Business Insurance Archives - Page 7 of 10

How much does Atlanta commercial property insurance cost?

May 19, 2022March 15, 2018 by Kate Betts

There are several factors that affect the cost of your commercial property insurance.

Perhaps you would rather not think about what would happen to your business if a fire hit or you had to weather a winter storm. We get it – there are way more fun things to be thinking about than doom and gloom. But since you’re a business owner and understand that things rarely go as planned, you’re here, reading about property insurance. You know that you need to protect yourself from loss, but you’re probably wondering how much property insurance costs.

And that’s a great question, but the only problem is that it’s a little complicated.

There are a few things that influence the cost of commercial property insurance. We’ll explain some of the factors that go into determining your commercial property insurance rates.

Here we go:

1. The construction/material of your building.

When an insurance company is looking at the commercial property insurance for your business, they’re going to want to figure out how flammable your building is. Insurance companies don’t really like fire because it tends to be very destructive. Anyways, the material your premises is made of influences how flammable your business is, as certain materials are easier to catch on fire and burn.

The building material is so important that the Insurance Services Offices (ISO) has created a system of categories to describe the structure of a building for insurance purposes. The “Classes” as they’re called go from 1 – 6, with 1 being the most flammable and 6 being the least.

Here are the general categories:

Class 1: Frame
Class 2: Jointed Masonry
Class 3: Non-combustible
Class 4: Masonry, Non-combustible
Class 5: Modified Fire Resistive
Class 6: Fire Resistive

The reason we explain this is that the higher up on this list your building is, the less likely it is to catch fire – and if it does, you’ll probably be facing less damage because the material is more fire resistant. And all of that can translate to lower insurance rates.

2. What kind of work you do.

Your insurance rate depends on what kind of business you have and what kind of work you do.

To illustrate, let’s compare an auto repair shop with a retail store. The auto shop does welding and stores many chemicals and flammable liquids. The retail store, on the other hand, only has clothes. The auto repair shop is more likely to face a fire, so they’ll probably pay more for their insurance.

Bottom line, some things are more likely to burst into flames. And that affects your insurance rates.

Pro tip: Depending on your business, you may be able to get your property insurance in a business owner’s policy to save money.

3. Your building’s defenses against fire.

Bear with us as we talk about fire some more.

The more defenses your building has against fire, the better your insurance rates. Protecting your building can come from without (your local fire department) and within (fire controls installed in your building.)

As far as external protection from fire, the ISO has come up with a way to rank the quality of the fire department near you (as well as other fire control measures.) They score it on a scale from 1-10, with one being the best and 10 being the worst. To come up with this number, they evaluate the quality of your local fire department, the available water supply, the effectiveness of your alarm system, and the strength of the communication system.

Of course, the insurance company isn’t just looking at your fire department. They’ll also look at your building’s firefighting tools. Do you have fire doors? Sprinklers? Fire extinguishers? An alarm system? These things can help minimize damage from a fire, something that insurance companies like to see.

You’ve probably noticed a pattern here:

The more protected you are from fire, the lower your insurance rates are likely to be. So, you might want to brainstorm how you can protect your business from fire.

4. Your business’s risks.

Now, this may surprise you, considering what we’ve discussed thus far:

Insurance companies aren’t only concerned with fire when they’re considering the cost of business insurance.

They’re also looking at other exposures, or risks that your business faces. They’ll look at your location to see how susceptible you are to natural disasters and man-made hazards. (For example, they might look at your area’s crime rate.)

We can talk about factors that affect property insurance rates until we’re blue in the face, but the best way to get a truly accurate idea of how much your commercial property insurance will cost is to get a business insurance quote. Our business insurance professionals would be happy to help you save on your rates by shopping around for your insurance. All you have to do to get in touch is fill out our form or give us a call today.

Source:

https://www.thebalancesmb.com/commercial-property-insurance-rating-4083201

What do I need to know about Atlanta hired and non-owned auto insurance?

June 18, 2018March 8, 2018 by Kate Betts

If your employees drive their own cars for business use, hired and non-owned insurance can protect your business.

The phrase “better safe than sorry” could have been written with commercial insurance in mind, especially when it comes to vehicles being driven for business purposes. Sure, there’s commercial auto insurance to protect you against risks involving your business’s vehicles.

There’s just one problem:

Commercial auto insurance only covers vehicles owned by your business, not those owned by your employees or those you rent. For many businesses, this is a pretty significant risk.

