What's the Best Way to Invest In Your Business?

If your business has made a profit in recent years, you may be thinking of ways to reinvest that capital back into your company. Thankfully, there are many ways you can do this; you can pour the profit into research and development to come up with new products and services, you can use the profit to renovate your retail or office space to allow for more product and client traffic, and/or you can invest in new equipment and new employees, both of which can increase your output and your revenues. Or maybe you think that the best investment you can make in your business is to use your profits to pay off business debts that can cost your company thousands in interest fees.

Really, the sky's the limit when imagining the ways you can invest your earnings in order to make your business even more profitable in future years. But if you invest your profits in growing and expanding your business or paying off debt when you aren't covered by enough commercial insurance, you are making a huge and potentially costly mistake.

Who Needs Commercial Insurance Coverage?

There is no business that can't benefit from the protection offered by various types of commercial insurance. Certainly, all businesses don't need the same type of commercial business coverage. For example, a farmer might need crop insurance and equipment maintenance insurance whereas an online marketer might need cyber liability and professional liability coverage.

The point is not that every business needs every type of commercial insurance policy out there; the point is that every business has a need for some sort of insurance coverage to protect its assets and future.

Why Investing In Insurance Is More Important Than Expanding

You might think it's a better idea to invest in measures that promise to expand your business than it is to invest your profits in insurance, but nothing could be further from the truth. Let's say that you invest your profits in new equipment and one of your employees is injured while using that equipment-but you neglected to purchase workers' compensation insurance. Now, not only will your business savings be tied up in making good on your workers' compensation responsibilities, which include pay, medical expenses and more, but future profits will also be tied to that purpose. And if your business is shut down due to fire, theft or vandalism? Once again, without the proper commercial insurance coverage, you're not only out your savings but you're also out of business.

Why Buy Insurance Rather Than Pay Off Business Debt?

Business debt and the interest that it costs your company is often a reasonable investment in your business's operation. The debt is usually created when you purchase a piece of equipment or invest in other assets that help stimulate profit for your business, which means that said debt is also paying its own interest.

When your debt is an investment that generates a profit, thereby paying its own interest, it becomes much less imperative to pay it off. More important is to protect the investment of debt against losses from fire, cyber theft, liability claims and so on, which is what insurance does.

What Kind of Policies Do I Need?

Commercial insurance policies have been designed and tailored toward specific industries and their inherent risks. It is impossible to prescribe a standard set of policies that all businesses need because every business and every industry is so very individualized.

In general, a business needs to consider insurance that will protect it from liabilities, will preserve the value of any assets it owns (including equipment and merchandise), that protects employees from financial damages caused by workplace injuries, and that creates a replacement for lost profits when the business is forced to temporarily shut down after an insurable incident.

In order to determine the specific types of policies that can help your business, give us a call. We can help you understand all of the individual risks created by your line of business and design an insurance portfolio for your company that ensures your future profits can go toward business expansion rather than liability and loss.

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3 Reasons Why Your Small Home Business Needs Home Based Business Insurance

It's estimated that more than half of all small businesses in the U.S. are home based businesses. The Census Bureau estimates that there are over 27 million home based businesses as of 2007. This has certainly risen since the down turn in the economy when many people lost their jobs. This shift has given way to the small, home based business of today and tomorrow.

As an Independent Insurance Agent I run my business out of my home. The benefits are tremendous and technology allows more efficiency and productivity. I'm able to spend more quality time with my family instead of dead time on a commute to an office. I'm able to react to customer requests more quickly. And, I found out that I'm not alone. I meet so many people who manage their small businesses from their home, it's fantastic.

But, there is a problem. Most of these at-home small businesses don't have home based business insurance. I find there are three common reasons these entrepreneurs don't have business insurance. These are also the three reason's you need a home based business insurance policy.

