Types Of Insurance Any Business Owner Should Own

There are a few types of insurance any business owner or business should own, and the include (but are not limited to)…

Life Insurance. Life insurance protects loved ones against your death, but it can also be used to benefit your business–or save–your business. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind both personally and professionally; having life insurance allows you to know that your loved ones or company will not be burdened financially upon your death.

General Liability Insurance. Every business, even if home-based, needs to        have liability insurance.  The policy provides legal defense and settlements or awards of damages if you, your employees or your products or services cause or are alleged to have caused bodily injury or damage to a third party.

Property Insurance.  If you own your building or lease space, or if you store business property at your home including office equipment, computers, inventory or tools, you should consider purchasing a policy that will protect you in case of fire, vandalism, theft, smoke damage etc.  You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate–if income is hindered, you still have to pay your obligations, and these coverages can help you do that.

Commercial Auto Insurance. Commercial auto insurance protects company owned vehicles that carry employees, company products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions.  If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage.  Many times the non-owned can be added to a Business Owner’s Policy which combines general liability and property insurance.

Homeowners and Personal Auto Insurance. As your business grows, your personal assets do as well, generally speaking.  Don’t neglect your personal insurance needs; increase your coverage limits as your assets grow.

Umbrella Insurance. You may want some additional coverage, on top of insurance policies you already have. This is where an umbrella policy comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.  Any business owner should consider this policy to protect their hard earned personal assets.

Nothing can replace speaking with a knowledgeable insurance professional about the types of commercial insurance policies, and determining what your business needs now, and in the future as it grows.

Click here to start the process of a free, quick, competitive quote for your business insurance, or call 1-877-907-5267 to speak with one of our specialists today.

Commercial Auto Insurance: Does Yours Fit Your Business?

Make sure your commercial auto insurance fits your small business considerations.

Most business owners know the risk involved with their product and service, but often assume their personal auto coverage is sufficient.  Any vehicle owned or operated by the business may put the business at serious risk financially in the event of an accident caused by that vehicle or the operator and that includes employees using their personal cars for business purposes.

First, commercial auto insurance needs to be take out anytime a vehicle is titled to the business.  It doesn’t matter the size, make or even if it is used strictly for pleasure.  The business name on the title brings the business into a lawsuit in the event of an accident or personal injury.  Even if the car is used by the business owner’s spouse or family member exclusively, the titleholder — the business — can be sued. Obviously, the type of vehicle classification, motor size, uses, must all be noted and will impact both premium and coverage.

It may make sense to opt for fleet insurance for your business if it uses several vehicles.  In addition, make sure to run driver’s license checks on your employees who may be driving the company vehicle.  Work with your insurance professional to determine the proper coverages and policies.

Your state probably has a minimum insurance amount you may be required to carry, but only carrying the minimum amount of insurance may expose your business to financial risk in the event of a lawsuit or judgment higher than the state minimum.  Work with your agent and perhaps your corporate attorney to review your coverage against your potential for risk.  Your state department of insurance can also be an invaluable resource.

A seasoned insurance professional will review other coverages available for commercial auto insurance for your business, and help you figure out what you need.  Comprehensive coverage, under insured motorist, medical payments and others may be available, and prudent for your risks and the type of business you have.  You need to design a policy and coverage that provides adequate protection and minimizes the exposure for your small business.

Don’t assume you have good coverage without having a conversation and review with your commercial insurance agent.

Click here to start the process of a free, quick, competitive quote from CommercialInsurance.net, or call us today at 1-877-907-5267 and speak with one of our specialists about your insurance needs.

Tailor Your Policy To Your Business

A commercial auto insurance policy for a company vehicle or fleet insurance (for several vehicles) needs to be tailored to your business.

Any vehicle owned or operated by the business may put the business at serious risk financially in the event of an accident caused by that vehicle or the operator.  Most business owners know the risk involved with their product and service offerings but often assume their auto coverage is sufficient.

