Do Electricians Need Liability Insurance?

Liability Insurance

Most electricians go for years with only an occasional mild shock, but all realize the potential for serious work-related injuries. Electricians also impose certain risks on their clients, and require insurance to deal with the potential for legal and financial problems that can ensue. Here are two types of liability insurance for electricians and what they cover.

General Liability

General liability covers any mishaps that might occur with the public, such as people tripping over a piece of your equipment and injuring themselves or claiming that you infringed on their copyright. These situations occur more often than you would think, and a little bit of coverage goes a long way toward protecting you from the costs of medical bills or even a lawsuit.

Professional Liability

Professional liability is a financial safety net for all the things that could go wrong with electrical wiring. From clients receiving electrical shocks to homes burning down, a multitude of potential claims exist. Even if you did nothing wrong, having insurance guarantees that you will have some financial resources to pay for damaged property or court fees involved in defending yourself.

Besides liability, there are other types of insurance policies available to electricians. Be sure to talk with your insurance agent to find the ones that fit your professional situation.

Smart Insurance Policies for Small and Medium Businesses

Smart Insurance Policies

For the owner of a small or medium-sized business, it’s important to purchase a business insurance policy that addresses the many risks you face. Combining different policies into one comprehensive package is the most cost-effective solution.

Business Owner’s Insurance Policy

The BOP insurance policy is geared toward protecting your business against many risks. A standard package typically includes the three types of insurance listed below, but add-ons may be purchased to cover other concerns as well. It’s critical to thoroughly examine the risks your business faces and discuss those concerns with your insurance agent. That way, you will be able to determine the best coverage for your particular needs.

  • General liability – When a client or customer files a claim against your company due to damages or injuries, this policy will cover the legal fees and settlements.
  • Property – This policy protects against damages to your property, including the building, equipment and inventory.
  • Business interruption – This insurance protects when a devastating event, such as a fire or weather-related issue, force you to disrupt operations for a while. The policy will cover a number of issues, including operating expenses and the costs involved in a temporary move. It also reimburses for lost profits and loan payments.

The BOP insurance policy is a smart way for the small business owner to keep costs down while protecting their investment.

Why You Should Consider Purchasing Insurance For Your Small Business

Small Business

As the owner of a small business, your top priority is to keep things running smoothly. However, running a business is not without risk so it is very important to look into small business insurance to protect yourself. Business insurance provides protection against all kinds of financial damages including:

Types of Coverage

There are a variety of different types of coverage you can purchase that can insure different things. One option is general liability insurance. This type of insurance protects you from financial damages caused by bodily injury or property damage.

Another type of insurance that can be very helpful for your small business is commercial auto insurance. This is very important if your small business utilizes vehicles in any capacity. Commercial auto insurance covers your company vehicles while they are traveling between job sites or making deliveries.

Cyber insurance is very important if your business is responsible for storing any sensitive data. It provides protection against all kinds of electronic threats. A couple examples are cyber-attacks and data breaches.

At the end of the day, running a business is very difficult. Give yourself one less thing to worry about by protecting your small business with insurance today. It really can make all the difference.

The Importance of Insurance to the Supply Chain

Supply Chain

Running a business that is connected to the transportation industry in any capacity can be a real headache. If your company is responsible for sending or receiving goods to vendors, for example, you need to take many factors into consideration when selecting insurance. Should something go wrong for one of your drivers, you run the risk of experiencing serious financial loss and upsetting the entire supply chain you’re connected to. This is why you must use care when picking out a policy that fully covers you, your employees, and your assets.

Picking Out a Sensible Plan

Experts advise selecting truck insurance in California by considering a few key points. First and foremost, you need to ask yourself how often your truck sees use. While all vehicles need to be insured in some capacity in accordance with state laws, the amount of coverage you take out is entirely up to you. If you don’t use the vehicles often, you may not feel like you need ample protection. However, a truck that is used consistently is an asset that needs full coverage. This is also true of insuring any workers who get behind the wheel. Consider the following:

Keep Your Company Running Strong

As long as you take care when finding appropriate insurance for your business, you will be able to rest easy. Learn more about what makes for a solid plan and feel confident in your decision.

Standing Out in the Insurance Market

Insurance Market

 There is a lot of competition in the insurance industry, and sometimes it is more beneficial for two providers or companies to merge to best serve the market and their longevity. This was the case when Republic Insurance acquired a business deal with Starr International Co. Inc. The changes were able to bring customized casualty and property insurance products to a new region and provide clients with more access to claims management, loss control, and reinsurance services.

Signs of a Good Insurer

The many options in the insurance market can make it difficult to find companies that will be meet your coverage needs. Making your company stand out from the rest requires that you implement a few of these best practices.

  1. Don’t always upsell the customer. Your company should provide the client with the most holistic view of their coverage needs even if it isn’t your most expensive policy.
  2. Be transparent about your pricing. Your customer needs to know what they are paying and what they are paying for. Mergers can often lower premium costs while expanding service opportunities.
  3. Empower the customer with information. Make sure your clients have the resources they need to understand their risks and liabilities. These factors impact the cost and nature of coverage.

Stay competitive in a crowded market with these best practices, but always look for other creative growth options.

