Business Type :

Business insurance is meant to protect your business (and often yourself). There are many types of insurance products available for businesses to ensure that you are properly covered. With the wide range of coverage options available, it can be difficult to know what is right for your company.  Some businesses need more coverage than others depending on operations and revenue.

It is no different for software engineers. Software engineers perform many services and often deal with sensitive information. Because of that, they require insurance to address their specific needs. 

Here are some of the insurance policies that may be right for a software engineering company.

  • Errors and Omissions (also known as Professional Liability). This insurance covers negligent acts and omissions in your work.  Errors that lead to security breaches and malfunctions are typically covered.  This type of insurance is often required by contract and is important for any IT professional. 
  • Cyber Liability. . Every organization, from global enterprises to a one-person LLC faces cyber risk.  Cyber liability insurance helps cover your company’s liability for a data breach involving customer information.  It also helps with the expense of notifying customers about the breach and recovery efforts. 
  • Fidelity Bonds. Fidelity bonds are also known as employee dishonesty bonds or crime bonds. They generally cover expenses That occur due to misdeeds by your employees.  For example, if an employee steals a computer from a client site, a fidelity bond may cover the loss.
  • General Liability. Most businesses should carry general liability insurance.   This insurance helps protect your business from claims of bodily injury, property damage, advertising injury, copyright infringement, and reputational harm.  Workers Compensation.  Most businesses with employees are required by law to carry worker’s compensation insurance.  This covers medical costs and lost wages for work-related injuries and illnesses.  It is required in almost every state for businesses with employees. 
  • Commercial Auto Insurance. If you have a business vehicle, you should strongly consider a commercial automobile insurance policy.  This can cover physical damage and liability in the event of an accident. 

Every insurance policy has important terms that can affect your business.  To discuss what insurance programs are right for your company, contact us today. We will be glad to talk to you about your business, all the services that you offer, and how we can make sure that your business is properly insured.

 

Today, many businesses rely heavily on technology to drive day-to-day operations. While innovation has made many of our procedures more streamlined, technology failures and security breaches are growing areas of concern.

Technology failures and security breaches cause substantial financial burdens, and businesses may look to hold technology providers who are designing and maintaining their systems responsibly. Unfortunately, traditional liability policies do not cover such losses, which is why we provide Technology Errors and Omissions Insurance.

Sometimes called Professional Liability Insurance, Technology Errors, and Omissions Insurance offers protection for mistakes your company makes in the course of providing computer consulting services.

What are Computer Consultants?

Computer consultants are IT professionals with proven experience in specific areas of Information Technology. They handle the hardware, configuration, and programming of tech solutions.

Computer consultants may also propose computer hardware, technology, or software that matches clients’ needs. Even with top-notch programmers on your side, mistakes do happen which can result in data breaches or system failures.

Why Computer Consultants Need Technology Errors and Omissions Insurance

Weathering a cyber event can be expensive. Small businesses spend an average of $995,430 to stabilize after an attack.  If a security breach is due to an error by your IT consulting firm, you might be responsible for the loss. Investing in the right insurance policy could help them evade the burden.

In addition, many small businesses are not equipped to properly handle a data breach. That means outside consultants must be brought in at a substantial cost.  The right insurance product can help offset the expense associated with cleaning after a covered cyber security event.

Even if your and your company did nothing wrong, a client can still bring a claim against you for negligence if they suffer a security breach.  Errors and Omissions insurance can help pay for the defense of a claim, even if it is baseless.

It is Often Required by Contract

Most customers require that computer consultants have Tech E&O Insurance because of the risks discussed above. It assures potential customers that there is a financial backstop if something goes wrong. In most cases, your Certificate of Insurance will be proof of coverage.

Technology Errors and Omissions Insurance Coverage

InsureYourCompany.com offers the right coverage for Computer Consultants and their businesses. Contact us to learn more about our Errors and Omissions Insurance for small businesses.

A company is only as good as the people who make it run. Primarily, this is the employees. Getting good employees isn’t as simple as just wanting them, though. There are, however, several simple things you can do to improve the quality of applicants to your company as well as your hiring process to make this happen. Here are four tips for hiring the best employees for your business.

1. Competitive Salary

You can easily increase the quality of applications received by your organization by raising your base pay for employees. Higher pay incentives more people to apply, giving you a greater pool of talent to select from. It also encourages people who might have otherwise passed you up due to low wages to take another look. Employees who are financially stable and well-compensated tend to feel valued and perform better.

