Information for business owners.

2018 Health Insurance Open Enrollment

OPEN ENROLLMENT It is that time of year again. Open enrollment is right around the corner and you may be starting to think about health insurance coverage and what that means for you, your business and your employees. Value of Offering Benefits to Your Employees Health insurance plans can be expensive, so why should you offer these benefits to your employees? Here are some important reasons. Offering health insurance benefits to your staff can help ensure a stable and motivated workforce and lower turnover rates. By investing in your employees and offering [...]

2018-12-10T14:59:17+00:00September 24th, 2018|

Commercial Insurance and Schools

School districts are exposed to many different types of risk. These types of risk can come from visitors, students, employees, the buildings and grounds, transportation, and just about anything you can think of. In the event of a claim, a school could be put in a tough situation. This is where insurance policies can come into play. What type of insurance should schools carry? According to the Pennsylvania School Boards Association’s endorsed insurance program, the following are all different types of insurance that schools should consider: Property and Liability Worker’s Compensation Privacy [...]

2018-12-10T15:00:53+00:00August 30th, 2018|

What does Cyber Liability Insurance Cover?

Most businesses today use technology both in the workplace and with consumers. Technology is used to do everything from general business, store private information, maintain communication, and much more. With the use of technology increasing every day, it is vital to protect your company when it comes to cyber threats. According to USA TODAY, 60% of small business go out of businesses within 6 months of a cyber attack and the cost of an attack can range from $84,000 to $148,000. They also note that almost two-thirds of all attacks are aimed [...]

2018-12-10T15:04:58+00:00July 24th, 2018|

Why do you need Cyber Liability Insurance?

In today’s ever-growing world cybercrime has increased substantially. Many companies do not realize that they need coverage to protect their assets and data in the event of a hack or breach. Phishing scams, identity theft, and telephone hacking are all crimes that traditional insurance policies do not address. The following are 10 reasons why you might need cyber liability insurance courtesy of Evolve MGA. Most cyber attacks are not covered by standard property or crime insurance policies System downtime is not covered by standard business interruption insurance Data is not covered by [...]

2018-12-10T15:05:21+00:00July 19th, 2018|

Insurance Policies Business Owners Often Overlook

Business owners have a full plate. Dealing with clients, employees, and the overhead takes up a great deal of time. When it comes to reviewing your insurance package, oftentimes it comes down to a simple question: “what does the price look like this year compared to last year?” It certainly is tempting to be concerned with only the price. However, as times change, your insurance program needs to change, too. Business owners today are exposed to risks that didn’t necessarily exist when the business was started or those risks have evolved over [...]

2021-07-28T16:27:38+00:00June 14th, 2018|

Planning to Transition the Farm

In the United States, family farms account for about 98% of farms. Additionally, these farms produce about 85% of the nation’s agricultural output. Many of these farms have been in the family for decades, for generations. They are, without question, the foundation for our nation’s food supply and beyond. However, a USDA study in 2012 found that 89% of these family farms do not have a succession plan in place and about 70% of the farms were likely to change hands in the next couple of decades. The average age of a [...]

2020-07-24T21:41:39+00:00June 12th, 2018|

Why Business Partners Should Have a Buy/Sell Agreement

Joe and Bob were brothers and owned a feed mill together. They were successful and the business grew each year. Joe’s wife, Kathy, and Bob’s wife, Susan, were close. The two families often did holidays and other events together. Things were going well. It was always their intention to pass ownership of the feed mill to their children. Joe and Kathy had two sons, each of whom expressed interest in running the business someday. Bob and Susan had a son and a daughter. While the son seems to have interests elsewhere, the [...]

2020-07-24T21:40:47+00:00June 5th, 2018|

Covering Business Property and Time Lost

Two things always go together when we talk about commercial property insurance— buildings and contents. They represent the future of your business and significant loss of either one would be a major setback. Some things are irreplaceable, especially on the contents side, but you need to be covered at a realistic replacement cost and not just what you paid for it. Then there is time. Time lost and time unable to do what you do for a living, as well as paying the people who work for you, whether a staff of [...]

2019-11-19T18:14:10+00:00August 2nd, 2017|

How Insurers Survive Catastrophic Events

Insurance coverage is all about risk, but the biggest risks, and the hardest to predict, are from natural and man-made disasters. How do insurance companies handle catastrophic insurance losses? According to Property Claim Services, a catastrophe is “an event that causes $25 million or more in insured property losses and affects a significant number of property/casualty policyholders and insurers.” There are, of course, insurance carriers, known as reinsurers, who specialize in covering catastrophic losses. Insurance companies have to pay the price for the peace of mind that they will be able to [...]

2021-07-27T13:40:06+00:00August 2nd, 2017|
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