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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.

Customize Your Insurance Coverage with These Policies for Tree Service Contractors

Customize Your Insurance Coverage with These Policies for Tree Service Contractors

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There are some businesses that are dangerous, including working with trees.  From removing overgrown branches to clearing a forest, it’s important to use caution and invest in the right insurance.

While there’s no specific policy for tree service contractors, there are several types of coverage that can help protect you and your business. Start by evaluating your business risks, and check out these policies so that you can build the right insurance package for your tree servicing business.

General Liability.

Working with trees is dangerous. If a tree should fall and cause either bodily injury or property damage, you could be liable. General liability coverage gives you the resources that you need to protect yourself from liability lawsuits.

Workers’ Compensation.

Due to the dangerous nature of tree service contracting, it’s important that you take the necessary measures to keep your employees as safe as possible. Implementing the right policy can help to minimize risk. However, workers’ compensation insurance is a must for an arborist company.

Commercial Property.

Working with trees, you need special equipment. If anything should happen to this equipment, it’s expensive to replace. Help keep your equipment as secure as possible with the right commercial proper insurance. That way you have the resources that you need to replace lost or damaged equipment.

Commercial Auto.

As an arborist, chances are you drive to various locations, and you require the right vehicle to remove and trees and their debris. When driving for work, you must invest in a commercial auto insurance policy. Unlike a personal auto insurance policy, this type of coverage gives you the liability protection necessary to protect a business.

When investing in the right insurance, consult with one of our dedicated agents. We can help you tailor your coverage to your specific tree service business needs. Contact us at Contractors Insurance Agency for the commercial insurance.

Got Insurance? Find Out Why It’s a Good Idea for Contractors to Invest in General Liability Coverage

Got Insurance? Find Out Why It’s a Good Idea for Contractors to Invest in General Liability Coverage

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As an independent contractor, you’re responsible for yourself. You must ensure you have the tools you need to keep you safe while on the job. While taking necessary safety precautions can help minimize professional risks, it’s important you invest in the right insurance to protect yourself.

What Are the Benefits of General Liability Coverage?

  • Getting the Job.

When on the job many employers and clients will require you to have the necessary insurance coverage. If there’s an issue with your work, they risk a lawsuit if you’re not properly covered. Investing in a general liability policy will give you protection to cover legal issues, making you more employable.

  • Meeting State Requirements.

Not only do employers and clients want you to obtain general liability insurance, but the state often requires it. Depending on the state and industry regulations, you must meet the minimum requirements to conduct business. When it comes to contractors, this usually translates to acquiring general liability insurance.

  • Protection from Lawsuits.

As a general contractor, you’re looking out for yourself when you invest in liability insurance. In the event of a lawsuit, you would have to pay out of pocket for legal fee, which can add up quickly. General liability coverage gives you the benefits that you need to offset those costs, protecting your personal assets and your business.

How Can I Obtain General Liability Coverage?

Whether you’re added onto another contractor’s policy as an “additional insured” or you purchase your own policy, there are several options when it comes to acquiring coverage. Set up an appointment with us to discuss the best option for your business.

Invest in the right general liability insurance so that you can rest easy knowing that you’re well protected. Contact us at Contractors Insurance Agency for all your commercial insurance coverage needs.

Check Out These Tips to Better Keep Your Employees Safe in the Heat

Check Out These Tips to Better Keep Your Employees Safe in the Heat

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Summer is here and temperatures are rising. With longer days, more sun, and higher temperatures, it’s important to consider the well-being of your workers. Heat-related illnesses can be a serious problem, and a threat to the safety of your employees. Ensure that you keep your employees safe, and check out these tips to help you better manage working in the heat.

Offer Shade

When working in the hot sun, it’s important that you provide shade for your employees. The heat and humidity causes your employees to overheat quickly. Offering a place to rest in the shade helps them better withstand the heat so that they can avoid any heat-related illness.

Stay Hydrated

It’s important that your employees stay hydrated when working outdoors, especially in the summer. The hotter it is, the more important it is to drink lots of water. That way the body is better able to sweat and cool off.

Recognize Signs of Heat Illness

It’s important that you know the signs of heat-related illness. If your employees exhibit any of these symptoms, it’s important to get them the medical attention that they need. Watch for symptoms, as your workers may not know that they’re showing signs of these serious health risks.

  • Heat Exhaustion. Typically presents itself with symptoms such as dizziness, cramps, nausea, sweaty skin, headache, and a rapid heartbeat.
  • Heat Stroke. Serious and requires immediate emergency medical attention. Symptoms of heat stroke are confusion, red, hot, dry skin, fainting, and convulsions.

When it comes to your business, ensure that your workers are well taken care of, and invest in the right commercial insurance coverage. Contact us at Contractors Insurance Agency for the commercial insurance coverage you need.

Determine What You Need to Know About Professional Liability Coverage for Contractors

Determine What You Need to Know About Professional Liability Coverage for Contractors

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When it comes to protecting your business, it’s important to have the tools that you need to stay safe. You invest in the right commercial property and general liability insurance. However, sometimes it’s not enough. Sometimes you need coverage to protect you from risks specific to your industry. That’s where professional liability coverage comes in.

As a contractor, professional liability insurance gives you coverage you need to protect your business from certain industry risks.

What is Professional Liability Coverage?

Professional liability coverage is insurance that you need to help protect against certain specific liabilities. These liabilities are things such as errors and oversights, negligence, failure to provide certain services as promised, and incomplete work. It’s a special policy to protect against malpractice.

How Does Professional Liability Coverage Protect Me as a Contractor?

As a contractor, it’s important to discuss your coverage needs with us at Contractors Insurance Agency.  In some cases, you may need professional liability, in others, general liability will suffice. If your contracting business involves inspection and property preservation, it’s important that you have the right coverage in the event that there has been a mistake.

As a contractor, ensure that you have the right professional liability coverage. Contact us at Contractors Insurance Agency for the commercial insurance coverage you need.

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