Business Insurance

How to save money on your Atlanta business insurance premium

by
You can lower your business's insurance premium.

There are a few things you can do to lower your business insurance premium.

It’s no secret that business insurance can get pretty pricey. There are a lot of risks out there that need to be covered, and as a business owner, you might be anxious about the price tag of your insurance. While you know that you need to protect your business and you want to get some peace of mind, you might cringe at the thought of what it will cost – a normal reaction, by the way. However, there are a few things you can do to lower the seemingly astronomical cost of your insurance premium, and we’re prepared to share them.

1. Raise your deductible.

Your deductible is the amount you agree to pay before the insurance company will step in to cover the remaining amount on the bill if you have a claim. For example, if you have a $1000 deductible and a $5000 claim, you would pay $1000 before the insurance company would pay the remaining $4000. A higher deductible means that you have a lower premium and vice versa, so by raising your deductible, you can lower your rates.

Now, you have to consider how much you’re actually able to comfortably pay in the event of a claim. You don’t want to raise it so high that it would be problematic to scrape together the money – you don’t want it to be a burden. So, you have to do a bit of a balancing act.

2. Consider getting a BOP to get a lower premium.

A BOP (business owner’s policy) combines several coverages into a convenient bundle. Sometimes it’s less expensive to purchase insurance this way rather than as separate coverages, so you might want to find out what a BOP covers and see if your business qualifies for one.

If your business qualifies for a BOP, you need to ask yourself if the policy fits your business. Are there coverages included that you don’t actually need? Will you need to add any extra coverages that aren’t included in the BOP? These are both important things to consider. For reference, a BOP typically includes general liability, business interruption, and property insurance.

3. Go shopping.

Not like at the mall. We mean insurance shopping. If you’re making a big purchase, you compare prices and look at several stores to make sure you’re getting the best price, right? The same rule applies to business insurance. Comparing rates can help you be reassured that you’re getting the best price for your business insurance. You can go through a reputable, trustworthy broker to shop for insurance rates. Try to find an agent who’s familiar with your industry and the risks that you face. They’ll be better able to advise you about limits and coverages that you might need. That might include workers’ compensation insurance or employment practices liability insurance, but you may also need other coverages that are more specific to your industry.

4. Do an annual checkup on your insurance.

Your insurance needs may change from one year to the next. To make sure that your insurance coverages still fit your business, you’ll have to review your policies carefully. This is also a good opportunity to see if there are any coverages that overlap or that you don’t need anymore. While you should never sacrifice coverage for the sake of saving cost, it can’t hurt to review your risks and your insurance needs.

5. Lower your risk and get a lower premium.

By reducing risks, we mean doing a few things. You can take measures to increase security. Creating a business disaster plan is another way to reduce risks, as is improving safety – for clients and employees – at your workplace.

There are many advantages to undertaking a risk-reducing campaign.

First, lowering your risks can help you save because insurance companies quote based on the risks they see – the riskier your business, the higher your quote will be. By actively trying to reduce those risks, you could get a lower premium.

Second, lower risk means a lower chance of having a claim. Having claims makes your premium go up, so you can avoid that unpleasant occurrence by lowering your chances of having a claim in the first place.

Third, improving safety and reducing risks could qualify you for a discount on your insurance. It might seem expensive to install something like a security system, but with the insurance discount you now qualify for it could pay for itself very quickly. Be sure to ask your agent about steps you can take to lower your risk and qualify for discounts. Discounts shouldn’t be the only motivating factor though – remember what we said about lower claims meaning lower premiums? In the long run, improved safety and risk management pays off for everyone. Yes, insurance and risk management might seem expensive, but so are claims and lawsuits.

Business insurance is not cheap, but there are ways that your company can reduce your premium. You can raise your deductible, get a BOP, shop around, review your policies, and reduce risk by increasing safety. If you’re inclined to despair about your insurance rates, take a deep breath. Make a plan to implement some of the above strategies. You’ll feel better knowing that you’ve got the insurance situation under control.

Speaking of business insurance, do you want to implement Tip 3 and shop for your business insurance rates? We can help with that! Out agents would love to help you save money on your insurance. All you have to do to get in touch is fill out our business insurance quote form or give us a call today.

How to prevent a devastating burglary and protect your Atlanta business

by

Burglary is devastating to businesses.

