Insurance For My Small Business

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Introduction

Your small business is important to you, and it should be protected. That’s where insurance comes in. If you’re like most small-business owners, you probably already have some insurance. But maybe your current policy doesn’t cover everything your business needs—or maybe it does but at a price that’s simply too high for your budget right now. You may not even realize how much insurance could help protect your business when disaster strikes, or a major event occurs that threatens its well-being or financial stability.

Commercial property insurance

Commercial property insurance covers the cost of replacing your building and its contents in the event of damage or loss, as well as protecting against theft. This type of cover is particularly important if you are renting or leasing space for your business.

Commercial liability insurance

Liability insurance protects your business from claims arising out of your premises and operations. Coverage can include:

  • Bodily injury
  • Property damage
  • Personal injury
  • Professional liability
  • Employment liability
  • Cyber breach

Business interruption insurance

Business interruption insurance provides compensation for lost profits and other costs associated with the temporary closure of a company due to a covered event such as a fire or flood. The coverage can also include additional expenses like relocation costs and legal fees if someone files suit against you for damages caused by the event that led to your business being shut down temporarily.

Commercial auto insurance

Commercial auto insurance is a type of business insurance that covers your fleet. If you own a business, chances are you have employees who drive company cars to and from work. Commercial auto insurance is designed for these vehicles, so if one gets damaged or stolen, there will be no out-of-pocket costs for the owner. The coverage includes:

  • Bodily injury liability coverage
  • Property damage liability coverage (PDL)
  • Comprehensive and collision coverage

Make sure to check with your agent about deductibles, limits, and other details before signing up for commercial car insurance in order to get the best rates possible!

Workers’ compensation insurance

Workers’ compensation insurance is a state-mandated insurance policy that protects you from injuries and illnesses sustained by your employees on the job. This coverage pays for medical bills, lost wages, and other costs associated with these injuries and illnesses. It also applies to death benefits for dependents of deceased workers who have been covered under workers’ comp.

In conclusion, it’s important to remember that your business needs to be properly insured. Make sure you have the right coverage for your company, and don’t forget about things like workers’ compensation or employment practices liability insurance!

 

What Kind of Businesses Need Professional Liability Insurance?

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If you’re a business owner, you spend most of your time thinking about how to grow your business. But it’s easy to remember one of the fundamental building blocks: professional liability insurance. What is it? Why do you need it? And what does it cover?

Why Does Your Business Professional Liability Insurance?

  • You may be sued.
  • You may be held responsible for your actions or the actions of someone who works for you.
  • If you give advice to customers, you might be sued.
  • You may be held responsible for the actions of other people on your property or in your building/office space. 

What Does Professional Liability Insurance Cover?

Professional Liability Insurance can help protect you against claims of negligence. It covers legal costs in the event that a lawsuit is brought against you and can even cover damages or injury to third parties. It also helps pay for legal fees, and it will pay for your defense if you are found not guilty of any charges. Professional liability insurance can cover the costs of lawsuits over:

  • Work errors or oversights
  • Undelivered services
  • Missed deadlines
  • Budget overruns
  • Incomplete work
  • Breach of contract
  • Accusations of negligence 

Who Needs Professional Liability Insurance?

Professional Liability Insurance protects professionals from claims and lawsuits. If your advice or work injures someone, or if they believe their property has been damaged by something you did, a claim can be made against you. Professional liability insurance helps protect you from these claims and ensures that your business stays protected. Firms like these should have professional liability insurance.

  • Accountants
  • Lawyers
  • Contractors
  • Consulting agencies
  • Real estate firms
  • Architects, designers, and engineers
  • Real estate brokers
  • Financial consultants
  • Accountants and bookkeepers
  • IT professionals and programmers
  • Marketing and advertising professionals

 Conclusion

When you’re starting a business or running a current business, it can be tempting to focus on marketing and sales. However, there are many other aspects of the business that you should be equally concerned about. Professional liability insurance is one of those aspects that need careful consideration because it will protect your business against lawsuits and claims of negligence.

