Unfortunately, a lot of people don’t quite know what they’re getting themselves into when they’re starting a business. Their startup venture may be headed for a crash and burn if they don’t spend enough time addressing certain details. In particular, startup founders who fail to recognize and acknowledge their business liabilities are more likely to fail. You can avoid this scenario by knowing what type of business insurance policies in Canfield is available.
Why Businesses Skip Insurance – And Why You Shouldn’t
Businesses may choose sub-par insurance for any number of reasons. For some, it’s a simple matter of oversight, not knowing what their true liabilities are, or how to address them. In other cases, it’s a matter of cost-cutting.
This is never a good approach because a failure to patent your idea or recognize inherent dangers around that could send your dream off the rails, or worse yet, straight into a lawsuit. On the other hand, business owners who ensure their businesses may escape potential legal quagmires.
Types of Business Insurance Policies in Canfield
There are several types of insurance entrepreneurs may want to consider before opening their doors for the first time.
- General liability insurance is a must-have for all businesses and covers legal liabilities resulting from accidents, injuries, or other claims of negligence.
- Product liability insurance specifically covers companies that may distribute, manufacture, or sell products as part of their business operations. Your insurance premiums are commensurate with your degree of risk.
- Errors and omissions insurance covers businesses that provide services instead of sell products. Some states require proof of errors and omission insurance before the start of business.
- Commercial property insurance covers your equipment and buildings as a result of vandalism, theft, or natural disaster. Business insurance policies in Canfield can cover business interruption and lost income, among other damages.
Other Forms of Protection for Your Business
Entrepreneurs can elect to purchase as much or as little coverage as they deem necessary, but consider protecting your intellectual property with a patent. A patent doesn’t protect the physical aspects of your business, but the idea of it.
When you’ve issued a patent, competitors are excluded from making or selling the product in the United States. Keep in mind there are two different types of patents – utility patents protect processes and machines, while design patents cover the ornamental design of your product.
Entrepreneurs also have the option of copyrighting, trademarking, or creating a registered trademark for their brand. The most legally rigorous of the three is the registered trademark, which requires you to file an application with the U.S. Patent and Trademark Office. Upon approval, you’ll be issued a federal registration certificate.
Copyrights and Trademarks don’t require any notification or paperwork. When you create intellectual property, you assume copyright under the law. The problem with copyright is it can become a “he said/she said” legal battle in the event of copyright infringement.
All companies must take a realistic inventory of their assets and liabilities before opening for business. The risks are too great to ignore, so make sure you’re protected with business insurance policies in Canfield.
Call our office today at 330-337-9557 to schedule a consultation to discuss your goals and options.
If you’re charged or convicted of a DUI or DWI, the legal and financial headaches are both lengthy and severe. Today we’re discussing how a DUI affects your personal auto insurance in Canfield.
Insurance companies don’t write specific DUI Insurance policies, but they sometimes market as if they do. In essence, a DUI insurance policy is still just a regular auto liability policy, but the monthly premium can be three to five times higher than a driver with a clean driving record pays.
A DUI will also cost a driver around $10,000 when it’s all said and done, and more if you include lost wages.
How a DUI Affects the Rates for Your Personal Auto Insurance in Canfield
The bottom line is that your rates are going to go up – a lot. It’s hard to quantify because every insurance company handles DUI cases differently. Rest assured, if you have any sort of preferred or safe driver discount, that will be gone either immediately or at your next renewal date.
Some companies may simply choose to drop you. Others may switch you to their high-risk division as soon as they learn of a DUI infraction.
DUI Q & A
DUIs are a hot topic these days; in fact, each month users search for the term “DUI” over 90,000 times per month. Today we’re providing answers to some of the most commonly asked questions regarding how they affect your personal auto insurance in Canfield.
How long will a DUI affect my insurance rates?
The length of time a DUI stays on your driving record varies from state to state. Many times, a DUI will drop off your driving record after 3-7 years. However, the infraction is likely to remain on your criminal record forever. After the citation is off of your driving record, your rates will return to normal. In most cases, a DUI will raise your insurance rates for a minimum of three years.
What if the DUI is removed?
Some states only allow it if there was a DUI arrest, but not if there was a DUI conviction. An expunged DUI is not visible to employers, credit issuers or other businesses trying to conduct a background check on you.
Will a DUI affect my parent’s personal auto insurance in Canfield if I was driving their car?
