(1297,1,'2021-04-12 21:46:13','2021-04-12 21:46:13','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"single__title h1\" style=\"text-align: center;\"><strong>Managing Your Money During Coronavirus</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\"></div>\n<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Manage-money.jpg\" width=\"652\" height=\"433\" alt=\"\" class=\"wp-image-1296 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #0a0a0a;\"> </span></p>\n<div class=\"single__body p\">\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">With coronavirus disrupting our daily lives, many people are worried about the effects on their budgets. Being told to sit on your hands and wait while uncertainty swirls around you can just add to your stress levels. Taking some practical steps to manage your money can give you a better handle on your finances right now.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Our mission at Simple is to help people feel more confident with their money, and that seems more important now than ever. We hope that the budgeting tools built in to your Simple Account—like Expenses and Safe-to Spend®—along with these tips can help you feel more in control while so many things in the world seem uncertain.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 id=\"the-big-economic-picture\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The big economic picture</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Uncertainty drives anxiety—and that shows up in the economy. With reports of the stock market dropping and businesses scrambling, it’s easy to get caught up in that anxiety. But take a step back—and a deep breath—and look at the big picture.</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Your Simple account is FDIC-insured (up to the legal limits) via our partner bank, BBVA USA. While interest rates may fluctuate, the balance in your checking account is unaffected by the market ups and downs</span></li>\n<li><span style=\"color: #0a0a0a;\">Markets tend to return to health over the long term. Financial experts are giving <a href=\"https://www.investors.com/etfs-and-funds/retirement/401k-advice-stock-crash-correction-bear-protect-retirement-coronavirus-stock-market/\" title=\"a variety of advice\" style=\"color: #0a0a0a;\">a variety of advice</a>, with some saying that, just like your face, your 401k or retirement accounts may be good things not to touch right now. But it all depends on your individual circumstances and how close you are to retirement, so consider talking to a financial advisor (or your HR rep, if you have a 401k at your job) about the smartest move for you right now</span></li>\n</ul>\n<h3><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 id=\"stock-up-smarter\"><span style=\"color: #0a0a0a;\">Managing your savings</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you have savings tucked away, like in a <a href=\"https://www.simple.com/online-banking/high-yield-accounts\" title=\"Protected Goals Account\" style=\"color: #0a0a0a;\">Protected Goals Account</a>, you might be wondering <a href=\"https://www.simple.com/blog/how-interest-rate-changes-affect-you\" title=\"how interest rate changes will affect you\" style=\"color: #0a0a0a;\">how interest rate changes will affect you</a>. It’s true that most interest rates will probably go down (meaning you earn less interest on your money), but your principal balance (the amount of actual money you have in the bank) won’t. So you might want to just sit tight and keep any savings you have available in case you encounter unexpected changes to your financial situation—and consider continuing whatever saving-up you’re already doing, if you can, to support your longer-term needs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">That said, if you’re saving for something longer-term and are concerned about falling interest rates, now could be a good time to think about whether a fixed-rate savings option, <a href=\"https://www.simple.com/online-banking/cd\" title=\"like a No-Penalty CD\" style=\"color: #0a0a0a;\">like a No-Penalty CD</a>, would be useful. The main benefit to a CD is that the interest rate stays the same for the CD’s entire term, so you can count on a reliable return even if interest rates are falling elsewhere. And a No-Penalty CD allows you to withdraw your money early with no fees in case you do need to tap into your savings a few months down the line.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 id=\"managing-your-debt\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Managing your debt</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">With rates going down, now might be a good time to get a better handle on your debt.</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Corral credit cards.</strong> If you have credit-card balances, see if you qualify for a card with lower interest (or a no-interest introductory rate) and transfer your balances from higher-interest cards (though be aware there’s usually a fee for transfers)</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Manage your mortgage.</strong> Have a mortgage? Refinancing at a lower rate can not only reduce your payments now, but help you spend less on interest in the long term. (There are some costs to refinancing, so do your research)</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Ease student loan stress.</strong> If student loan payments are straining your budget right now (especially if your income is taking a hit at the moment), you could look into refinancing or deferring your payments for a time. The recent announcement of a possible student loan interest waiver may have an impact on how these options affect you, so call your loan servicing company to get details</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 id=\"stock-up-smarter\"><span style=\"color: #0a0a0a;\">Managing your budget</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Whenever there’s a big upheaval in the world, the ripple effects can show up in your day-to-day budget. Taking control of your spending can help you weather both the concrete challenges and the stress of the unknown.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 id=\"stock-up-smarter\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Stock up smarter</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Lots of folks feel the need to stock up on supplies right now. Yet few of us have money in the budget to clear out Costco. Here are some small, reasonable ways to get what you need and stay on budget.</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Groceries</strong>: To reduce waste and grocery bills, center your shopping list on affordable, shelf-stable foods that won’t spoil in case you’re stuck at home for a bit—like rice, pasta, and beans. Look for fresh foods that freeze well (like bread and shredded cheese) and long-lasting produce (like onions and carrots)</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Medications</strong>: Consider picking up just the few things you’d need if you had a winter bug, like cold medicine and cough drops. If you take a prescription medication regularly, give your doctor a ring to ask if you need an extra supply—and be sure to call your insurance to make sure they’ll cover it</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Shop your own home</strong>: You might be surprised at how much you already have in your house to keep you comfortable while saying in. That lonely can of pumpkin in the back of the cabinet? Make <a href=\"https://www.budgetbytes.com/curried-red-lentil-and-pumpkin-soup/\" title=\"curried pumpkin soup\" style=\"color: #0a0a0a;\">curried pumpkin soup</a>! The stack of half-finished crafts or unread books in the corner? Cheaper fun than renting movies online! Do an inventory of what’s right under your nose before you run out to buy more</span><span style=\"color: #0a0a0a;\"></span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 id=\"trim-spending-stay-on-top-of-expenses\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Trim spending, stay on top of expenses</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">With the economy changing rapidly, keeping a budget and tracking expenses can help you maintain better control and give you peace of mind. If you haven’t examined your budget closely in a while, now’s a good time to look for any waste and opportunities to save money.</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">If you’re not already budgeting, set up Expenses to get started—<a href=\"https://www.simple.com/blog/keeping-track-of-expenses-with-simple\" title=\"here\'s how\" style=\"color: #0a0a0a;\">here’s how</a></span></li>\n<li><span style=\"color: #0a0a0a;\">Holed up at home? See if you can <a href=\"https://www.simple.com/blog/save-money-on-streaming-services\" title=\"streamline your streaming services\" style=\"color: #0a0a0a;\">streamline your streaming services</a> so you have plenty of entertainment options without straining your budget</span></li>\n<li><span style=\"color: #0a0a0a;\">Look for monthly bills you could reduce—like a better internet package or cell phone plan</span></li>\n<li><span style=\"color: #0a0a0a;\">Unsubscribe from those oh-so-tempting sales emails (Unroll.me makes it super easy)</span></li>\n<li><span style=\"color: #0a0a0a;\">Ordering food delivery can be a convenience and a comfort—and it can also eat into your budget quick. Look for mouth-watering recipe blogs that help you commit to cooking at home more often; <a href=\"https://www.budgetbytes.com/\" title=\"Budget Bytes\" style=\"color: #0a0a0a;\">Budget Bytes</a> is a great resource for budget-friendly ideas. (And if you do order in, consider getting food from a local restaurant that needs the support)</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 id=\"shift-money-as-needed\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Shift money as needed</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Depending on your situation, you might find yourself with some unexpected expenses—like a babysitter if schools are closed. In addition to tightening up optional spending (like entertainment), remember that this is exactly what emergency funds are for—so if you have one, don’t hesitate to use it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">On the flip side, if you have a reprieve on certain expenses (like spending less on gas because you’re working from home), tuck that money into your <a href=\"https://www.simple.com/blog/simple-emergency-fund\" title=\"emergency fund\" style=\"color: #0a0a0a;\">emergency fund</a> (or start one now!) so you’ve got a sense of security.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Going into debt should always be a last resort, so use your credit card wisely. If you absolutely need to charge a few things in a pinch, consider making a plan for paying off that debt when your finances allow.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 id=\"save-on-entertainment-and-stay-connected-to-friends\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Save on entertainment (and stay connected to friends)</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Find creative ways to have fun when your plans have to change. The money you save on going out can bolster your budget or emergency savings—and keeping in touch with the people you love makes weathering any storm less stressful.</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Concert canceled? Create a virtual music party—ask everyone to contribute their favorite song to a shared Spotify playlist (and have a video chat dance-off if you’re anxious to bust a move)</span></li>\n<li><span style=\"color: #0a0a0a;\">Happy hours curtailed? FaceTime friends for a remote wine night (bonus: the drinks are cheaper!)</span></li>\n<li><span style=\"color: #0a0a0a;\">Curbing your travel plans? Plan a staycation full of fun activities you never have time for, like a movie marathon, a tour of your city’s parks, or a home spa day</span></li>\n<li><span style=\"color: #0a0a0a;\">Movie theaters gone dark? Use the <a href=\"https://www.netflixparty.com/\" title=\"Netflix Party extension for Chrome\" style=\"color: #0a0a0a;\">Netflix Party extension for Chrome</a> for a virtual movie night with friends from afar</span></li>\n</ul>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 id=\"lend-a-hand-if-you-can\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Lend a hand if you can</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Mr. Rogers said it best: “When I was a boy and I would see scary things in the news, my mother would say to me, ‘Look for the helpers. You will always find people who are helping.’ ”</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re lucky enough to have extra money in your budget, using it to help those who are struggling is a great way to ease suffering for others—and reduce your own sense of helplessness at the same time.</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Food banks and services for the houseless are in especially dire need right now, so donating to such organizations can make a big impact. Find your local food bank <a href=\"https://www.feedingamerica.org/find-your-local-foodbank\" title=\"here\" style=\"color: #0a0a0a;\">here</a></span></li>\n<li><span style=\"color: #0a0a0a;\">Some organizations (like the <a href=\"https://secure.restaurantworkerscf.org/np/clients/restaurantworkerscf/donation.jsp?forwardedFromSecureDomain=1&amp;campaign=2&amp;&amp;test=true\" title=\"Restaurant Workers\' Community Foundation\" style=\"color: #0a0a0a;\">Restaurant Workers’ Community Foundation</a>, the <a href=\"https://www.sweetrelief.org/covid-19-fund.html\" title=\"Sweet Relief Musician\'s Fund\" style=\"color: #0a0a0a;\">Sweet Relief Musicians Fund</a>, and <a href=\"https://www.gofundme.com/f/covid19-relief-fund\" title=\"GoFundMe.org\" style=\"color: #0a0a0a;\">GoFundMe.org</a>) have set up funds to help people disproportionately affected by the coronavirus, as have many cities and states. Search online for initiatives in your state if you’d like to contribute locally</span></li>\n<li><span style=\"color: #0a0a0a;\">If you use delivery or ride-sharing services, tip as generously as you can. Gig workers are being hit especially hard if you have a few extra bucks, share the love. (And opt for no-contact delivery when available to help both you and your delivery driver stay safer)</span></li>\n<li><span style=\"color: #0a0a0a;\">Spend your money with companies that have publicly committed to ethical practices that help their employees and consumers</span></li>\n<li><span style=\"color: #0a0a0a;\">Buy from local small businesses whenever possible, especially those hit hardest, like restaurants, theaters, and small shops. One way to support your favorite spots when you’re not going out is to buy gift cards—they’ll benefit from the revenue now, and you’ll have some fun to look forward to in the future</span></li>\n</ul>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 id=\"take-control-to-cultivate-calm\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Take control to cultivate calm</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Focusing on your budget right now can help you feel more in control of your finances in the midst of uncertainty. If you’re feeling the all-too-common urge to shop online when life feels stressful, <a href=\"https://www.simple.com/blog/how-to-manage-your-self-control-with-spending\" title=\"here are some ways\" style=\"color: #0a0a0a;\">here are some ways</a> to make curtailing extra spending easier.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Try to keep in mind that the current tumult, while distressing, is temporary; the world tends to weather disruptions and return to normal again at some point. We hope these tips will help you find your footing right now—and work toward being prepared for future ups and downs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n<div class=\"single__feedback\"></div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.simple.com/blog/crisis-money-management\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Managing Your Money During Coronavirus','','inherit','closed','closed','','1293-revision-v1','','','2021-04-12 21:46:13','2021-04-12 21:46:13','',1293,'http://smartinsurance.tips/1293-revision-v1/',0,'revision','',0),(1313,1,'2021-04-12 22:26:32','2021-04-12 22:26:32','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why Vintage Car Collectors Pay 25% Less For Coverage</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Vintage-cars-1024x367.jpg\" width=\"1024\" height=\"367\" alt=\"\" class=\"wp-image-1316 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Antique and vintage cars can be both a rolling work of art and a trip down memory lane. Whether you own an original Model-T Ford, a ’57 Chevy Bel-Air, or a sleek antique Jaguar, your collector car is most likely one of your most prized possessions. You\'ll need the right insurance protection to make sure your car is covered, and your investment is safe.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Kinds of Cars Are Eligible for Collector Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Several types of cars are eligible for car collector insurance. These typically include vintage and antique cars, classics, “modified cars,” and “exotics.”</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">“Vintage or antique” cars are usually at least 20-25 years old. They must be as close to original condition as possible.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Classic” cars are usually between 15 and 20 years old; like antiques, they must also be in original (or near original) condition to be eligible for collector car insurance.