Don’t Let Your Holiday Party Turn Into A Lawsuit

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A Business Insurance Update

It is the holiday season, a great time for charity events and company parties. These events are a great time and place to gather together to increase employee morale and say thanks, they also can lead to increased liability and risk.

Your commercial or business insurance may provide coverage but if you have any question, it is best to call our office for a review of your business insurance program.

The biggest issue involves the use of alcohol. When business owners host a holiday party and serve alcohol as part of the festivities, liquor liability can be covered by their commercial insurance policy. However, it is always best to check with your insurance agent.

Holiday Party Risk Management

  • Limit use of alcohol; offer two drink tickets per person.
  • Remind employees via email about your company’s code of conduct and substance abuse policy prior to the party.
  • Reinforce the company’s harassment policies prior to the party. Emphasize the company has a zero-tolerance policy for any sort of harassment, including both physical and verbal forms.
  • Make sure you have food at your party.
  • During the party, monitor alcohol consumption.
  • Consider having the party at a restaurant. This is a good way to transfer liability.
  • Make the party optional.
  • Arrange for cab rides or transportation home for guests who may need it.
  • Encourager managers to set a good example.
  • Consider inviting spouses, which is a good way to reduce romantic hook-ups.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.

Your Private Business Is Exposed to Directors and Officers Claims

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Directors and Officers (D & O) Liability Update

Every business, no matter what the size, has a D & O exposure.  Some people may mistakenly think that D & O risks are just for large firms, but actual court cases tell a different story.  D & O claims come about because of decisions made by the firm’s officers and employees.  Claims can come from employees, competitors, investors, and the government.  Most of these kinds of claims are not covered under a standard commercial insurance policy.

Here are some interesting facts brought to you by the Insurance Information Institute:

  • Over 53% of privately held firms have had D & O related claims.
  • Twenty-five percent of companies have had an employment related claim.
  • The average defense cost for a D & O claim is around $75,000.
  • Firms with less than 50 employees have the same percentage of claims as larger firms.

Here are some of the kinds of claims to which your business is exposed:

Misrepresentation

If you misrepresent your company’s services, financials or other information, third parties may sue you for your actions.  This can include services you say you provide on your webpage or financial information you provide to a lender.

Breach of Duty

Your firm’s officers and employees are required to carry out their duties with a standard of honesty and professionalism.  If these legal duties are breached, you are subject to litigation by the injured party.

Employment Issues

Your employees can sue the business for a variety of employment issues that can be covered under a D & O or employment practices liability policy.

 

The Lowest Priced Insurance Is Usually Not The Best

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You may not be aware of all the underlying aspects that influence the cost of your insurance coverage. You might question why insurance is so expensive when attempting to compare prices. Prices might vary greatly from one company to another. Why, after all, is insurance so pricey when the person who appears to possess exactly the identical attributes as you spend far less for the same kind of vehicle or residence? This is the kind of thinking we would like you to think about moving away from. We want to offer a different way of thinking about insurance.

  1. Insurance is not a commodity. It is a relationship between you, your agent, and the insurer. The agent can be your partner, helping you understand coverage, price, and services offered.
  2. Insurance coverage can be changed or modified. The job of the agent is to understand your risk and concerns and then offer solutions.

The main reason low-cost insurance may not be correct is that it will almost always offer less coverage, higher deductibles, and offer little or no service.

What Makes Up A High-Value Insurance Program?

  • An insurance policy that will respond to your risks when a loss occurs.
  • The extra services are offered by the insurer at no cost to you.
  • The knowledge and expertise of the agent. The agent is your key to a high-value advantage.
  • The agent is the one who helps you identify your risks and designs a policy specifically for you. The agent will be there to help you manage a claim and to educate you.
  • Your agent increases your insurance value by helping you understand why the premiums differ.

 Personal service combined with depth of knowledge in the insurance marketplace and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have, and ensure that it’s the best fit for your goals.

