All About Insurance

Top 5 Reasons You Need Business Insurance

Most business owners would agree that it’s important to maintain insurance to protect business assets. When they think about insurance, business owners generally consider protection against hazards such as fire, flood or theft at their company sites. This is obviously an important protection to have.

However, there are other types of hazards that may not be quite as high on the list, but protection could be every bit as important to offset significant financial losses. Here are five examples that underscore the need for comprehensive business insurance protection:

Company vehicle contents: If you operate a business with employees on the road making service calls to customers, chances are there is valuable equipment contained in the company vehicles. But a typical auto insurance policy would probably not cover the contents of a company vehicle if that valuable equipment is lost or stolen.

Tenant property improvement insurance: Do you rent space to conduct your business? Have you built out the interior of your space or made improvements to accommodate your business needs? If so, you probably made a considerable investment in the improvements. But many property insurance policies don’t include the value of the improvements made by a tenant to the existing structure. If you’ve invested in improvements, it’s worth taking a look at securing coverage to protect it.

Home-based business equipment: More and more people are working at home at least part of the time, even if they maintain an office or site elsewhere. Most don’t have insurance on the business equipment they keep at home; many assume their homeowner's insurance would cover it. However, homeowner’s insurance generally does not cover business equipment. If you have expensive business equipment at home, you may want to consider purchasing additional protection.

Business interruption insurance: Remember the series of hurricanes that hit Florida? The wild fires that damaged cities and towns in California? The flooding that disrupted life in the Midwest? In addition to the effect that disasters have on individuals, they can bring businesses to a standstill for weeks or even months. Business interruption insurance can provide a way to get back on your feet.

Key person insurance: In many companies, the knowledge and skills of a single person or a top few are absolutely essential to the enterprise’s success. Key person insurance can help a company recover if an essential employee dies or becomes disabled for a lengthy time. The coverage can provide needed funds that allow the company to continue operating during a search for a successor or until the key employee returns.

As you can see, there are many hazards businesses face that aren’t covered under a typical insurance policy. However, you can get extra protection with the types of coverage outlined here. Since you invest so much time, money and effort into your business, it pays to make sure you have the protection you need.

Make sure you're covered with Dallas Business Insurance from All About Insurance today.

Insurance for E-Commerce Business Owners

It’s easy to start your own e-commerce business…maybe even a little too easy. Trading money for goods and services online often comes with little startup cash, no need for forms or legal advice and no legal requirement for insurance.

However, just because you aren’t required to insure your e-commerce business doesn’t mean you shouldn’t. If you want to protect both your business and your personal assets from risks and liabilities, then you should consider some of the many insurance products designed specifically to satisfy the needs of your business.

Liability insurance: Every business owner—no matter his industry, field, service or product—has exposure to liabilities. Whether the liability stems from an individual delivering business property to your home or a client who needs you to complete your service before they can sell their product, there is always a liability present. Commercial general liability policies can cover you from general liabilities, while professional liability policies, such as malpractice insurance or E&O (errors and omissions), can cover the liabilities that stem from having a specialized talent or knowledge that others rely on.

Property insurance: Unless your business is conducted purely in your mind, then your business has property. The computer you use to track sales and do work, the chair you sit in to operate the computer, the desk your computer rests on—all of that is business property. Unless you have business property insurance, these items are not protected by insurance, even if they sit in your home because home insurance does not cover business property unless you have a special endorsement stating that it does. Business property insurance can ensure that you don’t have to pay out of pocket for new equipment or repairs when an insurable incident occurs.

Business interruption insurance: There are many incidents, well beyond your control, that could bring your business to its knees and stop all production. A fire, hurricane, tornado or other act of nature can destroy your property and halt your business in a matter of seconds. Business interruption insurance reimburses you for the income you lose if your business becomes inoperable due to an insurable incident.

You work hard to grow and maintain your e-commerce business, and you deserve respect for doing so. But respecting yourself is even more important than gaining the respect of others. The best way to show the respect you have for your business is to invest in business insurance to cover your risk. This sends a message to your would-be customers that you are serious about what you do, and there’s no better recommendation than that.

Contact us at All About Insurance for your free Dallas Business Insurance quote today!

Is a Contractor’s Work Covered?

Contractors visit homes and businesses all the time in order to make repairs to electrical systems, plumbing and other sophisticated and vital systems. And while you definitely need to have a contractor come in and do these things to keep your home and/or business safe and functional, you should be aware that there is a certain amount of exposure that you are risking when you have these repairs done.

