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7 Factors That Affect Your Small Business Insurance Cost

7 Factors That Affect Your Small Business Insurance Cost

You’ve registered with SunBiz.org, signed a lease, and maybe even hired your first employee. But then a friend asks about your insurance. What does small business insurance cost, anyway? What should you expect?

Your business insurance premiums depends a lot on your unique business, but it doesn’t help you to just say, “It all depends; contact your agent” without also giving you a little bit of insight into how several different factors affect your small business insurance cost.

Let’s go over some of these factors one by one.

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Insurance for contractors

Insurance for Contractors (What It Is & Why You Need It)

Carrying the right insurance for contractors is just as important as having the right drill bit: it can keep you in business for years to come.

Construction projects are, by their very nature, filled with risk: heavy tools, sharp objects, demolition…need we say more? So when your customers trust you with their homes or businesses, it’s vital to earn and keep their trust; you can do this best by providing top-notch work and protecting them (and yourself) from that risk.

How can you do that? It’s all about having the right insurance policy.

In this article we’ll talk about the different types of insurance for contractors and how to use your coverage to increase your clients’ trust.

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9 types of restaurant insurance you needed yesterday

9 Types of Restaurant Insurance You Needed Yesterday

Owning a restaurant is a dream you’ve held for years and now it’s coming true! You’ve thought about your menu, seating options, even your logo, but have you thought about restaurant insurance?

Between your inventory, customers, and the business itself, restaurants carry a large amount of risk. But your pizza parlor, bakery, or cafe is also your livelihood. Is that a risk you’re willing to take? Having the right restaurant insurance policy can prevent you from having to kiss your dream goodbye.

So let’s take a look at 9 essential types of restaurant insurance that will keep you in business for years to come.

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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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