Looking for contractors liability insurance? There are a vast assortment of carriers and coverages. We help you to make sense of it all.
Contractors' liability insurance can be a godsend for small business owners involved in the construction game.
But a lot of contractors don't have the coverage they need simply because they find it too difficult to sort through the carrier and coverage options. So what do you need to know to protect your business?
For starters, you need to see through the myth of a onesizefitsall insurance policy. Every business is different and your company requires insurance coverage that is designed for its specific needs and risk profile. Rather than blindly submitting requests from as many insurers as possible and then selecting the lowest quote, you need to research the type of coverage you need to avoid a scenario in which you either have too little or too much coverage.
Further complicating matters is the fact that some insurance providers are more reliable than others. The lowest quote available may mean nothing if the carrier historically fails to respond to claims. In addition to pursuing references from other businesses who have filed claims with the carrier, you should consider researching the carrier through the National Association of Insurance Commissioners (www.naic.org) and other resources.
If the carrier checks out, your next step is to help the carrier develop a risk profile for your policy. Expect the carrier to ask a litany of boilerplate questions about your insurance history, the nature of your business, geographic range, risk management initiatives, and your financial condition. Although your ability to influence your risk profile may seem limited, you can assist the carrier by offering context for the information you provide.
For example, if you have had a large claim filed in the past, you should proactively disclose the reason for the claim as well as any measures you have taken to prevent similar claims from arising in the future. If the carrier sees that you have taken appropriate steps to address your vulnerabilities, it will give them a more accurate picture of your business and minimize the possibility of costly insurance you don't really need.
Before you agree on a policy, make sure you thoroughly understand the scope of coverage. The policy clearly needs to cover your business' normal activities and procedures. However, it may also be necessary to obtain coverage for activities that occur less frequently. If your company typically works in residential construction but occasionally work with commercial customers, then your policy should cover not only residential construction, but commercial construction as well.
You also need to address the subject of additional insured status. It is not uncommon for customer contracts to require naming the owner or general contractor as additionally insured parties. Some policies provide blanket coverage for those who are additionally insured while others require that they be added on a casebycase basis for a fee.
Given the endless complexities of contractors' liability insurance, it's imperative to seek the advice of someone with enough knowledge and experience to guide you through the process. When in doubt, keep asking questions until you are satisfied that your business is adequately protected.
If a person becomes injured as a result of using your products, you can face a huge liability. Get product liability insurance. The amount of coverage you'll need depends on your business type.
If you own a small business involved in manufacturing, product liability tops the list of things that keep you up at night.
All it takes is for one of your customers to suffer an injury or illness as the result of using your product, and you could lose it all . . . Unless you had enough foresight to protect yourself with product liability insurance.
As its name suggests, product liability insurance insulates your business from the financial impact of litigation arising from the use of your products. It transfers the legal risk associated with your products from you to your insurance company. Since small businesses are less able to absorb the effects of litigation than large companies, small manufacturing businesses who fail to obtain a proper amount of product liability coverage are gambling with their ability to continue to do business in the future.
Although this type of insurance sounds simple and straightforward, there are some nuances you need to be aware of.
Legal Responsibilities
From a legal standpoint, the manufacturer is responsible for bodily injury and property damages that arise from the use of their product. Most lawsuits seek compensation for damages in one or both of these two areas. However, if for some reason the lawsuit seeks damages that fall outside of the parameters of bodily injury or property damage, it may not be covered under your product liability policy. B sure to discuss what is – and isn't – covered with your insurer.
Coverage Amount
The amount of coverage you need is based on several factors including the size of your business, your business type, and the potential risk. Not all products and businesses carry the same amount of risk. For example, a company that manufactures socks probably isn't as risky as a company that produces flammable liquids, so it doesn't need to carry as much liability insurance. Survey comparable businesses and talk with your insurer to determine the appropriate amount of coverage for your company.
Scope of Coverage
Believe it or not, the business who manufactured the product isn't the only one who may bear responsibility in a product liability lawsuit. Liability may extend to the business whose name is on the product (regardless of who manufactured it), the business who assembled it or repaired it, the business who shipped it, and others. Given the fact that liability can be so extensive, it's worth having a conversation with your attorney to make sure your liability insurance fully protects your business from productrelated lawsuits.
Specialized Insurance
Since highrisk products and companies can b more difficult to insure than others, the market has created specialized insurers who are willing to provide for coverage for everything from power tools to pesticides. If your regular insurer is unwilling to provide product liability coverage for your products, ask them to refer you to a company who will.
Running a business without professional liablity insurance can be a big mistake. We explain why buying professional liability insurance is essential for all service providers.
In the old days, malpractice insurance was reserved for doctors, dentists, and other medical professionals. Unfortunately, those days are over.
There's a good chance that your small business qualifies you as a professional and without professional liability insurance coverage, your entire company could be at risk.
The need for expanded professional liability insurance is due, in a large part, to the increasingly litigious nature of society. With each new lawsuit, it seems another small business owner finds it necessary to defend himself from allegations of professional malpractice. In recent years, the ranks of these "new professionals" have grown to include accountants, architects, insurance agents, consultants, travel agents, and many other small businessbased professions.
The two primary forms of professional liability claims are breach of contract suits and negligence in the performance of services suits.
Breach of contract suits are less common and (as the name suggests) related to claims that a professional has failed to fulfill contractual obligations.
The more common and more costly suits relate to professional negligence. Negligence suits seek damages for claims that a professional failed to adhere to professional standards, resulting in a subsequent loss by the client. In order to qualify as negligence, it must be proven that there is a close connection between the acts of negligence and the damage they cause.
Professional liability insurance policies generally cover claims against the business and individuals within the organization such as owners, directors, and employees. In most cases, coverage includes both judgment amounts and the legal costs associated with defending your business against lawsuits, regardless of whether or not the suits result in a judgment.
There is no set method for estimating the cost of professional insurance since premiums vary by field, size of the business, income, deductible, and coverage amounts. The only way to make sure you're getting the best possible deal is to shop around and compare policy coverages, eligibility limitations, and pricing.
To help manage the cost of premiums, it's also a good idea to implement a loss prevention program as soon as possible. The goal of an effective loss prevention program is twofold: To minimize opportunities for negligent actions and to provide documentation that can be used to defend your business against claims.
From a preventative standpoint, it's important to remain current on best practices and standards in your field, and to avoid situations that may represent a conflict of interest or leave you vulnerable to accusations of negligence. Beyond that, there's not much else you can do except to maintain accurate records in every area of the business. Your recordkeeping system should include documentation of business activities, phone records, billing calculations, correspondence, and contracts.
