Small Business Owners Insurance

May 21, 2010

Cover Your Assets - Business Liability Insurance

By admin

Owning a small business is hard work and you want to make sure you are protecting yourself and your business from small business insurance legal situations that may arise. Even if you are extremely careful in your business dealings and provide the highest quality service, a client can easily accuse you of wrong doing and put your business and everything you have worked for in jeopardy. This is why it is so important to have business liability insurance to protect your interests.

* General Liability Insurance- This is broad coverage that can protect you from injury claims, property damage and other general lawsuits.

* Professional Liability Insurance- This is also commonly referred to as errors and omissions insurance. If you own a service oriented business, like an accounting firm or recruiting firm, this type of coverage is almost a must. In some cases, depending on your profession, professional liability insurance is required by law. This can protect you from claims of negligence, malpractice and errors and omissions.

* Product Liability Insurance- If you manufacture or sell products you will want to invest in this type of insurance. It can protect you in the event that someone gets injured while using your product. The type of product and the risk associated with that product will determine the rates. If you are selling stuffed animals, your rates will be lower than someone selling chainsaws.

The costs associated with protecting your business and yourself are high and you want to make sure you shop around and get multiple free insurance quotes. Here are some tips to help you get the best rates for small business liability insurance.

* Shop around- The Internet has great sites where you can get multiple free rate quotes and compare coverage from carriers. The extent of coverage and cost vary widely from insurance company to insurance company, you never want to settle with just one quote.

* Join a group- Many business groups and associations offer discounted insurance rates for their members. A group you may want to join is your local Chamber of Commerce.

* Bundled deal- If you purchase separate policies from different companies your rates would be much higher than if you purchased multiple policies from the same carrier.

* Find a niche broker- many brokers and companies will specialize in a certain area. For example, there are insurance companies that specialize in providing insurance coverage for lawyers only or for accountants only. Many times, these specialized companies will be able to provide you with the best rates and the best coverage because they truly understand the intricacies of your business.

Protecting your small business from risks may be the most important business decision you make. Take the necessary time to research the best options and talk to multiple companies and get multiple free quotes so you will be able to make an informed decision. For more articles like this, bookmark www.SmallBusinessOwnersInsurance.net

Author: Susie Kleiner

Topics: Business Liability Insurance, Your Small Business Owner Insurance Questions | No Comments »

August 19, 2009

Small Business Owners Insurance and Your Healthcare Insurance

By admin

Small business owners insurance options, especially for healthcare insurance, can be complex and complicated.  As a small business owner myself, I know that it can be a challenging prospect to get healthcare insurance.  I went from a corporate environment in which I had access to some of the best insurance options in the retail industry…to nothing.  And, in today’s world of rising healthcare costs, it is a scary thing to not have healthcare insurance. 

In fact, medical costs are one of the number one reasons that Americans file for bankruptcy, and that includes bankruptcies for small business owners.  Do not be a statistic, take action, and take it now.  Contact HealthcareOne toll-free, 1-866-944-3769 for more information.  This call will only take moments, and could save your business and ensure the health of yourself and your loved ones. 

More about HealthcareOne:

Call toll-free 1-866-944-3769

HealthcareOne™ is a comprehensive Healthcare Discount Program that makes healthcare affordable for everyone. No matter how young or old you are. No matter your residency status. Everyone is accepted.

As a HealthcareOne™ member you and your family can save from 20%-60% on a variety of healthcare services every time you use the program. Save with discounts at over 900,000 healthcare locations, including doctors, hospitals, dentists, vision and hearing care, chiropractors, podiatry, diabetes supplies and even long-term care facilities.  Plus save from 10%-60% on brand and generic prescription drugs at over 60,000 pharmacies nationwide plus a convenient and confidential mail order option.

HealthcareOne™ is truly for everyone for just about every healthcare need. They can save you money at thousands of healthcare providers nationwide.

With HealthcareOne, everyone is accepted and pays the same low price, with plans beginning at little more than 25 cents a day.

Call toll-free today 1-866-944-3769

Call HealthcareOne today, this phone call may be one of the best decisions you make for your small business today!

Topics: Insuring Yourself as the Business Owner, Is Small Business Insurance Really Worth the Cost?, Small Business Owner Insurance Options | No Comments »

July 23, 2009

Small Business Owners Insurance And Avoid Common Business Insurance Mistakes

By admin

Options abound for small business owners insurance policies, depending upon the type of business you own, the size of your business, the geography of your business and much more.  If you have more questions about small business owner insurance, discuss your questions with a trusted insurance professional or a business advisor.

Business owners work hard to grow their enterprises, investing countless hours, intense labor and careful attention to assure success. Yet many overlook one of the most basic components in securing their business’ long-term viability: adequate, appropriate business insurance.

