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Business owners all know that starting up a business takes many things; one of these is commercial insurance. Business start-ups usually have a hard time trying to determine the amount or type of commercial insurance their business needs. Commercial business insurance can give you needed protection against theft, property damages, liability, business interruption, injuries at the business, and other items. Failing to secure enough commercial insurance causes business failure.
Different Types Of Insurance
There are three most common types of commercial insurance for business. These are property, liabililty and workers’ compensation insurance.
Property Insurance
This type of commercial business insurance covers losses due to damage of real property. Examples of this would be fire, flood, and machinery destruction.There are different forms of this type of commercial insurance for business.
Mechanical breakdown coverage – often labeled “equipment breakdown coverage”, this type will usually cover losses from the accidental breakdown of boilers, machinery, and other equipment. This coverage is good for computers.
Debris removal coverage – this type of coverage deals with removal of debris after a disaster such as fire, flood or windstorm. This is the insurance that allows you to remove the remains of the old structure before building the new.
Builder’s risk insurance – this is what covers the building while being constructed. In case of a building collapsing during construction this insurance kicks in.
Glass insurance – this is most used by retail business and covers the glass windows of the building.
Inland marine insurance – this is the insurance which covers property which is in transit or other persons property while on your premises.
Business interruption insurance – this is what covers lost income and expenses which result from property damages or loss. This is the insurance that covers salaries, taxes, rent and net profit for the time the business is closed.
Tenant’s insurance – most often used in conjunction with commercial leases which covers the damages to improvements you have made to the rental space.
Fidelity bonds – this insurance is used to cover losses from a bonded employee’s theft of property or money.
Liability Insurance
Liability insurance is commercial business insurance covering injuries that you cause to third parties. If you are sued for personal injuries or property damage, the costs of the legal actions and work would be covered by this insurance. More specialized liability insurance is listed below.
Errors and Omissions – this insurance covers accidental mistakes or failures which cause injury to third parties. An example would be someone failing to file proper forms or applications completely or not on time.
Malpractice insurance – this type of insurance is most commonly used by doctors, attorneys, accountants, architects and other professionals. It is used when a third party suffers injuries from someone whose conduct falls below the professional standard of their field.
Automobile insurance – this covers all of the vehicles which are owned and used by your business.
Directors’ and Officer’s Insurance – this insurance is most used by corporations and nonprofits to cover the cost of legal action taken against their directors or officers.
Workers Compensation Insurance
This type of commercial business insurance is also listed as commercial disability insurance. This is the insurance which is used to cover employee injuries on the job. Workers Compensation is usually required by state law for any business with employees.
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With the cost of protecting both your business and yourself from potential lawsuits being high, mainly as a result of 9/11 and the stock market fluxuations of today, everyone who owns a business needs to shop around to pick out the best policy and prices for them. With this concern in mind here are five simple ways to get the most out of business liability insurance at a price you can afford.
Belong To An Association
Many trade and business groups such as the local Chamber of Commerce offer their members the benefit of purchasing business liability insurance through them at group rates. This allows for individual members to see savings which they would not find alone. Check into alternative trade associations to see if their group rates are a possible savings and good fit for your business liability insurance needs.
Compare Coverage
Each insurance provider has different limits and policy specifications for the same type of business liability insurance.You may want to check into how much, or even if, legal fees are covered.Reviewing your policy details allows you to know what is and is not included in the coverage of your policy.
Assess Your Industry’s Settlements
What amount of coverage should you have for your business?Take a look at what the normal amounts are for the industry you are in.Take a look at recent legal actions and settlements to know what might be expected. Talk to others in your field to see what levels they maintain. Using all gathered information, you can determine what the average limits for your coverage should be.
Find A Broker Who Specializes
Each business and industry has unique risks and needs. If you find an insurance agent who knows your business, industry or field, they will be able to better create a business liability insurance policy that will suit your individual business needs.
Get A Package Deal
When you are running a business, especially a small business, picking up individual policies for each type of insurance you need is not cost effective, and sometimes prohibitive. Depending on the situation, a package of policies like a Business Owners Policy could be found that would cover most of your needs and save on rates. Not all insurance falls under BOP such as Errors and Omissions coverage or a business health insurance policy.
Success in your business will greatly depend on protecting it from risks. Take the time needed to research your business liability insurance needs with agents, peers and industry associations.