But not to worry:

We’re going to tell you all about a possible solution – hired and non-owned liability insurance.

What is hired and non-owned liability insurance?

Hired and non-owned insurance will protect your business if your employees ever drive their own vehicle for business purposes (that’s the non-owned portion) and if you or your employees ever have to rent or borrow a vehicle to use for business purposes (that’s the hired portion.)

Your business could be found legally liable if one of your employees is driving a car that your business doesn’t own for business purposes and gets into an accident. But hired and non-owned insurance would save the day.

Does my business need hired and non-owned insurance?

You might be wondering if hired and non-owned is really necessary. What about the employee’s personal auto insurance? Why does your business need extra insurance – the employee was the one who caused the accident, after all, wouldn’t their insurance pay? Well, the employee’s auto insurance could provide primary coverage if they’re driving their car for business purposes (unless they’re delivering or carrying goods, like pizza. More on that later.)

But there’s an important Catch-22:

Your employee may not have enough insurance to cover the entire cost of the claim (remember, lawsuits get expensive very quickly.) And if that happens and the accident exhausts the employee’s personal auto insurance, guess who’s on the hook for covering the rest of the claim?

Yep. You got it – your business.

So, if your employees ever have to drive their own cars or drive a rented vehicle for work purposes, you might want to consider getting this coverage. Sending your employees out on errands for your business or having to rent a vehicle on a business trip may seem harmless at the time, but these scenarios can quickly become disastrous. Your business could be found liable for any accidents that happen while the employee was “on the job” for you.

If you already have commercial auto insurance, you can just add hired and non-owned coverage to your policy. If you don’t, no problem – you may be able to get a stand-alone policy or add it to your general liability.

Pro tip: Keep in mind that the vehicles being covered by your hired and non-owned insurance cannot be owned, registered, or contracted in your business’s name or on your behalf.

Why it’s important to clarify what your employee’s personal auto insurance covers

Each auto insurance policy is different in the way they treat driving for business purposes. Most will exclude driving to deliver goods (or people) for a fee – so pizza delivery and flowers are out. Anyways, it’s important that your employees talk to their insurance provider and explain exactly what they will be using the car for.

How can I reduce my business’s risk?

Of course, it’s best to never have to use your insurance at all. There are a few things you can do to lower the chances of having a major problem on your hands.

1. Set up policies that explain your expectations for safe driving: You can create and implement policies about speeding, texting and driving, seatbelt use, and other safety measures. There are many benefits of being a safe driver, after all.

2. Have standards for the personal vehicles used for your business: Your employees’ vehicles should be safe and well-maintained.

3. Review your drivers’ records: It’s important to make sure that your employees are good drivers.

4. Check your employee’s personal auto insurance: It’s a good idea to make sure that everyone’s adequately insured.

5. Have guidelines for renting cars: Make sure your employees know what to do if they have to rent a car for business.

So, there’s some food for thought about hired and non-owned auto insurance. Remember, it’s important to cover the gaps in your business insurance. If your employees drive their own cars, this is definitely something to consider when you’re thinking about what kind of insurance you need for your business.

If you want to get quotes for business insurance, we can help. We’ll help you shop for the best coverage at the best rate. All you have to do to get business insurance quotes is call us or fill out our online form. We would be happy to speak with you about your insurance.

How a BOP can help you save money on Atlanta business insurance

August 14, 2019March 1, 2018 by Kate Betts

Getting a BOP can help you save money on your business insurance.

If you own a small business, chances are you keep a close eye on the cost of your business insurance. Getting the best coverage at the best rate may have even become a bit of a crusade. There are several ways to save money on business insurance, but there’s one method you may not have yet considered (and if you have, well, then you’re just ahead of the game.)

Ready?

It’s called a BOP, or business owner’s policy. We’ll explain what a BOP is, go over how it can save you money on your insurance, and let you know about a few things you should consider when buying business insurance.

What is a business owner’s policy?

A BOP includes several different coverages all bundled into one policy. They’re intended for small to medium-sized businesses.

BOPs typically include property insurance, general liability, and usually business interruption insurance. So, rather than getting each of these coverages separately, you can get them all from one place at the same time.

Convenient, right? But that’s not even the best part.

How can a BOP help you save money on your business insurance?

Here’s the best part:

A BOP can help you save money on your business insurance. But the question is, how?

