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Home Page > Finance > Insurance > Top 5 Mistakes People Make When Getting Business Insurance

Top 5 Mistakes People Make When Getting Business Insurance

Posted: Oct 09, 2007 |Comments: 0
| Views: 104 |

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This might come as a surprise to some, but getting the right insurance for your business might be one of the most important decisions you’ll make as a business owner. The consequences of inadequate coverage, or no coverage, could be devastating. There is a whole world of things that can happen to you and your business. Not protecting yourself and your business with the right insurance could cost you in so many ways.

That’s why engaging in a process of obtaining business insurance right for you and your company is so important. Do you know what general commercial liability insurance is? Well, if you don’t, then it’s just another reason why doing it right is so important. Not doing it right might cost you when you need help the most — during crisis. It’s why people get insurance. It’s why smart business people get smart business insurance.

Doing it right essentially means avoiding some common mistakes made when trying to get the best insurance policy for your business. Knowing what some of these mistakes are, and avoiding them in the future, will help you in your quest to simply make the right business decision when it comes to insurance.

Top 5 Mistakes When Getting Business Insurance:

1. Discounting the importance of business insurance

Business people of all types, whether it be CEO’s of large business conglomerates, or even someone just working out of their home office, have their own set of reasons for getting insurance specifically for their business. But not all business people necessarily think this way. Some think it might be too costly. Some think it might not be necessary . Some may even think that they’re covered by other insurance policies that they have for their property or for themselves.

Not having the insurance specifically tailored for your business often comes as a result of simply not thinking that it’s necessary. But it is. Take general commercial liability insurance, for example. This kind of insurance protects businesses from the costs of lawsuits resulting from basic damages done to people or property that have even the slightest contact with what you do. Not having this coverage when someone decides to throw a lawsuit at you, even if frivolous, could cost you in terms of money and reputation.

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2. Not knowing the basic issues

It’s nice to think that insurance is just insurance, but it isn’t. Would you get car insurance for you house? Would you get life insurance for your healthcare? Of course you wouldn’t.

Yes, some of the issues involved in business insurance are similar to other forms of insurance. A good policy will, for example, protect your assets in case they get stolen. It will also protect you if bad weather destroys your business property. These are straightforward insurance issues for your business. But don’t be fooled into believing that they’re the only insurance issues for your business.

For example, take general commercial liability insurance. Some business owners might not even know what liability insurance actually is. It’s the insurance that protects you from the financial costs resulting from a lawsuit from somebody who claims they or their property has been hurt or injured as a result of the way your business conducted itself. General commercial liability insurance is the kind of insurance those companies engaging in commercial activities get to protect themselves because people hurt themselves on their premises or one of their products did damage to someone’s property. Being knowledgeable about these kinds of things will most certainly help you get the right insurance.

3. Not getting insurance early enough

There are two things that can happen to you if you don’t get insurance for your business early enough. The obvious one is that you’ll need it before you get it, and you’ll be stuck with paying for the damages from a storm or a lawsuit yourself. The other thing that can happen is that you will not have a budget for your start-up for the proper insurance, so you’ll get stuck with inadequate coverage. That’s the last thing you want to happen. Therefore, to avoid it, thinking about insurance as early as possible, even at the business plan stage, will help you create the budget you need to get you adequately covered for all future circumstances.

4. Getting the wrong kind of insurance provider

Perhaps the most tempting option for someone seeking business insurance is to get it through insurance companies they’re already doing business with. So, for example, you like how your house is covered, and who’s covering it, so you’ll seek to extend that coverage to your business, too.

The reason this is inadvisable, or should at least be looked at very carefully, is that your property insurance provider might simply not have the kind of experience with the kind of insurance you need for your business.

For example, if general commercial liability is what your particular business is in need of, even if a provider carries that kind of insurance, they may simply not have enough developed expertise to know what’s right for your particular needs. Ideally, only those companies and agents who have dealt with your kind of business before can help your kind of business get you adequately covered for your particular situation.

