment as the office or having a problem with one of the systems is much harder to fix when we’re working remotely. Though it has not affected the quality of service we are able to provide, it does eat up time when there are connection and communication issues or when something just won’t work. Others find that there is no difference in the way they work and some find improvement working from their home space. It is here that our business and yours can better prepare for the future. With training and systems upgrades you can ensure your business does not stop when unforeseen events occur.
You can not replace the energy and cohesiveness that a team has when they are all together under one roof. We agree that not having that face to face interaction which we were all so accustomed to has had the biggest impact on us and our jobs. Not having the instant problem-solving conversation or the chats that give our minds the much-needed break from the work day has affected morale and the pace at which projects are completed.
The most fascinating part of this new way we work is how resilient we have been. Everyone is giving their all because we are all in this together. Our agents, clients, their employees and all businesses must stay strong and rely on one another. This pandemic is affecting all of us and it brings us all on the same basic level: human beings doing our best and taking it one day at a time. Let’s continue to be strong for each other by modifying our daily activities according to social distancing rules. Let’s flatten the curve and get through these uncertain times.
Some bonus comments about working from home:
There is no dress code!
Some of us feel safer not leaving our homes during this scary time.
The coffee is better at home.
Technology in 2020 makes staying connected to your coworkers easy.
It can be harder to reach clients by phone.
Many businesses have slowed their own operations due to fear surrounding COVID-19 and financial stability.
Some of us have no motivation to get ready (hair/makeup/etc.)
It’s easy to snack too much.
NO FRED & MURRAY’S TURKEY SANDWICHES FOR LUNCH!
As the self-quarantine from the COVID-19 pandemic continues, non-essential workers are on their 3rd or 4th week working from home while essential workers bravely and selflessly trek into hospitals, grocery stores, fire stations and various other places. During this time, you may have seen an abundance of articles about getting through the workday and staying productive. But we’ve found that the time you spend not working is equally as important in keeping you motivated and happy when you do sit down to work again. What this article is focusing on is keeping your employees (whether they are essential workers or not) happy during non-working hours.
The Stay at Home order requires that people should venture out only for groceries, medicine and other essentials. People are required to stay indoors and, depending on your state, there are limits on socialization.
So, with all of this time spent at home, what should we be doing? One thing that is recommended is keeping a normal schedule. While this can be hard, or at certain times nearly impossible, encourage your employees to work from home during their usual work hours and take frequent small breaks. Getting their work done during their usual “workday” will help them fully disconnect later and be able to effectively relax. No one wants to work an 18 hour day because they can’t separate their work and home time anymore.
Aside from keeping a normal schedule, employees now have a lack of activities outside of work. How often can we clean our houses and walk our dogs? With restaurants, bars, movie theaters, parks, bookstores, and other entertainment destinations closed, we have to get creative with how we spend our time. Here are a few resources for you to provide that can help your employees with morale and can even translate into greater productivity during the working hours.
Everyone’s situation is different. Some employees are home with kids, some with just our significant others, some with parents, siblings, and other relatives. No matter who you’re home with, remember this won’t last forever. Whether you’re managing essential personnel, or your team is working from home, what your employees do with their time matters. If they can disconnect once the work day is over so that they are better rested, energized, and motivated, it will help you and your company survive this difficult time with more ease and positivity.
COVID-19 Update:
Business Interruption Insurance: What does it cover?
Business interruption insurance (otherwise known as business income coverage) is typically part of your business-owners insurance policy. It compensates your business for lost revenue and other expenses when you can’t operate due to a covered loss – often things like damage to business property, fire, wind, falling object, or lightning. Usually, coverage is tied to physical property damage.
What expenses can business interruption insurance cover?
– Lost Revenue
– Commercial rent
– Relocation costs
– Salaries/wages
– Taxes
– Loan payments
How much business interruption coverage do I need?
It can be difficult to determine how much business interruption insurance you need. It’s a good idea to think about how long your reserves will last in the event you are forced to suspend operations. Remember, every insurance policy has limits and there are often separate limits for business interruption coverage. If your expenses exceed those limits, you’ll have to pay out of pocket.
This coverage can help keep your business going while you make necessary repairs, relocate your operations, and get your operations back on track after a covered loss.
What does Business Interruption Insurance Not Cover?
– Short closures
o Most policies have a “waiting period” of 3 days before coverage kicks in. If your operations cease for 3 days or less, coverage usually does not apply
– When you can still earn income
o If your business can still operate in some capacity, business interruption insurance often will not apply. For example, if the backroom of your shop is damaged by fire but you can still operate while making repairs, the insurance may not compensate you for lost income.
– Excluded losses
o All insurance policies have exclusions. Often, these include:
Business Interruption Insurance and the Corona Virus
In many cases, losses due to the novel corona virus (Covid-19) are not covered. Business income coverage usually kicks in when business property is damaged by a covered loss. Most insurance policies have language that requires “direct physical loss or damage to property.” Losses due to a virus are often excluded, as are losses that do not involve physical damage to property.
When business slows because of illness, shortage or workers, or a pandemic, the coverage usually does not apply.
