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insuring a home based business

Insuring a Home Based Business

“Do I need liability insurance for an e-commerce store? What should I consider when insuring a home based business?”

There are approximately 14,000,000 home-based businesses in the U.S. Many people choose this type of business because they love the flexible hours, the lack of commute, the comfort of working in their pajamas, and the added benefit of saving money.

“Since I don’t have a warehouse or storefront,” they determine, “I can spend less on rent, taxes, and insurance. Right?”

Unfortunately for these uninformed business owners, that is simply not true.

Home-based businesses—whether the customers come to you, you go to them, or the business is completely done online—are not exempt from needing insurance.

And if you think you’re off the hook because you have insurance on your home, think again.
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Does your business need insurance even if you run an LLC out of your home? Yes!

Does Your Business Need Insurance?

Let’s say you run a small business from your home. You don’t have employees; customers don’t come into your store (so no risk of them slipping on a wet floor and suing you); and your custom-designed hair bows aren’t going to injure anyone. Does your business need insurance?

In short, yes.

No matter how safe your business is—or how careful you are—there’s no such thing as a “risk-free” business.
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What Are Commercial Bonds?

What Are Commercial Bonds and Why Would I Need One?

Many times a client will come to me questioning why someone is requiring them to have a commercial bond. This article will provide some information to help explain what commercial bonds actually are, who they are protecting, and what types of commercial bonds are most commonly written.

Bonds function much like insurance in that they guarantee that obligations are fulfilled. If a promise is breached, the bond will pay to fulfill the promise. There are generally 3 parties: The bond holder (principal), the party for whom the work is being done (obligee), and the company providing the bond (surety company).

The two most common bond types are Surety Bonds and Fidelity Bonds. The basic difference is that a surety bond protects the public. A fidelity bond is employee dishonesty insurance coverage. In a nutshell, if someone is requiring you to provide a bond, you are looking for a surety bond. If no one is requiring the bond, you are more than likely looking for a fidelity bond.

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Not All Data Breaches Are From Hackers

Not all data breaches are from hackers.

Not all data breaches are from hackers.

“Data breach? It only happens to big companies… It will never happen to me… My credit card processing vendor provides protection anyway…. I’m covered…. I don’t need to pay for even more insurance…”

Employee Allegedly Sold “bags of reservation documents” to Identity Thieves

Did you see this recent headline? If not check out the scary story here. This happened right here in Central Florida.

Ever heard the phrase ‘famous last words’? If not, you just read them above. Data breach and cyber security have become major problems facing business owners and individuals over the last decade. Getting caught in the trap of believing it won’t happen to you or that you have adequate protection without specific insurance coverage in place is often devastating. Businesses close, reputation and credit are ruined and recovery takes years if it happens at all.
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What is Employment Practices Liability Insurance?

Employment Practices Insurance EPLI

 

 

 

Q.  What is Employment Practices Liability Insurance?

A.  Employment Practices Liability Insurance (EPLI) is a critical form of protection that all businesses need to have.  Like Worker’s Compensation it does not matter if a company has 1 part-time employee or 1,000 full-time employees; this coverage is paramount.  EPLI primarily provides legal defense against claims of improper employer behavior (hiring/firing practices, discipline, harassment in the workplace) and it can sometimes provide coverage for accusations of improper tabulation of hours and payment of wages, as well as third-party (i.e. customer) harassment claims.  While illegal and intentional acts are never insurable, the cost of defending such claims can be into the hundreds of thousands of dollars.  Employment Practices Liability Insurance policy premiums are incredibly small compared to the potential legal fees that an honest employer may have to pay to defend accusations (whether true or not) made by a disgruntled employee.
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What is Worker’s Compensation Insurance?

I don't safety standards allow this anymore!

I don’t safety standards allow this anymore!

 

 

 

Here is a brief introduction into Worker’s Compensation Insurance

Q.  What is Worker’s Compensation Insurance?

A.  Everyone who owns a business with even a single part-time employee needs Worker’s Comp!  Worker’s Comp is an amazing product that essentially voids an employee’s ability to sue an employer for negligence/liability in the event of a workplace injury.  It provides a stated limit of liability for employer negligence and unlimited coverage for covered workplace injury treatment.  If an employer doesn’t have Worker’s Comp they are risking their business.  Absent coverage employees may directly sue their employer.  Everything from keyboard induced Carpel Tunnel Syndrome to catastrophic accidents are covered.
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What is Cyber Liability Insurance and Do I Need it?

Cyber Liability Insurance

http://www.freedigitalphotos.net/

 

 

 

 

 

Q.  What is Cyber Liability Insurance and do I need it?

A.  People have heard of the Target Hack. You may be thinking, well my business isn’t that big or my credit card vendor will cover such a breach. You are wrong. Cyber Liability a category of insurance protection that is needed by every business that uses any sort of electronic database system, takes credit cards, or facilitates any type of electronic transaction using customer information.  People often believe that their credit card processing vendor offers them protection, and in some cases they may offer some small form of coverage.  
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What is Umbrella Insurance and Do I Need it?

Julie and Jason have an umbrella!

Julie and Jason have an umbrella!

Q.  What is Umbrella Insurance and do I need it?

A.  Liability Umbrella policies are incredibly valuable and affordable protection needed by individuals and business, alike.  Your primary policies – home/car/boat/business owner’s/worker’s compensation/commercial automobile/etc. – provide an initial layer of liability protection.  This primary coverage is often maxed out at $300,000 – $500,000 for individuals and $1,000,000 for businesses.  Umbrellas can come with many different coverage limits, but the most common limits are $1 million, $2 million and $5 million.  Insurance is designed not only protect your current assets, but it also aims to protect your future earning potential against wage garnishments and judgments that a major claim may give rise to.  Umbrellas extend your liability protection beyond your primary coverage.  Simply put, someone with $500,000 primary liability and a $1 million umbrella effectively has $1.5 million in protection (within the bounds the policies involved).  Umbrellas can sometimes even provide additional coverage that your primary insurance does not.

Whether or not you buy an umbrella policy is up to you, but for guidance call your agent!