For many business owners, burglary is a very real fear. Maybe you’ve been the victim of a burglary in the past, or maybe you fear one happening in the future. At any rate, a burglary can be devastating to your business. Yes, your business insurance might help you, but the effects might not only be financial – a break-in robs you and your employees of your peace of mind. Fortunately, there are a few things you can do to lower the chances of a burglary happening at your place of business.

1. Let there be light.

Having plenty of lighting outside your premises serves as a major deterrent for potential burglars, who prefer to skulk around in the dark. So shine some spotlight on your entryways and exterior of your building. The idea is to eliminate burglar-friendly shadows.

2. Bolster the locks.

All locks need to be good at their jobs, as do the doors. Might as well not make the burglar’s job any easier by having easy-to-break locks. Make sure your windows are locked tight, and don’t forget to check those doors when you close for the night. Also, have deadbolts on your exterior doors.

3. Maintain your trees and bushes.

Keeping the building and your premises well-manicured and cared for is important. Make sure to keep your trees and shrubs trimmed away from the windows so as to eliminate potential hiding spots.

4. Consider security cameras.

Security cameras inside and outside the building are a major deterrent for burglars. Burglars prefer not to be caught in the spotlight. Plus, if you have camera footage you’ll be able to help the police if you do have a burglary.

5. Have an alarm system installed.

Do some research and consider having a commercial security system installed. Having a monitored alarm system will make burglars think twice before targeting your building. Make sure it’s properly maintained. Foil the burglar’s plans by showing that they won’t escape undetected.

6. Make sure your safes do their job.

Your employees should be in the habit of depositing cash into the safe frequently throughout the day. Ideally, the safe would be bolted to the ground.

It's important to protect your business from burglary.

7. Complicate burglary.

Have glass that’s shatterproof in the windows so people can’t just smash the glass and let themselves in.

8. Have interior emergency lights at night.

Having a little bit of light in the building itself after close helps deter burglars – it makes it easier for passersby to see movement and increases the chances of the burglar being caught.

9. Protect the outside of the building.

To protect the perimeter of the business, you can consider installing a sturdy fence. That can help keep your business safe. Make sure that you’ve taken steps to protect all possible entry points for burglars.

10. Keep track of who has keys.

When you issue keys to those who need them. Have records of who has keys, and make sure to collect keys of employees who will no longer be with your business. You can even consider changing the locks every so often.

11. Have a “more the merrier” philosophy.

Make sure that you have enough staff to mind the premises properly – it will keep both your business and your employees safer. Also, make sure that the closing people do a sweep of the building so that no one hides inside after close.

12. Change up your banking routine.

Make sure that your money-related tasks and routines, like making bank deposits, have varied schedules. You don’t want to be predictable. Would-be burglars pay attention to these things.

—

Burglary is a very real threat for business owners. It’s important to keep your premises safe and sound and to tighten up your security, even if you feel like your business is in a safe place and that burglary would never happen to you. You can even consider including burglary when you do disaster planning for your business. Don’t invite the burglars to come in and help themselves to your merchandise and business equipment.

Are you looking for business insurance quotes? Great – we would love to help you out with that! We can help you identify the risks that your business faces, and from there we’ll work with you to create a customized insurance plan just for your business. All you have to do to get started with your free business insurance quotes is fill out our quote form or give us a call today.

Source:

https://www.troopers.ny.gov/Crime_Prevention/Business_Safety/Guide_To_Business_Security/

10 things you need to know about Atlanta business insurance

by

Did you know these ten facts about business insurance?

If you have a business, you know that you have quite a bit of risk. Maybe more than quite a bit. Yeah, probably more. Anyways, the problem with business insurance is that it can be hard to make heads or tails of it sometimes – it can be like a foreign language. To help you get more confident speaking “business insurance,” we have ten “phrases” that you should know. Okay, they’re more like facts, but we wanted to keep the analogy going.

1. A BOP is a convenient way to insure small businesses.

A BOP, or business owner’s policy, can help small business owners get the coverage they need. It can basically smoosh general liability, property insurance, and business interruption insurance into a convenient, neatly-wrapped package. Different coverages can be added to a BOP to increase your business’s protection. However, there are a few qualifications your business has to meet before it’s BOP-worthy.

2. Your business might be required to have workers’ compensation.

Certain businesses are required by law to carry workers’ compensation insurance – in fact, most are. Workers’ comp protects your employees if they get hurt on the job. It provides for medical payments and even reimburses the employee for a portion of their lost wages if they’re unable to work. Make sure that you have the workers’ comp coverage you need to be compliant with your state’s laws – and keep in mind that each state has different workers’ comp requirements. Workers’ comp is really important because your employees aren’t covered under general liability.