2. Offer Benefits (Especially Health Insurance)

Employer-sponsored benefits can go a long way towards attracting talent.  Health insurance, vision, and dental benefits, and vacation policies are often just as important as salary to job seekers.  A generous employer-sponsored health plan is often a top draw.  In addition to attracting talent, employees with access to good benefits are more likely to stay healthy, thereby reducing the missed time from work.

3. Hire Without Names

When reviewing applications, one way to ensure that only the talent and qualifications of an individual are being evaluated is to hide the names on applications. Several studies, including one jointly from Ryerson University and the University of Toronto, have shown that biases both implicit and explicit can negatively affect applicants during the hiring process depending on the origin of their names. No one should lose out on a job because of this and your company shouldn’t lose out on a valuable employee because of something so inconsequential. As such, hiding names during at least the end of an initial review of applications can help boost your headcount and make your business more inclusive.

4. Create Formal Scoring

There will always be some degree of personal feelings that go into who to hire but ensuring some base objectivity factors into things is an important goal. That’s why creating a formal scoring system for applicants is a helpful tool for a hiring manager. Formal scoring helps to improve the quality of evaluation someone does with applications, allowing a manager to compare against the scoring rubric rather than whatever they think will work best at the given time. Assign certain “point values” to things like certifications, relevant experience, and the like, then see how applicants stack up against one another once you go through. Often, there will need to be deeper analysis on top of this, but it’s a good tool for helping narrow the field during a first pass and structure the hiring process.

4. Keep Perspective

Sometimes, the qualifications of an employee can overshadow what they’re being hired for. That’s why it’s necessary to keep perspective on the job you want your applicants to do once they’re hired. A Harvard grad with a law degree might be impressive, but it’s probably not relevant to the job at hand unless you’re a law office. That isn’t to say there might not be other reasons to hire this candidate, but those other reasons should be the focus at this time. On occasion, it may even be best to hire someone less experienced on paper if those experiences make them better suited for the job than someone with a more formal education.

Hiring isn’t a simple process. With so many considerations to make, try using these four tips to ensure that you end up with the best employees once it’s time to clock out.

Attracting great employees is only part of building a great company; you’ll also need insurance to fit your company’s needs. It’s hard to overstate how important good insurance can be for a small business, so don’t cut corners. Get in touch with us at InsureYourCompany.com to see what kind of solutions we can offer you in all areas of coverage.

Thanksgiving last year was rough, to say the least. While I won’t get into the specifics of how hard this holiday was for the entire planet, I will say it was especially difficult to plan one of the most family-oriented holidays of the year. Just getting a few people from different households in the same room was an almost impossible task as Covid cases and deaths were skyrocketing and there seemed to be no answer in sight. But there was one positive last year, at least in New Jersey- The weather cooperated with us and it was about 60 degrees on Thanksgiving. It was like someone out there was making sure a select few people who are normally huddled indoors around a fireplace or inside with the heat on were protected and able to have an outdoor celebration. My family normally has a large gathering of over 20 extended family members. Last year 3 of us were separated 6 feet apart outdoors, zooming with most of the other family members from across the country on a tablet. Sometimes, things just work out, even in the roughest of times.

We’ve come a long way and have gotten through a grueling and traumatic year filled with adversity. There were so many hardships for so many people across the world. But there were also upsides. We spent a lot of time together with family. Maybe too much family time? We got to work from home. We realized that not all meetings need to be in person and sometimes zoom suffices. There have been ups and downs but something I am grateful for this year is that things have gotten better for many, and that shouldn’t be taken for granted.

So, this year many people will be meeting in person and there’s a good chance the people you’re with are going to ask you the age-old question, “What are you thankful for this year?” This always is kind of nerve-racking for me. There’s so much to say, and sometimes, everyone is secretly competing for the funniest response or the most sincere and sweet thing to say about their significant other. Needless to say, it can be stressful. But if I have to think about it as a personal question and not a performative one, I’d say there’s a lot to be thankful for. Aside from personal things in my life, I am thankful we have the opportunity to interact with each other again. For getting to hug our loved ones without fear. For smiles, we can see from the grocery store clerks. For frontline workers, who have gone unnoticed in the past year after things got a little better, but steadily continued working hard. Also teachers. A round of applause for them. I am especially thankful for our clients who have paid their insurance bills during the pandemic and remained loyal customers. But when it comes down to it, as the talented singer Lorde once said, “Spend all the evenings you can with the people who raised you, ‘Cause all the times they will change, it’ll all come around”. Times have changed, and it all has come around. So this Thanksgiving season, look forward to the future. Get excited about future vacations, concerts, beach days to come, and winter wonderland around the corner. But don’t forget to spend time with the ones you love. Don’t forget to appreciate your dog and play with him at a park once in a while. Be thankful for the difficult yet important lessons we’ve learned since 2020.