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Modified” vehicles are classic cars that have been altered in some way from their original condition. Most carriers allow up to three significant modifications to the vehicle. Any more than that disqualifies the car from vintage car insurance coverage.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Exotic” vehicles are typically less than 15 years old, but nevertheless are already beginning to appreciate in value.</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n</div>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Collector Car Factoids</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">The original 1964-1965 Mustang was Ford’s most successful model launch since the Model A, in 1927.</span></li>\n<li><span style=\"color: #0a0a0a;\">The 1971 Oldsmobile 442 is the most popular classic muscle car with collectors.</span></li>\n<li><span style=\"color: #0a0a0a;\">The Shelby GT 500 “King of the Road” and the ’66-’70 Chevy Chevelle are a close second and third.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n</div>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Antique Collector Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main difference between traditional cars and collector cars is that collector cars usually don\'t depreciate. In fact, they often increase in value. Moreover, collectors often add customized parts to the vehicle, not to mention hours of time improving the car. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Thus, collector car insurance must be based on the \"agreed value\" of the vehicle at the time the policy is issued. The agreed value includes your entire investment in the car.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Moreover, rates for antique collector car insurance are normally cheaper than they are for traditional coverage, since collectors tend to take better care of the vehicle and drive it less than they do a car meant strictly for transportation.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Can I Qualify for Vintage Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Remember, the descriptions above are generalized. Every auto insurance carrier has its own criteria for defining collector cars. What one carrier considers an antique vehicle may not meet the criteria of another company. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Typically, if a car is at least 20 years old and is in near factory condition, most carriers will consider it antique or classic. Classic cars with considerable customization may be categorized as modified. It all depends on the individual insurance provider.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Agreed Value, and Why Is It Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The <em>agreed value</em> of your antique or collector car is a value that both you and the insurance company underwriters can agree on. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Using photographs, receipts, repair documents, and other information, both parties come to an agreement that the car is currently worth a certain dollar amount, and should be covered for a maximum of that amount in the event the car is totaled. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The agreed value is different from the actual cash value, which is based on the age, mileage, and overall condition of the vehicle as well as other factors, including depreciation.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The reason agreed value is important for an antique or collector car is that you are the only one who really understands how much you have invested in your vehicle. It takes into consideration the amount of time and money you have spent restoring the car, as well as how much you might charge if you sell it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Normally, insurance carriers are willing to offer you the amount of coverage you desire; however, the greater the coverage, the more expensive your premium will be.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How to Buy Collector Car Insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There is very good news out there for collector car owners and buyers - because your prized vehicle is well loved, cared for, and not driven as frequently as \"everyday cars\" that most drivers use, your rates for insurance will be relatively inexpensive. In some cases, classic cars were priced at only 25-35% of the cost of standard vehicles.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To buy collector or vintage car insurance, be sure to review quotes from multiple insurance companies. Make sure you find an insurance provider that is familiar with specialty vehicles and can custom-tailor a collector car insurance policy that meets all of your needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Search for insurers that are highly rated, and agents that have consumer reviews.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/car-insurance/personalized-auto-coverage/car-collectors/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why Vintage Car Collectors Pay 25% Less For Coverage','','publish','closed','closed','','why-vintage-car-collectors-pay-25-less-for-coverage','','','2021-04-13 17:28:59','2021-04-13 17:28:59','',0,'http://smartinsurance.tips/?page_id=1313',0,'page','',0),(1314,1,'2021-04-12 22:26:32','2021-04-12 22:26:32','<!-- wp:divi/placeholder /-->','Why Vintage Car Collectors Pay 25% Less For Coverage','','inherit','closed','closed','','1313-revision-v1','','','2021-04-12 22:26:32','2021-04-12 22:26:32','',1313,'http://smartinsurance.tips/1313-revision-v1/',0,'revision','',0),(1335,1,'2021-04-12 22:59:18','2021-04-12 22:59:18','<!-- wp:divi/placeholder /-->','Finding the Best Business Owners Policy (BOP)','','inherit','closed','closed','','1334-revision-v1','','','2021-04-12 22:59:18','2021-04-12 22:59:18','',1334,'http://smartinsurance.tips/1334-revision-v1/',0,'revision','',0),(1341,1,'2021-04-12 23:16:53','2021-04-12 23:16:53','<!-- wp:divi/placeholder /-->','Complete Guide to Commercial Property Insurance','','publish','closed','closed','','complete-guide-to-commercial-property-insurance','','','2021-04-12 23:17:14','2021-04-12 23:17:14','',0,'http://smartinsurance.tips/?page_id=1341',0,'page','',0),(1342,1,'2021-04-12 23:16:53','2021-04-12 23:16:53','<!-- wp:divi/placeholder /-->','Complete Guide to Commercial Property Insurance','','inherit','closed','closed','','1341-revision-v1','','','2021-04-12 23:16:53','2021-04-12 23:16:53','',1341,'http://smartinsurance.tips/1341-revision-v1/',0,'revision','',0);
INSERT INTO `smart_posts` VALUES (1387,1,'2021-04-13 17:14:05','2021-04-13 17:14:05','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" custom_padding=\"14px|||||\"]<h1 class=\"post-title entry-title\" style=\"text-align: center;\"><strong><span style=\"color: #0a0a0a;\">26 Business Review Sites Where Customers Rate You</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Rate.jpg\" width=\"842\" height=\"470\" alt=\"\" class=\"wp-image-1303 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business review sites are an essential part of the customer buying journey today. Purchasers make snap decisions about a firm simply by reading business reviews — without ever calling your company, setting foot in your store or visiting your website.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What is your presence like on review sites? Have you found all the sites where customers review your business? Are the reviews mostly positive?</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Managing your presence is called online reputation management and it’s something you should be doing on business review sites. Reputation management involves identifying, monitoring, and influencing your business’s credibility and reputation online. And central to review sites are customer reviews.<span id=\"ezoic-pub-ad-placeholder-149\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What is a Customer Review?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A customer review is when a customer gives a review of a product, service or brand online based on first hand knowledge. Customer reviews are not professional reviews and are never paid for. About 72% of U.S. consumers have written a review for a local business.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Customer reviews are a form of customer feedback. They usually include some text, as well as a star rating of 1 to 5 stars, with 1 being poor and 5 being excellent.  While there are many places you can find online business listings, the sites below go beyond listings and are popular places for customers to leave reviews.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Best Business Review Sites</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The following 26 sites include the best B2C review sites, important for businesses that sell to consumers (examples: Yelp and HomeAdvisor). We also identify the best B2B review sites, for businesses that sell to other businesses (example: G2). Focus on the sites applicable to your industry so you can reap the benefits when buyers use them to make purchase decisions.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">1. Google My Business</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Google My Business (GMB) is the single most crucial review and listing tool for local businesses. It is is one of the top review sites, replacing what was previously called Google Local. An essential tool for garnering a credible online reputation, it can also help with ranking your business in various kinds of search results. Use this Google My Business Cheat Sheet to get started.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">2. Bing Places for Business</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Bing Places for Business is the Bing search engine’s version of Google My Business. Consumers can leave ratings and reviews about a company. Local businesses, including businesses with multiple locations, can claim their listing and complete a profile to add their listings to Bing Places, all for free. Once verified, information will appear in Bing Local search and map results.<span id=\"ezoic-pub-ad-placeholder-151\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">3. Facebook Ratings and Reviews</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Facebook is much more than a social media portal to share posts. The hugely popular social media site is also where followers can leave ratings, reviews, and recommendations on a business’s Page using its Facebook Ratings and Reviews platform. Businesses can turn off ratings and reviews in their Facebook Page settings.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">4. Better Business Bureau</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The Better Business Bureau (BBB) prides itself on being an ethical marketplace that allows individuals to recommend businesses. The BBB is one of the oldest and most trusted sites, and verifies all consumer reviews. Businesses can also become a BBB accredited business, and the Better Business Bureau assigns its own ratings from A to F but these ratings are independent from reviews by the public.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">5. Amazon Customer Reviews</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Amazon has been allowing consumers to post reviews about products since 1995. Garnering a string of 4- or 5-star reviews on this leading online retailer’s site can help businesses generate many new sales and build a solid reputation. Business reviews also apply to any listing in Amazon’s Handmade section and to service providers in the Amazon HomeServices section.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">6. Yelp</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some small business owners and marketing managers have a love-hate relationship with Yelp, feeling that positive reviews at times get less visibility than negative ones at the site. However, you can’t deny Yelp’s importance. Its pages show up frequently in internet searches. It’s a consumer destination, too. The site also trains companies to respond to reviews. A Yelp listing can help businesses manage their online credibility and reputation. Yelp is one of the top review sites and an important place to encourage potential customers to do business with you.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">7. Foursquare</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Using its <i>Swarm</i> and <i>CityGuides</i> apps, Foursquare lets users check-in and rate venues they visit. Users can also leave “tips” for others visiting the establishments. Companies that sign up for Foursquare for Business can take advantage of user analytics. Businesses can also add their own tips to Foursquare and make customer reward offers. Foursquare data is often included in other sites and maps.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">8. HomeAdvisor</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you operate a home improvement business or provide services to homeowners, listing your services on local business review websites like HomeAdvisor and collecting business reviews can positively impact your business and help you get new customers. All reviews placed on HomeAdvisor go through an extensive screening process and are verified by the site’s moderators.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">9. Yellow Pages</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can get a free business listing on Yellow Pages which enables businesses to manage the reviews placed on the site about their company. Yellow Pages has transitioned from paper to digital, and is now supporting businesses online with local marketing and reviews. While the yellow pages are no longer the heavyweight driver of new customers the way they were decades ago when print books ruled, make sure to claim your business there.<span id=\"ezoic-pub-ad-placeholder-146\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">10. TripAdvisor</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">TripAdvisor is a review platform focused on the hotel, travel, restaurant, airline, or entertainment industries. Customers share reviews of hotels and other establishments connected to the travel industry. Given that TripAdvisor has collected more than 878 million reviews, it’s in every travel business’s interest to claim its listing and generate positive reviews on one of the largest travel sites in existence.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">11. Angie’s List</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Angie’s List is regarded as one of the most credible business review sites, being early to offer business listings. Reviews cannot be from anonymous sources on Angie s List, which again, adds to the credibility of the evaluations posted there. Companies can set up a page on Angie s List for free where customers can leave reviews.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">12. TrustRadius</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">TrustRadius is an online review source designed for software businesses. Adding to the credibility of TrustRadius is the fact that all reviewers are authenticated via LinkedIn. This enables users to view what their connections on LinkedIn say about their business and software products.<span id=\"ezoic-pub-ad-placeholder-147\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">13. OpenTable</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you own or run a restaurant, registering on OpenTable will enable customers to make reservations and write reviews. Restaurants receive a star rating on OpenTable based on the number of reviews and the percentage of people who recommend the restaurant. Naturally, the higher the review rating, the better a restaurant’s credibility and online reputation.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">14. PlanetRate</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">PlanetRate enables customers to write reviews on businesses of all industries. Companies can register on PlanetRate and actively collect reviews. Users can write in-depth analyses of companies on PlanetRate. Any positive feedback on this review site can influence how consumers perceive your business.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">15. Salesforce AppExchange</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Salesforce AppExchange is an enterprise cloud marketplace designed to extend the Salesforce platform. It lets users rate businesses through a five-star rating system. Businesses with a Salesforce AppExchange app can keep track of their app’s rating and monitor their online business reviews.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">16. Trustpilot</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Trustpilot allows businesses to generate a profile page and encourage customers to provide reviews. Companies can send customizable review invitations for a higher-level paid membership fee and share their reviews and social ratings on social media.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">17. Glassdoor</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Glassdoor users can search reviews and ratings of more than 700,000 businesses around the world. Employees can also share what it is like to work for a company on Glassdoor. With candid and honest reviews about a business’s services, products, and what it is like to work for, Glassdoor can be an invaluable source for enhancing a company’s reputation with prospective employees.