Being motivated and goal-oriented is a valuable personal quality necessary for producing impactful results in the workplace. Unfortunately, motivating yourself can be challenging. Trying to sustain your drive through a career project can be an uphill task. Human beings tend to have a natural aversion to persistence that no amount of inspiration quoted from coffee can fix.

Fortunately, all hope is not lost, and you can take practical steps to enable you to keep pushing forth. This piece delves into tips and tricks to fuel your self-motivation quickly.

Don’t Think of Your Job as Hard Work

Once you have a task in front of you, one way to motivate yourself is to not think of it as hard work. Instead, consider it a part of progressing into what you want to become.

Don’t think of how frustrating of impossible the task might be, but consider how proud you’ll feel to accomplish the task. Thinking along those lines will make the most complex tasks look easy, manageable, and enjoyable.

Visualize Your Goals

Positive imagery is a powerful tool to keep you motivated and inspired to advance. Think of your career goals every day and how they intertwine with your life goals. Imagine the life ahead of you once you reach your professional goals. These images should be good enough to drive your motivation.

Using the Hemingway Technique

The concept is the creation of the famous author Ernest Hemingway. He would leave the last paragraph or chapter unfinished at the end of the day, especially when he knew how it’d end. When he sat down at his desk the following day, he would know where to start and immediately start writing and creating momentum for the rest of the day. He never had to wonder where to start or what to do for the day.

The Hemingway technique could come in handy for you too. For example, instead of working late and trying to squeeze all your day’s tasks into some limited time, pick a stopping place strategically. When you get to work the following day, you have a specific place to start from. It will help you build enough momentum for the day.

Break Down Huge Tasks into Manageable Chunks

Seeing your big audacious goals through can seem impossible. Breaking them down into bite-sized consumable goals is an effective way to make you feel like you’re making tangible progress. You’ll also feel a sense of accomplishment when you’re done and dusted with the smaller goals. A feeling of progress and achievement is good enough to keep you going.

Develop a Routine

Creating a routine and sticking to it is a powerful tool to keep you positive and motivated. The more you become accustomed to doing certain things in a specific way, the easier it becomes to do it repeatedly. Your routine should be something you can relate to, which compels you to keep going. More importantly, apply some discipline to stay on target.

Celebrate Both Big and Small Wins

If you’re struggling with staying motivated at work, rewarding yourself for the achievements you’ve made so far could be the trick you need. In an article titled “Motivational Strategies in Business,” George Root explains how rewards play a role in motivating employees to do better. You can use the same technique personally to advance your career goals.

Don’t wait until you achieve the big goals. Every small win counts, and planning a reward gives you something to anticipate.

Final Thoughts

There will be times when you don’t feel like doing anything productive in your career. While this is normal, you don’t have to harbor that feeling for long. For your career to progress, you must employ self-motivation.

The above tips can be an excellent starting point to motivate yourself and improve your outlook on the bigger picture. For more insights on how to thrive in the workplace, check out our blog.

It’s no secret that cryptocurrency is creating a frenzy in the tech industry. The price of bitcoin price has skyrocketed, sending investors on a mad dash to get their hands on this new digital currency. It has also dropped precipitously at times.  While some are uncertain about its long-term prospects, others see it as an opportunity for lucrative investments backed by blockchain technology.

But what does all of this mean for the future of tech? Will it be good or bad? Well, let’s look at how cryptos can help or hurt different aspects of the tech industry and get into why these happen before we can make any conclusions.

What is Cryptocurrency and How Does it Work?

Cryptocurrency has been around for about a decade. In that time, it has gone from being an obscure and little-known asset a mainstream phenomenon that is increasingly accepted as payment. Cryptocurrency is a digital currency that is created and managed through cryptography. This means that it is secure and difficult to counterfeit.

In basic terms, the integrity of cryptocurrency is maintained through a blockchain.  Simply put, the blockchain is like a checkbook that everyone can access.  Each transaction in the checkbook is a “block”.  When you look at all the transactions together, they create a blockchain.  Each time there is a new transaction, it is recorded in a new “block”.  In the case of bitcoin, each block is automatically assigned a 64-character code, called a “hash”.  This code would be virtually impossible to guess randomly.

