Do I Have to Pay My Annoying Insurance Bills? Yes, You Really Do.

{2:40 minutes to read} Once upon a time, an insurance broker had a client who hated to pay his premiums…

Many business owners go through phases where they have to stretch every dollar and pay their bills strategically. If you ever find yourself in this situation, do yourself a favor and make sure your insurance premiums are treated with the same urgency as your rent or mortgage.

3 Important Insurance Benefits You Can Offer Your Employees at Minimal Cost to Your Business

Companies looking to attract the best and the brightest need to offer incentives to increase the quality of their prospective employees. One way to do this is to offer higher salaries than competitors or propose additional benefits. Of course, many benefits, like health insurance, can be prohibitively expensive, especially for a small or medium-size business. Here are 3 benefits you can offer your employees that will give them broad and appreciated benefits at a relatively low cost to your business:

• Dental Insurance: Most dental plans will only cost an employer about 10% of a full health insurance plan. The reason for this is that these dental plans have a maximum benefit, usually between $1000-$2000 a year, as opposed to general  health insurance plans which offer unlimited benefits. Still, this is a nice bonus that will sound good to those considering joining your company.

Are You Covered for Defective Work Performed on Your Home or Business?

Don’t assume that simply because you pay for liability and property insurance every month, you’re covered in all instances of damage. Policies vary, but many have exclusions that will not allow you to receive compensation under certain circumstances.

Most people assume that when they pay for coverage under an insurance policy, they should be taken care of in the event of virtually any problem. Unfortunately, it does not work that way. Sometimes even insured individuals and businesses suffer damages which are not covered by their particular policies.

A recent example I came across involved a contractor who performs cleaning and maintenance services for homes and businesses. There was an accident in which a part of the property being worked on was damaged, and a claim was filed with the property owner’s liability insurance carrier to cover the costs of repair.

When to Avoid Filing a Valid Insurance Claim

With the high price of insurance nowadays, the natural tendency of most policy owners is to file any and all claims that they can. The general attitude is “since I’m paying so much in premiums, I had better get every last dollar that I deserve out of my insurance company.” However, there are good reasons to avoid taking this approach, and in fact, it is usually smart not to file a claim for relatively minor or inexpensive damage. Here’s why:

Why Purchasing Employment Practices Liability Insurance May Be Necessary to Protect Your Business

Whether you’re a small, large or medium-sized company, the possibility of getting sued by one of your employees is always there. The most common grounds for lawsuits are sexual harassment and wrongful termination. While many of these suits lack merit, obtaining a good lawyer to defend your company can cost astronomical figures in legal fees, even if the case against you is eventually dismissed.

This is why you should consider purchasing Employment Practices Liability Insurance. This type of coverage will help pay for your legal defense, and can be a lifesaver.

How Do Insurance Companies Decide How Much to Charge You in Premiums?

Many people are growing unhappy with the rising costs of their insurance coverage. This common complaint raises an interesting question: How exactly do insurance companies decide how much to charge their customers for their individual policies?

Listed below are some of the major factors considered for disaster and accident coverage:

• Where the property is located: Businesses in flood zone areas will obviously have to pay higher premiums than those in urban settings.
• Buildings that have a sprinkler system qualify for discounted rates.  

How Cyber Liability Insurance Can Protect Your Business

Many business owners seem to be under the impression that their general liability insurance policies will cover them in the event that their websites are compromised and client/customer information is stolen. Unfortunately, they are mistaken, and the result could be crippling lawsuits against them and their businesses if confidential information is exposed to hackers.

Because most standard business liability policies do not cover this type of problem, more and more companies are stepping up and obtaining cyber liability insurance coverage. Any company that sells products on the web or keeps customer records online should seriously consider getting the protection that comes with a good cyber liability policy.