A good method for evaluating your prevention program is to subject your business to the scrutiny of a peer review. Invite others within your profession to conduct an unofficial "audit" of your business practices and recordkeeping system in exchange for conducting a similar audit of their business.
So you're in the market for business insurance? Here's what you can expect to pay for business insurance.
Once you've decided that business insurance is a good idea for your company, the next issue is to determine how you are going to pay for it.
But before you can figure out how to pay for it, you need to know how much it is going to cost . . . and that can be complicated.
When it comes to business insurance, the real question isn't how much it's going to cost, but rather how much it could cost if you don't have it. Nonetheless, the outofpocket cost of insurance is subject to a diversity of factors including industry type, experience, your risk profile, geographic territory, business size, and credit history. Depending on the specifics of your company, your insurance costs could range from as little as a few hundred dollars to as much as several million dollars.
The good news is that you are not completely at the mercy of your insurer. There are several things you can do to minimize or even reduce how much you pay for business insurance.
Review Coverage Levels
Your goal is to obtain enough coverage to adequately protect your business, but not so much that you paying for coverage you don't need. Since more coverage costs more money, excess coverage is like throwing your company's money down the drain. Many business owners diligently assess their insurance needs during the initial enlistment period, but fail to conduct periodic reviews with their insurer to prevent the possibility of either under or overinsuring the business. Don't make the same mistake. Schedule periodic reviews and ensure that your coverage is sized to your business' needs.
Research Group Options
One of the ways small businesses reduce their insurance costs is to pursue group rates through business or professional organizations. Large companies enjoy proportionately lower insurance rates based simply on their size. Group policies level the playing field by giving smaller companies the option of joining together to realize the same size advantages. The types of organizations and group policies you may be able to access vary from business to business. However, the bigger the organization, the lower the rates.
Reduce Risk
Risk is the driving force behind the cost of business insurance. Anything you can do to manage your risk profile will translate into a lower premium. For example, certain types of products may be driving your premiums up because they carry a higher level of risk. If the products in question only marginally contribute to your bottom line, you might want to think about it eliminating them from your product line and then ask your insurer to adjust your risk profile accordingly. Additionally, a track record of low or no claims can potentially be grounds for requesting a reassessment of risk.
Relocate
If your business insurance rates are so exorbitant that they are driving your company into the ground, you may need to consider relocating your business, especially if the rates in your current jurisdiction are unreasonably high. This may sound like a radical move (and it is), but if it's a choice between relocating or going out of business, the decision is almost a nobrainer.
This article explains the basics of marine insurance. If you ship goods abroad for export or import, or across the country for any reason, marine insurance offers protection against a variety of worst case scenarios.
Marine insurance is one of the most misunderstood forms of business insurance on the market.
But if your business ships products abroad or even transports cargo by road within the U.S. you need to know the facts about marine insurance because it could be the best resource you have to protect your merchandise after it leaves your front door.
Modern marine insurance has its roots in insurance vehicles dating back hundreds of years when shipping was largely accomplished by seagoing vessels. Over time, shipping methods changed to meet the needs of business owners and their customers. Marine insurance changed, too, so that today business owners can insure their property two ways: As waterborne cargo (called "wet" marine) or as land transported cargo (called "dry" marine).
With the exception of small businesses that regularly export merchandise overseas, most small business owners' exposure to marine insurance is limited to inland marine insurance, a category of marine insurance that protects cargo that not transported by sea but instead, is shipped via domestic transit. The reason inland marine insurance is important is because cargo typically changes hands many times during the course of shipment. As such, it is not always apparent who is responsible for the cargo at any given point in the process. Without an inland marine policy, the merchant could easily sustain a property loss for which no one can clearly be held accountable.
There are two types of inland marine policies, each designed to cover a range of shippingrelated losses: Filed policies and nonfiled policies.
Filed Policies
Not surprisingly, filed inland marine policies derive their name from the fact that the forms and rates are filed with the state insurance department. These policies usually cover direct physical loss of property and feature insured parties with similar loss exposures.
NonFiled Policies
Most inland marine policies fall under the nonfiled policy category. These polices are not filed with the state insurance department and feature a fewer number of insured parties with varying levels of exposure to loss. Most policies insure against direct physical loss or damage, but many policies will only provide coverage against specific causes of loss. Since these policies are highlycustomizable, virtually any type of cargo can be covered under a nonfiled policy.
Deductibles & Limits
As with any insurance policy, inland marine policies almost always require the insured party to pay some sort of deductible, assessed on a per occurrence basis. Deductibles are not standardized, so you will need to carefully consider deductible amounts when comparing inland marine policies. You will also need to exercise care in reviewing the language used to describe the deductible since marine insurers are notorious for using nontypical language to limit their liability.
Like other insurance policies, inland marine policies will also be governed by a policy limit. Assessing the limit can be tricky since it can be determined on either a per conveyance or per occurrence basis. If the language seems unclear, consult your attorney or agent for clarification.
Buying business equipment insurance is a sensible investment for small business owners. If your business equipment is not adequately covered by insurance, you may be in for a nasty surprise.
If your business depends on equipment that you've leased or purchased, it's a smart move to make sure you have adequate business equipment insurance.
Damage to your machinery and equipment can result from numerous sources, including mechanical breakdown, electrical current, and arcing. Theft can also be an issue. When equipment breaks down or is stolen, it's a double whammy. You not only have the costs of repairing or replacing the equipment, you also may find that you lose business income because the equipment is not available.
As such, it pays to make sure you have the proper business equipment insurance coverage.
Companies that lease equipment are especially vulnerable. Many small business owners rely on expensive leased equipment but do not have enough leased equipment insurance to cover a total loss scenario. If they are underinsured, they could be facing a very expensive payment to the leasing companies. In the event of destruction of the property, many equipment leases require the lessee to replace the damaged equipment or to pay off the balance of the lease.
Imagine a scenario where you lease a $100,000 piece of equipment and it's destroyed the day after you lease it. Suddenly you've got a $100,000 liability to the leasing company. Ouch!
Make sure your business equipment insurance covers loss of business income resulting from equipment damage. Business income coverage protects you when a covered loss interrupts your business. There are various limits depending on the coverage you need.
