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4 Steps to Take Before Purchasing Small Business Insurance | ValueOneEvery small business faces its own unique set of risks, but there is one common thread among all of them no matter the industry: the need for the right insurance coverage. As you work hard to make your entrepreneurial dreams a reality, you want to make sure that all your assets are protected in the event of unfortunate circumstances.

Partnering with a reliable commercial services provider can help you find the best property and casualty insurance policies for small business owners, taking the guesswork out of choosing the right coverage for your company. This enables you to focus your attention where it belongs—on running and developing your growing enterprise.

Here are a few steps you should take before deciding which insurance policies are right for your small business.

  1. Assess Your Industry and Individual Risk

If you own a construction company, you and your contractors or employees face much higher risks of physical injury than someone who owns a marketing agency or an accounting company. Therefore, you would likely need to consider a higher level of coverage under a policy like Workers’ Compensation or General Liability. But it’s not only the type of business you own that factors into the cost of your insurance premium.

When an insurance company reviews your application, they consider several different factors that can affect your rates. The location of your business, the type of property you own, your proximity to local fire protection services, and the amount of coverage you request are all considered when assessing your individual level of risk.

  1. Review Your Current Insurance Coverage (if Necessary)

The types and amounts of insurance you need the day you open your business are not going to be the same as what you’ll need five or ten years down the road. Annually reviewing your business insurance policies will ensure that you are currently maintaining the coverage you need, and will help you to know when it’s time to increase your coverage or when it’s time to add another policy to your account.

  1. Do Your Research and Shop Around for Commercial Insurance

After you have evaluated your level of risk and have reviewed your current policy, it is necessary to shop around and compare rates and coverage so that you aren’t caught unprepared. By collecting a few different insurance quotes, you’ll know how much to anticipate paying for a comprehensive policy that ensures all your assets are protected.         

  1. Find a Qualified, Licensed Insurance Broker or Agency

You know what it takes to run your business successfully. But when it comes to properly insuring your business, you may benefit from having the guidance of a P&C insurance expert.

The right licensed insurance broker or agent will be able to offer you sound advice when purchasing your small business coverage. Your agent will know what to look for, which pitfalls to avoid, and how to help you secure the protection you need without tacking on any unnecessary policies. In addition, your broker will most likely have access to insurance carriers that specialize in certain industries and market niches, providing you additional options that you may not find on your own.

Call the experts at ValueOne to guide you to the right small business insurance solution for your business today at (855) 960-5315.

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4 Steps to Take Before Purchasing Small Business Insurance

4 Steps to Take Before Purchasing Small Business Insurance | ValueOneEvery small business faces its own unique set of risks, but there is one common thread among all of them no matter the industry: the need for the right insurance coverage. As you work hard to make your entrepreneurial dreams a reality, you want to make sure that all your assets are protected in the event of unfortunate circumstances.

Partnering with a reliable commercial services provider can help you find the best property and casualty insurance policies for small business owners, taking the guesswork out of choosing the right coverage for your company. This enables you to focus your attention where it belongs—on running and developing your growing enterprise.

Here are a few steps you should take before deciding which insurance policies are right for your small business.

  1. Assess Your Industry and Individual Risk

If you own a construction company, you and your contractors or employees face much higher risks of physical injury than someone who owns a marketing agency or an accounting company. Therefore, you would likely need to consider a higher level of coverage under a policy like Workers’ Compensation or General Liability. But it’s not only the type of business you own that factors into the cost of your insurance premium.

When an insurance company reviews your application, they consider several different factors that can affect your rates. The location of your business, the type of property you own, your proximity to local fire protection services, and the amount of coverage you request are all considered when assessing your individual level of risk.

  1. Review Your Current Insurance Coverage (if Necessary)

The types and amounts of insurance you need the day you open your business are not going to be the same as what you’ll need five or ten years down the road. Annually reviewing your business insurance policies will ensure that you are currently maintaining the coverage you need, and will help you to know when it’s time to increase your coverage or when it’s time to add another policy to your account.

  1. Do Your Research and Shop Around for Commercial Insurance

After you have evaluated your level of risk and have reviewed your current policy, it is necessary to shop around and compare rates and coverage so that you aren’t caught unprepared. By collecting a few different insurance quotes, you’ll know how much to anticipate paying for a comprehensive policy that ensures all your assets are protected.         

  1. Find a Qualified, Licensed Insurance Broker or Agency

You know what it takes to run your business successfully. But when it comes to properly insuring your business, you may benefit from having the guidance of a P&C insurance expert.

The right licensed insurance broker or agent will be able to offer you sound advice when purchasing your small business coverage. Your agent will know what to look for, which pitfalls to avoid, and how to help you secure the protection you need without tacking on any unnecessary policies. In addition, your broker will most likely have access to insurance carriers that specialize in certain industries and market niches, providing you additional options that you may not find on your own.

Call the experts at ValueOne to guide you to the right small business insurance solution for your business today at (855) 960-5315.

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The Small Business Insurance Buyer’s Guide | ValueOne

Types of Commercial Insurance You May Need for Your Small Business

When looking for the right insurance coverage for your business, you’ll need to know the options available to you, and whether it’s the right solution. The last things any business owner wants are not having a vital part of their business protected and paying for coverage that’s not needed. Let’s break down the individual types of commercial insurance and discover how each one can help your business grow.

Business Owner’s Policy (BOP)

This is one of the most important insurance policies for small business owners to have. A Business Owner’s Policy conveniently bundles basic coverage for property damage along with general liability, making it simpler for you to protect what matters most to you and your company.

Having a BOP safeguards you against the most common risks that businesses face and helps ensure that you can remain financially stable if unforeseen circumstances temporarily interrupt your business operations. Combining these two policies provides the wide-ranging coverage your company needs in one cost-effective package.

General Liability Insurance

As a small business owner, you never know what’s around the next bend, but having General Liability Insurance can give you peace of mind and help you roll with the punches, regardless of what comes your way.

Should you find yourself facing a lawsuit regarding one of your products, a personal injury claim from a customer who slipped and fell on your property, or allegations of false advertising, General Liability coverage will help offset the costs associated with your legal defense and any settlement that your company may be required to pay.

Commercial Property Insurance

No matter what type of small business you operate, chances are your company owns property. Whether that includes a physical space, manufacturing equipment, an inventory of materials or merchandise, or office furniture and technology, Commercial Property Insurance is what will allow your business to recover, should you incur property loss or damage.

Without the right Commercial Property policy, your company is at risk of permanently losing these valuable assets in the event disaster strikes. However, providing your business with adequate property coverage will ensure that your small business is financially protected from risks such as theft, vandalism, and damage caused by fire or natural disaster.

Commercial Auto Insurance

For businesses that rely on vehicles to transport employees or move merchandise, Commercial Auto Insurance is a necessity. Whether you manage a fleet of delivery trucks, a collection of commercial vans, or a single company car, having a Commercial Auto Insurance policy protects your business in case you or one of your employees causes property damage or bodily harm from behind the wheel while on company business.

