Understanding the Different Types of Small Business Insurance

As a small business owner, you want to protect your commercial investment just like you protect your home or car. The main difference is your business is much more complex and requires more types of insurance to ensure that it is fully protected. It is important to talk to your agent to find out what types of insurance you have and what supplemental policies you may need to fill in any leftover gaps.

small business insurance
Understanding Different Types of Business Insurance

Following are a few different types of insurance that your small business may require.

1. Property Insurance

Property insurance protects property that is owned by your business. It will also protect another person’s property if it is damaged while it is on your business premises. Burglaries, theft, vandalism, and weather damage are all covered under this type of policy. Property insurance protects the structures of the business as well as your inventory. It will even cover what is referred to as employee dishonesty. In simple terms, it means damages caused by an employee stealing or taking part in other types of unethical behavior.

2. General and Professional Liability

General liability covers any injury a person receives while on your property. Professional liability will cover any damages to someone else’s property that is caused by a mistake on the part of one of your employees or a product defect. You are liable, even if the injury was unintentional. Personal or bodily injury is one of the most common forms of liability. Slip and falls, tripping, or objects falling from shelves can all result in a personal injury claim.

3. Workers’ Compensation, Health, and Life Policies

Workers’ compensation, health, and life insurance policies do not fall into any other insurance categories. While some people may try to recognize a workers’ compensation as a gap policy, it is in its own category.  Group health and life insurance policies are dealt with in the same manner. Employees have a choice as to whether they want to purchase them. However, the rates are lower for group insurance policies.

4. Supplemental or Gap Policies

Supplemental or gap insurance covers all of the other types of damages to which your business may be susceptible. This includes umbrella coverage, fleet insurance, business interruption, floods, earthquakes, and hurricane insurance. In today’s tech-savvy world, data breach or cyberattack insurance is also a must.

Though there are many different types of gap policies, the most common ones are those that cover floods, earthquakes, and hurricanes. Gap policies cover risk factors that do not affect everyone. Businesses that are located inland will rarely experience hurricanes. Businesses located along the coast, on the other hand, will readily purchase hurricane insurance to protect themselves against loss in the event of a storm that comes to shore.

These are a few different types of insurance coverage that you must consider in order to protect your small business. For assistance with all your insurance needs and questions, contact the experts at Miller Carlisle Insurance Services in Carlisle, PA. We look forward to helping you with all your coverage needs.

What You Need to Know About Insurance Coverage

As a business owner, you always want to make sure that your company is safe from harm. However, many businesses do not invest in insurance coverage, and when they get sued, they face many problems.

Here is what you need to know about insurance coverage when buying a policy.

Navigating Insurance Coverage Limits 

Always set insurance coverage limits by first understanding what your company would end up paying for a single claim. Higher coverage comes at a higher cost. Decide the limit by balancing your budget with the maximum risk that can be mitigated in your single limit coverage budget.

Popular Types of Business Insurance Coverage

The most popular type of business coverage is general liability insurance, which covers aspects like the loss of electronic data, customer injuries, and defense costs, in the case of a lawsuit. It does not cover the injuries of your employees or property loss.

In professions like consulting or law, where consumers and clients rely on the professional advice offered by your business, another type of insurance to be aware of is errors and omissions insurance.

When the Claim Is Higher Than Your Coverage

At times, when setting insurance liability limits, the cost of a claim can be higher than your single limit coverage. In such cases, the difference will need to be borne by your company.

As more claims are made against your business, your premiums will get higher. It’s essential to budget for this progression as your business grows. Set aside a reserve fund alongside a policy in case the claim is bigger than the coverage.

Reach Out for Expert Advice

The nuances of business insurance policies depend on the type of business and risks involved. Make sure you get expert advice to understand insurance liability limits and choose a plan that adequately protects your business.

Want to learn more about insurance coverage and how to secure a risk-free future for your business? Contact the experts at Miller Carlisle Insurance Services. Our team is happy to answer all your business insurance questions!

5 Simple Steps to Keep Your Business Clean During COVID- 19

Cleanliness and sanitization have now become more critical than ever. Keeping your business clean in the COVID-19 pandemic is as challenging as it is necessary. If you are the owner or the manager of your company, you are responsible for making the decisions that ensure your business is COVID-ready.

