Managing your small business and its needs can be tricky. The burden of finding the right business insurance policy can be troublesome. The four suggestions in this blog post will help you relieve pressure and reduce the cost of your small business insurance, and free up funds for other business-related activities.
Bundling multiple policies into one is a way to simplify the management of business insurance policies while saving on your coverage. Instead of choosing different companies for various coverage, find an insurance contractor that offers coverage for all of your needs. However, ensure to compare the prices before opting for a single policy. It is best to shop around when looking for different policies. Additionally, managing a single policy will help you save a lot of time and energy.
Your out-of-pocket expenses when making a claim are known as deductibles. Raising your deductibles could significantly lower the cost of your policy, and you might be able to put the money you save each month towards your other business endeavors.
With the world’s rapid development, your company’s requirements may alter over time, necessitating the purchase of new coverage to guarantee its smooth operation. As a result, it is advisable to review your policy with your insurance provider regularly to modify your coverage or buy more security for growing your business. It’s crucial to keep in mind that failing to secure sufficient protection for your small business could result in a penalty. Notify your insurer whenever you add or eliminate more employees, relocate your company, expand your business or start offering more goods and services.
While being aware of potential risks to your company and having insurance to cover them is advantageous, you could probably save more money on your business insurance if you invested in taking steps to reduce some of those risks. One of the ways you could build a stronger risk management system in your small business is by having a plan to recover after potential hazards such as destructive storms and more. In the event of any such incidents happening, you may be able to keep your business open or have it reopened quicker than anticipated. Another way is to appoint a successor in the event of your retirement to avoid any potential disputes regarding it which may hurt the operations of your company. These ideas could help keep your business afloat and reduce the risk in the eyes of your insurer, which may result in a significant decrease in your business policy premiums.
Running your small business with complete protection should help ease your worries, especially when protection doesn’t break the bank. Contact our professionals here at Abatelli Group, Inc. today to learn more exclusive tips to help you save on your existing small business insurance costs, or to procure the most affordable business insurance policy tailored to all your specific requirements. Contact us to get it started.
Thanksgiving is the most popular holidays of the year. People like it for all the great food made from traditional family restaurants. They also like it because they spend time with their family and friends. With all the traveling and family gatherings, insurance claims will undoubtedly rise during Thanksgiving.
Always be aware of what is going on in your kitchen. You will cook a lot, so your stove and oven will be hot. Having a fire extinguisher on hand is important during your Thanksgiving dinner preparations. Limit the number of people in the kitchen at one time. Always ensure all the handles of your pots and pans are turned toward the center of your stove so they won’t get bumped or pulled off the stove. It’s also a good idea to keep little kids out of the kitchen while cooking.
If you plan on deep frying or grilling steaks, pull your fryer and grill far away from your home or garage to prevent a fire hazard. Having them or other flammable materials too close to your home can lead to disaster. Protect your family and home safe from fire hazards by moving them a few feet away from your home, garage, or other structures.
Poultry is one of the most dangerous foods in your kitchen because of the bacteria it contains. After preparing your turkey or chicken, wash your surfaces, utensils, and hands carefully to ensure you do not ingest any bacteria. Before serving your turkey, ensure it is fully cooked and has an appropriate internal temperature of at least 180 degrees F. in the thigh or 170 degrees F. in the breast. Before preparing other foods, clean and sanitize the area and the utensils you will use.
While in the kitchen preparing Thanksgiving dinner, you will need to use a sharp knife at some point. Always keep sharp knives at the back of the counter so children can’t reach up and grab them. It’s also a good idea to wash your sharp knives separately to avoid grabbing a knife underwater. Clean your knives as soon as you are finished and put them away to reduce your risk of getting cut.
The best way to keep your guests from having an accident is to ensure all walkways are cleared and all types of clutter are picked up. Make sure everything is put in place. We all have areas of our homes that end up being a “catch-all.” Go through the clutter in these areas and make sure everything is either put away, thrown away, or donated.
Many people leave their home and travel to where their family lives to celebrate Thanksgiving. This often means their home is vulnerable in many ways. Instead of just locking your doors, install a home security system with a few video cameras. DIY systems are easily monitored by using an app downloaded to your phone. The app lets you see and communicate with anyone inside your home or at the front door.
