Life Insurance

How to Lower Your Commercial Insurance Premiums   Out of the various overheads businesses face, the most important one that helps safeguard most of the risks is commercial insurance. These include damage to property, liabilities of any sort, injuries to employees, and much more. Providing security that covers your assets and makes you eligible to meet business obligations if something untoward happens, this insurance becomes a heavy burden on the balance sheet. One good thing is that you don’t have to drop your commercial insurance coverage so that you can reduce your commercial insurance premiums. With a few strategies, you can lower costs without forsaking protection. Let’s discuss the best practices to lower commercial insurance costs without lowering their quality in this book.   Periodical Review and Update of Coverage One of the most straightforward ways to cut down on commercial insurance cost would involve reviewing policies from time to time. Businesses evolve and grow over the years to become wholesome or are forced to downsize or alter the shape that their activities take, which greatly impacts the coverage required. You end up over-insuring some aspects of the business when downsizing or bringing in fewer employees. You save money by not paying for coverage that no longer applies over your business as you realign your insurance coverage with the immediate needs of your business.   Action Steps Annual review of your insurance Examine how you are changing your business operations with your agent or broker -Eliminate riders or coverage you don’t need from the policy.   Group coverage with the same insurance company One way in which some insurers might save you money is by bundling together different kinds of coverage within a single policy. The most common use of bundling is to combine general liability with either property or workers’ compensation. Bundling tends to make policy management easier and could quite often lead to some savings because most insurers want to be loyal to their customers; they wish to encourage them to become multi-policy customers and offer them some sort of discount on their premiums.   Actions Talk about your bundled policies with your agent in insurance Compare a bundle offer to an individual policy to identify savings Bundle policies should be sufficient enough for the coverage of your business Finally,   Raise Your Deductible Deductible refers to the amount that one needs to pay before making a claim. In general terms, the higher is the deductible level on the policy then more the insurance premium. The higher your deductible is going to be, the more you are going to pay for each and every future claim. That will make the company expose itself towards lesser risks and force them to lower down your monthly or annual premium. But it’s a good thing to remember that you have money set aside to pay for the extra cost of the deductible if and when it is time to submit a claim. Being able to afford a higher deductible is not in your best interest if you do not have money in savings available to you at the time you will be submitting your claim to pay for the extra cost.   Action  Take a look at what your current deductible is. Compare how much in premium savings you’d receive with higher deductible options. You should have an emergency fund in case you need to claim in future due to deductibles.   Carry Out Risk Management and Safety Measures You would want to consider the fact that sometimes, insurance premiums are a function of how risk-prone your business seems to the insurers. The lesser you do in reduction of risk, the lesser the likely, your insurer is going to reward with lower premiums. For example, safety nets will minimize your chances of having accident, theft or even damage; therefore it will significantly minimize your cost on insurance. This would ensure organizations with employees have a much safer working environment. This way, even conditions of working injuries can be worked upon to being totally eradicated; such incidents influence the comp premium risk of the workers. Installation of security systems, fire suppression systems, and cybersecurity measures reduce your overall profile for risk.   Steps to Action -Risk Assessment and Safety Measures End Install Security Systems (alarms, cameras, etc.) and Fire Suppression Systems Train your staff on the issue of safety from time to time Invest in cybersecurity especially when your business has sensitive information to handle   Improve Your Business Credit Rating Business How much will it cost: You will pay less on your commercial insurance premiums if you have a good credit rating score for business. The underwriter identifies businesses with a bright credit rating as risk-free because most such businesses will be paying premiums in time, and running them will be stable as well. What does it all amount to? If your business has a low credit rating score, you will have to dig deeper into your pocket and pay more on the premiums. Care for the bills and responsible interaction with the debt. The debt will improve your business credit score, and you’ll probably attract a better insurer that would reduce the premiums that you might face. Action steps: Business Credit Score Bill payments and premiums Pay off the debt as much as possible Low levels of credit utilization   Shop Around for Quote Premiums and discounts differ from one insurance company to another. Advise that one goes around the companies to search for quotes then compare the quotes. Sometime following the price prices charged by others may save you much money. Price war is no option with faithful clients sometimes you must change a provider since you feel that another will sell you at better value. Review coverage from a “best value based on dollar coverage” standpoint rather than trying to find the least expensive. You want low-cost premiums, but you also want assurance coverage exists for your business.   Action items Get quotes from three different insurance providers and

