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How to Choose the Right Small Business Insurance

Running a small business can be challenging, especially when you are just getting started. However, you can ease the processes by working with the right business insurance provider. If you are looking to run your small business efficiently and effectively, it is advisable that you identify the right insurance to suit your preferences, needs and wants.

Every small business is unique in one way or another and it is therefore important that you search for insurance that is designed to help you meet your small business objective. No matter the type of business you are running, some risks cannot be evaded and this is why business insurance is required. To help you identify which small business insurance coverage is right for you, there are a few things you should consider.

Look at their liability insurance package

Liability insurance seeks to address accidents, injuries, and any cases of negligence in your business. This sort of coverage takes care of employee injuries, damage to property, customer and employee lawsuits, and other related issues which really makes it handy. There are two main facets of this sort of small business insurance coverage that make it important.

First, it should be able to cover general liability. In the event that there is an accident involving your employee or a customer, you should be able to cover any bodily injury as well as deal with any possible settlements from a lawsuit that should arise regarding an issue of this nature. For example, if a customer or employee slips and suffers from an injury from which he sues the business, this insurance should be able to help you settle the costs without putting a dent in your financial statement at the end of the business year.

Second, look to identify product liability. While this insurance will still seek to cover injuries, it covers injuries that arise from the products your business offers. As a consideration, you will need to look at the type of product your business offers. What to settle for will be as a result of the nature of the business goods. This business insurance does not apply if your business is a service provider.
Which of these aspects applies to your company? Look at what you have to lose and discuss it with an insurance agent. Making sure that you consider all of your options is vital to choosing the right policy.

Look at their property insurance package

After addressing insurance for persons who are likely to come into contact with your business, it is time to insure the property where you operate your business. This includes the business premises as well as the equipment and materials on the premises. This sort of coverage should be able to cover any damages sustained on the property. This can cause a loss or significant decrease in income, especially if it causes business interruption. An accident such as a fire or any other climatic disasters (floods, hurricanes, wildfires, etc.) can cause significant damage as well. Other risks arise from theft and vandalism. These losses can cause significant loss of revenue and may even halt business. It will be difficult to recover from any of these instances without small business insurance, which is why having a policy that includes these potential risks is crucial.

If you are running a small business from home, then it is advisable that you consider increasing your liability insurance, as you cannot qualify for property insurance. This is because the property under the premises is not limited to just that of the business. It can be difficult to distinguish between the two separate entities, but by upping your liability insurance you may still be able to have any damages or incidences covered adequately.

Ask about health insurance and benefits

Depending on how big your small business is, you may want to consider providing benefits for your workers. This can help when it comes to covering their medical, dental, vision and retirement which can also help entice employees to stay on with you as you grow and develop your business. Having this sort of coverage also allows you to take care of your employees and show that you care about them as more than just workers.

It is evident that you will need small business insurance to cover quite a number of possible risks and other concerns depending on the nature of your company. It is important, however, that at least have liability insurance and property insurance when first starting out. It is advisable that you work with reputable insurance companies because they will offer the right guidance when it comes to personalizing your insurance policy rather than simply trying to sell you insurance before looking at what you actually need. If you find the right provider, they can help you make adjustments to your policy as your company grows.

The complete guide to farm insurance coverages

If you own a farm, then the type of insurance you should be thinking about is the farm insurance. As much as your farm is your property, a property insurance will just not cut it. A farm insurance coverage is a package of financial assistance that is tailored specifically to suit farm owners in the event of any form of misfortune. Unlike most properties, farm are unique in their own way. They consist of buildings, equipment as well as livestock and crops. As such, the risk faced by farms differs greatly from other forms of risk.

It is important to note that farms are different due to the different components they may have. While others have animals and a lot of work is manually carried out, other firms may have crops and a lot of equipment. For this reason, firm insurance coverages can be manipulated to suit the specific farm. Even with all these differences, one thing remains constant, the availability of a barn. This is where the animals, the harvested crops or the equipment can be kept. All these aspects of the firm are used to determine the risk expected and to what extent it can affect the firm.

