Skip to content

Business Owners Package Policy

Do I Need Business Liability Insurance for My Small Business?

Many small business owners wonder whether or not they need business liability insurance. The quick answer is: You probably do.

A more thoughtful answer is: It depends on what type of business you run and the agreements you set with customers.

To decide if your business needs liability coverage (and again, it probably does), it helps to understand what business liability insurance covers, why most small business owners need it, and the types of circumstances under which businesses are covered.Read More »Do I Need Business Liability Insurance for My Small Business?

8 Worst Businesses to Start Right Now

Image: 10 Worst Businesses to Start Right Now(updated on 10/31/2022)

Opening your own small business is an exhilarating undertaking made even more exciting if you’re successful. No matter how skilled a business person you are, venturing into stagnating or dwindling industries makes it more likely that your business will be one of the 50 percent that fails within the first five years. You can also check this info sheet posted by SBA on SURVIVAL RATES AND FIRM AGE.

Help ensure your success by steering clear of these likely-to-fail businesses.

8. Restaurant

Opening a restaurant is no small order, as the 23 percent failure rate within the first year illustrates. Independent eateries find it hard to compete with restaurant chains able to buy bulk products at big discounts.Read More »8 Worst Businesses to Start Right Now

How to Soften the Risk of Your Home Based Business Being Robbed

Home robberies can be devastating, even more so for people who run a home business. While the average loss during a burglary is over $2,000 dollars, that number can rise if you have a home business due to operation disruptions—especially if you don’t have business insurance. That’s why small business owners should try to minimize the risk of a burglary, and any consequences should one occur. Here are key things to consider.

Be Proactive, Not Reactive, With the Basics

Robberies may seem like something that happens to other people. Because of that, preventive measures—like an alarm system—often aren’t implemented until after a burglary has happened. Don’t wait. A security system should be your top priority, considering that one study found that 60 percent of burglars said alarms lead them to seek other targets.Read More »How to Soften the Risk of Your Home Based Business Being Robbed

Landlord & Tenants and Waiver of Subrogation

Mitch, aka “the coffee man,” has owned and operated his coffee shop for almost a decade. His shop is located on Market Street and comprises about 900 square feet of leased space in an office building. Mitch is having his attorney, Diana, negotiate the renewal of his five-year lease with the building owner/landlord. Diana has arranged to meet with Mitch and Mitch’s insurance agent, Dennis because the landlord is proposing changes to the lease’s insurance requirements. SUBROGATION While the lease requires Mitch to purchase insurance for his contents (and the landlord has agreed to insure the building), the landlord is… Read More »Landlord & Tenants and Waiver of Subrogation

Why You Need Business Insurance

At 10:30 on a Sunday evening, Steve Lapenta’s phone rang. An employee of Lapenta’s small natural foods business, The Bridge in Middletown, Conn., was on the line. “You should come down here,” the employee said. “A truck just crashed into the building.” Lapenta hurried to the scene where he met a cadre of police cars, fire trucks and flashing lights—and a carpet cleaning van that had plunged halfway through the front door of the small storefront where he and his staff of eight make tofu and other soy-related food products. Luckily, no one was injured. The van driver was taken… Read More »Why You Need Business Insurance

5 Things You Need To Know About the Home Office Deduction

Let’s talk about the home office deduction. People ask me about it all the time. “Can I take it?” “Do I qualify?” “Will it increase my chances of getting audited?” All of these are reasonable questions—particularly nowadays, when the numbers of mico-businesses, home-based entrepreneurs, remote workers, work-from-home employees, and freelancers have grown so much over the past few years.

Here’s the answer, in a nutshell: The home office deduction is perfectly legitimate and you should absolutely consider it. Here are some important facts about this deduction—all sourced from the IRS’ summary, Publication 587 (Business Use of Your Home) and Form 8829 (Expenses for Business Use of Your Home). Of course, you should also check with your accountant.

Number 1: To even consider getting the deduction, a part of your home has to be your principal place of business. Read More »5 Things You Need To Know About the Home Office Deduction

Vacant and Rental Property Insurance

Home For Rent Sign

Business investors, landlords, and owners of the residential and commercial property have vacant and rental structures for different reasons, including but not limited to a change in tenants,
recurring renovations or refurbishment, and selling the structure. When occupancy changes, the dynamics of loss exposures may shift significantly. Many insurance companies and homeowners policies will not insure or offer adequate protection for such property. If you’re looking for an experienced provider who understands these exposures and is committed to the property insurance market the search is over, as we provide access to coverage for vacant structures and rental dwellings and offer a simple process to convert policies as tenant occupancy fluctuates.

Ask yourself these questions when selecting an insurance provider for vacant and rental property coverage:Read More »Vacant and Rental Property Insurance

Potential Exposures for Construction Owners ​​​​​​​​​​​​​

Potential Exposures for Construction OwnersAs always with construction projects, it is important that owners of new developments understand insurance coverage to ensure that there is adequate insurance to address any potential risks during and after the construction of the project. While most owners maintain commercial general liability policies or rely on project-specific policies, these policies may not fully protect the owner against any and all risks that they may face during and after construction. This article addresses two unique areas in which owners should take special note to ensure that they are covered for these particular risks: third party action over claims and products-completed operations coverage.

 

Third Party Action Over Claims

Owner contracts with Roofer to assist in the construction of the roof of a commercial building. During construction, Roofer’s employee falls and injures himself on the project site and collects workers’ compensation benefits under Roofer’s workers’ compensation policy. Typically, Owner would not consider any risks with respect to this injury as Owner required Roofer, in the subcontract, to maintain workers’ compensation insurance. However, despite receiving workers’ compensation benefits, Roofer’s employee files an action against Owner alleging negligence for failing to properly maintain a safe work site.The action filed by Roofer’s employee is considered a third party action over claim. The employee is unable to sue Roofer because workers’ compensation is the employee’s exclusive remedy against his or her employer. Thus, the injured employee brings an action against Owner alleging that Owner’s negligence in failing to maintain the project site contributed to the employee’s injuries.
Read More »Potential Exposures for Construction Owners ​​​​​​​​​​​​​