As with all insurance, when you purchase business equipment insurance it pays to read the fine print. One business we know had insurance coverage for fire, lightning, explosion, windstorm, hail, smoke, riot, strike, vandalism, theft (with visible signs of forced entry), flood, goods in transit cargo coverage, and malicious mischief for the full depreciable value, repair of the equipment, or payoff the lease contract, whichever is less. Sound like they were wellprotected, doesn't it?
But what this particular small business owner didn't realize was that there was an exclusion for earthquake damage. When a small quake in California resulted in damage to their office computers, they found out that they were not covered.
Another business owner found out that his business equipment insurance covered him for a broken computer, but it only covered the physical computer equipment, not damage to or loss of data. His data restoration costs were $1,500 and it all came out of his pocket, instead of being covered by insurance.
Finally, a small business owner with leased equipment found out after a loss that his business equipment insurance only covered the ACV (actual cash value) of the equipment, not the replacement costs. Usually, the ACV is much lower than the replacement costs, so if you have ACV coverage, you are probably
Don't let these insurance horror stories happen to you. Make sure you read all the fine print on your business equipment insurance policies.
It's also important to update your business equipment insurance policies over time. Each time you buy new equipment, you may have to update your insurance rider in order to make sure the equipment is covered. If you forget to make the updates, you may not be covered.
If you are concerned about whether you are adequately covered with equipment insurance, contact your insurance agent and ask for a business equipment insurance consultation. Run through a variety of scenarios with your agent, and make sure you are happy with the outcomes.
With the right business equipment insurance in place, you'll be able to rest easy and focus on growing your business .
In business, stuff happens. General liability insurance protects you against devastating claims that can result from unexpected disasters.
As a small business owner, you've poured everything you have into your company.
The last thing you need hanging over your head is the possibility of losing it all in a lawsuit. But with the right general liability insurance policy in your corner, your worries may be over.
General liability exists for one purpose and one purpose only: To protect your business from the financial impact of a lawsuit based on claims of bodily injury or property damage. Although general liability is often covered under a business owner's policy, the liability limits in a business owner's policy are often low. Consequently many business owners choose to obtain an additional general liability insurance policy to beef up their coverage and minimize their overall vulnerability.
Several factors need to be considered in determining the amount and cost of general liability coverage. The most obvious consideration is risk. Some businesses are inherently riskier than others from a liability perspective. For example, a company that produces paper probably carries less risk than a company that manufactures precision airplane parts. As the risk increases, so should your insurance coverage.
Something else to consider is the state in which you operate. As unbelievable as it sounds, typical damage awards vary from state to state. If your business is located in – or does business in – a state that awards higher damages, you'll need to up your coverage.
Policy Coverage
Damages covered under a general liability policy usually include bodily injury, property damage, slander, and false advertising. It's also common for general liability policies to cover any legal costs associated with a liability suit. Punitive damages, however, are excluded from coverage and won't be paid by your insurer.
Umbrella Liability Policies
If your company is found liable for damages in a lawsuit, your general liability insurer will pay up to the maximum amount for the policy period, a figure which is clearly described in the policy itself. If the court holds you liable for damages in excess of the amount described in the policy, you will be responsible for paying the difference. In other words, if the policy maximum is $2 million and you are found liable for $3 million in damages, the additional $1 million is your responsibility. To cover the shortfall, many business owners obtain additional protection under a separate, umbrella liability policy. Umbrella liability policies are specifically designed to offer protection from excess damages and may even provide coverage for damages that aren't typically included in a general liability policy.
Preventative Measures
Regardless of how much liability insurance you carry, an ounce of prevention is always worth a pound of cure. Get in the habit of maintaining accurate incident records and report them to your insurer in a timely manner. Also, make the effort to implement a proactive and comprehensive safety program that includes training, compliance, and quality control.
Finally, since your liability policy may potentially have legal ramifications later on, it's a good idea to involve your attorney in the process. A competent lawyer should be familiar with liability insurance terminology and will be able to identify gaps in coverage before they become a factor.
Do you have a business owner's insurance policy? Should you? Buying this business insurance is a smart move but be sure you fully understand what's covered.
You carry a homeowner's insurance policy to protect your house, but what about your business?
Is there an insurance vehicle out there to protect your business against unforeseen circumstances? Fortunately, there is. It's called a Business Owner's Policy (BOP) and it could be the only thing standing between you and a financial crisis in the event of a company disaster.
It would be nice if BOP insurance completely insulated your business from loss. Not surprisingly, it doesn't.
Like any other insurance policy, a BOP only covers scenarios dictated by the policy itself. However, the big advantage of a BOP is that it provides coverage in a variety of insurable areas for less than it would cost to purchase independent policies.
In other words, a BOP can save money for you by combining most of your insurance needs in a single policy. You should also know that BOPs are designed primarily for small to mediumsized businesses. Large companies typically don't qualify for coverage under a BOP.
Although the actual areas covered by BOPs vary from policy to policy, the most common BOP coverages include the following:
Property Insurance
As a small business owner, much of your investment is tied up in physical property, i.e. buildings, equipment, inventory, etc. A single event, like a fire, can have a devastating impact on your investment, so a BOP will cover losses over and above the policy's deductible amount.
Business Interruption
Property value isn't the only loss your business can incur in a disaster. The loss of equipment and property may also force the business to decrease production or shut down entirely until repairs and new equipment are in place. Business interruption coverage provides funds to make up for lost profits and to cover expenses until the business is operational again.
Casualty Protection
Suppose your products or production processes harm someone. Who pays for that? If your BOP has a casualty and liability protection clause, you can sleep soundly knowing that you will be covered should the unimaginable occur as a result of your products.
Crime Insurance
Sadly, your business needs to be protected from the consequences of crime. A solid BOP will give you protection from all kinds of crimes including burglary, theft, and robbery, as well as more subtle crimes such as employee theft or embezzlement.
Liability Protection
Lawsuits are simply part of doing business these days. Most BOPs provide liability protection against civil suits for accidents, product liability, slander, copyright infringement, and a variety of other legal liabilities.
Vehicles
BOPs wouldn't be complete if they didn't also provide coverage for the vehicles owned by your business. Rather than obtaining vehicle coverage through another insurer, you should consider looking for a BOP that includes this coverage to help keep insurance costs down.
Other
You may also be able to find BOP coverage for other insurable contingencies including flood or earthquake insurance. Shop around until you find a BOP that is right for your needs and the needs of your company.
Operating a business is difficult enough without having to be concerned about suffering significant financial loss, or worse, due to unforeseen events occurring. Insurance is to protect against loss of your investment and financial impairment to your business.