While we’re celebrating with family, let’s also remember to take care of ourselves this season. Making sure that we feel safe and good and that we are prioritizing the things that make us happy. I think a lesson that hit home for so many this year was “life is short- do what you love.” And no, Thanksgiving isn’t traditionally a time for resolutions, but given the chance to reflect, I’d say that taking care of ourselves and our loved ones (and not only bubble baths, crystals, and manifestations) is really what matters. My Grandpa always used to say, “If you don’t have your health, you don’t have anything”. Taking care of your health means a lot of things. Sometimes it means tending to your mental health by distancing yourself from that relative that cracks obnoxious jokes each year or spending extra time with your grandparents. Or could be as simple as making sure you take your vitamins and medications if you take any. Sports, activities, eating in moderation – while these aren’t tenets of Thanksgiving are other aspects of health to be grateful for this year.

So, all in all, I hope you have a great Thanksgiving holiday. I hope your holiday is enjoyable and just the right amount of overwhelming. I know some people don’t like to say they “hope” for things. I think hope is a positive thing. Without hope, there are no thoughts of the future. So, in that vein, I hope you have a peaceful and meaningful holiday. Eat some good food (don’t forget a few veggies) and go for a walk the next day. And never forget how lucky we are all to be here this year. HAPPY THANKSGIVING!

It’s been a while, but do you remember bumping into colleagues in the office hallway, chatting about weekend plans or an ongoing big project? The COVID-19 pandemic has altered every aspect of our work and life. It has caused a rapid shift to full-time remote work for many workers. Many companies are adopting working from home as a new addition to their job offerings. This has resulted in both employers and employees seeking alternative work arrangements. The trend of companies going remote is here to stay, and it’s drastically changing the way employees interact with the rest of the team and their managers.

Maintaining a smooth run of daily operations is the number one priority for most companies. During this time, work teams need to know their work expectations, coordinate work, and even balance work-life. So, how are coworkers communicating and creating ideas?

Check-ins Through Video Calls

Companies are setting up regular check-ins at predictable weekly times to connect with remote coworkers. It gives employees a space to raise concerns and questions that they may have with each other and with management. Check-ins are done in a group setting, presenting an opportunity for employees to connect and catch up with one another to build mutual knowledge.

When there are projects that require more collaboration, video calls are used instead of emails. The opportunity for immediate clarification and sharing screens provides team members with the visual cues needed to reduce any misunderstandings.

Monthly Company Newsletters

While some people are auditory learners, a monthly all-hands helps them digest information about the company direction; others learn better and remember more information by reading or visually seeing progress. A monthly company newsletter helps repeat and reinforce the company direction, key priorities, and progress that the company is collectively making towards those goals.

Newsletters help keep the company direction top of mind with employees as they work through their day-to-day activities. Company newsletters are also an excellent opportunity to repeat and highlight the company’s core values.

Internal Messaging Tools

The many short conversations you’re used to having in-person still need to happen, but in a new medium. Messaging system gives employees a way to communicate quickly and efficiently while not putting additional strain on their inboxes. Supplementing your existing communication channels with group chats and instant messages, you enable your team to stay on the same page even when they’re not in the same ZIP code. Staff members are even able to come up and share new ideas.

CRM Software

Managing customer communication and details through spreadsheets and email can be chaotic, leading to time wastage, inadequacies, and errors. CRM software improves communication when coworkers need to team up to close deals. CRM software is designed according to company size and preferences.

Project Management Software With Time Management Tools

Project Management Software allows handling complex projects with complex timelines. Keeps track of deadlines, allocates tasks, gets regular updates on task completion, and keeps clients informed on project progress. The software helps work-from-home employees manage their time correctly, take adequate breaks, and allows team managers to know the hours of work each employee puts in daily. The software helps recognize workers who are having difficulties with their tasks and even automate timesheet invoicing.