Importance of having a farm insurance cover

As a source of livelihood for many, farming has proved to be a lucrative form of business. Well known to everyone, businesses should be insured as a form of protection against loss. A farm is no different. Many may want to know why it is important to take up a farm insurance cover. Well, a farm insurance cover will protect your investment against any unforeseen eventualities that may affect the farm, as well as its occupants negatively. The benefits a farmer will enjoy from a farm insurance policy include:

Farmers can recover their damaged property either partially or in full. This depends with the type of policy you have and the specifications of the policy. Some policies will cover you to a certain percentage while others may offer you full coverage. It should be noticed that the terms governing the coverage depend on the type of risk and its severity.

Farmers may benefit from subsidies offered by the government to farmers with farm insurance policies. This payment is normally meant to cater for part of the premium paid by the farmer for the cover.

Farmers receive special coverage for items that other forms of insurance such as property insurance policy would not cover. This includes the cover for crops and livestock kept by the farmer.

Farm Insurance

Types of farm insurance covers

There are different types of farm insurance covers that a farmer can choose from. Each of these farm insurance covers depends on the items in the farm and covers specific features. Below are the different types of farm insurance covers available for farmers with varying dimensions.

Basic farm insurance cover

The basic farm insurance policy only covers the basics of a farm. The barn is the most basic of features in a farm. This type of insurance mainly aims at insuring the burn. It should however be noted that this the basic farm insurance cover cannot be used entirely by itself. This is because other than the barn, a farm consists of other features that also require insurance.

Crop farm insurance cover

The crop farm insurance cover is intended for crops grown by farmers. Its objective is to safeguard crops from both manmade and natural disasters. There are three types of crop insurance. The yield based insurance comes into play after harvesting to protect the farmer against possible loss due to price fluctuations. The named peril is meant for a specific risk experienced in a specified location. The revenue based cover aims at enabling the farmer to realize his expected revenues regardless of whether the yield prices were lower than expected.

Livestock farm insurance cover

Livestock cannot be treated the same as crops or property. These animals have risks that are unique to them thus requiring a specific type of insurance. The livestock farm insurance cover aims at protecting the well-being of the livestock. This insurance policy can be tailored to suit specific animals as they also differ in the risks they are prone to. Other factors the policy covers includes animals on transit, auctioning of livestock, compensation of workers who get injured while attending to the livestock among others.

Liability farm insurance cover

This type of farm insurance cover is used to safeguard the farm as well as the farmer from any activities that make it liable for example, bodily harm, pollution, exposed privacy and payments to other parties to name just but a few.

Property and casualty farm insurance cover

This cover is not only meant for the features within the farm, it is also meant to safeguard the entire farm from destruction. It protects the property within the farm from any and all forms of damage whether through theft, fire or vandalism.

Specialized farm insurance cover

Not all farm produce the same products. There are some farms that provide unique services. Such services offer a different type of risk that is not covered by other farm insurance covers. The specialized farm insurance cover is there to cater for such like farm activities. This farm insurance cover deals with the potential damages these unique farm activities may cause.

What to consider before selecting a farm insurance cover

Farmers must have a couple of things in mind as they move forth to selecting a farm insurance cover. These are the factors that will determine the type of farm insurance cover to be selected as well as the premium to be paid. Some of the major factors a farmer should consider include:

Location

The location of a farm is very important when assessing the insurance policy. This aspect goes hand in hand with the climate. Areas with flooding seasons or dry seasons could take a farm insurance cover that addresses the problem. The location determines the type of insurance services rendered. In some areas, a selected farm insurance cover may be compulsory for all farmers to have while the same cover may be optional elsewhere or even non-existent. For example, areas along the equatorial region may not see the purpose of having a farm cover that deals with frost.

Size of the property

A firm with a larger size will definitely call for a higher premium. This is because the area that may be damaged at any given time is large, thus costing more.

Environmental factors

Look into whether or not your environment is prone to fluctuations such as the weather that could affect the farm. Address all factors both external and internal that may put the farm at risk. This will assist you in identifying which farm insurance cover is for you.

Insurance for Online Businesses – What You Need to Know

When you decide that you want to work full time from home with your own online business, there are a few important things that you need to be aware of concerning insurance for online businesses. Everything involved in the success of your business, from your health to the equipment you use, needs to be protected against loss. Different types of insurance protect owners of online businesses against damages, thefts, financial losses, unexpected interruptions and legal claims.

 

Online businesses can be easy enough to set up and get started, but before you have an online business up and running it is important that you check your existing insurance to see exactly what it covers. Then you will need to consider what sort of extra insurance you are going to need.

