Archives: 2021

Business Insurance to Protect Your Veteran-Owned Company

Veterans entering the business world have access to a number of resources. The Small Business Administration, the Veterans Affairs Office of Small and Disadvantaged Business Utilization (OSDBU), the SCORE Veteran Fast Launch Initiative, and American Corporate Partners (ACP) are all resources that may serve the needs of your organization. 

One essential aspect of running a business is having adequate insurance coverage to protect your interests. The type of business insurance you need to protect your veteran-owned company will depend in part on the nature of the business you are operating.

Protections for Veteran-Owned Businesses

The types of protection your business needs will depend on your operations and the risks you are facing. A veteran-owned business may need coverage for:

Assets of the business

This may include buildings, equipment, inventory, and supplies. Commercial property insurance can help protect your business assets against damage from fire, theft, vandalism, and other covered perils.

Liability protection

Accidents can happen in a growing business, onsite or offsite. If a customer or other third party is injured, your business may be liable. General liability insurance can help cover medical bills and other damages, as well as your legal fees if a lawsuit is filed against your company.

Errors and omissions

You may need protection in case you or one of your employees makes a mistake in providing professional services that causes a client to lose money, or in case you are sued for negligence. Professional liability insurance, also known as errors and omission (E&O) insurance, can help protect your business in such a situation. 

Vehicles used in the business

Whether you use your own car to conduct business, have employees who use their own vehicles to perform job duties, or have a fleet of company-owned vehicles, you need commercial auto insurance protection. This coverage can provide protection against damage to vehicles belonging to the company and from liability for vehicle accident-related bodily injury or property damage caused to others. 

Employee on-the-job injuries and illnesses

If your business employs workers, you probably need workers compensation insurance protection in case an employee is injured on the job or develops a work-related illness. This coverage is legally required in most cases. It pays for employees’ medical expenses and partial replacement of lost wages. Workers comp insurance also protects employers from being sued by their workers for injury or illness related to their employment. 

Data breaches

Most businesses today use technology to store personal information for customers or clients and employees. Cybercrime is on the rise, and attacks on small and medium-sized businesses are increasing. A data breach can be extremely costly in terms of liability and lost business. Data breach insurance can help cover the costs of notifying customers and employees, providing credit monitoring services to victims, and hiring a public relations firm to help repair your company image. 

Package Your Veteran-Owned Business Insurance

You can save money by purchasing different types of business insurance in a packaged policy. A packaged business owner’s policy (BOP) can give you a good start toward protecting your veteran-owned business. Our knowledgeable agent can help you tailor a BOP to suit your unique needs.

Shopping Safety Tips for the Holidays

The average American plans to spend $998 on gifts and other holiday items this holiday season, according to the National Retail Federation. While that’s not as high as pre-pandemic years, it will still be a busy time for both online and brick and mortar retailers. However, all that hustle and bustle can create opportunities for […]

Safeguard Your Property During the Holidays

The holidays are a time for celebration and getting together with family and friends. They can also mean a greater risk for your property if you are hosting parties or traveling away from home to other holiday celebrations. This is where your homeowners insurance policy comes in.

Common Holiday Homeowners Insurance Claims

Your homeowners policy will likely cover a range of holiday-related losses, including the following.

Property Damage and Injuries

Guests can get rowdy at holiday parties. This could result in damage to a neighbor’s or someone else’s property, or someone getting hurt. Homeowners insurance provides personal liability coverage in case you are held liable for property damage or personal injury. 

Theft

If you travel over the holidays, leaving your house empty, burglars and thieves may see it as an opportunity. Your homeowners personal property insurance should cover the loss if something is stolen from your home, after your deductible is met. However, it is important to ensure you have adequate coverage. You may want to purchase a separate policy for high-value items, such as diamond jewelry or expensive paintings. 

Fire

House fires are common during the holidays. Between 2014 and 2018, fire departments in the U.S. responded to an average of 160 home fires that started with Christmas trees each year, as stated by the National Fire Protection Association (NFPA). Cooking fires also increase during the holidays. Make sure you have enough homeowners insurance coverage to rebuild your home if it should burn to the ground.