Structuring Time to ‘Show Up ‘

Workplaces offer some structure around the workday, even under the most autonomous arrangements. Employees arrive at a similar location with their colleagues and direct reports, attend meetings and events, take breaks for lunch and network, return to their desks for tasks and projects, and depart the shared location to travel home. However, this varies widely across industries and companies.

These communication methods help colleagues feel connected and maintain a level of productivity without the ‘real-life’ social environment of a workplace. Establishing a good communication norm creates an effective, remote working team. Contact our team at InsureYourCompany.com to get an insurance quote to make sure your business’s most important assets are protected.

Life is full of uncertainties and accidents can happen at any time. A personal umbrella policy can provide an extra layer of coverage to protect what matters most.

Umbrella Insurance Protection

You can add umbrella insurance to an underlying homeowner’s, auto, or boat insurance policy. It generally covers injuries, property damage, and certain lawsuits or liability against you.

The umbrella policy can extend the underlying policy’s liability limits, giving you added liability protection against liability lawsuits.  It can also fill in gaps in coverage that might be left by standard insurance policies.  Purchasing a higher limits on one or more policies can be expensive and still leave gaps in coverage.  A single umbrella policy can help extend your liability protection and fill some of those gaps.

Do You Need Umbrella Insurance?

Nearly everyone can benefit from the protection of an umbrella insurance policy. If you engage in any of these activities or have any of these circumstances, you could possibly benefit from the extra liability protection of an umbrella insurance policy:

  • Hosting parties or gatherings in your home
  • Owning a car (especially if there are multiple drivers under your insurance)
  • Owning a dog
  • Owning a swimming pool

These are only a few examples of situations where umbrella insurance can be useful. The takeaway is this– any activity that puts you or the members of your household at greater risk of a liability lawsuit may be a sign that umbrella insurance is right for you.

An Example of How Umbrella Insurance Works

Suppose someone trips and falls at your home and is injured. Your homeowner’s insurance policy has a liability limit of $250,000. The person who visited your home was injured severely and decided to sue you to pay for the expensive medical treatment required. You go to court, and the jury awards the injured party $500,000. You only have $250,000 of liability coverage with your homeowner’s insurance, so the umbrella policy will pay the remaining $250,000,

Without the umbrella coverage in this instance, you would be liable for the extra $250,000 your homeowner’s policy did not cover. Umbrella insurance could potentially save you from financial ruin and losing your home and belongings in a liability lawsuit.

What Is the Cost of Umbrella Insurance?

The cost of umbrella insurance depends on several factors; where you live, how much coverage you need, and how much risk the insurance company considers you to be. The Insurance Information Institute estimates to cost of a personal umbrella insurance policy to range from $150 to $300 per year for $1 million in extra protection – a relatively small premium for increased protection

Umbrella Insurance Exclusions

Not every type of injury or damage is covered by personal umbrella insurance. Here are some things that are typically excluded from coverage:

  • Contract breaches
  • Injuries to yourself or your family members occurring in your home
  • Criminal acts or intentional acts to injure others or cause property damage
  • Damages to business property

Eligibility Requirements

To be purchase umbrella insurance, you must first have an underlying policy to add liability coverage to it, such as a homeowner’s or auto policy. However, there are a few insurers who offer a standalone umbrella policy.

Life is full of uncertainties. Personal umbrella insurance can give you peace of mind knowing you have the extra liability insurance coverage you need. Contact us for a customized personal umbrella insurance quote today.

Nearly every state requires employers to carry worker’s compensation insurance.  Failure to carry the appropriate insurance can result in fines and expose the business to claims from an injured employee.

Why Does Worker’s Comp Insurance Exist?

Worker’s comp insurance exists because workplace injuries happen. In most cases, workers’ compensation is the “exclusive remedy” available to an injured worker.  If an employee is injured, payment for their care, treatment a percentage of lost wages is guaranteed.  In exchange, the employee gives up the right to sue their employer for negligence.  This system ensures prompt payment of medical bills and lost salary without delays or legal proceedings.  Employees can return to work more quickly and employers can operate without the threat of lawsuits.

The History of Worker’s Comp: An American Coverage with German Roots

Worker’s compensation laws have been in place in various US states since the late 1800s. But the original idea seems to have come from German Chancellor Otto von Bismarck. According to the US Social Security office, von Bismarck is also responsible for the building blocks of social care for the elderly, which we now recognize as Medicare and Social Security income.