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Lately there has been a lot of talk concerning health insurance for business. Business owners have complained, and loudly in many states, to the local politicians about the escalating costs of health insurance. Business owners are seeing yearly increases of over 10-12% per year in premiums while the coverage either stagnates or begins to eliminate certain items. So for business owners, health insurance is beginning to look like a costly option.Meanwhile, insurance companies are still advising that business have health insurance to attract quality employees. Arkansas and Alaska are two states that have held hearings about the issue. States such as Pennsylvania and New York have state sponsored programs so that there are more options for employer and employee when it comes to business health insurance. Unfortunately, business health insurance is almost as needed as business property insurance when it comes to dealing with income and ongoing operations.
Keeping Insurance Costs Down
Keep your employees healthy – many larger corporations are starting to work on this angle. Business’s are initiating programs to promote exercise, healthy living, cancer screenings and even offering flu shots. The idea being that a healthy employee costs less than using the business health insurance policy.
Reduce the amount of coverage – today many employers are asking their employees to pay into the business health insurance policy with the common contribution being near the 50% mark. It is also fairly common today for business owners to exclude dental and vision coverage.
Start health savings accounts – these are becoming more popular with small business owners. These tax-exempt accounts, which can only pay for certain medical expenses, could reduce costs for a small business health insurance policy and give employees tax breaks.
Join a group or HMO – small business health insurance plans can take the form of group plans which cover between two and 50 employees. The larger the group, the less the premiums are to pay.If your business has less than 10 employees, you can still partner up with other businesses or individuals to expand the group plan. To do this you need to have all members be in the same state.
Shop around for business health insurance – different providers will give different rates; especially if they know they are in competition with other insurance companies. Start asking other business owners near you about their health insurance costs.Search the internet for lower rates with such sites as eHealthInsurance.
These are just five simple steps you can take to reduce the cost of health insurance for business owners both small and larger.
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Business insurance is an often overlooked item when starting a new business. Many people don’t take into account the reason behind needing business insurance or the cost of this type of insurance when they figure out their business planning or financing.
Why Insurance Is Needed
Business insurance, while not required for every business by law, should be required out of common sense. What this insurance does is cover the business, the business owner and any monetary losses in case of liability or loss of business which would otherwise put the owner out of business.When a business suffers substantial loss due to a major event the insurance acts as a safety net to ensure that the business is not crippled or completely fails if possible When a business suffers substantial loss due to a major event the insurance acts as a safety net to ensure that the business is not crippled or completely fails if possible. Business insurance can also act as a safeguard in case of complete loss for the owners against any outstanding costs. Some of the things covered by most business insurance are included in this list:
Natural disaster
Fire
Machine or equipment failure that shuts down the business
Loss of income due to employee negligence
Lawsuits brought against the business
Ensure ongoing operations due to adverse affects from man-made circumstances outside the business
Consumer issues or problems
Business insurance can help defray, or sometimes completely cover, the cost associated with the list above. This is a huge help when most of a business’s finances are tied up or would not be enough to cover huge lump sum expenses.
Small Business Insurance
The smaller the business is the more likely the need for business insurance in today’s world. Many, if not most, small business owners will have placed their entire lives and earnings into the business. Several reasons exist for the smaller business to own business insurance:
When a large problem requiring a financial outlay large enough to destroy a small business
Banks often require business insurance specifically for small business to cover loans and payments
If the owner of a small business dies, the insurance guarantees payment of all business debt
If an accident occurs at the site of the business, insurance is needed to cover the costs of the accident.
No matter if its small business or a large factory, covering costs due to unforeseen problems can cripple any operation. This is the reason business insurance exists today.With so much financial investment in any business, insurance is the only way to guarantee ongoing operations.
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When you are starting a small business, there are generally ten things you want to do when it comes to small business insurance. And on the opposite end there are also ten things which you should not do when looking for small business insurance.
Ten Things To Do
Have an insurance agent signed on right from the initial start-up to give you a clear picture of small business insurance policies you will need and to have these policies in place.
Find an insurance agent who can handle all the insurance needs for your business.
Be sure to include “Commercial Umbrella” coverage, also known as excess liability insurance, in your small business insurance coverage
Using a broad form of business property insurance ensures everything is covered.
Find a good health insurance policy within your means to attract quality employees
For a business which already has employees, consider carrying employment practices liability insurance to guard against employment suits
Maintain a clean and safe environment within your workplace to hold down suits and insurance costs
Be sure to include all tenant improvements that you make in your property insurance
Make sure your small business insurance grows with you and covers your business as it grows.
Maintain a buy – sell agreement with all partners in the business, which is funded by life insurance, in the event of the death of a partner.