The thing is that it’s usually less expensive to buy your coverages together instead of getting them separately. It’s kind of like going to a restaurant and ordering a dinner entrée instead of getting a whole bunch of sides and appetizers. You get the food you need both ways, but getting the entrée is probably less expensive.

Okay, that analogy was a bit corny. But you get the point.

Anyways, insurance companies love it when businesses get more than one line of coverage from them, so that’s why a BOP may be a good option when it comes to saving money on business insurance.

Now, keep in mind that not all businesses are eligible for business owner’s policies. Every insurer has different eligibility requirements, but across the board business owner’s policies are intended for small to medium-sized businesses. You have to have a certain amount of employees and make a certain amount of revenue or sales. But even if you can’t get a BOP, you can still save money by investigating a commercial package policy.

Anyways, it may seem like a better plan to shop for each type of coverage individually and choose the lowest price for each. But it’s definitely worth getting quotes for a business owner’s policy to compare prices. You have to find out what makes the most sense for your business.

Does your business have enough coverage?

Another thing to consider about BOPs:

You may need to think about adding coverages to your business owner’s policy to make sure your business is fully protected from all of the risks you face.

For example, you may want to add crime coverage to your BOP.

Now. That’s not all.

Your business may need to get separate policies entirely to cover other risks. Workers’ compensation insurance has to be purchased as a separate policy, not added to a BOP. Same thing with flood insurance.

Here’s the reason that we say all of this:

When you’re considering getting a BOP, it’s important that you consider all of the risks your business faces and the protection that the BOP offers. You may need to cover some gaps and make sure that your business is ready to handle anything that could come your way.

And, of course, you have to consider the costs of those additional coverages when you’re shopping for your business insurance.

So. That’s how a BOP can help you save money on your business insurance and some food for thought about extra coverages. When you’re getting business insurance, it’s important that you consult an insurance professional that you can trust. And we would love the opportunity to become that trusted advisor for your business.

We can help you get quotes for business insurance and make sure that you have the insurance you need to fully protect your business. All you have to do to get quotes or get in touch is fill out our quote form or give us a call.

8 ways to improve workplace safety at your Atlanta business

April 3, 2020February 22, 2018 by Kate Betts

Workplace safety can help you lower your workers compensation insurance costs.

As a business owner, you’re responsible for providing a safe workplace for your employees. It’s kind of part of the job. Sure, you have workers’ compensation insurance, but isn’t it better not to have to use it? By committing to safety at your business, you lower the chance of someone getting hurt, which means fewer workers’ comp claims – and saving money on workers’ comp insurance.

But this all begs the question:

How can you improve workplace safety?

Well, we’ve come up with a handy list of eight ways to improve workplace safety.

1. Train your employees.

Your people can’t do their job safely if no one shows them how. Make sure to spend ample time on training and emphasizing safety. Encourage questions. Explain clearly. Show everyone proper protocol and safety practices – for example, how to use a ladder properly. You can’t throw someone into a pool and expect them to do the butterfly, right? It’s also important that you have continuing education and training – even your experienced employees need a refresher.

2. Identify workplace hazards.

Take a good, hard look at your workplace and take note of anything that could be done more safely and any risks that your employees face. You can’t protect your people if you don’t know what the danger is. (And make sure you’re telling them about the risks they face on the job.)

And remember:

You’re not in this alone. Ask your employees for their suggestions or concerns. They’re the ones on the front lines – take the time to have a chat with them.

3. Make a safety plan.

Once you’ve talked to your employees and taken a walk around your workplace to look for hazards, create a plan for eliminating or reducing the hazards you find.

Take steps to make your workplace is as safe as possible, and communicate your plan to your employees. Take the suggestions and concerns your employees have into consideration and make sure they feel like they’re being heard.

Hey, that actually leads us to our next point…

4. Talk about safety.

Make it a habit to talk about safety at your workplace. Even outside of training, your employees should feel comfortable voicing their thoughts about safety and looking out for each other. Communication is key, and discussing how to make your workplace safer should be an ongoing thing.

5. Evaluate your safety plan.

You also have to keep tabs on how the safety plan is going. Is it doing its job? Do you have to make any adjustments or changes? Are there ways you can improve it? Is the plan being put into action in the workplace? Look out for the little things that can make a big difference.