My Home Insurance Policy will cover me. It's logical to think, since they own a home, somehow their home insurance company is going to cover any loss they may have. Unfortunately this is not the case. Most home insurance policies have a minimal amount of coverage for Business Property. So, if you have product, equipment, or supplies related to your business, at your home, there will be little or no coverage and, if the product, equipment, or supplies is away from your home then you'll have even less coverage. Generally, you can increase this coverage through a special endorsement but most insurance companies won't go higher than $10,000. Besides limited Business Property coverage, there is minimal coverage for Business Liability under your home hazard insurance policy. Imagine a product you produce injures someone after purchase. Your home policy will not cover this type of liability claim. Or, say the UPS driver is delivering supplies and material and gets injured on your property due to a hazard. Will you have coverage for this loss? No. Are you a Realtor? You may have limited coverage if you're out showing homes and your buyer is injured or you cause property damage. We live in a risk filled world, with people who are more inclined to sue than not. It's in your best interest to protect yourself by having the right home based business insurance. I've had my business at home for a long time and nothing has happened so I don't think I need it. This is a common excuse I hear from many home based business owners. They don't believe they face any risk. I once went to the home business of a seamstress. She had a room where she did alterations for her clients and she had cats. One of the cats was wearing a diaper because it was marking its territory in the house. What if the cats damaged a wedding dress or a stack of high end jeans waiting to be altered? Just because nothing has happened before doesn't mean something won't happen in the future. Give your clients assurance and confidence that you are a legitimate business by have the proper insurance. Business insurance is expensive and I don't think I can afford it. This couldn't be further from the truth. Many home based businesses just need a basic home based business insurance policy. These can run as little as $159 annually depending on the type of business and the amount of coverage you may need. Also, you might be losing business because you don't have any business insurance. To bid on contracts you usually need to show a Certificate of Insurance proving a minimum level of coverage. Having the right business policy can put significant dollars in your pocket, many times more than the cost of the policy.

There you have it. 3 reasons why you need business insurance for your home based business. If you're in Arizona feel free to call my office to ask any questions. If you're in any other state, call an Independent Agent in your area for the right advice for your particular situation.

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Understanding The Benefits of PI Insurance

The importance of contractor insurance for modern UK contractors within the current business climate is vast. Insurance is vital in any walks of life, and this is no different to that of the business sphere and professional field. Business insurance differs from large umbrella policies to smaller contractor insurances, and each policy is vital in its own sector.

For contractors, PI Insurance is a very beneficial cover policy, and is by far the most popular and arguably most necessary form of protection for self-employed individuals. Contractors are professionals who work via their own limited companies, offering their services to be hired by larger firms. Because of this, contractors are not eligible to many of the advantages that proper employees gain from being in employment, and one of the most vital of these is professional insurance.

As contractors do not benefit from any protective insurance provided by an employer, they are 100% liable for their own actions and as a result are potentially vulnerable to serious financial loss. This lack of protective cover ups the risks that already exist in the contracting profession, further reiterates the need for proper contractor insurance, and particularly PI Insurance.

The PI Insurance covers the policy holder against error, omission or negligence made whilst carrying out professional duties. If a contractor was to cause an error that resulted in financial loss to a client, and then they could be liable to significant claims of negligence that may result in sever financial loss. Because of these scenarios that contractors are often faced with, this type of insurance acts as a safety net, protecting their professional indemnity and covering them from possible financial loss.

A common occurrence for contractors is that within their contracts there will be a number of contractual obligations that they must take on board and meet before continuing with a contract and ultimately getting work. Contractor insurance is often one of these and PI Insurance is the most common contractually specified policy. The fact that this insurance is actually a necessary purchase when seeking contracts is an example of the sheer importance of the policy and how vital it is for a contractor to buy.

As well as providing relevant, protective cover, the PI insurance policy acts as a tool in which a contractor can bolster their IR35 perspective in the eyes of HMRC. Contractors are every frequently under scrutiny from the tax office because of a tax legislation called IR35. This legislation is designed to assess whether or not contractors are self-employed, and not disguised employees doing so in order to pay less tax. PI Insurance can be used as a tool to show HMRC that the contractor is a business in its own account, having necessary contractor insurance and thus taking necessary risks.

PI Insurance is a popular, beneficial and recommended cover policy to any UK contractor, and any professional entering the contracting market is strongly advised to purchase the policy or seek advice and information regarding indemnity.

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The Value of a Landlords Insurance Comparison

Are you protected for the properties you let out for domestic use or for commercial purposes? The one thing definitely needed is for them to be properly insured. The old saying of what you see is what you get, is particularly applicable to insurance policies, so it is essential to read and digest the contents very carefully before putting your signature to one.

Do not settle for the first policy that you find. Undertaking a landlords insurance comparison offers you many alternatives. Take time and go online to see what there is on the web. Insurance companies are competitive and they all want your business, so tailor-make a policy that suits you in particular. An insurer might offer you a substantial discount after a year's premiums has been paid, or else include some other worthwhile benefit for you. The choice of an insurance policy is up to you, so choose wisely.