  • The German system provided long-term disability benefits as well.
  • Participation was mandatory among all individuals and organizations.
  • Contributions to the program came from the employee, the employer, and the German government.

In the US, no federal law requires that employers maintain worker’s comp insurance, but most states require it.  Pricing is usually based on the location of the employee, their occupation, and the company’s claim history.  As you might expect, rates for office workers is lower than for roofers.

Traditionally, our nation’s most dangerous jobs include:

  • Mining
  • Construction
  • Roofing
  • Logging
  • And aircraft piloting and maintenance

Generally, worker’s comp is more expensive for businesses in these sectors. Still, a workplace injury can occur at any job! Hospital staff can slip and fall over extension cords, biology teachers can accidentally slice open their hands, even a banker could step on a freshly waxed floor and find themselves calling in a worker’s compensation claim. Accidents do happen!

Modern Worker’s Comp Insurance in the US

If you have employees, you are usually required to carry workers’ compensation insurance.  There are a few exceptions, such as for single-member LLCs or in the few locations where it is not mandatory.  However, even if not required by law, workers’ compensation insurance might be required by a contract you have with a client.

Most employees who experience a workplace injury will receive medical care and, in some cases, ongoing payments to compensate for long-term disabilities. Injuries can be acute, like a slip and fall injury, or can occur over time, as is the case with a repetitive stress injury like carpal tunnel syndrome.

“Are auto accidents covered by worker’s comp?”

Generally, injuries that happen on the commute to or from work are not covered. But if an employee is on company time when the accident occurs the injury is typically covered.

There are a few gray areas, such as when an employee is on a break or running a personal errand in connection with their work duties.  You’ll want to speak with an experienced insurance agent for more information on when coverage applies.

Compliance for Employers

An employer can comply with state regulations to provide workers’ comp coverage in two ways. Most organizations choose to purchase WCI through a private insurance company. Large organizations and government employers sometimes prefer to self-insure. In that case, they would keep significant funds on hand to pay for employee medical care and wages after a workplace injury.

It is important to understand who is and is not covered by your worker’s compensation insurance.  Often, certain members of a company, such as an owner, are excluded.  Contact your broker for an overview of how workers’ compensation insurance works and how you can protect yourself, your employees, and your business.

Here at InsureYourCompany.com, we’re proud to offer WCI for New Jersey businesses of many types and sizes. We work with various carriers and can help you with all your business insurance needs like group health insurancegeneral liabilityprofessional liability insuranceemployee benefitsumbrella insurance, and more. Contact us to learn more about worker’s compensation insurance today.

When you buy homeowner’s insurance, your biggest question should always be “what does it cover?” After all, nobody needs their insurance until they REALLY need their insurance. At that point, there’s no time to make necessary changes. You’re not even allowed because a claim already happened! You can only adapt for the future. So, taking the time now, with a licensed insurance agent, to figure out what you need and under which circumstances coverage will apply can save you a lot of confusion and suffering.

Before we dive into claims scenarios, let’s talk about the major parts of the homeowner’s policy.

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Dwelling Coverage:

Dwelling coverage provides coverage up to a certain amount to replace as much as the entire home if a catastrophe occurs. The coverage amount should be based on what it would take to rebuild the entire structure from the ground up using materials of the same like, kind, or quality. Therefore, over-insuring your home will not result in better material or bigger square footage, just a higher annual premium.  However, under-insuring your home could leave you short in the event of a large loss. Dwelling coverage also includes detached structures, such as sheds. This coverage is almost always set at 10% (but can be increased) of what the house itself is insured for.

Personal Property Coverage:

Home is where the heart is, but when you’ve seen some or all your worldly possessions stolen or destroyed, you just want everything to go back to the way it was. Consider all your appliances, clothes, furniture, electronics, jewelry, etc. It adds up! Personal property coverage is based on what you feel your possessions are worth, however in a standard homeowner’s policy that amount usually cannot be less than 70-75% of the dwelling coverage. A good rule to remember is to keep all receipts for the items you know need to be replaced. If you don’t have receipts, dated pictures showing the items in the home can usually act as proof as well.

Loss of Use Coverage:

Loss of use coverage is either a set dollar amount or an unlimited amount for a set period of time that will provide money for housing, clothing, essentials, food, etc. if there is a claim that displaces you from your home.