6. Show that safety is Priority A.

Create a workplace culture that puts safety at the forefront. Acknowledge those workers who show that they put thought and effort towards safety, not those who put efficiency over doing the job safely. Also, be careful of incentivizing zero injuries – that could lead to a culture where workers don’t report injuries at all.

And that would make it difficult for you to carry out our next tip…

7. Investigate any accidents or near-misses.

If there is ever an accident (or a near-miss) you’ve got to get out your magnifying glass and do some detective work. Launch an investigation and unleash your inner Sherlock Holmes. Talk to witnesses and try to get to the bottom of what happened and why. That way you can do everything in your power to stop it from happening again. Conduct your investigation promptly – your witnesses will have a better recollection of how things unfolded.

But don’t stop there – carry on with improving safety by using our next tip…

8. Make sure your employees are reporting claims promptly.

It’s important that you encourage your employees to report any claims promptly. You don’t want your employees to be under-reporting workplace injuries, as this can have serious consequences. Make sure your employees feel safe coming forward and speaking up about workplace incidents and that they don’t a negative outcome from reporting them.

So, those are our eight ways to improve safety in the workplace. Preventing workplace injuries can help you lower your workers’ comp costs, but it’s also about looking out for your people. Your team is a vital part of your business, and they deserve a safe workplace. So. Go forth and make your workplace safer.

And if you want to save money on business insurance, we would be happy to help. Our team can help you shop for the best coverage at the best possible rate. All you have to do to get business insurance quotes is fill out our online form or give us a call. We’re here to help with any of your insurance needs.

Does my Atlanta restaurant or bar need liquor liability insurance?

September 18, 2020February 15, 2018 by Kate Betts

Liquor liability insurance can protect your restaurant from the risks associated with serving alcohol.

If your Atlanta dining establishment serves alcohol, you’re open to a number of risks. What if a fight breaks out because one of your patrons is intoxicated? What if one of your patrons leaves and gets into a car accident that injures the other driver – and what if your patron is found to be legally drunk? Your business could be found responsible on the basis of being the place that served the alcohol. But that’s where liquor liability insurance comes in. We’ll explain how liquor insurance can protect your business and what to look for in a policy.

First of all: What is liquor liability?

Okay, before we go any further, let’s define what liquor liability insurance is protecting you from. Liquor liability is the legal responsibility of a business that serves or sells alcohol for the actions of patrons who drank said alcohol at their establishment. That means that you could be found responsible if one of your patrons causes someone bodily harm or causes property damage. So, restaurant safety should include training for employees about serving alcohol.

Why do I need liquor liability coverage?

General liability insurance may provide host liquor liability for occasional instances where alcohol is served (like at a company holiday party.) However, this host liquor liability is not enough for a business that sells and serve alcohol. As we mentioned above, alcohol comes with many risks, and you need to make sure that you’re covered for any mishaps that happen because of serving it.

What does liquor liability insurance cover?

The short answer to what liquor liability insurance covers is that it can protect you if you get sued because of the actions of an intoxicated patron. For example, some things that may be covered by liquor liability insurance are…

1. Unruly customers. Alcohol can make people unpredictable, and it can even make them violent. You can include assault and battery with your policy (we’ll explain more about this in a moment.)

2. Legal fees and court defense costs. If you’re on the receiving end of an alcohol-related claim or lawsuit, the legal fees and damages that you’re obligated to pay can become astronomical. But liquor liability may help you cover these expenses.

3. Your employees. You want to trust your employees to serve alcohol responsibly and follow any protocols you have set up – and not to drink on the job – but your policy can provide an added protection for your employees.

How to choose the liquor liability policy that’s right for you:

It’s extremely important to note that not all liquor liability policies are the same. Some may exclude certain scenarios, meaning you would need to add coverage to be sure that your business is fully protected. Be sure to check for the following in the policy you’re considering:

Assault and battery coverage: Many policies actually exclude assault and battery, so make sure that you add this coverage to close the gap. You can usually extend assault and battery coverage to include specific situations, such as shootings, stabbings, or sexual assault.
Defense costs: You need to make sure that your policy will cover defense costs outside of the policy’s limit. Legal fees can add up and they can eat up your policy’s limit quickly, leaving no money to cover damages you have to pay. Basically, you need to check if the cost of defending yourself against a claim is covered in addition to the limit on your policy.
Coverage for employees: Earlier we mentioned that your employees can be a risk to your business if they don’t serve alcohol responsibly or if they drink on the job. It’s a good idea to make sure that your policy accounts for your employees and covers them just like it does your patrons.
Coverage for claims of mental damages: If a third-party is involved in an alcohol-related incident caused by one of your patrons, they could sue for stress, anguish, or psychological injury even if they were not physically injured. Check and see if the policy you’re considering covers these sorts of claims.

