3 Types of Insurance Every Small Business Should Have

The list of responsibilities accompanying the role f an entrepreneur can be daunting but that's no reason to leave the list undone. Business owners are at risk for many financial liabilities. It's very important to be sure that your business is properly insured from every aspect. This article recommends 13 types of insurance for small businesses and entrepreneurs. Don't stop after the first three. Keep reading for the full list...

1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance.  The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.

2. Property Insurance:  If you own your building or have business personalproperty, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc.  You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.

3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.

— Bruce Lawson

Insurance Tips: Tips to Save on Homeowner's Insurance

For many families their home is consider their largest asset and protecting that asset is imperative to their future. There are many ways to save on the rising cost of protecting your home. Check out these tips on lowering the cost of homeowner's insurance.

Tips to Save on Homeowner's Insurance
-You must speak to a reliable insurance expert to know how much coverage you need.
-There is no need to pay excess amount if you know what is essential to be covered under a homeowner’s insurance policy.
-Install electronic security alarms to reduce the cost of insurance.
-Ask for a deductible if your home is made of fire resistant material.

Property Insurance Pitfalls: Additional Coverage

Knowing the specifics concerning our additional property insurance coverage can help you sleep better at night. Depending on your state of residence various rules may apply to your policy. In some states home base businesses are not commonly included in coverage. Additionally, if you own multiple homes for vacationing and seasonal travel higher premiums may be applied to cover vacancy.

Property Insurance Pitfalls: Understanding Premium

One of the most important pieces to understanding property insurance is how much is it costing you? We all want great coverage at a great price. Many factors play a part in determining your property insurance premium. Do you reside in a high risk area? High risk areas are places that may be prone to flooding, hurricanes or tornadoes? How sound is your credit score? Do you own a pet? Are you a smoker? The answers to these questions and more have the ability to drastically increase or decrease your insurance premiums. Still not sure if you're paying to much? Contact us to learn more (561) 586-0029.

Property Insurance Pitfalls: Understanding Coverage

Home owners insurance is one of the most important pieces to building a solid financial future. Over the course of life our homes become one of our biggest assets providing shelter for our most important assets of all, our families. One common property insurance pitfall to avoid is knowing the actual coverage for repairs.
Review your policy to determine if repairs are covered at actual cash value also know as ACV or covered at replacement cost. The price difference between both terms of coverage is vastly noted. The cost of ACV is usually  much lower than replacement. If you have more questions concerning your property insurance policy contact us at (561) 586-0029.