Liability Coverage:

Liability can protect you financially from lawsuits or other people’s medical bills if someone is hurt in your home. As a homeowner, you may be responsible for unfortunate consequences, even if they are accidents. An injured party guest hurt or a pedestrian who trips on your part of the sidewalk can result in a claim Liability coverage is a set limit for which an insurance company will pay if you are held responsible for someone else’s medical bills or if you are being sued.

Medical Payments to Others:

Medical payments to others is a smaller limit of liability, payable for smaller medical claims, typically $1,000 – $10,000.  This coverage applies to smaller injuries without regard to fault.  Injuries that exceed this limit may be covered under the liability part of your policy, but typically only if you are at fault for their injury.,.

These are the five biggest elements of a homeowner’s policy where the majority of claims will fall under.

Let’s look at some interesting, real-life examples of claims to see how coverage would extend:

  1. You have some acquaintances over for a backyard BBQ. Someone trips over a garden hose/sprinkler/something and falls, spraining their wrist badly. Because they hurt themselves at your home, they want you to pay for their medical bills.

IS IT COVERED?

Yes, your homeowner’s insurance will provide coverage for this acquaintance’s x-rays, treatments, and other medical bills related to this incident. If it exceeds the threshold set for medical payments to others, it may still be covered under the larger liability coverage.

  1. Your teenager puts a ceramic plate on the stove burner, thinking it will simply keep the plate warm. The plate overheats and explodes, sending broken pieces all over the kitchen floor. They melt the linoleum and the floor is now damaged.

IS IT COVERED?

No, unfortunately, this is not going to be covered. The broken plate, the food cleanup, and any damage done to the kitchen will have to be handled out of pocket by you. Why? Because insurance does not provide coverage for things done intentionally and without using common sense. While your teenager might never have thought the plate would explode, they still intentionally created an unsafe condition. Insurance is for unforeseen catastrophes, not incidents such as this.

  1. The neighborhood kids decide to egg, spray paint, and toilet paper your house on mischief night. Something about you not giving out full-sized candy bars last year… The egg and toilet paper can be cleaned up, But the spray paint is permanent damaged.

IS IT COVERED?

Yes, this falls under vandalism (spray paint) and malicious mischief (eggs/toilet paper). What’s the difference? Malicious mischief is, in simple, the intent to cause trouble or an inconvenience without doing lasting harm. Eggs can be power washed off and toilet paper can be taken down. However, spray paint falls under vandalism because its damage is longer lasting. It might not come off easily or completely, resulting in the house needing to be repainted. Either way, a standard homeowner’s policy will respond to this claim.

Claims happen all the time. But the more you understand your policy and your coverage, the better you can tailor your policy to fit your needs. And that’s important to us at InsureYourHome.com. We help others with their insurance whether we’re the agent or not. Why? Because we’re not looking at you as a customer we’re trying to get something from. You’re a human being with a family, a life, and responsibilities. One of our responsibilities is to make sure you have the peace of mind to take care of the more important stuff. And the best way to do that is with the assistance of a licensed insurance agent. If you want your policy reviewed and explained to you, contact us at info@insureyourcompany.com or 888-242-4675!

 

**this blog is for educational purposes only and coverage depends on the actual policy wording**

One of the many reasons people start their businesses is to provide a better lifestyle for their families. Most business owners are both financially and professionally risk-takers by nature. Although entrepreneurs need to spend most of their time preparing for the rewarding business meetings and elevator speeches, only a handful give equal importance to the concerned families & start to think about life insurance.

A business owner must plan for contingencies, especially when there is a family to look after. For an entrepreneur, the entire business setup is like their baby and needs protective backing of its own. This is where life insurance policies come into the mix.

Life insurance for a business owner is desirable because it is a protected asset in case of bankruptcy. So, why is life insurance important for business owners?

Succession Planning

A life insurance policy is often the cornerstone of a business’s succession plan. When a company uses life insurance as the funding vehicle of a buy-sell agreement, the death benefits purchase a deceased partner’s share of the business from their estate.

This can help reduce conflict between all parties involved and allow the company to keep running smoothly. When used to fund a one-way buy-sell agreement, the chosen successor can also use the policy’s accumulated cash value as a source of funding to purchase the company at the owner’s retirement.

Attraction and Retention of Employees

When an insurance company issues a policy, they do so because it is determined that the policy owner will incur a financial loss when the insured passes away. A business owner may incur a financial loss if a key employee dies. Insurance companies generally let business owners have an insurable interest in their employees.