3. Flooding is not covered.

Your business has to purchase flood insurance as a separate policy because flooding is not covered under property insurance. If you’re worried that your business could someday end up underwater, you’ll have to go through an agent to get commercial flood insurance from the National Flood Insurance Program, or NFIP.

4. Property insurance protects your premises and business essentials.

Property insurance can protect your building and business necessities (inventory, machinery, computers, etc.) against common perils, like fire. It helps you rebuild and repair your premises so that you can get your business started up again. Keep in mind that you need to be mindful of the perils covered by your property policy.

5. Choosing a higher deductible can help you save on your business insurance premium.

Your deductible is the amount that you agree to pay before the insurance company steps in to start covering expenses from a loss. If you select a higher deductible, your premiums may go down. It’s a bit of a balancing act – you want to make sure that your deductible isn’t so high that it would be hard to pay, but high enough that your premiums go down.

6. Having claims can make your premiums go up.

If you have a claim, the insurance company might see you as more of a risk. And that’s not good because the more of a risk you are, the higher your premiums could be. That’s why it’s so important for your business to commit to quality, safety, security, and workplace policies.

7. General liability insurance is your “slip-and-fall” insurance.

General liability protects your business against claims (true or untrue) that it caused someone bodily harm, property damage, or advertising injury. Basically, that means any claims that you broke their stuff, you broke them, or you slandered them in some way. General liability is crucial because people are clumsy. Accidents happen. You don’t want anyone to hold it against you.

8. If you have a really big claim, umbrella insurance can save the day.

Umbrella insurance protects your business from the whopper claims. It’s basically extra liability insurance that kicks in when the limit on the other, underlying policy runs out. Okay, you may still be scratching your head, and that’s okay because we have an example.

Let’s create a business. We’re going to say that they have $1 million of general liability. Now, let’s give them $1 million of umbrella insurance. Okay, here’s the fun part – let’s give them a $1.8 million claim. The general liability would kick in first and cover its $1 million before tapping out. But…that leaves $800,000 for our hypothetical business to pay. But don’t worry – their hypothetical umbrella insurance would swoop in and take care of the remaining $800,000. The day is saved!

9. Every business is different and needs different coverages.

The types of business insurance and limits that you need depend on several different factors – for example, your business’s size, the type of work that you do, and the business’s location. When getting insurance, it’s important that you work with an agent that will help you identify your risks and build an insurance plan that’s tailored to your business. We can help you do that here at Atlanta Insurance.

10. Risk management can help you reduce your business’s chance of financial loss.

Risk management is basically the process of scrutinizing your business for risks and taking steps to, well, manage them. It means implementing strategies to reduce or eliminate risks before they have the opportunity to hurt you. Risk management considers the losses that you’re vulnerable to and the likelihood that those losses will occur. Strategies for risk management include increasing safety and buying insurance.

These ten facts are only the tip of the glacier when it comes to business insurance, but it’s not so scary, right? There’s a lot to learn about commercial insurance, and that’s why it’s important to find out new stuff. Knowledge is power – someone smart said that once. It’s also important to find an insurance partner that you can trust, and that’s where we come in. We would love the opportunity to earn your business and become that trusted advisor, and we’ll start by getting you free quotes on your business insurance. To get started with your quotes, all you have to do is fill out our online quote form or give us a call today.

What coverages do you have to add to a BOP to protect your Atlanta business?

by

There are some coverages that you'll need to purchase separately or add to your BOP.

We recently talked about the magic that is a business owner’s policy (aka BOP) and how they make insurance wonderfully convenient for businesses. But it’s important to note that there are some things that simply aren’t covered in a business owner’s policy. BOPs (catchy nickname, right?) typically cover general liability, commercial property, and business interruption insurance. However, the risks covered by the three types of insurance bundled into a BOP may not be enough to fully cover your business. There are lots of other disasters out there. To help you ensure that your business is fully insured, we’re going to go over some coverages and losses that aren’t bundled into a BOP.

Coverages that can be purchased as separate policies:

There are some coverages that you would purchase as separate policies for your business. Here are some coverages that you might want (or need) to get for your business.

Workers’ compensation:

Workers’ comp insurance is essential for businesses. It protects your employees if they get hurt or get sick because of their jobs. It can provide them with medical payments so that they can get back on their feet. It also reimburses them for a portion of the wages that they lost while they weren’t able to work if they’re medically approved to take time off. Depending on your business and state, you might be required to carry workers’ comp insurance.