Hired & Non-Owned Auto Insurance (HNO)

Hired & Non-Owned Auto Insurance (HNO) protects you in cases where a claim is filed against your company because of property damage or bodily injury caused by one of your employees while conducting company business in a vehicle not owned by your company (such as a rented or personal vehicle).

In general, HNO does not cover damage to the vehicle itself (this is covered by the owner’s auto insurance policy). However, HNO does protect you and your employees by paying for any legal fees, medical expenses, or property damage that result from an auto accident that occurs while you or one of your employees are on the job.

Cyber Insurance

Today, virtually all companies rely on technology to carry out business operations, whether that means storing records on electronic databases or using computers to manage communications and accounting. And just like physical records, digital information is susceptible to being lost or confiscated.

Luckily, you can offset the financial risks of costly data breaches with Cyber Insurance, which safeguards your company’s servers and protects sensitive digital assets like client information, employee files, and financial records.

Professional Liability Insurance (PLI)

Although Professional Liability Insurance originated as a protective measure for doctors and lawyers, PLI has evolved to cover a wide variety of professional service providers.

Professional Liability Insurance is essential for businesses whose mainstay is advising clients. These professions include certified public accountants, investment advisors, management consultants, IT professionals, and marketing agencies among many others. If a customer incurs financial loss due to alleged negligence, mistakes, or oversight on your part (or that of your employees), PLI protects your business from being held financially liable.

Directors & Officers Insurance (D&O)

Should a legal claim be brought against one of the officers or directors within your company, Directors & Officers Insurance (D&O) can help cover the associated defense fees, as well as any settlement costs they may incur. In some instances, D&O can also provide protection for your company itself, if it happens to be named in the lawsuit.

Errors & Omissions Insurance (E&O)

No one is perfect, including companies that provide clients with professional services such as legal counsel, business advice, or financial management. However, an Errors & Omissions (E&O) policy can take the worry out of doing business as an agent, broker, or consultant.                                 

If a client files a claim against your company, alleging that financial losses resulted from receiving your services or acting on your advice, Errors & Omissions coverage steps in to pay for the cost of your legal defense and can help provide the funds with which to settle, if necessary.

Employment Practices Liability Insurance (EPLI)

As a business owner, you are responsible for finding the best people for your team. Sometimes, that means letting go of individuals that hold your company back from achieving success. In addition to everyday employment-related issues, the process of hiring and firing members of your staff can sometimes incite legal action by both current and former employees, as well as applicants.

Without the protection of Employment Practices Liability Insurance (EPLI), your company could be subject to serious legal and financial burdens. Having an EPLI policy can help you protect your business, covering any costs required to defend and settle employment-related claims.

Workers’ Compensation

Even though you make every effort to provide your employees with a safe working environment, accidents can still occur. Workplace mishaps can leave an employee with substantial medical bills, in addition to their inability to earn wages during recovery.

This is where Workers’ Compensation steps in, covering expenses related to the treatment of injuries sustained by your employees while on the job, along with compensation for lost wages. The amount of Workers’ Compensation coverage you need depends on the nature of your business, since different industries have varying levels of risk. But all companies with employees should consider a Workers’ Comp policy to comply with government regulations.

Fidelity & Surety Bonds

Depending on the nature of your small business, you may be hired as a contractor for a short-term project. In these instances, Surety Bonds serve as a binding agreement and financial guarantee that helps assure clients that the work will be completed in a timely manner and in accordance with set expectations regarding cost and workmanship.

Fidelity Bonds are generally used to manage long-term relationships with contracted employees, helping prevent employee theft while encouraging proper employee conduct.

Commercial Umbrella Liability

If your business ever faces especially costly litigation, having a Commercial Umbrella Liability policy may be the only thing that keeps your company from folding. An umbrella policy ensures excess coverage, should your primary insurance be exhausted by a catastrophic exposure.

Protect Your Dream with the Right Commercial Insurance Coverage

When it comes to navigating the complex world of small business insurance, having the right guide makes all the difference. Let the commercial insurance specialists at ValueOne help you protect your assets with the best policy options for your company. Contact us today to get started.

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The Small Business Insurance Buyer’s Guide

The Small Business Insurance Buyer’s Guide | ValueOne

Types of Commercial Insurance You May Need for Your Small Business

When looking for the right insurance coverage for your business, you’ll need to know the options available to you, and whether it’s the right solution. The last things any business owner wants are not having a vital part of their business protected and paying for coverage that’s not needed. Let’s break down the individual types of commercial insurance and discover how each one can help your business grow.

Business Owner’s Policy (BOP)

This is one of the most important insurance policies for small business owners to have. A Business Owner’s Policy conveniently bundles basic coverage for property damage along with general liability, making it simpler for you to protect what matters most to you and your company.

Having a BOP safeguards you against the most common risks that businesses face and helps ensure that you can remain financially stable if unforeseen circumstances temporarily interrupt your business operations. Combining these two policies provides the wide-ranging coverage your company needs in one cost-effective package.

General Liability Insurance

As a small business owner, you never know what’s around the next bend, but having General Liability Insurance can give you peace of mind and help you roll with the punches, regardless of what comes your way.

Should you find yourself facing a lawsuit regarding one of your products, a personal injury claim from a customer who slipped and fell on your property, or allegations of false advertising, General Liability coverage will help offset the costs associated with your legal defense and any settlement that your company may be required to pay.

Commercial Property Insurance

No matter what type of small business you operate, chances are your company owns property. Whether that includes a physical space, manufacturing equipment, an inventory of materials or merchandise, or office furniture and technology, Commercial Property Insurance is what will allow your business to recover, should you incur property loss or damage.

Without the right Commercial Property policy, your company is at risk of permanently losing these valuable assets in the event disaster strikes. However, providing your business with adequate property coverage will ensure that your small business is financially protected from risks such as theft, vandalism, and damage caused by fire or natural disaster.

Commercial Auto Insurance

For businesses that rely on vehicles to transport employees or move merchandise, Commercial Auto Insurance is a necessity. Whether you manage a fleet of delivery trucks, a collection of commercial vans, or a single company car, having a Commercial Auto Insurance policy protects your business in case you or one of your employees causes property damage or bodily harm from behind the wheel while on company business.

Hired & Non-Owned Auto Insurance (HNO)

Hired & Non-Owned Auto Insurance (HNO) protects you in cases where a claim is filed against your company because of property damage or bodily injury caused by one of your employees while conducting company business in a vehicle not owned by your company (such as a rented or personal vehicle).

In general, HNO does not cover damage to the vehicle itself (this is covered by the owner’s auto insurance policy). However, HNO does protect you and your employees by paying for any legal fees, medical expenses, or property damage that result from an auto accident that occurs while you or one of your employees are on the job.

Cyber Insurance

Today, virtually all companies rely on technology to carry out business operations, whether that means storing records on electronic databases or using computers to manage communications and accounting. And just like physical records, digital information is susceptible to being lost or confiscated.

Luckily, you can offset the financial risks of costly data breaches with Cyber Insurance, which safeguards your company’s servers and protects sensitive digital assets like client information, employee files, and financial records.

