Oh, the joy of running your business out of your home! As a sole practitioner consultant, I enjoy the benefits of working from home. No rent, no office politics, no standing in line for the bathroom. I also love my five-second commute, with no traffic to avoid except my dogs.

If yours is one of the many home-based businesses that seem to be growing in number with advancing technology, insurance may not always be at the forefront of your mind. You’re not required to get building insurance, and you might not use your auto in business beyond driving to appointments. The reality, however, is that you have exposures that often aren’t considered and definitely aren’t adequately protected in your homeowners insurance.

I would like to raise your awareness in three areas of concern for every home-based business:

1. Liability

Are you a consultant or other professional who doles out advice or publishes information? You may need professional liability insurance. If you can be sued for the information you provide or the things you say and write, don’t be caught without this coverage. I recommend no less than a $1,000,000 limit. Many companies specialize in this type of insurance, so contact a broker or check on the Internet. I warn you, it doesn’t come cheap; however, neither does a lawsuit!

Do clients or vendors come into your home office? Your personal liability coverage is not set up to protect you for business-related activities. Depending on your business, a businessowners policy (BOP) can often properly protect your liability at a small cost.

Let’s talk about your auto. Even if you’re only driving to meet a client off your premises, your business is exposed while you are behind the wheel. How? If you cause an accident while “on the job,” and you’re incorporated, your business will be brought into a lawsuit. If your business is incorporated, make sure you include Non-Owned & Hired Auto Liability on the General Liability portion of your BOP.

Please note – If you’re not eligible for a BOP because of the type of business you operate from home, you can still get a General Liability policy.

2. Property

Every home-based business is going to have some business property. Whether you have products in your garage or furniture in your office, you need to insure business property outside of your homeowners insurance, which limits the value of business assets. You can adequately insure your computer, furniture, inventory, and artwork through the BOP mentioned earlier.

3. Life and Disability

Hopefully, your overhead is low and your income is up. Protect your ability to maintain that income with disability insurance and protect your family against the loss of your income with life insurance. Talk to your accountant about making these policies business expenses by paying for them through your business.

Believe it or not, you are more likely to become disabled than to die by the time you hit 65 years of age. Depending on the nature of your career, you could lose your ability to bring in income AND become a source of additional expenses. Most disability carriers require you to have two years in business before they will offer this policy, but that shouldn’t stop you from looking into it when you can.

Here’s your homework: Take the time now, after reading this article, to assess your insurance situation. Just because you work from home doesn’t mean you aren’t in danger of losing everything. So just like any business would, consider what could be catastrophic to your business and then take steps to transfer the risk to an insurance company. Use higher deductibles where possible to keep costs down.

If you need additional help understanding and addressing your specific needs, feel free to contact an insurance consultant like me. As a consultant, I don’t sell insurance. I help businesses find the right insurance at the right cost and show them how to position themselves to be most attractive to insurance companies.

Obtaining small group health insurance coverage for business owners can be difficult and time consuming. Most companies choose to work with an insurance broker to simplify the process. It is important, however, to work with an independent broker (or agency) who is licensed with several insurance carriers. A knowledgeable broker will allow the business owner to compare several plans from competing companies. Using an independent representative also allows for easy transitions should the company need to change carriers in the future.

Claims Experience will Increase Rates

One major claim against a group health insurance policy can cause a significant monthly or yearly rate increase to the business owner. At this point, the administrator might consider changing plans to a competing carrier in order to reduce premiums. In many cases, a new health plan will allow for similar coverage at a lower rate while not sacrificing benefits.

Additionally, recent legislation passed by Congress allows business groups to purchase high deductible health insurance coupled with a health savings account. These plans are also known as HSA’s. Qualified health savings accounts (coupled with high deductible insurance) are usually less expensive and will also provide tax advantage for the insured and/or the business purchasing the coverage.

Maintain Key Employees with Favorable Benefit Packages

Offering an attractive a benefits package is an integral part of any successful business plan. Owners need competitive benefits to maintain key employees and to attract new hires as operations expand. Business owners, however, also need to balance their health, life, dental and vision benefits with the costs associated with such plans. Gaining access to several competing insurance illustrations can make this possible for an employer group.

In summary, maintaining necessary benefits while keeping benefit packages affordable is a balancing act for most companies. An experienced agency or independent broker can help to make this process a comfortable one for the business owner.

Running a workshop is a lot different to running an office or shop based business. But, some general insurers may try and sell the same basic business insurance policy to you that they might try to sell to the office down the road or a shop in the next street. You don’t have to be a genius to realise that you all have different businesses and you may well, therefore, find a better solution with a policy – such as specialist workshop insurance – that takes this into account.