Top 5 Business Insurance Policies Every Entrepreneur Should Know About   Insurance has come to play an extremely crucial role in the modern fast-paced and uncertain business environment because of its elements that protect businesses against many kinds of risks that may crop up. If you also propose beginning with a new business or managing an already well-established business, which would help protect your business from losing finances and create sustainability for long periods of time, then you should know the right insurance policies. Not all kinds of insurance become inevitable to entrepreneurs and other people who do business in order to avoid risking their ventures. Top five business insurance policies that every entrepreneur should know.   General Liability Insurance This might be the very reason why General Liability Insurance is one of the most basic forms of commercial insurance that will keep your business safe from claims against such an occurrence, if through your transactions or nature of business, you somehow damage other people’s property or else causes some damage in the health or any other type of harm.   Some Benefits Property Damage: General liability insurance that relates to loss or the cost to rebuild properties due to the presence of your business. Bodily Injury: If one of your customers or many others, for that matter, gets hurt in your place of business, such insurance will compensate them for medical care and attorneys’ fees. Legal Liability: General Liability pays costs and damages if someone sues your business for the argument that your business has caused injuries or property damage too.   Professional Liability Insurance, also known as Errors & Omissions Insurance This is also sometimes referred to as Errors and Omissions (E&O) Insurance. Its name probably has something to do with the practitioners who often use it most: lawyers, accountants, and even realtors do so much that this kind of insurance could be described after these types of professionals. The coverage of such insurance would protect your business against negligence, mistake, and failure to deliver promised services.   Main Benefits : Litigation against Customer: Indeed, if the customer thinks that the service you offered to the client was a bad mark or something they lost because of your service, this cover will manage to get you money in order to indemnify for money spent on lawyers for the defense of your business. It contains some mistake and negligence that most accidents were caused due to negligence while giving your service. Such negativities that involve settlements and lawyers. Protects Reputation: It always protects your business from professional negligence claims, which tend to drag your business to court-that step always protects your business reputation. This means if an organization owns property or is leasing one, then the compulsorily insured property is a commercial property. It mainly insures physical assets such as a building or part of it, equipment, stock, furniture, and all other business properties against loss caused by dangers such as fire, theft, and natural disasters.   Some of the main benefits Protection Against Natural Calamities: If any of these calamities threatens your property, be it fire, flood, or any other, it would pay to have your property restored or replaced. Commercial Equipment Insurance: This kind of insurance will cover your essential equipment, which includes computers, machinery, and other office furniture, so you can get back to business again in no time after an incidence. Inventory Insurance: This is pay put together by replacing the goods if your stock gets either destroyed or stolen so that you do not miss sales in time.   Workers’ Compensation Insurance If you have employees, Workers Compensation Insurance is also the right thing to do well, and most states will require it. Workers compensation insurance pays your employees if they get hurt or fall ill at work.   Major Advantages Healthcare Costs: The cost of medical and rehabilitation of injuries or diseases to which an employee is exposed on the job are provided under workers’ compensation. Wage Replacement: It also covers your business in case the worker cannot go to work, providing wage replacement. Legal Protection: This also protects the company from some litigations resulting from injuries since most of the states have disallowed people from taking lawsuits to their employers if they are receiving workers’ compensation. As these heights of digital threats are on the rise, it was realized that business organizations dealing with sensitive information from customers or money transactions electronically have to be in an increasingly demanding market for Cyber Liability Insurance. This particular type of insurance covers the loss resulting from lost data hacking and other types of cyberattacks.   Key Benefits: Data Breach Coverage: cyber liability insurance will replace the money that it will cost to inform the customers, to notify them of credit monitoring, and to rebuild the lost data. Laws and Regulatory Fines: in case your company is liable for data breach of personal data, then this coverage can help relieve some of the legal fees to defend yourself besides other fines that you will face a probability of being charged with because you were breaking some regulations.   Others include Reputation Management: At times, an attack may affect the reputation of your business. Cyber liability insurance therefore may also include public relation ventures that help recover reputation.   Other thoughts for entrepreneurs: Except for these general types, there are the very specific types of business insurance that entrepreneurs might be interested to learn more about depending upon industry or geographic location or particular needs of the business. Other policies that might be useful to carry:   Business Interruption Insurance: It will cover loss income in case your business had temporarily to shut down, for instance, a huge damage by natural disaster. Product Liability Insurance: Product liability insurance covers businesses as a product liability insurance form for the firms associated with the manufacturing or distribution of products. Such an insurance deals with claims involving the defects of the product or safety on the product. Business

