Insurance Insights

In a stable environment, a well-established, seasoned firm has risk management procedures built into the companies DNA. But in a world of change and an unstable economy, critical business risks are more difficult to spot, let alone manage effectively. Business risk is a circumstance or element that can have a negative effect on a business’s operations and profitability. It can be a result of an internal circumstances or an external factor. While it may be difficult to draw a line in the sand between business risk and other types of risk, such as market risk, one thing is certain, the smart business owner does everything he can to reduce business risk.

With technological developments in business operations growing at a rapid pace, small business owners are becoming more and more prone to fraud involving computers. Moreover, as businesses adjust to an economic downturn, businesses are downsizing and being involved in takeovers, which increases the probability of employee dishonesty, theft and third party fraud. Although many small business owners have solid internal controls, there’s always a possibility that these controls can be breached by third parties or even employees. Fortunately, commercial crime insurance can be the fail-safe that many small businesses need.

These days many successful entrepreneurs and small business owners are operating their business from the comfort of their homes. But even though you can run your home-based business in your fuzzy slippers, it doesn’t mean that it isn’t a real business. It needs to be insured just like any other brick and mortar business.

These days many successful entrepreneurs and small business owners are operating their business from the comfort of their homes. But even though you can run your home-based business in your fuzzy slippers, it doesn’t mean that it isn’t a real business. It needs to be insured just like any other brick and mortar business.

What is Internet Liability Insurance?

As a small business owner, you may have business liability insurance, which covers losses relating to property damage, bodily injury, and advertising injury. But general business liability insurance doesn’t typically protect you or your business from claims arising for a client lawsuit for negligent errors, omissions, failure to perform, or acts committed during your normal business operations that resulted in a client financial loss. Errors and omissions insurance policies, or E & O, protect the small business professional by shielding his assets, paying legal costs, and covering damages.

As a small business restaurant owner, did you ever wonder what would happen if your restaurant unintentionally and inadvertently sold contaminated food that made a customer sick? What about fires from burning candles, open flames, or fryers? Or a customer hurting themselves from drinking too much alcohol? Should any of these events happen to you, you’d realize that adequate restaurant insurance is as good as tasty food and repeat customers.

As a part of a small business insurance portfolio, hired auto insurance coverage and non-owned automobile insurance coverage are add on endorsements to your General Liability policy. In a nutshell, it’s property damage and liability insurance for a vehicle that isn’t owned by your company, but is used on your company’s behalf. It shouldn’t be confused with a standard automobile insurance policy, which covers vehicles owned by your company. Even when a business doesn’t own the vehicle or have the title, in most cases, this type of coverage can be added to your general liability insurance policy.

What is Business Liability Insurance?

Marketing professionals such as marketing consultants, marketing researchers, and media professionals need to carry insurance to protect their business from liabilities or claims that may arise from errors made in the services they provide. Not only that, but many clients of marketing consultants want it or require it. Therefore, it’s important for marketing consultant professionals to carry marketing consultant insurance as part of their overall business insurance package. There are three main types of marketing consultant insurance coverage: