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Terminology

Overpaid Workers Comp. Benefits Can’t be Recovered Back

Any business owners with employees must have workers comp. insurance. Workers comp. insurance premium is based on a few factors: 1. Employees’ duties and payroll 2. Claim history, which includes the frequency and the nature of claims, as well as how much was paid out. 3. Some additional underwriting data factoring safety features of the work space, locations, working hours (24-hour operation is considered as a high risk) and similar. Let’s talk about #2 – claim history, in particular, how much was paid off in case of a claim. First off, the funds paid out often include medical payments, lost… Read More »Overpaid Workers Comp. Benefits Can’t be Recovered Back

Eleven Cybersecurity Tips for Small Businesses

Broadband and information technology are powerful factors in small businesses reaching new markets and increasing productivity and efficiency. However, businesses need cybersecurity tools and tactics to protect themselves, their customers, and their data from growing cyber threats. Here are ten key cybersecuritytips for businesses to protect themselves: 1. Train employees in security principles Establish basic security practices to protect sensitive business information and communicate them to all employees on a regular basis. Establish rules of behavior describing how to handle and protect customer information and other vital data. Clearly detail the penalties for violating business cybersecurity 2. Protect information, computers and… Read More »Eleven Cybersecurity Tips for Small Businesses

Broad Form Auto Endorsement

If you are shopping for your business auto insurance consider getting quote from Hartford. With a broad form auto endorsement you are getting: Coverage Who Benefits Most Claim Scenario Loan Gap Coverage – When a financed vehicle is declared a total loss and your insured’s outstanding loan balance is greater than the actual cost value of the vehicle, The Hartford will pay the difference between the outstanding loan balance and the actual cash value of  the vehicle. This is a new coverage! Any small business owner that finances company vehicles Like many small business owners, Jane financed the Ford F350 truck… Read More »Broad Form Auto Endorsement

Personal Injury Insurance Coverage and Credit Cards

In general, oral or written publication, in any manner, of material that violates a person’s right of privacy would be considered as a personal injury. However, your credit card slip may show a few digits of the credit card you use for the transaction and such would NOT be considered as a personal injury, because the word “publication” would not apply to this example. Other examples of personal injury: libel and slander, publishing / disclosing personal related information (health records, financial, etc) to a public domain without prior approval, false arrest and trespassing.   Always consult with your insurance policy for a proper understanding on… Read More »Personal Injury Insurance Coverage and Credit Cards

Are Riots Covered on my Business Insurance Policy?

As businesses in England begin to seek insurance coverage for revenue lost as a result of recent rioting, business owners and executives elsewhere might wonder how their business interruption coverage would respond to a sudden outbreak of a riot. Most admitted insurance companies do offer business interruption coverage built into their commercial property policies that would respond to riot-related losses. Beyond income lost as a result of direct property damage, commercial property insurance also covers income lost due to restricted access to the property. In some cases, the coverage will pay employee wages in the event of a business interruption.… Read More »Are Riots Covered on my Business Insurance Policy?

WHAT HAPPENS WHEN A BUSINESS OWNER DIES?

When a sole proprietor dies, the business is almost certain to die with the owner unless there is someone in the family who can step in and keep it running. The reason is that the creditors of the business line up right away to collect their money. The beneficiaries are put under tremendous pressure to settle all accounts payable immediately. The problem this creates is that the business then must be sold, and quickly. Whenever it is necessary to sell quickly, the potential buyer is in a strong bargaining position, and the sellers can see their asset greatly diminish. In… Read More »WHAT HAPPENS WHEN A BUSINESS OWNER DIES?

Often Misunderstood Facts Surrounding Certificates of Insurance

Certificates of Insurance are informational only, and cannot be used to grant, amend, extend or alter coverage or policy terms; Inserting any additional wording onto a Certificate of Insurance that grants, amends, extends, or alters coverage is an improper use of the Certificate of Insurance and is in violation of certain state statutes; The number of days notice for cancellation to a Certificate Holder should not be inserted onto the Certificate of Insurance; this notice can only be accomplished by attaching a separate endorsement to the policy; The separate cancellation notification endorsement is attached to the policy, it is not attached to and… Read More »Often Misunderstood Facts Surrounding Certificates of Insurance