Group health insurance and disability insurance:

These coverages can be procured separately if you want your employees to be able to get health insurance through their jobs.

Professional liability:

Professional liability can help you if you’re in a business where you offer advice and then politely ask for money. If a customer accuses you of negligence, giving bad advice, or not acting in good faith, they might sue you, professional liability insurance can help you cover the costs of the lawsuit.

Coverages that you can add to your BOP:

BOPs can bundle more than general liability, property, and business interruption insurance. There are other types of insurance that can be added to a BOP policy if you so choose. Some of those coverages are…

Crime coverage:

Crime coverage includes protection for a variety of theft that your business could face, including employee theft and commercial burglaries. Usually, you can add between $1,000 and $5,000 of coverage to your policy.

Data breach coverage:

With how dependent businesses are on technology and computers, data breaches are a very real risk. That’s why it’s important to protect your business from cyber risks. Adding data breach coverage to your BOP will help your business with the costs of…

  • Telling people who have had their information stolen from your company that their information has been stolen from your company.
  • Hiring consultants who can help you sort out the ensuing chaos.
  • Defense and settlement costs from potential lawsuits.
  • Replacing income that you lost due to the breach.
  • Extortion/ransom (Believe it or not, holding computer files or systems hostage and demanding money for their release has become a favorite of hackers, as far-fetched as it may seem. It’s a real thing.)

It’s important to make sure that you understand exactly what your BOP will and won’t cover. If there are any areas of risk that are not included in your BOP, you need to fill your coverage gaps. Disasters have a nasty habit of striking those areas that aren’t protected by insurance. Don’t underestimate the power of Murphy’s Law – whatever can go wrong, will go wrong. You don’t want to fall prey to a loss that isn’t covered, so review your insurance carefully and bolster any areas that are missing coverage.

Do you need to get some business insurance? We’d love to help you out with that! We can help you identify the risks that your business faces and build an insurance plan to protect you from them. We can get you some business insurance quotes for free. All you have to do to get started on your quotes is fill out our online quote form or give us a call today.

What’s a business owner’s policy and can I get one for my Atlanta business?

by
A business owner's policy, or BOP, combines three different types of business insurance.

A business owner's policy, or BOP, combines three different types of insurance.

Have you ever seen one of those commercials for a hair care product that claims it’s shampoo and conditioner, all in one? Believe it or not, there’s an almost-equivalent for small-to-medium sized businesses when it comes to business insurance. It’s called a business owner’s policy, but since no cool coverage is complete without a nickname or acronym, it’s called a BOP. Basically, a BOP is handy to have because it combines several coverages into one convenient policy. You can get the coverage you need for your business in a simple, neat package – and it’s way better than 2-in-1 shampoo/conditioner.

Let’s dig deeper into this insurance mystery.

What does a business owner’s policy include?

There are three main coverages that a BOP can bundle together for your insurance convenience. Those coverages are…

1. Commercial property insurance.

What it does: Commercial property covers losses that happen because of common perils, like fire. It can cover you for your office equipment, furniture, inventory, machinery, raw materials, computers and other such essential business items. Plus, you know, the building itself.

2. General liability.

What it does: General liability is your “slip-and-fall” insurance. It covers your legal responsibility if your business causes harm to someone else, up to your policy’s limit. It will usually cover attorney fees for defending your business in court and the medical fees of anyone to whom your business caused bodily harm. It can also help in the event of a property damage claim.

3. Business interruption insurance.

What it does: Business interruption puts lost income back in your business’s pocket if you get hurt by a covered disaster that causes you to close temporarily. While property insurance helps you rebuild your business, BII helps you make sure that there’s still money in the bank when you have your grand reopening. It reimburses you for lost income.

Together, these coverages form the foundation of a small business insurance plan. Of course, they don’t cover every disaster or loss that could befall your business, so you may have to consider getting additional coverages if necessary.

Is my business eligible for a business owner’s policy?

Now, not every business is a candidate for a BOP. As we said before, BOPs are most appropriate for small to mid-sized businesses. Apart from that, there are a few checkmarks your business may need to meet before being stamped for BOP approval.