Credit Card Theft

If your credit card is stolen over the holidays, your homeowners insurance may offer some protection. Most standard policies include approximately $500 in coverage for purchases made with a stolen credit card. Our agent can help you determine how much your policy will cover for credit card theft.

Types of Protection Provided By a Homeowners Policy

Most standard homeowners insurance policies include these types of coverage to protect you during the holidays:

• Dwelling: This coverage protects your living space and attached structures, such as a carport or garage. It should provide protection for damage caused by fire, lightning, sleet, snow, explosions, theft, or vandalism.
• Personal liability: This applies to incidents in which you are held liable for personal injury or property damage sustained on the premises by someone other than a member of your household, or caused by your child or pet. 
• Medical: This coverage included in your homeowners policy pays for medical expenses of an injured guest, regardless of fault. 
• Personal property: Personal property coverage protects you from loss of your home’s contents, including clothing, furniture, electronics, and appliances. 
• Additional living expense: If a disaster such as a fire forces you to move to another residence temporarily, this coverage helps pay for your living expenses. 

Certain risks to your property can increase substantially during the holiday season. These risks include (but are not limited to) fire, theft, injury to visitors, and damage to the property of others. Our agent can help ensure you have the homeowners insurance coverage you need to be fully protected. 

6 Must-Have Apps for Your Car

You have a lot to keep track of in today’s fast-paced life ‒ from to-do lists to meetings to juggling multiple schedules in your household (and everything in between). And you’re not alone. A Pew survey revealed that about 60% of U.S. adults often feel too busy to even enjoy their lives. In the midst […]

20 Things Under $20 to Always Keep in the Car

One of our nation’s founding fathers, Benjamin Franklin, famously said, “By failing to prepare, you are preparing to fail.” This mantra is especially true when you get behind the wheel. So to make sure you’re prepared for anything life may throw your way, here’s a list of 20 essential items you should always keep in […]

Standard vs. Hybrid Life Insurance: Which Is Better?

Standard life insurance has a single purpose – to provide death benefits to your beneficiaries. Hybrid life insurance combines long-term care insurance and life insurance in a single policy. If you become disabled and unable to live independently, it covers the costs of your care, at home or in a facility. It will not cover medical expenses, such as doctor visits, surgical procedures, or prescription drugs, that are normally covered by your health insurance. 

How Does Hybrid Life Insurance Work?

A hybrid policy combines elements of permanent life insurance with long-term care protection. If you purchase a hybrid policy with, for example, $200,000 in benefits and die without needing long-term care, the full benefit amount of $200,000 is paid out to your beneficiaries. If, on the other hand, you need long-term care at some point, death benefits in your hybrid policy can be converted to cash to pay for your long-term care expenses. The death benefit your beneficiaries receive will be reduced accordingly, dollar for dollar. 

What Are the Pros of Hybrid Life Insurance?

Many people are buying hybrid life insurance because it solves a major problem with long-term care insurance – if you never need long-term care, the money you spent on premiums is wasted. With a hybrid policy, if you die without needing long-term care, your beneficiaries get the full benefit amount. At the same time, you have some protection in case you become disabled and need care. This type of policy offers tax-free reimbursement for qualified long-term care expenses, as well as tax-free death benefits. 

Advantages of hybrid life insurance policies include:

• No use-it-or-lose-it risk
• Locked in premium rates
• Less stringent medical underwriting requirements in some cases
• Cash indemnity benefits are still offered by some plans (unlike new traditional long-term care policies)
• Prevents your estate from being depleted by costs of long-term care

What Are the Cons of Hybrid Life Insurance?

There are some disadvantages with hybrid life insurance:

• You may need more money upfront to pay your premiums. 
• You get fewer benefits for your policy premiums than with standard life insurance or long-term care insurance. 
• Long-term care payouts reduce the policy’s cash value and death benefit amount. If you require long-term care for an extended time, this could leave your beneficiaries with no death benefit. 
• You must meet long-term care eligibility requirements to receive benefits. This means a licensed healthcare practitioner must certify that you are cognitively impaired or unable to perform two or more of the six activities of daily living for 90 days or more. These activities are eating, bathing, dressing oneself, using the toilet, walking from one place to another, and maintaining bowel and bladder continence. 
• You must complete an elimination period (usually 90 days) before long-term care benefits begin. 
• You are only covered for the first five years of assisted living care.