Protect Yourself Against the Risks of Liability Business Insurance    There are risks everywhere, and there are some more financial-type risks and some more operational-type risks. What is ironic, though, is that legal liability is, in fact, the one greatest threat to a business owner. Maybe it’s a customer suing you or it’s a review of a contract or an employee issue-it happens every day. It’s there that business insurance enters into the equation. Good insurance coverage will shield your business from any nasty legal surprises, so it supports your effort to conduct business without a fevered brow. Let’s dig just a little deeper into how business insurance can clear away potential liabilities in the legal sphere, and why it’s an investment that every business owner should make.   Legal Liability This state defines legal liability in business terms as where it is held liable for causing harm to others. The kinds of harm it can be held liable for will range from an injury, to property damages and even money. In such a case where your business is ultimately found liable to the damages it has caused, there is also a pending risk that it might have to answer to court cases, pay a fine, or liquidated damages. Some of the places you are likely to find your business with liabilities include; Customer Injuries: If one of your customers falls and injures him or herself within your business premises, you will be liable for his or her hospital bills. Product Liability: If your product or something you sold manufactured injures someone, then your business might be brought into a lawsuit for damages. For instance, employees can sue a business for wrongful termination, discrimination, and even harassment. Contract disputes-violation of a contract, or even an argument with a supplier, partner, or customer. The courts are expensive playing fields.   Types of Business Insurance to Limit Legal Liability There are many different types of business insurance, and they have been personalized to serve the risk coverage against liability and costs for a number of specified risks. Some of the most commonly known types of insurance policies that a business owner may look at include the following:   General Liability Insurance One of the most general forms of coverage that would suit a business is general liability. General liability covers you for claims ranging from bodily injury and property damage to personal injury like slander or defamation. Of course, attorney costs and any settlement will be included if a customer slipped in your store or a client accused you of damaging his property. Key Benefits: It will cover any medical cost from injuries on your business premise . -It is in a position to cover court charges and lawyer’s fee, related to claims . -It covers the occurrence of damages to property caused by business operations.     That is also known as E&O insurance or errors and omissions. This coverage is imperative for any kind of service-based company. These are professional liabilities with respect to cases taken against someone in court grounds of mistake, negligence, or omission to provide services as promised. For instance, if one of your consulting advice has been held liable for the loss of the individual’s money, then it’s probably professional liability insurance that defends and settles it. Main Benefit: Protects an organization against claims of negligence or low standards. Professional errors and omissions Defenses in court, award for damages. . Product Liability Insurance Any organization engaged in manufacturing, distributing, or selling commodities is legally obligated to carry product liability insurance. This can prevent lawsuits against you regarding the use of defective products, injury, or damage caused by a defective product. For instance, if a customer was injured using a defective product sold by your company, such insurance will cover some cost put in the lawsuit.   Benefits: It insures liabilities because of products that are defective or harmful. It protects your business against costly risks due to a product liability lawsuit. It protects your business from lawsuits and claims for litigation about your product.   Employment Practices Liability Insurance (EPLI) Such causes include wrongful termination, discrimination, sexual harassment, or any violation of an employment contract that leads to employee suits filed against businesses. All these may be possible causes of pending claims against your business, defense costs, and damages if any. EPLI guards your business against such defense costs as well as damages awarded in the disposition of the employment practice cases.   Benefits: This practice will cover above suits on the employment practices. This may protect the company against harassment, discrimination, or wrongful terminations. Liability on legal defense and compensatory claim in an employee litigation.   Some of the incidents that basically capture this trend include data breaches and cyber attacks, which are mainly associated with the digital age. Cyber liability insurance covers businesses against the statutory claim from data breaches which comes along with sending notifications to customers, hiring or paying for legal defense, and settlements. Therefore, it is critical for businesses dealing with sensitive information belonging to their customers, for instance, credit card information or personal information.   Key Benefits: It provides for costs in the form of lawyers working on cases resulting from hacks and cyberattacks. It provides for claims that may be submitted arising from customer data loss. It provides for liability in lawsuits, fines, as well as other forms of penalties.   Business Insurance: Protection of Losses If not covered by insurance, the financial repercussions of lawsuits can be strictly ravaging to businesses. Lawyers alone may cost tens of thousands of dollars or even millions of dollars depending on the complexity levels of a case. Excluding cost, businesses may incur settlement or judgment costs if they lose a case against an individual or business. Business insurance prevents such costs from touching your pocket and will ensure your business runs stably in terms of finances. Further, business insurance will give you even greater repute and credibility. Other customers, clients, and

