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The Top Trends that Will Shape Business Insurance in 2023

NerdWallet has a good article looking at what 2023 has in store for businesses : 66% of small-business owners expect their revenue to increase over the next 12 months, according to a 2022 annual report by Bank of America Banks are expected to focus more on customer experience, and business owners should shop around for a bank that adds value to their company, with lower fees and integrated tools. Inflation will likely continue to impact businesses and demand adaptability, and business owners may have to improve efficiency and save money by reviewing processes. The labor shortage is likely to continue in 2023 and small-business owners can attract new talent by offering tailored benefits, such as flexible schedules and growth opportunities. Borrowing costs will likely remain high, and business owners should consider alternative funding options, such as business grants or credit cards with rewards. Communication with customers will be key to preserve relationships, even in times of uncert...
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Don't Get Caught Without It: The Importance of Business Insurance for Medium-Sized Businesses

Business insurance is important for medium-sized businesses to protect from potential risks and liabilities Consider coverage types offered in a policy, such as general liability, product liability, professional liability, and property insurance Look at policy limits for each type of coverage, which is the maximum amount of money an insurer will pay out for a covered claim Compare quotes from multiple insurers to find the best coverage at an affordable price Consider the deductibles, which is the amount of money a business owner must pay out of pocket before the insurance company will cover a claim. Business Insurance: What to Look for in a Good Policy for Medium-Sized Businesses As a medium-sized business owner, it's important to protect your company from potential risks and liabilities. One way to do this is by purchasing a comprehensive business insurance policy. But with so many options on the market, how do you know which one is right for your business? In this blog post, we...
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Protect Your Restaurant from the Unexpected: The Importance of Business Insurance

Business insurance is important for small restaurants to protect against unexpected events such as accidents, property damage, and liability claims. General liability insurance can cover the costs of third-party claims of bodily injury or property damage that occur on the restaurant's property. Property insurance can cover the cost of damages to the building and equipment, as well as lost income if the restaurant has to close temporarily due to damage. Other types of insurance that may be relevant to a restaurant include workers' compensation insurance and commercial auto insurance. It's important to research and choose insurance policies that are best suited for the specific needs of the restaurant. The Importance of Business Insurance for Small Restaurants Starting a small restaurant can be a challenging and exciting endeavor. However, as with any business, it's important to protect yourself and your assets by having the right business insurance in place. Business ins...
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The Importance of Business Insurance: How General Liability Protects Your Business from Lawsuits

Frankenmuth Insurance shares the basics about general liability insurance : Commercial general liability claims are filed when a person is injured or their property is damaged because of your negligence, faulty or inferior products or equipment, or due to defective workmanship. It's important to file a claim as soon as possible after an incident. The process of filing a claim includes: Notifying your agent or insurance company immediately following an accident, injury, or loss, formally filing a claim using one of the four easy methods (call, fax, agent, online), a review of your current policy by the adjuster to see what is covered, a claims investigation taking place, and resolution of the claim. To file a claim, you should locate your policy number, know how the incident occurred, preserve video or surveillance of the incident, take photos of damages, keep any other documents that may be pertinent, and gather any leases or contracts involved. Why Every Business Owner Needs to Un...
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Don't Let a Premises Liability Claim Bankrupt Your Business - Get the Right Business Insurance Now!

Forbes shared a good primer on premises liability : Premises liability law is a type of law that governs personal injury claims arising from an injury on someone else’s property. Property owners aren’t responsible in every circumstance in which someone gets hurt on their land or in their home or building, however premises liability law dictates the circumstances under which they can be held legally liable if things go wrong. Premises liability law establishes the obligations property owners have to others, as well as the types of compensation accident victims can receive. Premises liability law establishes several different elements of a personal injury claim that need to be proved to recover compensation from a property owner whom you believe is responsible for causing harm. In many states, your legal status on the property affects what obligations the owner or occupier have towards you. There are a few different categories of visitors: Invitees, Licensees, Trespassers, Children and E...
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Insurance Companies Refuse to Cover Hyundais and Kias: What it Means for Business Owners

Business owners who have fleet vehicles that need to be insured should take note of this story from Jalopnik : Thefts of Hyundais and Kias in St. Louis, Missouri, have risen 1,450 percent in the last year, causing major insurance companies to outright deny owners insurance. National companies like State Farm and Progressive are denying coverage to residents who own Hyundais and Kias, and existing policyholders are facing rising premiums. Hyundai has done little to help, aside from a horrible rollout of a theft deterrent system and threats of class action suits. Insurance companies are able to deny coverage for any reason, including thefts that are beyond the owner’s control, as long as the reason is not forbidden by law. Hyundai Motor America regrets the decision by insurers and its impact on select Hyundai vehicle owners and lessees and anticipate it will be temporary. Thefts of Hyundais and Kias in St. Louis, Missouri, have skyrocketed in the last year, with a 1,450 percent increase ...
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Unlock the secret to lower business insurance premiums: Waterproofing your facilities

   Timely advise from Forbes contributor Ray Schultz : Waterproofing your company's facilities can save money on insurance premiums. Structural waterproofing involves sealing and/or repairing foundations, roofs, and walls to prevent water damage and rotting. Property owners are usually required to have insurance to protect against costly damages. Some insurance companies offer discounts to property owners who have their buildings waterproofed. By effectively waterproofing your buildings, you may even be able to reduce your company's insurance premiums. DIY waterproofing solutions leaders can utilize in their facilities include: sealing cracks, covering drains, repairing roof problems, removing leaves from gutters, cleaning roof shingles, raising the sump pump and installing backflow prevention devices. How Waterproofing Can Help Reduce Business Insurance Premiums As a business leader, you're always looking for ways to save money. One way to do so is by waterproofing your co...
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