Tag: Business Insurance 2

How To Build A Good Relationship With Your Insurance Company

Commercial insurance is about developing relationships between the insurance company and the customer, or business. The more your insurance company knows and understands your risk, the lower your premium will likely be. Unlike personal insurance, commercial insurance premiums are developed using some level of individual judgement on the part of the underwriter. Underwriters can credit your premiums by 25% in most cases. Here is what...

Every Business Needs A Disaster Plan

You have invested a great deal of time, money, and energy into your business in order for it to be successful.  Part of every successful business is having a plan in place if a disaster should happen.  According to the Small Business Administration, 25% of businesses do not re-open after a disaster.  Most of these failed businesses did not have a disaster plan in place....

The Keys To A Business Owner’s Insurance Policy

Every business needs business insurance.  But business insurance policies are all different. That is why it is always better to use an independent agent who knows and understand your business and industry. The insurance needs for a restaurant are much different than the insurance needs of a manufacturer, and the coverage should reflect that. If you own or operate a business, you may want to...

What Is Your Cost Of Risk?

A good way to truly understand your business and risk management program, is to determine your “cost of risk”. Cost of risk (COR) is a combination of business insurance premiums, retained losses, and administrative expenses. Why is COR important? COR can help managers better define the success of their business and insurance program. Business insurance premiums are one part of the program. By recognizing these...

Three Coverage’s Every Contractor Must Have

Construction risks are very real, and no one knows that better than the owners and managers of those in the construction industry. The work involved in the construction business encompasses many different occupations and tasks. According to the latest numbers (U.S. Census Bureau) construction spending rose 7% in 2014. Consider this important fact; 40% of small businesses (including construction companies) do not re-open after a...