Thursday, December 12, 2013

Don’t Forget About Business Insurance before Your Grand Opening

Starting your own business comes with a lot of anticipation, responsibility and preparation.  When venturing into a new business there is a lot to look forward to and a lot to consider before opening the doors.  One thing that is often overlooked when starting up a business is insurance.  Business owners become so involved and wrapped up in aspects such as capital, funding, licenses, inventory, employees and everything else that often business insurance takes a back seat.  Insurance is essential to the success of your business, no matter what size your business is.

The risks involved in starting your own business are plentiful.  Without insurance business owners set themselves up for a huge fall should a disaster strike.  Unexpected circumstances surround us every day and therefore your business as well.  With basic general business insurance you at least have the ability to protect yourself and your family should anything happen when you are not prepared.

When looking for small business insurance coverage that meets you specific business needs it is wise to understand exactly what is available and what you need to be adequately covered. There are three basic types of business insurance; general liability insurance, property insurance and workers’ compensation insurance. 

General liability insurance for business owners is available to cover people who come into harm’s way in or near your business during working/business hours.  If anything happens to any individual that is in your business general liability insurance helps to cover the expenses that will be incurred and will assist in settlement costs that can range from ongoing medical care, surgery, rehabilitation, home modifications and beyond. When you are speaking about physical or emotional care for someone you are considering a large sum of money.  General liability insurance is there to make sure that this is taken care.

The next type of insurance that is important for business owners to consider is property insurance.  Property insurance is available to protect the business in case of a catastrophic event in regards to the physical location and equipment used for the business.  Insurance that covers the property ensures that there are funds to cover renovations.  Many threats surround the physical location of a business including vandalism, theft, accidents and fires. It is so important that in business owners take time to insure their future stake in the business. Rebuilding a physical location along with equipment and inventory is a large cost that many businesses without insurance cannot recover.

Tuesday, November 12, 2013

Getting the Most Out Of Your Home Owners Insurance

Purchasing insurance for your home is an essential puzzle piece for all homeowners.  Like many expenses with owning a home, your insurance is something that is negotiable. When it comes to homeowners insurance and finding a reasonable rate without wasting hours going from agent to agent instead start your search online.  When looking for affordable insurance don’t skimp on service or coverage.  You don’t have to sacrifice either and with the help of online quotes it has never been easier to find complete home coverage at a reasonable rate with an agent that is going to provide you with the service you deserve.

The largest way to conserve funds on your homeowners insurance is to stop assuming that all insurance providers offer the same coverage.  The first policy offered is not always the best for your situation and your needs.  A lot of companies overcharge for fillers.  Getting quotes from several companies allows you to see the difference in coverage and weed out the expensive, non-essential, over priced fillers.    

Another method to save money on your homes insurance to know exactly what is covered and by eliminating provisions that are no longer necessary.  For instance, many people pay flood insurance when they live by a body of water.  Pay a land surveyor to come in and determine how far the flood plain/zone is from your structure.  Paying flood insurance when unnecessary is ridiculously expensive and unnecessary when a simple survey could eliminate the need for it all together.

Research the company as well as the insurance they offer for your home.  It is not a good deal to save on insurance premiums if when the need arises for a payout they are unavailable and hard to be reached.  Making a claim should be as easy as paying your insurance premium.  The agent should be available to you.  When you pay your insurance premium you essentially pay the agents salary.  They work for you and should help guide you through the purchase of insurance as well as processing a claim if necessary.

For your insurance to work for you, no matter what coverage you choose or agent you select to provide it make sure that you keep a detailed list of your homes inventory and upgrades.  One necessary provision is that your coverage pays the replacement value on all of your homes contents and not on the value of the item at the time of the incident.  Many companies pass off lower quality policies to entice clients into purchasing their home insurance.  If your home burns to the ground, you will need to replace the structure and contents.

You won’t be able to do this with a check only covering what the value is deemed to be at the time of the incident.  You need replacement value in your insurance provisions.  You need to buy a like kind and quality of the items you lost and this cannot be done using the value of the item as it has aged and depreciated.

As always insurance is as much about coverage and price as it is about service.  Check with family and friends for referrals.  Check out all online reviews and do some face to face meeting after an online quote gives you a reasonable expectation of the cost of having insurance provided by each company.