Bitcoin miners (people who verify bitcoin transactions and are rewarded by being paid in new bitcoin) race to solve complex mathematical equations to figure out the hash.  The first user to figure out the hash wins and gets paid.  That user then adds the verified “block” to the “blockchain”.   The 64-digit hash is recorded on the ledger accessible to everyone.  Thus, if anyone attempts to change has it would not match what is on the ledger available to everyone else and would be detected the next time someone attempts to make a record of a new transaction.

Cryptocurrency can purchase goods and services or even be traded for cash. The technology sector is one of the world’s greatest adopters of Cryptocurrency, particularly for online purchases. For most technological companies now, due to cryptocurrencies, their online transactions are safer, easier, and faster than ever before.

How does Cryptocurrency Fit Tech Business?

Cryptocurrency can be beneficial to tech businesses because it avoids fees associated with other modes of transactions. This is especially true for international transfers, which can carry high fees charged by money remittance services. For international transactions, the fees are much lower than those associated with traditional money transfers.  In addition, crypto currencies such as bitcoin are not regulated the same way traditional cash is.

By using cryptocurrency, tech firms can reduce the costs of these transfers, allowing them to become more competitive in the global market. Another way that cryptocurrency can help tech firms is by increasing their payment options to eliminate the need for credit cards. Overstock.com, for example, began taking Bitcoin payments in 2014 and has since processed more than $1 million in Bitcoin transactions.

Cryptocurrency can also help tech businesses by providing a new way to raise money. For example, in 2017, the blockchain company FileCoin raised $257 million by issuing its cryptocurrency in just five minutes. This ability has allowed the company to bypass the traditional venture capital funding process, which can be slow and expensive.

How can Cryptocurrency Hurt a Business?

Over time, there have been claims that the cryptocurrency’s anonymity makes it difficult for businesses to get information about their customers, which has been a considerable risk because it can lead to fraud and other criminal activities.

In addition, the volatility of cryptocurrency can cause businesses to lose money if they invest in it. For example, the price of Bitcoin rose from $1,000 to $20,000 in 2017 before crashing back down to $6,000. This volatility can make it difficult for tech businesses to forecast their expenses and revenues.

Also, because it is unregulated if access to a cryptocurrency wallet is lost, there is often no way to retrieve it.  This means that if you lose your login credentials to access your bitcoin, it may be gone forever.

The Future of Cryptocurrency in the Technology Sector

Cryptocurrency is becoming increasingly popular with technology companies. Many new cryptocurrencies are becoming available, and their popularity has skyrocketed since the creation of Bitcoin. Soon, cryptocurrency may completely revolutionize how technology companies do business globally.

But wait—what does this have to do with tech businesses? The cryptocurrency market is growing every day and becoming more popular for investors looking for alternative investments. This means that now might be the time to buy into the market. However, if your company isn’t prepared, you could lose a significant amount of money.

Generally, insurance does not protect against changes in value.  However, there is an emerging market for policies that cover theft or malicious attacks involving cryptocurrency.  If you or your business is investing in cryptocurrency, you should consider such a policy.

Contact us today to learn more about how we can help you stay safe and secure while doing business in the digital age.

*Information on this site is provided for general information only.  Each policy has specific terms and exclusions that affect coverage.  Please read your policy carefully and call an agent with questions.  InsureYourCompany.com is an insurance agency.  We do not provide investment, legal, accounting, or tax advice.

The Importance of Time Management for Software Development

Time management is critical to success in life. While the actions involved in time management may vary, the premise remains the same. Like many hired professionals worldwide, you realize that scheduling is a skill that can be learned before it can be effectively used. Now it’s time to apply it to your job as a software developer.

Software Time Management

Time management in software design has two components. One of those is coding, and the other is project management. Time management in proactive coding is a highly personal topic since every developer’s routines and preferences vary.