There’s nothing wrong with standard commercial insurance but many small businesses will simply find that this kind of policy may give them cover they don’t actually need and/or makes them pay extra for what they do need. So, what might a specialist workshop insurance policy give you as an alternative?
the ability to pick a packaged off the shelf policy that better covers your actual insurance needs according to the type of business you run; the ability to add features and benefits if you need to at a competitive cost; the ability to keep costs low by buying what you need and not just what you are given. So, for example, your workshop tools may be really important to you from an insurance point of view. But, a general policy may not offer you enough cover, especially if you use specialist tools as part of your business. Or you may have to pay a lot extra to get this kind of feature in the first place.

And, many small businesses don’t actually own their own premises but rent them. Many general insurance policies may assume that you own your building and, as such, that you will need buildings cover as part of your policy. If you rent your workshop then in most cases your landlord takes responsibility for insuring the building. (Though you will of course need to insure your contents yourself).

Now you can see the benefits of looking for a specialised workshop insurance policy, what else do you need to consider?

One feature that may well worth looking out for in your workshop insurance policy is public liability insurance. This kind of cover protects you in the event that somebody sues your business after an accident or injury that happens on your premises or as a result of you being engaged in your business. Some insurer will offer this cover as standard with all their small business insurance policies, meaning one less element of cover for you to worry about.

So, if you are considering workshop insurance, a specialist insurance intermediary may be able to help you get all the benefits you really need, and at a competitive price too.

Owning a holiday park should be fun – you are your own Boss, you get to meet lots of different people and indulge them in your very own hospitality. Of course though, as with any other business, there are things you need to do behind the scenes to ensure that your livelihood keeps running smoothly. One of these things is holiday park insurance.

So what do you need to consider when looking for insurance for holiday park owners?
 
First of all, it should be noted that policy features and benefits can vary among insurers, so it is important that you are happy that you fully understand what the policy cover entails. If in doubt, speak to your provider or view the policy documents – if available – online.
 
The main areas of insurance that you may wish to look at to ensure you are protected may include things like:
Cover against loss or damage caused by flood, fire or theft; and Liability insurance – employers’ liability and public liability etc.

Under the first element of cover you may find benefits such as:
stock cover; loss of rent and revenue; business interruption; and buildings and contents cover.
Liability insurance
 
For liability insurance, there are several different types of liability insurance that may be available to you as a holiday park owner. However, possibly the two most common you may wish to focus on are public liability insurance and employers’ liability insurance.

The first typically provides financial assistance in the event that a claim is made against you or your business by a third party for loss, damage or injury that occurred on your premises. The ‘third party’ need not just be a guest, it is potentially anyone who visits your premises from the gas meter man to a supplier.

Employers’ liability insurance is typically a legal requirement if you have employees – though there are exceptions to this. You have a legal duty to protect your employees against any hazards while they are in the work place. Should one of your employees have an accident or contract an illness as a direct result of their job, then they may but not always be within their rights to sue you. In these instances, employers’ liability insurance as part of the holiday park insurance cover may be able to help you with financial assistance.

What to consider when choosing your cover

When looking for your cover, do note that some holiday park insurance providers may offer the cover you need as standard, while others may provide only basic cover, meaning you may have to pay for extra protection. This is something you need to think about when looking for your insurance – ie what the policy offers and what cover you actually need.

Finally, getting the most suitable holiday park insurance for you may take a little time and effort as you research your options. Using the internet may help speed up the process and give you access to online providers of the cover. 

Business owners might not know that accidents that occur within the business establishment can have bearing when it comes to Business insurance policy premiums. The higher the risk of your employees getting injured, the higher the premiums which is also the same with the higher the risk of the jobs they do, the premiums also go higher. Employee training and re-training assures your employees are knowledgeable in proper procedures when it comes to job related skills. A business owner cannot simply say that the employee is at fault and that there is no worry for they have insurance. Accident avoidance is a continuing process whereby business owners assure that their employees are safe with the right gear (protective equipment), proper skills and support facilities in case accidents do happen. Most accidents that end up in emergency rooms are so insignificant that they could have been treated at the jobsite without need of a visit to the ER. Proper safety equipment could lessen the need for these minor injuries which accumulate as points against you increasing your insurance premiums. So, Safety First, so you prevent injuries and premium increases.