This gives business owners a unique way to use business life insurance as an employee benefit. Instead of paying an “employer match” into a 401k plan, employers may open life insurance policies on their employees. The business owner receives a tax benefit for paying the insurance premium.

Income replacement

If your family relies on your income, they’ll need money to care for themselves after you’re gone. The death benefit can cover your salary and your other contributions to the household, like childcare. When you’re trying to decide how much life insurance you need to replace your income, think of all of your debts and expenses.

Access to Cash Value

A business owner who has a life insurance policy can borrow against the accumulated cash value for various work-related purposes. Life insurance enjoys favorable tax treatment. Cash value withdrawals are treated on a first-in-first-out (FIFO) basis. Therefore, cash value withdrawals up to the total premiums paid are generally income-tax-free.

Key Person Life Insurance

If a business owner or executive who is very important to the business dies, the company will receive the death benefit of the key person. The tax-free benefit can be used in a variety of ways. It can help make up for company sales as well as lost earnings. The life insurance death benefit can provide liquidity quickly so the business can provide ongoing financial demands.

Estate Equalization

It can help with estate planning and the management and distribution of your assets. Passing on an estate can involve numerous issues, depending on your circumstances and the amount of investment at hand. What if there are multiple heirs to an estate, but properties aren’t that easily split up? In instances like this, life insurance in an estate plan can fill the gap and equalize an estate inheritance among heirs.

Business owners need insurance for similar reasons: income replacement and to protect the future of the company. Make sure you have the right policies to cover all of the people who depend on you. If you want to make sure that your new business is protected, contact us today. We will be glad to talk to you about your options to make sure that you and your business are protected.

The success of your business comes down to your leadership skills. You are responsible for motivating the staff, setting attainable goals, and embodying the culture of the organization. However, becoming a successful leader in the business world isn’t as simple as it seems. It means possessing unique qualities that can help drive your business forward.

However, it’s never too late to start sharpening your leadership skills. Today, we take a comprehensive look at tips to becoming a successful business leader. Harnessing the skills below will ensure you safeguard your bottom line and reach your organizational goals.

Work Alongside Your Employees

Working with your staff helps you better understand them, thus making it easier to lead. Ensure you do the work they do periodically, if not always. For example, help your employees produce content or answer customer service requests.

It will also help to speak to your employees about their thoughts on the company. Have an open line of communication that allows workers to share their opinions. Let them tell you what they love (and what they don’t love) about working in your organization. Doing this will help you maintain company spirit and culture.

Design Your Unique Leadership Style

All great leaders have their own customized leadership style that works for them. Usually, it’s a combination of different qualities – including motivation, empathy, creativity, and so much more. However, the style you choose will come down to your personality.

A successful leader should adapt to different situations in the workplace. Using a diverse set of skills and qualities, you should find it easier to navigate different challenges. Ensure you start by understanding your leadership type to help you have a better understanding of your weaknesses and strengths.

Have a Precise Mission Statement

Having a clear vision for your organization is the number one priority for all business leaders. It will help to focus on fulfilling certain objectives, thus pushing you towards success. Ask yourself why you started your business and why it is important to attain your goals.

A mission statement encompasses your organizational core values that act as guiding principles for product development and company culture. It will also help you design a positive and welcoming work environment that inspires productivity.

Inspire People

Start by asking yourself why everyone needs to follow you. Your employees shouldn’t follow you because you said so or because they fear you. Instead, they need to believe in your vision and mission to move the company forward.

An excellent leader inspires people to work towards a similar goal. Therefore, you have to clearly state your mission and ensure the entire team is on board. Your actions should also inspire people to fulfill company objectives.

Learn on the Go

For starters, you don’t need to enroll in business school to become a successful leader. It is about trusting yourself and figuring it out along the way. Therefore, you shouldn’t wait until you have everything figured out to implement your big idea.

We are all learning something new every day, and leadership is no different. Even the most influential leaders of this century started with doubts and insecurities about their leadership skills. However, the best way to learn is through making mistakes. It will also help to keep a positive attitude to prepare you for any downfalls.

Protect Your Business

An excellent leader does everything to protect their business from all existing risks. Therefore, it will help to hire a licensed insurance broker today. At InsureYourCompany.com, we are here to help you safeguard your business and bottom line. Ensure you reach out today for a customized insurance quote.

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