 

You might be able to reduce your insurance costs if you invest in better security for your home. Some companies offer lower premiums when insured items are protected by alarm systems and reinforced locks.

 

Home Insurance

Whatever type of work you do online, you are running a home-based business and you should inform your insurance company or the agent who sold you the home insurance. They need to know that you are now working full time with your own business, and about the type of work you do at home.

 

The sort of equipment you need to use for your online business might mean that the home insurance you already have is not adequate. This may even become invalid because you are now running a business from home.

 

 

Your home insurance policy will probably cover one or more personal computers, laptops and other Internet devices used at home. However, for insurance purposes, there is a difference between computer equipment that is being used by the family for Internet surfing, watching movies, playing games and music, and the office equipment that is necessary for you to run your online business.

 

Not many companies will allow you to add the equipment you need to use for your business as an extension to a home insurance policy for general household contents. Separate insurance will therefore be needed to cover your computer and other business equipment.

 

Insurance Cover for Electronic Devices

Even if you only use a laptop for your online business, you will need to have insurance that will cover it outside the home. You may take your laptop or tablet out with you in your car and you might want to use it in a convenient wifi spot away from home.

 

If you intend to use more than one type of portable Internet device for your online work, then you will need to have comprehensive insurance that will cover any tablets, smart phones and other portable electronic items you use.

 

If you are making videos or taking photographs to promote your online business, then your camera will also need to be covered by insurance. Read this post to know more http://www.investopedia.com/terms/i/insurance-coverage.asp

 

Selling Your Own Products Online

You may need to have some additional home business insurance if you make and sell your own products. This means taking out a policy to cover loss or damage to any tools you use, and your arts and craft materials.

 

When you are marketing your own products online, you will also need to insure the finished items and cover any safety issues involved. Liability insurance is only necessary if the products you are selling could possibly cause any injury or damage to the people who use them.

 

Postal insurance will be necessary if you are sending your own products by mail direct to your customers. This will cover any missing packages and damaged items. Some carrier services include insurance in the price, but for higher value items you will be expected to pay additional insurance costs.

Business Insurance

Professional Liability Insurance

When your online business is designed to provide a service to your customers, you might need to have some errors and omissions insurance (E&O). This is also known as professional liability insurance. It will protect your online business by covering any legal costs involved in claims made against you for negligence or malpractice, and any legal claims resulting from some sort of oversight in providing the service to your customers.

 

Business Interruption

You may also want to ensure that you have some business insurance to cover the type of business interruption that would affect your online work. If there was a flood or a fire in your home, then you would immediately need to find a temporary place to go, where you could keep your online business running effectively. This might involve some additional costs, such as equipment rental and office space, which the business interruption insurance would cover.

 

Self Employment Health Insurance

It is worth finding a health insurance plan dthat is specifically designed for self-employed people. When you declare the net profit from your online business for tax purposes, you will be able to deduct the amount you have paid into your health insurance plan.

 

Insurance Choices for Online Businesses

No two online businesses require the same type of insurance. Those that involve making and selling products need insurance to cover each stage of the process, from storing materials to shipping finished items.

 

Services that are provided online need to be covered against errors and omissions. These can easily arise when designing software for any digital tools and services that the business and its customers will be using.

 

No online business can survive without a computer in the event of loss, damage or theft, all the Internet devices used must be covered by insurance.

 

Finally, consider your home office and your health. For your own peace of mind you need to know that if anything should happen to your home or your health which will interrupt your online business activities, you are insured.

Are Insurance Agents Prepared for the Digital Age?

With the right digital age talent, a larger number of insurance transactions can become automated. Underwriting analytics will create a vast amount of transactions as the current generation of underwriters learn, grow, and pass their knowledge forward to upcoming agents. We are living in a digital age where smartphones have become our mobile knowledge library. Insurance agents can prepare for the digital age by using the digital tools needed to meet and greet their clients.

The paperless office is an agent’s digital toolkit to remain competitive. Virtual automation can connect the insurance services to web apps to move an agent’s data quickly to avoid client lag time. Agents in the digital era still require the same value drivers, which includes:

  • a quality product
  • processing speed
  • flexibility and customization of client solutions.
  • commission levels.

