The Basics of Commercial Insurance
Running a business requires a lot from the average entrepreneur. Beyond selling a product or service, there are multiple responsibilities to manage behind the scenes. Bookkeeping, inventory, licensing and more are all part of entrepreneurship and take time to coordinate. Being pulled in so many directions it can be challenging to check all the boxes. When opening a business or working from home, commercial insurance is an important safety net to have in place. The right commercial insurance policy for your small business depends on a number of factors. In some industries, established...
Read MoreHave an Import Export Business Get This Insurance
Caring for staff is an important part of running a company. Depending on the state, insurance regulations vary. Standard business insurance policies include worker’s compensation and other liability coverage. For small businesses starting out, this may be enough coverage. For those in the export-import field there is extra protection available: Credit-Risk Insurance for Exporters Several export credit-risk policies are available courtesy of the Export-Import Bank of the United States (Ex-Im). Designed to both protect the insured and encourage expansion, these policies protect in case of...
Read MoreHacking on The Rise
It is estimated that over half the companies currently operating in the United States have been the victim of cyber-attacks within the past year. 53% to be exact, according to a recent study completed by cyber-insurance carrier the Hartford Steam Boiler (HSB) Inspection and Insurance Co. This study also found that of the businesses hacked within the prior year period, 72% spend over $5,000 investigating each incident. Response to cyber attack can be costly. Attacks must be discovered, damage mitigated, and changes may be necessary to limit future exposure. More than a third of the businesses...
Read MoreAlways Work With a Net
Entrepreneurs spin a lot of plates. Gathering licenses, building inventory, and engaging potential vendors are several of many things involved with launching. A large number of responsibilities involved with starting a company leaves it unsurprising many entrepreneurs overlook securing effective commercial insurance policies. A grasp on specific risks helps tailor the right commercial insurance policy. Mike Barton, with Commercial Insurance of Allstate, says the right policy changes for each company. Daycare-center operators and at-home caregivers carry different levels of risk. Policies...
Read MoreWhy Continuity Planning Matters: Only 60% of Businesses Recover From Disasters
This year, hurricane season is in full effect. Businesses in the paths of Harvey and Irma dealt with significant impacts. Most small business owners are occupied running their business. Plan for natural disasters is a distant thought. According to the Federal Emergency Management Agency, 40% of local entrepreneurs close following a disaster. The lessons learned from this year’s hurricane season distill to one: a disaster plan is essential for commercial survival. Recent findings from CNBC demonstrate owners are thinking about other things when it comes to disasters. A paltry 8% of...
Read MoreUnderinsurance in Small Business
Recent studies many small businesses have inadequate insurance coverage. Often, business owners don’t find out until they need to make a claim. The ins and out of business insurance can difficult to navigate for small business owners who simply don’t know enough about coverage. Knowing the types of coverage needed will help you ensure you have the right insurance protection for your small business. There are 3 ways you can prepare before speaking to an insurance agent. This can help you ensure you get adequate coverage for your own unique operating situation. When shopping for insurance it...
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