Furthermore, there are various regulations legally required for you to have as a landlord in the UK. For example, through the Housing Act of 2004 and the Regulatory Reform (Fire Safety) 2005, it is a basic requirement for households that you let out, to have fire extinguishers and fire alarm systems installed in them.

Having comprehensive insurance for a property that you let out, covers you for all eventualities. It includes insurance for public liability, a cover when an incident occurs with a tenant who decides that you are responsible for an occurrence and decides to sue you. Without public liability insurance, this could prove a very expensive exercise.

For commercial properties that you own, remember to have insurance appertaining to business regulations; they do differ from residential insurance in content.

When letting out residential property it is important to have landlord insurance, to cover you should any damage happen to your property through your tenant, or you have an unexpected loss of rental. There are tenants the world over who seem to think it is their right to do a 'midnight flit' without paying their rent. On occasion, this could even be for a couple of months rent owing to you!

This is where doing a landlords insurance comparison comes to the fore. If you have not read in-depth what you policy covers, you could be in for big losses. So be alert and read thoroughly any insurance policy you intend to take out, it is only to your advantage.

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Know What to Consider While Buying Personal Accident Insurance Policy

Accidents are uncertain, and can cause irreparable damage to the individual. Hence, it is important to buy the correct sort of insurance to protect oneself against any such possible unfortunate incidents. Buying accident insurance is thus, an important financial decision.

Personal accident insurance policy covers the risks confronted by the buyer due to a fatal accident. It provides coverage for both death and disability caused as a result of the accident. Purchasing this insurance can give certain significant benefits, such as:

• If the person dies in an accident, the beneficiaries of the person would get some amount as death cover. This will provide much needed financial support to the family after the person's death.

• If the person sustains an injury because of an accident, a lump sum is paid for medical treatment. Even if the person does not face complete disability, for instance loses an eye, the personal will get a portion of the sum assured for covering medical expenses. A disabled person is also entitled to get a certain periodic sum, say a monthly remuneration, if the person is employed in an organization.

Things to look for in insurance policy:

While buying a personal accident insurance, the key factors to be considered are the number of years, amount of cover, and the benefits to the beneficiaries.

What all are covered under the policy: You should look for events leading to accidents. Know whether the type of accidents you are likely to face are covered by the policy. For example, see if the accidents apart from road or rail are included, such as fire accidents at home, accidents due to slipping on the steps of the apartment, etc.

Compensation amount: The payable compensation amount is also important. This, in turn depends on the size of the family, the risk involved, whether your spouse is working, etc. How much is payable on death, disability and minor disability should be examined. For example, know about the amount compensated for your family in case of your death, monthly remuneration for medical expenses, etc.

Percentage of benefit under permanent/temporary disability: Find the portion of the sum offered as the risk compensation. This depends on the accident resulting in death or disability (partial/temporary). For different conditions, varying amount is payable.

Exclusions and limitations: You should have a look at exclusions and limitations. These are significant as overlooking any of these could make your claim void under certain circumstances. Some of the common exclusions include:

• Persons aged above 75 years are not eligible to take this insurance • Driving under the influence alcohol or drugs would make your policy void • Injury caused by an existing infirmity or defect in the body • Accidents caused due to sports like polo, sky diving, professional diving, etc. • Accident because of war related events or riotous conditions • Full-time active service in the armed forces • Suicide or deliberate self-inflicted injuries • Criminal acts • HIV/AIDS

All these events make you forfeit the benefits. Hence, you should look out for any provision in this regard.

Things to look for in the insurance company:

Once you are sure of the details of policy, you should choose an insurance company having proven repute and experience in selling accident insurance policies, settling claims, facing financial legal challenges, if any. You should consider the following:

• Reputation and existence: Consider the reputation of the company in the market - how long it has been there in the market. As a thumb rule, a company is supposed to be there for not less than five years, in any case. Reputation is built over a period of time in terms of timely help to the customer.

• Claim settlement ratio (should be at least 75%): Insurance is for the long-term and the company should be strong enough to meet the demands of claims furnished by its customers. A benchmark is that the company should be able to meet a minimum of 75% in claims cases.

• Premium charged by the company: The premium charged should be reasonable and comparable with other insurance companies. Premiums may vary across the companies because of the benefits offered, duration of the benefits, etc.

Opt for a reliable brokerage firm to get best deals:

Once you decide to buy the insurance, you can purchase contacting the insurance company directly in person or through online. You can quote for their premium giving out the necessary details/specifications.

