Insurance Insights

A certificate of liability insurance is used commonly in business as proof of insurance. As a document that describes details of the insurance policies held by the insured, a certificate of insurance provides insurance policy numbers, effective dates, expiration dates, and name of the insurance company providing coverage.

It’s no surprise that FEMA (Federal Emergency Management Agency) is a huge supporter of the importance of creating a small business evacuation plan. After all, small business owners, managers, and employees who plan, practice, and review how they’ll exit a building in the event of an emergency are better equipped to evacuate safely than those that don’t have an exit strategy.

If you’re a small business owner, you’re continually faced with risk. There’s operational risk, cash flow risks, liability risks, and even risks related to natural disasters. Fortunately, there are prudent and simple ways for you to minimize small business risks. Let’s take a look at five of the most important:

Hurricanes, earthquakes, and tornadoes in recent years and months have brought more attention to these types of business risks. While you may have arranged insurance to cover property damaged, have you considered losses incurred from an interruption to your small business operations? Most standard property insurance policies don’t cover income lost from a temporary closure of a small business.

What is Inland Marine Insurance?
Inland Marine Insurance is a common insurance instrument with an uncommon name. It is intended to protect property while in transit. Historically, this insurance was called “ocean marine insurance”, and was designed to protect cargo on ships. But it was eventually expanded, along with a drop of the term “ocean”, to cover cargo even after it had been unloaded onto land.

What is Product Liability Insurance?

Nearly every small business, but especially an IT business, has some degree of risk related to technology. Whether it is programming errors, security breach of confidential customer information, or client data loss, operating in today’s modern tech environment lends itself to increased risk. Small tech businesses that have websites, blogs, and participate in social networking may have an added risk for copyright and libel claims. Purchasing Technology E&O insurance offers protection against these risks and more.

Nearly every small business, but especially an IT business, has some degree of risk related to technology. Whether it is programming errors, security breach of confidential customer information, or client data loss, operating in today’s modern tech environment lends itself to increased risk. Small tech businesses that have websites, blogs, and participate in social networking may have an added risk for copyright and libel claims. Purchasing Technology E&O insurance offers protection against these risks and more.

There is little uncertainty that advancements in computer technology, the internet, and communication in the digital age has influenced the way small businesses conduct operations in this modern society. This digital environment has prompted a dramatic increase in the use of intellectual property and e-commerce advertising, and along with that an increased personal and advertising injury risk for businesses that use them.