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">18. G2</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">G2 (formerly known as G2 Crowd) is a business review site for companies that sell software. Business software apps are ranked on a five-star scale. With more than five million business users heading to G2 each month to read reviews and buy software, having quality ratings on G2 can directly influence business buying decisions.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">19. VendOp</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Customers can search for vendors of a particular industry and specification on VendOp. The site provides a portal for purchasers to share their experiences with other customers. Users can search reviews by ratings, service, and location on VendOp.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">20. Manta</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Manta is mainly a business review site, one dedicated to small business. Business owners can claim and customize their page to improve online visibility and marketability. Consumers can search from millions of businesses, and registered users can leave star ratings and write reviews.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">21. Avvo</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Avvo is a business review site for attorneys. Consumers can review their lawyer for the benefit of other consumers and assign up to 5 stars. Avvo claims to include 97% of all lawyers in the United States in its database, and also lists them by practice specialty. All reviews are subject to approval by Avvo, which separately provides its own rating of 1 to 10, based on specified criteria.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">22. WebMD</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">WebMD is a vast site getting over 100 million visitors a month, containing medical information for consumers. It also has listings of doctors and dentists, and allows consumers to leave business reviews of them.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">23. FinancesOnline</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">FinancesOnline is an independent review platform that addresses B2B, SaaS, and financial companies. It helps users find and compare software products and services best suited to their needs. They can also read customer product reviews and reports from experts. Currently, the site has more than 50,000 online reviews from users of software products.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">24. Merchant Circle</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Opening its virtual doors in 2005, Merchant Circle has more than 15 million local business listings across the U.S. in its database. Consumers refer to Merchant Circle to find businesses, read reviews by consumers, and get competitive quotes from companies they seek out. Make sure you claim your business listing. It can be a source for acquiring new customers.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">25. Sitejabber</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Sitejabber is a site with online reviews of businesses which also lets customers get answers to questions from other customers and the business itself. After making a purchase, customers can leave their own feedback and get help resolving any issues that may arise.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">26. Which?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Which? is an independent not-for-profit UK-based consumer review site that reviews services and products and then writes and shares the reviews. Managing to have commendable reviews written about your products or services on Which? can go a long way in generating a sound and credible online reputation.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Other Review Sites</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are over 100 larger sites that allow user-generated reviews, and many smaller ones. Most are niche specific. CitiSearch, Local.com, Viewpoints, ConsumerAffairs, Etsy, Goodreads, Cars.com, Edmunds, CarGuru, Care.com, Thumbtack, Fiverr, Zomato, VRBO, Airbnb, Zillow, Houzz, Apartments.com, Bankrate, and the Apple Apps Store and Google Play for apps — these are just a few that feature reviews today. Find the business review sites relevant to your industry and your business. Then start listening to what the public is saying about your company, and engage.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">5 Tips for Leveraging Business Review Sites</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The following best practice tips will help you use online review sites to get highly sought-after, positive reviews.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Claim Your Business Profile</b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can claim a listing on many review sites such as Yelp and Google My Business — and you should. Doing so enables you to verify or add your business information such as your phone number, hours of operation and email address. You can respond to user reviews, add photos and sometimes add links to a blog post or articles. Your profile becomes an extension of your business website, and a great way to draw in new customers. Google My Business is especially crucial because Google is the world’s largest search engine.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Encourage Business Reviews </b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Make it a habit to encourage customers to share a review or give feedback on your Facebook page, Yelp, the BBB, or other review sites. Reviews essentially are word of mouth. Instead of speaking one-on-one with a neighbor or friend, consumers take to review websites.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some business owners dread looking at customer reviews because they expect them to be negative. Have confidence. Embrace each review as the equivalent of free advertising and an integral part of your digital marketing through happy customers.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Don’t Incentivize Reviews</b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While you can encourage reviews, do not incentivize users to give them. Also, it’s important to understand the rules for each review site. Some, like Yelp, have strict guidelines about asking for reviews.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Don’t Write Fake Reviews </b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Writing fake business reviews could get your business banned from the review site. Review sites work hard to preserve consumer trust and have algorithms to detect and remove fake reviews. No matter how tempting, it is not worth the risk and could damage your company’s reputation should you be discovered.</span></p>\n<h4 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b></b></span></h4>\n<h4 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Respond to Negative Reviews</b></span></h4>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Never let negative reviews go unanswered. Keep an open mind, remain unemotional and apologize if necessary. Take negative comments back to your team and use them to improve. If you did nothing wrong, acknowledge the situation and empathize. Avoid arguing with a customer or flaming the reviewer.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It turns out that 30% of consumers reverse negative reviews on online review sites when the company responds, according to a survey by ZenBusiness. Yet, only 12% of consumers say their reviews are often or always responded to. Therefore, by responding, you gain a real advantage over all the other small businesses that never respond.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do I Still Need My Own Website if I Have Review Site Listings?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You should always have your own company website. Some businesses use their Google My Business profile, Facebook page or other business review sites as a replacement for a website of their own. But this is not wise, for one simple reason: third-party sites are outside of your control.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If Facebook decides — however unjustly — to delete your Page, it could take weeks or months to appeal and get it back, if ever. An effective digital marketing strategy should include both your own website as well as business review sites.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Should I Display Reviews on My Website?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Yes. A number of software apps are available to help with aggregating reviews and displaying them on your site. The software reminds customers to review your business post-sale. The apps also automate collecting reviews that have already been published on third-party sites, and provide widgets so you can embed and display reviews on your own website. Examples: GatherUp, Reviews.io and BirdEye.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do Customer Review Sites Help with Search Engine Rankings?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Information from business listing sites, including user reviews, can show up high in search results in numerous ways. In particular, GMB and Bing Places information is often displayed prominently in the respective Google search engine and Bing search engine pages and maps. A search engine optimization (SEO) professional who specializes in local SEO can help you with a local SEO strategy and explain more.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Rather than focusing just on rankings, however, think broadly about “visibility”. Review sites give you more places to be found online. Too many small businesses are effectively invisible online. The more review websites your company appears in, with positive ratings, the better</span><span style=\"color: #0a0a0a; font-size: 14px;\">.</span></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://smallbiztrends.com/2020/12/business-review-sites.html\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','26 Business Review Sites Where Customers Rate You','','inherit','closed','closed','','1300-revision-v1','','','2021-04-13 17:14:05','2021-04-13 17:14:05','',1300,'http://smartinsurance.tips/1300-revision-v1/',0,'revision','',0),(1304,1,'2021-04-12 21:56:21','2021-04-12 21:56:21','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" custom_padding=\"14px|||||\"]<h1 class=\"post-title entry-title\" style=\"text-align: center;\"><strong><span style=\"color: #0a0a0a;\">26 Business Review Sites Where Customers Rate You</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Rate.jpg\" width=\"842\" height=\"470\" alt=\"\" class=\"wp-image-1303 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business review sites are an essential part of the customer buying journey today. Purchasers make snap decisions about a firm simply by reading business reviews — without ever calling your company, setting foot in your store or visiting your website.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What is your presence like on review sites? Have you found all the sites where customers review your business? Are the reviews mostly positive?</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Managing your presence is called online reputation management and it’s something you should be doing on business review sites. Reputation management involves identifying, monitoring, and influencing your business’s credibility and reputation online. And central to review sites are customer reviews.<span id=\"ezoic-pub-ad-placeholder-149\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What is a Customer Review?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A customer review is when a customer gives a review of a product, service or brand online based on first hand knowledge. Customer reviews are not professional reviews and are never paid for. About <a href=\"https://www.brightlocal.com/research/local-consumer-review-survey/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">72% of U.S. consumers</a> have written a review for a local business.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Customer reviews are a form of customer feedback. They usually include some text, as well as a star rating of 1 to 5 stars, with 1 being poor and 5 being excellent.  While there are many places you can find <a href=\"https://smallbiztrends.com/2016/06/top-free-business-listing-sites.html\" style=\"color: #0a0a0a;\">online business listings</a>, the sites below go beyond listings and are popular places for customers to leave reviews.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Best Business Review Sites</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The following 26 sites include the best B2C review sites, important for businesses that sell to consumers (examples: Yelp and HomeAdvisor). We also identify the best B2B review sites, for businesses that sell to other businesses (example: G2). Focus on the sites applicable to your industry so you can reap the benefits when buyers use them to make purchase decisions.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">1. Google My Business</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://www.google.com/business/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Google My Business</a> (GMB) is the single most crucial review and listing tool for local businesses. It is is one of the top review sites, replacing what was previously called Google Local. An essential tool for garnering a credible online reputation, it can also help with ranking your business in various kinds of search results. Use this <a href=\"https://smallbiztrends.com/2019/07/google-my-business-cheat-sheet.html\" style=\"color: #0a0a0a;\">Google My Business Cheat Sheet</a> to get started.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">2. Bing Places for Business</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://www.bingplaces.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Bing Places for Business </a>is the Bing search engine’s version of Google My Business. Consumers can leave ratings and reviews about a company. Local businesses, including businesses with multiple locations, can claim their listing and complete a profile to add their listings to Bing Places, all for free. Once verified, information will appear in Bing Local search and map results.<span id=\"ezoic-pub-ad-placeholder-151\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">3. Facebook Ratings and Reviews</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Facebook is much more than a social media portal to share posts. The hugely popular social media site is also where followers can leave ratings, reviews, and recommendations on a business’s Page using its <a href=\"https://www.facebook.com/business/learn/lessons/facebook-page-ratings-and-reviews\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Facebook Ratings and Reviews</a> platform. Businesses can turn off ratings and reviews in their Facebook Page settings.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">4. Better Business Bureau</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The <a href=\"https://www.bbb.org/\" style=\"color: #0a0a0a;\">Better Business Bureau</a> (BBB) prides itself on being an ethical marketplace that allows individuals to recommend businesses. The BBB is one of the oldest and most trusted sites, and verifies all consumer reviews. Businesses can also become a <a href=\"https://smallbiztrends.com/2020/07/bbb-accredited.html\" style=\"color: #0a0a0a;\">BBB accredited business</a>, and the Better Business Bureau assigns its own ratings from A to F but these ratings are independent from reviews by the public.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">5. Amazon Customer Reviews</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://www.amazon.com/gp/help/customer/display.html?nodeId=G3UA5WC5S5UUKB5G&amp;tag=smallbusin0b3-20\" target=\"_blank\" rel=\"sponsored noopener noreferrer\" style=\"color: #0a0a0a;\">Amazon</a> has been allowing consumers to post reviews about products since 1995. Garnering a string of 4- or 5-star reviews on this leading online retailer’s site can help businesses generate many new sales and build a solid reputation. Business reviews also apply to any listing in Amazon’s Handmade section and to service providers in the Amazon HomeServices section.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">6. Yelp</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some small business owners and marketing managers have a love-hate relationship with <a href=\"https://www.yelp.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Yelp</a>, feeling that positive reviews at times get less visibility than negative ones at the site. However, you can’t deny Yelp’s importance. Its pages show up frequently in internet searches. It’s a consumer destination, too. The site also trains companies to respond to reviews. A Yelp listing can help businesses manage their online credibility and reputation. Yelp is one of the top review sites and an important place to encourage potential customers to do business with you.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">7. Foursquare</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Using its <i>Swarm</i> and <i>CityGuides</i> apps, Foursquare lets users check-in and rate venues they visit. Users can also leave “tips” for others visiting the establishments. Companies that sign up for <a href=\"http://business.foursquare.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Foursquare for Business</a> can take advantage of user analytics. Businesses can also add their own tips to Foursquare and make customer reward offers. Foursquare data is often included in other sites and maps.