5. Getting the wrong kind of coverage

Following from the risk of getting the wrong insurance provider, a mistake to avoid is getting the wrong kind of coverage. Ultimately, you’re the person in charge of making the right business decisions for your company. You’re the best person suited to look out for your own interests. No one else is. That’s why it’s incumbent upon you to make sure you’ve got the right coverage for you and your situation.

As much of the above already suggests, delegating these decisions is important. Yet, in the end, it’s you who has to decide if you have the right kind of coverage for your business. After going through the entire process, collecting all the information, and talking to the right people, it’s you who makes the decision. Make sure it’s the right one for your business and where you want to take it.

James Cochran -
About the Author:

James Cochran is the founder of Business Insurance Now, a web-based business insurance agent. With over 12,000 business clients, Business Insurance Now and Techinsurance have grown to become America’s leading online provider of general commercial liability insurance for a wide range of small businesses.

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HI could you tell me what sort of business insurance I would need for importing and distributing crafts. Its a new business and I’m interested in importing from Indonesia
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Home Page > Business > Obtaining Business Insurance

Obtaining Business Insurance

Posted: Nov 12, 2007 |Comments: 0
| Views: 256 |

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Think of business insurance as the copper solder that fuses a plumbing joint together; if the joint leaks, there can be major ramifications. The same holds true with business insurance; if you don’t have the coverage that a backflow prevention contractor business really needs – you’ll watch those profits flow right down the drain. You personally cannot control or eliminate every potential risk that threatens your livelihood, but business insurance can provide the added protection against these risks … if you carry the right kinds.

Choosing the right policy with all of the appropriate coverages can be a challenge when you are a backflow contractor/technician. Bob Smart, commercial lines director of Compass Insurance in Highlands Ranch, Colorado, states: “Everybody wants to lump each backflow contractor/tester/tech into the plumbing category, when in fact they are not all plumbers; that was my point of contention with the insurance carriers. I explained to Hartford [insurance carrier] that the backflow techs test the backflow apparatus – then they make a report on the valve they tested or they repair or replace the valve. They are not going in and tearing out water lines or sewer lines.

“What Hartford did…was to cover these backflow techs under an engineering class because it’s obviously more about reports and paperwork,” he continues. “I had over 30 backflow techs insured through Hartford under this engineering class and never had one claim.” Hartford has since modified this particular class of coverage with regards to backflow techs and currently does not cover backflow techs that work on fire lines, i.e., sprinkler systems, suppression systems; supplementary coverage is required or a different class should be selected.

Find an agent who understands your business.

A key component in selecting insurance coverage for a backflow contractor/technician/tester is to make sure that your agent fully understands what it is that you do and don’t do in the course of your work day. “If one agent wants to place you in the plumber class – which can cost upwards of five times the annual premium of let’s say an engineer class – find an agent who is willing to listen and really understand your business, “ says Smart. “If all you do is test backflow apparatus, then you shouldn’t be placed in a plumber class.”

Regrettably, insuring your business is not as simple as insuring your car. Because this business is unique, you’ll need to draft a package of insurance that meets your business needs and provides the level of protection you’re comfortable with.

Your first decision is to decide which types of insurance your business needs. Two types that all businesses need are property and liability insurance.

Property and Casualty Coverage

Property insurance protects the assets your business owns, including the building and equipment, from destruction or damage. Even if you run your business out of your home, you’ll need to protect your business assets with separate property insurance; your homeowner’s policy will not cover business equipment. There are two general types of property and casualty coverage: All Risk Coverage and Named Perils Coverage. As the names imply, “All Risk” will cover you for almost any type of loss whereas “named peril” coverage will only cover you for specific named causes of loss, such as fire. You need all perils coverage. Even with so called all peril coverage there will be exclusions. Make sure and review the exclusions in the policy. If there are exclusions in the policy that are important to you, you may want to try another insurance company or purchase specific coverage for the excluded situations.

