Protecting Business Investments

Real estate investments usually take into account the surrounding environment and what the local economy is doing. For those interested in capitalizing on a location’s reputation for sound investments, take a look at the Orlando market. With entertainment, retail and hospitality industries booming, it would seem that this is the place to be. No matter what business or investment you choose to make, you can be sure of your need for commercial property insurance in Orlando, Florida.

Who Needs It

Any business owner looking to protect their valuable assets such as office space, equipment, tools, machinery or inventory storage will need insurance coverage. A policy will usually offer financial protection in the event of fire, vandalism, theft or some natural disasters. These perils could apply to just about any industry and their operations:

  • Medical facilities
  • Office space
  • Retail locations
  • Warehouses

What it Costs

The cost of a commercial policy will depend on several factors, as well as the limits you decide to carry. Older buildings having greater risks with long-term damage, making them more costly to insure. Small office space will be less to insure than a manufacturing company. Your location with other businesses, the economic landscape and crime demographics will also affect your rates.

Regardless of the deciding factors, having commercial property insurance in Orlando is one of the best ways to protect your business investments.

The Importance of Training Your Employees in Cyber Security

When it comes to your business’s cybersecurity, you don’t want to slack on it. Some business owners think that they can get away with simply having anti-virus and a firewall. If this is how you think, you’re missing out on employee risk. When it comes down to it, you need cyber security training for employees.

What Employees Will Learn

When it comes to cybersecurity, there are certain steps that your employees can take to make themselves and your business safer. When it comes to training, there are a few different areas that your employees need to be aware of.
Here’s a list of what they need to know how to do:

  • Create stronger passwords
  • Avoid phishing schemes
  • Avoid unsecured wi-fi and devices

When it comes to wi-fi and devices, anything that doesn’t require a password is unsecure. The risks of unsecured wi-fi is that the network is shared and many people may be able to access your employee’s information.

Your business’s security isn’t only up to you. When you have employees working for you, it’s important that they also know about how to keep themselves and your business safe. The best way to keep them informed is to utilize cyber security training for employees. While insurance is important, being informed is equally important.

What is Professional Liability Coverage?

Professional liability insurance, also known as errors and omissions insurance, is a special type of insurance that protects your business against lawsuits resulting from a service you provided. Specifically, it protects your business and assets in case a customer claims that they experienced losses due to mistakes in the service you provided to them (errors) or because of what you didn’t provide to them (omissions).

Professional liability insurance is an optional coverage, but in certain areas, it’s required for those in fields such as medicine where its commonly referred to as malpractice insurance. Here are examples of other practitioners who can benefit from E&O insurance:

Technology professionals: Contractors whose jobs require that they build or repair technology should get E&O coverage. Even if its not your fault, its possible for you to be blamed for a customers gadget gone bad.

Real estate professionals: If a client follows your recommendations and ends up with financial losses, they may want to file suit to recoup their losses. E&O coverage will cover the cost of any legal fees and settlements.

Legal professionals: It’s not unusual for a client to sue their attorney following a legal case. E&O coverage will ensure that any fees and payments towards your defense are covered.

It’s clear that professional liability insurance is vitally important, especially for professionals who provide services directly to customers. Be sure to include it as part of your coverage when you sign up for your business insurance package.

Successful Insurance Marketing

As an insurance agency, your online presence isn’t just a great marketing tool: it is the face of your business. Strategic planning and insurance marketing strategies will determine whether the 95% of all prospective clients who visit your website before making a purchasing decision will go with you or look somewhere else.

Powerful First Impressions

The design of your website is critical. It should be attractive, professional, content-rich and easy to use. Here are some questions to ask yourself:

  • Is the agency name or logo prominently displayed?
  • Can a first-time user easily navigate the site?
  • Is there a fill-in form to capture contact information?
  • Is contact information easy to find?

If you can’t answer yes to all of these questions, you may be losing potential customers.

