Insurance Insights

The recent series of floods is an unfortunate lesson for many homeowners and small business owners in this country. Nearly 40 percent of small businesses never reopen following a flood because of the thousands of dollars of damage caused by just a few inches of flood water, reports the Federal Emergency Management Agency (FEMA). According to FEMA, flood insurance is the best protection from a devastating financial loss due to a flood.

Fraud and embezzlement instigated by employees is on the rise in the small business workplace. According to the Association of Certified Fraud Examiners (ACFE), business losses can reach $400 billion annually as a result of employee-related fraud and embezzlement crimes. Small businesses are especially vulnerable; especially those who aren’t financially able to absorb large losses or cannot afford extensive precautions and safeguards.

A day doesn’t go by it seems where you don’t read or hear about a medical data breach due to the medical office mistreatment of confidential records and information from employees such as lack of computer security policies, improperly stored or placed records, or the use of portable data storage devices such as USB memory sticks, or external hard drives. In many cases these incidents of medical data breaches were accidents (losing a USB memory stick with patient data for example), but none-the-less awareness and protection is necessary now for medical offices.

By its very nature, a small business is dynamic — changing to meet customer demands, new market conditions, and fuel growth. Some of these adjustments and advances, especially when they involve expansion or revenue increases, warrant modification in your small business liability insurance. When it comes time for your business insurance renewals, how do you know if your small business has changed or grown significantly to warrant more liability coverage?

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.

Small services businesses take on a different set of challenges in order to grow their business. After all, there’s not always an actual product to see and touch when selling a service. But regardless if your service business is purely service-oriented or a combination of a product mixed with a service, there are risks inherent in your business. Translation: business insurance for small service businesses is just as important as it for a small business marketing products only. But one size doesn’t fit all. For instance, a landscaping business with multiple vehicles on the road and several employees would have different business insurance for small service businesses needs than say a shoe repair store that doesn’t use a vehicle in its business operations.

Additional insured coverage is associated with general liability, property insurance,

Operating a business without business insurance now is not a good idea especially

Many, if not most, small businesses rely on a few key persons to handle tasks that are critical to the success of their small business. These key employees may be your General Manager, Sales Manager, Finance Manager, or Marketing Director, and may not be easily replaced. If an unforeseen event occurs that causes them to vacate their position, it could throw your organization into a tail spin: sales could be forfeited, marketing could be halted, and vendors and employees may see delays in their pay.

Photographers use their artistic skill and tech know how to capture “moments” on