  • A physical location (whether it’s your home or premises – you may be able to insure a home-based business with a BOP)
  • Property that can be swiped (think product, cash, furniture, digital property, etc.)
  • Risk of lawsuits
  • Fewer than 100 minions employees
  • Fewer than $5 million in sales annually

Aside from these basic qualifications, there are a few other things that a carrier will consider before declaring you BOP-worthy. You may or may not be BOP-able depending on your type of business, the size of your main location, your revenue, and the class of business you are. It might seem like a lot of hoops to jump through, but it’s all in the interest of making that your business has the coverage you need.

How much will a BOP cost?

The premiums for BOPs depend, of course, on a few things. Your business’s eligibility factors play a part in your insurance rates. The financial stability of your business does, too. The building itself also gets considered, as do security features and fire hazards. The general rule of thumb for insurance is the more risk you have, the higher your rates. Insurance companies are highly allergic to risk, remember.

Pro tip: You might qualify for a discount if you have a security system. However, there are a few things you should know before hiring a company to install a commercial security system.

While insurance rates vary from business to business, the bottom line is that it’s important to make sure that you have enough coverage for your business and that there are no gaps in your insurance. That might mean adding some extra coverage to a business owner’s policy or forgoing a BOP entirely in favor of getting bigger policies.

BOPs are great when it comes to protecting small businesses. If you’re BOP-able, you get to enjoy commercial property, general liability, and business interruption insurance all bundled into one convenient policy. It is, however, important to consider that you may need to add coverages to your business owner’s policy. If you think your business might be a candidate for a BOP, congratulations! Insurance just got a whole lot easier.

Want to get a free quote on your business insurance? BOP or no BOP, we’d love to help you find the insurance your business needs to protect it from the risks you face every day. We’d love to help you save on said insurance, too. To reach one of our friendly agent-folk, all you have to do is fill out our online quote form or give us a call today. Then we can help you get started with getting your insurance!

How to create a disaster response plan for your Atlanta business

by

It's important to have a disaster plan for your business.

Many businesses faced with disasters never open again. There are many types of disasters, from big (think hurricanes) to small (minor fire.) But even the less severe disasters come with a deluge of difficulties and problems for a business owner, even if they do have business insurance. It’s important to make sure that you have a plan to cope with a disaster so that your business can survive. Preparation is essential. To help you get ready for a disaster, we’ve got a few tips for planning.

1. Figure out what your risks are.

You can’t plan for something if you don’t know what it is. You need to think of what scenarios are likely to happen to your business, but don’t forget to plan for things that maybe aren’t super likely but are still possible. For example, what would you do if your business was faced with a fire? A severe storm? Flooding? Do you know how to lower your cyber risks? There are a lot of things that need to be planned for because it’s hard to know the odds of a particular disaster hitting your business.

2. Think about how your business would be affected.

What would happen if one of these disasters hit your business? What would you need to do to compensate and adjust? How would you cope with the losses? Would you have to relocate? How would you keep your business going while your facility is out of order?

3. Get some safeguards and procedures in place to lower your risks.

You’ll need to enlist the help of some of your employees and make them the disaster planning team. Their job will be to brainstorm some procedures to help you keep going in the face of a fire or flood. You should come up with some plans and backup plans for how you deal with the disaster situation. That might include figuring out a location that you can work out of while you can’t be in your building and knowing who to call to repair the damage. You should also know how you’re going to notify employees and customers about the situation, and make sure they know how you’ll be in touch.

Your goals should be to protect your customers and employees from risk and maintain customer service by reducing disruption as much as possible. Your procedures should also include steps to protect your facilities and assets – for instance, taking steps to prevent a burglary at your business. It’s also important to lower environmental contamination risks and protect your organization’s brand and reputation.

Be prepared for a number of disasters that could befall your business.

4. Test your disaster procedures.

It’s not just enough to talk the talk. Everyone has to be able to walk the disaster plan. You need to have an idea of how your procedures will unfold in practice. That might mean training your employees about the procedures and making some calls to find out about the feasibility of your plans. You need to make sure that your plan will actually work when it’s time for you to use it.

5. Keep the disaster plan up to date.

You also need to make sure to revise the plan as you need to. Things change. You need to take into account anything that could cause a need for adjustment or change in the disaster plan.

6. Know how to handle an evacuation.

Apart from planning on how to keep your business going when there’s a disaster, you need to know how to get everyone out of your building safely if there’s something like a fire. To do that, you need to…

  • Know when an evacuation is needed.
  • Have a chain of command.
  • Know who’s going to set the evacuation in motion.
  • Post evacuation routes and plans with multiple ways out of the building.
  • Have a place for people to gather so you can take a headcount.
  • Get a list of names and pinpoint the last known location of missing people.
  • Have practices and training.