Another way of purchasing insurance is to go for a brokerage firm. This is indeed, the best option. This is so because, brokerage firms are experienced and knowledgeable enough to advise you the best deal in terms of amount of cover, duration of the cover, premium payment, claim settlement, document verification - that are involved in the whole process.

Consider these points, while buying personal accident insurance. These will help you buy an optimum insurance cover.

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Choosing The Best Business Insurance Quotes

All companies face great challenges everyday whether they are small or big. There are a lot of competitors in the industry as well as economic problems that affect their status and financial stability. With all these threats, owners are advised to check on business insurance quotes and decide on what type of coverage they need for their company.

These insurance policies protect the company from future loss and bankruptcy. It also prevents a firm from liabilities in case of damages and misfortunes. These damages may be caused by different factors such as accidents, natural disasters, or man-made. For instance, your firm can be sued by your clients if they have been harmed or injured by your products or services. These policies will cover the expenses that your clients need.

Owners can choose the type of coverage that will best suit the needs of the employees and safeguard their assets. Since there are numerous insurance companies nowadays, it is important to check their quotations before availing their assistance. The types of assistance include health, medical, life, home, property, and vehicle coverage.

Standard coverage may not be ideal for big companies. For instance, a firm can include health, medical and life coverage for their employees. This means that their workers can avail discounted or free hospitalization in case they meet occupational accidents. Likewise, employers can avail property or vehicle coverage if their firm has numerous automobiles and assets that are vulnerable to damage or misfortune.

This is also ideal for sole entrepreneurs and small businesses. Remember that a small business has stronger competitors thus making them more vulnerable to economic loss. With that, they should have financial support in case something wrong happens during their operation. Entrepreneurs can also have their own life and medical coverage since they are the ones liable for their own well-being.

The price of these insurances depends on the company offering them. Likewise, the inclusions influence the pricing stated on the quotations. That is why it is important to do some research when comparing quotations. Some companies may be including policies that are not important for your firm thus increasing the rate you have to pay.

Reputed brokers usually give advice to business owners on what type of coverage they need. You can also visit your company lawyer to give you evaluate the business insurance quotes you received from insurance companies. Your legal adviser will help you understand the natures of individual policy and help you determine whether you need it or not.

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The Basics of Business Health Insurance

Business health insurance is taken out to give private organisations' employees medical care when they most need it. You will gain private treatment by qualified doctors, ensuring that your employees are back and fit for work as soon as possible. Insurers will typically offer a range of over 250 hospitals spread across the nation, so there will always be a centre that you can get an employee to in a situation that requires it.

Health insurance is one of the benefits that is most sought-after by employees, meaning that your business will stand out amongst the crowd as championing the health of their employees. In the 21st century, healthiness is extremely valued by everyone, and having private insurance has been linked to helping to increase the productivity of workers.

Although still relatively underutilised in the UK, health insurance has been around for a significant number of years. The growth in businesses that purchase private insurance has led to an increase in optional additions to policies, such as having a private health advice phone number and even cancer support and gym membership.

The cover that you get as standard, will change depending on which insurer you go with, and the price that you pay for the insurance. You can expect in-patient and out-patient care as standard, where the company will pay for accommodation and medical fees, as well as diagnosis tests and x-rays. You may find that policies on the lower end of the spectrum limit the amount they will pay for out-patient care, but higher-end policies will usually pay in full.

Support for employees that have been diagnosed with cancer will be an attractive benefit of some insurers, as it is the time in an employee's life that they are most vulnerable. Most insurers have specialist teams that deal with cancer patients, but you will need to check whether cancer care is included in your policy. You may also wish to see if there are other benefits, such as long-term psychiatric care.

Premiums work in the same way with business health insurance as they do in other types of insurance. An excess will keep the cost of the insurance low, but the individual will be required to pay an excess for every claim that they make; excesses can be very high and even unaffordable for some employees (up to £500), so you should make sure that you know how large the excess is.

The reason for most companies purchasing private health cover is to make sure that their employees are back to work as fast as possible. The way that most insurers work is to compare the time that they can treat the patient in compared to the NHS - if the NHS waiting list for treatment is longer than a six week period, private cover will be paid for instead.

In the UK, health insurance works in conjunction with the NHS. GP services and emergencies are typically not covered by insurers, so employees should not expect to never use the NHS again.