Here are five simple steps that will help your business stay clean during COVID- 19:

Regular Screening of the Employees

Regular screening of the employees entering the company premises using affordable equipment like thermal scanners, ensure a certain degree of regulation.

Partner with a Cleaning Business

If your company is large, it is wise to partner with a cleaning company. A cleaning company has well-established protocols that aim to ensure sanitization at the highest level possible within your specified budget.

Choosing the Right Disinfectants and Equipment

If you are a small business and not working with a cleaning company, it becomes crucial for you to stay informed about what disinfectants to use, how to clean your workspace, and what equipment to use.

The World Health Organization (WHO) recommends frequent wiping of the surfaces and objects using suitable disinfectants to avoid contamination.

Promote Cleanliness Among Employees

Cleaning the workspace alone is not enough. The cleanliness should also be maintained, and that is a collective effort. You, as an employer, can promote cleanliness among your employees by:

  • Putting up posters about cleanliness.
  • Providing staff with tissues and sanitizers.
  • Provide easy access to places where the team can wash their hands.
  • Hold meetings to discuss the hygienic measures undertaken.
  • Make sick leaves mandatory.

Insure Your Business and Employees

Precaution is better than cure. There is a risk, however small or big, of infection and damage. The times are chaotic and stressful for all, so it is wise to insure your business and health against any possible damage.

It is important to be well equipped with all the resources and equipment to keep your business clean in COVID- 19. An insurance policy is another way to keep your business protected in times of great distress. If you are looking for guidance on business insurance policies, contact the experts at Miller Carlisle Insurance Services. Our dedicated team is eager to assist you with all your insurance needs today.

What Differentiates Personal and Commercial Auto Insurance?

Understanding commercial auto insurance.company van

If your company owns vehicles or requires employees to drive on the job, then you need to protect your business with the right commercial auto insurance.  But what is this coverage, and what makes it different than personal car insurance policies?  Here’s what you need to know.

Personal vs. Commercial Auto

When you compare personal and commercial auto policies, you’ll notice that both types of insurance offer similar forms of coverage.  For instance, both personal and commercial auto policies will offer coverages such as collision, comprehensive, bodily injury liability, property damage liability, medical payments, and so on.  The main difference between these two types of insurance is the amount of coverage that they offer.  Because businesses face higher liability risks and have more assets to protect than individuals, commercial auto policies offer higher coverage limits and are designed to cover more complex legal issues than personal policies are.  Additionally, because businesses can use standard cars, vans, and even delivery trucks, commercial auto policies are designed to cover a wider array of vehicles than personal car insurance.

What Does Commercial Auto Insurance Cover?

Commercial auto insurance is designed to cover accidents that occur when you or your employees are using a vehicle for business purposes.  While this coverage obviously encompasses company-owned vehicles, it can also extend to your employee’s personal vehicles that they are using for business-related purposes.

Who Needs Commercial Auto Insurance?

Any business that routinely uses vehicles to carry out operations needs commercial auto insurance.  This includes businesses that handle the following:

  • Transporting goods or equipment
  • Delivering goods or services
  • Driving around clients or employees
  • Renting out company vehicles for client use
  • Hauling work-related loads
  • Towing trailers used for business purposes

Securing the Right Commercial Auto Insurance

Because heavy vans and trucks will cause more damage than standard vehicles in an accident, these types of vehicles face higher liability risks.  If your business owns vehicles that weigh more than five tons or haul more than one-ton loads, you require special commercial insurance coverage.  Vehicles that fall into this category include minibuses, cement mixers, semi-trucks, and tow-trucks.

This is what makes commercial auto insurance different than personal policies.  Do you have additional questions about your business’s insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to assist you with all your commercial coverage needs today.

Business Insurance for Start-Ups

What new business owners need to know about commercial coverage.business team at work

If you are getting ready to launch your business, then you are probably excited to see everything that you have worked towards come to life.  Naturally, the last thing that you want is for a damage event or liability issue to hurt your company before it even has a chance to accomplish anything.  This is why it’s so important to protect your company with the right commercial coverage.  Not sure where you should begin with business insurance?  Then here are some of the things that you should know.