When it comes to insurance, business owners make some common, potentially terminal, mistakes that may be remedied easily with a little knowledge and guidance.

Setting limits too low. Business owners often don’t understand that once you pay for an initial policy, extra coverage costs only slightly more. In some cases, you can actually double your limits for only 10 percent more in premiums.

Not reading policies. Insurance policies can be intimidating, containing as much legal jargon as virtually any business contract you’ll ever see. If you don’t want to read or cannot understand the policy, ask an attorney or financial adviser who is well-versed in insurance. And do it before you purchase it. Afterwards, it’s too late.

Misunderstanding duties to defend or indemnify. Every business owner’s policy addresses these two issues, often in different ways. When purchasing a policy, you need to know whether your insurer will defend you if you get sued. You also need to know whether your insurer will pay–and to what limit–if there is a judgment against you.

Buying the wrong type of insurance. Casualty and liability are the two basic types of insurance that virtually all business owners need. Casualty will cover a business’s own losses arising from sudden, unexpected events, such as an accident, and liability will protect you from the losses of others who claim their loss was your fault. Most business owner policies will provide both casualty and liability coverage, but you need to understand the variables within those two categories. Some provide pollution coverage or protection from advertising injury or completed contracts; some don’t.

Eighty percent of businesses will find that business owner policies cover their needs sufficiently, but if you have a specialty business of some kind, your needs may differ. Also, if your business puts out products in any way–as a designer, manufacturer, distributor, retailer, etc.–you will need product liability insurance as well.

Overlooking business interruption insurance. If something happens to your business–a flood or fire, for example–you may have insurance to rebuild your business, but if the business has no income in the meantime, you may have to shut down permanently anyway. Business interruption insurance can cover overhead and other expenses while your business is out of commission.

With all the variables in industries, businesses and policies, your best bet to avoid insurance mistakes is to get help from a knowledgeable expert. Many trade associations offer advice and even insurance policies especially suited for their industries. You can also talk to a reputable insurance agency–one that your business counterparts or competitors use. And if you’re in a specialty business, seek a specialty agent. Finally, look at ratings. Companies, like Standard & Poore’s and A.M. Best, among others, assess the financial strength of insurance companies and their ability to pay. Much of the information is available online.

It’s important to take your time in choosing insurance companies and policies. Approach the decision with the same prudence and thoroughness you would employ if you were borrowing money. Your business may be one-of-a-kind, but just like the seven million other small businesses in the United States, one lawsuit or disaster could mean the end. Having the right business insurance can make all the difference.

Author: Terence R. Collins

Article Source: http://EzineArticles.com/?expert=Terence_R._Collins

Topics: Is Small Business Insurance Really Worth the Cost?, Small Business Owner Insurance Options, What Kind of Business Owner Insurance Options Exist?, Who Needs Small Business Owner Insurance? | No Comments »

May 5, 2009

Small Business Owners Insurance and Liability Insurance for Small Businesses

By admin

Congratulations and welcome to Small Business Owners Insurance!  You have either started a new business, or have come to realize that you need to protect your business in this challenging economy.  There are a variety of insurance options for new businesses and small businesses, including the liablity insurance options in my article, and small business owners have online business insurance options to turn to to save time and money.  Insure your business to ensure that you will stay in business and potentially avoid financial ruin and the loss of your dream of being a business owner. 

Insurance Options for Small Business:There are a variety of insurance options that small business owners should secure, depending upon their business, business needs and risks involved in the industry and environment in which the business operates. As a small business owner, you are truly part of the backbone of American commerce, and yet the small business environment continues to become more and more challenging. We have become a very litigious society, and small business owners are often at the most risk if they are not properly insured. Issues well beyond a small business owner’s control (like a serious storm or fire) can also challenge your ability to recover and continue to do business. Furthermore, even your own health and wellbeing needs to be insured, as insuring your ability to continue to have an income is key to maintaining the business and supporting yourself and family.

Business Liability Insurance will help protect you and your business from serious financial issues. More than 3/4 of businesses in the U.S. are either sole proprietorship or structured as a partnership. Those forms of ownership exposure your personal finances and your business to what can be serioussly be considerable risk. Even an LLC (limited liability company) needs to have liability insurance. Here are are business liability insurance types that your small business may need:

General Liability Insurance is also known as Commercial General Liability and this insurance is typically the only policy you and your business may need. This type of insurance will cover your business from advertsing claims, injury claims and property damages.

Product Liability Insurance is an ideal insurance policy for businesses and manufacture or sell products, as this coverage will protect you and your business should someone suffer an injury when using that product. With recent issues, and the resulting and potential legal action regarding lead in toys, food safety issues, and more, product liability insurance is increasingly becoming an important insurance for a small business to obtain.

