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2 weeks ago · by · 0 comments

Equipment broke down, now what?

equipment broke down, now what?

As a savvy business owner, there’s no doubt that you’ve looked into basic commercial insurance coverage and its cost. So you may recognize the two most common business insurance policies: general liability and property damage.

Depending on the type of business you own, there’s one important thing you may have missed in reviewing the options available. That is, unless your electrical and/or mechanical equipment is damaged by one of the general perils specifically listed on your property damage policy, you won’t be covered if you have to replace or repair it.

A few examples of commonly covered perils are events such as fire, wind, hail, smoke, and civil unrest. However, the average policy usually doesn’t include any coverage for mechanical breakdown. And not having the proper endorsement to properly protect your equipment could shut down your business for days or weeks, during which time your income and profits could all but cease.

Who needs it?

If the extent of your business’s equipment is a small cash register and a phone, and/or if you rent a space where the owner provides maintenance, heat, and air, you may find that you’re not going to need mechanical breakdown coverage as an essential part of your commercial insurance coverage, providing, of course, you have saved up the money towards replacing or repairing your cash register and phone in the event of a non-covered loss.

Those business owners who should be especially concerned about equipment breakdown coverage are companies that have any or all of the following: manufacturing equipment; more than one computer; refrigeration; boiler systems; cooking equipment; generators; motors; fire and security systems.

Equipment breakdown coverage is important whether you own or lease the equipment. To protect themselves, leasing companies will often require you to carry this protection, not unlike an auto lender that insists you carry comprehensive and collision coverage on your auto insurance policy when you’re financing a car.

What’s covered?

This policy will cover labor and other costs of repairing equipment, not just replacing it. There are other residual losses that may occur due to the breakdown that are also covered. For example, if you own a restaurant and your freezer breaks, causing you to lose thousands of dollars’ worth of frozen food, that would be covered.

Clean-up services may also be covered if the breakdown causes a mess. One of its greatest benefits is that it will also cover any loss of business you experience while getting the equipment repaired or replaced.

Some insurance companies will offer equipment breakdown as a separate policy, or it can be added as an endorsement – a special addition – to your existing commercial insurance policy.

Ask your insurance professional if there are differences in the coverage limits and options, so you can make a well-informed decision about which option would be better for you.

Prepare and protect the flow of your business to ensure minimal interruption if something or, as sometimes happens, everything breaks down. Your business account (and your personal checking account) will thank you.

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2 months ago · by · 3 comments

31 Days for Business Insurance

 

Write 31 days challenge

 

Write 31 Days Challenge

Welcome to my Write 31 days challenge this year. In the month of October bloggers from all over the world will be discussing one topic for 31 days.

This topic will help small businesses, direct sales representative’s, daycare provider or organization’s and blogger’s as well. Every small business or entrepreneur should know the importance of having the proper insurance to make sure the business is protected. This is very important especially in the time we are in today. When a small business opens their door all they can think of making their first profit, insurance never crosses their mind until the unthinkable happens.

This is why I decided to dedicate the month of October to make sure you know the importance of protecting your business, the right questions to ask your broker and have a checklist to use to make sure you have everything you need to run your business.

For the next 31 days, you’ll be learning about different insurance products that will help protect your business against theft and how to make sure your employees are protected as well.  As an added bonus you’ll be receiving business checklists and a sample safety plan to help make sure your business is heading in the right direction.  This is also a gentle reminder; it’s time to get your business insured before it’s too late and tax season is right around the corner. This will help save you money in the end :). I’m happy that you decided to come along with me for write 31 days.

Check this page daily or weekly to get your assignments to help get your business back in financial shape and insured. If there’s anything you would like for me to address in the upcoming week’s; please leave your comment(s) below.

Here’s an easy way to access our articles.

Article 1: I sell online. Why Do I Need Insurance?

Article 2: Five Must Have Insurance Products for Startups

Article 3: Protect Yourself…Professional Liability

Article 4: How to combat Employee Theft and Avoid Hefty Insurance Hikes

Article 5: Small Businesses Need E & O Insurance

Article 6: Prepare for Cyber Security Attacks

Article 7: Homeowners vs Commercial Insurance

Article 8: 3 Top Litigation Trends Impacting Your Business

Article 9: Is Your Business Prepared for a Disaster?

Article 10: Do I Need Holiday Insurance for My Business?

Article 11: Are You Susceptible to a Product Liability Suit?

Article 12: How to Shop for Commercial Auto Insurance

Article 13: 9 Cyber Insurance Terms You Need to Know

Article 14: What’s Your Commercial Property Worth?

Article 15: How to Prepare Your Business from Cyber Attacks

Article 16: Small Businesses Need Risk Assessments, Too

Article 17: Commercial Insurance: One Size Does Not Fit All

Article 18: Pardon the Interruption…Be Back in Business Soon!

Article 19: Stop Thief!