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Copper Theft Is an Unexpected Concern for Churches

Copper remains a hot commodity, and because of the metal's increased value, thieves see a prime opportunity to steal copper from air conditioning units and home and commercial construction sites, in order to turn around and sell their ill-gotten goods to scrap metal dealers for monetary compensation.

Churches remain a primary target of copper theft. For instance, according to Southern Mutual Church Insurance, South Carolina's largest insurer of churches, it paid:

More than $707,000 in claims to 113 churches through April of this year In 2010, it paid $1.2 million to 174 churches for the entire year Thieves hit one South Carolina church twice, causing more than $100,000 in damages that same year

The problem has seemingly grown so large that insurers are considering limiting payouts on future coverage to any church that suffers damage from a copper theft unless they put protective measures in place. A protective cage around an air conditioning unit is one such measure. Other steps can be taken to thwart attempts by thieves to secure the precious metal, which can be found in several places on most church properties, including: rooftop heating; ventilation, and air conditioning (HVAC) units, gutters, pipes, and electrical wiring. The solution is to hinder access. Most thieves are merely opportunists.

Finding creative solutions to deter thieves

The easier the access, the more likely a church will be targeted. Thieves like to strike where they can get what they want quickly and escape without notice. Hindering access and making detection more likely reduces the risk of becoming a victim. Suggestions include:

1. Placing a cage or fence around air conditioning units. 2. Secure the electrical power shut-off switch. Move the switch, if it's located near the air conditioning units. 3. Enclose church property with a secure fence. Post "no trespassing" signs. 4. Remove ladders and other items offering easy access to rooftop HVAC units. 5. Replace copper downspouts with other materials. 6. Store vehicles inside locked garages or sheds.

If that's not an option, have members of the church drive vehicles home each night, so they're not left in parking lots. Don't leave copper plumbing, gutters, or wiring on construction sites.

Improve the likelihood of detection by increasing lighting around HVAC units and places where thieves might hide. Install alarms on HVAC units. Use security cameras to monitor target areas. Ask church members to drive past the church whenever they're in the neighborhood, looking for suspicious cars, people, or activity.

Invite church neighbors to call police if they notice unusual activity. Have local police patrol the property regularly during evening and night hours. And perhaps most importantly, make sure church insurance is in force and in amounts that will cover any loss due to theft or other crimes. Consult an agent to make sure the current church insurance is enough to satisfy those requirements.

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Helping Oil and Gas Businesses Find the Right Insurance Agent

If you're in the oil and gas industry - a driller, service or maintenance contractor, trucker, roustabout or other industry professional - you know that your business faces unique challenges and hazards. You need insurance that is customized to cover you, your employees and your business.

An agent specializing in the oil and gas industry understands what you do, and will take a hands-on approach to analyzing every aspect of your operations to make sure you're protected. The right agent can help you with the specialized coverage you need, including:

Pollution and Cleanup Liability Blowout and Cratering Liability Underground Resources and Equipment Coverage Rig and Other Physical Damage Loss of Well Control Coverage Workers Compensation Coverage

What to Expect From Your Insurance Agent

You need an insurance agent who's willing to "go the extra mile" literally and figuratively. Ask any agent pitching for your business if he or she will travel to all your job sites to review your operations - and, if they get your business, will they make the same trek regularly to assist you with employee safety meetings or other needs.

Beyond Insurance: Specialized Services for the Oil and Gas Industry

What if your insurance agent could offer you more than just insurance? The best agents can. You should consider doing business with someone who offers specialized services for the oil and gas industry such as:

Comprehensive Safety Services- To help design a safety program to protect your employees on the job, reduce accidents and lower your workers' comp claims costs GPS Tracking Systems- To help you know exactly where your trucks and other assets are; reduce personal use of vehicles; and, in the event of an accident, help pinpoint your crew for emergency rescue teams Camera Surveillance Systems- To help you keep an eye on your property and equipment Online Background Checks- To help you save time, conduct more thorough background checks, and hire the right people

A Partner, Not Just an Agent

To meet your needs in a rugged, demanding industry, you don't just need an insurance agent; you need a partner who brings added value to your business operations.

Don't be afraid to ask tough questions, and don't accept easy answers! Grill any prospective agent to find out what they know about your particular specialty. The right agent will not only understand your insurance needs and design a strong, customized insurance plan. He or she will also "get" your business and the many other things you need to be successful.

