Whether you are starting a new business or trying to sustain an existing one, obtaining the right insurance policies is as much of a necessity as hiring the right employees to run the shop.
- Commercial Property Coverage
- General Liability
- Errors and Omissions
- Professional Liability
- Directors and Officers Liability
- Employment Practices Liability
- Commercial Auto
- Workers Compensation
- Specialty Risks
- Crime/Fraud Protection
- Intellectual Property
- Cyber Liability
- Mechanical Breakdown
Our Unique Agency Features for Business & Commercial
- Excellent relationships with industry leading carriers, specialty markets and wholesalers
- Dedication to your business, whether large or small
- Experience with a wide variety of products
Q:
What is the biggest challenge that businesses are facing regarding commercial insurance?
A: With commercial insurance coverage and pricing constantly changing, it has become increasingly difficult for businesses to stay on top of the changes and to adjust contracts accordingly. Because it creates a significant impact from a financial standpoint, it is important for owners to make the insurance process a basis of their business models. With the economy showing signs of a possible recession, businesses can’t afford as much insurance as they used to, say, five years ago. As pricing continues to fluctuate, often unpredictably, owners shouldn’t be afraid to shop around for the best policies that best meet their insurance needs. Business owners need to continually work with brokers to manage their claims and review the basis of their premiums.
It would also be beneficial for owners to work with their brokers on a backup contingency plan should insurance plans change dramatically. As an independent agency, Orgill/Singer has unprecedented access to a variety of insurer markets. This allows our brokers to stay on top of the changing industry trends and the ability to search for the best quotes for our clients’ insurance dollars.
Q:
What kind of insurance do I need for my home-based business?
A: Insurance protection for your home-based business is equally as important as satisfying legal obligations. Policies that are essential to have include:
• Incidental Business Endorsement: This policy can serve as a rider to your existing Homeowner’s coverage. It allows for coverage of other structures and equipment on your premises that is used for business purposes. It can also be used to include your business liability.
• Business Owners Package Policy: This policy is available if your in-home business does not qualify for the Incidental Business Endorsement. The business owners policy covers property and liability.
• Worker’s Compensation Insurance: All states require Workers Compensation Insurance if your business retains employees. Workers Compensation Insurance gives coverage, without regard to liability, if an employee becomes injured as a result of a job-related accident or illness.
Q:
What are some tips for saving money on my business insurance?
A: Try to find an insurance agency that can provide all of your insurance needs – this will save time and money. Compare comprehensive insurance packages from a few carriers to make the best decision. Also, look at your existing policy for areas that can be streamlined. Are there deductibles that you can increase that will lower your overall insurance rates?
Depending on your business, affordable insurance may be available through industry groups and associations. Discuss with your insurance broker any and all insurance policies that are relevant to your industry.
If a traditional healthcare plan proves too costly for your business, research different types of benefits that you can offer to your employees. For example, health savings accounts, flexible spending accounts, and health insurance discount cards.
Consult with your broker about lowering your liability risk. Is it possible that your business is offering certain products or services that are increasing your coverage risk? By eliminating these high-risk products and services, you may be able to dramatically lower your insurance premiums. Also talk to your broker about preventative measures you can take to lower costs, such as installing a security system or hiring a patrol.
The most inexpensive way a business owner can cut down on medical insurance costs for employees is education. If employees become more knowledgeable about the type of prescriptions and medical attention they need or do not need, they can become better consumers, minimizing unnecessary costs. A business owner can lead this education effort by advocating a safe working environment, promoting health conscious employees, and encouraging employees to research and learn about healthcare assistance tools.
Q:
Does Orgill/Singer have a "Small Business Checklist" to assist me with my insurance needs?
A: Whether you are starting a new business or trying to sustain an existing one, obtaining the right insurance policies is as much of a necessity as hiring the right staff and selecting the perfect location for your company. This list will help you remember which types of policies are necessary for complete coverage of your business:
• Property and Liability Insurance
• Commercial Auto Insurance
• Employment Practices Liability Insurance
• Workers Compensation Insurance
• Employee Benefits
To keep with employee benefit trends, you should also think about offering individual or voluntary benefits to your employees including:
• Dental/Vision
• Life Insurance
• Short/Long Term Disability
• Long Term Care Insurance
• Specialized Commercial Insurance (if applicable)
Working strategically with your insurance professional can help you fully protect your business and provide quality benefits to fit the needs of your employees.
Whether you are starting a new business or trying to sustain an existing one, obtaining the right insurance policies is as much of a necessity as hiring the right employees to run the shop.
- Property and Liability Insurance: Property and Liability Insurance can save your business from a financial catastrophe. Property Insurance covers your physical assets such as the building itself, furniture, computers, etc. In the event of work stoppage, Property Insurance can extend income until the owner can recoup his/her losses. Liability Insurance will protect your assets against potential litigation.
- Commercial Auto Insurance: If having a vehicle(s) is important to running your business, insuring that vehicle(s) should be your next step. Remember, a personal auto policy is not the same and may be void if the vehicle is involved in an accident while on the job. Inquire about non-owned vehicles when your employees use their personal vehicles for a job function and rented vehicles, when a rent-a-car is necessary to perform a job-related task.
- Buy-Sell Agreement: An essential document to have when owning a business because it prohibits an owner from selling their share of the business to an outside entity without the consent of the other owners. The Buy-Sell Agreement typically comes in three forms: Cross-Purchase Agreement, Entity-Purchase Agreement and Hybrid Agreement. The Cross Purchase Agreement is ideal for small businesses as it simply states the withdrawing owner will sell his share to the remaining owners. An Entity-Purchase Agreement, the withdrawing owner agrees to sell his interest to the entity, which then retires the ownership interest. Lastly, the Hybrid Agreement, which is a mixture of the two former agreements, deeds that the withdrawing owner must sell his shares to the entity. If said entity is not interested, the withdrawing owner sells to the remaining owner.
- Key Person Insurance: This insurance is grounded on the premise that a sole person, if by death or disability, is no longer able to work for the company, it would cause serve disruption. Key Person Insurance protects against this.
- Workers Compensation Insurance: In the case of work-related injuries or illnesses, you should secure an affordable Worker’s Compensation Policy for your employees. Laws for this type of policy vary by state, so check with your agent on the policy that is right for your employees.
- Employee Benefits: Offering your employee a quality medical plan can often lead to enhanced workforce retention and job satisfaction, not to mention healthier employees who are more productive to your bottom line. If health insurance rates are too high for your company, consider Health Savings Accounts. HSA’s are a high-deductible health plan with a tax-free savings account designated for the use of out-of-pocket medical, dental and vision costs. To keep with employee benefit trends, you should also think about Dental/Vision plan offerings along with voluntary worksite benefits such as Life, Short Term Disability, Long Term Disability and Long Term Care Insurance.
- Specialized Commercial Insurance: Every industry is different and presents different risk factors. If your business faces unique hazards specific to its industry, you can purchase coverage tailored to these risks.
For more information on how to obtain a comprehensive
Small Business Insurance Plan, contact your
Orgill/Singer & Associates Representative.