Unexpected Exposure

The system that your contractor is fixing is not protected by your insurance policy while the contractor is working on it. It’s covered before the contractor begins, and after they finish, but not during the repair process. What does that mean? Well, if repair or maintenance on something causes damage, then the damage to the equipment or system being fixed is not covered. If the damage extends to the physical building, whether it be your house or business, the damage extending past the actual item under repair will be covered. However, if the system being repaired is damaged and the cause of the damage is unrelated to the work, it is covered.

Contractor Negligence

Of course, this doesn’t leave you completely exposed. If your contractor is negligent and this negligence results in damage to your plumbing, electrical or other vital system under repair, then his or her liability coverage should be responsible for damages.

This is just another reason that it makes sense to take your time and do your research when hiring a contractor. Look for one who is properly licensed and who has liability insurance, but don’t forget to go beyond that. Get customer referrals and look at the contractor’s business history. Find one who is an expert at what he or she does and you will lessen the opportunity for mishap. You can also check online consumer sites such as Angie’s List or the Better Business Bureau to make sure that your potential contractor hasn’t been the subject of complaints by other customers.

In addition, make sure their workspace is safe and clear of debris that could cause (or worsen) an accident. Sometimes, an ounce of prevention prevents the need for a cure.

Before you hire a contractor, contact us at All About Insurance for advice on your Dallas Business Insurance today.

Builders Risk Insurance for Business Expansion

If you have commercial property coverage, you might think that your business property is protected, no matter what situations occur on the premises. Technically, this is true, but under certain circumstances, you may want to beef up the protection you have on your property while it is exposed to greater than normal risks. Builders risk insurance is a great way to get some additional protection for your property as it is renovated and has additions built in order to facilitate or accommodate business expansion.

The Added Risk of Construction

If you need to add another section to your building, then you are going to be under construction for quite a while. High winds, fires, storms, theft and vandalism are all possible problems that your new addition could face while it’s in the throes of development. Builders risk insurance covers your construction area from the date construction begins on the lowest basement floor (or on the structure if there is no basement) and protects the property for 1 year. In addition to protecting the new construction, it also covers the foundation, equipment and supplies used during construction as long as they are within 100 feet of the structure.

What Isn’t Covered

Like any insurance policy, builders risk has certain uncovered items. Any damage to the land, trees, shrubs or plants outside the new or renovated section is not covered. In addition, many outside properties are uncovered, such as signs and antennae. Signs that are actually attached to the building are covered.

Payments for damages that result in claims to your builders risk insurance are paid out as actual cash value, up to the limits of the policy and their relation to the actual value of the building at completion. So, if your limit is 50 percent of the value of your building, your claim will be reduced by 50 percent and the deductible will also be taken into consideration. In addition, claims may only be put through the builders risk policy, not through both builders risk and commercial property coverage.

Business expansion is vital to creating a thriving economy and a thriving portfolio for business owners. When construction is a necessary step in the business expansion, then the purchase of builders risk insurance makes as much fiscal sense as the expansion itself.

Contact us today to make sure your Dallas Business Insurance is right for you and your company!

Choosing the Right Professional Liability Coverage

In your business, you are looked upon as a professional expert. Because of this, you are expected to protect and inform your clients by utilizing the full extent of your professional knowledge. Unfortunately, there are times when errors or omissions may occur that mean you failed to uphold reasonable expectations for a professional at your level. These mistakes and omissions could expose you to a lawsuit for any damages that they cause. Professional liability coverage protects you from these liabilities, but you need to decide which type is right for you.

Medical professional liability (also called malpractice insurance): If you act in a professional capacity in the medical industry, then this insurance is appropriate for you. But medical professional liability isn’t just for doctors, nurses and dentists. It is also an appropriate coverage for physical therapists, surgeons, ophthalmologists, medical institutions, and others. It can cover you if you fail to administer a treatment that you should have, if you perform a medical act poorly, if you use poor judgment when diagnosing or treating someone, if you fail to inform a patient about possible side effects or alternative treatments, and other insurable incidents. Some medical facilities may not allow you to work out of their building if you do not carry this coverage.

Errors and omissions insurance: Those in the financial industry will find that errors and omission (also called E&O) insurance is best for their liabilities. Errors and omissions insurance covers liabilities that stem from errors in completing paperwork, issuing insurance policies, setting up financial institution accounts, executing trades and changes, and accidentally omitting to tell the client about certain exceptions, risks, etc. Other professionals such as architects, attorneys, notaries and engineers can also benefit from this insurance. E&O acts as a sort of catch all for professionals that work outside the medical community, so most professionals will find this suitable.

It is important to remember that professional liability coverage does not cover bodily injuries or property damage liabilities for the named professional. It is only meant to cover the insured in the event that he or she fails to act up to the expected standard of his or her profession. In addition, it covers the insured when he or she is acting in a professional capacity only, so if you are sued personally for advice or action that falls below your profession’s standards, the insurance policy will likely not cover the claim.