Professional Liability Insurance (PLI)

Although Professional Liability Insurance originated as a protective measure for doctors and lawyers, PLI has evolved to cover a wide variety of professional service providers.

Professional Liability Insurance is essential for businesses whose mainstay is advising clients. These professions include certified public accountants, investment advisors, management consultants, IT professionals, and marketing agencies among many others. If a customer incurs financial loss due to alleged negligence, mistakes, or oversight on your part (or that of your employees), PLI protects your business from being held financially liable.

Directors & Officers Insurance (D&O)

Should a legal claim be brought against one of the officers or directors within your company, Directors & Officers Insurance (D&O) can help cover the associated defense fees, as well as any settlement costs they may incur. In some instances, D&O can also provide protection for your company itself, if it happens to be named in the lawsuit.

Errors & Omissions Insurance (E&O)

No one is perfect, including companies that provide clients with professional services such as legal counsel, business advice, or financial management. However, an Errors & Omissions (E&O) policy can take the worry out of doing business as an agent, broker, or consultant.                                 

If a client files a claim against your company, alleging that financial losses resulted from receiving your services or acting on your advice, Errors & Omissions coverage steps in to pay for the cost of your legal defense and can help provide the funds with which to settle, if necessary.

Employment Practices Liability Insurance (EPLI)

As a business owner, you are responsible for finding the best people for your team. Sometimes, that means letting go of individuals that hold your company back from achieving success. In addition to everyday employment-related issues, the process of hiring and firing members of your staff can sometimes incite legal action by both current and former employees, as well as applicants.

Without the protection of Employment Practices Liability Insurance (EPLI), your company could be subject to serious legal and financial burdens. Having an EPLI policy can help you protect your business, covering any costs required to defend and settle employment-related claims.

Workers’ Compensation

Even though you make every effort to provide your employees with a safe working environment, accidents can still occur. Workplace mishaps can leave an employee with substantial medical bills, in addition to their inability to earn wages during recovery.

This is where Workers’ Compensation steps in, covering expenses related to the treatment of injuries sustained by your employees while on the job, along with compensation for lost wages. The amount of Workers’ Compensation coverage you need depends on the nature of your business, since different industries have varying levels of risk. But all companies with employees should consider a Workers’ Comp policy to comply with government regulations.

Fidelity & Surety Bonds

Depending on the nature of your small business, you may be hired as a contractor for a short-term project. In these instances, Surety Bonds serve as a binding agreement and financial guarantee that helps assure clients that the work will be completed in a timely manner and in accordance with set expectations regarding cost and workmanship.

Fidelity Bonds are generally used to manage long-term relationships with contracted employees, helping prevent employee theft while encouraging proper employee conduct.

Commercial Umbrella Liability

If your business ever faces especially costly litigation, having a Commercial Umbrella Liability policy may be the only thing that keeps your company from folding. An umbrella policy ensures excess coverage, should your primary insurance be exhausted by a catastrophic exposure.

Protect Your Dream with the Right Commercial Insurance Coverage

When it comes to navigating the complex world of small business insurance, having the right guide makes all the difference. Let the commercial insurance specialists at ValueOne help you protect your assets with the best policy options for your company. Contact us today to get started.

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New Business Insurance | ValueOneWhen you’re launching a new business, you’re sure to have lots of questions—especially when it comes to the complex world of small business insurance. Does your business need insurance? What kinds of policies should you consider? How much coverage do you need? These are all important questions every business owner should ask.  

No matter what kind of venture you’re starting, you will likely need some kind of insurance. The type and amount of coverage you need will depend on the size and nature of your operation.  

Some policies are required by law, while others may be considered prerequisites by your investors or associates. The most important thing is that you have the right coverage for your unique enterprise, so that all your assets are protected. 

Get Commercial Property Insurance for Your New Small Business 

Whether you’re opening a brick-and-mortar boutique, starting a side business as a freelance photographer, hanging out a shingle for your consulting services, or unveiling a digital storefront for your handmade wares, acquiring commercial property insurance should be top of mind. 

If your business ever suffers property damage due to fire, natural disaster, burglary, or vandalism, commercial property insurance will protect your company’s assets, enabling you to repair or rebuild the physical structure that houses your operation. Property insurance will also allow you to replace items such as furniture, technology, equipment, tools, materials, and inventory. 

In addition, most commercial property insurance policies have provisions for business interruption, which can help keep your business financially afloat by protecting against revenue loss as you work to get your business back on its feet. 

The Value of General Liability Insurance for Your Small Business 

Even though your goal may be creating quality products or delivering superior customer service, your business remains perpetually at risk of facing lawsuits that could threaten your entire operation. That’s why having adequate General Liability Insurance is crucial to the security of your business. 

Should a customer sue your company because of bodily injury or property damage sustained while on your premises or while using your products, General Liability will step in to cover the costs associated with your legal defense and any settlement that may be required. In most cases, General Liability also protects you against claims of slander or false advertising. 

Consider Professional Liability Insurance for Your Small Business 

If any of your customers incur financial loss because of oversights, malpractice, or negligence on the part of your company, Professional Liability Insurance will provide protection from any ensuing litigation. A Professional Liability policy covers both your legal defense as well as any damages that your company may owe. 

Getting a new business off the ground takes no small amount of hard work, know-how, and perseverance. Ensuring your assets are protected will make all your efforts worthwhile in case your company is ever faced with unexpected challenges. Let the small business specialists at ValueOne help you safeguard your new venture. To get started, contact ValueOne or call 855 200-0850 today. 

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What Kind of Insurance Do I Need for a New Business?

New Business Insurance | ValueOneWhen you’re launching a new business, you’re sure to have lots of questions—especially when it comes to the complex world of small business insurance. Does your business need insurance? What kinds of policies should you consider? How much coverage do you need? These are all important questions every business owner should ask.  

No matter what kind of venture you’re starting, you will likely need some kind of insurance. The type and amount of coverage you need will depend on the size and nature of your operation.  

Some policies are required by law, while others may be considered prerequisites by your investors or associates. The most important thing is that you have the right coverage for your unique enterprise, so that all your assets are protected. 

Get Commercial Property Insurance for Your New Small Business 

Whether you’re opening a brick-and-mortar boutique, starting a side business as a freelance photographer, hanging out a shingle for your consulting services, or unveiling a digital storefront for your handmade wares, acquiring commercial property insurance should be top of mind. 

If your business ever suffers property damage due to fire, natural disaster, burglary, or vandalism, commercial property insurance will protect your company’s assets, enabling you to repair or rebuild the physical structure that houses your operation. Property insurance will also allow you to replace items such as furniture, technology, equipment, tools, materials, and inventory. 

In addition, most commercial property insurance policies have provisions for business interruption, which can help keep your business financially afloat by protecting against revenue loss as you work to get your business back on its feet. 

The Value of General Liability Insurance for Your Small Business 

Even though your goal may be creating quality products or delivering superior customer service, your business remains perpetually at risk of facing lawsuits that could threaten your entire operation. That’s why having adequate General Liability Insurance is crucial to the security of your business. 

