It is good news that small businesses are thriving, with many of them enjoying growing sales over the last two years. The bad news is that their insurance protection has not kept pace, according to a recent report. That means an accidental loss could undo all the progress they’ve made, or even threaten their survival.…Read more
Protect Your Business with a Business Owners Policy (BOP)
Imagine the following costly scenarios: One of your staff embezzles $80,000 from your company. A visitor to your office slips and falls after the floor has been mopped, breaking his leg. There’s a fire in your warehouse that damages half of your $2 million inventory. As a small business owner, you would likely be reeling…Read more
Does Homeowners Insurance Cover a Home-Based Business?
With recent advances in both technology and the internet, and many people working from home or having been laid off due to the COVID-19 pandemic, many Americans have or are planning to start a home-based business. But will your homeowner’s policy cover the risks of a home-based business? In nearly every case, the answer is…Read more
Does Business Insurance Cover Rioting, Looting?
As protests around the country descended into rioting and civil unrest, many businesses that have been looted, or seen their shops damaged or completely destroyed, will obviously be turning to their insurance to file a claim. While many companies were unsuccessful in filing business interruption claims for the COVID-19 crisis, claims for damage and theft…Read more
Does Insurance Cover Riots?
After a video surfaced showing a Minnesota police officer kneeling on George Floyd’s neck, many residents took to the streets. While most engaged in peaceful protest, many resorted to violence. The result was extensive property damage to local businesses. The question is, will insurance pay for repairs and lost of income due to a riot?…Read more
Does Business Insurance Cover Coronavirus?
COVID-19 is forcing businesses to face a number of risks, liability and insurance implications. Companies could seek coverage for a variety of claims stemming from the outbreak, including workers’ compensation, business interruption, liability and more. And, now that it is a pandemic, the economic fallout may be expansive – hitting your company’s operations in the…Read more
Why Are Commercial Insurance Premiums Increasing?
A new report by Willis Towers Watson predicts that most commercial insurance lines will see increases in 2020 as the market continues to harden almost across the board, with the only exception being workers’ compensation. Overall, 19 commercial lines are expected to see price increases according to the report, with property, umbrella, and public company…Read more
Annual Insurance Review is Crucial to Your Growing Business
One of the biggest mistakes owners of growing businesses make is not keeping up their insurance coverage to account for the expanding assets and potential liabilities. An annual insurance review is crucial to an expanding business. Let’s say you started your business 10 years ago with just a small space and computer desk. Today, you…Read more
Business Growth Will Lead to Increased Risk
As the economy continues expanding, companies need to be careful about properly managing their risk, according to a report by Advisen Inc., an insurance research and data firm. Increased activity typically means proportionally additional losses. For example, more trucks driving more miles will inevitably result in more accidents. However, there are other kinds of risk…Read more
Small Businesses Don’t Need Cyber Insurance
If your business has millions of excess cash and a crisis department dedicated to damage control, your business may not need Cyber insurance. If your business falls into the 95% category, and you do not have these resources, Cyber insurance is a must. Cyber attacks on companies’ information systems and data have reached unprecedented proportions,…Read more
