Starting your own business is the first step towards achieving your dream of self-reliance and fulfillment in your career; however, the chaos of the world will try to bring your thriving business to the ground. You have the ability to prevent undue damage to your business when you purchase an insurance policy for your small business. There are many different types of insurance policies available for small businesses, which range from covering your business structures to your employees’ inappropriate actions, and you need to know what each policy means for your business
Business Property Insurance
If you experience a natural or man-made disaster, a Business Property insurance policy will protect your business from the associated damages, such as from weather, vandalism, or fires.
Liability Insurance
Liability insurance policies protect you against the majority of your concerns as a small business owner. This type of insurance is used to cover any possible issues involving a third party, which includes customers, landlords, products, and even medical expenses. If you were to have a customer trip over your merchandise, a Liability Insurance plan will protect you.
Worker’s Compensation Insurance
If one of your employees becomes injured while at work, you will be held responsible for medical treatment, lost wages, and pain and suffering. Worker’s Compensation insurance shows your employees that you care about their safety while working while protecting your reputation and finances from these unforeseen expenses.
Excess Liability Coverage
Although you purchase a variety of insurance policies to protect your business, you may find that your policy limits do not cover the financial cost of certain claims. In these cases, an Excess Liability insurance policy will provide a cushion above and beyond your existing limitations of liability.
Employment Practices Liability Coverage
This type of insurance for small businesses protects you against allegations of discrimination, harassment, and retaliation.
Life Insurance
Life insurance covers you, your business partners, your employees, or your spouse in the event of death by accident or other circumstances. It will enable your loved ones or friends to continue the legacy of your business.
Health Insurance
You may choose to offer your employees health coverage or purchase health insurance for yourself. The options for Health insurance vary in amounts respective of deductibles, copayments, and limitations. However, some changes have been implemented since the introduction of the Affordable Care Act, so please check with your insurance agent to select a policy suited to your needs.
It can be difficult to navigate the available insurance policies you need for your small business. However, it’s better to be protected against an unfortunate circumstance rather than lose your business and hard work.
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Being a business without workers’ compensation insurance in California is a serious matter. If an employee is injured during the course of business duties and the business is not insured, it does not mean that the business is absolved of its responsibilities. The Uninsured Employers Benefits Trust Fund was established to ensure that employees are still compensated for their medical expenses even if the business did not comply with the law. Using the power vested in this entity, it can pursue many avenues to ensure that the injured employee is compensated, including placing a lien on the business, imposing a stop order so that the business can no longer legally and delivering fines, penalties and jail time.
If you should decide that you do not want to carry workers’ compensation insurance on your employees and one of them becomes injured or sick while on the job, you will be responsible for paying 100% of the cost of their bills. Without obtaining adequate workers’ compensation insurance, an injured or sickened employee can sue your company to obtain the funds necessary to cover their medical bills. In addition, there is the potential that your business will be fined, penalized and even more for not meeting its obligations to its employees.
The California state labor board, the Division of Labor Standards Enforcement, is responsible for ensuring that businesses comply with a range of labor standards, including having an adequate amount of workers’ compensation insurance. If the Division determine that the business was lacking in this regard, in addition to fines and penalties, it is possible that you will serve a jail sentence in the county jail. A stop order is also likely to be issued that prohibits the business from using the labor of those employees who are not covered. It is a misdemeanor to not comply with such an order.
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With the passing of Halloween, the majority of Americans will begin to plan their festivities and travels for the upcoming holiday season. While many look forward to the joyous tune in the winter atmosphere, few realize the need to be extra careful when traveling in terms of insurance coverage. A few days away from the house can translate into fires, burglaries, and even damage from the weather. The awesome trip through the woods to Grandmother’s house can turn into a nightmare without proper auto insurance, and of course, the winter makes you more likely to become ill during your holiday travels. Before you plan out what you’ll be doing for Christmas and Thanksgiving, take the time to evaluate your insurance policies.
Auto Insurance
Although state laws require that all drivers maintain liability insurance for at-fault accidents with other drivers, you need to be aware that uninsured drivers will be on the road with you. If you have an accident, you may be stuck with a repair bill or injury that is not covered. Before taking the care across country for the holidays, consider purchasing underinsured or uninsured motorist protection. Uninsured motorist protections cover you if the other driver’s financial responsibility falter or don’t exist.
Homeowner’s Insurance
What goes together better than cookies and hot cocoa? Burglars and empty homes. When you travel this holiday season, remember that your home could be the next target of a break-in. While it’s beneficial to purchase a home security system or service, you need to have an insurance policy to cover your belongings as well as your home. In addition, the risk for fires increases during the winter, so check to see if your current homeowner’s policy covers house fires.
Health Insurance
Sledding all day is a fun and exciting thing to do while visiting friends or relatives away from your home, but what happens if you, your children, or your spouse get sick? Check to see if your health insurance policy will cover visits to emergency centers, hospitals, or other clinics in whatever state or city you will be traveling to. Furthermore, make sure you are up-to-date on your immunizations prior to holiday travel.
If you’re planning a trip this holiday season, you need to take some special considerations in regards to your insurance policies. Make sure your home, vehicle, and the health of yourself and your family will be covered if something happens during your holiday travel.