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Contractors Insurance Protects Your Business

General contractors call the shots in most construction projects, taking the lead in all important operations including coordinating subcontractors, supervising job sites, and many other responsibilities to ensure projects stay on time and within budget. The many risks involved with leading these projects makes contractors insurance essential to protect the business against losses that may result from a lawsuit.

One of the common misconceptions of contractors insurance is that it only applies to general contractors. But subcontractors such as carpenters, roofers, landscapers, masons, electricians, plumbers, and other trades are all liable as well. Since they are often involved in complex business relationships, contractors need to be able to rely on an insurance company that has their best interests in mind.

Most contractors understand the common risks of construction projects, such as injury to subcontractors, not being paid on time, not adhering to timeframe agreements, and other risks that should be considered when drafting the general construction agreement. A contractor's insurance policy may include provisions for issues such as negligence and workplace safety.

Speaking of contracts, all contractors should carefully read every contract and even ask their attorney to review the agreement before they sign on the dotted line. Depending on the size and length of the project, certain clauses can hold hidden fees and liabilities for which the contractor is unclear. This oversight can ultimately result in a situation that isn't covered by contractors insurance and therefore becomes out-of-pocket costs that can seriously damage a business.

Whether you're a contractor or subcontractor researching business insurance, coverage typically involves general liability, commercial automobiles, workers compensation, builder's risk, tools and equipment, bonds commercial umbrella, and employee benefits.

Remember to keep the following risks in mind when you speak with your contractors insurance company:

• Defective products: As a general contractor, you're responsible for all of the work performed by your subcontractors. So, what if, for example, your electrical subcontractor installs a kitchen light that catches fire and burns part of the ceiling? The manufacturer is ultimately responsible, but both you and the electrician will also likely be included in a costly lawsuit.

• Construction contracts: Everyone enters into a contract with the best intentions. But when things go wrong, fingers start pointing. As a contractor, you should make sure that the contract is reviewed by a lawyer to make sure your business has the right insurance for each and every job.

• Litigation costs: Whether you're a sole proprietor performing general remodeling, a specialty tradesman or anyone in between, you need to protect yourself from litigation by having a policy with an insurance company that has your best interests in mind.

These are just a few of the things you need to consider before purchasing contractors insurance. Learn more about insurance coverage to protect your business by contacting the business insurance experts at http://www.KellyWilliamsIns.com or by calling 562.498.8661.

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The Importance of Keyman Insurance For Your Business

Keyman insurance, which is also commonly referred to as keyperson insurance, is one of the most important forms of business insurance. While there is no legal definition of key man insurance, it is generally used to describe an insurance policy that a business or corporation uses to protect themselves, in the unfortunate event that a key person defined in this policy becomes ill and incapable to work, or becomes deceased.

The insurance policy covers this persons usefulness to the business and how their assets will be handled when they are no longer capable of working for the company.

The aim of the keyman insurance policy is to compensate the business for any losses that are incurred, due to the absence of this staff member, director or shareholder. It also helps ensure that the business continues forward, after this person has become absent from the business.

Keyman insurance policies are generally used when there are very important individuals inside of a business, and there needs to be some type of protection plan in case they are no longer round.

Generally, employers choose to take out the insurance policy, on the life or health of a specific employee. They usually do this when that person's knowledge, line of work, or just general contributions to the business are extremely valuable. These keyman insurance policies help offset the costs that are required in losing this key member of the business. For instance, having to higher a temporary worker or find a recruiting company could be very expensive. Also, the business could incur losses during this time, such as if there is a decreased ability to run the company successfully, as it did before with that person present. In this event, the employer is very likely to suffer from losses, after the absence of that key person.

This is why having keyman insurance is so important for the success of the business. Without it, companies are left with no direction or understanding of what to do when this person is no longer present inside the company. There are a lot of key players when it comes to the operation of a business. These could be the business owners, managers, CEOs, shareholders. Ultimately, in order to keep the business running in the unfortunate event that these people are no longer present, you need a key person insurance policy. This will help protect you and all of the other employees that work within the business. It will also provide the business as a whole with a foundation and plan, in case things do not go accordingly.

Some of the insurable losses that can be covered in a keyman insurance policy include things like losses if the business has to hire temporary help, losses resulting from delays or cancellations on projects that the key person was responsible for, losses of opportunities to expand the business or increase profits, loss of specialized skills or knowledge that the key person had an understanding of, losses in shareholders or partnership interests due to the absence of the key person, and much more.