It’s also a good idea to designate parking spaces. This ensures that everyone has a parking spot and can get into and out of their spots without causing an accident.
The agents at Abatelli Insurance Group Inc. would like to offer all of our current and future clients a very happy and safe Thanksgiving holiday!
For over 100 years, Abatelli Insurance has been there to help protect the important things in life – your family, home, and business. You can contact our agents to learn more in detail.
Professional liability insurance protects from financial loss and damage to their reputation. Also referred to as an errors and omissions policy, it protects professionals from claims of negligence that occurred because they made a mistake while performing their duties. Even experts can make a mistake. This coverage ensures that the person who was “injured” by your mistake is sufficiently compensated. Government contractors rely on this type of insurance to cover their unique needs. This insurance covers mistakes, negligence, personal injury, and copyright infringement.
Professional liability policies are sometimes written when a claim is made and will pay back to a specific date. A retroactive date may be two weeks or two months in the past. This type of policy also includes an extended time frame that is sometimes 30 to 60 days in the past. This allows a person to have coverage if a claim is filed on an incident that occurred at an earlier date.
A professional liability policy will not likely cover bodily injury claims. They may, however, be covered by a general liability policy. A professional liability policy will not cover any third-party damage. General liability will cover many claims, including false arrest, advertising injuries, and copyright infringement.
Any professional can benefit from having a professional liability policy. Government contractors who offer advice or provide services to their customers need this type of insurance to protect them in case of a miscommunication or a mistake. Sufficient coverage will help save their reputation and protect their financial security.
The cost of a professional liability policy will be based on many variables. Each business is unique when it comes to location and the type of products/services that are offered. The size of the business and how long it has been operating will determine the amount of risk an insurance company will expect to deal with. The more risk a contractor carries, the higher their premiums will be.
Carrying professional liability insurance is important for more reasons than you might think. Yes, it covers damages, but it is also very beneficial if a lawsuit is filed against you. When a quality professional liability policy covers you, the peace of mind allows you to relax, knowing you are fully protected from financial loss.
When you have questions about a professional liability policy, call the agents with the most experience. Contact Abatelli Insurance today and speak to a reputable agent. We have the answers you need to ensure you have the protection you need to keep your business running efficiently. As a professional, you have unique needs to secure your financial future and maintain your reputation. Don’t put your future in harm’s way. Schedule an appointment and talk to one of our agents today!
An endorsement is a separate policy attached to your homeowners’ policy. Many endorsements can be quite valuable and save you thousands of dollars over the life of your policy. Other endorsements may not be as necessary as you might think.
Take a quick look at your policy to see if you are paying for the following.
Identity theft is on the rise, especially connected to various types of cybercrime. Having some identity theft protection may be a good idea. You may find better coverage for a more affordable price if the coverage is not attached to your homeowners’ policy. It may not be cost-effective if you have to pay a deductible to file a claim. If you are worried about your credit cards, they will provide you with much of what you need to take care of the problem without buying additional coverage.
Home insurance is meant for a catastrophic or significant loss. If you are paying for mechanical breakdown coverage, filing the claim will take longer than having your appliance or HVAC unit fixed. When something breaks, you don’t want to wait to have repairs made. This is especially true if your furnace goes out in the middle of a cold spell in January. Besides, making too many small claims on your appliances can make you high risk and cause your premiums to go up.
Sewer and drain back-ups can be messy. The problem with this type of policy is that it usually comes with its deductible, and your coverage will have a cap of about $5,000. It may not be cost-effective to file a claim. Most insurance companies have started to include this type of coverage, so an endorsement may not be necessary. Go through your policy carefully to find out what is covered and what isn’t. Go through your endorsements to see if additional coverage has been added.
An off-premises theft exclusion is an endorsement that eliminates certain types of coverage from your policy. When we travel, we normally don’t carry anything of value other than our cellphones and maybe a few electronics. If these items happen to be stolen from your hotel room, their total value will probably not exceed your deductible if you file a claim. If that’s the case, then filing a claim to recover your items is useless.
