Avoid Financial Disaster with the Right Protection.

Trying to sneak by without business insurance exposes your business to terrible risks. Can you really afford not to have adequate coverage? You never know when an accident will strike, or when an employee will get hurt on the job. Not having the right coverage can cost you and your family the business as well as your home, savings, retirement, the education of your children, and many other assets.

What If…

You pull a healthy tooth from your patient’s mouth, and she sues you for malpractice.
You business has been robbed. The desks have been rifled through, and files are missing. In your office, your desk has been robbed of business checks, personnel files, and busines contacts.
Your secretary needs surgery and months of physical therapy to correct her carpal tunnel syndrome.
You arrive at work one morning to find that all of your computer equipment has been stolen.
One of your waiters is talking to a friend, and a client overhears them calling your competitor an “idiot,” joking that they have been known to date underage girls. Your competitor promptly sues you for defamation.
A customer slips on a freshly washed floor and breaks her ankle.
One of your employees has been stealing restaurant supplies.

Unfortunately, bad things happen to even the most conscientious business owners. That’s why insurance is here to protect you. Getting insurance isn’t just the responsible thing to do. Getting insurance is what earns you your peace of mind.

Many business owners pay too little and end up with coverage that isn’t adequate. A whole other set of business owners pay too much on their insurance. The best way to avoid either group and ending up with the insurance you need is by talking to an independent insurance agent. They can put together a professional, no-obligation insurance proposal for you.

Risks to Your Business

You never know when things like fires, flooding, lawsuits, accidents, theft, or loss of records will stop your business in it’s tracks. But it’s key that you protect it for when things like this DO happen. It’s better to be prepared than to be pummelled by large bills afterwards.

With all the things to keep track of with your business, you shouldn’t have to add the worry of “What If…” With the right coverage, you can sleep easy knowing you’re protected.

Home-Based Business

Why insure your home business if you already insure your home? If your computer breaks, your homeowners insurance has you covered. If a client slips on your floor, your homeowners insurance will cover that, too. Right?

Nope.

Most homeowners insurance policies don’t cover the risks and liabilities of in-home companies.

If your computer (or other equipment) is used primarily for business, it isn’t covered by your homeowners insurance policy. Same goes for other business-related incidents.

Some of the most common in-home businesses are:

Piano or other music lessons.
Crafting business.
Professional services.
Landscaping services.
Tailor.
Other services.

It doesn’t cost much to add coverage tailored to your business. It’s probably a great deal less than the loss you would be facing if you were to have a claim from theft, accidental damage, natural disasters, vehicle accident or loss from employee or visitor injuries. Your homeowners insurance won’t cover these if they’re related in any way to your business.

There are options available to you – make sure you ask your insurance agent about protection for your business… before it’s too late.

If Something Happens…

Do you have the right coverage, at the right amounts, to make sure you can open your doors to business quickly? There are very important questions to ask of yourself and your insurance agent:

Do I have workers’ compensation coverage or disability?
If a natural disaster were to strike my business, will I be able to set up and continue operations in another location?
Do I have coverage for income loss if my business is unexpectedly closes?
If my building goes up in flames, do I have enough coverage to demolition AND completely rebuild, refurnish and restock my business operation?
Do I have adequate “executive life coverage” on my key employees?
Will my insurance cover the revenues I’ll lose?
Does my insurance help me pay bills if my usual revenue stream is gone?
Will it reimburse me for the expenses I incur in getting my company back up to speed?
If complaints about food poisoning start coming in, will my insurance protect me? Was it an ingredient? Was it the storage? Was it the supplier? Was it hygeine? Was it prepared improperly? How long will I have to be shut down, and how much will spoil, before I can open my doors to business again? What happens in the meantime?
Do I have Commercial Auto coverage on my business’ vehicles?
What if our computers get a bug and our customer lists are lost?
Can the information be recovered, and will insurance cover the cost to do so?
If one of my employees gets hurt, do I have disability coverage to pay part of their salary if they can no longer work?
Am I protected from claims or actions taken in conjunction with my website?
What happens if the losses from a claim go over my policy limits? Should I get umbrella insurance?
If my employee sues me for discrimination, will I be covered? Does my Employee Pracices Liability Insurance (EPLI) cover it?

Insurance is all about the worst-case scenarios. You need to be prepared for problems of every size, so that if something happens, you, your business, and your employees won’t be left out to dry.

Anything less than full coverage isn’t adequate protection.

Consult with a knowledgeable business insurance agent before purchasing any policies. If you are just launching your business, make sure you have adequate coverage before you open your doors. And don’t fall into the trap of getting too comfortable.

Many business owners purchase their policy and never look at it again. This is dangerous – if details of your business change, your policy needs to reflect the changes so that, in case something happens, your claim won’t be denied.

Set a date on your calendar a couple months before your renewal to review your policy with your insurance agent.

Two-Step Business Protection Program

1. Draw up a disaster recovery plan for your company.

Insurance can’t cover everything, and each coverage has its limitations. So you need a plan that allows you to get the company back up and running as quickly as possible. If you feel you don’t have the expertise to design this plan, there are plenty of professionals out there who can do it for you.

For this recovery plan to be effective, you need to do the following:

 Make duplicate records of both computerized and written documents.

 Identify your company’s critical business activities and the resources needed to support them.

 Plan for the worst-case scenario. Do research before a disaster strikes:

Alternative facilities
Equipment and supplies
Alternative contractors

 Set up an emergency response plan and train your employees how to carry it out. Consider:

Alternative power sources
Alternative communication systems
Supplies such as first-aid kits and flashlights

 Compile lists of important phone numbers and addresses (lists should be kept off-premises), including:

Local and state emergency management agencies
Major clients
Contractors
Suppliers
Realtors
Financial institutions
Insurance agent
Insurance claims representatives
Phone numbers and addresses for your staff.

 Implement a communications strategy to prevent the loss of clients. The strategy should enable your clients to contact your company at its new, temporary location.

2. Get a independent business insurance agent to look at the your company’s risks

Cookie-cutter solutions don’t work for business insurance programs. No two companies are the same, even two that are in the same business. Location, security, equipment, clientelle and staff are all different… you need to have your company looked at individually. You need an expert to assess your company and the specific risks it faces — and put together a comprehensive insurance plan to protect you.

Additionally, you should have as many options available to you as possible for your insurance program. This is best achieved (and with the fewest headaches) by using an independent insurance agent. They can ensure you get the comprehensive coverage at the best price available to you by:

Shopping around for you;
Knowing which markets will work the best for your business;
Having an awareness of which companies have good claims services, and;
Negotiating with companies on your behalf.

At Balcos Insurance, inc, we’re happy to get you the information you need to help create a successful business protection program. We’ll happily take care of your risk analysis at no cost, with no obligation to buy. We know that we provide services and prices that are highly competitive, and even provide resources that few (if any) other insurance agents provide.

We want to help you find the best business insurance solution.

Protect your business – and your future – and call us for a free evaluation today.

(877) 783 – 0335

© 2008, Mark S. Balcos. The reader assumes all responsibilities for his/her own actions in regards to any items discussed in this report. Adherence to all applicable laws and regulations, federal, state and local, governing the use of any product or service described in this report in the US or any other jurisdiction is the sole responsibility of the reader. The publisher and author assume no responsibility or liability whatsoever on the behalf of the reader of these materials. The reader is encouraged to consult directly with his/her insurance professional.

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