Often, one of the first perks a business owner takes is having the business pay for an automobile. That’s a great way to enjoy your financial success…but don’t jeopardize that perk by insufficiently insuring it.

Commercial auto insurance needs to be take out anytime the vehicle is titled to the business.  It doesn’t matter the size, make or even if it is used strictly for pleasure.  The business name on the title brings the business into a lawsuit in the event of an accident or personal injury.  While the car may be used by the business owner’s spouse or family member exclusively, the titleholder (The Business) can be sued.

Make sure you work with your insurance professional on the liability limits covered by the policy.  Taking out just the state-mandated minimums in insurance may expose your business to financial risk in the event of a lawsuit or judgment higher than that amount. Opposition attorneys review assets in addition to coverage.  You may wish to have your corporate attorney  review the coverage and potential for risk as well.

Vehicle classification, motor size, use, must all be noted and will impact both premium and coverage options. Your insurance professional can work with you in determining the proper coverage and policy.  It may make sense to opt for fleet insurance for your business if you have more than one vehicle.  Your agent can discuss those options.

You commercial agent can review other coverages available for commercial auto insurance.  Comprehensive coverage, under-insured motorist, medical payments and others may be available.  Design a policy and coverage with your agent that provides adequate protection and minimizes the exposure and risk for your small business.

Don’t assume you have good coverage without having a conversation and review with your commercial agent. Click here to start the process of getting a quick, free, competitive quote from us at CommercialInsurance.net, or call one of our specialists now at 1-877-907-5267.

Insuring Your Car When Your Teen Delivers Pizza

If your teenager earns money using your car — perhaps delivering pizzas or groceries, or even newspapers — you are going to need more than just your personal auto policy for insurance.

It’s not uncommon for a teen to find a job that requires use of a car, and it can be a great way for them to earn money…but it’s not without its risks.

The fact that your car is being used in order to make money, even if it’s just on weekends, means you will need to have a commercial insurance policy in order to be secure.

That’s because most personal auto insurance policies exclude business use.

In fact, many personal auto insurance policies have a “no pizza delivery” clause due to the risk involved with that industry combined with the high mileage and age demographics of pizza delivery drivers. The statistics show that the majority of pizza delivery drivers are college students or teens, which are the highest collision risk of any other group, age-wise.

This would mean that if your teen is in a collision, you may have to pay for the entire accident out of your own pocket.

It is likely that your teen’s employer reimburses gasoline but will not compensate for any of the money spent due to an accident.For this reason, it is imperative that you find out whether the employer’s commercial auto insurance covers your car, and if so, what are the details?.

It is also important to understand what circumstances apply. Will his insurance cover no matter whose fault the accident is? What are the monetary limits?

If the employer’s coverage does not apply to your teen, you need to check with your personal auto insurance company to determine whether you are covered already or need to purchase more coverage in case of accident.

If you have questions and would like to get in contact with us to speak with one of our specialists, click here or call 1-877-907-5267.

Insuring Your Home-Based Business

Working from home is a great way to supplement your income or start a new venture with relatively little overhead, but be sure to take all the necessary steps when insuring your home-based business. Running a home-based business has many benefits, including the flexibility to be home for children or other family members, the ability to save money by eliminating the need for gasoline and cafes, and reduction of time on commutes. In short, it’s an all around way to accommodate time demands, and get more freedom in your life.

If you take the plunge, and are fortunate enough to have a successful start up, don’t jeopardize that freedom and flexibility because you dropped the ball on insuring your home-based business.

People who start home-based businesses frequently make the unfortunate mistake of believing that their homeowner’s or renter’s policy will cover any risk which takes place inside the home.

However, homeowner’s and renter’s insurance policies actually cover very few business losses related to work conducted in a home.  Nor do most personal automobile insurance policies cover your car when it is being used primarily for business purposes–insuring a vehicle used for business purposes is usually a job for commercial auto insurance.