Article 20: Protect Your E-Business with Special Insurance

Article 21: Why All Businesses Needs Systems To Help Them Succeed

Article 22: Disability Coverage Can Save Your Business

Article 23: You Can Survive a Cash Crunch

Article 24: Business Owners Should Track These Monthly

Article 25: Simple Steps To Reduce Data Security Incidents

Article 26: 10 Insurance Terms You Must Know and Understand

Article 27: Too Small To Do Bookkeeping?

Article 28: See Your Agent to Save on Business Insurance

Article 29: Should You Share Your E&O Policy?

Article 30: Freelancers Ricks All without the Right Coverage

Article 31: Insurance is a Must when Storing Flammables

 

I hope this inspires you to join us next October for the write 31 days challenge.

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2 months ago · by · 6 comments

How to combat Employee Theft and Avoid Hefty Insurance Hikes

Employee theft is anything but harmless.

It is a problem of considerable size for many companies.

Many corporate security experts estimate that 25% to 40% of all employees steal from their employers.

The U.S. Department of Commerce estimates that employee theft of cash, property, and merchandise may cost American businesses as much as $50 billion annually.

Not only does employee theft detract from potential profit and destroy trust, but it may actually increase insurance rates due to the loss of inventory, clients or even liability should data fall into the wrong hands.

Unfortunately, almost every small-business owner is likely to confront employee theft at some point and time.

Follow the three tips below to reduce the risk of employee theft, maintain profits and avoid insurance rate hikes:

Proper Screening

Whether you use an internal system or work with a third-party vendor to screen employees, preventing a problem from taking place is the best way to deal with employee theft. Positions that deal with sensitive data or expensive items may require an additional security clearance or bonding.

Security

Proper security goes beyond a few door locks. It may involve computer encryption, asset management, the phone and email surveillance, or even simple inventory controls. Depending upon the position, job duties and type of industry served, you should compare the cost of implementing security features against the potential damages in the event of a loss.

It may involve computer encryption, asset management, the phone and email surveillance, or even simple inventory controls. Depending upon the position, job duties and type of industry served, you should compare the cost of implementing security features against the potential damages in the event of a loss.

Depending upon the position, job duties and type of industry served, you should compare the cost of implementing security features against the potential damages in the event of a loss.

Communication

Employee theft is often associated with other underlying issues, such as substance abuse problems, mental or emotional health issues, or even anger control concerns. Have a written plan in place to address these concerns, then implement it equally. It is also important to have clearly defined job descriptions and protocols in place for access to critical information such as client lists or inventory.

Have a written plan in place to address these concerns, then implement it equally. It is also important to have clearly defined job descriptions and protocols in place for access to critical information such as client lists or inventory. Ask us how to write your employee theft plan today.

employee theft

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5 months ago · by · 8 comments

Employee Benefits Liability Coverage

A good benefits package can enhance your business by attracting employees and retaining current staff. But there’s a downside: errors in the administration of benefits can result in lawsuits against your company. If this happens, your employee benefits liability (EBL) policy will kick in. How? Here are some FAQs on this important coverage.

What is employee benefits liability coverage? Employee benefits liability insurance protects your company against suits that result from administrative errors. If someone managing your employee benefits makes a mistake and this error results in a lawsuit, EBL protects you from the associated costs. Some types of suits are not covered by general liability policies, making this additional coverage a very important add-on; EBL coverage is typically added to your general liability policy as an endorsement.

What kinds of mistakes? Employee benefits packages can be extremely complex. From life insurance policies to maternity leave, these benefits involve minute details and significant administration. When an error is made, affected employees can suffer major financial losses. EBL is available to cover these situations, including:

  • Descriptions of benefits and eligibility. When explaining coverage to your employees, you or your benefits manager may convey incorrect information, and the employees are more than likely to make benefits choices based on this erroneous info. This decision could cost them down the road, and they may hold you liable for their financial burden. If a lawsuit is filed because of your error, EBL has you covered.
  • Losses of electronic and/or paper records. Maintaining records of all benefit information is essential. If your HR department accidentally loses a benefit file, the loss could prove costly. If your employee suffers because this information is missing and sues you, your EBL insurance covers the costs.
  • Enrollment, maintenance, and termination of employees and beneficiaries. If your benefit packages are complex, it can be easy to miss a detail. One mistake on a form could omit an employee’s beneficiary from that person’s plan. Mistakes such as these are covered by EBL insurance.

What plans are covered? EBL offers coverage for a full range of benefits. These include insurance benefits, financial benefits, disability and worker’s compensation benefits, and other fringe benefits such as tuition reimbursement and maternity leave.

Who needs EBL insurance? If your staff includes a large number of employees and you offer a full benefits package, it’s wise to have this policy in place. If you have few workers and offer few benefits, you may not need it, although it’s always wise to check.

As the goal is to provide coverage against large claims by employees or their dependents should they suffer financial loss due to your mismanagement of their benefits, the size of your risk will determine the coverage required. When in doubt, discuss EBL coverage with your agent, who will help you review your insurance policies and decide whether EBL coverage is necessary for your business.

Mistakes happen. If they do, EBL can provide you with peace of mind. And it may prevent the unthinkable: a suit that will sink your company.

FAQs on Employee Benefits Liability Coverage

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