There may be a number of factors to consider in choosing between standard and hybrid life insurance. Our agent is happy to review the pros and cons of both types of policies with you.

Car Chip Shortage 2021: What’s Going On?

What do bicycles, toilet paper, hand sanitizer, refrigerators and kayaks have in common? They’ve all been in short supply at times during the COVID-19 pandemic. The past year’s global health crisis has led to unprecedented changes in supply and demand. Production shutdowns sent the price of lumber sky-high. Months spent quarantining led homeowners to spend more […]

Survey: The Top 5 Reasons Why Drivers Speed (2021)

During the early months of the pandemic, did you notice more fast cars on the road? (And, be honest: Did you step on the gas yourself when the roads were less busy?) The trend is noticeable – and several national highway safety organizations agree. Some groups, such as the Governors Highway Safety Association, are now […]

A Savvy Business Owner’s Checklist for Cyber Insurance Coverage

Any business that uses computer technology today has to deal with cyber risk. Ransomware attacks are on the rise, and small and medium businesses are being targeted more than ever. With the shift to more people working from home in 2020, cybercriminals are taking advantage of the opportunity to exploit remote workers. 

Cyber insurance may be essential for a business of any size. The following checklist can help savvy business owners secure the right coverage for protection against cyber-attacks. 

Decide Whether Your Business Needs Cyber Insurance

It is likely you need cyber insurance coverage if your business:

• Handles sensitive information: This can include a lot more than health information, Social Security numbers, bank accounts, etc. Even the most seemingly harmless information can be used by cyber attackers. 
• Has staff who use their own devices: Cell phones, laptops, and other electronic devices can be lost or stolen. If this occurs, it can give criminals access to important company information, including confidential data.
• Hosts a public website: If your website interacts with clients or customers and stores their login data, you are vulnerable to cyber theft. 
• Uses a third-party vendor: If your company has a third-party vendor supplying goods you sell, providing an online shopping facility, or managing your database, you may be vulnerable to cybercrime. You don’t control the level of security provided by a third party.
• Relies heavily on confidentiality (for example, a dating website).
• Gather information that, if lost, could result in embarrassment, invasion of privacy, or bullying.

Determine What to Look For in a Cyber Insurance Policy

Consider how much cyber insurance you need and how much your business can afford. Evaluate your risks and the types of coverage you need. Decide whether unintentional error should be covered, as well as intentional attack. Determine what your policy can exclude, what data should be covered, and where it is stored. Find out what insurance providers offer, such as legal costs, first responder services, or business interruption coverage.

Custom-Tailor Your Cyber Insurance Policy Outline

This outline should include:

• The level of risk your business is facing
• The type of policy (package or standalone) that works best for you
• Whether coverage includes third parties
• Types of coverage (network security, privacy liability, media liability)
• Amount of coverage your business needs

Ask Questions of Potential Providers

With your policy outline in hand, get insurers to answer important questions about the cyber insurance coverage they provide. For example, you should ask about:

• Policy exclusions
• Deductible amounts
• Response time after a data breach
• Timeframes for coverage
• Geographical coverage area (is coverage limited to within U.S. borders?)
• Types of covered incidents (do they include unintentional or non-malicious attacks?)
• How coverage and policy limits apply to first (policyholder) and third parties
• Premium increases after claims are made
• Auditing or compliance obligations
• How provider handles cyber threats

Finding the right cyber insurance coverage for your business can be a complicated process. Our knowledgeable agent is happy to help.

Life Insurance and Health Conditions: A Deal Breaker?

Three Things to Keep in Mind If you’re interested in purchasing life insurance, you should consider the following: Never assume a health condition automatically disqualifies you from obtaining life insurance. Sure, maybe your health is less than perfect but you may be eligible for coverage, so always check with a licensed insurance agent to be […]