Two panels in one webcomic depict a programmer seated at a computer, elbows on a table, arms bolstered, hands folded, chin lying on hands. I’m stumped.” The second panel: similar picture, but the text reads “My code works.” I’m stumped.” Despite this, since computers are mathematical and quantitative units, programming is a blend of science, art, and mysticism. While most code change reactions are logical and predictable, this isn’t always the case. So poor time management and job planning may easily lead to missed deadlines.

Poor time management may lead to scope creep, missed deadlines, and even budget overruns. Many workplace tasks are shared, so developers and other experts collaborate to offer a great product to the customer. So time management influences not only your productivity but also other workers’ operating processes and achievements.

How to Manage Your Time

Time management in projects has three forms: stakeholder objectives, critical route, and critical chain.

Expectations of Stakeholders

Stakeholder demand management is the most complex and costly component of project management. In this view, time management includes both the time required per item and the connections between them.

Before moving on to the second kind of time management, scope change must be considered. Managing time involves anticipating and accounting for unforeseen customer demands, ranging from new feature development to amending or revoking preexisting clarifications.

A project’s crucial route is its backbone.

Once all tasks are identified, the project manager will graphically map their dependencies to show the sequence of finish-to-start connections. The task supervisor tells the developers when to execute tasks.

This is the minimum period required to complete the project. It ignores all critical path elements, therefore it ignores any project timeline acceleration strategies (such as crashing and fast-tracking). If just one developer handles all duties and other tasks are not on the critical path since they can be developed separately, the project will take longer than expected.

C-Chain

The critical chain is a more complex (and genuine) version of the critical route. It is a “resource-leveled critical route” because it is generated by adding availability and scalability restrictions to the critical path.

Suppose a developer is required for half of the project’s components. Because of the employee’s particular abilities, if one of the critical-path modules pops up when they’re on leave, the project manager must add a lead time to that module once they resume. Likewise, fast-tracking two of these modules is not conceivable if they are the only programmer on the project capable of finishing them. As a result, the critical chain is nearly always longer than the critical route, and is perhaps the clearest illustration of the macro significance of time management in the field of administration.

Tips for Software Developers on Time Management

Time management is critical in software development since it impacts the result of the project. These time management methods can help you be more efficient and effective as a software developer. In addition to the individual time management, selecting the correct technology for software development task management is critical, preferably with flexibility and accuracy in budgeting and reporting.

Routine

Software engineers must understand the project execution process. A project manager should explain the project’s procedure, which is often identical. Establishing your development habit may save you time and make the customer pleased since the project is on schedule. But don’t become too used to a routine. Every project is unique, therefore expect the assignment to be different from past projects. Also, be flexible.

Documentation

Before starting a project, make a plan. If you haven’t previously been given the overview on paper, don’t attempt to recall it. Documenting time spent on each project – or component of a project if it has several facets – helps evaluate developer productivity. Documentation helps employees and management understand how long they worked on an assignment. Documentation also aids future programmers who may complete the job. In this case, providing written documentation and information on critical components of the project saves time that would otherwise be spent researching or delving through code.

Accountability

Every worker is in charge of building or managing somebody else inside the company. Your productivity will impact other members of the team of developers, regardless of your function. Accounting for your achievements and failures helps you and your team learn how to approach future initiatives, which ultimately improves the company’s perspective.

Communication

Communication is important in every job because it keeps team members informed. Your work may influence another expert’s work. Collaboration time management includes holding staff meetings to assess who other members are in respect to your progress. It lets others know what ought to be prioritized, whether additional personnel are needed for a project, and so forth.

Priorities

Software engineers are urged to complete important components first. Rather than doing the tiny jobs ahead of time, designate time to finish the primary piece so your client sees constant development. Prioritizing may help you save time and keep your project on track.

Time Management for Developers

Every businessperson should be aware of their time spent on various duties. Keeping track of the time it takes to complete business tasks benefits both you and the other team members. Time management is an essential skill that can constantly be improved. By following the above advice, you and your team may be more productive and provide a project that your customer will adore.

Choose a firm like Code Authority that hires experts with time management abilities if you require a team of software engineers for your business. These talents affect the quality and timeliness of your project. Contact us to handle your insurance so you can focus on managing your business!

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.