Heavy goods vehicle (HGV) insurance, also known as HGV insurance, is a type of coverage policy which will protect the owner of a heavy goods vehicle. These types of vehicles transport large goods all over and necessitate a special type of insurance policy to protect the owner, driver and those whose items are entrusted to the business owner. There are a few things you should know about this type of insurance policy, especially if you are an HGV owner.

HGV Policies Protect Many Aspects of This Business

With an HGV policy for insurance, business owners can rest easy with the knowledge that their heavy transport is protected on the road and even when parked. Heavy goods transports can face issues such as accidents, theft and more. Having this insurance in effect will protect the goods should they be stolen, the vehicle in case of accident damage and the driver and those around the HGV in the case of injuries from an accident or other medical issue.

HGV Premium Rates for Insurance Vary

When you are shopping for HGV insurance you are sure to notice how much the rates for insurance vary. Certain policies which are more inclusive will be pricier than those which are basic insurance policies for HGV coverage. In order to get the best deal, shop around with different providers and see how you can get the most for your money.

HGV Coverage Will Differ Between Providers

HGV coverage will certainly differ between the different insurance companies. Therefore, when you are seeking out the most affordable insurance policy, you have to take into consideration the fact that the coverage is often different between providers and this could be why the rates vary greatly as well.

Having a proper HGV insurance policy in place will allow you to carry on with your heavy goods transport business and feel good knowing that your company is covered should any incidents arise along the way.

1. Public Liability Insurance – This will cover injury to 3rd party at or around the building site

2. Mobile Plant and Equipment Insurance – this will ensure that all your mobile plants and building equipment are protected not just at the time of damage but throughout the policy term.

3. Builder Warranty Insurance – This requires the building contractor is to obtain builder warranty insurance for every project they work on that exceeds $12,000. This is mandatory insurance so should not be overlooked.

4. Construction insurance – or contract works insurance/construction all risk insurance offers protection for people renovating, building or extending their home. This cover protects builders from most main risks that may be encountered during the construction and building process including weather related damages, fire, issues with their workers or workmanship and more.

5. Professional Indemnity Insurance: This insurance covers members of a particular profession that adhere to a code of practice and have minimum educational stipulations or requirements. This would typically cover any loss from the conduct of consultants or sub contractors if under the insured’s direction they would not be covered themselves.

6. Directors and Officers Insurance: which deals with the civil liabilities that directors can incur personally? It protects people in these positions against wrongful acts during the period of capacity

Anyone deciding to owner build their own home should ensure they are correctly covered for any accidents that may occur during the process. Owner Builders need to ensure that they have the following cover:

1. Public Liability Insurance: Again this will protect owner builders from injury to 3rd party at or around the building site

2. Personal Accident or volunteer’s workers insurance – this covers the owner builder from any injury or damage should they choose to assist the tradesmen during construction. This cover can also extend to the owner builders family/friends (up to 10 volunteers on site for a nominal premium)

Now you have all the tools you need to go out and choose the right cover!

Look through any local paper or estate agents website and you will find that the property rental market is still going strong. Admittedly, there are not quite so many buy to let owners out there after the turmoil of the past two years, but rental properties are still in demand.

Some people can still not afford to get on to the mortgage ladder, even with the drop in house prices we have seen. It is almost like a double whammy. Now that prices have dropped, the availability of mortgages has dropped considerably. In the long run this may work out to be a good thing.

Rather than people being able to get a mortgage just because they smile the right way, you now have to prove the affordability of the mortgage. With buy to let, it is even more difficult. Deposits have increased and you will only get a mortgage if you can prove that the yield from renting the property will at least cover the mortgage repayments. Too many lenders got their fingers burned from providing mortgages on properties which were, without a shadow of a doubt, priced far too high.

The landlords that are left are starting to find that things are picking up and the yields that they were getting are increasing and the length of time that properties are unoccupied are getting less and less.

One area though where they may find that their costs are increasing is with landlord building insurance cover. Many insurers are starting, very gradually, to increase their prices across the board. Over the past few years most commercial insurance companies have just been increasing premiums for businesses and property owners that have had a high loss ratio. Nowadays though, even if you have had a clean claims history, you may find premiums increasing.

If you deal through a commercial insurance broker, they should have the ability to obtain a range of alternative quotes from other insurers at renewal. If they simply offer you the existing insurer for renewal and the premium is increased by more than 5%, then you really should look around for an alternative,

Even worse than this, you may be stuck with a policy from a single insurer, dealing direct. If this is the case, they are not able to act independently and offer you different options.

You can still obtain competitive quotes, as with everything in business life though, you do need to spend a bit of time looking around. What you do need to do is speak to an independent broker. Don’t bother going to a single direct insurer, there is no choice. A broker will search the market for you, and based on the sums insured you declare and the type of tenants you have, will get you the best price they can for the widest cover available.

