How Can I Save Money On Business Insurance?

Whether or not a business needs insurance really isn't open for debate. If you want to keep your doors open, it's imperative you have a Business Insurance policy in place.

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Employment Practices Liability Insurance

An employee discrimination claim can happen to any business. Are you covered?

Over the past several decades employee discrimination claims have been a hot and growing issue for companies. Between 1991 when Employment Practices Liability (EPL) was first offered and 1994 employment discrimination filings grew over 2,000 percent. Yet, even in today's highly litigious world the majority of small to mid-size businesses don't carry EPL insurance that could protect them from employee discrimination claims. A few choose not to, but most, as some recent survey's have discovered, think there standard general liability, or BOP policy contains coverage protecting them from discrimination claims. This is an alarming finding, as it only takes one discrimination claim, whether founded or not, to financially devastate a company. And if you're one of the thousands of small businesses owners that has a personal financial stake in the company you could be risking more than most.

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The difference between general liability and professional liability

One of the most misunderstood insurance products for many business and professionals is professional liability. More often than not when reviewing a potential new client I find the lack of professional liability and the false thinking that the general liability coverage they do have covers them adequately. This may be true for some businesses, but for some, like consultants and advisers, general liability does nothing to protect you from liability related to your professional expertise.

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Business Interruption Insurance

Coverage Every Business Should Have

A sudden fire rips through downtown. The winter storms north east winds fuel the raging fire quickly tearing a devastating path through many downtown businesses. Your phone rings, it's 2:38 and your security company is telling you the bad news. A few hours later you arrive at what was once your office. The damage is extensive and what isn't coated in a frozen layer of water smokes in silent ruin. Key components and machinery are barely recognizable. The list of casualty unfortunately includes a $250,000 piece of machinery that took 3 months to order from Germany.

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