Small Business Insurance Basics
Running a small business can be tough at times and most businesses run a fine line between being profitable and making a loss. These narrow margins leave small businesses very vulnerable to the risk of losses resulting from accidents, theft or lawsuits. Minimizing risk is essential for small business owners and adequate insurance is an essential solution for this. Business insurance offers protection for when your product or service fails, when someone is injured on your property, when a thief walks off with your office computers or when your driver crashes the company vehicle.
Getting the right type and amount of cover is a daunting task for most people. As a result many small businesses are either under insured, over insured or worst of all not insured at all for vital risks. The type of business you are running and the types of products and services you offer will largely determine the type of insurance you require. In general, small businesses need a combination of the following types of policies:
Public Liability Insurance
This type of insurance policy protects your business from lawsuits associated with damages caused by your business or injuries sustained by people on your business premises.
Professional Indemnity Insurance
If you are a professional like an accountant, investment advisor, tax consultant or even an insurance broker then you should definitely consider taking out this type of insurance policy. It protects you from losses that could occur should a client sue you for advice or services that may have led to the client losing money. Professional indemnity insurance covers legal costs, court fees and pays the settlement should you be found liable.
The effects of the recession
Economists and those federal government folk who justify their existence by putting together a picture of economic activity say it takes at least two years for the effect of a recession to show up in national statistics and trends. This has nothing to do with the real-time counting of unemployment or the national debt. When there’s a downturn, some market sectors actually improve their performance. So, for example, when the international value of the dollar falls, exports become more competitive and sales rise. To see a national pattern emerge therefore takes time as all the different state and federal agencies put together their numbers, and then send them up the line for a national picture to be drawn.
One of the numbers we have been waiting for is national healthcare spending. You will remember there are few controls on spending included in the Affordable Care Act, and those that will have an impact are not due to come into force until 2014. Despite this, there was only a marginal increase in 2010. In fact, it was the second-smallest increase over the last fifty years. So what factors have brought us to this point? Obviously, the consistently high levels of unemployment have reduced family incomes. Add in the fear of unemployment and those still in work have been paying down their debts and refusing discretionary spending. To maintain their profitability, insurers have been passing on more costs to us through higher deductibles and co-payments. More employers have been cutting their health benefits and passing on more of the cost to their employees. The net effect has been a significant reduction in the use of medical services. We have refused to consult physicians as often. We delay going to hospital until our conditions are too serious to ignore. We have been asking for fewer prescriptions. The result is the spending per head of population was $8,402 in 2010.
PLUMBER INSURANCE
Our plumber insurance policies provide comprehensive cover to self employed plumbers and plumbing contract firms.
low cost plumber insurance
from just £161 pa, underwritten by Brit Insurance, one of the UK’s top insurers. Why not see how much money we can save you by getting your cheap plumbers insurance quote here.
By working in customers homes, on a business premises or a construction site, plumbers are exposed to all manner of risks. For example a water mains pipe you are working on might burst and flood a room, causing property damage. A customer might trip up over your tools and injure themselves. An employee might fall ill or have an accident at work and claim compensation from you. Our plumber insurance cover protects your business against real life claims like these.
They not only cover compensation payments if it is proved you have been negligent but also cover legal fees & costs. Like it or not, more and more people now take legal action if mistakes are made, so it pays to have the best protection around.
Our insurance for plumbers includes;
Public liability insurance: Public liability insurance for plumbers covers compensation costs to members of the public for injury, death, or damage to their property. We offer three levels of public liability cover (£1million, £2million & £5 million)
Employers liability insurance: Employers liability insurance for plumbers covers compensation costs if a member of your staff falls ill or has an accident at work.
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Franchise Consulting or Franchise Brokerage
Franchise consulting is a field similar to any other consultant that focuses on client relationship, whereby the franchise consultant would charge a fee to a client in exchange for a particular service. This is how the field of franchise brokerage was traditionally defined. If a franchisor needed a particular service, whether it was the formation of their franchise agreement, business planning, marketing and sales advice or any other type of third party consulting services, they would hire the consultant, draft a contract and scope of service, and pay consulting fees.
In the last few years, the definition has been changed as various franchise sales networks borrowed the term “franchise consulting” or “franchise consultant” to describe “franchise brokerage”. Instead of charging a fee, the franchise consultant offers their services for free and receives compensation only if their client happens to purchase a franchise.
It is my opinion that this new definition undermines the concept of franchise consulting as a service.
In addition to those that are marketing themselves as franchise consultants, when they are essentially franchise brokers, amounts to nothing more than a misrepresentation of what they offer.
It is a little disingenuous to describe yourself as one thing, when in fact you are doing something else. This is an issue that stirs a lot of debate in the franchise industry, and unfortunately, as franchise networks continue to expand, it could potentially marginalize it. I have seen this issue discussed on linked-in forums, trade shows and franchise radio programs.
Car Insurance
Do you use your car for commercial purposes like making deliveries and visiting contacts? Then you fairly need to purchase commercial car insurance for this type of car. The personal auto insurance policies could deny coverage once the car is used for the commercial purposes. This is for the reason that, it generally covers only the ones which is in regular and daily use. This thing exposes a small business owner into serious financial losses, once the car has been involved into some sort of accident.
The commercial car insurance could help you out, as they cover the repair as well as the replacement of the damaged vehicle and shoulders the cost of claims for some sort of injury or damage into the property. On the other hand, what are the other benefits that you could take with car insurance? Well, here are some of those:
You can save- with such; there are lots of ways for you to save money into your commercial car insurance. If you are regular insurers who are carrying this kind of insurance, it would be a good idea for you to take out some kind of insurance from it. It could be by purchasing homeowner’s insurance as well as commercial vehicle policy. Some of the insurers could also add commercial coverage into your regular car insurance as the rider, whenever you need it.
Avail of the discounts- if you have car insurance, there is a possibility that you could get discounts on your insurance throughout the usual methods. Simply ensure that the vehicles have its safety features like automatic seat belts and anti-theft devices like the car alarms and locking devices for the steering wheel and constantly parking the car into well-secured parking lots and other devices.
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