However, each loss is evaluated individually and the insurance industry’s response to COVID-19 is constantly developing. If you have a loss you are encouraged to report it as soon as possible and contact your agent with any questions.
The coronavirus outbreak has had a huge impact on workplaces. Many companies are encouraging their employees to work from home. But this move creates a major risk- cybersecurity.
According to the FBI’s Internet Crime Report, cyber-attacks cost the U.S economy and small businesses about $2.7 billion in 2018 alone. Cybercriminals tend to target small businesses because they don’t have cutting-edge security infrastructures like big companies.
Experts warn that these attacks could get worse now that most employees are working from home. And even giant companies and big organizations are not spared. Earlier this month, the World Health Organization (WHO) reported a two-fold increase in cyber-attacks amid the spread of the coronavirus.
Unfortunately, most companies are not giving cybersecurity the attention it deserves right now. Everyone is prioritizing continued operations and safety. And elite cybercriminals know it’s the perfect time to launch attacks. If you’re wondering why, read on.
When one employee connects to their company network from home, they create potential access points for cybercriminals to exploit. So if you have many employees who do this many times a day, it can be an uphill task to ensure every connection is secure.
The attack surface is widened even more if employees use their own devices for work. Each device introduced new operating systems and platforms that need their dedicated support. And when numerous devices are used, the chances of hackers breaking into some of them increase significantly.
Multi-factor authentication (MFA) is one of the most effective defenses against cyber-attacks. And now that employees are not seeing each other, businesses that don’t have monitoring access points and two-factor authentication are more exposed to cyber-attacks than companies that use them.
Employees expect a lot of emails and online requests while working from home. And hackers are more likely to also take advantage of the fact that most people want new information about coronavirus. They might send your employees offers related to the virus or urgent instructions to get them to download malware and access company systems.
Now that you know how cyber-attacks might be unleashed, let’s look at what you and your employees can do to stay safe.
As government agencies, organizations and businesses encourage their employees to work from home to prevent coronavirus from spreading, cyber-security teams are more likely to face security challenges. The best way to combat this challenge is to prepare your employees and your infrastructure. For more information, please contact Insure Your Company.
As of March 10, 2020, the CDC says Coronavirus risk is still considered low in the United States, but a significant spread of the disease is likely, even expected. Savvy business owners are concerned about their business and profit over the next few weeks, and questions arise about their insurance coverage for these unusual types of losses.
Insureyourcompany.com is here to help. We’ve put together a blog explaining the CDC’s current expectations as they relate to businesses and special events. Then we’ll talk about the coverages you might have in place to safeguard your earnings. As always, you’re welcome to reach out to us at 888-242-4675 if you have questions beyond the scope of this article and need to speak with a licensed insurance agent.
Per the CDC, the widespread transmission of Coronavirus will probably lead to large numbers of people needing medical care all at once. Whether voluntary or government-regulated, quarantines will almost certainly reduce consumer activity.
The CDC notes that other critical infrastructure, like law enforcement, emergency medical services, and the transportation industry may also be significantly affected.
This leads us to the ultimate question of the day: Does Your Commercial Insurance Policy Cover Losses From Coronavirus and Quarantines?
Some commercial policies (not all) provide loss of use coverage, but it may be on a named peril basis. In other words, if your business was to burn down, and it takes a year to rebuild after the fire, you’d likely be covered for loss of use. In that case, your insurance company would pay you for the income you’re losing that year and in many cases it would pay your employees usual wages too.
But is an epidemic or pandemic covered?
According to this Insurance Journal article “Standard property insurance policies usually include two types of valuable coverage for disruptions like the Coronavirus. Business interruption coverage insures against losses resulting when… operations are directly affected; and contingent business interruption coverage insures against the risk of indirect losses, [like when] suppliers or customers are affected.”
Some BOPs provide civil authority coverage. It covers losses that occur if authorities restrict access to the area where a business is located, or that the business depends on for its operations. In other words, if your business suffers due to a quarantine, you may be eligible for reimbursement of some or all of your losses.
Most commercial insurance policies include malicious mischief coverage. This coverage is meant to cover situations of civil unrest, like rioting, arson and vandalism. Looting is probably covered (though political terrorism or nuclear war are not).
If you have other questions about your business owners policy and your coverages as they relate to Coronavirus, contact us today!
We’d love to help you understand your commercial insurance policy, or provide you with a free quote.
Many aspiring entrepreneurs often talk about how they want to start businesses to employ themselves, take long vacations, and spend more time with family and friends.
But all these rewards come at the very end- after hard work, sacrifices, dedication and thousands of hours.
The reality is that building a successful business today is no easy feat. According to the Small Business Administration (SBA), although about 80% of SMEs live to celebrate their first anniversary:
Sobering, right?
But it doesn’t have to be you. There are several ways to start and grow a business, and here are seven proven tips to help you succeed.
Planning is crucial for the success of any business. When a business has a clear plan, managers and employees are well equipped to face the future.
A solid business plan creates the focus for your business and unites all stakeholders toward common goals. And when that happens, you can easily manage the time and resources needed to grow your company.