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">8. HomeAdvisor</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you operate a home improvement business or provide services to homeowners, listing your services on local business review websites like <a href=\"http://www.homeadvisor.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">HomeAdvisor</a> and collecting business reviews can positively impact your business and help you get new customers. All reviews placed on HomeAdvisor go through an extensive screening process and are verified by the site’s moderators.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">9. Yellow Pages</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can get a free business listing on <a href=\"https://www.yellowpages.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Yellow Pages</a> which enables businesses to manage the reviews placed on the site about their company. Yellow Pages has transitioned from paper to digital, and is now supporting businesses online with local marketing and reviews. While the yellow pages are no longer the heavyweight driver of new customers the way they were decades ago when print books ruled, make sure to claim your business there.<span id=\"ezoic-pub-ad-placeholder-146\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">10. TripAdvisor</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">TripAdvisor is a review platform focused on the hotel, travel, restaurant, airline, or entertainment industries. Customers share reviews of hotels and other establishments connected to the travel industry. Given that <a href=\"https://www.tripadvisor.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">TripAdvisor</a> has collected more than 878 million reviews, it’s in every travel business’s interest to claim its listing and generate positive reviews on one of the largest travel sites in existence.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">11. Angie’s List</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://www.angieslist.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Angie’s List</a> is regarded as one of the most credible business review sites, being early to offer business listings. Reviews cannot be from anonymous sources on Angie s List, which again, adds to the credibility of the evaluations posted there. Companies can set up a page on Angie s List for free where customers can leave reviews.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">12. TrustRadius</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">TrustRadius is an online review source designed for software businesses. Adding to the credibility of TrustRadius is the fact that all reviewers are authenticated via LinkedIn. This enables users to view what their connections on LinkedIn say about their business and software products.<span id=\"ezoic-pub-ad-placeholder-147\" class=\"ezoic-adpicker-ad\"></span></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">13. OpenTable</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you own or run a restaurant, registering on <a href=\"https://restaurant.opentable.com/get-started/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">OpenTable</a> will enable customers to make reservations and write reviews. Restaurants receive a star rating on OpenTable based on the number of reviews and the percentage of people who recommend the restaurant. Naturally, the higher the review rating, the better a restaurant’s credibility and online reputation.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">14. PlanetRate</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">PlanetRate enables customers to write reviews on businesses of all industries. Companies can register on<a href=\"https://planetrate.com/\" style=\"color: #0a0a0a;\"> PlanetRate</a> and actively collect reviews. Users can write in-depth analyses of companies on PlanetRate. Any positive feedback on this review site can influence how consumers perceive your business.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">15. Salesforce AppExchange</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://appexchange.salesforce.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Salesforce AppExchange</a> is an enterprise cloud marketplace designed to extend the Salesforce platform. It lets users rate businesses through a five-star rating system. Businesses with a Salesforce AppExchange app can keep track of their app’s rating and monitor their online business reviews.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">16. Trustpilot</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://us.business.trustpilot.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Trustpilot</a> allows businesses to generate a profile page and encourage customers to provide reviews. Companies can send customizable review invitations for a higher-level paid membership fee and share their reviews and social ratings on social media.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">17. Glassdoor</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Glassdoor users can search reviews and ratings of more than 700,000 businesses around the world. Employees can also share what it is like to work for a company on <a href=\"https://www.glassdoor.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Glassdoor</a>. With candid and honest reviews about a business’s services, products, and what it is like to work for, Glassdoor can be an invaluable source for enhancing a company’s reputation with prospective employees.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">18. G2</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">G2 (formerly known as G2 Crowd) is a business review site for companies that sell software. Business software apps are ranked on a five-star scale. With more than five million business users heading to G2 each month to read reviews and buy software, having quality ratings on G2 can directly influence business buying decisions.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">19. VendOp</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Customers can search for vendors of a particular industry and specification on <a href=\"https://www.vendop.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">VendOp</a>. The site provides a portal for purchasers to share their experiences with other customers. Users can search reviews by ratings, service, and location on VendOp.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">20. Manta</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Manta is mainly a business review site, one dedicated to small business. Business owners can claim and customize their page to improve online visibility and marketability. Consumers can search from millions of businesses, and registered users can leave star ratings and write reviews.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">21. Avvo</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Avvo is a business review site for attorneys. Consumers can review their lawyer for the benefit of other consumers and assign up to 5 stars. Avvo claims to include 97% of all lawyers in the United States in its database, and also lists them by practice specialty. All reviews are subject to approval by Avvo, which separately provides its own rating of 1 to 10, based on specified criteria.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">22. WebMD</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://doctor.webmd.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">WebMD</a> is a vast site getting over 100 million visitors a month, containing medical information for consumers. It also has listings of doctors and dentists, and allows consumers to leave business reviews of them.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">23. FinancesOnline</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://financesonline.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">FinancesOnline</a> is an independent review platform that addresses B2B, SaaS, and financial companies. It helps users find and compare software products and services best suited to their needs. They can also read customer product reviews and reports from experts. Currently, the site has more than 50,000 online reviews from users of software products.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">24. Merchant Circle</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Opening its virtual doors in 2005, <a href=\"https://www.merchantcircle.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Merchant Circle</a> has more than 15 million local business listings across the U.S. in its database. Consumers refer to Merchant Circle to find businesses, read reviews by consumers, and get competitive quotes from companies they seek out. Make sure you claim your business listing. It can be a source for acquiring new customers.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">25. Sitejabber</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"https://www.sitejabber.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Sitejabber</a> is a site with online reviews of businesses which also lets customers get answers to questions from other customers and the business itself. After making a purchase, customers can leave their own feedback and get help resolving any issues that may arise.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">26. Which?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a href=\"http://www.which.co.uk/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Which?</a> is an independent not-for-profit UK-based consumer review site that reviews services and products and then writes and shares the reviews. Managing to have commendable reviews written about your products or services on Which? can go a long way in generating a sound and credible online reputation.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h3>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Other Review Sites</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are over 100 larger sites that allow user-generated reviews, and many smaller ones. Most are niche specific. CitiSearch, Local.com, Viewpoints, ConsumerAffairs, Etsy, Goodreads, Cars.com, Edmunds, CarGuru, Care.com, Thumbtack, Fiverr, Zomato, VRBO, Airbnb, Zillow, Houzz, Apartments.com, Bankrate, and the Apple Apps Store and Google Play for <a href=\"https://smallbiztrends.com/2011/03/what-is-an-app.html\" style=\"color: #0a0a0a;\">apps</a> — these are just a few that feature reviews today. Find the business review sites relevant to your industry and your business. Then start listening to what the public is saying about your company, and engage.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">5 Tips for Leveraging Business Review Sites</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The following best practice tips will help you use online review sites to get highly sought-after, positive reviews.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Claim Your Business Profile</b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can claim a listing on many review sites such as Yelp and Google My Business — and you should. Doing so enables you to verify or add your business information such as your phone number, hours of operation and email address. You can respond to user reviews, add photos and sometimes add links to a blog post or articles. Your profile becomes an extension of your business website, and a great way to draw in new customers. Google My Business is especially crucial because Google is the world’s largest search engine.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Encourage Business Reviews </b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Make it a habit to encourage customers to share a review or give feedback on your Facebook page, Yelp, the BBB, or other review sites. Reviews essentially are word of mouth. Instead of speaking one-on-one with a neighbor or friend, consumers take to review websites.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some business owners dread looking at customer reviews because they expect them to be negative. Have confidence. Embrace each review as the equivalent of <a href=\"https://smallbiztrends.com/2018/04/can-advertise-free.html\" style=\"color: #0a0a0a;\">free advertising</a> and an integral part of your digital marketing through happy customers.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Don’t Incentivize Reviews</b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While you can encourage reviews, do not incentivize users to give them. Also, it’s important to understand the rules for each review site. Some, like Yelp, have strict guidelines about asking for reviews.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Don’t Write Fake Reviews </b></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Writing fake business reviews could get your business banned from the review site. Review sites work hard to preserve consumer trust and have algorithms to detect and remove fake reviews. No matter how tempting, it is not worth the risk and could damage your company’s reputation should you be discovered.</span></p>\n<h4 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b></b></span></h4>\n<h4 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><b>Respond to Negative Reviews</b></span></h4>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Never let negative reviews go unanswered. Keep an open mind, remain unemotional and apologize if necessary. Take negative comments back to your team and use them to improve. If you did nothing wrong, acknowledge the situation and empathize. Avoid arguing with a customer or flaming the reviewer.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It turns out that 30% of consumers <a href=\"https://smallbiztrends.com/2020/05/reverse-negative-reviews.html\" style=\"color: #0a0a0a;\">reverse negative reviews</a> on online review sites when the company responds, according to a survey by ZenBusiness. Yet, only 12% of consumers say their reviews are often or always responded to. Therefore, by responding, you gain a real advantage over all the other small businesses that never respond.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do I Still Need My Own Website if I Have Review Site Listings?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You should always have your own company website. Some businesses use their Google My Business profile, Facebook page or other business review sites as a replacement for a website of their own. But this is not wise, for one simple reason: third-party sites are outside of your control.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If Facebook decides — however unjustly — to delete your Page, it could take weeks or months to appeal and get it back, if ever. An effective digital marketing strategy should include both your own website as well as business review sites.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Should I Display Reviews on My Website?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Yes. A number of software apps are available to help with aggregating reviews and displaying them on your site. The software reminds customers to review your business post-sale. The apps also automate collecting reviews that have already been published on third-party sites, and provide widgets so you can embed and display reviews on your own website. Examples: <a href=\"https://gatherup.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">GatherUp</a>, <a href=\"https://www.reviews.io/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">Reviews.io</a> and <a href=\"https://birdeye.com/\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"color: #0a0a0a;\">BirdEye</a>.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do Customer Review Sites Help with Search Engine Rankings?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Information from business listing sites, including user reviews, can show up high in search results in numerous ways. In particular, GMB and Bing Places information is often displayed prominently in the respective Google search engine and Bing search engine pages and maps. A search engine optimization (SEO) professional who specializes in local SEO can help you with a local SEO strategy and explain more.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Rather than focusing just on rankings, however, think broadly about “visibility”. Review sites give you more places to be found online. Too many small businesses are effectively invisible online. The more review websites your company appears in, with positive ratings, the better.</span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></h2>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Ready?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The internet has given consumers the power to make or break a business’s reputation by leaving reviews on social media sites like Facebook, search engines, or any number of business review sites like Yelp. It’s in your best interest to embrace review sites to make a positive brand impression.</span></p>\n<p>&nbsp;</p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://smallbiztrends.com/2020/12/business-review-sites.html\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','26 Business Review Sites Where Customers Rate You','','inherit','closed','closed','','1300-revision-v1','','','2021-04-12 21:56:21','2021-04-12 21:56:21','',1300,'http://smartinsurance.tips/1300-revision-v1/',0,'revision','',0),(1306,1,'2021-04-12 22:02:44','2021-04-12 22:02:44','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Home insurance companies will reduce premiums if you have these smart devices</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Reduce-premiums.jpg\" width=\"894\" height=\"489\" alt=\"\" class=\"wp-image-1309 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #0a0a0a;\">These days, many homeowners are using smart home devices to help keep their largest asset safe. As a result, many home insurance companies are offering discounts on their premiums for customers who use these items. However, since this technology is still fairly new, not all companies currently offer this perk.