Some of the most commonly asked questions regarding commercial insurance are discussed below:
Q. How do I go about obtaining business insurance?
A. The first step in obtaining proper business insurance is to find and contact a reliable insurance agent or broker. Business contacts can often refer you to someone that they have had good experience with. When looking through the yellow pages, look for specialization in commercial insurance, and membership in one of the professional agents or brokers associations. When dealing with the agent initially, they should do their own analysis or survey of your exposures, and then ask to review any present coverages. To do otherwise could perpetuate any errors, gaps or overlaps that may exist in your present program.
Q. What kind of insurance do I need?
A. There are six broad areas of exposure:
Not every business will have exposures in every area, which is why an analysis must be done. The State requires Workers Compensation insurance if there are any employees. Various governmental agencies may require certain types of insurance. For example, the Contractors State License Board requires bonds for contractors, and the Public Utilities Commission requires Commercial Automobile insurance. Most other insurance is a business decision on your part. However, contracts you may enter into, such as leases, loans, etc., may contain insurance requirements you have to comply with, and of which you should be aware.
Q. Can any exposures be reduced or eliminated?
A. You can order an inspection by a Loss Control Engineer to uncover hazardous conditions. Recommendations from this report can benefit you by helping to reduce premiums and making your business more attractive to insurers.
Q. What are some of the specific exposures and how are they covered?
A. Following is a table of common exposures and appropriate coverages:
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PROPERTY
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Exposure |
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Coverage |
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Buildings |
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Commercial Building policy, Fire(owned) and Extended coverage minimum. |
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Buildings(leased): |
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Same as owned building. |
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(b) Lessee not required to provide insurance. |
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Same as owned building. |
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Building under construction. |
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Builders Risk Policy. |
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Contents of Building. |
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Business Personal Property Policy (includes furniture, fixtures, equipment and stock.) Fire & EC minimum. |
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Tools & Equipment (used away from the premises). |
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Contractors Equipment floater. |
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Stock |
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Usually insured as part of Business Personal Property. If values fluctuate considerably during the year, a reporting form may be appropriate. |
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Property of others in possession for storage, service, or repair. |
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May be covered under Business Personal Property or Special types of coverage. |
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Damage to Boiler, Air conditioners, Air compressor,etc. |
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Boiler & Machinery coverage. |
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Loss or damage to stock while being transported in an owned motor vehicle. |
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Motor Truck Cargo coverage. |
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Loss or damage to property shipped via: |
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Transportation Coverage. |
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(b) Mail |
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Mail Coverage. |
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(c) Common Carrier, Overseas. |
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Cargo Policy |
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Loss due to faulty discharge of water from Automatic Sprinkler system. |
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Usually covered by Commercial Building and Business Personal Property coverage. |
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TIME ELEMENT
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Loss of profits due to insured loss. |
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Business Income(interruption) Coverage. |
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Expenses necessary to continue business operations after insured loss. |
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Extra Expense coverage as part of Business Income Coverage. |
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Loss of rents due to building(s) not being habitable, due to insured loss. |
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Generally included in Business Income coverage. |
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CRIME
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Loss of money due to robbery |
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Robbery & Safe Burglary coverage |
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burglary, on or off premises. |
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Money & Securities |
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off premises. |
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COMMERCIAL AUTO
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Liability & Physical Damage exposures. |
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All such exposures can be dealt with by a comprehensive Commercial Auto Policy, a Truckers coverage policy or Motor Carriers policy. |
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LIABILITY
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Business operations and premises. |
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Comprehensive General Liability policy. |
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Products manufactured, distributed, or sold. |
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Comprehensive General Liability policy or Products, Completed Operations Policy. |
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Work performed by you under contract such as construction. |
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Comprehensive General Liability policy or Products, Completed Operations Policy. |
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Premises owned but not occupied by owner. |
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Comprehensive General Liability policy. |
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Liability for the contractors or subcontractors. |
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Comprehensive General Liability policy, or Owners and Contractors Protective Liability. |
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Losses in excess of policy limits or need high limit of liability. |
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Umbrella Liability Policy. |
Q. In Commercial Insurance, are there policies that provide or combine the various kinds of coverages like a Homeowners policy does with personal insurance?
A. Yes there are various "package" policies available. Programs such as the Business Owners Policy (BOP), Special MultiPeril (SMP) and insurance company designed packages are constantly being marketed. Many insurers design packages to meet specialized needs. Such as Auto Garages, Auto Dealers, Jewelers, Furriers, Barbers and Beauty Salons, and Apartment Buildings. Competent Commercial Agents and Brokers are prepared to offer these programs.
Q. Can I obtain Earthquake insurance for a business?
A. The insurance companies are not required to offer earthquake insurance on commercial property. The availability is therefore determined by the market place and individual company underwriting decisions. Here again, the agent can do the searching for you.
Q. How much does business insurance cost?
A. Your cost will be unique to your exposure; that is, it will be similar risks insured by the same company, but since this is a competitive market, different companies will have different premiums. You should know the basis for the premiums. Property insurance premiums are based on a rate per $100 coverage. Factors that go into making the rate are construction of building, occupancy and use, public protection, neighboring exposures and internal protection, such as sprinklers, etc.
The premium basis for liability insurance depends on the type of business. Stores and manufacturing are based on gross sales. Contracting and service businesses are based on payroll. Apartments are based on the number of units, hotels, on gross sales, and office space and property owned and leased to others are based on square footage area.
Anything based on sales or payroll is auditable and can result in additional or return premium. Companies have minimum and deposit premium requirements, which can and do vary, and should be considered when shopping.
Q. How can I find out about insurance companies that are presented to me?
A. First, ask the agent for background on the company. Then call the Department of Insurance for your state to find out status in your state, how long in the state etc. You may then want to go to the library and obtain detailed financial information and ratings by reviewing rating service reports published by A.M. Best, Standard & Poors, Moodys or other rating services.
Q. After I agree to purchase insurance, complete the applications and pay money, how do I know I have insurance?
A. You should be given a "binder" signed by the agent, showing you as the insured, effective date of coverage, the insurance company, location and description of property insured, amounts of coverage, limits of liability and other pertinent information. A binder may be valid for up to 90 days pending issuance of the policy.
Q. Can an insurance company cancel my insurance?
A. A company has a 60 day underwriting period, during which they review the application and other information submitted, possibly have an inspection done, and verify the rating and premium calculation. The company may cancel your insurance within that 60day period. They must give you at least 10 days notice of cancellation.