Rich, Valuable Content

Potential customers may seek out your website for basic information; they will keep coming back if you have content they can use. Most people will stay on a web page for fewer than 15 seconds; if you don’t give them new information, or solve a problem, they will move on. Well-written content with a strong lead that addresses a specific, important issue is a powerful tool.
Developing and an effective insurance marketing strategies plan is an important component of building your business, and one that will continue to pay dividends from the moment it is implemented.

A New Definition for Insurance Coverage

The captive insurance definition is generally accepted as a group of business owners who want to come together to form an insurance group to provide coverage for themselves. This is similar to self-insuring and can allow the owners of the captive to keep the underwriting profits and the income from their investment.

Types of Captives

There are different kinds of captives and each has its own benefits.

A Pure Captive or Single-Parent Captive

In this scenario, the captive is owned by a single company. That company is providing coverage for itself and any affiliates it may have.

Protected Cell Captives

Each member in a protected cell captive is separated legally. Generally, this type of group can have a lower set up cost and lower cost to maintain.

Rent-a-Captive

A rent-a-captive is exactly what it sounds like. A separate party owns the captive and business owners then rent coverage as they need it. This is often the starting point for a group to eventually form a captive insurance group of their own.

Agency and association captives and risk retention groups are several other options a business owner has when deciding which captive is right for their business’ needs and goals.

The captive insurance definition is diverse. There are many benefits to this type of insurance coverage, and, it often provides a more cost-effective solution to business owners looking for alternatives to the traditional insurance market.

A Comprehensive Plan To Protect Your Financial Institution

In a time in which financial institutions find themselves increasingly in the cross hairs of liability challenges, effective insurance for banks has never been more important. Choosing a package of insurance products that ensures total coverage is a crucial step toward long-term security.

A Three-Pronged Strategy

With new threats emerging daily, financial institutions require the expertise of a broker specializing in bank insurance. An insurance bundle covering three main areas is a good start:

  1. Cyber Liability. More and more, banks are exposed to cyber risks resulting from data loss, customer identity theft, fraud or extortion. In April 2018, federal bank regulators released a statement strongly encouraging banks to consider cyber insurance as general liability policies do not offer protection from cyber claims.
  2. Professional Liability. Banks are particularly vulnerable to claims of negligence, wrongful acts and errors on the part of employees and officials. Several policy and endorsement options exist that specifically protect financial institutions from such claims.
  3. Crime Insurance. Few businesses are more susceptible than banks to debilitating exposure to criminal acts. Wire fraud is particularly rampant and ranks as perhaps the most dangerous new threat while an old one—employee dishonesty—will always be a serious problem.

Now more than ever, effective insurance for banks is essential to the long-term health of a financial institution. A comprehensive package of coverage is targeted to provide full coverage in a challenging environment.

Protect Your Practice

Malpractice isn’t just the concern of medical doctors. Over a 20 year career, as many as 40% of psychologists may be faced with a licensing board complaint. HPSO malpractice insurance can protect you against the costs of these and other types of complaints that may arise in the course of your work.

What Could Happen?

You work hard to help your clients, but the nature of your work means that you may face accusations including:

  • slander, libel or assault
  • physical or sexual abuse
  • HIPAA violations
  • malpractice

In addition to the serious impact such accusations can have on your reputation and practice, the legal and financial burdens can be staggering. Even if you are employed by a facility, your employer’s insurance may not cover you, or cover you sufficiently, to include all the associated costs of a legal challenge.

Professional Liability Coverage

A liability policy can protect you in the event of accusations like those listed above, and provide you with the resources you need to address any legal issues. Not only can such a policy help to cover the cost of any judgment against you, it will also help you to cover the costs of legal representation, or lost income because of required time in court.

No one wants to think that they could be named in a lawsuit, but it is an all-too-possible scenario in a climate where people increasingly settle their differences in court. HPSO malpractice insurance can give you the peace of mind that comes from knowing you’re prepared to face such a challenge.