</span></p>\n<p><span style=\"color: #0a0a0a;\">To that end, it\'s important to shop around for the right home insurance company. If you\'ve invested in smart home technology, it’s likely worth going with a company that offers one of these discounts. After all, even a small percentage discount will mean money back in your pocket at the end of each month. Luckily, you can explore pricing and find the right home insurance plan to fit your needs using Credible.</span></p>\n<div data-unit-credible=\"simple-cta,home-insurance,get-home-insurance-quotes\" class=\"credible\"></div>\n<p><span style=\"color: #0a0a0a;\">Still, before you get too far into specifics, it\'s important to understand a little bit more about how these discounts work. We\'ve listed four smart home technologies that can get you a discounted rate below.</span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong>Wireless security systems</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">To start, wireless security systems, including those with video doorbells, can help lower the cost of your property insurance or dwelling coverage. Put simply, these security systems protect your home against the threat of home invasion by offering the ability to remotely lock and unlock your home, sending instant safety alerts, and continuously monitoring all home activity.</span></p>\n<p><span style=\"color: #0a0a0a;\">In particular, insurance companies really like to see these systems combined with monitoring services, which will call the police or fire company in the event of a problem. That said, just know that these services often come at a cost, which can cancel out any discount that you\'ve received on your premium.</span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong></strong></span></h2>\n<h2><span style=\"color: #0a0a0a;\"><strong>Thermostats</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">While it may seem strange for a thermostat to be able to lower your insurance premiums, in this case, it\'s all about fire safety. The right thermostat may be able to sound an alarm if it feels the temperature getting too hot or it may be able to shut off your heating system\'s fans in order to stop the temperature from increasing any further.</span></p>\n<p><span style=\"color: #0a0a0a;\">As an added bonus, a smart thermostat can help you save on your energy costs. Often, you\'ll have the ability to remotely turn your heating or air conditioning system on and off, which means that you can reduce the chances of it running when you\'re not home.</span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong>Smart smoke detectors</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">Meanwhile. smart smoke detectors are obviously meant to lower the risk of fire. While every smoke detector is different, most smart models will send you automated alerts for maintenance, remotely shut off in the case of a false alarm, and notify your local fire company if there is a problem.</span></p>\n<p><span style=\"color: #0a0a0a;\">However, it\'s important to note that there are other things you can do to lower your premiums. For example, just keeping fire extinguishers around lowers the risk of sustaining significant property damage in the event of a fire so they are often linked with a discount on many insurance policies.</span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<div data-unit-credible=\"simple-cta,home-insurance,learn-about-home-insurance\" class=\"credible\"></div>\n<h2><span style=\"color: #0a0a0a;\"><strong>Water and gas shutoff sensors</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">Lastly, water and gas shut off sensors lower the risk of leaks and flooding. Tools like gas leak detectors learn your behavior patterns in order to better detect leaks. They will also automatically shut off your system in the event of a leak, and send you notifications about the shut-off in case you aren\'t home.</span></p>\n<p><span style=\"color: #0a0a0a;\">Similar to the fire extinguishers, there\'s a good chance that the company that offers your home coverage may offer you a discount if you have the proper carbon monoxide detectors installed. These detectors can work hand-in-hand with water and gas shut off sensors to better keep you and your family safe.</span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong></strong></span></h2>\n<h2><span style=\"color: #0a0a0a;\"><strong>The bottom line</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">If you\'re ready to start shopping around for the right insurance agency, the first step is to get a sense of your coverage options. Just like when you got your mortgage, you\'ll likely want to get at least three home insurance quotes from different insurers. When you\'re ready, Credible can help you compare home insurance companies and get a quote online in a matter of minutes.</span></p>\n<div data-unit-credible=\"simple-cta,home-insurance,compare-quotes\" class=\"credible\"></div>\n<p><span style=\"color: #0a0a0a;\">As for what to compare when you get your quotes, you\'re going to want to look at the insurance deductibles. The deductibles signify the amount that you\'ll be responsible for covering in the event of an emergency. You’ll also want to see if you can save money by bundling your home insurance coverage. Some insurance companies will offer a discount for adding additional policies like earthquake or flood insurance.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.foxbusiness.com/money/home-insurance-reduce-premiums-smart-devices\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Home insurance companies will reduce premiums if you have these smart devices','','publish','closed','closed','','home-insurance-companies-will-reduce-premiums-if-you-have-these-smart-devices','','','2021-04-13 17:25:03','2021-04-13 17:25:03','',0,'http://smartinsurance.tips/?page_id=1306',0,'page','',0),(1307,1,'2021-04-12 22:02:44','2021-04-12 22:02:44','<!-- wp:divi/placeholder /-->','Home insurance companies will reduce premiums if you have these smart devices','','inherit','closed','closed','','1306-revision-v1','','','2021-04-12 22:02:44','2021-04-12 22:02:44','',1306,'http://smartinsurance.tips/1306-revision-v1/',0,'revision','',0),(1316,1,'2021-04-12 22:28:16','2021-04-12 22:28:16','','Vintage cars','','inherit','open','closed','','vintage-cars','','','2021-04-12 22:28:16','2021-04-12 22:28:16','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Vintage-cars.jpg',0,'attachment','image/jpeg',0),(1318,1,'2021-04-12 22:32:31','2021-04-12 22:32:31','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>The Ultimate Guide to Directors and Officers Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" custom_padding=\"||1px|||\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Directors-and-officers-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1321 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<span style=\"font-size: medium; color: #0a0a0a;\">Directors and officers insurance turbocharges your business and nonprofit insurance. Here\'s how it works.</span></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\"><span style=\"font-size: medium; color: #0a0a0a;\"></span></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\"><span style=\"font-size: medium; color: #0a0a0a;\"></span></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\"><span style=\"font-size: medium; color: #0a0a0a;\"></span></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s got a mysterious name and an even more mysterious purpose: What makes directors and officers so special that they need their own insurance? (You might feel extra-confused when you hear its even-more-mysterious nickname, D&amp;O insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The truth is that directors and officers insurance is a critically important tool to keep your business or nonprofit solvent and thriving. It shields your organization from legal trouble and helps your leadership make smart, innovative decisions. </span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance covers legal fees and damages in case there’s a lawsuit against an organization’s board members, officers or other leadership. It’s purchased by an organization on behalf of those leaders, and kicks in whenever one or more of them is named in a suit. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The insurance company pays for legal representation and damages up to the insurance policy’s cap (usually in the millions range, like $5 million or $10 million).</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Examples of groups that might sue include stockholders angry at plummeting prices, employees who feel their benefits were mismanaged, or victims of a sexual harasser who sat on your board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Many insurance companies that offer directors and officers insurance provide other legal services to their customers, including free or reduced-cost legal advice that’s designed to help avoid D&amp;O claims before they happen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance helps you fulfill indemnification clauses. These are agreements that an organization will pay for any legal fees and damages incurred by a board member or high-level employee in the course of their job, and it’s usually part of a contract signed before movers and shakers come on board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To fulfill this clause, a D&amp;O insurance policy can be paid directly to the people dealing with the legal challenge, or it can be paid out to the organization, which in turn pays for the legal costs of its board members and employees.</span></p>\n<p style=\"text-align: left;\"></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In the past few years, these were the top reasons companies had to use their D&amp;O insurance:</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Noncompliance with laws and regulations (34%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Negligence (21%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Maladministration or lack of controls (7%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Breach of trust or fiduciary duty (6%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Inadequate or inaccurate disclosure (2%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Other (30%)</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Only a third of cases where directors and officers were sued had to do with laws and regulations. Illegal or shady deeds might be the first thing you think of when it comes to lawsuits against CEOs, but it’s definitely not the only reason this type of insurance comes in handy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If directors or officers mismanage employee benefits like health insurance or 401(k) plans, that can be a cause for a D&amp;O insurance claim. This scenario may also be covered under a related type of insurance often sold alongside D&amp;O insurance, called <strong>fiduciary insurance</strong><strong>. </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This type of insurance covers legal fees and damages when a company fails in its financial responsibilities to employees, stockholders or other stakeholders.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance can be used to protect a company from the financial cost of a secret villain in its upper ranks—one who goes on a racist or sexist rant and does major damage to the company’s reputation, for example. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">But it’s just as easily used to safeguard against more ordinary kinds of mistakes. Even a small misstep by a CEO or board member, like a cranky off-the-cuff remark to a reporter, can cause major headaches. D&amp;O insurance is there to cover the legal fallout.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">D&amp;O insurance can be purchased for both nonprofits and for-profit businesses. Even churches and other religious organizations might choose to buy this insurance.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You should consider getting directors and officers insurance as soon as your nonprofit or business develops a leadership structure, especially one that includes a board of directors. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even the tiniest nonprofits often have a board of directors right away, so it’s helpful for them to look into D&amp;O insurance early, even if they wait until they have a steady stream of donations to buy it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Businesses, on the other hand, may wait many years before buying D&amp;O insurance. If you run a small local business with a handful of employees, directors and officers insurance is probably an unnecessary expense. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">(It’s definitely an unnecessary expense for sole proprietorships!) It becomes a lot more important once you have more than a layer or two of management.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance is most crucial for mid-size businesses. As they take on new business and contracts and expand into new markets, leadership needs to make bigger and riskier decisions, exposing them to bigger and riskier, er, risks. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">These companies don’t have the deep pockets of larger corporations to patch things up if things go south, so D&amp;O insurance can be the deciding factor between solvency and bankruptcy in a crisis.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re thinking about joining the board of an organization, whether it’s nonprofit or for-profit, you should ask to be covered by directors and officers insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Otherwise that liability is on you or the organization, which might not have enough money to cover your costs in a worst-case scenario lawsuit. That could cost you millions of dollars, personally. Ouch.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Directors and Officers Insurance Important?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance doesn’t just protect the individual people listed in the policy. It protects the whole organization by ensuring that it won’t have to pay out a big indemnification clause settlement that could lead to bankruptcy. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It also preserves business relationships between the directors, officers and everybody else.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you knew that any decision you made could cost you gobs of money if it went wrong—to the tune of millions of dollars—you’d probably be extremely cautious in your decision-making, right? Maybe you’d hesitate to make any decisions at all. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">That’s what can happen without directors and officers insurance, and it’s not good for business. Some amount of risk is necessary for growth, and D&amp;O insurance allows decision-makers to take that risk safely, without worrying about bankrupting the organization they work for.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Purchasing directors and officers insurance can also be required by the board, upper management or investors, meaning you’ll need to get it whether you want it or not.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Directors and Officers Insurance Cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Smaller businesses and nonprofits looking to buy directors and officers insurance can expect to pay in the low thousands of dollars each year, usually starting around $2,000. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">At the other extreme, mega-corporations like Disney and Walmart might pay more for their directors and officers insurance each year than mid-size companies earn in revenue. Most organizations can expect to pay in the upper thousands or tens of thousands each year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The biggest factor in the cost of directors and officers insurance is the size of the organization. This includes the number of employees, stockholders and other stakeholders, as well as the amount of revenue it handles each year. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Operating in a field where there’s a lot of extra legal and financial risk, like the financial sector or an oil and energy company, can also make this insurance more expensive.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Save Money on Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The best way to save money on this type of insurance is to keep everyone’s noses squeaky-clean. You should have crystal clear guidelines for board and C-suite level behavior, including procedures for how to remove someone who’s become a loose cannon. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do business as transparently as possible and avoid the kind of secretive dealings that make embarrassing gaffes or mistakes more likely.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It might seem a little wishy-washy, but that’s truly the best way to get directors and officers insurance discounts. Other factors that influence the cost of D&amp;O insurance—like your company’s size and industry—aren’t easily changeable. (It would be pretty silly to limit the growth of your organization just to save on insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Another way to get a discount is by bundling your D&amp;O insurance with other types of business or nonprofit insurance. Insurance companies want your business, so to motivate you to buy as many different types of insurance with them as possible, they’ll usually cut you a discount.