Why You Need Coverage

First, it’s important to understand why you need to secure insurance for your business.  In the simplest terms, business insurance is designed to protect both your commercial and personal assets.  Your commercial coverage offers financial protection in the event that your business sustains damage or is on the receiving end of a liability claim.  Your coverage can help you pay for repair costs, compensation expenses, legal fees, and so on.  Without the right commercial insurance in place, you would have to cover the full cost of business damages and liability issues out of your own pocket.  This, in turn, could compromise your business’s revenue and even your personal savings.  This is why it’s so important to have the financial protection that only commercial insurance can offer.

When Should I Secure Coverage?

Business owners should secure commercial coverage as soon as they launch their companies.  This is because your company opens itself up for risk as soon as it opens its doors.  You should secure commercial coverage even if you are operating out of your own home.  This is because your homeowners insurance will not provide coverage for business-related inventory, equipment, supplies, or liability events.  The only way to protect your fledgeling business is with the right commercial coverage.

Which Policies Do I Need?

With all the coverage options out there, it can be difficult to determine which policies are right for you.  Some of the most basic and essential forms of commercial coverage include the following:

  • Commercial property
  • General liability
  • Professional liability
  • Product liability
  • Cyber liability
  • Commercial auto
  • Business interruption

This is what startup companies need to know about commercial insurance.  Do you have additional questions about your business insurance?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you the coverage that you need today.

Tips for Starting a Business as a Woman

How to launch your own company.smiling business woman

With International Women’s Day right around the corner, you may be feeling inspired and motivated to get your business off the ground.  To help you launch your own business, here are some of the suggestions you should keep in mind.

  • Focus on Marketing

While many start-ups do not have the budget to launch major marketing campaigns, you should still do whatever you can to announce your business’s presence.  When money is a concern, it’s best to focus on quality rather than quantity.  By creating specific marketing materials and distributing them to your target audience, you can make the most of your small marketing budget.

  • Outsource to Address Your Weaknesses

Many entrepreneurs try to handle everything on their own.  However, this isn’t reasonable or sustainable.  One of the first things that new business owners should learn is how to delegate and outsource.  By hiring other people to handle things you aren’t good at, you can save yourself time, effort, and avoid serious mistakes.

  • Focus on Customer Service

When your business is small, you can’t realistically think of competing with big-name, national corporations.  However, there are some advantages to being a smaller operation.  By being responsive, polite, and ready to go the extra mile, you can attract a base of loyal customers.  This can help you generate a stable income that will help your business grow and succeed.

These are some of the suggestions that female entrepreneurs should keep in mind when launching their own business.  Remember, your business cannot get off the ground without comprehensive commercial insurance.  For assistance with all your business insurance needs, contact the experts at Miller Carlisle Insurance Services today.

Preventing Customer-Related Liability Issues at Your Business

Keep your customers safe.injured customer

If you run a business, then the health and safety of your customers should be a top priority.  This is why it’s so important to make your workplace a safe environment.  Not only will this ensure that your customers don’t suffer injury or property damage, but it also protects your company from damaging liability suits.  To keep your customers safe, here are some of the precautions you should take.

  • Complete Routine Safety Inspections

One of the best ways to ensure that your workplace is free from major hazards is by conducting frequent health and safety inspections.   During your inspections, walk through your business and look for potential sources of danger.  You should also speak to your employees and take note of any safety concerns that they bring up.  If you do notice potential hazards, make sure that you take steps to address them right away.  Being proactive will reduce the chances of someone sustaining injuries or damage while on your property.

  • Make Use of Warning Signs

Oftentimes, customers are not aware of the hazards present in the workplace.  To prevent them from walking into a dangerous situation, you and your employees should be vigilant about posting the appropriate warning signs.  When you inform customers about risks, they will be much more careful.  This, in turn, reduces the chances of them sustaining injuries or damage while on your property.

  • Have Customers Sign Waivers

Depending on the nature of your business and the activities that your customers are participating in, you may want to have them sign waivers.  This way, if a customer is injured or sustains property damage while using your company’s services, you will not be held liable.  If you are interested in having clients sign a waiver, then make sure you check your state’s laws to verify that your waiver is in compliance.

These are some of the steps that you should take to prevent customer-related liability issues.  Want another way to protect your company?  If so, then contact the experts at Miller Carlisle Insurance Services.  We are ready to get you the coverage that you need today.