After 60 days, the reasons a policy may be cancelled are very limited. The reason and a 30 day notice must be given. When the reason is nonpayment of premium or fraud, 10 days notice is required.
Q. When I receive my policy(s), how can I be sure they contain what I agreed to?
A. Ask your agent to deliver the policy(s) in person, review them with you and answer any questions you might have.
Q. How would I know if the insurance company is not renewing my insurance?
A. The insurance company must give at least 60 days, but not more than 120 days notice of nonrenewal, and the reasons.
Business insurance protects you against some serious risks but is it absolutely necessary? Here's our take on it.
Navigating the insurance maze can be tricky, especially for new business owners.
Certain types of insurance coverage are required by law while others are at the discretion of the business owner. Yet even some of the insurances that aren't legally required may be a necessity for other reasons. How do you sort it all out?
At the end of the day, there are three categories of insurance in a small business: (1) Insurance that is legally required, (2) Insurance that isn't but required, but is recommended, and (3) Insurance that is optional.
Legally Required Insurance
There are generally two types of insurance that are legally required in most states. Worker's compensation insurance covers lost wages and medical expenses for employees that suffer workrelated injuries or illnesses. Unemployment insurance helps ease the transition for employees who are in between jobs. Both of these are required, but details may vary slightly from state to state. Check with the appropriate state agency to learn the requirements for your business. if your business has a mortgage or owns vehicles, you will also be required to maintain property insurance and vehicle insurance.
Recommended Insurance
Liability insurance tops the list of recommended insurance for most small businesses. This type of insurance comes in a variety of forms including general liability insurance, product liability insurance , and even content liability insurance . Its purpose is to insulate your business from legal damages in the event of a lawsuit. Your liability policy can be further strengthened by acquiring an umbrella policy that supplements your primary liability policy. In today's litigious society, you would be foolhardy to neglect liability coverage, even if it is not required in your state jurisdiction.
Most of the other forms of recommended insurances relate to maintaining an uninterrupted flow of operations. Officer and director insurance protects the company's decisionmakers from lawsuits, while key man insurance protects the company from the loss of an integral employee. Business interruption insurance, on the other hand, insures against work stoppages that may occur as a result of fires or natural disasters, and may be available as a supplement to your liability insurance policy.
Optional Insurance
Business owners are not legally required to provide any form of insurance to their employees. These forms of insurance are completely optional, but are commonly used to beef up the company's fringe benefits package. Health insurance, dental insurance, life insurance, and vision insurance are all examples of insurances worth considering.
Homebased Business Insurance
Homebased businesses add an interesting wrinkle to the business insurance fracas. Since the business is located in your home, your homeowner policy may cover certain aspects of your business. But it would be a mistake to simply assume that your business will be covered by your residential policy just because it is based in your house. Do your research and contact a qualified insurance professional to help you assess potential coverage gaps.
Do you need Director and Officers insurance? As your business grows and you appoint officers and bring in outside directors, your leaders and advisors may ask for liability protection. Here's everything you need to know about D&O insurance.
In theory, directors' and officers' insurance exists for one reason only to protect the directors and officers of a business in the event they are sued for their actions while employed with the company.
However, in practice many directors' and officers' insurance policies are limited in their ability to provide the protection they promise.
In most cases, directors' and officers' insurance (D&O) is purchased by the company as a way of retaining directors and other upperlevel leaders. The people in these positions require some form of coverage since claims initiated by shareholders, customers, regulators, and even competitors often name individual decisionmakers as well as the company itself.
Although D&O insurance can be a good deal for the company's leaders, recent high dollar payouts have left D&O providers reeling and searching for ways to limit their liability. As a consequence, many D&O policies contain features that are less than optimal for individual directors and officers. Here are just some of the things you need to know in order to find a policy that works for you and your business...
Shared Liability
In an effort to limit their own liability, some D&O insurance providers have extended their coverage to include not only individual directors and officers, but the company itself. The net result is bad news for the organization's leaders because under this arrangement they are forced to share the policy's limits with the business itself. In other words, if both the company and its officers are named in a lawsuit, the officers' coverage may be reduced to accommodate the business' general liability.
The allocation of the coverage can become contentious, injecting even more conflict into an already tense situation. For your own protection, make sure you thoroughly understand who is covered under a shared liability policy and try to keep the list as small as possible.
Individual Policies
Fortunately, if your D&O policy contains a shared liability clause you can still provide coverage for yourself, your directors, and your officers. You could accomplish this by purchasing a policy with higher liability limits. But a more reliable option is to purchase individual policies for yourself, your directors, and your officers. Even though you will probably end up paying more for coverage, the end result will be guaranteed security for the people most vulnerable to civil action.
Policy Security
Something else to consider is the fact that many D&O providers now retain the option of voiding a policy if a single officer or director provides falsifies information or omits important information on the application. That means you could find yourself without coverage through absolutely no fault of your own. Sometimes it is possible to negotiate the removal of this clause in your policy, but at a minimum you should talk to your provider about ways to protect the company and yourself from someone else's shortcoming.
Believe it or not, the words on your website and in your brochures can be a liability. Fortunately, there's insurance that addresses that risk.
Words have power.
Unfortunately, it is possible for the power of the words that appear in your companies ads, brochures, and even your website to be used against you in court. Short of ceasing to publish information completely, your best protection is to pursue insurance options that cover both the online and offline content your company relies on.
Content lawsuits can arise from any number of scenarios. If your business publishes medical or financial advice, the liability issues are obvious. However, the most innocuous claims that appear in your content may still lead to legal turmoil down the road. With litigation at an alltime high, you can't afford to take anything for granted.
Do I really need content insurance?
Any business that publishes printed material intended for distribution or operates a web site, chat room, or discussion board can benefit from content insurance. Although you will need to determine the type and amount of coverage that is appropriate for you, keep in mind that it's better to be safe than sorry. Suppose your business publishes a quarterly catalog with a brief description of your products. The slightest misprint or wronglyphrased passage suddenly becomes an open invitation for a lawsuit. You could roll the dice and hope that your customers will understand, but at the end of the day you'll sleep a lot better knowing that your business is insulated from financial ruin.
What are my insurance options?
Insurance is like anything else – you get what you pay for. Yet even the most basic content liability package should cover your online and offline content. You can't simply assume that a content liability policy automatically covers both because it usually won't. Instead, you will need to work closely with your insurer and your attorney to create a policy that provides adequate coverage for all of your content. If your company primarily utilizes online content, your policy's risk profile should take that into account.