If you are trying to figure out what endorsements you can do without, meet with an agent and review your policy. Contact the agents at Abatelli Insurance. We have years of experience you can rely on when it comes to customizing your policy so that it meets your needs. Don’t pay for insurance you don’t need or won’t use! We can help you fine-tune your policy to make it more cost-effective.
It is somewhat significant to tie the knot. But, like any critical life event, getting married will prompt your loved ones to share advice on how to create a fantastic day. One advice frequently is to take it all in since the day will fly by.
However, with all the preparation for a wedding, it’s crucial to have questions ready. This frees you to concentrate on the love festival.
Have you given any thought to purchasing wedding insurance?
If you have to postpone or cancel your wedding, cancellation insurance will assist you in recovering any deposits you’ve already paid to your vendors. In addition, most policies recognize that making a cancellation claim is appropriate in cases of family illness, military deployment, and severe weather.
Therefore, you might consider cancellation insurance a crucial choice if you’re planning your wedding in the Florida Keys during hurricane season.
While liability insurance isn’t always necessary, the location of your wedding may make a difference. You could need liability insurance if you use a historic barn. This is a wise choice because it safeguards both you and yourself.
Another sort of insurance to take into account is host liquor liability coverage. It guards against drunk driving accidents, which regrettably can occur at weddings.
Many insurance companies include extra coverages for items like dresses and tuxedos, pictures and films, coverage for rescheduled events, and even gifts (protecting against theft).
But remember that every insurance provider is unique regarding coverage, exclusions, and restrictions. For example, while one insurance provider might provide coverage for a post-wedding luncheon, another insurer would not pay for the mimosas and crepes the following morning. Ask to be specific.
Wedding insurance typically only covers specific scenarios, but you can increase your coverage by adding extra insurance riders. Additionally, common riders might be available, including:
If you or your companion are a member of the armed forces or the active reserves and are called to active duty, an army service rider will cover the costs of rescheduling your event.
If the store where you bought your dress or tuxedo closes, leaving you without your apparel or deposit, this rider will help pay the cost of new clothing.
If you must postpone your honeymoon due to inclement weather or illness, a honeymoon rider might reimburse you for your travel costs.
Wedding insurance costs vary depending on several variables:
A simple cancellation and postponement policy typically costs between $100 and $500. A general liability insurance policy with a $1 million accident and injury limit cost approximately $125.
So, should you purchase wedding insurance if you plan to get married? When it is time to choose if you need wedding insurance, make sure to inquire. You may be sure that your neighborhood insurance agent or carrier will be delighted to respond to your questions, in addition to asking about the insurance policy of your vendors (so you don’t get duplicate coverage).
There will be many memories from your wedding. This blog discusses why wedding insurance is crucial—looking forward to getting wedding insurance? Contact us to learn more and resolve your related concern.
Commercial auto insurance is a type of insurance policy that includes liability and physical damage and adds extra coverage to shield a company from financial loss when using a vehicle for business purposes.
Understanding the distinction between personal auto coverage and commercial auto policy is crucial for business owners. It makes sense that your business will require some form of transportation, whether getting to and from the office or going to a job site.
TRUTH: Most likely not. If you use your car for anything other than personal travel, you should either upgrade your auto insurance to cover business travel or get a commercial auto policy.
TRUTH: Typically, equipment that is affixed to the vehicle permanently will be covered. Unless specific coverage for objects in transit has been specified, loose tools, tool boxes, equipment, and supplies will not be covered.
TRUTH: This isn’t always the case because some insurance providers demand that all business vehicle drivers be listed on the policy. Drivers permitted to operate the vehicle are covered if your commercial auto policy has “permissive use” coverage.
TRUTH: There are two justifications for keeping your commercial auto insurance during a brief outage. The first justification is that keeping the policy in place would likely result in a lower insurance rate than starting it back up later. Second, terminating the contract will give you zero insurance protection for your parked cars.
If you want to continue protecting your company vehicles from theft, vandalism, or fire during downtime, it is recommended to consider comprehensive-only insurance.
TRUTH: When you drive for pleasure, to and from business, or for other personal reasons, your auto policy protects you from liability claims. If you are self-employed and use your vehicle for work, personal auto insurance will not cover you.