Having a clear evacuation plan can help you limit injuries and organize the chaos of an emergency. If everyone knows what to do and how to proceed, they’ll be much calmer and safer in the event that they need to clear out of the building.

Make sure to have an evacuation route for your building in case of disaster.

If you have a small business, you need to know how you’re going to cope with a disaster situation. Take some time to think about how you’re going to keep the ship afloat and how you’re going to make everything as smooth as possible. Having a plan and knowing what to do will spare you from a lot of uncertainty when it comes to handling a disaster, and it’ll help your employees and customers feel much less stressed and frustrated with the situation. Being prepared never hurt anyone.

If you need insurance for your business, we would love to help you out with that! We can get you free quotes for your business insurance, including property, general liability, and workers’ comp. All you have to do to get started with getting your insurance is fill out our quote form or give us a call today.

What does Atlanta general liability insurance for my business cover?

by
General liability will protect your business from claims of bodily harm or personal injury.

General liability will protect your business from claims of bodily harm or personal injury.

If you’re a business owner, general liability insurance is one of the most important ways to protect your business. It’s kind of the bread and butter of your business insurance plan. General liability is a lifeline if you ever face a liability-related claim, meaning that someone is bringing charges against your business because they think you caused them physical harm or property damage.

But what exactly will general liability protect your business from? And how much of it do you need? Those are the million-dollar questions, so let’s dig into what general liability does.

What does general liability protect my business from?

To put it in handy-dandy bullet points, general liability insurance can protect your business from claims of…

  • Bodily injury or another physical injury.
  • Personal injury (libel or slander).
  • Advertising injury.
  • Property damage.

That’s putting it in broad terms. GL covers the expenses of legally defending and settling claims of liability from the situations above. Your general liability insurance could take care of the claim by covering the costs of damages you’re legally obligated to pay (up to the policy’s limit).

What does GL cover?

Every insurance policy is different, so it’s important to make sure that you know exactly what is and is not covered. The following situations may be covered by your general liability insurance (depending on your policy):

  • Automatic additional insured: This can protect you from liability resulting from written contracts/agreements.
  • Personal and advertising injury: If you or your staff makes a comment that makes somebody super angry, this can protect you from the lawsuit that could result. This can protect you from allegations of libel, slander, disparagement, or copyright infringement.
  • Defense costs: This can cover the legal expenses if someone brings a general liability claim against you, no matter if you actually did what they said you did or not.
  • Medical expenses: If someone is hurt on your property, like they tripped over a rogue chair, this can cover their medical expenses.
  • Premises and operations: This means that GL covers you if someone is injured on your premises or due to your business’s operations.
  • Products liability: This provides coverage for bodily injury or property damage that happens to someone due to your products.

Your business could be found liable if someone gets hurt on your premises, which is why general liability insurance is so important.

Pro tip: General liability is included in a business owner’s policy, or BOP, along with property insurance and (possibly) business interruption insurance. You might want to find out if a BOP is right for your business.

How much GL coverage does your business need?

Well, that depends on your business itself. No two businesses are the same, but there are a few things that will determine how much coverage your business needs to make sure that it’s protected from any of the liabilities that could come its way.

1. Perceived risk: How much risk or danger is associated with your business operations and functions? As you can imagine, a factory might have more risk than, say, an office building.

2. Where your business is located: Is your state known to award the injured party in liability lawsuits high damages? If they do, you might want to make sure that you have a robust general liability policy.

3. Type of product manufactured: Do you supply or create a product that’s dangerous? Your risk is going to be higher, which means that you need more insurance coverage.

Ways to bolster the power of your general liability:

There are some situations that general liability won’t cover. To make sure that your business is protected, you’ll need to consider different coverages, such as property insurance, crime insurance, or commercial auto. You can also get umbrella coverage, which can cover additional costs if your policy’s limits are exhausted. Umbrella is pretty much an “in case of emergency” coverage.

Lawsuits can get costly very quickly.

General liability is essential when it comes to protecting your business. You don’t know what’s going to happen next week, tomorrow, or even in five minutes. You never know when an accident might happen or a lawsuit might get served. To avoid being caught facing the costs of legally defending your company, not to mention paying out the money that you’re legally required to pay to the injured party, make sure that you’ve got enough general liability to truly protect your business from anything that could come your way.