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Flood Insurance Not Enough Coverage for Hurricane Sandy

Hurricane Sandy has left a devastating toll on millions of property owners and potentially thousands of small and medium sized businesses. Conservative estimates have calculated insured losses to exceed $30 billion with many having to wait weeks or even months before they will receive compensation or reimbursement for their loss of property, equipment and or damage to other forms of assets. For those businesses especially in the coastal regions and near large bodies of water who were smart enough to purchase flood insurance, they are in a much better financial and mental position than those who elected to decline this coverage.

However, purchasing flood insurance will only cover the cost of repairing or replacing damaged building(s), property, equipment and stock. But what if a business is in an area where mass destruction and flooding will take weeks or even months to clear up. How will these businesses survive with no income and expenses that still have to be paid?

A natural catastrophic event is a perfect example as to why Business Interruption Insurance should be purchased. This form of coverage can usually be added onto a business insurance policy otherwise known as a CGL-Commercial General Insurance for a relatively small cost varying between 5-10% of the annual premium. Business Interruption insurance provides coverage when an insurable loss forces a business to shut down their operations. It will compensate the business owner for the loss of net profits and will cover ALL necessary expenses until the business is ready to open again. The amount of coverage depends on the limits chosen by the insured. For example, a takeout pizzeria that generates $20,000 a month should consider a minimum business interruption limit of $80,000 (4 months coverage). Other forms of BI coverage includes extra expense which will cover the cost of relocating and operating out of a temporary location until the primary location is ready to open again. Note that offering these limits will require the business to provide substantiated proof in the form of financial statements.

It has been the busiest week of the year at our company with hundreds of callers inquiring about purchasing flood, earthquake and other forms of natural disaster coverage. Take out a few moments to review your policy for this coverage and if required, contact your broker and have them discuss the different options. A few hundred dollars towards upgrading your coverage can potentially save your business tens of hundreds of thousands while keeping your brand operational even through the worst possible scenarios.

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Strategies for Improved Insurance Sales Marketing

There are many sales strategies available to an insurance agency, including direct mail, telemarketing, and Internet Marketing. In fact, the Internet has revolutionized the way in which we market and sell - including those in the insurance industry. With so many different insurance marketing strategies available, all designed to grow a business and increase profitability, an independent agent can begin to broaden his reach, increase the leads in his sales pipeline, and generate more money.

One strategy would be to have multiple, different sources of insurance revenue and lead generation instead of relying on just one. For example, let's say the primary method for generating new business is through direct mail. If, for whatever reason, those postcards, fliers, or other forms of contact stop working how will that impact the business? It's important to have an integrated strategy that combines all that is available today.

Consider other options like generating leads through the Internet with a website that is optimized for search and has a prominent call to action, space advertising, referrals, word of mouth, and joint ventures to name a few. Adding this diversification to a portfolio is good money management. Test other methods of marketing so that if one or more stops working, it won't slow down the entire business.

Consistency is key

Doing SEO for a short period of time, or just sending one mailing, running one ad, or doing just one joint venture will not likely create the desired results. Marketing doesn't work like that. Create an entire marketing plan and a marketing budget for six months, or a year, and stick to it. By creating momentum through structured efforts, sales and profits will start to roll in.

When any marketing methods stops working, go in another direction, change the approach - don't just give up on your SEO efforts, or telemarketing, direct mail or advertising entirely. Do testing: for example, on a website, conduct A/B testing whereby the website features one type of call to action for a period of time, and then is changed to another offer, to see what works best. With a direct mailer, whether on- or off-line, do a series of letters to see what approach is more effective. The key is to be consistent and continually communicate with your targeted audience.

Sequenced mailings

In a famous marketing study done several years ago it was determined that over 70% of all people who respond to an advertisement will ultimately buy the product or service being offered. However, many of those people purchase the product or service from someone other than the original advertiser. This is because people buy when they are ready to buy.

Someone interested in a particular product or service, while wanting it, may not be immediately considering a purchase. This means that, at some point in time they will be ready to buy, and the company that gets the sale will be the one who stayed in front of them until they did become ready to buy. The important message here is to send a second, and even a final notice, as well as postcards or email letters to follow-up on leads. Doing so may result in the business getting some guaranteed sales.

Monthly newsletters

It's far easier to re-sell an existing client than to sell to someone who doesn't know and trust the company, and mailing a monthly electronic or printed newsletter can do this. Make sure to also enclose inserts about other products and services that are offered when doing a mailing. Remember, a good salesperson must re-market to their clients the same way they got them in the first place.