Should a customer sue your company because of bodily injury or property damage sustained while on your premises or while using your products, General Liability will step in to cover the costs associated with your legal defense and any settlement that may be required. In most cases, General Liability also protects you against claims of slander or false advertising. 

Consider Professional Liability Insurance for Your Small Business 

If any of your customers incur financial loss because of oversights, malpractice, or negligence on the part of your company, Professional Liability Insurance will provide protection from any ensuing litigation. A Professional Liability policy covers both your legal defense as well as any damages that your company may owe. 

Getting a new business off the ground takes no small amount of hard work, know-how, and perseverance. Ensuring your assets are protected will make all your efforts worthwhile in case your company is ever faced with unexpected challenges. Let the small business specialists at ValueOne help you safeguard your new venture. To get started, contact ValueOne or call 855 200-0850 today. 

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Legal Protection With Directors and Officers Insurance | ValueOneAs a small business owner, you may not think you need Directors’ and Officers’ insurance (also known as D&O insurance), which is normally associated with large, for-profit companies. However, your leadership team needs protecting, regardless of the size of your business. If a third party — such as employees (current and former), vendors, competitors, customers, or investors — sues a member of your business’s senior management team, D&O provides liability protection and covers legal costs. This could include legal defense fees, court costs, settlements, and judgements.  

Public, private, and non-profit companies of all sizes are at risk for legal claims brought against directors and officers. Without sufficient D&O coverage, legal action brought against your senior staff or board of directors could have a significant financial impact on your business. The following are common situations where having Directors’ and Officers’ insurance can make the difference between business as usual and shutting down for good.  

How D&O Insurance Addresses Allegations of Wrongful Acts 

Allegation of wrongful acts, mistakes, negligence or financial mismanagement can result in a high-cost lawsuit for your small business. Allegations could include: 

  • Conflict of interest  
  • Fraud 
  • Misuse of company funds 
  • Inefficient administration resulting in financial losses  
  • Financial dealings that further personal — not company — interests 
  • False or misleading reports 
  • Improper revenue reporting 
  • Mismanagement of 401(k) or pension plans 
  • Failure to file annual report 

How D&O Insurance Addresses Claims of Workplace Violations 

These claims often come from employees or volunteers and could relate to some or all of the following: 

  • Retaliation for whistleblowers  
  • Wrongful termination 
  • Sexual harassment  
  • Defamation  
  • Discrimination based on race, religion, gender, ability, or sexual orientation 
  • Improper employee classification — contractor versus employee; exempt versus nonexempt 
  • Hostile work environment 
  • Failure to properly supervise the activities of others 

How D&O Insurance Covers Businesses Against Claims of Misrepresentation 

Small businesses could be sued if directors or officers misrepresent company agreements, revenues, capabilities, and more. You could be sued for: 

  • Breach of contract 
  • Failure to deliver services 
  • Misrepresentation in the sale of part or all of your business 
  • Interfering with a contract 
  • Improper trade practices 
  • Unfair competition 
  • Theft of trade secrets 
  • Lack of corporate governance  
  • Failure to examine and verify documents before signing and filing them 
  • False or misleading information 
  • Misrepresentation of business assets 

Even if you’re already covered with general liability insurance, that doesn’t protect your directors and officers because general liability doesn’t cover management liability lawsuits. You don’t have to have shareholders for your senior staff to be sued. No matter the size of your business, if you have a corporate board or advisory committee, your business needs Directors’ and Officers’ insurance.  

ValueOne specializes in D&O coverage for small businesses, including nonprofit organizations. Protect your senior staff from liability claims that could negatively impact your business — call 855-200-0850 and talk to the insurance experts at ValueOne today

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Common Situations Where Directors and Officers Insurance Can Help a Small Business

Legal Protection With Directors and Officers Insurance | ValueOneAs a small business owner, you may not think you need Directors’ and Officers’ insurance (also known as D&O insurance), which is normally associated with large, for-profit companies. However, your leadership team needs protecting, regardless of the size of your business. If a third party — such as employees (current and former), vendors, competitors, customers, or investors — sues a member of your business’s senior management team, D&O provides liability protection and covers legal costs. This could include legal defense fees, court costs, settlements, and judgements.  

Public, private, and non-profit companies of all sizes are at risk for legal claims brought against directors and officers. Without sufficient D&O coverage, legal action brought against your senior staff or board of directors could have a significant financial impact on your business. The following are common situations where having Directors’ and Officers’ insurance can make the difference between business as usual and shutting down for good.  

How D&O Insurance Addresses Allegations of Wrongful Acts 

Allegation of wrongful acts, mistakes, negligence or financial mismanagement can result in a high-cost lawsuit for your small business. Allegations could include: 

  • Conflict of interest  
  • Fraud 
  • Misuse of company funds 
  • Inefficient administration resulting in financial losses  
  • Financial dealings that further personal — not company — interests 
  • False or misleading reports 
  • Improper revenue reporting 
  • Mismanagement of 401(k) or pension plans 
  • Failure to file annual report 

How D&O Insurance Addresses Claims of Workplace Violations 

These claims often come from employees or volunteers and could relate to some or all of the following: 

  • Retaliation for whistleblowers  
  • Wrongful termination 
  • Sexual harassment  
  • Defamation  
  • Discrimination based on race, religion, gender, ability, or sexual orientation 
  • Improper employee classification — contractor versus employee; exempt versus nonexempt 
  • Hostile work environment 
  • Failure to properly supervise the activities of others 

How D&O Insurance Covers Businesses Against Claims of Misrepresentation 

Small businesses could be sued if directors or officers misrepresent company agreements, revenues, capabilities, and more. You could be sued for: 

  • Breach of contract 
  • Failure to deliver services 
  • Misrepresentation in the sale of part or all of your business 
  • Interfering with a contract 
  • Improper trade practices 
  • Unfair competition 
  • Theft of trade secrets 
  • Lack of corporate governance  
  • Failure to examine and verify documents before signing and filing them 
  • False or misleading information 
  • Misrepresentation of business assets 

Even if you’re already covered with general liability insurance, that doesn’t protect your directors and officers because general liability doesn’t cover management liability lawsuits. You don’t have to have shareholders for your senior staff to be sued. No matter the size of your business, if you have a corporate board or advisory committee, your business needs Directors’ and Officers’ insurance.  

ValueOne specializes in D&O coverage for small businesses, including nonprofit organizations. Protect your senior staff from liability claims that could negatively impact your business — call 855-200-0850 and talk to the insurance experts at ValueOne today

Post Format:
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    [ID] => 2071
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    [post_date] => 2016-12-02 09:00:10
    [post_date_gmt] => 2016-12-02 09:00:10
    [post_content] => 

Entrepreneur At Work | ValueOneStriking out on your own as an entrepreneur is exciting and rewarding, but it also carries its own set of challenges. There are so many things to consider when starting a new business venture, from securing enough funding to choosing the right small business insurance

This is the case whether you are a solo entrepreneur or a start up with a team of employees. Most small businesses start off as solo operations and remain that way. In fact, the Small Business Administration defines a small business as having 500 or fewer employees and 78.5% of small businesses do not have employees.  