The Nuts and Bolts of Contractor’s Insurance

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A Contractors Insurance Update

The success of your business depends on the quality of your business insurance.  Business insurance is designed to protect your business in the event of an unexpected claim.  We can create a contractor’s insurance program that is designed for your unique operation.  Here are a few of the kinds of contractor insurance you need.

  • The basic contractor insurance program should include property, commercial liability, auto, equipment coverage, and excess liability.
  • Contractor’s bonds. A contractor’s license bond is a license and permits bond that is designed to assist all types of contractors.  In many states, contractor bonds are required and help ensure that the contractor will operate in compliance with the local statutes as well as laws.
  • As an independent contractor, you may need to have worker’s compensation insurance. Worker’s comp regulations are mandated state by state.  If you are in business for yourself and you do not have employees, you are most likely not required to buy worker’s compensation insurance.
  • Contractor tool/equipment coverage. Your tools are part of your business; make sure they are insured to full replacement cost.
  • Contractors Errors and Omissions coverage. Every contractor has this exposure.  If you provide any advice on your job, you have professional liability risk.
  • Employment Practices Liability (EPLI) coverage. An EPLI policy covers claims made against directors, officers, employees, the company, and its subsidiaries.  The policy can cover a long list of claims, including wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment-related libel, slander, defamation, invasion of privacy, wrongful failure to employ or promote, and retaliation.
  • Workers’ Compensation. Workers’ compensation insurance is insurance that provides lost income, medical benefits, disability benefits, and rehabilitative services for workers injured on the job or while performing work-related duties.

Your business needs protection provided by a company and insurance advisor that you can trust.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.

The Value of Giving Back In Business

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The truth of being a business owner is that juggling day-to-day operations with long-term objectives consumes the majority of your time and energy. It’s easy to let giving back fall by the wayside if you don’t have a solid plan in place to truly incorporate it into your business strategy. Do you recall your first experience sharing as a child? Most parents educate their children that they must share their toys if they want others to play with them. This is a crucial lesson that we often overlook as adults, and it applies to a wide range of situations.

There are so many ways to incorporate this idea into your business. It does not have to be giving a lot of money. Often giving of your experience or expertise can add significant value to others.

Here are a few ideas

  • Find ways to offer your services pro bono. Maybe as an agent, you can offer to review a local business’s insurance without any obligation on the business’s part.
  • Be willing to speak at the local Chamber or other nonprofit.
  • Engage your team. Creating a giving culture at work has its advantages regarding employee engagement. It also gives employees a greater sense of ownership in the organization they work for.
  • Join a nonprofit board. Nonprofits are continuously looking for successful executives to join their boards of directors. A position like this allows you to control the organization’s course while also allowing you to leverage your network to collect funding for it.

The potential to make a difference is the most basic benefit of donating or setting aside money for community welfare. There’s nothing like seeing your neighborhood or community improve to make it a better place to live. Communities that can improve their lives will be able to make a good contribution to the economy as a whole.

Personal service combined with the depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your go

 

Proven Ways To Build Strong Insurance Relationships

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The partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs.

The independent agent and broker are the industry’s backbone. They are the primary channel of distribution for commercial property and casualty insurance.

How To Build And Maintain Strong Relationships

Don’t base your relationship on technology

Technology is good and effective tool for both the agent and their clients. But don’t make technology so important that any personal communication is lost.

Follow Through

Agents should build strong relationships with their clients by following through on their commitments and being communicative in the event that something changes, in addition to offering services and advice that help insureds avoid losses. If you say you’re going to do something, you must do it. If you can’t do it, you say, ‘I’m not going to be able to meet the commitment,’ and then you set a new expectation.

Focus on more than just pricing

When it comes to building a strong relationship with insurance agents, one thing that stands out above all else is the need to add value that goes beyond offering competitive insurance prices. When comparing options today, insureds should look for an agent who will not only provide the coverages they require but will also serve as a risk management partner.

Be Consistent

Consistency is essential in all aspects of communication and service. It establishes a pattern that customers can expect, which helps to highlight your value proposition and enhance the customer experience. Simply personalize interactions by framing conversations and messaging in less “scripted” ways. According to one survey, most marketers fail to personalize communication beyond digital channels. Get more customer-specific the next time you pick up the phone. It should contribute to the relationship’s strengthening.

