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business insurance Archives - Contractors Insurance Agency

Why Your Contracting Business Needs Liability Insurance

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You have worked hard to build up your contractor business. You don’t want something that could have been avoided to be the downfall.  That is why you need liability insurance.

This insurance is referred to as commercial general liability insurance or contractor liability insurance. It is a policy that covers your business from the risk of personal injury claims, wrongful death, property damage, slip and fall on your business premises, and claims of infringement by other businesses.

The average price of a standard $1,000,000/$2,000,000 Liability Insurance policy for small contractors ranges from $37 to $60 per month.

Without liability coverage, your tools, bank accounts, vehicles, properties and more could be a part of a court battle in the case something happens.  You don’t want to become bankrupt or lose everything and have to start over when you could have easily put liability coverage in place.

Liability coverage is for the following:

Bodily injury claims – If someone visiting your site or working at it is injured, you can use the policy to cover their medical expenses, funeral expenses in the case of wrongful death, and compensation for pain inflicted and lost wages.

Completed products claims – You are protected against claims by clients who are injured by services and products that you already delivered.

Property damage claims – If someone claims that you damaged their property, they are eligible for compensation by your business if the court finds you responsible.

If we can help you put this valuable policy in place, or ensure you have the right coverage on your existing policy, please don’t hesitate to reach out.  Our Commercial Protection Leaders here at Contractors Insurance Agency are always here to help and keep you and your business protected.

What Are the Basic Insurance Needs for Most Businesses?

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If you are a small business owner you most likely know that you need some time of insurance but do you know what you need to insure? It can be confusing sometimes and you want to make sure that you have all your needs covered as best as you can.

Business insurance will help cover costs associated with property damage and liability claims. If you don’t have the proper coverage (or any coverage) you will end up paying out of pocket for damages and legal claims against your company and unfortunately, if that amount is a lot it could put you out of business or even bankrupt you.

A business owners policy (BOP) combines business property, business liability and business income insurance in one policy.

Let me break that down a bit for you so it is easier to understand each part.

Business Property (also referred to as commercial property), helps protect the physical location of your business and assets including tools, documents, and furniture.

Business Liability (also referred to as commercial liability) helps cover the costs of liability claims made against your business. For example, if a customer injures them self on your business property, it could result in a lawsuit against your company and this is where having business liability in place will be beneficial.

Business Income Insurance helps replace lost income when your business can’t operate due to a covered loss. The benefit to having this coverage in place is that you can continue to pay your bills and payroll while you are recovering. For example, if you had a fire that damaged your business and you had to close while repairs were being made you would still be able to replace the lost income with this coverage.

When you are exploring your options for business insurance understand that you can tailor your needs to address specific risks your business would face.  Not all businesses are the same and not all insurance coverage is the same.

Here at Contractors Insurance Agency we are all about serving you and making sure your business is protected.  We know how hard you work and what your business means to you and we take your insurance needs seriously.  Give us a call and let us help you sort through all the different options to choose what is best for your unique business.

 

Benefits of Crime Insurance

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As a leader within your organization, you want to trust your employees and the people you do business with. However, the reality is that no business is immune to the threat of crime and fraud. In fact, the Association of Certified Fraud Examiners estimates that a business can expect to lose 5 percent of its revenue to fraud each year.

Thankfully, companies can turn to crime insurance,
which can provide the following benefits:

Coverage for the misuse of funds. It is likely that a number of your employees have access to company funds or financial information. In some cases, employees may abuse this access for personal gain. Crime insurance can protect organizations from the misuse or illegal transfer of funds, ensuring your finances are safe from internal criminal acts.

Extortion Safeguards. While it can be difficult to imagine, employees and outside actors can extort a company for funds by holding a director or officer hostage or through other illegal methods. Without crime insurance, your organization would have no means to recoup these losses, which could devastate your bottom line.

Reimbursement for computer fraud. Computers and emerging technologies have made it easier than ever for employees to carry out crimes against their employers. Crime insurance can provide a crucial layer of protection for any money or securities lost via computer fraud, which is an important piece to an effective cyber risk management program.

Insurance for goods in transit. Goods in transit are particularly vulnerable to employee theft and, in some cases, organizations may not notice anything has been stolen until it is too late. What’s more, if the theft takes place outside of the organizations’ premises, it can be difficult to prove, often leading to drawn out and expensive legal battles. Crime insurance policies can provide ample protection for goods in transit and reduce the likelihood of extreme losses whenever you send or receive products.

Coverage for forgery and alteration. In some cases, your employees have access to checks that they can easily alter for their own gain. Effective crime insurance policies provide coverage for losses that result from the forgery or alteration of a check.

Want to Learn More About Crime Insurance? 

Even if your organization takes the necessary precautions, you could still end up the victim of employee fraud and similar crimes. The only way to ensure your company has the protection it needs is through crime insurance.  To discuss your unique risks and to learn more about  crime insurance policies, contact Contractors Insurance Agency today.