However, just because you’re flying solo doesn’t mean you’re immune to the risks that come with running a business. Although you hope for the best, protecting your business with insurance will prepare you for whatever comes your way—and help you sleep a little easier in the process. 

Here are the types of insurance every small business owner, including solo entrepreneurs, should consider. 

Commercial Property Insurance for Your Small Business 

Whether you’re launching your first retail shop, a new café concept, or the latest tech startup, safeguarding your property is crucial. Commercial Property coverage protects the physical structure that houses your operation as well as the contents that it contains. This can include furniture, inventory, materials and supplies, important files, and technology such as computers and printers. 

If your business ever encounters property loss or damage due to theft, vandalism, fire, or natural disaster, having a Commercial Property policy will provide you with the means to make the necessary repairs and replacements. When your goal is to get back up and running again after a damaging setback, ensuring that your commercial property is adequately covered can make all the difference. 

General Liability Insurance for Your Small Business 

While customers are a vital part of any commercial enterprise, they can also become a source of expense if they ever file a claim against your company. Should you have a customer who sustains an injury while on your premises or incurs bodily harm or property damage from using your products, General Liability can help cover your legal defense, as well as any settlement costs you may be required to pay. 

In addition, having a General Liability policy provides your business with financial protection in case sensitive customer data ever becomes exposed, or if claims of slander or false advertising are ever brought against your company.  

And when you bundle Commercial Property Insurance with General Liability, you get a cost-effective Business Owner’s Policy (BOP) that offers the wide-ranging coverage that every solo business owner needs to face whatever challenges may arise. 

Professional Liability Insurance for Your Small Business 

Businesses that provide services such as consulting, analysis, caregiving, or product design would benefit from having Professional Liability Insurance. This coverage protects businesses in case a customer ever incurs loss or damage due to a mistake or oversight on the part of the company. 

Entrepreneurship can be a gratifying and worthwhile venture. Working with an experienced small business partner like ValueOne can help ensure that your company is positioned to remain financially stable despite the risks. Contact ValueOne or call 855 200-0850 today to find out more about the affordable insurance options available to small business owners.

[post_title] => Do I Need Business Insurance If I'm Flying Solo? [post_excerpt] => [post_status] => publish [comment_status] => closed [ping_status] => open [post_password] => [post_name] => need-business-insurance-im-flying-solo [to_ping] => [pinged] => [post_modified] => 2017-05-30 09:59:41 [post_modified_gmt] => 2017-05-30 13:59:41 [post_content_filtered] => [post_parent] => 0 [guid] => http://v1financial.com/?p=2071 [menu_order] => 0 [post_type] => post [post_mime_type] => [comment_count] => 0 [filter] => raw )

Do I Need Business Insurance If I'm Flying Solo?

Entrepreneur At Work | ValueOneStriking out on your own as an entrepreneur is exciting and rewarding, but it also carries its own set of challenges. There are so many things to consider when starting a new business venture, from securing enough funding to choosing the right small business insurance

This is the case whether you are a solo entrepreneur or a start up with a team of employees. Most small businesses start off as solo operations and remain that way. In fact, the Small Business Administration defines a small business as having 500 or fewer employees and 78.5% of small businesses do not have employees.  

However, just because you’re flying solo doesn’t mean you’re immune to the risks that come with running a business. Although you hope for the best, protecting your business with insurance will prepare you for whatever comes your way—and help you sleep a little easier in the process. 

Here are the types of insurance every small business owner, including solo entrepreneurs, should consider. 

Commercial Property Insurance for Your Small Business 

Whether you’re launching your first retail shop, a new café concept, or the latest tech startup, safeguarding your property is crucial. Commercial Property coverage protects the physical structure that houses your operation as well as the contents that it contains. This can include furniture, inventory, materials and supplies, important files, and technology such as computers and printers. 

If your business ever encounters property loss or damage due to theft, vandalism, fire, or natural disaster, having a Commercial Property policy will provide you with the means to make the necessary repairs and replacements. When your goal is to get back up and running again after a damaging setback, ensuring that your commercial property is adequately covered can make all the difference. 

General Liability Insurance for Your Small Business 

While customers are a vital part of any commercial enterprise, they can also become a source of expense if they ever file a claim against your company. Should you have a customer who sustains an injury while on your premises or incurs bodily harm or property damage from using your products, General Liability can help cover your legal defense, as well as any settlement costs you may be required to pay. 

In addition, having a General Liability policy provides your business with financial protection in case sensitive customer data ever becomes exposed, or if claims of slander or false advertising are ever brought against your company.  

And when you bundle Commercial Property Insurance with General Liability, you get a cost-effective Business Owner’s Policy (BOP) that offers the wide-ranging coverage that every solo business owner needs to face whatever challenges may arise. 

Professional Liability Insurance for Your Small Business 

Businesses that provide services such as consulting, analysis, caregiving, or product design would benefit from having Professional Liability Insurance. This coverage protects businesses in case a customer ever incurs loss or damage due to a mistake or oversight on the part of the company. 

Entrepreneurship can be a gratifying and worthwhile venture. Working with an experienced small business partner like ValueOne can help ensure that your company is positioned to remain financially stable despite the risks. Contact ValueOne or call 855 200-0850 today to find out more about the affordable insurance options available to small business owners.

Post Format:
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    [post_date] => 2016-11-21 09:00:47
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    [post_content] => 

Business Partners Meeting and Smiling | ValueOneIf you own a small business, chances are you might think that Directors and Officers Insurance, also known as D&O, is just for large, publicly traded corporations. However, while your small business is unlikely to face a class action lawsuit, you don’t necessarily need to have shareholders for the directors or officers of your company to face a liability claim.  

That’s why taking precautions upfront will pay off in dividends later. Just like with car insurance, you can carry legally required basic coverage and hope to never have an accident – but if you do have an accident, you’ll want to know that you’re adequately protected.  

D&O Insurance Isn’t Just for Large Companies  

Whether you own a small law firm or operate a non-profit organization, D&O insurance is something that every business manager needs to consider. No matter the size of your business, there is always the potential to be targeted by litigants for your management, or alleged mismanagement of the company. Unfortunately, no director or officer is exempt from a liability claim. That’s why ensuring that the backbone of your company is protected in case of a lawsuit is essential to the continued growth and success of your business.  

If You Hire New Directors and Officers, They May Require D&O Insurance 

If you are looking to appoint new directors or officers, in most cases they will require that you carry this insurance policy to protect them. It is in their best interest to onboard with a company who understands the value of those who run it, and therefore may not even give your business serious consideration if you don’t make it a priority to insure them against potential litigation. Additionally, some external investors and financiers will require you to have a D&O policy before they will consider funding your business.  

Go Above and Beyond with Your Insurance Coverage 

Many entrepreneurs believe that if they carry high levels of liability insurance as well as an Umbrella policy that their business has all the protection it needs. But what they might not realize is that in the case of a suit for misrepresentation of company assets or misappropriation of company funds, those policies may not cover those specific allegations. Making sure that you have D&O as part of your coverage will guarantee that should you ever face a lawsuit for such accusations, your company and assets will be safe.   