Property insurance is also written as either replacement cost or actual cash value. The first will cover the actual cost necessary to replace the lost property (less the deductible). The actual cash value policy will only pay you the depreciated value of the property — almost never enough to replace what you have lost. Unless the cost is prohibitive, you should purchase replacement cost coverage. Even with replacement cost coverage you will need to make sure you have purchased a high enough limit. If your building and contents are worth .5 million and you only have million in insurance, a total loss would still leave you 0 thousand in the hole.

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To determine how much property insurance you’ll need, create an itemized list of your business’ assets and their individual dollar values. Then decide which assets you actually want to insure and for what value, which will determine the insurance premium. In some cases, you may decide against insuring a particular asset, because it just doesn’t warrant the cost of the premium. In other cases, the premium may be well worth paying.

General Liability

Liability insurance is the other kind of insurance no business should be without. General liability is just that — very general in nature and protects your business from liability arising from negligence on your part that may cause injury to others, such as a customer or employee. It also protects your company if someone is injured as a result of using your service. When you consider that the legal expenses, settlement or judgment expenses of a single lawsuit could drive your business into bankruptcy, you’ll see why this kind of insurance is considered a “must-have”. Also check whether or not your general liability insurance policy also covers product liability for the valves you may be replacing. If not, you’ll want to add this type of specific liability insurance to your package. You should include “Errors and Omissions” coverage which protects you in the event you are sued as a result of a mistake in your work.

What limits of General Liability should you purchase? According to the Insurance Industry at-large, the absolute minimum in this day and age should be million; most businesses should consider increasing this to or million. The good news is that insurance is not priced on a straight line basis. Since smaller claims are much more likely than large ones, the first million in coverage will cost the most; an additional to million will not cost double or triple the amount.

Different types of liability coverage have developed over the years do address specific business needs. When buying a liability policy, you should be aware that there are two types of coverage, occurrence coverage and claims-made coverage. Occurrence coverage is more expensive but covers you based on when the loss happened, even if it was many years ago. Claims-made coverage only covers you while the policy is in force and the claim is made. With occurrence coverage, as long as you always have some policy in force, you will not have gaps in coverage. With a claims-made policy, it is possible to have gaps when you have not coverage in force.

Commercial Auto Coverage

If you use any vehicles in your business, you need commercial auto coverage. Personal auto policies generally exclude coverage if the vehicle is used in business; be sure to read your policy or ask your agent. Otherwise, vehicles used in business need business auto coverage. The good news is that commercial auto coverage is usually very competitive and can even be cheaper in some cases than personal auto coverage. As is the case with General Liability, you should purchase at least million in limits.

Worker’s Compensation

If you are a backflow contractor that employs other backflow techs in your business, Worker’s Compensation is insurance you will want to carry. It is surprising that this is often the most misunderstood business insurance coverage since it covers exactly what it says. This coverage reimburses workers who are injured on the job for lost wages, medical and rehabilitation costs. It is required by law in virtually every state. Generally, there are two aspects of this coverage: the first covers the lost wages and medical costs of the injured employee; the second covers the employer’s liability should the injured employee or his family decide to sue. In most states the worker’s compensation system is the sole remedy for an injured worker. As a small business owner you will likely have the option of excluding yourself from worker’s compensation coverage in exchange for a reduction in your premium. Weigh this option carefully in light of your personal medical insurance, which may have an exclusion for job-related injuries.

Business Interruption Insurance

Additionally there is insurance business owners may also want to purchase to protect their businesses from incurring the kinds of losses that can close their doors: Hurricane Katrina is just one example of an unforeseen natural disaster that could force you to suspend your business operations; floods, tornadoes, and wild fires are other examples. Or, on a more commonplace level, your business could be the victim of vandalism or theft. Business Interruption insurance protects you from the loss of revenue incurred when you’re forced to close down. It usually has an interesting deductible based on the number of days you are out of business rather than a dollar amount and will generally only kick in after your business has been down X number of days. The premium for this coverage will be based on your business income and reimbursement will be made according to your average of income.

