What You Should Know About Business Owners Policies
There are many uncertainties in business life resulting in unforeseen challenges. Disasters happen all the time caused by from nature, equipment failures, and accidents. Usually, 90% of the costs incurred by these disasters falls on the business owner. The proprietors foot the bills when they thought their insurance would. It doesn’t need to be this way. Savvy business owners look for commercial insurance coverage called Business Owner Policy (BOP). BOP cushions firms and their owners against the high costs of damage to property, and injuries to people. BOP is a necessary protective measure...
Read MoreWages On The Rise Due to Competition
In the United States, studies have shown that the labor market continues to expand with more jobs available for the second half of the year. Additionally, a large percentage of companies expect to increase salaries this year. In fact 60% of companies are going to hire new employees between July to December. (This is according to CareerBuilder’s 2017 Midyear Task Forecast.) This number represents a 50% increase over the previous year. Additionally, 46% of businesses plan to hire contract employees. This represents an increase from the previously reported 32% in July 2016. Demonstrating...
Read MoreOne Insurance Mis-Step Can Risk Your Business
In 2008 Leo Welder started ChooseWhat.com. Within a year he was being sued by J2 Global for using the term “e-fax”. It was totally out of the blue and unexpected. Sadly, he found his insurance didn’t protect him from this claim. Yes, he purchased insurance but was missing coverage for intellectual property litigation. Both companies eventually settled but only after Mr. Welder had invested hundreds of thousands of dollars in legal fees. (How many startups have that amount of capital freely available?) After the lawsuit, Mr. Welder decided to add an E&O policy to help protect his company...
Read MoreCyber Insurance: What is it? Do You Need it?
Technological advancements have revolutionized the way online advertisements, promotions, and shopping are done. This has brought immense benefits to companies, who have now found new ways to interact with the existing and potential buyers. The opportunity offered by social media alone is rich for companies that intend to conduct exhaustive marketing activities. However, social media platforms have also become avenues of cyber-attacks. This has wrought untold financial losses to all types of companies – small, medium and large. A case in point is the latest attack from “wanna-cry’’, a ransom...
Read MoreTop 5 Insurance Products All Startups Must Have
Start-up companies are popping up quickly in today’s fast-paced world and entrepreneurs often find that they’ve forgotten to get essential business insurance to protect their company. While the owner may tell the board that the business has an insurance policy, this doesn’t mean that the company has the insurance needed. Every company needs insurance that is both adequate and optimized. To get started, business owners should take these five forms of protection into consideration: 1. Comprehensive General Liability (CGL) Insurance Coverage This is a type of insurance that protects companies...
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