By working with the ValueOne team, you will have access to the resources you need to keep your business moving forward. We specialize in providing entrepreneurs with the insurance coverage that best fit their businesses. Contact us or call 855 200-0850 today and get the protection your small business deserves.  

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Do You Need Directors and Officers Insurance for Small Business?

Business Partners Meeting and Smiling | ValueOneIf you own a small business, chances are you might think that Directors and Officers Insurance, also known as D&O, is just for large, publicly traded corporations. However, while your small business is unlikely to face a class action lawsuit, you don’t necessarily need to have shareholders for the directors or officers of your company to face a liability claim.  

That’s why taking precautions upfront will pay off in dividends later. Just like with car insurance, you can carry legally required basic coverage and hope to never have an accident – but if you do have an accident, you’ll want to know that you’re adequately protected.  

D&O Insurance Isn’t Just for Large Companies  

Whether you own a small law firm or operate a non-profit organization, D&O insurance is something that every business manager needs to consider. No matter the size of your business, there is always the potential to be targeted by litigants for your management, or alleged mismanagement of the company. Unfortunately, no director or officer is exempt from a liability claim. That’s why ensuring that the backbone of your company is protected in case of a lawsuit is essential to the continued growth and success of your business.  

If You Hire New Directors and Officers, They May Require D&O Insurance 

If you are looking to appoint new directors or officers, in most cases they will require that you carry this insurance policy to protect them. It is in their best interest to onboard with a company who understands the value of those who run it, and therefore may not even give your business serious consideration if you don’t make it a priority to insure them against potential litigation. Additionally, some external investors and financiers will require you to have a D&O policy before they will consider funding your business.  

Go Above and Beyond with Your Insurance Coverage 

Many entrepreneurs believe that if they carry high levels of liability insurance as well as an Umbrella policy that their business has all the protection it needs. But what they might not realize is that in the case of a suit for misrepresentation of company assets or misappropriation of company funds, those policies may not cover those specific allegations. Making sure that you have D&O as part of your coverage will guarantee that should you ever face a lawsuit for such accusations, your company and assets will be safe.   

By working with the ValueOne team, you will have access to the resources you need to keep your business moving forward. We specialize in providing entrepreneurs with the insurance coverage that best fit their businesses. Contact us or call 855 200-0850 today and get the protection your small business deserves.  

Post Format:
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    [ID] => 2032
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    [post_date] => 2016-11-17 09:00:49
    [post_date_gmt] => 2016-11-17 09:00:49
    [post_content] => 

Small Business Owner | ValueOneLiving your dream day-in and day-out is the aspiration of every entrepreneur. Owning your own small business can be one of the most exciting things you’ll ever do. It can also be pretty risky as well.  

No matter what kind of business you run, you need to safeguard your investment. Purchasing a combination of different types of insurance is one way to protect yourself, your employees, and your business safe. By having comprehensive small business insurance policies, you can make sure your business is prepared for that when things happen outside of your control.  

Here are three types of insurance every small business owner should consider. 

General Liability for Your Small Business 

When you’re considering the minimum insurance coverage that your small business should have, General Liability should be near the top of your list.  

Maintaining liability insurance for your small business is similar to having liability insurance for your car – if you cause an accident, the policy will cover the damage done to the other person, but not the damage to your own property. With General Liability, any harm done to a third-party will be covered, but not anything suffered by your company.  

You may also want to consider a Business Owners’ Policy (BOP). It covers both General Liability as well as property damage, making sure that your business is protected as well. This is an ideal package for all entrepreneurs, not matter what industry you’re in.  

Consider Professional Liability Insurance for Your Small Business 

Professional Liability insurance is known by a few different names, depending on the industry it is used in. In the medical industry, for example, it’s known as medical malpractice insurance, while in other industries it’s known as “errors and omissions.”   

Professional liability is a policy that every entrepreneur should have. If a customer or clients blames you for advice or counsel that perhaps backfired or did not turn out the way you said it would, Professional Liability will protect you in the case of a lawsuit. If you make a living from offering expertise in a particular field, this insurance policy should be a non-negotiable. 

Why Cyber Liability Insurance is Vital for Your Small Business 

You might think that if your small business is not in the Information Technology industry, that you are probably exempt from needing Cyber Liability insurance. However, if you store any of your client or company information in a digital format, you are at risk of having that data compromised.  

In the event that you are the victim on a hack, having Cyber Liability insurance will cover things like credit monitoring services, customer notification, and reputation management, and can ultimately help your business recover more quickly. Protecting your assets with the right insurance policy will help you to get back to business as usual, facing as little down time as possible.  

ValueOne exists to help small business owners thrive, doing what they do best. We provide all the insurance options that you need to properly protect your growing business. Contact us or call 855 200-0850 today to find out what customizable insurances plane we have available. 

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3 Types of Small Business Insurance Every Entrepreneur Should Consider

Small Business Owner | ValueOneLiving your dream day-in and day-out is the aspiration of every entrepreneur. Owning your own small business can be one of the most exciting things you’ll ever do. It can also be pretty risky as well.  

No matter what kind of business you run, you need to safeguard your investment. Purchasing a combination of different types of insurance is one way to protect yourself, your employees, and your business safe. By having comprehensive small business insurance policies, you can make sure your business is prepared for that when things happen outside of your control.  

Here are three types of insurance every small business owner should consider. 

General Liability for Your Small Business 

When you’re considering the minimum insurance coverage that your small business should have, General Liability should be near the top of your list.  

Maintaining liability insurance for your small business is similar to having liability insurance for your car – if you cause an accident, the policy will cover the damage done to the other person, but not the damage to your own property. With General Liability, any harm done to a third-party will be covered, but not anything suffered by your company.  

You may also want to consider a Business Owners’ Policy (BOP). It covers both General Liability as well as property damage, making sure that your business is protected as well. This is an ideal package for all entrepreneurs, not matter what industry you’re in.  

Consider Professional Liability Insurance for Your Small Business 

Professional Liability insurance is known by a few different names, depending on the industry it is used in. In the medical industry, for example, it’s known as medical malpractice insurance, while in other industries it’s known as “errors and omissions.”   

Professional liability is a policy that every entrepreneur should have. If a customer or clients blames you for advice or counsel that perhaps backfired or did not turn out the way you said it would, Professional Liability will protect you in the case of a lawsuit. If you make a living from offering expertise in a particular field, this insurance policy should be a non-negotiable. 

Why Cyber Liability Insurance is Vital for Your Small Business 

You might think that if your small business is not in the Information Technology industry, that you are probably exempt from needing Cyber Liability insurance. However, if you store any of your client or company information in a digital format, you are at risk of having that data compromised.  

In the event that you are the victim on a hack, having Cyber Liability insurance will cover things like credit monitoring services, customer notification, and reputation management, and can ultimately help your business recover more quickly. Protecting your assets with the right insurance policy will help you to get back to business as usual, facing as little down time as possible.  

