Seven Insurance Policies for Businesses

By | Business Insurance

With so many different types of insurance to choose from, it can be overwhelming to determine what type is best for your business. B+H Insurance, LLC is here to help explain the types of insurance policies available and how they can help protect you, your employees and your business’s bottom line.

Commercial Property Insurance

In the case of a catastrophic event such as a fire, explosion, burst pipe, storm or theft, commercial property insurance compensates you for losses or damage to your building, leased or owned equipment, and other property on the premises. In fact, commercial property insurance can cover items such as furniture, inventory, computers and anything that would be considered necessary for performing normal business operations.

Commercial property insurance is typically purchased as a stand-alone policy or as part of a comprehensive business owner’s policy that includes property and general liability coverage. Commercial property insurance is offered on either a replacement cost or actual cash value basis.

General Liability Insurance

General liability insurance policies typically cover an organization for claims involving bodily injuries and property damage resulting from its products, services or operations. What’s more, this form of insurance can help cover medical expenses and attorney fees resulting from bodily injury or property damage claims for which your organization may be legally responsible.

General liability insurance policies typically have four coverage elements:

Premises liability covers you in the event that a person who is not employed at your business becomes injured on your property. If someone sued your business because they tripped and fell on your property, liability insurance can help cover those expenses.

Products liability covers you if a product or service causes injury to someone’s body or inflicts damage on a consumer’s personal property. If you’re a tech company that broke a customer’s computer while performing a service on it, those damages could be covered.

A personal injury is when your business inflicts a physical, financial or mental injury to a third party. For instance, let’s say you take action in detaining someone who you had reason to believe was stealing from your store. If it turns out your accusations are false and the person decides to sue you, you’d be covered under your general liability policy.

Advertisement injuries are caused by alleged misinformation, copyright infringement or slander made by your company. If you were advertising a product that claimed it could help clear acne and it ended up making a consumer’s acne worse, that could be considered an advertisement injury.

Overall, a general liability policy is beneficial for covering any medical bills or legal costs that accrue if the injured third party decides to sue your business.

Employment Practices Liability

Employment practices liability insurance (EPLI) is a form of insurance that covers wrongful acts that occur during the employment process. The most frequent types of claims covered under an EPLI policy include claims of discrimination, wrongful termination, sexual harassment and retaliation.

These policies will reimburse your company against the costs of defending a lawsuit in court, and for judgments and settlements. EPLI covers legal costs, whether your company wins or loses the suit. However, these policies typically do not pay for punitive damages, or civil or criminal fines.

Workers’ Compensation

Workers’ compensation is important in the event that an employee suffers a work-related injury or illness. This type of insurance is required in most states and is used to cover medical bills or wage replacement for employees who experience a work-related injury.

For example, if a worker pulled a back muscle at work and was unable to perform their duties, workers’ compensation would help in covering any physical therapy costs as well as compensating the employee for any lost wages.

Having worker’s compensation insurance can also protect your business from civil suits made by employees against your company related to their injuries.

Cyber Liability Insurance

If any part of your business is on an online platform, it is crucial to obtain cyber liability insurance. This type of coverage can protect your business from a cyber attack or interruption that can cause a loss in data, revenue and the trust between you and your customers. Cyber liability insurance is not only there to protect the internal information of your company, such as employees’ social security or financial information, but it also protects your customers’ personal and banking information.

Most cyber liability policies include both first- and third-party coverage:

                  • First-party coverage is for the business itself— helping the business recover from any losses after a cyber attack.
                  • Third-party coverage is to cover claims by people who have been injured because of your business being hacked.

Restoring compromised or lost data can be very costly, so cyber liability insurance is there to help cover financial losses to your business and the costs of claims made against your company by clients or other third parties who were affected.

Commercial Auto

Commercial auto insurance helps cover the costs of an auto accident if you or an employee is at fault. This coverage can help pay for damaged property and medical expenses.

Your business should consider a commercial auto policy if any of the following are true:

  • Your business owns, leases or rents vehicles such as cars, trucks or vans.
  • Your business has employees who drive their own vehicles to conduct business.
  • Your business has employees who operate leased, rented or owned company vehicles.

Professional Liability Insurance

Professional liability insurance, also known as errors and omissions (E&O) insurance, can protect your business against claims that a service you provided caused a client to suffer due to a mistake on your part or because you failed to perform a service.

Professional liability insurance can cover the cost of defending your business in a civil lawsuit for an alleged error or omission. What’s more, depending on your industry, professional liability insurance may be required by law. While many types of businesses need professional liability insurance, you should especially consider this type of insurance if your business works directly with customers while providing services.

 

 

More Information

Contact B+H Insurance, LLC to help you analyze your needs and decide on the right coverage for you and your growing business.

How Can You Be Better Prepared for an Audit?

