Common Questions Small Business Owners Have About Insurance

small business owners have about insurance

As a small business owner, you have a lot on your plate. While some tasks and obligations can take the back burner for the time being, others require immediate or constant attention. Ensuring you have sufficient insurance coverage is one of those responsibilities that can’t be neglected for any period of time. As a business owner, you should understand your state’s legal insurance requirements, your industry’s associated risks, and which insurance forms you need to address these liabilities. Properly insuring a company may seem daunting to new business owners, but…

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How a Business’s Insurance Can Cover a Personal Injury Lawsuit

business insurance what you need to know and how to

When you start a business, you’re probably very excited about it. Maybe you’ve had this idea for years, and you’re only now beginning to get it off the ground. Your family is behind you, encouraging you. You’ll need to do things like secure a bank or credit union loan, or find investors. You’ll need to hire employees and set up your supply chain. You may need to hire social media managers, marketing managers, etc. You’re hoping the business succeeds, but there’s one area you should never neglect as you’re getting…

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Pandemic insurance losses were bigger than what Lloyd’s of London expected

Pandemic insurance losses - mask - money

The cost on a global scale for 2020 will be greater than what the insurance marketplace estimated. Bruce Carnegie-Brown, chairperson at Lloyd’s of London, announced that the global pandemic insurance losses this year will be higher than what they had previously estimated. Sixteen different business insurance lines are facing claims at the 334-year-old Lloyd’s of London. Chairperson Carnegie-Brown recently spoke at the Reuters Events Future of Insurance USA conference. There, he stated that the pandemic insurance losses would be comparable with the price tag associated with the catastrophes that struck…

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Is vaccine insurance ready to take on upcoming pandemic shipments?

Vaccine insurance - vaccination

Airlines will represent the first step toward ensuring inoculations make their way around the world. As research continues to vaccinate the world against COVID-19, companies are getting closer to finding a potential candidate and vaccine insurance will need to cover various stages of transportation, often starting with the aviation industry. The insurance industry is gearing up for the time when the aviation industry will require coverage. That said, vaccine insurance will require the industry to identify and understand the unique risks that may be created as a result of what…

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Marsh report showed US commercial insurance prices spiked in Q3 2020

Commercial Insurance prices - graph

There was an increase of 18 percent, primarily driven by higher property exposure rates. American commercial insurance prices rose by a striking 18 percent in this year’s third quarter, said a recent Marsh LLC report. The driving forces behind this sharp rise was higher rates for property exposures as well as for both financial and professional lines, said its authors. There was a 24 percent increase in US business property rates in the third quarter, said the report. That 24 percent property rate increase represents the largest spike in this…

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Petbusinessinsurance.com the #1 agency for the Pet business industry

We here at Pet Business insurance want to make sure every pet business gets insured with the specialized types of insurance coverage that are available to them. Unlike normal business insurance, pet businesses have extra options such as animal bailee coverage when getting property coverage. Animal bailee coverage protects business owners when a pet in their care gets injured or dies. According to Forbes, this is a great time to start your very own pet care business! Millennial and Generation Z Americans are pet-obsessed, accounting for 62% of pet ownership. …

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What Types of Insurance Does Your Business Need?

business insurance what type do you need

There are types of insurance coverage that your company needs to legally operate in your state or in the U.S. and there are types that are recommended for businesses in your industry. To get the best comprehensive coverage for your company, it is a good idea to work with an agent familiar with your industry and with business insurance as well as research government and industry recommendations. General Business Insurance Most companies will be required to have general liability insurance and commercial property insurance to obtain a business license as…

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