ValueOne exists to help small business owners thrive, doing what they do best. We provide all the insurance options that you need to properly protect your growing business. Contact us or call 855 200-0850 today to find out what customizable insurances plane we have available. 

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    [post_date] => 2016-11-09 15:03:22
    [post_date_gmt] => 2016-11-09 15:03:22
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Restaurant Employee and Customer | ValueOneAs the proprietor of your own restaurant, it’s vital to surround yourself with the right staff, from the back of house to the front of house. For better or worse, most restaurants tend to see a high employee turnover rate—meaning that hiring new employees and letting go of unreliable ones is a regular and necessary part of managing and growing your business. 

Because of this, restaurants of all sizes are highly susceptible to claims filed by employees. These types of claims can result in costly lawsuits, which is why, along with traditional insurance policies, having Employment Practices Liability Insurance (EPLI) is critical for owners of food establishments.  

EPLI offers restaurant owners and managers a measure of legal and financial protection in the event that an employment-related claim is filed against them either by an applicant, a current employee, or a former employee. 

Benefits of Having Employment Practices Liability Insurance 

Although having EPLI coverage doesn’t eliminate the chance that a staffing-related claim could be filed against you by a past or present employee, it can significantly lessen your financial burden in the event that your business is subjected to this kind of legal exposure. 

Dealing with a claim can be not only financially costly but mentally and emotionally taxing as well. In addition to covering the fees associated with your legal defense and any payouts that may be required, acquiring sufficient EPLI coverage can provide you with peace of mind, knowing that your business and assets are protected. 

Employment Practices: The Best Defense is a Good Offense 

One of the best ways you can defend your business against employment-related litigation is by learning how to identify the various types of claims that employees can potentially bring against your company, as well as by establishing official company policies that help you avoid legal infractions in the first place. 

Ensuring that your business insurance policy includes ample EPLI coverage will go a long way toward protecting your business from claims such as wrongful termination, discrimination in hiring practices or promotion decisions, or claims related to employee benefits. 

Many EPLI claims are filed over issues related to employee pay, so one key way to safeguard against these types of claims is to perform regular payroll self-audits, being sure that your company is adhering to fair pay practices. 

Who Should Have Employment Practices Liability Insurance? 

Whether you own a single independent restaurant or a burgeoning chain of eateries, having an Employment Practices Liability Insurance policy is one of the best ways you can protect your business — and the dream you’ve worked so hard to build.  

ValueOne offers comprehensive business insurance plans with provisions for EPLI, so that your company is protected in the event that you’re faced with an employment-related lawsuit. Let ValueOne provide you and your business with the security you deserve. To learn more, contact us or give us a call today at 855 200-0850. 

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What Restaurant Owners Need to Know About Employment Practices Liability Insurance

Restaurant Employee and Customer | ValueOneAs the proprietor of your own restaurant, it’s vital to surround yourself with the right staff, from the back of house to the front of house. For better or worse, most restaurants tend to see a high employee turnover rate—meaning that hiring new employees and letting go of unreliable ones is a regular and necessary part of managing and growing your business. 

Because of this, restaurants of all sizes are highly susceptible to claims filed by employees. These types of claims can result in costly lawsuits, which is why, along with traditional insurance policies, having Employment Practices Liability Insurance (EPLI) is critical for owners of food establishments.  

EPLI offers restaurant owners and managers a measure of legal and financial protection in the event that an employment-related claim is filed against them either by an applicant, a current employee, or a former employee. 

Benefits of Having Employment Practices Liability Insurance 

Although having EPLI coverage doesn’t eliminate the chance that a staffing-related claim could be filed against you by a past or present employee, it can significantly lessen your financial burden in the event that your business is subjected to this kind of legal exposure. 

Dealing with a claim can be not only financially costly but mentally and emotionally taxing as well. In addition to covering the fees associated with your legal defense and any payouts that may be required, acquiring sufficient EPLI coverage can provide you with peace of mind, knowing that your business and assets are protected. 

Employment Practices: The Best Defense is a Good Offense 

One of the best ways you can defend your business against employment-related litigation is by learning how to identify the various types of claims that employees can potentially bring against your company, as well as by establishing official company policies that help you avoid legal infractions in the first place. 

Ensuring that your business insurance policy includes ample EPLI coverage will go a long way toward protecting your business from claims such as wrongful termination, discrimination in hiring practices or promotion decisions, or claims related to employee benefits. 

Many EPLI claims are filed over issues related to employee pay, so one key way to safeguard against these types of claims is to perform regular payroll self-audits, being sure that your company is adhering to fair pay practices. 

Who Should Have Employment Practices Liability Insurance? 

Whether you own a single independent restaurant or a burgeoning chain of eateries, having an Employment Practices Liability Insurance policy is one of the best ways you can protect your business — and the dream you’ve worked so hard to build.  

ValueOne offers comprehensive business insurance plans with provisions for EPLI, so that your company is protected in the event that you’re faced with an employment-related lawsuit. Let ValueOne provide you and your business with the security you deserve. To learn more, contact us or give us a call today at 855 200-0850. 

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Business Protection Shield | ValueOneNo entrepreneur is exempt from the uncertainties that accompany owning a business venture. Despite how carefully you operate your business, slips, trips, and falls are an everyday risk for each business owner. A liability claim can come from just about anywhere – vendors, contractors, clients, and even employees. 

However, having general liability coverage allows you to rest easy knowing that your business is protected. No matter what industry you are in, a general liability insurance policy for your small business is one of the best investments you will ever make as an entrepreneur. 

General Liability Offers Small Business Broad Protection 

From on-site accidents to lawsuits that claim misleading advertisement, litigation is just about everywhere and can happen to any entrepreneur, even when they haven’t done anything wrong. Regardless of the size of your business, how many people you employ or where you operate from, there is the potential to face a claim against your business.  

General liability is generally one of the broadest, as well as one of the most common types of insurance carried by small business owners. It covers you against claims of property damage, personal injury, or breach of contract.  

General Liability Protects Against Costly Legal Fees  

Small businesses face the risk of lawsuits from a variety of sources. These may be customers, vendors, or individuals who claim they were harmed by a product or injured on your business’ property. When someone makes a claim against your business, you may be held liable for damages and have to pay associated legal fees. These fees include court fines, monetary judgments, and settlements negotiated out-of-court. General liability coverage shields your business from these and other types of claims.  

How to Know if General Liability is Right for You 

The type of business you own will help determine the level of risk you face and the amount of coverage you will need to obtain. Every business faces risk of some kind, but some businesses are more exposed than others, so it’s important to have a thorough understanding of where you land before committing to any insurance policy.  

While it is perfectly sufficient to have this kind of policy by itself, it can also be purchased as part of a Business Owner’s Policy, commonly known as a BOP. When bought as a package, it is often combined with a property insurance policy as well, making it more cost-effective overall.  

The ValueOne team is committed to helping entrepreneurs like you protect their businesses with comprehensive insurance coverage. We save you time researching insurance policies so you can invest your time where it’s needed most – running your business. Contact ValueOne today at 855 200-0850 so that we can help you get the coverage you need for your business. 