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Get Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re already working with an insurance agent for your nonprofit or business insurance, then shopping for directors and officers insurance is easy: Just ask your agent to start looking for quotes. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Ask if you can bundle your D&amp;O insurance in with your existing business insurance, since many insurance companies offer both for a discount.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re not working with an expert yet, here are a few good reasons to go indie:</span></p>\n<div>\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Agents work for you, not the insurance companies. They’ll round up quotes from multiple companies and help you shop for the coverage you want at the price you want.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Agents are experts and specialists. They know their niche inside and out and can help advise you about the insurance choices similar organizations have made.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">They do the hard parts for you. You fill out an application and answer a few questions, they do all the math and shopping. That way you can focus on what’s important: running your organization.</span></li>\n</ul>\n</div>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/directors-and-officers-insurance/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The Ultimate Guide to Directors and Officers Insurance','','publish','closed','closed','','the-ultimate-guide-to-directors-and-officers-insurance','','','2021-04-14 01:05:51','2021-04-14 01:05:51','',0,'http://smartinsurance.tips/?page_id=1318',0,'page','',0),(1319,1,'2021-04-12 22:32:15','2021-04-12 22:32:15','<!-- wp:divi/placeholder /-->','The Ultimate Guide to Directors and Officers Insurance','','inherit','closed','closed','','1318-revision-v1','','','2021-04-12 22:32:15','2021-04-12 22:32:15','',1318,'http://smartinsurance.tips/1318-revision-v1/',0,'revision','',0),(1309,1,'2021-04-12 22:04:53','2021-04-12 22:04:53','','Reduce premiums','','inherit','open','closed','','reduce-premiums','','','2021-04-12 22:04:53','2021-04-12 22:04:53','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Reduce-premiums.jpg',0,'attachment','image/jpeg',0),(1390,1,'2021-04-13 17:25:03','2021-04-13 17:25:03','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Home insurance companies will reduce premiums if you have these smart devices</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Reduce-premiums.jpg\" width=\"894\" height=\"489\" alt=\"\" class=\"wp-image-1309 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p><span style=\"color: #0a0a0a;\">These days, many homeowners are using smart home devices to help keep their largest asset safe. As a result, many home insurance companies are offering discounts on their premiums for customers who use these items. However, since this technology is still fairly new, not all companies currently offer this perk.</span></p>\n<p><span style=\"color: #0a0a0a;\">To that end, it\'s important to shop around for the right home insurance company. If you\'ve invested in smart home technology, it’s likely worth going with a company that offers one of these discounts. After all, even a small percentage discount will mean money back in your pocket at the end of each month. Luckily, you can explore pricing and find the right home insurance plan to fit your needs using Credible.</span></p>\n<div data-unit-credible=\"simple-cta,home-insurance,get-home-insurance-quotes\" class=\"credible\"></div>\n<p><span style=\"color: #0a0a0a;\">Still, before you get too far into specifics, it\'s important to understand a little bit more about how these discounts work. We\'ve listed four smart home technologies that can get you a discounted rate below.</span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong>Wireless security systems</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">To start, wireless security systems, including those with video doorbells, can help lower the cost of your property insurance or dwelling coverage. Put simply, these security systems protect your home against the threat of home invasion by offering the ability to remotely lock and unlock your home, sending instant safety alerts, and continuously monitoring all home activity.</span></p>\n<p><span style=\"color: #0a0a0a;\">In particular, insurance companies really like to see these systems combined with monitoring services, which will call the police or fire company in the event of a problem. That said, just know that these services often come at a cost, which can cancel out any discount that you\'ve received on your premium.</span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong></strong></span></h2>\n<h2><span style=\"color: #0a0a0a;\"><strong>Thermostats</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">While it may seem strange for a thermostat to be able to lower your insurance premiums, in this case, it\'s all about fire safety. The right thermostat may be able to sound an alarm if it feels the temperature getting too hot or it may be able to shut off your heating system\'s fans in order to stop the temperature from increasing any further.</span></p>\n<p><span style=\"color: #0a0a0a;\">As an added bonus, a smart thermostat can help you save on your energy costs. Often, you\'ll have the ability to remotely turn your heating or air conditioning system on and off, which means that you can reduce the chances of it running when you\'re not home.</span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong>Smart smoke detectors</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">Meanwhile. smart smoke detectors are obviously meant to lower the risk of fire. While every smoke detector is different, most smart models will send you automated alerts for maintenance, remotely shut off in the case of a false alarm, and notify your local fire company if there is a problem.</span></p>\n<p><span style=\"color: #0a0a0a;\">However, it\'s important to note that there are other things you can do to lower your premiums. For example, just keeping fire extinguishers around lowers the risk of sustaining significant property damage in the event of a fire so they are often linked with a discount on many insurance policies.</span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<div data-unit-credible=\"simple-cta,home-insurance,learn-about-home-insurance\" class=\"credible\"></div>\n<h2><span style=\"color: #0a0a0a;\"><strong>Water and gas shutoff sensors</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">Lastly, water and gas shut off sensors lower the risk of leaks and flooding. Tools like gas leak detectors learn your behavior patterns in order to better detect leaks. They will also automatically shut off your system in the event of a leak, and send you notifications about the shut-off in case you aren\'t home.</span></p>\n<p><span style=\"color: #0a0a0a;\">Similar to the fire extinguishers, there\'s a good chance that the company that offers your home coverage may offer you a discount if you have the proper carbon monoxide detectors installed. These detectors can work hand-in-hand with water and gas shut off sensors to better keep you and your family safe.</span></p>\n<h2><span style=\"color: #0a0a0a;\"><strong></strong></span></h2>\n<h2><span style=\"color: #0a0a0a;\"><strong>The bottom line</strong></span></h2>\n<p><span style=\"color: #0a0a0a;\">If you\'re ready to start shopping around for the right insurance agency, the first step is to get a sense of your coverage options. Just like when you got your mortgage, you\'ll likely want to get at least three home insurance quotes from different insurers. When you\'re ready, Credible can help you compare home insurance companies and get a quote online in a matter of minutes.</span></p>\n<div data-unit-credible=\"simple-cta,home-insurance,compare-quotes\" class=\"credible\"></div>\n<p><span style=\"color: #0a0a0a;\">As for what to compare when you get your quotes, you\'re going to want to look at the insurance deductibles. The deductibles signify the amount that you\'ll be responsible for covering in the event of an emergency. You’ll also want to see if you can save money by bundling your home insurance coverage. Some insurance companies will offer a discount for adding additional policies like earthquake or flood insurance.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.foxbusiness.com/money/home-insurance-reduce-premiums-smart-devices\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Home insurance companies will reduce premiums if you have these smart devices','','inherit','closed','closed','','1306-revision-v1','','','2021-04-13 17:25:03','2021-04-13 17:25:03','',1306,'http://smartinsurance.tips/1306-revision-v1/',0,'revision','',0),(1394,1,'2021-04-13 17:28:59','2021-04-13 17:28:59','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why Vintage Car Collectors Pay 25% Less For Coverage</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Vintage-cars-1024x367.jpg\" width=\"1024\" height=\"367\" alt=\"\" class=\"wp-image-1316 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Antique and vintage cars can be both a rolling work of art and a trip down memory lane. Whether you own an original Model-T Ford, a ’57 Chevy Bel-Air, or a sleek antique Jaguar, your collector car is most likely one of your most prized possessions. You\'ll need the right insurance protection to make sure your car is covered, and your investment is safe.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Kinds of Cars Are Eligible for Collector Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Several types of cars are eligible for car collector insurance. These typically include vintage and antique cars, classics, “modified cars,” and “exotics.”</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">“Vintage or antique” cars are usually at least 20-25 years old. They must be as close to original condition as possible.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Classic” cars are usually between 15 and 20 years old; like antiques, they must also be in original (or near original) condition to be eligible for collector car insurance.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Modified” vehicles are classic cars that have been altered in some way from their original condition. Most carriers allow up to three significant modifications to the vehicle. Any more than that disqualifies the car from vintage car insurance coverage.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Exotic” vehicles are typically less than 15 years old, but nevertheless are already beginning to appreciate in value.</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n</div>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Collector Car Factoids</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">The original 1964-1965 Mustang was Ford’s most successful model launch since the Model A, in 1927.</span></li>\n<li><span style=\"color: #0a0a0a;\">The 1971 Oldsmobile 442 is the most popular classic muscle car with collectors.</span></li>\n<li><span style=\"color: #0a0a0a;\">The Shelby GT 500 “King of the Road” and the ’66-’70 Chevy Chevelle are a close second and third.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n</div>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Antique Collector Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main difference between traditional cars and collector cars is that collector cars usually don\'t depreciate. In fact, they often increase in value. Moreover, collectors often add customized parts to the vehicle, not to mention hours of time improving the car. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Thus, collector car insurance must be based on the \"agreed value\" of the vehicle at the time the policy is issued. The agreed value includes your entire investment in the car.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Moreover, rates for antique collector car insurance are normally cheaper than they are for traditional coverage, since collectors tend to take better care of the vehicle and drive it less than they do a car meant strictly for transportation.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Can I Qualify for Vintage Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Remember, the descriptions above are generalized. Every auto insurance carrier has its own criteria for defining collector cars. What one carrier considers an antique vehicle may not meet the criteria of another company. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Typically, if a car is at least 20 years old and is in near factory condition, most carriers will consider it antique or classic. Classic cars with considerable customization may be categorized as modified. It all depends on the individual insurance provider.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Agreed Value, and Why Is It Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The <em>agreed value</em> of your antique or collector car is a value that both you and the insurance company underwriters can agree on. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Using photographs, receipts, repair documents, and other information, both parties come to an agreement that the car is currently worth a certain dollar amount, and should be covered for a maximum of that amount in the event the car is totaled. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The agreed value is different from the actual cash value, which is based on the age, mileage, and overall condition of the vehicle as well as other factors, including depreciation.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The reason agreed value is important for an antique or collector car is that you are the only one who really understands how much you have invested in your vehicle. It takes into consideration the amount of time and money you have spent restoring the car, as well as how much you might charge if you sell it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Normally, insurance carriers are willing to offer you the amount of coverage you desire; however, the greater the coverage, the more expensive your premium will be.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How to Buy Collector Car Insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There is very good news out there for collector car owners and buyers - because your prized vehicle is well loved, cared for, and not driven as frequently as \"everyday cars\" that most drivers use, your rates for insurance will be relatively inexpensive. In some cases, classic cars were priced at only 25-35% of the cost of standard vehicles.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To buy collector or vintage car insurance, be sure to review quotes from multiple insurance companies. Make sure you find an insurance provider that is familiar with specialty vehicles and can custom-tailor a collector car insurance policy that meets all of your needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Search for insurers that are highly rated, and agents that have consumer reviews.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/car-insurance/personalized-auto-coverage/car-collectors/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why Vintage Car Collectors Pay 25% Less For Coverage','','inherit','closed','closed','','1313-revision-v1','','','2021-04-13 17:28:59','2021-04-13 17:28:59','',1313,'http://smartinsurance.tips/1313-revision-v1/',0,'revision','',0),(1317,1,'2021-04-12 22:30:36','2021-04-12 22:30:36','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why Vintage Car Collectors Pay 25% Less For Coverage</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Vintage-cars-1024x367.jpg\" width=\"1024\" height=\"367\" alt=\"\" class=\"wp-image-1316 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Antique and vintage cars can be both a rolling work of art and a trip down memory lane. Whether you own an original Model-T Ford, a ’57 Chevy Bel-Air, or a sleek antique Jaguar, your collector car is most likely one of your most prized possessions. You\'ll need the right insurance protection to make sure your car is covered, and your investment is safe.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Kinds of Cars Are Eligible for Collector Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Several types of cars are eligible for car collector insurance. These typically include vintage and antique cars, classics, “modified cars,” and “exotics.”</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">“Vintage or antique” cars are usually at least 20-25 years old. They must be as close to original condition as possible.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Classic” cars are usually between 15 and 20 years old; like antiques, they must also be in original (or near original) condition to be eligible for collector car insurance.</span></li>\n<li><span style=\"color: #0a0a0a;\">“Modified” vehicles are classic cars that have been altered in some way from their original condition. Most carriers allow up to three significant modifications to the vehicle. Any more than that disqualifies the car from vintage car insurance coverage.</span></li>\n<li><span style=\"color: #0a0a0a;\">“<a data-item-id=\"41a85d7a-3609-51cb-aa2b-01336f8a5157\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/vehicle-types/exotic-car-coverage/\" style=\"color: #0a0a0a;\">Exotic</a>” vehicles are typically less than 15 years old, but nevertheless are already beginning to appreciate in value.