By | Business Insurance, Business Tools, Insurance

Audits Don’t Have to Be Scary

Take a look at this video that was designed to help you understand General Liability and Workers Compensation Audits. Understanding the Audit Process can help you be better prepared for future Audits to come.

Click the link below for a helpful checklist to make sure you have everything you need!

Audit Checklist

 

We’re here when you need us most.
Call, email or stop by.
111 Ruthar Drive
Newark, DE 19711
Phone: 302-995-2247
Fax: 302-995-2220
Insurance@BHI365.com

 

 

We Are BHI

By | Business Insurance, Employee Benefits, HR Services, Personal Insurance, Safety Services

We are BHI

An independent insurance agency that provides Insurance,
Benefits, Human Resources, and Safety Solutions
to businesses and individuals in
the mid-Atlantic and beyond.

 

 

We’re here when you need us most.
Call, email or stop by.
111 Ruthar Drive
Newark, DE 19711
Phone: 302-995-2247
Fax: 302-995-2220
Insurance@BHI365.com

 

Is Employment Practices Liability Insurance Necessary?

By | Business Insurance, Specialty Insurance

From hiring new workers to assigning duties, each of your decisions affects employees in a unique way. Although these actions are critical to running your business, they also create exposures that could lead to costly claims by employees or governmental regulators. Even if they are not warranted, claims for wrongful employment practices can disrupt operations, damage your business’s reputation, hurt employee morale and negatively impact your bottom line.

Thankfully, businesses can rely on employment practices liability (EPL) insurance to protect against a wide range of wrongful employment practices claims, including wrongful termination, discrimination, sexual harassment and retaliation.
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The Importance of Social Media in Business

By | Business Tools

It’s safe to say social media isn’t going anywhere anytime soon—millions of people around the world use social media on daily basis. Even more importantly, it has become a daily business function for sales and marketing departments, and a powerful tool for reaching new customers and increasing brand awareness as it has never been easier. My name is Logan Worsh; I have been with BHI for a few months now as a Client Experience Specialist and have been handling their social media platforms. Continuing reading for what I have found to work best during that time.
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cyber liability insurance

Cyber Risks & Liabilities

By | Business Insurance, Specialty Insurance

Spear Phishing

“Phishing,” a type of cyber attack in which a hacker disguises himself or herself as a trusted source online in order to acquire sensitive information. It is a common and technologically simple scam that can put your employees and business at risk. However, more resourceful criminals are resorting to a modified and more sophisticated technique called “spear phishing.” This technique uses personal information to pose as colleagues or other sources specific to individuals or businesses.
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Trouble Recruiting and Keeping Talent? Your Skimpy Health Insurance Is a Likely Cause.

By | Business Insurance, Employee Benefits

The most important decision your company will make for its bottom line just might be the health and wellness program it chooses.

Annual global health spending is now over $3 trillion — and growing rapidly. A good portion of that is driven by millennials, who have both a strong interest in personal wellness and, thanks to the Affordable Care Act (aka, Obamacare), an 86 percent coverage rate (more than 50 percent through individual plans, their parents’ plans or Medicaid). For those in or entering the job market, health insurance is an expectation.

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New Jersey Enacts Paid Sick Leave

By | Business Insurance, HR Services

On May 2, 2018, New Jersey Governor Phil Murphy signed the Paid Sick Leave Act into law. The Act will require virtually all employers to provide paid sick leave to employees, effective Oct. 29, 2018. Under the Act:

  • All New Jersey employers must provide paid sick leave to their employees;
  • Employees will accrue one hour of paid sick leave for every 30 hours worked, up to 40 hours per year; and
  • Employees must be paid for paid sick leave at the same rate (and with the same benefits) they normally earn.

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Is Your Company Liable for Business-Related Vehicle Accidents?

By | Business Insurance

Regardless of the industry you operate in, it’s likely your employees need to operate vehicles for tasks like client visits, product deliveries, and product pickups. While larger organizations often provide insured company vehicles to their staff for daily use, small and medium-sized business often don’t have that luxury.

If employees use personal vehicles for business-related activities and get into an accident, your organization could be held liable. That’s why it’s critical to have non-owned auto liability insurance, which can provide the following benefits:

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Maryland Passes Paid-Sick-Leave Law

By | Business Insurance, HR Services

Maryland’s New Sick and Safe Leave Law under the Healthy Working Families Act

Effective February 11, 2018, Maryland employers must provide sick and safe leave to their employees, as state legislators recently voted to override Gov. Larry Hogan’s veto of the Healthy Working Families Act. With some exceptions, businesses in the state with 15 or more employees will have to provide up to 40 hours of paid sick leave to workers each year, and those with fewer employees must provide the same amount of time as unpaid leave. The leave may be used to care for the employee’s own or a family member’s mental or physical illness or injury, parental leave, or issues related to domestic violence, sexual assault or stalking.

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