If you’d like to get a free quote on your commercial general liability insurance, we’d be glad to help you out with that. We’ll take the time to get to know your business and understand your specific risks, and we can help you find the best possible rate on your insurance. All you have to do to get started with your quotes is fill out our online quote form or give us a call today.

Does my Atlanta business need employment practices liability insurance?

by
Employment practices liability insurance can help you business in the event of a lawsuit.

Employment practices liability insurance can save your business from a costly lawsuit.

Employees are the force that keeps your business going. They’re the heart, blood, and life of your company. But one day you might end up in a situation with an employee that turns into an employment-related practices lawsuit. You might not think that your employees would ever do that to you, and you would never hurt an employee intentionally. But your business could someday be saved by employment practices liability insurance, or EPLI. We’ll go over what EPLI is and why you might want to consider adding it to your business insurance plan.

Read more

What you need to know about Atlanta workers’ comp insurance

by
Workers' comp is an important coverage for employers to have.

Your employees are the backbone of your business. They work hard every day to make your company successful. They’re invaluable and dedicated, and they make your business run like a well-oiled machine. But sometimes accidents happen in the workplace. If one of your employees gets hurt on the job, you want to be able to do everything you can to make sure that they get the medical care they need. It’s also important to make sure that they don’t lose too much of their income because of their injury or illness. That’s where workers’ compensation insurance comes in – workers’ comp is a vital part of your business insurance plan.

If your employees get hurt on the job, workers' comp will cover the employee's medical bills.

Now, there are a lot of employees and a lot of different accidents or mishaps that they could encounter at work. Below we’ve compiled some of the questions that you might have about workers’ comp insurance.

How did workers’ comp get started?

In the 1800s, the labor force was increasing, meaning that the number of accidents went up, too. If someone got hurt on the job, they’d usually end up suing their employer. But in 1949, the workers’ comp system was set up. With worker’s comp, employees got benefits to cover their medical expenses and lost work time if they were hurt on the job. The only caveat was that workers gave up their right to sue their employers over work-related injuries. It’s a mutually beneficial system.

Who gets workers’ comp benefits?

Workers’ comp benefits are given to employees who get hurt or become sick because of their job. Let’s illustrate with an example. Say you have a pair of employees—Joe and Stan—carrying a heavy box. They use the proper lifting technique, just like you trained them to, and do everything right. But Joe accidentally loses his balance, and the box falls, landing on his foot. It’s bad. You know right away that he needs to go to the hospital to get an x-ray. It turns out that the foot is broken and that Joe needs some pretty extensive medical care and physical therapy. He could receive workers’ comp benefits.

Your workers' comp will pay for your employee's medical bills if they get hurt on the job.

What exactly do the benefits do?

With workers’ comp, the medical bills can be covered. Any necessary rehab can be paid for, too. Basically, your employees wouldn’t be responsible for paying their medical bills if they’re hurt on the job, so they get to hold on to their hard-earned money.

Speaking of income, let’s visit Joe again. Joe needs to take some time off to make sure that his foot heals properly. Workers’ comp can also reimburse him for a portion of the wages that he lost due to his injury, so Joe’s family is provided for even though he’s not able to work. These are called income benefits, aka indemnity benefits, aka disability benefits. They’re calculated as a part of an average weekly wage (AWW.)

So, thanks to your business’s insurance, Joe gets the medical care he needs, and everything heals well. Now, Joe broke his foot. It hurt and it took a while for it to heal, but in the end, he was okay and made a full recovery. But say that something really terrible happened and one of your employees died in a work-related incident. Workers’ comp would give death benefits to the employee’s family and dependents, so financially they’re provided for.

What’s an IME?

An IME, or independent medical exam, is an exam given to an injured employee by a different doctor than the one who first provided care. As an employer, you can request an IME to get a second opinion about the original diagnosis and treatment plan, as can the insurance carrier.

How are the weekly wages calculated for reimbursement?

The AWW (average weekly wage) is found by taking the total of the employee’s wages for the past thirteen weeks and dividing it by thirteen. A portion of the AWW (determined by the severity of the injury) is given to the employee as their income benefits. In addition to the wages, the employee may also be eligible to receive compensation for any food or housing benefits given by the employer.

 How long are employees eligible for workers’ comp benefits?

Employees who have been injured on the job are entitled to benefits for as long as they are medically “approved” to take time off of work. They would have their medical bills paid and their wages reimbursed for the duration of this “approved time off” period.