A note about serving alcohol to minors:

The drinking age in the United States is 21. There’s no arguing with it. If you have a liquor liability claim that arises from serving alcohol to a minor, that claim will not be covered. It’s crucial that all of your employees know to ID people and how to identify fake IDs. Everyone needs to understand that serving alcohol to minors will not be tolerated at your establishment.

So that’s why liquor liability insurance is so important for restaurants and other establishments that serve alcohol. Serving alcohol opens your business to a number of risks, which is why having the right insurance is key to your business. To find out what kind of insurance you need for your business, you can fill out our online form or give us a call today. We would be happy to discuss your business and your insurance with you. We can also help you shop for the best rate for your insurance and get business insurance quotes for you.

Protect your business from four different types of theft

January 4, 2024February 8, 2018 by Kate Betts

You business faces several different types of theft.

Sometimes people really want things that don’t belong to them, and your business faces numerous types of theft. There are various threats out there, but by being aware of them and taking steps to lower your risk you can protect your business from theft. We’ll go over four types of crime that businesses face and offer tips to help you prevent them.

Protect your business from burglary:

Burglars are extremely crafty, which means that you need to be craftier to foil their efforts. Protecting your business from burglary takes some planning, but it’s important to do – burglary can be disastrous for business. To keep unwanted thieves out of your building, check out the following tips.

Make sure you have plenty of interior and exterior lighting, especially around any entrances.
Keep your trees and bushes trimmed. By doing so, you eliminate hiding places for any would-be burglars.
Have a monitored alarm system installed, along with security cameras. A commercial security system can be a deterrent to thieves.
Secure your windows with shatter-proof glass and strong window locks.
Have strong doors installed, preferably ones made of steel.
Get a fence around the perimeter of your business.
Have a safe for valuables. The safe should be hidden and secured to the ground.

Protect your business from robbery:

The concept of robbery is terrifying. It’s something that every business owner hopes fervently won’t happen to their business and their employees. To try to keep everyone – employees and customers both – safe in the event of a robbery, try the following tips:

Spend time training your employees about robbery and what to do if the business is ever robbed. Stress that their lives are the important thing, not the money.
Get in touch with your local police department for help with creating a training plan. They will most likely have some good advice for you and can give suggestions for training and robbery prevention.
Don’t keep large amounts of cash in the register. You can post signs that state clearly that the register is emptied regularly to discourage robbers.
Have a safe that’s hidden.

Protect your business from employee theft:

Unfortunately, employee theft is more common than we might like to think. Even small businesses are at-risk for employee theft – it’s not just large corporations. That’s why it’s important to be aware of the possibility and protect your business from employee theft. Try the following tips:

Have video cameras installed.
Keep an eye on your finances and bookkeeping.
Do inventory frequently.
Create a return and void procedure.
Foster positive relationships with your employees and encourage a happy, pleasant workplace atmosphere.

Protect your business from cybercrime and identity theft:

Data breaches and cyber risks are becoming more and more serious for businesses. If a hacker steals the personal identifying information of your clients, your business could be in big trouble. Check out the following tips to prevent a data breach and reduce your business’s cyber risks:

Have a firewall on your computers to repel unwanted visitors.
Get anti-virus and anti-spyware software.
Educate your employees about cybersecurity.
Make sure your Wi-Fi network is secure.
Protect computers with strong passwords.
Consider getting cyber liability insurance.

Here we assess how should you respond to the theft of your identity and a recovery plan.

Burglary, robbery, employee theft, and identity theft are very real possibilities for businesses. We hope that you never have to deal with any of these devastating losses, but nonetheless, it’s important for you to be prepared and to take steps to protect your business from these various forms of theft.

Another way to protect your business is with business insurance. It’s important to have enough insurance to fully protect your business from all of your risks, and our team of commercial insurance agents can help you identify your risks and get the coverage you need to protect your company from them. All you have to do to get business insurance quotes is fill out our quick online form or give us a call today.