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Why General Liability Insurance is the First Line of Defense for Your Small Business

Business Protection Shield | ValueOneNo entrepreneur is exempt from the uncertainties that accompany owning a business venture. Despite how carefully you operate your business, slips, trips, and falls are an everyday risk for each business owner. A liability claim can come from just about anywhere – vendors, contractors, clients, and even employees. 

However, having general liability coverage allows you to rest easy knowing that your business is protected. No matter what industry you are in, a general liability insurance policy for your small business is one of the best investments you will ever make as an entrepreneur. 

General Liability Offers Small Business Broad Protection 

From on-site accidents to lawsuits that claim misleading advertisement, litigation is just about everywhere and can happen to any entrepreneur, even when they haven’t done anything wrong. Regardless of the size of your business, how many people you employ or where you operate from, there is the potential to face a claim against your business.  

General liability is generally one of the broadest, as well as one of the most common types of insurance carried by small business owners. It covers you against claims of property damage, personal injury, or breach of contract.  

General Liability Protects Against Costly Legal Fees  

Small businesses face the risk of lawsuits from a variety of sources. These may be customers, vendors, or individuals who claim they were harmed by a product or injured on your business’ property. When someone makes a claim against your business, you may be held liable for damages and have to pay associated legal fees. These fees include court fines, monetary judgments, and settlements negotiated out-of-court. General liability coverage shields your business from these and other types of claims.  

How to Know if General Liability is Right for You 

The type of business you own will help determine the level of risk you face and the amount of coverage you will need to obtain. Every business faces risk of some kind, but some businesses are more exposed than others, so it’s important to have a thorough understanding of where you land before committing to any insurance policy.  

While it is perfectly sufficient to have this kind of policy by itself, it can also be purchased as part of a Business Owner’s Policy, commonly known as a BOP. When bought as a package, it is often combined with a property insurance policy as well, making it more cost-effective overall.  

The ValueOne team is committed to helping entrepreneurs like you protect their businesses with comprehensive insurance coverage. We save you time researching insurance policies so you can invest your time where it’s needed most – running your business. Contact ValueOne today at 855 200-0850 so that we can help you get the coverage you need for your business. 

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    [post_author] => 3
    [post_date] => 2016-10-11 09:00:38
    [post_date_gmt] => 2016-10-11 09:00:38
    [post_content] => 

Boy Catching Falling Leaf Insurance | ValueOneEvery small business is unique, and therefore needs an individual amount of insurance coverage. But what if you are a contractor? The laws and regulations regarding contractors and their small businesses are a little different from traditional companies.  

One thing contractors might not consider or be aware of when competing for jobs is whether or not they need to be covered under their own Contractor’s Liability insurance, or the insurance policy carried by the business who hires them. Sometimes it isn’t until something goes wrong with the project or an injury is incurred on-site that the question of insurance even comes up.  

Does a Contractor Have to Carry Insurance? 

One of the most important things to accomplish before starting a project as a contractor is to make sure that you are insured. Not only will this make you more competitive in the midst of other contracting companies, it will also protect you in the event that something goes wrong or someone is injured from work that you performed.  

Your client may even ask you directly if you have coverage, and may choose not to work with you in the event that you don’t carry liability insurance. You should also be able to provide, if necessary, a Certificate of Liability Insurance to your client if they request it.  

What Kind of Insurance Should a Contractor Have?  

Generally, a Contractor’s Liability policy is typically bundled together with other forms of coverage, such as a Business Owner’s Policy (BOP). A small business consultant can help you decide what kind of coverage you need.  

If you make a mistake or an oversight during the course of a project, your insurance policy will cover you in the case of a lawsuit. For instance, say you and a few of your employees finish work on a new deck for a client, and after it is completed your client slips and sustains an injury due to improper installation. Contractor’s Liability gives you the protection you need in case your client decides to pursue legal action against your company.  

How Much Contractor’s Liability Insurance is Necessary? 

Even if your business is newer, hasn’t gained much traction yet, or isn’t performing work that involves a lot of risk, having some level of Contractor’s Liability insurance should be considered non-negotiable for your business. There are varying amounts of coverage, and you can easily match your company type and associated risk level with the kind of coverage you need.  

Since costs vary for different types of liability insurance, you need to decide how much you need, how much you can afford, and what kind of losses you can afford to incur. These parameters will help you to better determine the kind of Contractor Liability coverage that’s best for you.  

Getting the help of a business insurance specialist to help determine the best amount and type of coverage for your company will save you valuable time and money. ValueOne is dedicated to helping small business owners get the coverage they need. Contact us  or call 855 200-0850 today to find out more about Contractor’s Liability Insurance. 

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The Importance of Contractor Liability Insurance

Boy Catching Falling Leaf Insurance | ValueOneEvery small business is unique, and therefore needs an individual amount of insurance coverage. But what if you are a contractor? The laws and regulations regarding contractors and their small businesses are a little different from traditional companies.  

One thing contractors might not consider or be aware of when competing for jobs is whether or not they need to be covered under their own Contractor’s Liability insurance, or the insurance policy carried by the business who hires them. Sometimes it isn’t until something goes wrong with the project or an injury is incurred on-site that the question of insurance even comes up.  

Does a Contractor Have to Carry Insurance? 

One of the most important things to accomplish before starting a project as a contractor is to make sure that you are insured. Not only will this make you more competitive in the midst of other contracting companies, it will also protect you in the event that something goes wrong or someone is injured from work that you performed.  

Your client may even ask you directly if you have coverage, and may choose not to work with you in the event that you don’t carry liability insurance. You should also be able to provide, if necessary, a Certificate of Liability Insurance to your client if they request it.  

What Kind of Insurance Should a Contractor Have?  

Generally, a Contractor’s Liability policy is typically bundled together with other forms of coverage, such as a Business Owner’s Policy (BOP). A small business consultant can help you decide what kind of coverage you need.  

If you make a mistake or an oversight during the course of a project, your insurance policy will cover you in the case of a lawsuit. For instance, say you and a few of your employees finish work on a new deck for a client, and after it is completed your client slips and sustains an injury due to improper installation. Contractor’s Liability gives you the protection you need in case your client decides to pursue legal action against your company.  

How Much Contractor’s Liability Insurance is Necessary? 

Even if your business is newer, hasn’t gained much traction yet, or isn’t performing work that involves a lot of risk, having some level of Contractor’s Liability insurance should be considered non-negotiable for your business. There are varying amounts of coverage, and you can easily match your company type and associated risk level with the kind of coverage you need.  

Since costs vary for different types of liability insurance, you need to decide how much you need, how much you can afford, and what kind of losses you can afford to incur. These parameters will help you to better determine the kind of Contractor Liability coverage that’s best for you.  

Getting the help of a business insurance specialist to help determine the best amount and type of coverage for your company will save you valuable time and money. ValueOne is dedicated to helping small business owners get the coverage they need. Contact us  or call 855 200-0850 today to find out more about Contractor’s Liability Insurance. 

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