Professional Liability Insurance is another insurance option, particularly the professional liability insurance that is called "Errors and Omissions". This kind of coverage is needed to protect you and your business from omissions, errors, negligence and malpractice. In some states, doctors must have coverage to practice (also known as Malpractice Insurance), and some kinds of consultants also need this coverage to work as an independent contractor.

Errors and Omissions Insurance is important now more than ever. Consumers are increasingly turning to the legal system to resolve issues surrounding professional liablity. While this is a common type of insurance for doctors, realtors and financial services professionals, more and more small business owners need to know how this insurance policy can truly protect them as well. Let’s face it, professional errors and omissions can and do happen every day in many types of businesses and industries. E&O can save you and your business from complete financial ruin.

There are other insurance options beyond Business Liablity Insurance. As a small business owner, you also need to investigate the following types of policies with your insurance agent and or business attorney:Business Disability Insurance.

Business Disability Insurance covers your income should you become injured or ill. This kind of insurance will not cover 100% of your income, however, it covers from 40% to 80% of you income, depending on what you are willing to invest in this type of policy. This kind of insurance is truly vital to ensure that you do not lose your precious income in what can be an already challening time for a small business owner.

Business Property Insurance. Business Property Insurance is a basic policy to obtain to protect your company’s property and assets. Depending upon the kind of policy you purchase, you can be insured against a lot of serious losses including damage from storms, fires, and more.

With regard to Business Property Insurance, you can obtain basic form policies to cover damages from devastating events like a storm or a fire, or special form coverage to include more events and offers you much broader coverage.

Contact an insurance professional, business accounting professional or a business attorney for more information and determine what insurance options are best for you and your small business.

Topics: Small Business Owner Insurance Options | No Comments »

May 5, 2009

Small Business Owners Insurance and “Bankruptcy Insurance” for Small Businesses?

By admin

Congratulations!  So you have started your new small business, and are looking for small business owners insurance or are trying to find ways to protect your small business in these tough economic times.  There are some very smart insurance options online that can assist you in protecting your business and your precious assets. 

Is there really such a thing as "bankrutpcy insurance"?   No, not really. Unfortunately, there is no insurance policy that you can take out to protect you or your business against bankruptcy.   Bankruptcy Insurance would be quite a policy in this day and age with a tough economy, a global recession and sagging consumer confidence and spending.

With that said, however, there are different forms of insurance that can help to protect you, your business, your family and precious assets against major risks that could cause a serious financial loss that could lead to bankruptcy. There are unforeseen circumstance, above and beyond the economy, that can pose a financial challenge for your business.  Here are some of those types of insurance policies you can evaluate for you and your type of business:

Product Recall Insurance: With the recent issues with toy recalls and other kinds of food recalls, product recall insurance can certainly help a business minimize the financial damage done with a product recall. Product recall insurance is a policy that is considered "extra-expense" coverage and not legal liability type coverage. For example, a product recall insurance policy may cover the expenses incurred with having to remove the product from your shelves. These expenses could include print or aired communication in notifying customers of the recall, any expenses in mailing notifications to customers or vendors, paying employees any overtime benefits that were involved in the physical recall of products from the shelves and their disposal or return to vendor. These costs can be considerable.

Business Interruption Insurance: Business interruption insurance covers the interruption of business should a disaster strike your business, such as a fire or serious windstorm. Business interruption insurance is not an individual policy, but included in a package policy. With a business interruption insurance policy you may be compensated for lost income, the profits you were forecasted to earn and operating expenses that continue even if you have temporarily ceased operations (like your utilities).

Employee Lawsuit Insurance: Insurance companies now offer policies that protect companies against costly litigation for sexual harrassment, wrongful dismissal or discriminatory employment practices.

Corporations also can benefit from insurance products that protect them from fluctuating interest rates and currencies. Foreign currency fluctuations can very dramatically impact a company’s ability to be profitable, in a manner that they could not foresee or control. Corporations, including one that I used to work for, even have insurance policies to protect the business against severe weather patterns that risk business profits.

One of the best ways to protect yourself, your family and your assets is to Incorporate your business, or become a Limited Liability Company. By structuring your company correctly you can protect yourself, your partners and any shareholders from being personally liable for the debts that the business incurs and struggles, or ceases, to pay back.   There are savvy ways to structure your business that basically act as an insurance policy, if you will, that protects you.

If you have more questions about how to best protect you and your business with any of these insurance products, contact your insurance agent or a business attorrney.

Topics: What Kind of Business Owner Insurance Options Exist? | No Comments »