Umbrella Insurance

Is it actually possible for you to buy an insurance policy that can save you money on other insurance policies? It is and an umbrella policy is a great example. An umbrella policy is a type of liability coverage that protects you if there is a judgment against you that is larger than your limits of coverage in your General Liability or Commercial Auto policy. The good news is that since the umbrella policy is secondary, the premium can be very inexpensive. What is even better, it may be possible for you to lower your limits on your General Liability or auto policy to something less than million, purchase a to million umbrella policy and save money overall.

Disability Insurance

Since you’re a business owner, you should also carry some kind of disability insurance. There are various kinds of disability insurance available that are tailored to the needs of business owners. All of them involve paying premiums now to cover your lost income if you become disabled or unable to carry on your business. If your business is dependent upon the expertise or knowledge of particular people in your company, you should also consider key person insurance. This type of plan helps to compensate a business for financial losses due to the death or long term disability of a key person. The insurance provides additional funds to the business until the key person can be replaced, or until he or she returns to work.

Business Owner’s Policy

Properly covering your business is a complex task, involving multiple policies each of which has its own limits and exclusions. Many small business owners can satisfy many of these through a package policy known as a Business Owner’s Policy or BOP. Often the BOP policy is priced very competitively and allows some level of customization through purchasing of additional limits and coverages. It is only available for businesses up to a certain size – ideal for a small backflow contractor — and varies from carrier to carrier. You should ask your agent.

Reading an insurance policy contract can be a daunting task. Their structure can be very confusing and they are loaded with special definitions. Despite this, it is critical that you understand your coverages; your agent can help. However, when all is said and done, just like everything else in your business, the final responsibility rests with you, the owner.

Being a successful business person means being able to anticipate events and plan for the future. Business insurance is one way of ensuring that you’re in control of your future rather than being controlled by it. Unfortunately, there is no generic plan that will meet every small business person’s needs. You’ll need to shop around, just as you would for any product, to get the business insurance that’s most suited to you as a backflow contractor.

Disclaimer

This article is intended to provide general information on commercial insurance for educational purposes only. The material here is not intended to provide specific recommendations for any individual business or type of business. Insurance is regulated in each state by that state’s Department of Insurance. Only a licensed Insurance Agent or Insurance Broker in your state is qualified to provide you with advice on your specific business insurance needs.

Lorren Repton -
About the Author:

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HI could you tell me what sort of business insurance I would need for importing and distributing crafts. Its a new business and I’m interested in importing from Indonesia
Hi, I just graduated with my healthcare reimbursement degree and I want to take the CMBS exam to start my own business as a medical insurance biller. Do you have any ideas that would be helpful?
If you start a home-based business which is only going to earn less than 0 a month, and we are collecting 1200 amonth how does this affect my unemployment insurance?

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How Health Factors into Life Insurance Coverage and Cost

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Article Tags:
insurance, business insurance, backflow prevention, backflow contractor, liability

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What to Do If Your Business Loan is Not Approved – Essential Tips for U

January 4th, 2011 | Author: wauthea

What to Do If Your Business Loan is Not Approved – Essential Tips for U

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Home Page > Finance > Loans > What to Do If Your Business Loan is Not Approved – Essential Tips for U

What to Do If Your Business Loan is Not Approved – Essential Tips for U

Posted: Mar 29, 2011 |Comments: 0
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Words with the aim of all organization owners dislike consideration from a lender are, “Sorry, we immediately can’t approve your advance.” It’s frustrating whilst your organization advance is not accepted, and it may well feel like your organization ideas are in a jiffy a hopeless venture. Rather than hire folks feelings of despair overcome you for the reason that your organization advance was not accepted, though, step back and examine things carefully.

- Don’t take it personally.

While selected lenders can approve or decline a advance based on the organization owner’s character, near are other factors involved whilst your business loan is not accepted, such as belief scores, takings, debt ratio, and the venture of the organization. When a organization advance is not accepted, it is nearly everyone commonly due to single of these four reasons.

- be present gracious.

