Running a funeral home is more than just a business; it’s about providing care and comfort to grieving families during some of their toughest times. But as you focus on helping others, it’s easy to overlook crucial details that could protect your business. One common pain point for funeral home owners is dealing with unexpected insurance issues that could lead to significant financial strain or even jeopardize your operations. You’re not alone—many funeral home owners find themselves caught in these costly mistakes, often without even realizing it.
BOP
From Fire to Flood: How Hazard Insurance Keeps Your Business Afloat
Running a business is hard work. Every day, you face challenges and make decisions that can impact your future. One of the biggest worries? Unexpected disasters, like storms or fires, that can harm your business. It’s normal to feel stressed about these things, and you’re definitely not alone. Many business owners are looking for ways to keep their hard work safe and find peace of mind and that’s where business hazard insurance comes in.
Comparing Commercial Small Business Insurance Policies
Starting a business is an adventure filled with excitement and hope. Yet, amidst this enthusiasm, the daunting task of navigating through commercial small business insurance policies can cast a shadow over your entrepreneurial spirit. It’s complex, it’s confusing, and yes, it can be downright frustrating. At Atlanta Insurance, we get it. We’ve seen many small business owners just like you, trying to protect their dream yet feeling overwhelmed by the intricacies of insurance.
Uncovering the Secret to the Cheapest Business Insurance Rates
Business insurance plays a huge role in protecting your business from financial disasters. It’s the protection you need to shield your business against unforeseen losses due to natural disasters, lawsuits, or accidents in the workplace. However, one challenge that a business often grapples with is finding the cheapest insurance rates.
Here’s a detailed guide to securing the most affordable insurance rates without settling for less coverage.
Business Hazard Insurance: A Shield Against Unexpected Losses
In the ever-evolving landscape of the business world, unpredictability is a constant. Natural disasters, fires, accidents – these are all risks that business owners face daily. While entrepreneurs are adept at navigating uncertainty, these unforeseen incidents can significantly disrupt operations and even cripple a company. That’s where business hazard insurance comes into play.
Business hazard insurance, often an essential component of a comprehensive business insurance package, provides coverage for physical damage to your business property caused by specific ‘hazards’ or ‘perils.’ These can range from fires and storms to vandalism and certain types of water damage. This policy is an invaluable safety net for businesses, enabling them to rebuild and recover after a disaster.
Navigating a Business Insurance Claim: A Comprehensive Guide
As a business owner, protecting your enterprise from unforeseen events is crucial. Business insurance provides a safety net to mitigate financial losses when disaster strikes. However, knowing how to file a business insurance claim effectively is equally important.
This article will detail the steps required to file a claim, analyze common scenarios that necessitate making a claim, and offer proactive steps to reduce the need for future claims.
Small Business Tips for Attracting and Retaining Employees
Businesses of all sizes are currently facing attraction and retention challenges. Successful efforts to win over employees can require an investment of time and carry high costs. Unfortunately, small businesses often don’t have excess resources to invest in attraction and retention efforts in today’s worker-friendly labor market.
Amid these labor obstacles, smaller employers should focus on what’s feasible. Often, small employers have the agility to respond to the employment market with new strategies. This article highlights some small business tips for attracting and retaining employees.
Are You Covered in Case of a Business Interruption?
If a fire causes the facility to be temporarily unusable, what would you do next? Ideally, you would move to a temporary location while your permanent place of business is being repaired. Yet, traditional commercial insurance doesn’t cover this move or a loss of income when a business must temporarily close.
With business interruption insurance, this setback can be minimized by simply adding this coverage to your commercial insurance policy.
8 simple tips for how to buy the best Atlanta business insurance
Business insurance can be intimidating. It can be hard to know where to start with the process of protecting your business, and since the stakes are high it’s important to make sure that you get the insurance you need. If you’re feeling a bit lost and overwhelmed about how to start your quest to insure your business, fear not, valiant business owner – we have some tips that are going to help you as you venture forth on your mission.
