By Insureon Staff –
If you’ve had to temporarily close your restaurant during the COVID-19 pandemic, you might be tempted to cancel your insurance to save money. This could cost you more in the long run – and expose you to risk.
The coronavirus pandemic is devastating to restaurant and bar owners across the country. While some food and beverage businesses are offering curbside takeout and delivery to offset losses during the temporary shutdown, the financial toll is staggering.
As you explore every avenue to cut costs, you may wonder if canceling one or more of your restaurant’s insurance policies could help. The money you may save now could cost you more down the road.
Before canceling anything, consider these drawbacks. (more…)
By Insureon Staff –
Cleaning businesses are at the front lines battling against the spread of COVID-19. Take these steps to keep your employees, your customers, and your business healthy.
While the coronavirus (COVID-19) pandemic is hurting businesses across many industries, cleaning and janitorial businesses have seen a sharp increase in demand.
Cleaning service requests are pouring in as businesses and households try to prevent further infection. The online jobs platform ZipRecruiter reports that March 2020 demand for cleaners is up 75% from a year ago.
As cleaning businesses hustle to meet the changing needs of new and current customers, they must also prepare for possible financial and physical risks.
Follow these practical steps to avoid potential pitfalls if you take on the coronavirus. (more…)
By Brad Wiewel –
Over a million lawsuits are filed in state courts every year. And, according to one source, all of us have a 10% chance of getting sued in any given year and a 33% chance of getting sued during our lifetimes! This is scary information given that being on the losing end of a lawsuit can be financially devastating.
As a business owner, you have special cause for concern. That’s because if your business is sued and ordered to pay a money judgment as a result, the plaintiff in the lawsuit can collect on the judgment not only by going after its assets, but by going after your personal assets too if your business does not have enough resources to pay the full judgment amount.
The good news however, is that appropriate up-front planning can protect your personal assets. For example, you can: (more…)
By Rocco Fiorentino, President and CEO of Benetrends
We all learned how important the right insurance coverage can be, when hundreds of businesses suffered power outages lasting for weeks due to Hurricane Sandy. Business interruption coverage played a critical role in the survival of many businesses that were unable to open due to power outages, resulting in loss of revenue and loss of property.
For many business owners, it was the difference between re-opening their doors and going out of business. Let’s face it; no one wants to be under insured and no one wants to pay to be over insured! Proper coverage and limits should be reviewed by you and your agent on an annual basis.
Key Business Insurance Components
General Liability insurance is the core of a commercial insurance policy. The policy protects your business from claims of bodily injury, property damage, negligence claims and includes protection for litigation resulting from these claims, including defending lawsuits up to the policy’s coverage amount. (more…)
By Jack Garson
(As seen in the SmartCEO Magazine, February 2012)
Ensuring you have insurance when you need it.
On Aug. 23, 2011, a magnitude 5.8 earthquake hit the Mid-Atlantic region, causing damage to structures as famous as the Washington Monument and the National Cathedral. The very next month, in September, Tropical Storm Lee thundered up the East Coast, causing historic rainfalls and flooding.
In each instance, countless businesses suffered damage, only to discover that their existing insurance failed to provide necessary coverage.
A variety of other threats can pose risks to your company. You may face anything from injuries to your workers and customers, to fire that destroys your facilities, to lawsuits accusing you and your colleagues of failing to uphold duties to shareholders, clients and employees. (more…)