Role of Workers’ Compensation Insurance for Employees’ Safety   No doubt, the nature of the workplace has changed and is filled with a stiff competitive nature. Both the employees as well as the employers have issues relating to safety in work. Despite all cautions, preventions, and carefulness, accidents and injuries still creep in. It’s just at such a time when workers’ compensation insurance offers an oasis to the workers, most particularly in terms of financial and medical benefits received to recover from injuries. It is what rescues the employees injured at work from all varieties of financial pressures resulting as a result of injuries, proper care, and eventual return to work. This would thus demystify the function of workers’ compensation insurance, its benefit to employees and why it remains such an important constituent part of protection in the workplace.   Understanding Workers’ Compensation Insurance Workmen’s compensation insurance is that form of insurance that pays the employee if he suffers an injury or falls ill in the working period. It is a requirement for employers to have it since it is the mechanism of safeguarding for their workers. No-fault insurance is that form of insurance whereby nobody, not even the culprit, has the right to interfere with the eligibility of the employee. Its primary purpose is the provision of protection towards the medical and financial protection of the worker in case he, by chance, gets hurt at work. With this assured pay-out, most workers give up their right to go to court for negligence-this is why some consider this as a two-way street.   What Does Workers’ Compensation Insurance Offer the Employee? Worker compensation insurance essentially provides benefits indispensable to the workers, which are totally needed to give protection against financial shocks as well as health when at work. So, let’s work out how that works out in this insurance as a guard for the employees:   Medical Benefits The injured worker must be offered the appropriate prompt and effective medical care. Worker’s compensation insurance covers whatever aspect of the process is owned by treatment-hospital visits, surgeries, physiotherapy, and rehabilitation. In that respect, this way workers do not bother about how they can settle the expenses but focus on the kind of medical treatment that they need. Savings to the concerned worker of such medical expenses of the injured worker therefore saves them from worrying about the pressures of meeting financial responsibilities when they ought to be concentrating on recovery.   Wage Replacement Most injuries in the workplace prevent an employee from working, thereby reducing their salary for the period of recovery. Compensation insurance for workers usually covers wage replacement benefits. Normally, these are a share of the lost wages that the employee may be missing in the period they cannot be at work. For most cases, this will amount to some two-thirds of the lost salary; that is to say, this will nearly be enough for rent, bills, groceries, and everything else when the recovery begins. It is very fundamental wage replacement because it poses a challenge to the finances of the injured workers and their family members.   Disability Benefits When a worker suffers permanent or temporary disability at his place of work, then disability benefits occur. The number of benefits relates to the extent and nature of the disability and helps the employee to control long-term needs about finances. This pertains to four forms of disability benefits: temporary total disability; temporary partial disability; permanent total disability; and permanent partial disability. In this regard, disabled employees may at least have a continued stream of income if they can never return to their jobs due to injuries.   Vocational Rehabilitation Where employees cannot be restored to their previous position due to an injury, a package for an injured employee is likely to provide vocational rehabilitation for coverage. This is achieved by creating job retraining and new skills that may enter a new role or even a completely different type of occupation altogether. Vocational rehabilitation also allows an injured worker to eventually be integrated back into the workforce while attaining some degree of financial self-sufficiency, though he will likely not do the type of work that he did prior to the injury.   Death Benefits In the event of a workplace accident and loss of life by an employee, workers’ compensation insurance benefits death at work by giving death benefits to the dependents of the victim employee. Funeral expenses are typically covered and their dependents economically empowered with some financial support going on to be relieved off pressure families undergo during such moments of pain.   Workers’ compensation and workers’ rights: the legal perspective This varies from state to state; however, in most jurisdictions, the intent of workers’ compensation laws is to provide for a fair and efficient method of providing benefits to their employees. In most jurisdictions today, employers are legislated to obtain workers’ compensation insurance. Failure to have may result in fines or penalties as well as criminal action by the law against the employer.   Workers’ compensation laws also have a no-retaliation provision against the workers. In the exercise of applying for workers’ compensation, his employer would not sack him, relieve him, or persecute him because of filing the claim for workers’ compensation. In this way, the apprehension about losing one’s employment due to reporting injuries and claims for compensation can be thwarted from cropping up among the staff members.   Why Workers’ Compensation Insurance is the Way to Employee Safety The origin of workers’ compensation insurance gets a rescue to the workers, mainly the vulnerable risky and physically demanding ones. According to this view, the cost of accidents will be borne by the insurance company, or instead not borne directly by the employee since they would not incur any liability either from lost wages or medical costs. This therefore ensures safety at the workplaces, mainly compelling the employers to ensure a safe working environment since fewer accidents and claims will mean a low cost for handling