TRUTH: It may not be cost-effective to purchase these coverages if a car is worth less than $1,000 or less than ten times the insurance rate. However, you need collision and comprehensive insurance to protect your automobile from all forms of damage adequately.
Your company is more than just a place where you spend eight or more hours daily. It is the cause of your family’s ability to put food on the table and have a roof over their heads. It puts much effort into helping you. Thus, it deserves to be preserved. Speaking with an independent insurance agent and obtaining the appropriate level of coverage for your risk profile are the best ways to protect it.
This blog discusses the most common commercial auto insurance myths. Let us assist you in locating the insurance that will best serve the needs of both your business and your employees. Then, for a quick, affordable quote, contact us right away.
How do you pick the best contractor insurance provider? Nearly 60% of contractor businesses operate without insurance. Even for those who do, the coverage remains insufficient. Although safety measures lessen incidents, they cannot be avoided.
Nobody wants to spend more money than they have to on coverage that won’t adequately safeguard their company. The best insurance company can offer you a great deal while providing excellent services.
It’s essential to pay attention to how much you’re paying for your contractor insurance. When you choose the appropriate contractor insurance company, cheap insurance should not imply poor coverage.
If you’re looking for a company that provides excellent services, it’s essential to do your research. You should ensure the company has an established history of providing reliable services and competitive prices.
Explore the insurance providers that interest you. It’s doubtful you’ll come across a business with just positive reviews. Look for another company if the information does not fully address your questions or leaves you feeling uneasy about them.
Your insurance company should be able to give you quotations from at least three separate sources and activate your policy within seven days of receiving your information.
Slow turnaround times result in delays in starting your project, which may cost you money. Selecting the appropriate contractor insurance company can avoid these costly delays and save money.
A good contractor insurance company should assess your business insurance needs. This ensures that appropriate coverage is supplied. Knowing your needs and understanding how your insurance company can help you is vital.
One of the best contractor insurance tips includes selecting the best provider to get the needed coverage while offering competitive prices.
Your insurance agent should assist and support you when you need it the most. For example, you are unsure about your required coverage and have particular queries. The appropriate contractor insurance company will provide policy guidance and tailor-made coverage to suit your specific business’s needs.
You will benefit by dealing with a single company for all contractor insurance requirements.
They may combine your insurance needs into a single, easy-to-manage policy for you which can be very helpful and resourceful in the long run.
If you have some quotes and one seems noticeably lower than the others, proceed with extreme caution. The coverage provided, a reported payroll error or a misclassification could be all issues.
Any of those mistakes may eventually be discovered during an audit, and you might owe more money than you would have.
Contractors’ insurance protects your company in the event of a disaster. It’s the security blanket your company needs. Finding the finest insurance provider for your contractor business can be done fast and efficiently, but you may want to consult with an expert.
Many small and medium-sized business owners are unaware of the importance of a business life insurance policy to their firm’s profitability. Since it has monetary value, whole life insurance benefits business owners in a way that other types of insurance do not. This monetary value accrues over time due to interest and dividend payments.
The truth is that all business owners require whole life insurance, regardless of size. It can help businesses bypass typical banks and loans, benefit their employees and win tax breaks.
As the contractual owner of a life insurance policy, the business owner has first rights to the accumulated cash value. The business money is returned to the life insurance company for future business expenses.
Instead of paying a financial institution hefty interest rates, the business owner can finance their expenses in a way that allows them to recoup an interest cost.
Employers can choose to purchase life insurance for their employees. This allows business owners to receive a tax break for paying the insurance and use the policy’s cash value. The business owner can choose between naming the employee’s estate as the policy’s beneficiary or their company as the beneficiary.
Allowing the employee to choose the recipient is a fantastic benefit that firms may offer.
A “buy-sell agreement,” a type of whole life insurance scheme, is an excellent business exit strategy. Each business owner is given whole life coverage under this plan.
When one business owner dies, the surviving business owner will utilize the death benefit earnings to purchase the deceased business’ portion of the business.
A “key person” policy, similar to a buy-sell agreement, allows firms to safeguard against income loss due to the loss of key people. Business owners can fund these policies and use policy loans to finance current and future business expenses and liabilities.