A good content liability policy should offer coverage for infringement claims, libel, personal injury, invasion of privacy, and any other claims your attorney deems relevant to your business. Since even frivolous lawsuits can quickly accumulate a mountain of legal fees, it's important to make sure your policy also covers the legal costs associated with content liability claims.
Can disclaimers mitigate my legal liability?
It's a common misconception that disclaimers and terms of use can completely insulate a business from liability. You should absolutely post disclaimers and terms of use – as visibly and precisely as possible. But since disclaimers are often open to interpretation, your disclaimer may not stand up in court. Likewise, the court may very well find your disclaimer faulty based solely on where it appears on your website or printed document. Conventional wisdom dictates that because it is nearly impossible to create a lawsuitproof disclaimer, content liability insurance is the only real guarantee of financial survival in a contentrelated legal situation.
Written by Nidhi Ann Raj for Gaebler Ventures
Running your company, without taking any form of insurance is like diving into the sea for the first time, without a life jacket on! Insure your business before it is too late!
All businesses are exposed to risk. When it is a smaller or a more recent one, the risks are higher and hence the need for risk management.
Getting your business insured is one of the most valuable risk management or mitigation techniques, one can recommend. An insurance policy guarantees compensation for specified damages or losses to your business.
With so many insurance options available in the market, the trick is to get the right one that suits most of your needs and not to get trapped into spending tons on insurance premiums. Here are some of the types of insurances you may want to consider:
Property Insurance:
A wise investment to make, which reduces potential losses on company assets, caused due to natural disasters or thefts. This insurance may also include covering your customers' losses, if you are liable for it. If you buy or rent a property, make sure the property is also insured.
Workers' Compensation:
This is to ensure your employees' welfare. You are liable for your employees while they are on job. Hence all job related injuries need to be covered by the insurance you take. In case of such injuries, the employer is expected to provide compensations and benefits or pay their medical bills.
Unemployment Insurance:
This is a good insurance to take for your employees, in case your business runs out and you are out of money. In some countries, the law may mandate the employer to take this insurance for his employees, which can be claimed if employees fall out of jobs for no fault of theirs.
Business Interruption Insurance:
An insurance type to protect you in cases where your business shuts down or closes temporarily due to damages or disaster. This ensures that your cash flow is uninterrupted in case operations close. Depending on the policy coverage, this can also act as your source of income till you are back into business again.
There are many other types of insurances, apart from these, which cater for more specific events or needs, based on the type of business you are into. Some of these insurances are mandated by the law and hence, need to be taken before you start your business.
Irrespective of the type of insurance you take, make sure you find a trust worthy insurance agent , with whom you can have a healthy longterm relationship some one who can guide you to take the right insurance at the right time as business progresses.
Nidhi Ann Raj is a gifted writer who is currently pursuing postgraduate studies at George Brown College in Toronto Canada, where she is specializing in Marketing and Finance.
Key person insurance, sometimes called key man insurance or key executive insurance, is designed to protect a business in the event of the death of an executive or key team member who makes a significant contribution towards the profitability or stability of the business.
Key executive insurance, key person insurance, key man insurance whatever you call it, it still does the same thing.
Buying key person insurance can ensure that a business plan is carried on even if a key executive dies. Key man insurance benefits replace lost revenue or fund the search for a replacement executive.
How much does key man insurance cost? Costs range from hundreds to thousands of dollars per year. Premium costs vary, in large part, according to the covered individual's age. If the exec in question is fairly young and in good shape, costs can be fairly low.
What is key man insurance? It's essentially just a basic life insurance policy for anywhere between $500,000 and $5 million. Usually, they're 10 or 20year term policies.
A popular twist on key person insurance is called "first to die." This type of insurance pays only for the first death in a multiple person policy, and thus, is much less expensive than having individual policies for each key person. Plus, "first to die" policies allow the survivors to take out a subsequent new policy without needing to prove their insurability all over again.
Venture capitalists, banks and other lenders often require keyexecutive insurance for the startup companies they fund. If a death occurs, the key man insurance payment typically goes to the startup company or sometimes it goes directly to the venture capitalist. This allows the investors and creditors to protect their investment.
Even if you are not being asked to buy key man insurance by your investors, it can make sense in some cases. Think about what would happen if you or one of your business partners passed away. If the situation would be dire, it may make sense to insure against it. If it would have little effect on the business, there's no big need to buy key person insurance.
If you are buying key man insurance, make sure you work with an insurance company that's done keyexec insurance before.
Written by Samuel Muriithi for Gaebler Ventures
The fact that accidents occur when they are least expected should prompt the entrepreneur to secure his/her business with several relevant types of insurance cover. Obtaining these right types of insurance cover begins with an understanding of the business insurance needs i.e. what the probable risks to the business are.
The following types of cover are used to address the most common of business insurance needs:
Property insurance – This insurance cover is used to protect any property that will require to be replaced as a result of loss or damage. Here these properties can include inventory, manufacturing equipment and the business facility.
Liability insurance – The type of business insurance needs addressed by this cover mainly involve losses which will result from claims made by customers i.e. monetary or bodily injury. Such claims often end up becoming lawsuits whereby once sued the business is made legally responsible for covering the cost of damages. These liabilities may arise from injuries that occurred at the business premises or those incurred after the customer used a purchased product/service.
Business interruption insurance – This insurance cover protects the business against the loss of revenue as a result of an unanticipated temporary shutdown.
Key person insurance – This is one of those covers that address one of those unique business insurance needs. It provides protection against the potential loss of revenue that may occur when personnel whose input is critical to the unfettered operation of the business is no longer available.
Life insurance – This cover provides owner(s) with the requisite capital to buy a deceased owner's stake in the business.
Business insurance needs can only be covered when relationships referred to as insurable interest are in existence. Insurable interest is a legal concept that protects against profiteering in situations where there was no real involvement. This relationship must be in existence at the time when the property or personal insurance is purchased.
The entrepreneur may discover that business insurance needs with regards to other people including partners and employees are critical to the proper day to day running of the enterprise. The fact that without these people the business may suffer significant losses means that the entrepreneur has an insurable interest in them and it becomes enough grounds to purchase a key person insurance cover. The same reasoning can be used to determine whether the other types of cover highlighted above are necessary for the business.
Samuel Muriithi is a business owner in Nairobi, Kenya. He has extensive international business experience in the United States and India.