What All Business Owners Need To Know about Insurance

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Why Do I Need Commercial Insurance?

Does your current insurance cover what you need it to cover? This can be a tough question to answer. The insurance world is complicated, not always easy to understand, and the last thing you want to happen is to lose your business because of an insurance mistake. Before we can talk about why business insurance is so important, we have to define what business insurance is and how it works.

Business insurance protects your company’s property, assets, and income. When getting a business insurance quote, the insurance company is going to look at a lot of different factors to determine which kinds of business insurance you’ll need, and how much coverage you’ll need.

  • How big is your company? Are you a startup or an established corporation?
  • What industry are you in? Do you work in something like construction or food service?
  • What do you need to protect (company vehicles, customer data, property, etc.)?

All of these things help the insurance company decide how much risk you pose, and your likelihood of filing a claim. They’ll ask you a lot of questions to determine what you want to be covered and from what. If you have company cars, you’ll need to consider commercial auto insurance. If you deal with a lot of sensitive data on computers, you’ll likely want cyber-liability insurance to protect against hacking or loss of data. These are all things a knowledgeable and experienced agency like Contractors Insurance Agency can help you with.

 

Types of Coverage to Consider

There are multiple types of coverage to consider for your business. You don’t necessarily need all of them, but it can’t hurt to look at each one individually and decide what applies to you and what doesn’t.

  • General Liability Insurance – Protects against financial loss due to property damage, personal injury, etc. caused by your company or on your business’ property.
  • Commercial Property Insurance – Covers loss of property (office, equipment, etc.) due to weather, theft, etc.
  • Cyber Liability Insurance – Protects against loss of your customers’ sensitive data through hacking or other cybersecurity flaws.
  • Employer Insurance – Covers things like worker’s compensation costs.
  • Commercial Auto Insurance – Covers company vehicles against damage or loss.

 

Don’t Skimp On Insurance to Save Money

It can be tempting to skip over insurance in order to keep costs low, especially if you are just starting out. However, this can be a dangerous decision that could come back to hurt your business tremendously. Business insurance can protect against several issues that could arise, either because of something outside of your control or a mistake you make.

Commercial property insurance can protect you against loss of your property or equipment due to either theft or unintended damage like a storm or fire. On a different note, what if a customer is injured on your property or a product or service you sold them causes them harm? They could sue and certain types of liability insurance can help protect you against the costs associated with a lawsuit.

 

Are You Legally Required to Have Insurance?

Another thing to consider is the legal requirements in your state. Many states have specific laws mandating whether your business needs certain kinds of insurance. These are requirements your insurance agent should be able to help you with. If you aren’t following the laws in your state, this could also hurt your business.

 

Saving Money On Business Insurance

So while business insurance is so important to have, it can still be a cost that you are hesitant to pay for. But there are a couple of ways you can work to save money.

  • Using an independent insurance agency like Contractors Insurance Agency can be helpful in saving money. Because we are independent, we have the capability of shopping around with several companies in order to help get you the best coverage at the most affordable rate for your business. Be sure to work closely with the agent you decide on and be transparent with them about all things relating to your business’ needs and insurance risks.
  • A bundled policy can be an additional option to explore in order to save money. A lot of times there are Business Owner Policies that include common types of standard coverages that a small or medium sized business needs. By bundling all of your coverage with one company, rather than buying individual coverage for each type of liability, you can very often save money. 

 

Contractors Insurance Agency Can Help

If you have questions about your current business insurance or are concerned about having the right coverage, Contractors Insurance Agency can help. As our name implies, we specialize in helping contractors properly insure and protect their businesses. Aiming to provide the best coverage at the best rates, we’ve got several satisfied clients. We’ve also got plenty of other content on our blog, discussing everything from workplace safety to filing an insurance claim.

preventing frozen pipes

Preventing Frozen Pipes

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One of the messiest and most costly homeowner repairs is fixing a burst, frozen pipe. Water from a burst pipe can cause damage to carpeting, short out electrical appliances and ruin furniture. Luckily, there are several ways to protect your home:

  • Keep the heat in your house at a minimum of 50° F.
  • Allow faucets to drip slightly, which can alleviate pressure in the piping system.
  • Keep interior doors open. This allows heat from the rest of your house to spread, keeping your pipes warm.
  • Seal any cracks and holes found near your pipes. This can help keep cold air out of your home.
  • Add extra insulation to your pipes. Experts recommend fitting your pipes with foam rubber or fiberglass sleeves.

Water expands as it freezes and puts significant pressure on the metal or plastic pipes that hold it. If you fail to take the proper precautions, your pipes can easily fail during a cold winter, which can be incredibly costly to repair.

Preventative measures now can save you in the long run in time and money and will also give you peace of mind that your family and belongings are safe.

If you need any help with your homeowners policy please don’t hesitate to contact John Scott Insurance Agency.  We protect what matters most.

 

 

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