Even if you have a well-drafted business plan, you will not get far if you’re not organized. Entrepreneurs who are organized tend to complete tasks and stay on top of things.
A great way to make sure you remain organized is to set a to-do list every day. As you accomplish every task, check it off. This ensures you don’t leave anything that is essential to the success of your business.
Seasoned entrepreneurs know the value of keeping detailed records. By doing so, you will always know the position of your business and the challenges you’re likely to face.
Knowing this crucial information in advance gives you enough time to develop solid strategies to overcome those hurdles.
Business today is highly competitive. The secret to becoming a leader in your space is to innovate faster than anyone else. And the best way to do that is by studying your competition and innovative winners in other industries.
Knowing your competition also helps you:
Starting a business takes courage and hard work, but once you open doors, real work begins. As the owner, you have to up in more time than anyone else, which means spending less time with your family and friends. But that’s not all.
As an entrepreneur, you may also find yourself sacrificing:
Running a business comes with risks. Some risks can destroy your business entirely while others can result in costly and time-consuming repairs.
The ability to identify risks is an important component of strategic planning. Businesses that are well-prepared tend to minimize impacts on revenue, lost time and productivity through insurance.
So if you want to focus on building your business without worrying about certain risks, borrow a leaf from successful companies by also insuring your business.
Consistency is the secret to keeping your customers happy and making money in any business venture. So keep doing what you must do to grow your business every day. This will create a great relationship with customers and long term habits that will help you build your business and your brand in the long run.
Whatever type of venture you’ve invested in or you want to start, using these seven strategies can help you succeed. At Insure Your Company, we’re happy to see you grow. We help businesses secure the right coverage and documentation. Contact us on 888-242-4675 to speak with one of our industry experts.
New services, apps, and devices are released every week. How do you decide which ones are worth purchasing? A good place to start is to identify tools that actually make your everyday life easier. When you’re more organized and productive, everything else falls into place. Let’s look at some of the top technology tools that will maximize your focus and productivity.
To-do list apps are the digital equivalent of jotting down such lists in a notebook or on post-its. It’s quite useful to have your schedule organized in an app. Simply creating such a list helps you organize your thoughts and plan the day. Todoist is one of the simplest apps of this type. You can create single or recurring tasks, such as a weekly meeting. Todoist is equally useful for organizing your personal and professional life. The free version is fine for creating lists. The Premium version, which is only $3/month, gives you added functions such as templates, automatic backups, and email or phone reminders.
Organizing meetings can be a complicated and time-consuming process. You need to contact everyone on your invitation list and find a time that’s mutually convenient. If you’re conducting virtual meetings with people scattered in different locations, it’s even more challenging. Join.me makes it simple to create virtual meetings. Unlike many such tools, you don’t have to worry about everyone using the same operating system or software. Anyone can access the meeting from their web browser. With Join.me, you can easily set up meetings far in advance or spontaneously by sending out invites with the push of a button.
There are various tools that let you turn dictation into text. None, however, can match the suite of Dragon products. Many people find that it’s much easier and faster to speak than to write. You can use this tool for blog posts, emails, articles, or creative writing (e.g. short stories, novels). There are various Dragon apps, including software specialized versions for fields such as education, law enforcement, and legal. However, one of the most useful versions is Dragon Anywhere, the mobile phone app, available for both Android and iOS. You can simply dictate anywhere right into your smartphone.
Evernote is famous for being a note-taking app but it’s actually quite a bit more than this. Evernote lets you sync files across platforms and devices. It ensures you never lose anything and makes it easy to share files with team members or clients. Evernote has a free as well as Premium and Business versions. The free version is good for simple note-taking. The paid plans give you more options such as clipping, saving, and sharing images, receipts, PDF files, and other items. The Business version even provides AI-powered suggestions based on the notes you’ve already taken.
IFTTT stands for If This, Then That. It’s an extremely versatile app that lets you automate many tasks from your phone. IFTTT is probably the simplest and most user-friendly tool made for the IoT (Internet of Things) age. Best of all, you can perform fairly complicated tasks without having to do any coding. You simply create what are called Applets, programs that help you perform all kinds of functions. This includes controlling smart home systems (e.g. lighting, heat, alarm), setting up reminders with Google Assistant, syncing Alexa with other devices, and countless other tasks. New Applets are constantly created for IFTTT so there’s no limit to what you can do with this app.
Audible, Amazon’s audiobook service has a vast library of recorded books and other materials that you can listen to anywhere. While there are many other audiobook services, none compare with Audible in the sheer volume of offerings. While you can use Audible for entertainment and consume your favorite mysteries, thrillers and other novels, it can also help you stay informed and educated. You can download numerous books in fields such as self-development, business, history, fitness, and other topics that help with personal growth. With the phone app, you can listen while commuting, exercising, or waiting on line.
These are some tools that can help you get more organized, focused, and productive in all areas of your life. Each of these apps is highly customizable to your needs. Automating simple tasks such as creating lists, organizing meetings, and taking notes help you save time and get more accomplished.
InsureYourCompany.com provides customized insurance solutions for businesses. To learn more about our services and policies, contact us.
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.
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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.
