Should my small business have business income insurance?
Business income coverage is not necessary for every business. However, if you decide to not purchase this coverage, it’s important to understand what you will not have coverage for in the case of a loss.
Business income provides reimbursement for lost revenue after a covered insurance loss. For a company that does not have a physical address that is crucial to its business, such as a contractor, business income is probably not necessary. For store front or main street businesses, like a coffee shop, business income is a must.


What are the exclusions on a general liability policy?

Just because the name General Liability sounds all-inclusive you must understand that it is NOT!
There are many exclusions on a General Liability policy just on the standard forms and then each individual insurance carrier can apply additional exclusions as they see fit.


How does my loss ratio affect business insurance premiums?

Loss Ratio is term used often in the business insurance world.
The first question we have to ask is, “What is Loss Ratio?” According to Wikipedia:
The loss ratio is the ratio of total losses incurred (paid and reserved) in claims plus adjustment expenses divided by the total premiums earned.
For most small businesses, loss ratio has the most obvious effect on workers compensation insurance premiums. However, over time a business loss ratio for liability and property insurance claims can impact premiums as well.
The higher your loss ratio is the higher your insurance premiums are going to be. Understanding concepts such as these will help you lower business insurance premiums for your organization.


What is covered on a commercial general liability insurance policy?

Commercial general liability insurance is one of the most common insurance coverages purchased by businesses. Most people think that commercial general liability insurance only provides coverage for slips, trips and falls, or 3rd party property damage.
There is obviously a lot more to general liability coverage than just slips, trips and falls. An easier way of trying to understand the types of claims scenarios that would be covered is to understand what is NOT covered.
What Commercial General Liability Insurance is NOT
General liability insurance is Not a catch all coverage. There are many liability related accident and incidents that can happen in your business that are not covered by commercial general liability insurance.
General liability insurance will Not protect against things you do on purpose.
General liability insurance does Not cover your building or property.

What is covered under a fiduciary liability insurance policy?

As an employer you have a fiduciary responsibility to act in the best interest of your employees as it pertains to their pensions, retirement accounts, health and benefits, etc.
If you misappropriate funds, embezzle funds, let a policy cancel or don’t make employees aware of a policy cancel, if you change benefits and don’t notify employees or any number of other acts that effect the benefits you have fiduciary responsibility over, you and/or your business can be held liable.
Fiduciary Liability Insurance provides defense and coverage in the event your business is found negligent in a fiduciary liability lawsuit.

What is uninsured motorist coverage?

An often misunderstood  auto insurance coverage is uninsured motorist insurance coverage which protects you and the people in your car in the event another driver hits you with inadequate NY insurance coverage or no auto insurance at all.  Often drivers that carry low auto insurance liability limits do not have many assets to protect.  So in the event that you or someone in your car is badly injured by another driver and they have inadequate auto insurance liability limits there is nothing to gain by suing the driver.

Does my auto insurance pay if someone else is driving my car?

If you give a friend permission to take your car to the store and he is involved in an accident, coverage will be based on the policy for that vehicle – not the driver.
Insurance companies require that policy holders declare all drivers in a household, and it can cause problems in the event of a claim if a household driver was not disclosed to the insurance company. After the insurance pays the claim, the company may have the right to cancel the insurance on renewal because the policyholder misrepresented himself when applying for coverage.

When do I file an auto insurance claim?

The most important thing to remember about filing an auto insurance claim is to make sure you call 911 first.
That may sound crazy but making sure a situation is safe and the proper authorities have been notified is important.
The insurance company is going to want to see a police report especially if there was another vehicle or someone else’s property involved in the accident.
As far as when you should file. Calling the next day is fine but the sooner the better. Remember you can always call your independent insurance agent