If your business loan is not accepted, be really to thank the lender in place of reviewing your advance claim and proposal. Don’t leave on bad provisions. You in no way know pardon? The opportunity holds, and it may well mean with the aim of you’ll annoy paths again, especially if your advance support was considered “borderline.” Just for the reason that the lender thought “no” at the moment, it doesn’t mean with the aim of your business loan won’t be accepted in a small number of years, or even a a small number of months.

- Ask the lender to periodical the details as to why the organization advance was not accepted.

Without getting defensive, seek in turn from the lender stating why the organization advance was not accepted. This in turn will be single of your nearly everyone valuable tools whilst applying in place of your subsequently advance. The more details you can contract from the lender, the more prepared you can be in place of the opportunity. There may well be instances someplace you can correct the advance proposal or claim whilst your organization advance is not accepted, and eventually contract accepted in place of your organization advance with with the aim of same lender.

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Clothed in the illustration with the aim of your organization advance is not accepted, it’s schedule to not allot up, but considerably, to happen to inventive. There’s more than single way to contract the money you need in place of your organization.

- Review your advance proposal in order.

When your organization advance is not accepted, it’s schedule to function back to genuine single and look by the side of your presentation pieces. After sense through the details, locate by hand in the lender’s shoes. Would you approve a advance to someone like by hand with the advance proposal you’re sense? If near is insufficient or incomplete in turn in your proposal, such as a organization diagram with the aim of lacks direction and goals, rewrite with the aim of in turn in place of your subsequently claim. A organization advance is not accepted often for the reason that the lender is not exonerate as to how the organization will work and succeed. Additionally, examine your belief reports carefully. Request copies of your reports from Experian.Com, Equifax.Com, and Transunion.Com.

Script and errors on your belief tell ought to be resolved accordingly by applying in place of a advance again. If the letters contrary to your belief rating cannot be distant from your belief reports, be prepared to tell the flash lender with the aim of you verge on not with the aim of you are aware of these letters, and allot they goal why they are near. Offering these explanations to the lender reveal with the aim of you are a to blame an adequate amount person to live up to these errors, and a trusty an adequate amount person to tell the lender not far off from these letters by they unearth barred in place of themselves.

- Examine the lender with the aim of you approached in place of the advance.

Is this lender single with the aim of specializes in organization loans? Do they cater to small businesses and start-up businesses? Do they offer adapted service? If you approached a bigger lender in place of a advance and your organization advance was not accepted, with the aim of may well be the goal why it happened. Smaller banks and belief unions allow you the opportunity to toil face-to-face with the decision maker who will approve or decline your organization advance. Larger banks and economic institutions resolve not offer you the opportunity to state your legal action precisely to the decision maker, which can increase in intensity your likelihood of not being accepted. Clothed in the event with the aim of you approached a generously proportioned stack, focus your flash attempt on a minor stack or belief union if your organization advance is not accepted. If you at present maintain accounts or a reference from someone to boot regarding a minor stack, try with the aim of single basic. Just for the reason that your organization advance is not accepted with single lender, it doesn’t mean with the aim of an extra lender won’t approve your claim.

- Consider an extra type of advance if your organization advance is not accepted.

Miniature organization loans can on occasion be challenging to achieve rebuff carry some weight someplace you go or to pardon? Type of economic lender you go to, and in these instances, consider other sources if your organization advance is not accepted. For instance, if the advance amount desired is ,000 or a smaller amount, consider applying in place of a signature advance. If the advance is in place of a sizeable amount, or more than ,000, and your organization advance was not accepted, consider refinancing your mother country in order to receive cash barred in place of organization purposes, or offer other collateral in place of a individual advance. Home justness loans can offer the lowest consequence tax, but don’t put behind you to consider all other types of loans to begin with. Take your schedule, and weigh all factors carefully.

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I am a fun loving guy that loves life and truly believes in sharing everything that i learn in this exciting industry known as internet marketing, home based business industry.