</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n</div>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Collector Car Factoids</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">The original 1964-1965 Mustang was Ford’s most successful model launch since the Model A, in 1927.</span></li>\n<li><span style=\"color: #0a0a0a;\">The 1971 Oldsmobile 442 is the most popular classic muscle car with collectors.</span></li>\n<li><span style=\"color: #0a0a0a;\">The Shelby GT 500 “King of the Road” and the ’66-’70 Chevy Chevelle are a close second and third.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n</div>\n</div>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Antique Collector Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main difference between traditional cars and collector cars is that collector cars usually don\'t depreciate. In fact, they often increase in value. Moreover, collectors often add customized parts to the vehicle, not to mention hours of time improving the car. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Thus, collector car insurance must be based on the \"agreed value\" of the vehicle at the time the policy is issued. The agreed value includes your entire investment in the car.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Moreover, rates for antique collector car insurance are normally cheaper than they are for traditional coverage, since collectors tend to take better care of the vehicle and drive it less than they do a car meant strictly for transportation.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Can I Qualify for Vintage Car Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Remember, the descriptions above are generalized. Every <a data-item-id=\"ca3be4e0-5172-5966-93b5-61d145b79a3b\" href=\"https://www.trustedchoice.com/car-insurance/\" style=\"color: #0a0a0a;\">auto insurance carrier</a> has its own criteria for defining collector cars. What one carrier considers an antique vehicle may not meet the criteria of another company. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Typically, if a car is at least 20 years old and is in near factory condition, most carriers will consider it antique or classic. Classic cars with considerable customization may be categorized as modified. It all depends on the individual insurance provider.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Agreed Value, and Why Is It Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The <em>agreed value</em> of your antique or collector car is a value that both you and the insurance company underwriters can agree on. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Using photographs, receipts, repair documents, and other information, both parties come to an agreement that the car is currently worth a certain dollar amount, and should be covered for a maximum of that amount in the event the car is totaled. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The agreed value is different from the actual cash value, which is based on the age, mileage, and overall condition of the vehicle as well as other factors, including depreciation.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The reason agreed value is important for an antique or collector car is that you are the only one who really understands how much you have invested in your vehicle. It takes into consideration the amount of time and money you have spent restoring the car, as well as how much you might charge if you sell it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Normally, insurance carriers are willing to offer you the amount of coverage you desire; however, the greater the coverage, the more expensive your premium will be.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How to Buy Collector Car Insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There is very good news out there for collector car owners and buyers - because your prized vehicle is well loved, cared for, and not driven as frequently as \"everyday cars\" that most drivers use, your rates for insurance will be relatively inexpensive. In some cases, classic cars were priced at only 25-35% of the cost of standard vehicles.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To buy collector or vintage car insurance, be sure to review quotes from multiple insurance companies. Make sure you find an insurance provider that is familiar with specialty vehicles and can custom-tailor a collector car insurance policy that meets all of your needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Search for insurers that are highly rated, and agents that have consumer reviews.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/car-insurance/personalized-auto-coverage/car-collectors/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why Vintage Car Collectors Pay 25% Less For Coverage','','inherit','closed','closed','','1313-revision-v1','','','2021-04-12 22:30:36','2021-04-12 22:30:36','',1313,'http://smartinsurance.tips/1313-revision-v1/',0,'revision','',0),(1321,1,'2021-04-12 22:36:32','2021-04-12 22:36:32','','Directors and officers','','inherit','open','closed','','directors-and-officers','','','2021-04-12 22:36:32','2021-04-12 22:36:32','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Directors-and-officers.jpg',0,'attachment','image/jpeg',0),(1326,1,'2021-04-12 22:51:48','2021-04-12 22:51:48','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why You Need Commercial Auto Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Auto-insurance-1024x372.jpg\" width=\"1024\" height=\"372\" alt=\"\" class=\"wp-image-1329 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Just as every personal vehicle is legally required to have car insurance, vehicles driven for business need to be insured, too. If you’re a small business owner, your personal car insurance may not cover you when you’re driving for work, and it definitely won’t cover a food truck or other special vehicle. <span>That’s where commercial vehicle insurance comes in. It covers accidents, damage and theft to company vehicles.</span></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance covers a business’s vehicles, whether that’s a specialty vehicle like a catering truck or a regular car used for business. It’s also called commercial auto insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It steps in where regular auto insurance steps back: Most car insurance companies specifically exclude business use from their coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re a small business owner who uses their personal vehicle regularly for business—such as a florist delivering flowers—then you probably need commercial vehicle insurance. If your business has dedicated company vehicles, then you definitely need it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you employ delivery drivers or couriers who use their own personal vehicles, then you’ll also need to buy commercial vehicle insurance for them, called non-owned vehicle coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is one of the most common components of business insurance because it’s so necessary. If driving is part of your business, then you need some kind of commercial vehicle insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Commercial Vehicle Insurance Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving without insurance is illegal. If your personal coverage excludes commercial driving, then you’ll be uninsured when you’re driving for business—which means you could face major fines or other penalties.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving uninsured is also a bad business decision. If you wreck an uninsured vehicle, you’ll need to replace it yourself, which cuts into your business’s bottom line. If a commercial vehicle is involved in a crash that injures others, the cost could soar even higher.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Commercial Vehicle Insurance Legally Required?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is mandatory for all your business’s vehicles. It’s one of the most crucial parts of business insurance and you should never drive for business without it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Commercial Vehicle Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can mix and match commercial vehicle insurance based on your vehicle and your business’s size and niche. Commonly, commercial vehicle insurance can include:</span></p>\n<figure data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/5bb38252-5625-4cb8-a29e-09edd1d2cc97/what-does-commercial-vehicle-insurance-cover.png\" data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" alt=\"What Does Commercial Vehicle Insurance Cover?\" /></span></figure>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\"><strong>Collision</strong><strong>: </strong>Covers costs related to a collision, like repairs to the vehicle.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>General liability</strong><strong>: </strong>Covers damage to property or injury to others involved in a collision with the business\'s vehicle. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Comprehensive</strong><strong>: </strong>Covers damage not related to a collision like fires, vandalism or fallen objects like trees.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Loss</strong><strong>: </strong>Covers costs if the vehicle is stolen.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Owned vehicles:</strong> Covers all aspects of vehicles owned under a business\'s name.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Non-owned vehicles: </strong>Covers vehicles not owned by the business but driven by its employees, like a salesperson\'s personal car.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Hired car: </strong>Covers any vehicles that are rented by a business.</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is highly customizable. If you have a unique vehicle or other special considerations, an insurance agent can help craft a commercial vehicle insurance policy that’s specific to your business’s needs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Vehicle Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Broadly, the cost of commercial vehicle insurance depends on the type of vehicle, who’s driving it, and whether you’ll be carrying any passengers. More specifically, these factors can all drive up the cost:</span></p>\n<figure data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/96bdf04f-ef6b-400a-9774-090cf5f594c6/commercial-vehicle-insurance-cost-factors.png\" data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" alt=\"How Much Does Commercial Vehicle Insurance Cost?\" /></span></figure>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial vehicle insurance varies widely. Expect it to cost at least $1,000 per vehicle annually, with specialty vehicles costing at least tens of thousands per year to insure.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><span style=\"color: #cc6206;\"><a href=\"https://www.trustedchoice.com/commercial-vehicle-insurance/\" style=\"color: #cc6206;\">click here</a></span><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why You Need Commercial Auto Insurance','','publish','closed','closed','','why-you-need-commercial-auto-insurance','','','2021-04-14 01:11:13','2021-04-14 01:11:13','',0,'http://smartinsurance.tips/?page_id=1326',0,'page','',0),(1327,1,'2021-04-12 22:51:48','2021-04-12 22:51:48','<!-- wp:divi/placeholder /-->','Why You Need Commercial Auto Insurance','','inherit','closed','closed','','1326-revision-v1','','','2021-04-12 22:51:48','2021-04-12 22:51:48','',1326,'http://smartinsurance.tips/1326-revision-v1/',0,'revision','',0),(1337,1,'2021-04-12 23:00:28','2021-04-12 23:00:28','','BOP','','inherit','open','closed','','bop','','','2021-04-12 23:00:28','2021-04-12 23:00:28','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/BOP.jpg',0,'attachment','image/jpeg',0),(1344,1,'2021-04-12 23:21:20','2021-04-12 23:21:20','','Property insurance','','inherit','open','closed','','property-insurance','','','2021-04-12 23:21:20','2021-04-12 23:21:20','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Property-insurance.jpg',0,'attachment','image/jpeg',0),(1329,1,'2021-04-12 22:53:45','2021-04-12 22:53:45','','Auto insurance','','inherit','open','closed','','auto-insurance','','','2021-04-12 22:53:45','2021-04-12 22:53:45','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Auto-insurance.jpg',0,'attachment','image/jpeg',0),(1322,1,'2021-04-12 22:40:06','2021-04-12 22:40:06','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>The Ultimate Guide to Directors and Officers Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Directors-and-officers-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1321 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<h3 class=\"h5 text-muted font-weight-normal\" style=\"text-align: left;\"><span style=\"font-size: small; color: #0a0a0a;\">Directors and officers insurance turbocharges your business and nonprofit insurance. Here\'s how it works.</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s got a mysterious name and an even more mysterious purpose: What makes directors and officers so special that they need their own insurance? (You might feel extra-confused when you hear its even-more-mysterious nickname, D&amp;O insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The truth is that directors and officers insurance is a critically important tool to keep your business or nonprofit solvent and thriving. It shields your organization from legal trouble and helps your leadership make smart, innovative decisions. </span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance covers legal fees and damages in case there’s a lawsuit against an organization’s board members, officers or other leadership. It’s purchased by an organization on behalf of those leaders, and kicks in whenever one or more of them is named in a suit. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The insurance company pays for legal representation and damages up to the insurance policy’s cap (usually in the millions range, like $5 million or $10 million).</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Examples of groups that might sue include stockholders angry at plummeting prices, employees who feel their benefits were mismanaged, or victims of a sexual harasser who sat on your board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Many insurance companies that offer directors and officers insurance provide other legal services to their customers, including free or reduced-cost legal advice that’s designed to help avoid D&amp;O claims before they happen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance helps you fulfill indemnification clauses. These are agreements that an organization will pay for any legal fees and damages incurred by a board member or high-level employee in the course of their job, and it’s usually part of a contract signed before movers and shakers come on board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To fulfill this clause, a D&amp;O insurance policy can be paid directly to the people dealing with the legal challenge, or it can be paid out to the organization, which in turn pays for the legal costs of its board members and employees.</span></p>\n<p style=\"text-align: left;\"></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In the past few years, these were the top reasons companies had to use their D&amp;O insurance:</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Noncompliance with laws and regulations (34%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Negligence (21%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Maladministration or lack of controls (7%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Breach of trust or fiduciary duty (6%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Inadequate or inaccurate disclosure (2%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Other (30%)</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Only a third of cases where directors and officers were sued had to do with laws and regulations. Illegal or shady deeds might be the first thing you think of when it comes to lawsuits against CEOs, but it’s definitely not the only reason this type of insurance comes in handy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If directors or officers mismanage employee benefits like <a data-item-id=\"d02305cc-0803-535f-a8f1-94758d3fcedf\" href=\"https://www.trustedchoice.com/small-business-insurance/coverage-types/group-health-coverage/\" style=\"color: #0a0a0a;\">health insurance</a> or 401(k) plans, that can be a cause for a D&amp;O insurance claim. This scenario may also be covered under a related type of insurance often sold alongside D&amp;O insurance, called <a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>fiduciary insurance</strong></a><strong>. </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This type of insurance covers legal fees and damages when a company fails in its financial responsibilities to employees, stockholders or other stakeholders.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance can be used to protect a company from the financial cost of a secret villain in its upper ranks—one who goes on a racist or sexist rant and does major damage to the company’s reputation, for example. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">But it’s just as easily used to safeguard against more ordinary kinds of mistakes. Even a small misstep by a CEO or board member, like a cranky off-the-cuff remark to a reporter, can cause major headaches. D&amp;O insurance is there to cover the legal fallout.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">D&amp;O insurance can be purchased for both nonprofits and for-profit businesses. Even churches and other religious organizations might choose to buy this insurance.