Ten Things To Not Do
Do not self-insure any part of your worker’s compensation ever, you can’t afford the risk of not having enough.
Do not fail to see the difference between regular employees and contract workers and insure properly.
Do not forgo ongoing employee training with regards to maintaining safety in the workplace.
Do not go without insurance
Do not deal with contractors who cannot furnish their own insurance certificates
Do not allow your insurance policies to lapse because of lack in payment or late payments on premiums
Do not insure your business with insurance companies with substandard ratings.
Do not withhold information from your insurance agent or company. They need a complete view of all risks to asses your coverage
Do not allow your business to go uninsured in any category that is insurable and carries high amounts of risk
Do not overlook both flood and earthquake insurance if you are in a high risk area for these.
Small business insurance policies should also have business liability insurance in them. Small business insurance is incomplete without a good liability policy in place.
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It is fairly common knowledge that everyone should have some form of life insurance, at least enough to cover the cost of their burial. In most instances, a person can find low cost life insurance that will pay most of the funeral expenses while not putting an extra burden on their finances during the final days of their life. However, before agreeing to pay monthly premiums for low cost life insurance, the individual needs to make sure their survivors will receive what they pay for.
While most insurance products are regulated by state and federal laws, there may be some providers of low cost life insurance that do not always explain the policies they sell to their insured customers. On the surface, it may seem direct that if the insured party dies, the company will pay the face amount of the policy to the beneficiaries. In reality, some of the low cost life insurance policies will include disclaimers requiring the policy to have been in force for a set amount of time before any pay out will be made.
People interested in low cost life insurance should also only deal with reputable companies. There have been a few companies that perpetrated a scam by selling policies and then disappearing and when the policyholders sought pay out learned the company was no longer in existence. Unlike universal life insurance policies, low cost life insurance generally is term insurance and builds no cash value for the future.
Add Savings Into Insurance Plans
Many financial advisors suggest people take a hard look at the return on their investment when looking into life insurance. The cash value of a low cost life insurance policy is typically limited to the face value, payable only upon death of the insured. Other types of policies may make money available for those who become disabled or simply want to cash in their policy, but most low cost life insurance policies do not include those options.
Despite some analysts suggestions that people buy low cost life insurance for specific terms and put money into a savings account, a larger percentage of insured people continue to use whole life insurance plans. Options are available however, as many companies that offer the whole life policies also offer a low cost life insurance plan to meet the needs of all of their customers. Some even suggest that once enough money has been saved to take care of expenses and survivors, even low cost life insurance may be too expensive.
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Similar to whole life insurance policies, universal life insurance offers customers a chance to save money for later in life as well as determine the price of their premiums. Essentially, the insurance company calculates the cost of insuring an individual and any premiums paid above that amount is credited to the cash value of the policy. This helps the insured build up more cash value in the policy quicker than whole life and will also allow them to decide on the death benefit during the life of the policy.
The cash value available with a universal life insurance policy can also be used to make the premium payments on the policy. There are typically three ways in which the premiums are made, including an initial lump sum payment to pay the policy completely at the start of the policy’s life. Established monthly premiums can also be paid as well as a flexible premium schedule, with which the cash value of the policy can be used to pay part or the entire premium cost, provided the universal life insurance has a sufficient amount in the cash value to make the payments.
For many, universal life insurance offers the options they want in an insurance policy to protect their family from financial repercussions upon their death. It also helps them build up cash for retirement or to continue making premium payments on their insurance if they become unable to work.
Protection Needed For More Than Life
Persons who own their own business may want to consider more than universal life insurance to take care of their survivors. In many instances the life insurance may cover most, if not all of the bills, but rarely will it cover any business expenses. When talking to an insurance agent, it is often recommended that business owners also look into business insurance to make sure the life insurance is not taken up by other expenses.
One of the things some policyholders like about universal life insurance is that all administrative costs for this type of insurance is very transparent. Many of the costs of whole life insurance are not known or shared with the policyholder. However, with many of the different tax laws governing proceeds from and the handling of universal life insurance, all charges and fees are typically made very well known. Knowing the cost of doing business often helps many people decide on the best method of paying to protect their financial future.
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Insurance of any type is not usually high on anyone’s list of things to buy when they are young, but buying whole life insurance when just starting out can provide many financial benefits. While the crux of owning life insurance is to protect a person’s family from financial disaster in the event of an early demise, not everyone has the foresight to make this type of plan. Not owning life insurance is like gambling with the survivor’s financial future and whole life insurance can provide additional benefits even while the insured remains alive.