It depends whether you’re a named insured on your parent’s auto insurance policy. If you’re a named insured on their policy and you get a DUI, your parent’s car insurance rates will rise.
If I had an accident and got a DUI, will it affect my claim?
Insurance companies have strict rules in car insurance policies regarding what they’ll cover and what they won’t. Not many insurance companies are going to cover intentional car accidents and most insurers view drinking and driving accidents as intentional, not accidental.
If someone else drives my car and gets a DUI, will it affect my insurance?
If your friend gets charged with a DUI while driving your car, their insurance rates will go up, not yours. But if your friend is a named insured on the policy, make sure you report it.
Can I refuse to take a Breathalyzer?
Most attorneys would advise never to take them or any of the other field sobriety tests, as they are not required by law. However, not taking them will not stop a police officer from arresting you.
What if a person takes prescription medication? Can that affect the results?
A DUI is driving under the influence of ANYTHING. If it impairs your driving and risks the safety of others while you’re behind the wheel, you can be charged. Police can charge you with DUI if you have medication in your blood and have had just one alcoholic drink.
Knowledge is power – if you have any questions regarding your personal auto insurance in Canfield, we want to help! Call our office today at 330-337-9557 and we’ll be glad to answer any questions and address any concerns you may have.
Running a small business can be overwhelming, and things like finding the right business insurance in Columbiana can sometimes be pushed to the side. But it’s important to remember that without the necessary coverage, everything you’ve worked for can be lost in the blink of an eye, with one large claim you can’t recover from.
There are so many things that business insurance protects you from. We’ve made it easy and quick for you by outlining the 6 types of coverage you need as a small business owner to protect yourself, your business, your employees, and your customers.
1. Property Insurance: Commercial Property Insurance is imperative to your small business, whether you own the building where your business is located or not. If you own the building, you may have to ensure the property to its replacement cost. Whether you own the property or not, you will need to ensure everything inside the property, from computers to phones to conference tables and even your desk!
2. General Liability Insurance: General Liability Insurance provides protection if you, your employees, your product, or your services are considered negligent and cause bodily injury or property damage. It protects your business against claims that occur while customers are on your premises or while your employees are working on the property of your clients.
3. Loss of Business Income Insurance: This will cover your net profit if you go out of business for a period of time. For example, if your business runs from a brick and mortar location and a fire puts you out of commission for three months, this policy will cover the net profit you would have made in those three months. It will give you the peace of mind necessary to recover!
4. Workers’ Compensation Insurance: Workers’ Compensation insurance provides wage replacement and medical benefits to employees injured in the course of employment. It also relinquishes the employee’s right to sue his or her employer for the negligence. By accepting workers’ compensation benefits, the employee gives up this right.
Small business employers can help control Workers’ Compensation costs by putting in place a formal safety plan aimed at preventing claims from occurring and minimizing the loss when they do.
5. Cyber Liability Insurance: A data breach to your small business can be devastating. If your business stores private information about employees or clients, it is your responsibility to protect that information. Moreover, if a data breach occurs, you are obligated to notify all of your employees and customers, which can be an overwhelming and expensive task. Cyber liability insurance will cover the expenses incurred in doing so.
You hear a lot in the news about “data breaches” at huge companies, but small businesses face just as big a threat of data breach.
6. Commercial Umbrella Policy: A Commercial Umbrella Policy extends the coverage of all of your policies. Think of it as an actual umbrella protecting you from the rain. An umbrella policy will provide additional liability limits over and above those provided by your other policies in the event of a larger claim. You don’t want to find yourself in a situation where your General Liability Insurance isn’t enough coverage and you’re paying hundreds of thousands of dollars to make up for that mistake.
At Sanor Insurance, we will work with you to ensure that the needs of your unique small business insurance in Columbiana are covered. Allow us to be your trusted advisor – we’ll help you design insurance coverage that will meet the specific needs of your business.
Your home is one of the largest financial investments you’ll make in your lifetime, but it’s also an investment that’s vulnerable to a number of risks. From brutal storms to liability for injuries, to vandalism – it’s crucial that you have home insurance in Salem OH to safeguard your home and family from financial risk.
Following are the top 6 reasons why you need home insurance.
1. Homeowner’s insurance is required by your mortgage lender. You typically need homeowners’ insurance if you’re financing your house. Home insurance guards your lender’s investment against loss or damage caused by covered risks like fire or vandalism.