6 ways to lower your workers’ compensation premiums in Atlanta

February 1, 2018 by Kate Betts

Improving safety can help you save money on your workers' comp insurance.

As an employer, you might absolutely dread one of your employees getting hurt. You care about your employees, of course, and you don’t want to see them in pain because of a workplace accident (and, well, there’s an awful lot of paperwork involved with workplace accidents.) Ensuring that the employee gets the medical attention and care they need is the most important thing, so as a business owner it’s important for you to have enough workers’ compensation insurance to provide for your employees if they get hurt – workers’ comp is probably one of the most important types of business insurance. But there are things you can do to control and manage the cost of the workers’ compensation insurance you need. Below are six tips that explain how you can lower your workers’ comp premium.

1. Place an emphasis on safety.

The best way to avoid workers’ comp claims (and the potential rise in your insurance rates that follows) is to prevent the accident in the first place. And that means taking the time to properly train your employees in safety protocol – for example, how to stay safe while working with ladders. Every member of your team should get the training they need to stay safe on the job. It’s kind of hard to avoid accidents and danger if you don’t know where to look for it, which is where training comes in. Anyways, it’s important to talk about safety, too, to keep it fresh in everyone’s mind. Safety is a team effort.

Here are some basic safety tips you can consider for your business.

Identify hazards around your workplace and take steps to minimize them.
Choose a flooring material that won’t make everyone slip and fall – you need a floor surface that has good traction.
Reduce distractions on the job.
Implement ergonomics at your workplace. Ergonomics means tailoring a workspace to the jobs that are performed there to reduce the chances of strain and injury. There are even benefits of implementing ergonomics at an office.
Teach and emphasize proper lifting to help employees avoid back problems – lift with your legs, not with your back, everyone.

2. Create a return to work program.

A return to work or modified duty program allows employees who have been hurt to come back to work. They will be assigned tasks that have been customized for their physical capabilities while they’re recovering from their injury. Keep in mind that it’s essential to make sure that the employee is getting the medical attention and support they need.

Now, having a return to work program might make it seem like you’re just trying to exploit an injured person. That’s not the case. The goal of a return to work program is to support the employee as they come back into the workplace and resume their job duties. So, when you’re creating the new tasks that are tweaked for your employee, make sure that the work is meaningful and genuinely contributes to your business so that the employee doesn’t feel punished or unnecessary. It’s important that they know how much you value them.

3. Understand your workers’ comp mod.

Your company’s mod, or modification factor, is a method of figuring out how “risky” your company is by comparing it to other businesses in your industry. It gives insurance carriers a way of seeing whether your workers’ comp losses are better, on par, or worse than what they’d expect. (The size of your company, unexpected big losses, the frequency of losses, and the severity of your losses are all ways in which your business is compared to others.) The data used by most states for calculating mods is collected by the National Council on Compensation Insurance.

Okay. The significance of your mod is that it can either make your workers’ comp premium higher or lower. If your mod is above 1.0, you have a debit, which means that your losses are worse than what they should be. If your mod is below 1.0, you have a credit, which means your losses are better than what is expected. A debit means that you could have higher workers’ comp premiums while a credit means that you could get lower workers’ comp premiums.

4. Investigate accidents and near-misses.

It’s really important that you put on your detective hat and conduct an investigation of any accident or near-miss that happens at your workplace. Talk to witnesses and get their accounts of what happened. Check out the area where the accident occurred and observe what could have caused it. Try to get to the bottom of what happened and keep a detailed and organized record of your discoveries. The idea is to find out why the accident happened so that you can prevent another accident from happening in the future. Knowing why it happened will help you take steps to avoid another injury or accident.

Pro tip: Try to conduct your investigation within 48 hours of the incident. The witnesses will have a clearer memory of what happened, and besides, it’s best to take action immediately to prevent future accidents.

5. Report injuries that need to be reported promptly.

If the accident is a reportable one, you need to file that report as quickly as you can. It’s best to do this ASAP to help the investigation and claim move forward as smoothly as possible. The Department of Labor requires you to file several reports – for instance, the First Report of Injury or Occupational Disease must be completed according to your state’s workers’ comp laws. Find out what paperwork and reports you have to fill out and go to town.

Pro tip: Make sure your employees know that they need to inform their supervisor (or you) about any workplace accident or injury as soon as they can.

