Business insurance is designed to protect your business from unknown accidents and losses. Many businesses many not take the time to understand many of the unique risks they might have. That is why an agent can help you not only understand your risk but develop and design a program to address your risks.
Did You Know?
Many business professionals many not have thought of these coverages, but they should.
Cyber Liability Insurance can be added to your program to cover the costs associated with customer notification and recovery of hacked data. If you store data, including private information on computers, use e-mail, generate revenue online, or use your computer to control production, manufacturing, or inventory, your company is at risk! In short, any business not making a serious effort to protect personal private information is seriously out of step with the emerging landscape of privacy law.
Employment Liability Insurance provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.
Professional Liability Insurance pays for damages caused by services. It is also called “errors and omissions” coverage. This insurance is for companies that market a service instead of a product, just as professionals in medical clinics must have medical malpractice coverage.
Directors and Officer’s Liability Insurance helps protect your business, owners, executives, and managers, if individuals, competitors, third parties, or government regulators make claims. A lawsuit against directors and officers most commonly occurs when shareholders (private or public), clients, competitors, or others feel they suffered a loss in the value of their shares because of actions that the board or senior management took or did not take.
At Emerge Insurance Agency, we can design an insurance program package to meet your company’s property and liability needs. Our goal is to provide you with the best possible combination of coverage, price and service.
EMERGE INSURANCE AGENCY
First and most importantly you need General Liability Insurance. Every business, even if home-based, needs to have liability insurance. The policy provides both legal defense costs and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. If your company primarily is engaged in business-to-business transactions, you will probably be asked for proof of general liability insurance. And if your business is a tenant in building, the build owner may require proof of a general liability policy.
Next you need to consider Property Insurance, If you own your building or have business personal property, including office equipment, computers, and inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy (especially if you own a restaurant) to protect your earnings if the business is unable to operate.
There is a single policy that combines both general liability and property insurance. It is a Business owner’s policy or (BOP). A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
You may also need Commercial Auto Insurance. Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
Another coverage that has become essential for businesses is Cyber Liability Insurance. Cyber insurance generally covers your business' liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver's license numbers and health records. Remember this type of loss is not covered under a company’s general liability policy.
If you are a lawyer, accountant, consultant, notary, real estate agent, printer, own a hair salon, therapist, or a technology provider you will need Professional Liability Insurance. This type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference.
These may be the only coverage needs your business has, or you may have others. As an independent insurance agency Emerge Insurance Agency will work with you to assess all the risks that may impact your business. We will then work on your behalf to mitigate those risks with insurance policies the cover your risk at the lowest premiums we can find.
Call us and let us get to work earning you as a client.
With every commercial liability and property policy, regulations require that the option to purchase terrorism be offered. Business owners are increasingly in need of advanced insurance products for protection in today's digital world. One of the ways you can protect your company is with the use of terrorism insurance. This type of business insurance can provide you with financial protection from losses you suffer as a result of terrorist activity. Take a good look at these policies. They differ significantly from each other because they are a newer form of protection. Nevertheless, they are becoming more vital than ever.
What Does Terrorism Insurance Cover?
Terrorism coverage is a type of public and private risk-sharing partnership that allows the insurance industry and the federal government to share in the losses when a terrorist attack happens. It was put into place through the Terrorism Risk Insurance Act in 2002. In short, it allows a business to recover losses and rebuild after such an event occurs.
This type of commercial business insurance can cover both destroyed and damaged property such as your building, its furnishings, its equipment and its inventory. It may also cover a long-term interruption of your business. In some cases, it can also provide a level of liability protection from claims made against your business in relation to terrorism.
These policies do have exclusions, and they differ from one state to the next. They may exclude coverage for a fire after such events, as well as chemical, biological, nuclear and radiological attacks. In addition, you should have specific cyber insurance to protect against cyberterrorism
Do You Need It?
Not all businesses need to have this type and level of coverage, but more do now than have in the past. The cost for this coverage tends to be inexpensive in most areas, and those who live in a rural or residential area may be less likely to need this coverage than those businesses operating in a city center. If you operate in or near airports, government buildings or other busy traffic areas, you are at an increased risk.
All types of business insurance are important. Talk to your agent about the benefits of adding terrorism insurance to your policies and take advantage of the protection available to you.
Call Emerge Insurance Agency 904-677-5884 for more information on Florida business insurance
Home based business opportunities are everywhere: There are 38 million home-based businesses in the U.S. and home-based companies are generating significant dollars — with total annual revenue of $427 billion per year. And 20 percent of home-based businesses make $100K-$500K per year. However 44% of home-based businesses have $5,000 or less in revenue.
If you own a home-based business, you want to be sure to put some sort of home-based business insurance in place. Do not make the mistake that many small business owners have made: do not assume that your homeowners insurance will cover your business claims.
Most homeowner’s policies do not cover business-related losses unless you have negotiated a rider with your insurer which changes that. Keep in mind, however, that a rider will only be effective if you have a very simple business, such as one which uses just a computer or a phone.
But if you are manufacturing products or doing repair work of some sorts it is likely that you will need something more substantial, such as specific commercial insurance. And, of course, unless you live and work in Texas, you may need workers compensation insurance.
Think for a moment about the risks a home-based business has: theft, natural disaster, damage or perceived damage to a client, and, of course an accident involving your vehicle. Most importantly without commercial/business insurance a home-based business owner it personally responsibility for attorney’s fee, court costs, and financial damages if a judgment are levied against them.
If you have a home-based business, you should contact a licensed commercial insurance professional as soon as possible. You will want to work with that professional to determine which insurances you need.
EMERGE INSURANCE AGENCY
Hurricane season starts June 1. Now is a great time for small business owners to start planning for the possibility of a hurricane this year. A great disaster planning resource is the PrepareMyBusiness.org website sponsored by the Small Business Administration (SBA) and Agility Recovery.
PrepareMyBusiness.org contains lots of great information on planning for different kinds of disasters as well as what assistance you may be able to receive from the Small Business Administration (SBA) should a disaster occur. You will also find information about the services offered by Agility Recovery, which is a reputable disaster planning company in insurance circles.
I especially like the Hurricane Preparedness Guide. Take a few minutes to review PrepareMyBusiness.org. We are sure you will pick up a couple of good ideas so your small business will be ready for the next hurricane.
EMERGE INSURANCE AGENCY
Cecil Williams -