You need to fully declare everything you can about the risk. Insurers love information, the more they get, the better they can assess the risk at hand. A bit of preparatory work may be required from you to get all the information to hand, but it will be worth it in the long run.

Another option is, to speak to your existing provider and say that you are not prepared to accept their increased price and you want it unchanged. If you don’t ask, you don’t get – you will be surprised at how open most insurers are nowadays to reducing their renewal premium to keep your business.

How much does a Commercial General Liability Policy cost?

Great question but it is too broad to answer unless, we have all your details to quote. However, generally speaking, I have issued insurance polices as low as $700. Again, you need to contact an insurance broker or agent to find out the total cost because every type of business has a different risk associated with it.

What is General Liability?

General Liability provides a company or individual coverage and protection against losses from a lawsuit. The policy covers defense costs for charges brought forth in a lawsuit, including attorney fees, investigation costs, and other legal expenses. General Liability will cover a company or sole proprietor for damages awarded to a third party in the event of injuries or damage’s which the company or individual insured becomes legally responsible, including loss of use of property claims.

What is an additional named insured?

In a lot of cases Construction contractors frequently require additional contractors to complete different phases of projects and will add the sub contractor to their general liability policies as additional named insureds. It is a precaution in the event that the subcontractor becomes legally liable with charges alleged for their workmanship or the result of an injury to a third party. One example, is an unsafe work site where a person becomes injured because the area was not safe. Insurance companies need to know about all sub contractors and their experience for a contractual indemnity agreement whether they have their own insurance policy or not.

What do I do if I have a claim?

If a claim occurs, you need to immediately contact your agent, broker or insurance company. You will then need to provide all pertinent details on how the claim happened and provide witness information as well as time date and location. Try to gather as much information as you can to make it easier for you and the insurance adjuster.

What is a hold harmless agreement?

Hold harmless agreement’s, promises to reimburse or defend, the other party included on the agreement against legal liability lawsuits or claims brought against by third parties. Hold harmless agreements will transfer the risk of financial loss from one party (the insured) to another party (the defendant). These types of agreements are quite common, however, the underwriter will usually want to see a copy of all hold harmless agreements before they offer a commercial liability quote.

What is Workers Compensation (Workplace Safety Insurance Board) of Ontario?

Workers Compensation (WSIB) insurance provides certain payments to an employee who suffers an on the job injury due to an accident or occupational disease.

Do I need Worker’s Compensation (WSIB) if I am the sole proprietor?

This is a good question and asked quite often. You are not required to purchase Worker’s Compensation WSIB Insurance if you work alone or if you have no employees. You can exclude yourself from Worker’s Compensation by obtaining a waiver of Subrogation.

What happens when an employee injures themself on the job site or work place; does general liability cover them?

Employees are excluded in lawsuits and have no coverage with respect to injuries sustained by the named insured, its partners or members, or to another employee or volunteer. This would be a workers compensation issue.

What is a Certificate of Insurance?

Certificate’s of Insurance are issued as proof of insurance to contract a project. Contractors may have many certificate issued to separate projects. The certificate is a document providing the insureds name, the liability limits, the effective dates of the policy, as well as, the brokers name and address.

These are the top and most famous tips for everyone who wants to buy insurance of any category whether it is related to health insurance, car insurance, home insurance, travel or any other. Just remember these insurance tips and you will be safe:)

Top 5 Insurance Tips

1. Try to buy enough cover but don’t overdo it. Cover all of the bases, from house mortgages to health plans to every single child’s education, but don’t overspend on coverage that you won’t ever need or those that are easy to cover on your own.

2. Always read the fine print. If you are having trouble understanding all of the terms and rules, get help from someone else or a lawyer. You don’t want to be caught in a loophole somewhere down the line just because you didn’t read the fine print, or did not understand everything that was written.

3. Research and shop around. Don’t buy insurance from the first agency that you encounter. Look around and shop for lowest rates and the best support they can provide. If an insurance agency realizes you are comparing, you may end up being offered special rates or discounts just because they really want to get your business. Agencies are also less likely to trick you if they find out that you know what you want and are not afraid to look in different places.

4. If you already have other insurances, make sure you have a reliable record before shopping around for new ones. If you are spotty with your monthly or annual payments, you may have trouble finding low rates or even insurance agencies willing to entertain you.

5. Use the Internet to your advantage. Get free assessments and compare rates online, look for feedback from past clients just to see if an agency treats its clients well.