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In the past, Americans faced significant amounts of discrimination and problems in the workplace, but the US Congress enacted several laws to prevent these problems in the future. While the protections derive from the Civil Rights Act of 1991, the Americans with Disabilities Act, the Family and Medical Leave Act, and the Age Discrimination in Employment Act, the Equal Employment Opportunity Commission (EEOC) remains charged with the duty to monitor and enforce employee protections. However, a business does not possess the ability to control the actions of its employees, which leaves a business open to the possibility of legal action for improper treatment or discrimination. In order for a business to properly protect itself from the possible unlawful actions of discrimination, harassment, or retaliation on part of persons within the business, it needs to purchase an Employment Practice Liability (EPL) insurance policy.
Discrimination
An EPL insurance policy guarantees businesses will be able to meet any legal problems or restitution required arising from the discrimination of a person within the company towards another employee. Although the issue of race comes to the mind immediately when speaking of discrimination, EPL policies include protections for other types of discrimination, such as discrimination in employee pay rates, age, pregnancy, religion, genetic information, and gender.
Harassment
EPL protections encompass the inappropriate physical, verbal, emotional, and sexual realms of harassment that could occur within the workplace. According to information provided by the EEOC, the monetary benefits awards as a result of harassment charges rose from $86.5 Million in 2010 to $97.3 Million in 2013, and without an EPL policy, your business will be on the proverbial hook for this money.
Retaliation
As part of the EEOC’s duty to enforce the rules against the protected, unlawful behaviors, it ensures that employees do not experience retaliation when charges against a business have been filed. For example, an employee cannot be terminated if she experienced a case of sexual harassment, which she then reported to the Equal Employment Opportunity Commission.
In California, the total number of claims per year against businesses for unlawful actions increased from 6.654 in 2009 to 6,892 in 2013, and many of these claims involved multiple allegations for different infractions. With this information in mind, your business cannot risk the financial setbacks of violations in employee protections. Your business needs an EPL insurance policy.
Sources:
http://en.wikipedia.org/wiki/Employment_practices_liability
http://www.eeoc.gov/eeoc/statistics/enforcement/harassment_new.cfm
http://www1.eeoc.gov/eeoc/statistics/enforcement/charges_by_state.cfm#centercol
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According to the National Retail Insight Center report, this year’s Halloween spending will average about $77 per person. This means we are likely to see an increase in trick-or-treaters at our homes. For many homeowners, this is not generally a problem but there are some common things that occur every Halloween that you should be aware of.
The dreaded dog bite
If you have a family dog, keeping him in a closed room can help prevent this calamity. Dogs are naturally territorial and when there are strangers pouring into your yard and ringing your doorbell, chances are your dog will get overly excited and could potentially harm a child. Before Halloween, check with your insurance agent about your coverage for this type of injury.
Children fall all the time
Children can be clumsy and when they are walking into unfamiliar yards, they can be even more clumsy. Combine this natural tendency with garments that are not always well-fitting and you have a potential recipe for disaster. Chances are if a child slips and falls on your property whether it is a tumble off the porch or tripping over cast-off toys or garden tools, you will be responsible for any medical bills the parent incurs.
Some surprising facts about homeowners insurance
Most people are unaware of some of the items their homeowners insurance covers. For example, Halloween is a night of pranks and if your home is egged, a headstone you own is toppled or your home is vandalized because you are not at home, these items may be covered. Before you pay for cleanups, repair a headstone or grave marker or repair home vandalism, check with your insurance company to see if any of these items are covered.
Halloween is meant to be a fun evening for adults and children alike. Sometimes things happen that are beyond your control. Do not assume you have all the insurance coverage you need, check with your insurance representative before it is too late.
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As a homeowner you have a responsibility to those people who visit your home. Not only do you have to ensure that invited guests are safe, but, when Halloween comes around, you need to be aware of the potential dangers to young trick-or-treaters and the hazards outside your home. In addition, you also need to ensure your family stays safe.
Hidden dangers in decorations
We all love to make sure our home puts on a show for are trick-or-treaters. This often means decorations that you probably have not used since last year. Before you start decorating your home keep some things in mind:
- Open flame hazards – it is fun for children to see a jack-o-lantern all lit up on the porch of a home they are visiting. Often, we use candles in these to provide a spooky welcome to children. Instead of using traditional candles, consider the battery-operated type to avoid potential burns to visiting children.
- Electrical hazards – strings of orange lights may look great outside or inside your home but if you have not used these lights since last year you may want to carefully inspect all cords. Worn cords should be thrown away to avoid a fire hazard.
- The little things – you may not think about dog toys, children’s toys or garden tools laying around your yard. However, these all can pose a risk to visitors who are unfamiliar with your home. Keep everyone save by carefully checking all walkways and surrounding areas for items that could cause falls.
Adults and children alike can enjoy the fun and excitement of Halloween if proper safety precautions are taken. Taking the proper precautions such as making sure your home is well lit, making sure your family pets are indoors where they cannot be hurt or frightened by trick-or-treaters and making sure you have prepared for your visitors will help make sure everyone has a safe and happy experience.
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