1. Figure out the risks your business faces.
Each business is different, which means that each business has unique risks that need to be covered. You need to consider what risks your business faces every day – and keep in mind that these could be disaster-related risks, such as storms, and liability risks (basically risks relating to your legal responsibility if something goes wrong.) Consider how you can lower these risks and figure out how to disaster plan for your business.
2. Do some research on what coverages might be right for you.
Of course, you’re going to want to enlist some professional help when it comes to covering your business’s risks and getting insurance, but it’s still helpful to know some of the lingo before you move forward. Different coverages cover different risks, and some of them are more industry-specific than others.
Some common coverages are…
- General liability: Protects your business if someone claims that you caused them bodily harm or damaged their property.
- Commercial property: Protects your premises from disasters like fire and lightning strikes.
- Business interruption: Reimburses you for lost income if your business has to close temporarily due to a covered loss.
- Workers’ compensation: Protects your employees by covering medical expenses and a portion of their lost wages if they get hurt on the job.
- Professional liability: Protects you if negligence or error causes a customer to have a financial loss.
- Product liability: Protects your business from claims that one of your products caused someone physical harm.
- Home-based business coverage: This is one way that you can insure a home-based business. It’s basically an extension of your homeowners insurance policy.
3. Find a trustworthy broker who’s familiar with your industry.
When you’re on a mission to get business insurance, it helps to find an agent who understands your line of work and the risks you face. They need to be knowledgeable about your type of work so they can best advise you on your insurance needs and help you get the best rate for the coverage you need.
You also want to find someone that you can trust, someone who’s not going to put their own interests first. One way to find an agent or broker is to ask your friends and connections within your industry if they have any recommendations for you.
4. Don’t forget about BOPs.
BOPs, or business owner’s policies, are a common package policy for small business owners. A package policy is one that bundles different coverages into one policy. In the case of a BOP, it includes general liability, business interruption, and property insurance.
BOPs are helpful because they’re convenient and could help you save money, so you may want to find out if a BOP is right for you. However, you need to look closely at your risks to see if you need to add coverages to a BOP to make sure you’re fully protected.
5. Consider what deductible and limits of coverage are right for you.
Insurance policies will come with deductibles, which is the amount of money you have to pay before the insurance company will pay the rest of a claim. When choosing a deductible, you need to consider how much money your business can comfortably afford if you face a claim. Choosing a higher deductible can help you save money on your business insurance premium, but you don’t want that deductible to be unrealistic or destructive to your business.
As far as limits are concerned, you need to make sure the limits of coverage on your policies – the maximum amount the insurance company will pay out on a claim – are high enough to protect your business. You don’t want to end up finding out the hard way that your business is underinsured.
6. Go insurance shopping.
It’s important to compare rates from several different companies when you’re shopping for insurance. You’ll want to compare coverages and prices to ensure that you’re getting the best insurance plan for your business for the best price. Companies assess risks differently, meaning that you might find a lower rate by checking around with several different carriers. Keep in mind, though, that you should never sacrifice coverage to save a bit of money.
7. Know what insurance you’re required by law to have.
When you’re on your insurance quest, make sure you look into any insurance requirements that you might need to fulfill. You might be required by state or federal law to carry certain coverages at certain limits. Double check to make sure you’re staying compliant with those laws.
8. Check your business insurance needs every year.
It’s important to reconsider your business’s insurance needs annually because things may have changed. Your business may have grown, meaning you might need to raise your limits of coverage. Maybe there are new risks that you need to cover. Whatever the case may be, it’s advisable to take a good hard look at your business insurance once a year to scout for any changes that might mean you need to adjust your coverage.
Getting business insurance may seem like a daunting prospect, and hopefully the above tips are helpful to you as you undertake your quest. If you have any questions at all about your insurance, please feel free to reach out to us. If you want to do some shopping to see if you can save on your rates, we can help with that, too. All you have to do to get started on some business insurance quotes is fill out our quote form or give us a call today. Our team of agents is ready to help you.
Sources:
https://www.sba.gov/business-guide/launch/get-business-insurance-assets-liability
10 things you need to know about Atlanta 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.