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Archive for the ‘Insurance Commercials’ Category

Assessing Your Risks

Tuesday, November 5th, 2013

Your business is up and running. Your business equipment is just what you need. Your grand opening celebration is just around the corner.

But you feel like there’s something you’re forgetting. And there just might be! Have you looked into commercial insurance?

Commercial insurance is not a frill. It’s something that you are going to absolutely need.

Here are the steps you will need to take in order to ensure you get the coverage you and your business need but don’t overpay.

The first thing you will need to do is assess your risks. Insurance underwriters will look at your individual business as well as the industry in general and come up determine the level of risk involved with your business.

Next, they will decide whether or not they will cover your commercial enterprise, and if they will, what amount of premiums are required in order for them to do so.

Each policy has two parts to it.

The first part is the premium, which is Insurance-ese for the amount of money you will provide to the insurance company. Premiums are determined by complicated calculations which are designed to figure risk factors such as where your business is located, proximity to fire and police protection services, the type of building your business is in, and what kind of insurance you are buying.

The second part is the deductible, which is the amount of money you will be required to pay in the event that you make a claim. For example, if you choose a $1,000 deductible, and a claim is made for $5,000, your business pays $1,000 and the insurance company will pay $4,000.

Usually, the higher the deductible you opt to pay, the lower your premium will be.

When deciding whether to choose a high or a low deductible, you first need to look at whether you can afford the deductible. Given that the purpose of insurance is to return you to where you were before the incident which triggers the claim, you will need to choose a balance between what your business can afford without endangering its existence against what your business can afford to pay monthly.

As always, you will do well to discuss your position and choices with a qualified insurance professional.

Retail Business: What Business Insurance Is Right?

Monday, October 28th, 2013

What business insurance is right for a retail business?

Any business; retail, specialty, service, restaurant, financial planner, mechanic, doctor, lawyer, or any small business needs to insure the business against risk. The question we often get asked, how much is enough? The right question should be, “What coverage(s) do we need?”

First, if nothing else, you need to have liability coverage in place for your financial security. Many standard liability policies for small business are 1 Million dollars for any one loss and two million dollars in any one year. For most of us, that sounds like a lot of money, but is it really when looking at protecting your business. Consider the ramifications of you or an employee of your company seriously injuring a third party in an accident where fault is determined to be you or your employees’. The case goes to litigation and jury determines the losses to the third party exceed 4 million dollars based on medical costs, lost income, and pain and suffering. That 1 million dollar limit doesn’t look so big anymore. It is often important to ask your commercial insurance broker what is realistic for your industry and area. A commercial umbrella policy is often a cost effective way to increase your liability coverage without breaking the bank.

The second area of coverage needed is property insurance. Property coverage is another area where a discussion with your licensed insurance professional is necessary. It is always recommended to carry the highest coverage affordable. Review the coverage with your insurance agent while considering starting from scratch in the event of a catastrophic loss. It is always wise to have a separate discussion regarding the commercial vehicle insurance your business is carrying.

Finally, does your business need worker’s compensation insurance? Hiring one employee should at least have you as an owner having that discussion. As noted before, take the time to really determine with your commercial insurance broker the proper coverage(s) needed to reduce your risk exposure.

Commercial Insurance Agent

Tuesday, June 21st, 2011

Is your commercial insurance agent right for your business?

Starting out in a new business can be overwhelming. Without a board of directors, it can seem like there is no one to turn to with questions. Fortunately, if you have a team of advisors in place; you just need to put them to work. In starting your business, you will need to use an attorney, an accountant, a banker, and an commercial insurance agent to get everything in place. The key is to use this team as advisors to help you with answers to those questions that will arise.

Lets focus on what a trusted advisor will look like as it pertains to the licensed insurance professional that will work as part of your team. It’s is important to look at your commercial insurance agent as a professional with level of importance as your attorney and accountant. Your agent will be working with you in determining the amount of risk and exposure your business will face and the best way to reduce it.

Your licensed insurance professional, your agent or broker, needs to work with you and bring to the table a level of expertise in insuring your business and its employees. When interviewing your insurance advisor, ask them for input. Are they willing to meet with you on a regular basis, talk on the phone periodically? Get references and check them.

In the past, we’ve talked about annual reviews, but find out if they are willing and able to put more into the success of your business. Are they willing and do they have the expertise to become an advisor for your business? Are they willing to tour your business? Are they willing to help hold you accountable to your plan?

Once you have found your trusted insurance advisor, it is important to give them what is needed to be effective. You as the owner need to keep your insurance professional up to date on things like new equipment purchases and upgrades, new employees, new locations and expansion planning, new product offerings, and other changes to your business. You also need to insure the other team members accept and understand your insurance advisor is part of the team.

Travelers Insurance Commercial

Monday, July 13th, 2009

Click on Commercial Insurance to get quotes from Travelers Commercial. 

The video below found on YouTube depicts a mock laboratory that attaches old rabbits feet because there is no longer a need for luck when you are in sync with Travelers Commercial Insurance.  The insurance commercial talks about generations of us who will no longer need a rabbits foot.  They thank Science and Travelers Commercial Insurance for saving hundreds of rabbits feet.

In my opinion the benefits of this insurance commercial were not as easy to understand as the Progressive and Liberty Mutual Commercials.  I guess that is because it seems a little far fetched to attach hundreds of rabbits feet.  The other insurance companies commercial were easier to relate.

Travelers Commercial Insurance

Liberty Mutual Commercial Insurance - Series 2

Monday, January 5th, 2009

This is the second series of releases by Liberty Mutual Commercial Insurance that demonstrates how we should let go and trust those who want to help us. There are some great examples on how this applies to commercial insurance. Some of them include:

1. The pizza delivery guy who is almost hurt on the job by getting ran over by a car on a busy city street.

2. The bus driver who does not help the handicap lady off the bus.

3. The food worker who is reaching for bowls out of her reach.

4. The children’s ball who almost goes out in the street to face the handyman in his older truck.

There are several other examples but all of these explain why we need commercial insurance as business owners. Liberty Mutual is demonstrating why they are here to help with their tag line….RESPONSIBILITY…WHAT’S YOUR POLICY!

Liberty Mutual Commercial Insurance

Liberty Mutual Commercial Insurance

Sunday, January 4th, 2009

This is the first in a series of releases for Liberty Mutual commercial insurance.  It starts off with people in cities going out of their way to help people they don’t even know b/c as a citizen it is our responsibility to do good and just help others.  I really enjoyed the music and apparently many others have as well as it has 186,000 views.  The video finishes with the Liberty Mutual tag line of when its people who do the right thing they call it being responsible, when it is an insurance company they call it Liberty Mutual.  “Responsibility….  What’s your policy”?  Please enjoy this commercial insurance video.

Progressive Commercial Insurance

Tuesday, November 18th, 2008

This is a great testimonial for Progressive Commercial Insurance. Whitney from INN The Dog House runs a doggy day car and is a typical entrepreneur. Whitney started her business because she wanted to take her dog to work. Quickly after she got started she recognized that she would need a commercial vehicle with plenty of room and chose the Volvo XC90. After shopping for commercial insurance she felt Progressive would be the best company to protect her business. She now feels that she runs a progressive small business today because her employees are protected in addition to those nice weekly lunches. Please check out her story below;

Progressive Commercial Insurance