Tag: business

Why Every Small Company Should Consider Getting Business Income Coverage

Business Income Coverage

Do you run a small business thats dependent on sustained customer interest or seasonal business to stay afloat? You may want to consider looking into business income coverage. Although its not as common as other types of business insurance, income coverage can help your company account for lost income that may result from unexpected circumstances. Here are some of the main benefits.

You’ll Be Better Prepared for Sudden and Unexpected Business Disasters

Any company thats small and doesnt have significant cash reserves may depend on a steady stream of income to survive, so any interruption to that income can pose serious problems. Unfortunately, many unexpected events can have this negative impact, including:

  • Natural disasters that cause physical damage to your property
  • Serious theft, vandalism or other damaging incidents that may force your facility to close temporarily

You Can Protect Several Aspects Related to Your Business Income

Fortunately, business income coverage helps companies cover expenses related to these events that might otherwise have caused a financial disaster. Some of these aspects include:

  • Loss of profits that you would have otherwise expected
  • Recurring fixed operating costs and other expenses
  • Sudden operation-related expenses needed to stay afloat through the disaster recovery period
  • Moving and temporary relocation costs

Every small business that relies on constant income may want to consider business income coverage to help mitigate the unexpected. Consider whether this crucial insurance would be helpful to your company.

3 Challenges To Consider When Taking Your Business Oversees

Business Oversees

Many business owners dream about taking their work beyond domestic shores. Selling a product or providing a service in a new nation can open many doors. If youve considered expanding your reach to the global market, its important to know what challenges you might face.

International Law

You may be shocked to learn how laws work or, in some cases, dont work, in other countries. Many developing nations are unable to provide the same security and rule of law taken for granted in the U.S. Before venturing into any new market, make sure youre aware of the potential legal pitfalls and always maintain the proper DBA insurance.

Language Limitations

Although you may speak the language fluently enough to easily converse, doing business is another matter completely. Not only will you have to brush up on any translations of industry jargon, but youll also need to get a feel for the appropriate words and phrasing to use in a professional setting.

Cultural Concerns

Theres nothing worse than offending potential customers or business collaborators, so youll need to understand the new nations culture thoroughly before venturing into the business world there. There are many resources that can help, but enlisting a mentor who is native to the area can provide indispensable information and advice.

Bringing your business overseas can challenging, but it can also be a great new adventure.

The Solutions to Construction Business Risks

Construction Business Risks

Due to the type of work performed on a job site, the construction industry is one of the most dangerous industries to work in. To own a construction business, you have to understand the inherent risk and protect yourself in advance.

The Risks in Construction

There are several kinds of risk at a job site. Risks include:

  • Damage to your equipment and property
  • Injuries to third parties
  • Damage to rented space

Your business could suffer lawsuits based on false advertising, copyright infringement and libel or slander. Not only should you take responsibility for your actions, but your employees actions on the site.

The Solutions to Your Risks

The solution to the inherent risks is insurance coverage. Most owners in the construction business have a builders liability policy and a general liability policy. The builders liability policies cover your equipment, property and other equipment if damaged due to theft, vandalism, fire and more.

General liability, on the other hand, protects you against lawsuits. General liability covers injuries that occur on your property and damage to the build site if it belongs to a third party.

Owning a construction business comes with a lot of responsibility. You have to recognize the inherent danger and plan for the worst. General liability insurance construction business owners use is your best shot at protection.

What Insurance Do Boat Cleaners Need?

Boat Cleaners

If you have a boat cleaning service, you know you need to protect your company from potential liability issues that could arise from accidents or mistakes, but you may be unsure where to begin. Does your organization need coverage? What types of boat cleaner insurance should you get? Where do you obtain the right policy?

Companies That Need Coverage

Custom marine policies minimize liability exposures for businesses that provide the following type of services:

  • Electrical, plumbing or other technical services
  • Carpentry, painting or other finish work
  • Hull cleaning
  • Jobs related to riggings or sails
  • Maintenance or repair of engines
  • Winterization
  • Woodwork

Policy Types

  • General Liability:This covers bodily injuries or damages that occur while performing work services.
  • Protection and Indemnity:This protects your company if employees must operate a client’s vessel during the repair process.
  • Ship Repairers LegalLiability: A policy of this kind covers ship damages that happen while the boat is in your care.

The Right Coverage

You should purchase insurance from an agency that has knowledge and experience in the marine industry.Boat cleaner insuranceis a specialized type of policy that covers the risks unique to your business.

Ensure that your company has the essential safeguards in place for life’s unexpected mishaps and events. Consult an agent with industry-specific expertise to help you get comprehensive coverage that protects you from financial loss.

How To Keep Your Grocery Store Employees Safe and Healthy

Grocery Store Employees Safe and Healthy

Your employees are the backbone of your grocery store. Though they do what they can to protect themselves and the business, its your responsibility as a business owner to protect them in return. This means providing workers compensation insurance to help cover the cost of any work-related injuries they suffer. That said, its always best to reduce work comp claims at grocery stores in the first place. Heres what you need to do.

Understand the Most Common Types of Injuries Workers Face

The best way to reduce the number of workers compensation claims made at your grocery store is to understand what types of injuries are the most common. These are a few of the injuries that happen frequently:

  • Slip and fall accidents
  • Overexertion and muscle strain
  • Cuts
  • Burns
  • Driving accidents

Think about the types of risks present in your store. If youre not sure where to start, ask your employees about the issues they see while theyre working. Once you know what hazards are the most common, youll be able to prevent them in the first place.

Prioritize Worker Safety

The best way to reduce the risk of injury at work is to make sure your team has everything they need to do their jobs safely. Invest in safety equipment, keep the store clean at all times, and make sure your workers compensation insurance is valid at all times.