It’s important to consult a licensed insurance professional when you plan your home-based business, and discuss how your business operates and what sort of risks you will need to cover. There are a variety of coverages that apply to various types of businesses, and you can adjust your insurance as your company grows–the prime concern is covering your risks, and minimizing the chances that a loss would shut down your operations.

It’s not just a matter of preserving your business, either; not fully understanding your risks may put your home and assets in jeopardy.

Talk to a licensed insurance professional about the specifics around your home-based venture. Insuring your home-based business doesn’t have to be a headache; you can call us today at 1-877-907-5267 and speak with one of our specialists, or click here to start the process of a quick, free, competitive quote for your home-based business.

Commercial Auto Insurance

Commercial auto insurance isn’t one size fits all; it needs to be tailored to your specific business and the vehicles you are using.

Most business owners know the risk involved with their product and service but often assume their auto coverage is sufficient.  Any vehicle owned or operated by the business may put the business at serious financial risk in the event of an accident caused by that vehicle or the operator.

Commercial auto insurance needs to be taken out any time the vehicle is titled to the business.  It doesn’t matter the size, make or even if it is used strictly for pleasure–the business name on the title brings the business into danger of a lawsuit in the event of an accident or personal injury.  Even if the car is used by the business owner’s spouse or family member exclusively, the titleholder (the business) may be sued.  It’s important to review driving records of those who are driving your vehicles or may drive them at some point in the future.

Obviously, vehicle classification, motor size, use, must all be noted and will impact both premium and coverage.   Work with your insurance professional in determining the proper coverage and policy.  It may make sense to opt for fleet insurance for your business if you have a number of vehicles to insure.

Make sure you understand the nuances around the liability limits covered by the policy.  Taking just state minimums again may expose your business to financial risk in the event of a lawsuit or judgment higher than the state minimum. We often see business owners assuming way to much risk in having minimum coverage in place. Ask your agent and perhaps your corporate attorney to review the coverage and potential for risk.

You insurance professional will review other coverages available for commercial auto insurance.  Comprehensive coverage, under insured motorist, medical payments and others may be available.  Together, design a policy and coverage that provides adequate protection and minimizes the exposure for your small business.  Don’t assume you have good coverage without having a conversation and review session with your insurance professional.  Make sure to review this insurance annually, or when any changes occur, including adding or dropping a driver.

To speak with one of our specialists, call us today at 1-877-907-5267, or click here to start the process of a quick, free quote.

Purchasing Commercial Auto Insurance

Purchasing commercial auto insurance is much different than purchasing personal auto insurance.

Many business owners are often misinformed about certain specifics involved with purchasing commercial auto insurance. It is important to review vehicle ownership and use of both business owned and personal vehicles that may be used for business.

Failure to understand how commercial auto insurance works can be costly and expensive if an accident occurs and you’re left uncovered. The definition of “business use of a personal vehicle” may vary between insurance carriers. Whether you’re an independent contractor or a sole proprietor, discuss coverage with your insurance professional, and be sure that you’re completely transparent about how your vehicle is used. Even if your auto policy offers coverage, it probably makes sense to raise your liability coverage. A knowledgeable insurance professional will be key to determining what coverage is needed.

If multiple vehicles are owned or leased by a business, it may be necessary to purchase fleet insurance. Depending on the type of company, the number of vehicles differs for qualification for a fleet insurance policy. Remember that trailers and equipment may also qualify as part of the fleet policy. Qualifying for fleet insurance generally reduces the per vehicle cost for coverage. However, there are plenty of reasonable commercial auto policies available for businesses which don’t qualify for fleet coverage.

Many variables play into the cost of commercial auto insurance. Makes, models, features, as well as purpose and driving records all factor into determining the premium. In fact, one poor driving record can increase the premium or even have coverage denied. As your business grows, it is important to screen driving records as part of the hiring process. Business location and mileage estimates will also factor in to determining the premium.

Vehicles traveling longer distances will be charged higher premiums. Care should be taken into choosing vehicles and vehicle replacement. High end cars are expensive to insure due to high cost replacement parts. Mid-size sedans often have lower premiums; often trucks and vans do, as well.