6. Check your payroll.

Make sure that all of your job classifications and your payroll are correct. All of this needs to be accurate so that you’ve got the right amount of workers’ comp insurance.

Your employee is the priority when it comes to your workers’ comp insurance. Taking steps to improve safety at your workplace is vital so that you can prevent accidents and injuries. A bonus of emphasizing safety is that you can lower your workers’ comp premiums. So, the simple truth is that preventing workers’ comp claims is really in everyone’s best interest.

Another way to save money on business insurance is to shop around and compare rates. Our team of insurance professionals can help you with that. We can get multiple quotes for workers’ comp insurance so that you can compare coverages and prices. All you have to do to get workers’ comp quotes is fill out our form or give us a call today.

What is inland marine insurance and does my Atlanta business need it?

January 25, 2018 by Kate Betts

Inland marine insurance can be helpful for businesses to cover gaps in their insurance.

Words can be a lot of fun, especially when they say something that seems to be contradictory but really isn’t (a.k.a. an oxymoron.) Business insurance has its fair share of funny words, and one of those phrases is “inland marine insurance.” How can marine insurance be inland? You may think that the name doesn’t make a terrible lot of sense, and you would be correct. However, we can explain what inland marine insurance is and even why it has such a funny name.

What is inland marine insurance?

Contrary to what the name suggests, inland marine insurance does not have anything to do with boats. Basically, inland marine is a way for businesses to fill gaps in their insurance coverage. Certain parts of your business might not be covered anywhere within your other insurance policies, which is why you may want to think about inland marine when you’re buying business insurance. We’ll explain what inland marine insurance covers in a moment.

Where does the funny name come from?

Okay, here’s the deal with the name. Once upon a time, shipping used to use boats – hence why it’s caused shipping. Marine insurance was a way to protect ocean shipping businesses from loss. But then “shipping” became less dependent on the ocean because the cargo was loaded onto barges to be transported inland. And, since the cargo still needed coverage, a new form of insurance evolved – complete with an oxymoronic name.

But that’s not where the word fun ends. Within inland marine insurance, there’s something called a floater that protects cargo while it’s being moved from place to place. Guess where the name came from? In the days where shipping meant ships, the cargo that “floater” policies protected was actually, literally floating. Nowadays, the property that’s protected by a floater policy doesn’t have to be floating or levitating. Though that would be pretty neat.

What kind of business uses inland marine insurance?

Many types of business have inland marine insurance so that they can cover the gaps in their business insurance. There are different forms of inland marine insurance, such as bailee insurance (which is not just for people named Bailey) and contractor’s equipment.

We’ll give a few examples. If your business ever has your clients’ property in your care, you may need bailee insurance – for example, a computer repair shop where clients drop off their devices. If you ever transport property or equipment, you might need a floater policy. If you install products in your clients’ homes, you might consider installation coverage.

What we’re trying to say is that a variety of businesses, like construction business, technology or communications businesses, and transportation businesses, can benefit from inland marine insurance. Here’s a breakdown of different forms of inland marine by industry:

Construction
- Builder’s risk: Protects buildings that are being constructed or repaired.
- Contractor’s equipment: Protects tools and equipment used in construction that aren’t covered under builder’s risk.
- Installation: Covers machinery and equipment while it’s being moved and during installation.
- Rigger’s liability: Coverage for when you’re acting as a rigger for someone else’s property.
Technology and communication
- Cable television: Covers property that is needed for cable television service.
- Electronic equipment: Insures certain pieces of electronic equipment.
- Medical imaging equipment: Covers medical equipment that is mobile and used by hospitals, clinics, etc.
- Physicians and surgeons: Covers medical, surgical, and dental equipment used by those professions.
- Telecommunications equipment: Protects phones, fax machines, audio and visual equipment for video conferencing, and computers.
Transportation
- Commercial transport: Coverage for truckers and warehouses that protects goods while they’re being transported.
- Legal liability: Covers the expenses you’re legally obligated to pay for a covered loss if you damage someone else’s property.
- Motor truck cargo: Protects trucking businesses against losses to their cargo and their property while it’s in transit.
- Railroad rolling stock: Protects rolling stock that’s owned/leased by railroad or other companies.
- Tank storage: Protects tanks and pipes while they are in the policyholder’s care, custody, and control.
Miscellaneous
- Bailee insurance: Covers your clients’ belongings while they’re in your care, custody, and control.
- Armored cars: Protects against losses related to armored trucks.
- Furrier’s block: Protects items that include fur while they’re in the care of department stores, furriers, retailers, etc.
- Jewelers block: Covers jewels and gems used in the policyholder’s business.
- Floaters: Covers movable property.

