Being your own boss comes with all kinds of perks, like getting to work on something you are passionate about and working on your own terms. But it also comes with worry over risks associated with owning your own business.
One way to mitigate that risk is by purchasing a Business Owners Policy (BOP) which combines protection for all major property and liability risks into one policy. However, many small business owners neglect this necessary safeguard because they don't understand how a BOP policy works, or they assume they don't need it.
To help you tell fact from fiction and feel more comfortable about your decision, here are the 5 BOP myths, debunked:
My business is not big enough to purchase insurance. A BOP policy, like all insurance policies, is there to protect you when the unexpected happens. In addition to protecting your assets, a BOP policy also reimburses you for loss of income if your business is disrupted, and it provides General Business Liability protection if your company is responsible for injury or property damage. The reality is, the smaller your business, the bigger the impact one of these events can have on your bottom line. This is peace of mind to protect your livelihood and all that you've built.
My homeowners insurance covers my home-based business. False. Your homeowners insurance provides you coverage in your home as a resident, not as a place of business. And if you don't disclose to your home insurance company that you are running a business out of your home, your home insurance provider could void your policy altogether. You should alert your home insurance carrier if you are running a business out of your home to obtain the appropriate coverage. Keep in mind some carriers are not able to provide home-based business insurance coverage, so you should be prepared to find a new company if that is the case.
I'm covered for all risks with my General Liability Insurance. False. General Liability Insurance does not cover workplace injuries that happen to employees or other people on your payroll; this is generally covered by Workers' Compensation. It also does not cover the cost of damages to your own business property. Typically, it only helps cover the costs of damage your business causes to others who are not yourself or your employees.
My business is too small to worry about a cyber-attack. False. According to a recent study cited by the U.S. House Small Business Subcommittee on Health and Technology, nearly 20% of all cyber-attacks hit small businesses with 250 or fewer employees. And to make matters worse, roughly 60% of small businesses close within six months of a cyber-attack. Further, as larger companies invest more to fight these threats, cyber criminals are likely to turn to businesses that may be more susceptible.
My business is a corporation, and that protects me from liability. False. Being a corporation only protects the individual investors, owners and officers from personal liability for actions and debts of the corporation for corporate purposes. There are laws that allow the "corporate veil of protection" to be removed under certain circumstances, which, in this case, can make the owner personally liable. Laws on this vary from state to state, but the smaller you are, the more likely this could occur.
How to purchase a BOP policy from Networth Ins. Services CALL Serena at 210.202.4015 ext.101
Get membership benefits that help cover the cost of medical bills and offer money-saving advantages. Enroll now and begin to help fill the gaps not covered by regular health plans.
Read more at: https://www.pivothealth.com/product/supplemental-health-insurance/plans/index.php
Flexible, Budget-Friendly Health Coverage for Up to 364 Days*
Five Short Term Health Insurance Trends*
Business Wire — Demand for Short-Term Health Insurance Has Steadily Grown Since Implementation of the ACA.
Agile — Fact Checking Five Myths About Short-Term Health Insurance
Read more at: https://www.pivothealth.com/short-term-health-insurance/
What is workers’ compensation insurance and how does it work?
Workers’ compensation insurance is a strategic investment that protects business owners, as well as a business’ most important asset: its employees, in the event of a work-related illness or injury. Also referred to as workman’s comp, workers’ compensation insurance covers all reasonable and necessary medical treatment and lost wages for employees who get injured in the course and scope of their employment or experience an occupational disease. The benefits for employees and employers vary from state to state.
Workers’ comp benefits include employee compensation for lost wages, medical treatment, and death benefits payable to the dependents of workers killed in the course of employment. These benefits also help cover expenses related to ongoing medical treatment like follow-up appointments or a physical therapy regimen. However, these policies generally do not include damages for pain and suffering or punitive damages for employer negligence.
Workers’ compensation insurance helps protect employers from potential lawsuits. Some workers’ compensation carriers also provide value added benefits such as fraud prevention support, workplace safety tools, and managed care services, which can help injured workers experience minimal downtime.
We offer competitively priced, immediate coverage options & price indications, immediate binding & policy issuance, and prompt claims handling.
Lessor’s risk is a type of small business insurance for commercial landlords. It protects you in case one of your tenants sues you for property damage or injuries sustained in your building. This coverage, also known as landlord insurance, is designed for owners of commercial property, such as apartment buildings, retail complexes, office space, warehouses, and other building types. You as the landlord generally must not occupy more than 25 percent of the building.
Lessor’s Risk Coverage
Limits: $100K, $300K, $500K, & $1 Million
AM Best Rating "A" (Excellent)
Small Farms in:
What is comprehensive coverage?
Comprehensive car insurance is usually overshadowed by its better known cousin, collision insurance, but it's just as important. Otherwise known as "other than collision" or "comprehensive coverage". It actually doesn't give you complete coverage, contrary to what its name might indicate. Comprehensive car insurance covers damage to your vehicle not caused by a collision.
Types of Damage Covered Under Comprehensive Auto Insurance
Below are a couple examples of accidents and mishaps other than fender-benders:
What is collision coverage?
Collision coverage refers to protection for your car when it is involved in a crash with another vehicle or a stationary object. Most car crashes and auto accidents fall under this kind of insurance coverage. The types of damages include crashing into another vehicle, another vehicle colliding with yours, or ramming into a street light, pole, or some other stationary object. It'll cover the cost of repairs or replacements to your own car (liability coverage and insurance takes care of damages to other people's property).
What is rental coverage?
Rental coverage pays for the cost of a rental car when you need a rental car because of an event covered by your policy. For example, if you’re in a wreck and need a rental, then the policy would pay for a rental. But if you need a rental because your car has mechanical issues, the rental coverage wouldn’t likely apply in that situation.
What is towing coverage?
Towing coverage will reimburse you for towing charges that are incurred when you can’t drive your car.
Your home is as unique as you are and your house insurance should be too. We will work with you to find the coverage that fits your needs. We will make it easy for you to find the right solution.
We’re all on a budget, and don’t want to pay for expensive extras. We offer affordable homeowners insurance choices to our customers. We can help manage the cost of your insurance with flexible coverage options and simple payment plans. You worked hard to get where you are, and we don’t think you should have to work harder to find home insurance.
Your house is more than a dwelling. It’s your home and you require protection from the unexpected. Finding coverage is easy with Networth Insurance Services, LLC and we will work with you to find insurance that is right for you.
Homeowners coverage to protect your home and personal property. If your home is owner occupied, liability and theft coverage is included.
Dwelling fire coverage to protect your home and personal property if you are an owner, renter or seasonal occupant. Owners, landlords and tenants liability is also available as optional coverage.
Vacant Property coverage to provide fire and extended coverage for vacant properties on a 12-month term, with the option to add liability.
-National Lloyds Insurance
We offer a number of mobile home and manufactured home insurance coverages for new and older homes. You can build your insurance policy with the following coverages:
Insurance coverage for seasonal, vacant, renters and occupied mobile and manufactured homes.
Attached and unattached structures
Single, double and triple-wide, modular and manufactured home insurance.
Comprehensive personal liability
Whether you are a snowbird or live in your mobile home year round, our insurance we can find the right coverage to protect your manufactured and mobile home.
We offer a variety of insurance coverage options designed to fit your needs with optional insurance coverages like flood, liability and replacement cost.
We work with a network of mobile home dealers to provide you the mobile home insurance you need when you purchase a new mobile home. We can also offer special mobile home insurance coverages, such as extended service warranties, which can cover your appliances from defects for up to 10 years. (Restricted availability).
-Nationa Lloyds Insurance