The new healthcare reform bill recently passed by Congress could have a profound impact on small businesses and entrepreneurs. This article will review the proposed healthcare reform bill and the potential impacts it will have on small businesses.
Congress recently passed President Obama's new healthcare reform policy and now the Senate gets a chance to vote on it.
Which ever healthcare reform policy gets passed, the new healthcare reform will have a strong impact on small businesses and entrepreneurs.
In brief, the proposed healthcare reform bill mandates small businesses with payrolls over $500,000 to provide health insurance for their employees or pay a fine. Businesses that don't offer insurance pay a fine equal to 8 percent of their payroll. Businesses with a payroll of less than $500,000 are exempt from the mandate. However, this payroll does not account for inflation, meaning that as a small business increases employee wages via annual pay increases, employers who are say at $475,000 payroll today, could easily cross the $500,000 threshold within a year or two with out ever having increased their actual employee head count. This is the same problem the Alternative Minimum Tax ("AMT") law caused recently when middleincome Americans found themselves falling under the AMT because the AMT law did not account for inflation, which on average is about 3% per annum.
There is some argument and debate as to whether the new health care reform will increase or decrease health insurance costs for small businesses. Many health insurance providers have claimed that they will have no choice but to increase the price for health premiums if the current health care reform gets passed. However, according to the White House, the health insurance reform could save small businesses as much as $3,000 per employee since small business will now be eligible to participate in a health exchange that pools small business and their employees with millions of other Americans to purchase health insurance.
Since small businesses today, pay on average 18% more for healthcare than larger corporations for comparable coverage, this sounds like a great savings initiative if it holds true. However, what if you are a small business who is currently not providing health insurance to your employees? If you're payroll is currently over $500,000, you will be mandated to either offer your employees health insurance or pay a fine equal to 8 percent of your payroll, which would equal $80,000 if you're payroll is $1 million. Many small business owners will surely be calculating the direct costs to them of either providing coverage for their employees compared to the cost of simply paying the fine, but either way, they face a potentially $80,000 increase in their annual costs which is no small amount. $80,000 could pay for a new employee or two and be used to create new jobs.
So while Obama camp is looking to provide health coverage for every American, they are at the same time potentially putting greater cost pressure on small business which will greatly reduce their ability to create new jobs. Combined with today's 10% unemployment rate, this new bill does not inspire confidence in Obama's ability to address the major unemployment rate our nation faces today.
There are no clear answers as to what will happen once the healthcare reform will take effect. The confusion surrounding the bill and the economics supposedly supporting it have yet to convince the majority of Americans that the healthcare reform bill will lower healthcare costs and provide cheaper rates to small business. At this point, it is a simply wait and see game.
If you are buying small business group health insurance, here's a few things you should know before you start shopping.
Providing employee health insurance is a dilemma for most small business owners.
On the one hand, business owners want healthy, happy employees. But on the other hand, the rising cost and complexities of health insurance make comprehensive coverage difficult. Group insurance plans can offer a solution . . . if you know what you're getting into.
Group health insurance is insurance written on a specific group of people under a master policy issued to their employer by the insurer. As a small business owner, group insurance is capable of covering your entire labor force under a single policy. If you choose a group plan, you will have a lot of options at your disposal. Your financial responsibility can be reduced by requiring employees to pay a certain percentage of the insurance premiums or by increasing the amount of their copay.
However, there are a variety of restrictions, limitations, and conditions that come with group insurance. Here are just a few of the things you will need to consider before you select a group policy for your business.
Information Requirements
Before you can obtain group insurance coverage, the insurer will require a certain amount of information. The information you are required to provide usually doesn't include detailed health information about each employee. But you should be prepared to provide a list of employees containing birthdates, gender, and spouse & dependent coverage information, The insurer will probably also request basic information about the business itself so be prepared to answer any questions that arise.
Scope of Coverage
The benefit of group coverage is that it insures all of your employees. But what if some of your employees are already insured under a spouse's insurance plan? Or what if you want to offer individual plans for your employees? Can you do that? The answer to these questions are not as clearcut as you may think. Some group policies make provisions for employees who are insured under other plans while others require all employees to be covered under the group policy. Similarly, you could provide individual plans for your employees, but it is more difficult to accomplish and premium payments could be considered taxable income to the employees.
Workers' Compensation Insurance
It is tempting to buy into the idea that a group policy eliminates the need for workers' compensation insurance. After all, since a group policy covers employee medical expenses, isn't workers' compensation insurance an unnecessary redundancy? Unfortunately, it doesn't work that way. Most states require employers to provide workers' compensation insurance while group health insurance is an optional coverage. And interestingly enough, most group policies exclude coverage for workrelated injuries that are typically covered by workers' compensation.
Additional Insurance Coverage
Group health insurance usually only covers basic medical expenses. The plan can be amended to include a wide range of additional coverages including life, disability, dental, medical reimbursement, and vision insurance. Each additional coverage increases your premium, so before you select extras involve your employees in the process to determine the types of coverage that will be most beneficial.
Disability insurance is very common for businesses but it's widely misunderstood. Here's a primer on what you need to know about disability insurance.
Most small businesses rely heavily on the owner and a few key employees to keep the company afloat.
When a key player goes down due to injury or illness, everybody feels the pain. A long recuperation period may mean a significant loss of income for the individual and a massive hole in the business itself. But if disaster strikes your company, you'll still sleep soundly if you have the right disability insurance covering your back.
When it comes to disability insurance, you have a lot of options to choose from.
Some are designed to protect individuals from the effects of lost income while others are intended to protect the company from the temporary loss of the owner or other key employee. Ultimately, you'll need to determine the level of coverage that is right for your company.
Here are some of the most common disability insurance options you have to choose from . . . .
Disability Insurance
Traditional disability insurance is still the most popular option for insulating employees from lost income in the event of injury or illness. Although it only covers up to 60% of the employee's salary, it can mean the difference between barely getting by and going belly up. You should also be aware that there is usually a lag time of several months until the benefits kick in, so it's conceivable that the business may need to provide financial intervention or risk losing the employee entirely.
Disability Buyout Insurance
Suppose your company is a partnership and one of the partners become disabled. What happens then? Disability buyout insurance provides assistance with financing a buyout in the event that one of the partners is unable to continue for health reasons. In theory, this form of disability insurance is a win/win for everyone in the company. The disabled partner receives income during his recuperation, while the remaining partners are given the financial resources they need to pay for the buyout.