The Significance Of Getting The Right Kind Of Commercial Insurance   How to Compare Commercial Roadside Assistance Plans   

Sports Clubs to Be Aware of Overzealous 'Olympian Wannabees'

It was the hopes of the Organisers of London 2012 that the Olympics would inspire the nation to get out and get sporty, however our over zealousness has resulted in as much as 20% increase in sporting injuries according to recent research.*

Running injuries were the most common complaints followed by football and rugby. Tennis injuries were also on the increase. These have been attributed to the recent success of Gold Medal winner and nation's favourite Andy Murray.

Health experts are urging people to be fully prepared when taking up a new sport and take preventative measures such as using the correct technique, warming up and cooling down, as well as resting and stretching between session.

Health and sports clubs also need to take some responsibility for the welfare of their members. Most establishments like to keep up to date with the health and wellbeing of their users. But it's also important that there is a clear health and safety policy and necessary measures in place to deal with serious accidents and injuries.

A good risk assessment will allow sports centres to understand and control any potential hazards that may cause injury to their staff or customers. These can be anything from basic housekeeping and cleaning to a certain level of sanitation to ensuring that all staff are trained to deal with more medical emergencies.

In addition to this, it is important that all sports and social clubs keep up to date with changes to legislation as these may affect their approach to health and safety.

Being prudent with their approach to health and safety will help sports clubs to minimize the chances of litigation and taking responsibility and controlling potential hazardous situations may help to reduce their insurance premiums

Small businesses, including sports and social clubs that are not so prudent with their health and safety policies could also be in the firing line for the new 'FFI' (Fee for Intervention) due to come into force on 1st October 2012, which will allow the Health and Safety Executive (HSE) to cover its costs for carrying out inspections on businesses found to be in breach of the health and safety laws.

The new 'Fee for Intervention' (FFI) has been criticised and deemed unfair by the federation of small businesses who have concerns that the practice could lead to a 'heavy-handed' and 'inconsistent' approach by HSE inspectors in their drive to recover money.

Clubs that put adequate controls in place will ensure that their customers can enjoy their sporting activities in the safest possible environments, and hopefully foster the next generation of British Olympians.

* Source: Research undertaken by BMI The Esperance Hospital

The Significance Of Getting The Right Kind Of Commercial Insurance   How to Compare Commercial Roadside Assistance Plans   

Buying Insurance

Buying an insurance policy is certainly a crucial decision; a policy can be purchased from various sources, through a local agent and through online. Many people prefer asking for insurance online as it facilitates them to have everything done at the comfort of their homes and they do not have to go anywhere inquiring about things. However, still a number of people are there who prefer choosing local insurance agent as they feel a real person can give them detailed and correct information. Let us have a look at the factors, in what ways choosing local agent and online insurance differ:

- You may spot various types of policies at an insurance company's website and may compare among various company's offerings too. However, it is imperative to be known about the insurance terms, as they are not easily understandable by a layperson. An agent may certainly help with all the kind of policies available in the market may also help you in deciding which policy is right for you.

- A lot of insurance companies provide insurance calculator tools on their websites so that prospective customers can calculate the right amount of premium and insurance coverage for themselves according to their convenience. On the other hand, an insurance agent may also advice you on how much coverage is better for your age and what may be the premium amount for the coverage chosen by you. An agent may also inform you about the trends and returns in a particular period of time based on his/her personal experiences that you may not find online.

- Buying an insurance policy can be a hectic task especially when it is about medical examinations or taking a medical policy. Same is the case with claiming where you need special attention such as an agent which may help you with the entire process. However many insurance companies have now facilitated the process and enabled the customers to quickly finish everything with the help of instant information online.

- When you consult with an insurance agent, he/she is available to give you all the information instantly on whatsoever your queries are unlike online where you will get specific information only. An agent is familiar with your local surroundings and may help you chose a policy that is suitable for your environment, he/she may also make necessary amendments if required unlike online where you cannot edit info once submitted.

Nowadays there is a pool of information online and everybody refers to that and if you are also one of those who has a busy life and seek ways to save time and money both then going online is a better option.

It is senseless to debate about which way of getting an insurance policy is better but certainly there are own advantages and disadvantages of both the ways. It is up to you to decide what your priorities are as you will certainly gain and lose some or the other benefits in choosing any of the ways.

The Significance Of Getting The Right Kind Of Commercial Insurance   How to Compare Commercial Roadside Assistance Plans