The cost of a whole life insurance policy is based on the age of the person at the time the policy is initiated, with the insurance company considering many things to determine how long that individual is expected to live. Their general health as well as their occupation play into the cost of whole life insurance premiums and the older they are when the policy is started, the higher the premiums will be over the life of the policy.
Another advantage to whole life insurance is the policy builds cash value over the years and the policy owner can borrow against it for emergencies or to help put children through college. Additionally, it may also be possible to receive benefits for disabilities if the insured is unable to work with a whole life insurance, not usually available with term insurance policies.
Learning The Cost To Provide For The Family
To determine the cost of whole life insurance, many companies will look into many areas of the potentially insured's life and lifestyle to come up with a life insurance quote. Most insurance companies will provide the quote for free, but it may be changed once all pertinent information becomes available on the application.
There may also be some medical problems that force the cost of whole life insurance to go much higher than originally quoted ad there may also be time constraints on how long certain causes of death go into effect. Not all whole life insurance policies will cover all causes of death and proposed insurance customers need to totally understand the coverage and its limits before agreeing to the premiums.
It may also be possible to buy whole life insurance for children when they are born and if they develop medical problems growing up, the insurance company will still provide them with insurance, regardless of their health. The premiums must remain paid on these policies to guarantee the children receive the coverage when it is needed.
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In the vast majority of cases when a person passes away and is covered by life insurance, the amount written into the policy is paid to their beneficiaries. Once the company has paid the life insurance settlement per the policy the recipients will be responsible for paying any expenses realized by the individual’s death. However, in some cases there may be questions surrounding the veracity of the information submitted on the insurance application and the life insurance settlement may be less than the face value of the policy.
There are also times, especially with whole life policies, where the policy owner has taken out a loan against the policy. In this event, the life insurance settlement would be for the face value of the policy minus the amount of the loan still owed and any associated costs of administrating the loan. Remembering that the policy holder is not always the same as the insured named in the policy.
Depending on the face value of the policy and any stipulations written into the policy, the life insurance settlement can be paid in one lump sum, by monthly payments over a set time or by other arrangements contained within the policy. Many times a survivor is expecting to receive a lump sum of money when a rich relative passes away and then finds out the life insurance settlement will be in monthly payments over many years.
Protecting Survivors From Tax Obligations
Many times a person will stipulate the life insurance settlement be paid in monthly or annual installments, partially to protect part of the money from income tax. The recipient can include the amount they receive each year on their income taxes while the rest remains in a savings account, accruing interest and not taxable until received by the beneficiary.
The deceased may also want to protect the recipient from their own bad spending habits, believing that if the life insurance settlement is paid all at once the money will not last very long. These types of directions for the life insurance settlement are common among most insurance carriers but some of the low cost life insurance policies available simply pay out to the beneficiary the face value of the policy upon their demise.
There may also be occasions when the cause of death is questioned and the insurance company may attempt to lower their obligation for the life insurance settlement. In these rare instances, legal help may be needed to insure the beneficiaries receive all of the money to which they are legally entitled.
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There are a few good reasons why you need to get a health insurance quote before deciding on any one particular insurance company. For one, you need to use the health insurance quote that you get from each company to compare between the companies and therefore decide which is going to offer you the best rate.
It is very simple to get a health insurance quote. You do not have to sign anything or make any promises, and you just have to call up the company or go online, and fill out the health insurance quote form. By entering in a bit of personal information such as your age and gender for instance, you will be presented with the results of your quote.
Your health insurance quote may be higher or lower than average, depending on your age and what condition your health is in.
Getting Started
The first thing that you are going to need to do check out what is out there and available to you. Figure out whether you are looking for individual health insurance or family health insurance for instance, because this is going to narrow down the selection process significantly.
The good news is that there are some fantastic options out there in terms of insurance. The best idea, not to say that there are no good companies that are newer, is to stick with the more familiar companies that you know you can trust in and that are going to be reliable.
Now that you see how important getting a health insurance quote is, you will be better prepared to go out and find health insurance policies that are going to work for you and your needs.
One of the best things that you can do is speak to your family and friends about health insurance and which company they went through. The more information you get the better. The more educated you will become and the more comfortable you will feel with this process altogether. Especially if you have children, you need to make sure that they are properly covered and have the healthcare that they need.
Keep in mind that in Canada the health insurance policies are different because most healthcare in Canada is free. However in the United States it is very much different and people in the States generally have to pay for all their healthcare which is the big difference.
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