As a business owner, protecting your existing assets and the future prosperity of your company requires comprehensive commercial insurance. You must protect your business’s commercial property, the automobiles you use for transportation, the equipment you utilize to provide goods or services, and the employees who make your business a success.
Whether your company utilizes a fleet of vans to deliver goods or a single corporate car for customer visits, remember that your personal auto policy will not cover accidents occurring while on company business. You must have commercial auto insurance. Lines of coverage include the following:
- Property damage
- Personal injury
- Uninsured motorist
The term commercial property refers to more than just the land on which your company’s building is situated. Therefore, commercial property insurance doesn’t just protect plots of land, the structure of your building, and the adjacent fences and walkways. Commercial property coverage also protects the following items:
- Outdoor and indoor signs
- Furniture and fixtures
- Equipment and machinery
- Valuable documents
In addition to protecting your commercial property and vehicles, it is imperative that business owners protect themselves against costly liability claims. Consider the following types of liability protection:
- General liability: Commercial general liability insurance pays medical costs, legal fees and settlement awards in the event a liability claim is filed against you. Liability protection can be coupled with commercial property insurance to create a business owners policy.
- Professional liability: Service providers, such as accountants, lawyers and doctors, can be held liable for professional errors or malpractice. Professional liability insurance provides protection in case you make a mistake.
- Cyber liability: Safeguard yourself—and your clients’ personally identifiable information—against cyber attacks and viruses with cyber liability coverage.
- Umbrella/excess liability: Excess liability insurance extends your general liability coverage in the event that your coverage limits are exceeded.
You’ve worked hard to make your business a success; don’t risk it all by failing to protect yourself with proper business insurance. Contact Beaty Insurance at 409-886-1351, or fill out the form on this page to learn more.
Although workers’ compensation insurance protects employees in the event they are injured at work, this type of insurance was originally designed to protect employers from lawsuits filed by workers injured on the job. Such lawsuits threaten small and mid-sized businesses and, at one time, deterred business owners from operating in certain high-risk industries. Workers’ compensation insurance helps employers avoid costly lawsuits, ensuring that a costly accident won’t cost business owners everything they own.
Workers’ Compensation Costs
While workers’ compensation serves as a safety blanket for employees and employers alike, it can be costly. However, employers can ensure that their workers’ compensation costs stay low by first understanding how their premiums are calculated, and then taking proactive measures to reduce workplace incidents. Your industry risk rating, statistical data and mod factor are all considered when determining your workers’ compensation premiums.
Understanding your Mod
The National Council on Compensation Insurance (NCCI) collects and analyzes statistical data to determine if an employer is considered high or low risk within their industry. In addition, one of the main considerations involved in determining a workers’ compensation premium is your mod factor. Mods are calculated based on the statistical loss data of your business. The more accidents you have, and the more severe those incidents are, the higher your mod and the more you’ll pay in premiums.
Taking a Proactive Approach
While you have little control over your industry’s hazard rating, you do have the ability to reduce workplace accidents and keep workers’ compensation costs low. Mod reduction strategies involve the implementation of safety programs and return to work programs, maintaining proper documentation, updating written policies and procedures, and ensuring transparency in employer-employee communications.
To learn more about the mod reduction strategies your business needs to control workers’ compensation costs, contact Beaty Insurance by calling 409-886-1351 or by filling out the form on this page.