2. Home insurance in Salem OH protects your home from loss. Standard homeowners’ insurance protects your home and unattached structures on your property from numerous hazards including wind damage, fire, vandalism, tornadoes, and thunderstorms.
Whether a small portion of your property is damaged or your entire house is leveled, the coverage on your average home policy steps in to help pay for repairs and replacements so you’re not left with the bill.
When you’re purchasing or renewing your homeowners’ insurance, make sure your policy pays out damages on a guaranteed replacement cost basis – rather than an extended replacement cost or actual cash value basis – to ensure you’re getting the most financial protection possible.
3. Home insurance covers your personal belongings. If your belongings are stolen or destroyed by a covered hazard, home insurance in Salem OH may reimburse you for the value of those items. Plus, your policy protects your belongings anywhere in the world, whether it’s at your place, in your car, or with your child at school.
4. Homeowners’ coverage protects your liability. Your homeowners’ insurance does more than just cover the structure and contents of your home. Family liability insurance, which is standard on most homeowner’ policies, is designed to cover you in the event of a lawsuit arising from an injury on your property.
Thankfully, liability coverage extends to accidents away from the home, legal and medical expenses to others injured.
5. Coverage includes temporary housing in the event of a disaster. If your home is left uninhabitable after, say, a brutal hailstorm or a fire, additional living expense coverage, which is standard in most home insurance policies, could help pay for temporary living costs that are over and above your normal living expenses while your home is being repaired. These costs may include hotel expenses or interim housing, food, laundry and dry cleaning, and storage space.
6. Home insurance in Salem OH offers peace of mind. You can sleep a little sounder at night knowing that you have a safety net if anything ever happens to your investment. Additionally, if most of your home is paid off, you’ve obviously put a lot of hard-earned cash into it at that point. If something ever happens to your place, your home insurance is there to make sure you don’t lose your investment.
If you’re in the market for reliable home insurance in Salem OH, we offer a wide range of customizable coverage options so you can tailor a policy that’s right for you and your situation. Call our office today to schedule a consultation and let’s discuss your best coverage options!
Are you using a drone in your business? If so, you should be aware that the standard general liability insurance policy is not providing coverage for liability or property covered for an unmanned aircraft. Today we’re discussing how drones can affect your business insurance policies in Salem OH.
Most insurance carriers were using the aircraft exclusion on the general liability insurance policy, but many companies are introducing an unmanned aircraft exclusion to be sure their liability policy leaves no room for different interpretation. This is why you need business insurance policies designed specifically to cover the drone.
You will need liability insurance coverage in the event someone is hit by the drone or if the drone causes property damage. You need hull coverage to cover the drone itself and its payload in the event it is damaged by a covered threat. (A payload can be a camera or a package carried by the drone.)
The Aviation Administration is expecting 600,000 drones to be used commercially and it has now become easier to become a commercial drone operator. The FAA is the government body that will set the rules and regulations for commercial drones in national airspace. Drone operators will need to pass a certification test and abide by various flying restrictions.
So, what do you do if you need to use a drone in your business and you need a specific policy designed to cover the drone? An insurance policy can be issued for the drone operator to cover both physical damage to the drone and its payload, as well as liability exposures coming from a third-party bodily injury and property damage.
In addition, you can get insurance coverage to cover the privacy issues of using the drone and non-owned aviation liability, for drones that you rent or borrow. It is important – if you are signing a contract to rent a drone or to hire a pilot – that you and your attorney review the contract.
Since this industry is in its early stages, most of the contracts and language are not yet standardized. In order to be sure that you know what your responsibilities are, you need to have the contract reviewed and read.
The cost of drone business insurance policies in Salem OH can range from several hundred dollars to several thousand dollars per year. The cost depends on the type of the drone, the scope of its use, the experience of the operator and the desired liability coverage.
Before any activity occurs on the job site, an Unmanned Aircraft Systems (UAS) should have a safety procedure developed. At the minimum, it should include the safe use of the UAS, pre-planning, and risk assessment activities. It is important that the pilot is certified and has experience as an unmanned aircraft pilot.
Drones are being used in a variety of businesses – large and small – in lieu of helicopters for various types of jobs. The cost of a helicopter can be a few thousand dollars an hour, compared to owning a drone with a camera which can be purchased for under $5,000.
Want to know if your business insurance policies in Salem OH are providing you with adequate protection? Call our office today to schedule a consultation and let’s discuss your goals and options.