Homeowner’s Coverage for the Wealthy

High Value Insurance

Many individuals that are considered affluent have earned their way into wealth and have amassed a number of expensive assets. These assets could include:

  • Luxury primary residence
  • Vacation homes
  • Private jets
  • Watercraft
  • High-value automobile collection
  • Elite furnishings
  • Priceless art
  • Vintage wine collection
  • Diamonds or costly jewelry

Protecting their valuable from destruction, loss, or the threat of theft needs to include more than a state-of-the-art security system.

The Damage of Being Underinsured

Since the average homeowner doesn’t face the same risks and financial hit when compared to the value of these assets, a standard homeowner’s insurance policy isn’t enough coverage. However, it could still be possible to have a special high-net-worth policy that doesn’t fully protect the financial investment of what you own. Should something happen, being underinsured is just as damaging as having no insurance?  With the help of your agent, be sure to select high-value insurance options that address the unique circumstances of your home, its contents, and other valuable assets.

The Value of Your Assets

The right insurance plan will address the value of your assets, though this could happen in several ways. With a high-value policy, your limits and sub-limits will be a lot higher, making it easier for repair or replacement circumstances. The coverage options could also extend to cover the cost of living while the home is being repaired, landscaping coverage, and family protection coverage.

ADA Compliance for Businesses

importance of ADA compliance

The Americans with Disabilities Act requires that businesses who serve the general public must provide accommodations to handicapped individuals so that they can enter a business’s premises or use its services. Failure to comply with the ADA can cause significant liability exposure because it can result in claims of discrimination. Here are some important aspects of ADA compliance that all businesses need to consider.

Human Resources

The importance of ADA compliance has to be a significant factor in business’ general operating procedures as well as human resources policies. In addition to providing accommodations for the general public, they must also create an inclusive working environment for disabled employees. When an employee makes a request for a reasonable accommodation due to a disability, a business should use its best efforts to respond effectively.

Accessibility Criteria

A business’s premises need to meet certain physical requirements to facilitate access for individuals who are mobility impaired or rely on the use of a wheelchair. It may be necessary to modify doors or install wheelchair ramps. While businesses will not need to make changes that they can’t reasonably afford, any type of significant renovations may trigger compliance with ADA requirements that have been integrated into local building codes.

ADA compliance is a legal requirement that all businesses need to be proactive. In addition to following the law, compliance is important for shaping positive customer experiences and sentiment.

 

What Insurance Investment Does Your Business Need?

commercial general public liability insurance

Any business needs protection from loss associated with claims issued against the operations. This protection is in the form of financial assistance, commonly called insurance. A company has many risks based on the operations, the location, the products, and the consumers, and general liability policy is the most basic form of insurance protection for any size business.

The Coverage Needs

When a business purchases a commercial general public liability insurance plan, it provides coverage for things like medical payments to injuries that happen to clients or consumers on your property or advertising claims of slander, libel, or copyright infringement. The general liability policy also provides funds for defense costs and settlement demands that may come from a lawsuit against the company.

Other Areas of Coverage

General liability claims aren’t the only things a company should be aware of. Businesses must worry about things like fraud, theft, employee injury, cybersecurity concerns, errors and omissions claims, and equipment malfunctions. Because there are so many other areas of concern, businesses sometimes look at a business owner policy (BOP) and then add endorsements or riders for the additional areas of exposure.

Adding additional policies or creating a more comprehensive package might seem expensive, but investing in a financial backup plan is better than having to spend thousands trying to get out of a legal mess.

Optimizing Your Google Search Results

google-search

Today’s consumer turns to Google and other search engines for help with choosing the right product or service. From healthcare to auto parts or insurance, having your business move to the top of the list of search results is the key to ensuring brand awareness. Since there are millions of results for any single query, having your company show up means investing in SEO best practices.

The Big Three

There are three prime reasons for choosing local SEO to drive your business forward.

  1. Free Traffic. The world of advertising is constantly changing, so it is wise to spend your funds and resources in an effort that will bring solid returns. When you improve your internet rankings, you are given access to a free stream of constantly changing traffic.
  2. Google Excellence. Insurance agents can’t rely on strategies of the past, such as taking out an ad in the local Yellow Pages. Almost 97% of all consumers look for a local business online, and Google is the current market leader for these searches.
  3. Rapid Results. It can take anywhere from six months to a year before national and international companies see any improvement in their rankings. When you are using local SEO, you are competing against other local companies, rather than countrywide agencies.

As the team at Neilson Marketing knowns, local SEO for insurance agencies is what makes all the difference.

Does Your Insurer Help You Understand Your Clients?

Risk management is about a lot more than just the dollar value on your coverage. It’s also about understanding how your own behavior can impact the risks your business faces, from cash reserve decisions to your professional conversations with clients. When you work with an insurer who understands what you do, that can mean getting help in all those areas. Insurance professionals have a vested interest in helping clients keep their risks managed, after all. That means when you use knowledgeable, industry-specific insurers, you can count on them having everything from accounting tips that help you get the right background information and goal-setting discussions rolling with new clients to risk assessment and tax positioning questions that will help you quickly update information for your established regulars.

Liability Coverage for Accounting Professionals

More likely than not, it’s your professional liability insurer who will know your business best. That’s not a coincidence since the coverage needs to be tailored to the specific risks you take as an accounting professional. Finding the right insurance relationship means getting help with those professional habit-builders that can keep you ahead of the curve when it comes to anticipating client needs and avoiding the kinds of exposures to liability your policy protects you from. That, in turn, can help you present a lower risk profile, saving on future insurance needs. It’s a win-win when you have an insurer who wants to help you be the best professional you can be.