Let us provide you with the best Dallas Business Insurance at All About Insurance today!

Mansfield Auto, Home & Business Insurance

Mansfield is a town in Ellis, Johnson and Tarrant Counties in the State of Texas. Mansfield is a dynamic, growing community with a rich history and a bright future. In its more than 100 years Mansfield has developed from a rural, farming community to a bustling suburban city of more than 50,000 people.

Yet despite the explosive growth this city has seen in recent years, Mansfield has not lost it's friendly atmosphere or it's small-town feel. With a quality of life considered to be one of the best in the Metroplex, Mansfield offers more than 240 acres of beautiful parkland, a historic downtown area, recreational opportunities for young and old, superior rated schools, quality housing and a growing business community.

All of these elements make Mansfield a wonderful place to live and raise a family and a popular place to do business.

All About Insurance has been providing businesses with comprehensive Mansfield business insurance policies since 1995. Our experienced agents understand the particular needs and exposures each type of small business faces. We work one-on-one with our clients to provide coverage for their business vehicles, operations, products, assets, employees and more.

We work with leading insurance companies and have successfully saved customers 20% or more on their business, auto and home insurance policies. As an independent agent, we have the ability to shop several carriers’ rates and coverages which gives us the distinct advantage to provide the best coverage for the best price. Our experienced agents’ primary goal is to make sure you have the protection your family or business needs to get you back to where you were before the loss.

All About Insurance pays attention to the little details... that is what defines our superior service.

(Source: Mansfield-TX.gov and Photo Source: TownMapsUsa.com)

Business Liability: Understanding Indirect and Contingent Liability

Every day you conduct your business in the face of many potential liabilities. No matter how hard you try to avoid them, these liabilities can adversely affect your company’s finances unless you have business liability insurance to protect you. While some liabilities are caused directly by the actions of your business in providing a service or product, those aren’t the only kinds of liabilities you are exposed to. Sometimes, incidents outside your direct purview could result in a liability claim.

 

Click to read the full article. Learn more about Dallas business insurance including types of coverage and factors that affect your insurance premium. Contact us to get free auto insurance quote at (817) 626-3339.

Taking Stock of Home Valuables

If mayhem strikes, the last thing you want to worry about is sitting down and trying to create a list of all of your property. Taking stock of your valuables beforehand can save you a tremendous amount of stress and hassle, help you determine the correct amount of insurance to carry, and will help to get a claim settled faster.

It can appear to be a daunting task, documenting everything you own, but there are several tools out there that can ease the process. Some choose to write everything down in a notebook, room by room. Other options include taking photos or videotaping your property. If you choose any of these methods, just be sure to store the list somewhere other than your home. Another option is to download the free home inventory software at www.KnowYourStuff.org.

Always be sure to remember to update your item list from time to time, especially if you make a significant purchase. Certain items such as collections, jewelry, and artwork may need to be insured separately, so have your home inventory handy when discussing your insurance needs with your agent.

Contact us at any one of our three locations in the Dallas-Fort Worth area to talk about a home insurance policy or call us at (817) 626-3339 today.

Smart Phone Scrooge

SANTA CLAUS IS COMING – AND SO IS THE “SMART PHONE SCROOGE”!

In spite of the poor economy, parents are determined to make this Christmas the best one yet for their kids.

One of the hottest items on 2010 Christmas Lists will be a smart phone.   These clever little devices are packed with fun gadgets, games, and ringtones which make them a top choice among teens, while capabilities like parent controls and GPS locators make them a smart choice for parents.  Many parents have found that the peace of mind in being able to keep in touch with their kids is well worth the cost of a cell phone.

Unfortunately, Identity thieves love smart phones, too!  Identity thieves attack where you’re most vulnerable and that’s exactly what they are doing when it comes to kids and smart phones.

Find out more about keeping your information safe with All About’s Dallas Business Insurance.

What To Do in the Event of an Auto Accident

The sad truth is most of us will be involved in an automobile accident at some point in our lives. Even if you are not injured, there are certain things that you should and should not do.

Stay At the Scene
If you are in an accident involving bodily injury or substantial damage to property, remain at the accident scene until the police tell you that you can leave. If you are unsure whether the damage or injury is "substantial," stay there and let the police decide. Leaving the scene of an accident can result in driver's license sanctions and even criminal charges.

If you are on the roadway, turn your flashers on, or use flares to warn approaching traffic.

Read the rest of this story from All About Insurance Agency and make sure you have Dallas Auto Insurance in the event of an accident.