Using modern technology for insurance agents, who need to provide their clients with convenience, sound advice, and value, especially if they are going to do business with the digital client. With today’s smartphones, tablets, etc., potential clients can click and receive a comparison chart of insurance benefits. Agents must have in-place the digital content tools to give their clients access to Web strategies, email campaigns, eSignature software and apps, and customer relationship manager (“CRM”) systems. Gone are the days of a unilateral sales strategy to reach their clients. Insurance agents must use multiple channels, like those mentioned, as well as social media.

In looking for the insurance content that meet their needs, potential clients are requiring customized products, along with fast and efficient service. The modern insurance environment has already changed from a seller’s market to a buyer’s market, but it is not always about premium costs. Digital tools offer an intimate segmentation that allows insurance agents to understand what products their clients need and how to interact with them.

The key for insurers to attract clients means that they have to understand what motivates the public in purchasing decisions. Insurers have to see the public looking for insurance, as distinct individuals, therefore, agents must engage them with specific offerings and to encourage potential clients to see their organizations positive experience for them. As more e-applications migrate to the “cloud” technology, information is available everywhere at anytime and it is cheaper.

Insurance agents are required to not only adjust to virtual components, but they need to continue their relationship with a new generation of possible policy holders. Social media relationships are established through the computer or online, but that’s not where it stays. Agents still need to convince potential clients that they sit down face-to-face with them and prove to them that agents are serious about looking out for their lifetime investments.

Life Insurance

protecting a family

Digital technology for agents to grow their business is already here and it is valuable in the bottom line for both the agents and the client. There are a few more competitive tools that agents need and this includes digital marketing methods. No longer are we simply advertising on TV, the newspaper, the telephone book, but marketing is now taking place on Facebook, Linked-In, Twitter, and more. With these digital marketing sources, insurance agents can capture their audience by posting comments, setting up blogs on insurance topics, and developing a more personal relationship via the digital era. Insurance agents are now using mobility to reach prospective clients and making the right sales. Technology is exploding around us and it is up to insurance agents to keep up with it.

Insurance agents are forming partnerships with technology providers that supply service connected devices to aggressively build new client based businesses, that focuses on meeting prospects’ expectations for a digitally interactive world. As we saw in the Obamacare online problems, technology is driving all types of insurance contents, from medical, life, property to auto, and more, as it grows from actuarial risk assessment to a structural risk model based on virtual or real-time activities with prospective clients. Insurers who peer forward by adopting the new technology opportunities will have a leg up on their competitors.

Answering the question are insurance agents prepared for the digital age, then insurance providers will need to equipped insurance agents with the tools to remain competitive and functional in this digital world. Individual’s must be trained and hired to become digital agents, as well as giving them the Web content tools they will require, including upgrading their online personalized presence. By using this concept, insurance agents and insurers are investing in methods that will pay off through growth sales and profitability through direct and agent based sales. They will be able to drive more online and offline leads, improve conversion rates and the cost to serve the public, and increase retention rates, while also increasing products per prospects.

Insurance agents can also survive in the digital age if they reach out to micro businesses. These businesses are digital operations, many of which are financed through crowd funding, web based investors. Many micros will stay small or even fail, but others will grow very quickly and agents need to be there from start to finish. Micros, as well as SMEs (small/medium enterprises) can be a one person business to other smaller numbered employees. Their insurance needs are very simple, which means they can click online to obtain the information they need. However, as their business grows and their staff and products increase, the business insurance offerings become more complex and insurance agents can help meet their digital insurance solutions.

To frame the question – are insurance agents prepared for the digital age – let’s list what we have discussed thus far and capsulize the insurers and their agents’ present and future success:

  • a digital strategy must be defined and a strategic map to get there established
  • focus on digital spending
  • existing channels must change and digital change take place
  • develop an analytical infrastructure, establish the platform and select e-tools.
  • develop mobile and tablet skill sets, products and services
  • research new apps to make sure that they deliver to the customer and the company
  • establish profiles on social media sites
  • embrace cloud computing to define and drive insurance innovation and reduce existing barriers for the introduction of the digital era.

Insurers and insurance agents [See this post: http://en.wikipedia.org/wiki/Insurance] are becoming empowered with education and training of sales and customer service in the digital era that is here now and will only become a bourgoining e-industry. Evolving regulation will have a defining affect on how well agents can respond to the digital challenges. It has been known that digital capabilities is essential to a successful insurance company. In tandem with other digital channels, insurance agents can truly deliver a satisfactory client and business growth.

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