Let’s say that your e-commerce business has been doing so well that you’ve decided to scale things up and open a storefront or office. Do your insurance options need to change? How is brick and mortar insurance different from the coverage you had with your online business?
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Whether it’s mortgages or storm damage, it’s never a good thing when your home is underwater. But how can you make sure that your property will be protected when the next Big Storm strikes?
If Harvey and Katrina have taught Americans anything, it’s that flood insurance can make or break your cleanup efforts after a catastrophic incident. You may have even seen the ads on TV warning you against relying solely on your homeowners policy for flood coverage.
“Yeah,” you might be asking. “It’s nice to have. But do I need flood 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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When it comes to insurance, most people think about protecting physical objects from loss or harm, but there’s something else—something vital—that your small business needs to put under lock and key: your data.
“But data breach and other types of cyber crime only happen to giant firms like Dairy Queen and Target. I don’t have the kind of records the bad guys want. Plus, who would even think to target little ol’ me?”
Every day, insurance professionals hear comments like this from their clients. But the truth is, data breach and cyber ransom issues effect an ever-increasing number of small businesses (that is, firms under 100 employees) in the United States. Often, these victims are “Mom & Pop” operations with under 20 employees.
In fact, small businesses are actually the perfect target for cyber criminals.
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Sifting through all of the different coverages that are part of insurance policy can be a very confusing task. There are things that pay for injuries to you. There are parts that pay for injuries to others. There are coverages that pay for damage to your belongings. There are elements that pay for damage to other peoples’ things. The list goes on and on. Today we’re going to look at Medical Payments and how they can help you avoid costly fees after an accident.
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Even though Hurricane Matthew’s exact path is still uncertain it is better to be prepared than to be caught without a plan! Harry Levine Insurance is here for you if and when the storm strikes. As insurance professionals our job is more than just showing up to the office every day. Our job is to be there for our clients when they are in their most difficult moments.
We urge you to adopt a Hurricane Preparedness Plan (see below). We urge you to monitor the storm. We urge you to take photos of your home and belongings and to find your insurance policies. Keep them dry and safe! You will find a listing of all of our insurance company partners’ claims contact information here on our website. Please make a note of your carrier’s contact information.
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As Workers Compensation rates in Florida soar, with more potential double digit rate increases looming, small businesses are trying to find creative ways to cut their costs on workers compensation coverage. The end result can be very costly for the business owner. Some people are trying a new, creative way to cut costs and that is to report lower than actual payroll, so that the initial cost will be lower. There are agents out there that will allow this, and will sometimes encourage it to get your business in the door. Don’t do it. It is a trap!
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If it’s too good to be true, then it is!
A problem that not many people talk about in the insurance world is windshield repair fraud. If your automobile glass cracks or gets chipped, it is very important to get it fixed. The State of Florida even makes it easy by requiring that insurance companies waive deductibles for windshields if you have Comprehensive Coverage as part of your car insurance policy. That’s right, if you have coverage, then you have an automatic deductible of zero for your windshield. Repairing or replacing a damaged one can be free!
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Every time something useful, cool, and new is invented, there are new dangers that come along with it. Newton’s Third Law of Physics even states that for every action, there is an equal and opposite reaction. Well, guess what? Drones may be the hottest new present for children and tech enthusiasts, and a cutting-edge business tool, but an estimated 80% of them are operating without proper FAA approval or appropriate insurance protection.
Photo Credit: khunaspix on freedigitalphotos.net
Drones at home are less of a problem than drones used for business. Remember, once Bob the neighbor pays little Johnny $10 to take an aerial picture of his house, there has been a business transaction. You may not agree, but there was a transaction in the eyes of the court! Insurers are struggling to deal with the new risk posed by drones, whether it is drones running into each other, drones being flown into people or property, or drones having mechanical failure and crashing into people or property. There’s also that whole spying on people thing, despite plenty of existing laws and legal precedents to deal with that (just think cell phone cameras). You may think of drones as harmless, but rest assured, there are some very important things for homeowners and business owners to know about this potential insurance issue.
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Normally, when people spend money they like to receive something of value in exchange for it. It’s difficult for insurance to provide obvious or immediate value because no one ever wants to have to use it. Everyone’s financial sensibility is vulnerable to ads like the one below that seem to bring that value. A new roof on your home can cost anywhere from $5,000.00 to $50,000.00 depending upon size, materials and contractor. The free roofs that are being promised all across Florida in ads like these, however, are not free at all. In fact, they are incredibly costly to the homeowner and the general public.
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