Protecting Your Fleet from Many Different Exposures

While a majority of companies that use vehicles to conduct business must purchase commercial liability auto insurance as required by law in most states, meeting only the minimum legal requirements certainly will not provide your business with enough financial protection. Keep in mind that commercial liability auto insurance only covers injuries and property damage suffered by others in any accident you’re found at fault for.

You need to protect your business and your investment, and commercial physical damage insurance in Anaheim will help to cover the cost of repair, or replacement of damaged commercial vehicles. Any down time due to damaged vehicles in need of repair can dramatically affect your bottom line.

Physical damage insurance options

You can determine what type of coverage you want or need to have. Collision insurance in Anaheim can help you pay for repairs to your commercial fleet vehicles if there is damage resulting from a collision, overturn, or rollover. In the event that your vehicle is deemed a total loss, your collision coverage will pay you the estimated current cash value (minus your deductible) of your vehicle in order to help replace it.

A commercial comprehensive policy helps pay for the repair or replacement of your commercial vehicle anytime that it suffers damages resulting from incidents that do not necessarily involve traffic collisions, including fire, theft, vandalism, major storms, or collisions involving animals. Your policy may be designed to cover other types of damage as well. Consult with your agent for more specifics.

More and more, companies are opting to purchase combined additional coverage (CAC) as part of their fire and theft coverage, especially those working with large, heavy-duty trucks and vehicles. This includes coverage for floods, earthquakes, and incidents involving sinking and other acts that result in severe physical damage to the vehicle.

Where your business is concerned, you can’t afford to have insurance that doesn’t provide for every instance, known and unknown. While physical damage coverages are optional, they can be an essential part of your commercial auto insurance policy. Your company vehicles are one of the most important aspects of your business, and having a policy that includes physical damage insurance in Anaheim can ensure that you’re protecting them to the fullest.

Insuring the Staffing Industry

The staffing industry is very unique. Instead of bringing in new workers for tasks within the company, they specialize in sending new and temporary workers to other companies. Because staffing is such a singular kind of industry, staffing companies face different challenges and have distinctive needs. These needs must be met in specific ways. Staffing insurance solutions are no different.

What to Look For

When it comes to insurance, a staffing company needs to be sure that their coverage comes from an insurance group that understands the industry and the challenges they face. Here are a few ways to ensure that you make the right choice.

  • Insurance provided to staffing companies alone
  • Risk management included in policies
  • Knowledge of VMS, ASO, MSP, and PEO services
  • Legal teams that specialize in staffing
  • 24-hour responsiveness and prompt claim processing

Every agency must protect their assets and be prepared to prevent losses. Making sure you have the right insurance is a critical part of that plan for success.

Don’t Neglect Your Protection

With staffing insurance solutions, you can never be too careful. Finding the right plan and coverage can be made easy with the right insurance company. When an insurance group has the highest level of staffing knowledge and experience, anyone in the staffing industry can be sure they are well taken care of.

The Writing on the Walls: Understanding How Your Business Is Covered

Most enterprises rely on their office space as a crucial part of their daily operations. Because of this, business property insurance is one of most important policies any business can hold whether their space is rented or owned outright.

Policies are typically written either on a replacement-cost or actual-cash-value (ACV) basis. Knowing how your insurance policy is written is crucial to ensuring your company can weather a major disaster because it will directly impact how you are reimbursed.

Replacement-Cost Versus ACV

Policies written on a replacement-cost basis will typically reimburse losses at a higher rate than actual-cash-value policies because a replacement-cost policy will pay out based on the current market value of your property. By contrast, an actual-cash-value policy pays out based on the value of your property at the time of the loss and considers depreciation. There may be pros and cons to each type of coverage for your business, and there are a variety of factors that may impact the type of coverage you need, including:

  • Your business’s location
  • The type of property
  • Your desired policy terms
  • Your budget for deductibles and co-insurance

Being aware of how your business property insurance policy is written will allow you to be as prepared as possible should you ever need to file a claim. While either policy type may work for your company, you should always be sure you understand all the details of your coverage.