So, to conclude, inland marine insurance doesn’t relate to boats at all. Yes, the name is confusing. Anyways, inland marine insurance is meant to help businesses close the gaps in their insurance by providing coverage for areas that don’t have any. There are many kinds of inland marine insurance out there, so you might want to think about inland marine when considering what type of insurance your business needs.

If you want to save money on your business insurance, we can help. We can shop for the best rates for your commercial insurance so that you can be assured that you’re getting the coverage you need at the best possible price. All you have to do to get business insurance quotes is fill out our online form or give us a call today.

What is commercial umbrella insurance and do I need it for my Atlanta business?

September 6, 2020January 18, 2018 by Kate Betts

Umbrella insurance adds liability coverage for your business.

Thinking about worst-case scenarios can be frightening and unnerving. When your business is cruising along and doing well, everything is great. But sometimes things happen and disaster can strike. Of course, you have business insurance to protect your company, but what if a claim comes along and blows your insurance limits right out of the water? Being stuck in a situation in which you don’t have enough insurance would not be good. However, there is a type of coverage that can supplement your current levels of insurance and even provide coverage in areas you don’t have it. It’s called umbrella insurance, and no, it’s not insurance for umbrellas (the name is a bit misleading.) We’ll explain what umbrella insurance is, how it can protect your business, and why you shouldn’t overlook it when you’re buying business insurance.

What is commercial umbrella insurance?

Commercial umbrella insurance can protect your business from gaps in your coverage and from expensive lawsuits. Basically, businesses use umbrella insurance to expand and back up the coverage they have with their existing policies. It’s a way to add extra coverage to your insurance.

What does commercial umbrella insurance do?

There are a few ways in which umbrella insurance can help your business. Umbrella insurance…

1. Provides extra coverage if you have a claim that goes above the limits of your existing policy.

Umbrella insurance is, to put it simply, extra coverage that sits on top of your underlying insurance policy. It can help protect your business from huge lawsuits that could be financially devastating to a business by adding coverage to your policy.

It’s easiest to illustrate with an example.

Let’s say that you have a whopper of a general liability claim – like a $4 million claim. It’s not good. Your business, of course, has general liability insurance, but your policy is only for $1 million. So, to do some quick math, that means there’s still $3 million to be accounted for. Now, let’s say that your business has a $5 million umbrella policy. What would happen is that your general liability insurance would pay its $1 million and your umbrella could then pay the remaining $3 million. So, there you go – an example of how umbrella insurance can help you out of a tight spot.

2. Can give you coverage in areas where you don’t have coverage.

If you have a claim in an area that’s not covered by your underlying policy, umbrella insurance can provide you with the coverage you need. But if you’re using your umbrella insurance in this way, you may have to pay a self-insured retention (or SIR) which is similar to a deductible. Basically, it means that you’re responsible for paying a portion of the claim.

Umbrella insurance and lawsuits.

Our society has become more and more likely to launch lawsuits, can come with some hefty damages. Lawsuits can be super expensive and potentially devastating to a business.

Umbrella insurance is a way for business owners to get an additional measure of protection for their companies. It gives extra liability coverage that sits on top of your existing insurance policy. Yes, the odds of a huge, catastrophic claim happening to your business might be low, but it’s still important to anticipate and prepare for the worst. You never know what’s going to happen (unless you can see the future, which would be great), and umbrella insurance can protect your business.

If you’d like to save money on your business insurance, we can help. Our team of agents can help you shop for the best possible rate for your insurance – and we’ll do our best to make insurance easy. All you have to do to get business insurance quotes is fill out our online form or give us a call today.

Avoid property insurance claims at your Atlanta business with fire safety

July 29, 2019January 11, 2018 by Kate Betts

It's important to be conscious of fire safety at your business.

If you’re a business owner, one of your worst nightmares might be a fire striking and burning down your premises. Many small businesses never reopen after a disaster like a fire because the expenses are so high. You have to pay to have the premises rebuilt, plus there’s the lost income you face from the time that you were closed. To avoid a fire-related property insurance claim, check out these fire prevention and preparation tips – they’ll also help you keep your employees safe.