The customer, regardless of the insurance company, ultimately looks to you, the agent, for advice, service, and responsiveness. Regardless of the shifting strategies and focuses in today’s insurance markets, remember to prioritize your customer relationships first, and you’ll find yourself building a book of business that will last for a long time.

 

Commercial Auto Insurance

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Commercial auto insurance can cover various vehicle types (trucks, cars), drivers, and motorized equipment. It covers bodily injury liability and property damage when driving a work car, as well as medical payments or Personal Injury Protection (PIP) for the policyholder’s driver and passengers.

Auto Liability (hired/non-owned)

Do your staff drive their own automobiles, or do you rent them? This coverage protects your business against certain liabilities stemming from the usage of a rented or leased vehicle (hired) or a non-owned vehicle (employee using their own vehicle on company business). This coverage is frequently affordable when added to a company auto policy or, in certain situations, a general liability policy.

When Your Business Vehicle Is Also Your Personal Vehicle

Sometimes employees or executives of a company or other persons who are supplied with a vehicle owned by the company have only that vehicle. They do not own a personal vehicle nor do they obtain personal automobile coverage. The BACF does not cover personal use of the vehicle in this situation. To close this coverage gap, you need to add the Drive Other Car Coverage Endorsement to your BACF. This provides insurance while the named individual or a member of his or her family is driving a car borrowed from a third party.

Keeping Premiums Down

The best way to keep your business auto premiums down is to avoid accidents. Driving safety should be emphasized. Drivers should not be so pressured to produce that they feel compelled to drive unsafely. All vehicles should be well maintained.

Ask your agent whether your insurance company has business auto safety resources that you can use to help your organization be accident-free. For more information on reducing the risk of auto accidents.

When you own or run a business, you have a lot at at-risk and much to protect, and having the right business insurance coverage can be crucial to your long-term success. When it comes to protecting your business, fortunately, there are a variety of coverages to choose from. We represent a variety of carriers and are dedicated to assisting you in protecting your company from damage and liability. When you work with the team at the Oakwood Insurance Agency, you will receive personalized advice from an experienced agent who will assist you in developing a plan that includes all of the coverage you may require.

Business Owners Policies

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For small to medium-sized firms, a business owner’s policy, or BOP, is an excellent insurance option. This type of policy is popular since it combines the most frequent coverages into a single policy with a single payment rather than paying for individual policies. This package is totally customizable and, in most cases, less expensive than purchasing individual policies.

If your company employs less than 100 people and generates less than $1 million in annual revenue, you may be eligible. For home-based business owners, this is also a popular option. Property and liability coverage is included, as well as your choice of the following alternatives (with some insurers offering extra options):

Property insurance protects a company’s physical assets, such as its buildings, furniture, equipment, and inventory.

Loss of income insurance pays out for income lost due to a covered business interruption, such as profits and expenses like rent and wages.

Third-party bodily harm or property damage while on your business’s property is covered by liability insurance.

Equipment breakdown insurance covers equipment that fails or is damaged as a result of a covered incident, such as computers and phone systems.

Third-party medical expenses incurred as a result of a liability claim are covered by medical payments insurance.

Most BOPs do not include worker’s compensation or commercial auto insurance, which must be acquired separately if they are needed.

Data breach insurance protects digital assets like databases and customer records from hackers, data spills, identity theft, and other disasters.

Employment practices liability insurance: Covers your company’s liability charges in the event that discrimination, harassment, wrongful termination, or other law violation-related claim is made.

When you own or run a business, you have a lot to at-risk and much to protect, and having the right business insurance coverage can be crucial to your long-term success. When it comes to protecting your business, fortunately, there are a variety of coverages to choose from. We represent a variety of carriers and are dedicated to assisting you in protecting your company from damage and liability. When you work with the team at the Oakwood Insurance Agency, you will receive personalized advice from an experienced agent who will assist you in developing a plan that includes all of the coverage you may require.