"Key Man" Insurance
Key man insurance is designed to protect the company from the loss of an employee that is critical to the business' success. Unlike traditional disability insurance, the beneficiary of key man insurance is not the individual, but the company itself. The insurance vehicles for key man insurance can take two forms: Disability insurance or life insurance. Even if you are your company's only "key man", you should consider taking out key man insurance on yourself. See your insurance carrier for details.
Overhead Expense Insurance
If you are your company's only employee, have you ever wondered how you would pay the bills if you became sick or injured? If you're like most selfemployed business owners, that's the kind of thing that keeps you up at night. Lucky for you there is something called overhead expense insurance. if you are unable to work due to injury or illness, this form of disability insurance can pay all of your overhead expenses utilities, mortgage, etc. for up to two years.
Dental insurance is viewed by some employees as a very nice perk. If you want to offer dental insurance, here's how much you can expect to pay.
In today's competitive labor market, dental insurance can be a nice fringe benefit to offer your employees.
Small business owners often feel like they are at a disadvantage because they can't absorb dental insurance premiums as easily as larger companies. But you might be surprised to learn that you have a lot of options – and some may be more affordable than you think.
Like health insurance, dental insurance improves the overall health of your labor force. By making it easier for your employees to access preventative measures such as regular cleanings and periodic xrays, you can reduce the amount of time lost for extensive dental procedures. Less time lost translates into greater efficiency in the workplace and a healthier bottom line for your company.
Most dental insurance policies come in at less than 10% of the cost of general medical insurance. However, you can control the cost of dental insurance even further by carefully researching the type of plan you select. Here are your options, ranked from the most expensive to the most affordable.
Direct Reimbursement
A direct reimbursement plan is technically only an insurance plan from the employee's perspective. Rather than relying on a thirdparty insurer, the employer offers inhouse dental coverage for employees by paying for dental expenses from a cash reserve the employer sets aside exclusively for this purpose. Dentists love these kinds of plans because they don't restrict the amount they can charge for services. But they are also the most costly for employers.
Indemnity Plans
Indemnity plans are traditional insurance plans in which a thirdparty insurer collects premium in exchange for dental coverage. As an employer, it's much more convenient than a direct reimbursement plan because you can accurately budget for it based on the amount of your annual premiums. Employees, on the other hand, can be left holding the bag for dental costs that exceed the amount the insurance will pay. Copays and deductibles are standard features as well, so the outofpocket costs for your workers can quickly add up.
Managed Care Plans
Managed care plans are possibly the fairest plans because no one is completely satisfied. Like an indemnity plan, a thirdparty insurer provides employee coverage for dental care. But the difference is that managed care plans are subject to certain costcutting measures that restrict both patients and dental care providers. Employees are forced to select treatment from a list of providers distributed by the insurer. In return for being included in the plan, providers' fees are determined in advance by the insurer. Although they are usually still required to come up with a copayment, the big benefit for patients is that they are no longer required to cover service fees that exceed insurer limits. Business owners generally favor these plans because they are the least expensive option.
The actual costs of dental insurance plans vary, but can run from $800 $1,500 a month per employee, with employers picking up between 25% 50% of monthly premiums.
Buying group dental insurance is a smart move for small business owners. Affordable small business dental insurance is readily available these days, you can even buy dental insurance online. Studies show dental insurance is an excellent recruitment tool for small businesses.
Offering dental insurance to your employees can aid in the recruitment and retention of employees.
Studies indicate that benefit extras like dental insurance plans pull in and keep highquality employees. If you don't offer dental insurance for small business employees at your shop and your competitor does, chances are that, everything else being equal, prospective employees will choose your competitor's shop over yours.
What percentage of small businesses offer dental insurance? A recent study found that 83% of small businesses that offer health insurance also provide dental insurance to their employees.
So if hiring good employees is important to you, it may be time to purchase small business group dental insurance and add a new item to your list of employee benefits.
If you are considering buying group dental insurance for a small business, there's some good news. In contrast to small business health insurance, buying group dental insurance is surprisingly affordable.
While medical insurance offers protection against worstcase health scenarios that can be exorbitantly expensive, the financial costs of dental treatment are not catastrophic in nature.
Health problems are a major contributor to bankruptcy filings in America, but it's a rare situation where dental problems will lead an individual on the path to financial ruin. In fact, dental healthcare costs amount to only 5% of the costs of total healthcare costs. That makes for affordable dental insurance plans.
At the same time, dental insurance may be used more frequently than medical insurance. Everyone needs and will utilize dental care. As such, the dental needs of a group dental insurance plan are highly predictable. That makes dental insurance a tricky business for insurance companies.
If they know that the average employee will require $500 in dental treatment per year, then they need to charge, say, $700 for the dental insurance or else they will lose money. If the employee knows that they will likely have $500 in dental insurance claims, why would they pay $700? A rational individual wouldn't pay the extra cost, but if the company is paying for dental insurance, or is matching 50% of the premium costs, then of course it makes sense to opt in for dental insurance.
At first glance, dental insurance plans don't appear to make economic sense. Wouldn't the company be better off just selfadministering its dental insurance plan? That would allow the company to keep the profits that the insurance company would otherwise get.
The answer is that many companies do selffund and selfadminister their dental insurance. However, it's a pain. For small business owners who want to offer dental insurance, administering an insurance plan internally adds to administrative headaches.
Delegating that responsibility to a dental insurance company makes a lot of sense, as long as the costs of dental insurance are reasonable. As it turns out, there's healthy competition in the market for small business dental insurance plans and that does keep costs low. You can go to a site like ehealthinsurance and immediately get many competing bids for dental insurance.
So what does dental insurance cost? How much does a company have to pay for a good dental insurance plan?
The costs for group dental insurance will vary, depending on number or employees, the plan specifications, employee contribution, and the cost limitations you specify. Unfortunately, buying group dental insurance isn't like buying a can of Cocacola. There are a million different ways to skin the cat, and you'll need to take the time to understand all the different options.
Again, the best way to get started is to get dental insurance price quotes from sites like ehealthinsurance see Small Business Health Insurance Quotes for more information because you'll be able to shop very efficiently. Another good approach is to find a local insurance broker that you trust and get their assistance in selecting a dental insurance plan.
Choosing a dental insurance plan requires a bit of effort, but it's worth it. Dental benefits are consistently cited as one of the most sought after employee benefits. If you need to attract good employees to do well in your business, not offering dental insurance to employees could be a big mistake.