As a rule, the more specialized or equipment, the higher the premium will run. It’s important to review upcoming purchases with your insurance professional first, so you don’t get a shock down the road with a jump in insurance costs. Use your agent as a resource to help guide you through purchasing and adding vehicles without huge spikes in your insurance costs.

Need further guidance or want to price shop? Call us today at 1-877-907-5267, or click here to start the process of a quick, free, competitive quote on commercial auto insurance or other business insurance needs.

Distracted Driving On Company Business

Labor Day is celebrated tomorrow and many people will be returning home from the 3 day weekend.  As it approaches, I am reminded the number one cause of fatalities in the workplace comes from automobile accidents.  The majority of those accidents have been determined as being caused by distracted driving.  Some states have passed laws regarding texting while driving.  A few states have actually made it illegal to use cell phones or other electronics while driving.  However, these are not the only cause contributing to an accident.  Other causes are eating, drinking, grooming, using GPS devices, checking email and surfing the internet.

 

Public and private companies often have employees drive upon their behalf.  Each should be aware if their insurance policy not only covers the business while an employee is driving but should implement a distracted policy of their own.  Educating and following up with employees is essential to risk management.  Distracted driving has always been an exposure, but with new technology it is greater than ever.  If you have questions about your insurance coverage, please talk with your agent or one of ours.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Commercial Auto Insurance

Commercial Auto Insurance, why?

For most businesses, an auto is right up there on cost for assets a business may own. If your business owns or is on the title of an auto, chances are very high you need commercial auto insurance.

Like any business coverage, this policy will take into consideration who is operating the auto. A sole proprietor is apt to be insuring fewer drivers; therefore it’s likely the premium would be far less than another small business that has multiple drivers.

The number and types of autos as well as purpose and miles driven will all come into play. Remember, it is imperative to work with your licensed insurance professional in determining the proper coverage limits. In addition, it’s possible that certain other types of insurance or coverage may be warranted to protect the business.

Auto liability limits may need to be increased as well as adding cargo or transport coverage. Will you be transporting clients on a regular basis? Are your autos equipped with refrigeration units? Carrying tools or other expensive equipment which could be damaged or stolen? Is the vehicle expected to be driven long distances on a regular basis? Do you need hired and non-owned owned coverage for rented autos or employee autos being used on a regular basis for business?

Push your licensed agent to explain coverage and more important, exclusions in the commercial policy. Make sure third party injury and medical payments exceed the standard claims for your area.

Once a policy is presented, take some time to read and understand it. Shop it if you feel you should, just make sure to give the licensed agent your working with a last look opportunity if cheaper coverage is found. Determine whether action needs to be taken if employee’s driving records are forcing your premiums to go higher. Work with your licensed insurance professional through the process in determining the appropriate coverage needed to best protect your business, your employees, and the assets of your business.

Commercial Auto Insurance: Fleet Insurance

Commercial Auto insurance should not be neglected if you own a business that utilizes vehicles; it’s one of the most important coverages you can have.

commercial insurance quote  is quick and easy, but to certain you’re getting all the necessary coverage, make sure to give your insurance specialist the full story when it comes to the question of who is driving company vehicles.  Uninsured Motorist protection is important, and comprehensive coverage is a good idea even if you have a policy that prohibits non-employed personnel in the vehicle.  Accidents happen and you need to be protected–if it’s not covered in your insurance, you’re not covered in case of a mishap.

How many vehicles should you insure for your business?

Commercial auto insurance companies often separate coverages based on type and number of vehicles in your fleet.  It is wise to insure every vehicle; you never know when you might need the coverage and often, you can get a discount for Fleet Insurance, or Commercial Auto insurance that covers all of your company vehicles.

Call us today at  1-877-907-5267 to speak with an insurance professional about your options for Commercial Auto insurance, and whether you would benefit from Fleet Insurance.