Your workers' comp may reimburse your employees for a portion of the wages they lost.

What are my responsibilities as an employer?

As far as workers’ comp goes, there are a few things you have to do as an employer. You are obligated to:

  • Provide coverage for your employees and understand that you are liable for injuries that they might incur on the job.
  • Pay the insurance premiums.
  • Provide your insurance carrier with audit payroll numbers.
  • Keep your workplace safe.
  • Inform your carrier about any work-related employee injury ASAP.
  • Investigate injuries.

Workers’ comp is essential for businesses. It allows them to help their employees and to provide for them if they get hurt. It also means that employees don’t have to sue their employers anymore, which is appreciated. Basically, workers’ comp ensures that everyone is better off if disaster strikes.

If you want to get a quote for workers’ compensation insurance – or other business insurance – we can help you out with that! All you have to do is fill out our quote form or give us a call today. We’d be happy to help with any of your insurance needs.

How do I insure my home-based business in Atlanta, GA?

by
Do you need insurance for your home-based business?

Do you need insurance for your home-based business?

You’ve decided to start that business that you’ve dreamed about for years. It’s a small business based out of your home. You’re doing what you love and you’re ecstatic to get started. Everything’s all set and ready to go…except the insurance. How are you going to insure your home-based business? The truth of the matter is that your home insurance probably won’t be enough to cover your business and protect you from all of your risks.

But not to worry – you have options for insuring your home-based business. We’ll go over three of the common options for insuring your business (a homeowners endorsement, an in-home business policy, and a business owners policy – aka BOP) so that you can start thinking about what the best solution is for you.

Homeowners Endorsement:

A homeowners endorsement basically builds on the coverage that’s included in your homeowners policy. Most homeowners policies do cover a limited amount of business equipment, but your limits might not be enough to cover all of your business property. And homeowners insurance might not cover liability for employees or clients who are visiting your home.

Your home insurance might not be enough to cover your home-based business.

A homeowners endorsement adds to your coverage, yes, but it might not be ideal for a business that includes employees or clients who visit the premises. It also might not be best for a business that has much valuable equipment or inventory. It might not give you all the coverage you need.

In-home Business Policy:

An in-home business policy is more extensive than a homeowners endorsement. It gives you higher limits of coverage for your business equipment and for your liability.

Business Owners Policy:

A Business Owners Policy, more commonly known by its catchy nickname, BOP, gathers property insurance, liability insurance, and even business income insurance into one convenient policy. This is the most comprehensive of the three options presented here. It’s meant for small to mid-size business. Keep in mind that it won’t cover workers’ comp, health, or disability insurance, so those would have to be added separately if you need them.

A BOP is one way you can insure your home-based business.

How do I know which one is right for my business?

Your business is unique, so you’ll have to consider the value of all of your business’s property and your specific risks to decide what kind of insurance is appropriate. We have some questions to help you do that.

  • How much is your equipment worth?
    • You’ll have to take an inventory of all the equipment, tools, and supplies that you need for your business. While you’re at it, you may as well take a home inventory, too!
  • Does the service you provide create liability?
    • What would happen if you made a mistake, an error, or an omission? What professional liabilities do you have?
    • Do you ever assume care, custody, or control of your clients’ belongings?
  • Do you have inventory on hand?
    • This goes back to taking that inventory – you need to make a list and keep track of all the materials and products that you sell. This includes materials you might use if you manufacture anything.
  • Do you use any vehicles?
    • Your business vehicles need to be properly insured. You’ll have to review your auto policy or talk to your agent to figure out if your personal auto insurance is enough or if you’ll need to get commercial auto insurance.
  • Do you or employees perform work in your customers’ homes?
    • You’ll want to protect against employee dishonesty.
  • Do you have employees?

When insuring your home-based business, you need to consider all of your risks.

The answers to these questions can help you identify which risks that you need to protect yourself against. Some of the common coverages that home-based business owners get for their business include personal business property, professional liability, business income, personal and advertising injury, loss of business data, crime and theft, workers’ comp, and auto coverage. But of course, you might not need all of these coverages. Or there might be other coverages that are more suited to your business.

Every business is different, and you have a vision that you want to fulfill, and we want to make sure you’re protected from your risks while you do it. We can help you determine which coverages are right for your business. All you have to do is fill out our quote form or give us a call and we’d be happy to get you a free quote. We can help you design an insurance plan that’s designed specifically for your home-based business and that takes care of all your risks.