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Can i get a business loan if my personal credit is not so good?
Can i still get a business loan if i have tax lean on my personal credit?
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Home Page > Business > Business Opportunities > One 24 Business Opportunity Review by Mark Politi

One 24 Business Opportunity Review by Mark Politi

Posted: Oct 09, 2010 |Comments: 0
| Views: 128 |

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Business Opportunity Review of the home business One 24 by Mark Politi:

I’ve been lookin for something to supplement my pension and came across this company and their product called Natra-Burst. First off, the product is delicious and can be used as a meal replacement without sacrificing any necessary nutrients. Not only is it not sacrificing any nutrients, but it includes all the nutrients the body requires to jump-start your metabolism. In my first seven days of using Natra-Burst, I was able to lose 5 pounds without any exercise. I have now begun a conservative exercise regimen and can see the results already.

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The business aspect of 124 (One 24) Online is the real McCoy. The product ships and is received within a few days of ordering. This is not MLM but a concept known as an Incentivized Referral Plan where people must be on a waiting list before they are able to participate in the program. This business strategy is by far the most innovative I have seen in any online business opportunity with four different ways to earn income, and growth that is simply exponential.

It is called “124″ because its design is to allow each member to assign 1 ticket per month to people on the waiting list; and also to create the wealth needed to retire within 24 months. It is also designed so that on each 24th of every month, people on waiting lists will have the opportunity to join in what is called the “Gold Rush.” What allows this to occur is when all the tickets belonging to people who have not assinged their ticket for that month may be used by people on waiting lists.

The product, Natru-Burst, absolutely performs as advertised. It is a delicious berry flavor and mixes great with any beverage. The business model is rock solid and is based on a linear system. This is not a binary or other system where you have to build different “legs.” This is one single line where anyone and everyone who comes in after you are all in your downline because — there is only one downline. How great is that?

This is an outstanding opportunity that is just getting started and will be around for years and years to come. The timing doesn’t get any better.

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Article Tags:
one 24, one24, business opportunity review, user review, business review, opportunity review, home based business

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Business opportunity to make money from home, or business opportunities to make money on the Internet! business opportunity home based businesses based business business home opportunity based business home opportunity work business opportunity best home based business best home based…

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Cash Flow Based Business Loans

January 1st, 2011 | Author: wauthea

Cash Flow Based Business Loans

Cash Flow Based Business Loans

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Home Page > Business > Entrepreneurship > Cash Flow Based Business Loans

Cash Flow Based Business Loans

Posted: May 05, 2010 |Comments: 0
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Much like our discussion regarding unsecured business loans, this article will focus on business loans that are primarily secured by the cash flow of your business or your personal income. When looking for a business loan, it is imperative to understand how much of a business loan you can afford to undertake. This includes not only your current income, but also a projection of your anticipated income that will accrue through the use of debt proceeds. The most important aspect is to look at your current income. This is also the most important business metric that a bank or finance company will look at when determining whether or not you are a worthy credit risk. Actual income is far more important than expected income. With that said, you need to ask yourself some very important questions when determining the amount of debt you are seeking. These questions include, but are not limited to:

What is my current income?
Will my current income fluctuate?
How much do I anticipate that I will earn once I use the proceeds of the business loan?
If this business does not work out, can I afford to continue to pay off the loan given my current income?

When a bank looks at an existing business that is looking for a business loan – they primarily focus on your businesses previous ability to generate positive cash flow. This is because banks want to know to be well aware of your current ability to repay any business loan that they grant to you. It should be noted, that in most circumstances, your business loan’s interest is deductible as a business expense. However, the principal of the loan is not. This must be paid out of your after-tax cash flow. This is why, especially for small businesses, the cash flow statement is extremely important. Again, if you are having issues making these determinations then it is imperative that you speak to your certified public accountant. Your CPA can assist you greatly in making a determination of your business loan needs, your ability to repay the loan, and your ability to secure a loan based on your current personal and business income.

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LookingforBusinessLoan.com is a specialty website that provides content that focuses on the needs of small business owners and people seeking start up business loans. We encourage you to visit our website if you are looking a for business loan.

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