Preventing all injuries isnt possible. However, as long as you do what you can to keep your team safe, youll see a decrease in claims over time.

Understanding Your Limits with Temporary Employees

Temporary Employees

Temporary employees offer businesses flexibility when it comes to staffing. If an employee is out due to maternity leave or some other leave of absence, a temporary employee can fill this role on a full-time or a part-time basis, sparing a team from being short-staffed. Some companies regularly hire temporary workers through staffing agencies like yours. As the owner of a staffing firm, you need to understand employment rules and regulations regarding this type of employee.

Temporary Employee Restrictions

When contracting with a business to provide interim staff, its incumbent upon you to keep the following restrictions in mind:

  • By law, temps can only work with a particular firm up to 1,040 hours in a calendar year.
  • A company cannot hire the same employee for more than two consecutive years.
  • Temporary staff can accept multiple positions through multiple staffing agencies.

According to WWSP, failure to comply with these regulations can result in serious fines for you and your clients.

Protecting Your Business

The ability to connect businesses that are short-handed with people looking for employment on a temporary basis makes the work of a staffing business doubly satisfying. Because these types of personnel arent eligible for certain benefits, contracting with temp agencies is often advantageous for some companies. Understanding the law regarding interim workers helps you, your personnel and your clients.

What Is a Dry Cleaner Route?

Dry Cleaner Route

As the internet and social media make competition between businesses steeper, companies have to look for new and creative ways to market to new customers. One way that dry cleaners can do so is by marketing their business on the road and establishing reliable neighborhood routes that supply much of their business demand.

Benefits of Dry Cleaner Routes

Dry cleaner routes are great ways to reach potential customers who would not normally find your business simply by walking by it. You can expand to homes or other businesses depending on your target audience. While it may take more time initially, the number of customers you gain because of your efforts is well worth it. Routes also make it easy for businesses to expand that normally would not be able to because of the limitations of their business location.

Finding New Customers

There are several ways you can establish your new dry cleaner route. One is simply by going door to door and advertising your services. Going after work hours can help get customers who work all throughout the day and have a need for services.

Once youve established new routes and locations, look into insurance that properly covers your business. This can help you maintain successfully financial stability long into the future.

Finding What Insurance Customers Want

Program Business

Insurance customers hit the market armed with a list of what they need. They are looking for a company that can offer them a wide range of products that are comprehensive and affordable. Their desire for a good price is not outdone by their need for outstanding customer service and a user-friendly system. So where can an agent go to find the right fit for their client?

Program Business

Program Business is an online platform that provides a comprehensive list of wholesalers, administrators, MGAs/MGUs and carriers to independent agents. As an agent, Program Business’s extensive directory of programs and providers gives you an unparalleled resource to service your clients.

Program Brokerage Corporation

One example of a storefront that agents can access from the Program Business platform is Program Brokerage Corporation (PBC). PBC offers a high-quality resource designed for the middle-market insured. They also offer a well-recognized purchasing group plan that has a successful track record. PBC summarizes their services as a winning combination for carriers, producers and the insured thanks to their experienced and resourcefulness. PBC invests their own financial resources in both the claims and the expense side.PBC offers insurance programs for environmental, residential, pest control, umbrella, nursing home, elevator, small business services and more.

When you need to find the right coverage for your residential or commercial clients, check out the Program Business Platform and Program Brokerage Corporation.

Insurance Companies Spending More on Tech Solutions

In this day and age, the economic field is grown more and more in complexity and size. This increase in complex factors is being met with with more complex technology. The world of insurance providers is no exception to this rule. Recent studies have found that each year, insurance companies are spending more and more money on new and improved technology solutions. Software programs in particular are a relevant technology to insurance companies. They can provide business owners rating, automated insurance rating systems, and other functions that give insurance companies the tools needed to keep up with and thrive in the diverse market place of the global economy.

How Software Helps Insurance Provi

Business Owners Rating
Business Owners Rating


Business owners rating programs, insurance ratings systems, customizable interfaces, there seems to be no end to the solutions technology can provide to insurance providers. Insurance and business owners rating systems are used to automatically provide prospective clients with the facts and figures they need to access. Insurance companies are also seeking the ability to easily add new products and policies to their list of services. With software solutions, this is easily made possible. The application of new underwriting rules is also made easy when insurers decide to get rid of old core policy-admin systems in favor of third party support. Companies who provide such support and software solutions are becoming increasingly pervasive throughout the industry. Providing browser-based solutions seems to be the key in grabbing the attention of insurance providers.

Understanding Business Insurance in NJ

Business Insurance in NJ
Business Insurance in NJ

Whether you run a large corporation or a small, mom-and-pop shop, it is important that you have the proper policy for business insurance in NJ. Many businesses don’t understand what it’s all about and may not have the policies that will protect them in various circumstances. The following will outline some important facts about business insurance.

What it Does

Business insurance in NJ protects you financially due to:

  • Being sued by a customer, employee, or another company.
  • Natural calamities such as fire, flood, and earthquakes.
  • A car crash with the company car.
  • A defective product or service.
  • Injuries on the job.

Types of Insurance

When it comes to coverage for your business, there are many different types of policies for business insurance in NJ. Speak to your insurance agent to see which types you can put together into one policy to possibly save some money. Some types of business insurance include:

  • Property and Casualty
  • Commercial Auto
  • Liability
  • Product Liability
  • Business Interruption
  • Health
  • Life and Disability
  • Workers Compensation

How to Get a Policy

To get a business insurance policy, contact your insurance agent today. Discuss with the agent what you can bundle together in order to get the best deal possible on your insurance. Be sure to explore every aspect of your business so that you get the most comprehensive policy for your business.