The policy’s death benefit offers business owners funds to offset the cost of filling vacancies left by important staff departures.
There are various tax advantages to purchasing whole life insurance. Distributions can also be taken tax-free with good planning. Estate-planning procedures ensure that the proceeds of a death benefit are not included in the estate tax computation.
When an employer pays life insurance premiums into a policy on behalf of an employee, the premiums may be tax-deductible.
Life insurance for business owners is a valuable asset that may be used since it offers flexibility, growth, and security. Whether your company is massive or small, having business life insurance should be one of your top responsibilities.
Rental car insurance and the increased cost of gasoline and rental cars are making road trips expensive. Some drivers use their credit cards and existing auto insurance to avoid paying for rental car insurance. While it may help you save on some costs, it won’t fully cover you against accidents where you are at fault. Therefore, before waiving the rental car insurance, know what and when it covers before deciding on a course of action.
Your policy type and its coverages play a vital role in deciding whether or not to waive the rental car insurance, because different policies cover different scenarios. For example, basic auto insurance will cover you against third-party bodily injury and property damage caused by an at-fault accident. It will not cover damage to your rental car.
However, comprehensive and collision coverages will cover damage to the rental car resulting from vandalism, theft, flood, fire, and collision with another vehicle or object. Therefore, you can waive the rental car insurance if you have these coverages.
Also, check if your policy covers administrative fees, including loss of use and towing, as the rental company may charge you for the time their car is in the repair shop.
Yes, at-fault accidents will increase your premium just like it would if you were driving your car.
Your credit card may offer protection in some circumstances if you use it to pay for the rental car. American Express credit cards (including all of its US business and consumer cards) cover rental cars’ loss and damage, whereas Visa cards offer some collision coverage. However, Discover Financial Services has stopped providing rental car insurance benefits on its credit cards since 2018.
Ensure to check what your existing car insurance and credit cards cover. You can then, check what your car-sharing service offers, as some companies offer liability coverage and the option to choose from various levels of physical damage protection. You can refuse the insurance provided by the car-sharing service if your current auto policy is adequate to protect you. However, if their policy is necessary for your protection, don’t waive it.
A comprehensive auto insurance policy might let you forego the rental company’s insurance by providing you with enough coverage at all times against all risks. If you are looking for the best-in-class car insurance that offers extensive protection, contact us today at Abatelli Insurance Group, and we will assist you.
Accidents can happen despite your best efforts to prevent workplace injuries. This is where workers’ compensation insurance is necessary. It protects your employees if they are injured at work and also your business from associated claims and lawsuits. Without workers’ compensation insurance, you are liable for workplace accidents and related losses, which could financially ruin your business.
Read on to learn how workers’ compensation insurance can help your small business stay afloat.
Workers’ compensation insurance is required in several states although they are governed by varied laws and regulations. For example, in Alabama, you are required to buy the policy if you have 5 or more employees, whereas, in Arkansas, you need it if you have more than 3 employees.
Having workers’ compensation insurance is helpful to protect your business, notwithstanding your state’s regulations. For instance, if an employee becomes ill or injured at work, they may sue you, seeking compensation for their medical expenses or lost wages. Unless you have workers’ compensation insurance, you will have to cover these expenses out of your pocket.
Purchasing a workers’ compensation policy is essential because you are responsible for protecting your employees, whether they work at the office, at home, full time or even, part-time.
Like in-office workers, remote workers should be covered by workers’ compensation insurance, since they are also susceptible to slips, accidents, and ergonomic injuries caused by poor workstations. If you buy a policy for them, ensure your remote workers’ work environment is safe and ergonomically correct to avoid frequently filing claims. An insurance provider may also consider your remote workers’ working environment and possible risk factors before providing coverage.
It covers your employees’:
It won’t cover:
The cost of worker’s compensation insurance varies depending on the size and location of your business, nature of work, employees’ payroll, and claims history. You can get quotes from different insurance providers and settle with the one that provides comprehensive coverage at an affordable cost.
If you are looking for all-inclusive workers’ compensation insurance in New York, contact us today at Abatelli Insurance Group. We provide coverage tailored to unique risk exposures and needs of your business, ensuring extensive protection at all times.