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You should consider getting directors and officers insurance as soon as your nonprofit or business develops a leadership structure, especially one that includes a board of directors. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even the tiniest nonprofits often have a board of directors right away, so it’s helpful for them to look into D&amp;O insurance early, even if they wait until they have a steady stream of donations to buy it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Businesses, on the other hand, may wait many years before buying D&amp;O insurance. If you run a small local business with a handful of employees, directors and officers insurance is probably an unnecessary expense. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">(It’s definitely an unnecessary expense for sole proprietorships!) It becomes a lot more important once you have more than a layer or two of management.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance is most crucial for mid-size businesses. As they take on new business and contracts and expand into new markets, leadership needs to make bigger and riskier decisions, exposing them to bigger and riskier, er, risks. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">These companies don’t have the deep pockets of larger corporations to patch things up if things go south, so D&amp;O insurance can be the deciding factor between solvency and bankruptcy in a crisis.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re thinking about joining the board of an organization, whether it’s nonprofit or for-profit, you should ask to be covered by directors and officers insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Otherwise that liability is on you or the organization, which might not have enough money to cover your costs in a worst-case scenario lawsuit. That could cost you millions of dollars, personally. Ouch.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Directors and Officers Insurance Important?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance doesn’t just protect the individual people listed in the policy. It protects the whole organization by ensuring that it won’t have to pay out a big indemnification clause settlement that could lead to bankruptcy. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It also preserves business relationships between the directors, officers and everybody else.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you knew that any decision you made could cost you gobs of money if it went wrong—to the tune of millions of dollars—you’d probably be extremely cautious in your decision-making, right? Maybe you’d hesitate to make any decisions at all. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">That’s what can happen without directors and officers insurance, and it’s not good for business. Some amount of risk is necessary for growth, and D&amp;O insurance allows decision-makers to take that risk safely, without worrying about bankrupting the organization they work for.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Purchasing directors and officers insurance can also be required by the board, upper management or investors, meaning you’ll need to get it whether you want it or not.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Directors and Officers Insurance Cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Smaller businesses and nonprofits looking to buy directors and officers insurance can expect to pay in the low thousands of dollars each year, usually starting around $2,000. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">At the other extreme, mega-corporations like Disney and Walmart might pay more for their directors and officers insurance each year than mid-size companies earn in revenue. Most organizations can expect to pay in the upper thousands or tens of thousands each year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The biggest factor in the cost of directors and officers insurance is the size of the organization. This includes the number of employees, stockholders and other stakeholders, as well as the amount of revenue it handles each year. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Operating in a field where there’s a lot of extra legal and financial risk, like the financial sector or an oil and energy company, can also make this insurance more expensive.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Save Money on Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The best way to save money on this type of insurance is to keep everyone’s noses squeaky-clean. You should have crystal clear guidelines for board and C-suite level behavior, including procedures for how to remove someone who’s become a loose cannon. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do business as transparently as possible and avoid the kind of secretive dealings that make embarrassing gaffes or mistakes more likely.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It might seem a little wishy-washy, but that’s truly the best way to get directors and officers insurance discounts. Other factors that influence the cost of D&amp;O insurance—like your company’s size and industry—aren’t easily changeable. (It would be pretty silly to limit the growth of your organization just to save on insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Another way to get a discount is by bundling your D&amp;O insurance with other types of business or nonprofit insurance. Insurance companies want your business, so to motivate you to buy as many different types of insurance with them as possible, they’ll usually cut you a discount.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Get Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re already working with an independent <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">insurance agent</a> for your nonprofit or <a data-item-id=\"399ee22f-27cb-5286-89d8-c97dfc9c865b\" href=\"https://www.trustedchoice.com/small-business-insurance/\" style=\"color: #0a0a0a;\">business insurance</a>, then shopping for directors and officers insurance is easy: Just ask your agent to start looking for quotes. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Ask if you can bundle your D&amp;O insurance in with your existing business insurance, since many insurance companies offer both for a discount.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re not working with an expert independent insurance agent yet, here are a few good reasons to go indie:</span></p>\n<div>\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent agents work for you, not the insurance companies. They’ll round up quotes from multiple companies and help you shop for the coverage you want at the price you want.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent agents are experts and specialists. They know their niche inside and out and can help advise you about the insurance choices similar organizations have made.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">They do the hard parts for you. You fill out an application and answer a few questions, they do all the math and shopping. That way you can focus on what’s important: running your organization.</span></li>\n</ul>\n</div>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/directors-and-officers-insurance/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The Ultimate Guide to Directors and Officers Insurance','','inherit','closed','closed','','1318-revision-v1','','','2021-04-12 22:40:06','2021-04-12 22:40:06','',1318,'http://smartinsurance.tips/1318-revision-v1/',0,'revision','',0),(1396,1,'2021-04-13 17:34:41','2021-04-13 17:34:41','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>The Ultimate Guide to Directors and Officers Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" custom_padding=\"||1px|||\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Directors-and-officers-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1321 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<h3 class=\"h5 text-muted font-weight-normal\" style=\"text-align: left;\"><span style=\"font-size: small; color: #0a0a0a;\">Directors and officers insurance turbocharges your business and nonprofit insurance. Here\'s how it works.</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s got a mysterious name and an even more mysterious purpose: What makes directors and officers so special that they need their own insurance? (You might feel extra-confused when you hear its even-more-mysterious nickname, D&amp;O insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The truth is that directors and officers insurance is a critically important tool to keep your business or nonprofit solvent and thriving. It shields your organization from legal trouble and helps your leadership make smart, innovative decisions. </span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance covers legal fees and damages in case there’s a lawsuit against an organization’s board members, officers or other leadership. It’s purchased by an organization on behalf of those leaders, and kicks in whenever one or more of them is named in a suit. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The insurance company pays for legal representation and damages up to the insurance policy’s cap (usually in the millions range, like $5 million or $10 million).</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Examples of groups that might sue include stockholders angry at plummeting prices, employees who feel their benefits were mismanaged, or victims of a sexual harasser who sat on your board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Many insurance companies that offer directors and officers insurance provide other legal services to their customers, including free or reduced-cost legal advice that’s designed to help avoid D&amp;O claims before they happen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance helps you fulfill indemnification clauses. These are agreements that an organization will pay for any legal fees and damages incurred by a board member or high-level employee in the course of their job, and it’s usually part of a contract signed before movers and shakers come on board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To fulfill this clause, a D&amp;O insurance policy can be paid directly to the people dealing with the legal challenge, or it can be paid out to the organization, which in turn pays for the legal costs of its board members and employees.</span></p>\n<p style=\"text-align: left;\"></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In the past few years, these were the top reasons companies had to use their D&amp;O insurance:</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Noncompliance with laws and regulations (34%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Negligence (21%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Maladministration or lack of controls (7%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Breach of trust or fiduciary duty (6%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Inadequate or inaccurate disclosure (2%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Other (30%)</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Only a third of cases where directors and officers were sued had to do with laws and regulations. Illegal or shady deeds might be the first thing you think of when it comes to lawsuits against CEOs, but it’s definitely not the only reason this type of insurance comes in handy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If directors or officers mismanage employee benefits like health insurance or 401(k) plans, that can be a cause for a D&amp;O insurance claim. This scenario may also be covered under a related type of insurance often sold alongside D&amp;O insurance, called <strong>fiduciary insurance</strong><strong>. </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This type of insurance covers legal fees and damages when a company fails in its financial responsibilities to employees, stockholders or other stakeholders.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance can be used to protect a company from the financial cost of a secret villain in its upper ranks—one who goes on a racist or sexist rant and does major damage to the company’s reputation, for example. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">But it’s just as easily used to safeguard against more ordinary kinds of mistakes. Even a small misstep by a CEO or board member, like a cranky off-the-cuff remark to a reporter, can cause major headaches. D&amp;O insurance is there to cover the legal fallout.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">D&amp;O insurance can be purchased for both nonprofits and for-profit businesses. Even churches and other religious organizations might choose to buy this insurance.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You should consider getting directors and officers insurance as soon as your nonprofit or business develops a leadership structure, especially one that includes a board of directors. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even the tiniest nonprofits often have a board of directors right away, so it’s helpful for them to look into D&amp;O insurance early, even if they wait until they have a steady stream of donations to buy it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Businesses, on the other hand, may wait many years before buying D&amp;O insurance. If you run a small local business with a handful of employees, directors and officers insurance is probably an unnecessary expense. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">(It’s definitely an unnecessary expense for sole proprietorships!) It becomes a lot more important once you have more than a layer or two of management.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance is most crucial for mid-size businesses. As they take on new business and contracts and expand into new markets, leadership needs to make bigger and riskier decisions, exposing them to bigger and riskier, er, risks. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">These companies don’t have the deep pockets of larger corporations to patch things up if things go south, so D&amp;O insurance can be the deciding factor between solvency and bankruptcy in a crisis.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re thinking about joining the board of an organization, whether it’s nonprofit or for-profit, you should ask to be covered by directors and officers insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Otherwise that liability is on you or the organization, which might not have enough money to cover your costs in a worst-case scenario lawsuit. That could cost you millions of dollars, personally. Ouch.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Directors and Officers Insurance Important?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance doesn’t just protect the individual people listed in the policy. It protects the whole organization by ensuring that it won’t have to pay out a big indemnification clause settlement that could lead to bankruptcy. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It also preserves business relationships between the directors, officers and everybody else.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you knew that any decision you made could cost you gobs of money if it went wrong—to the tune of millions of dollars—you’d probably be extremely cautious in your decision-making, right? Maybe you’d hesitate to make any decisions at all. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">That’s what can happen without directors and officers insurance, and it’s not good for business. Some amount of risk is necessary for growth, and D&amp;O insurance allows decision-makers to take that risk safely, without worrying about bankrupting the organization they work for.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Purchasing directors and officers insurance can also be required by the board, upper management or investors, meaning you’ll need to get it whether you want it or not.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Directors and Officers Insurance Cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Smaller businesses and nonprofits looking to buy directors and officers insurance can expect to pay in the low thousands of dollars each year, usually starting around $2,000. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">At the other extreme, mega-corporations like Disney and Walmart might pay more for their directors and officers insurance each year than mid-size companies earn in revenue. Most organizations can expect to pay in the upper thousands or tens of thousands each year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The biggest factor in the cost of directors and officers insurance is the size of the organization. This includes the number of employees, stockholders and other stakeholders, as well as the amount of revenue it handles each year. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Operating in a field where there’s a lot of extra legal and financial risk, like the financial sector or an oil and energy company, can also make this insurance more expensive.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Save Money on Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The best way to save money on this type of insurance is to keep everyone’s noses squeaky-clean. You should have crystal clear guidelines for board and C-suite level behavior, including procedures for how to remove someone who’s become a loose cannon. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do business as transparently as possible and avoid the kind of secretive dealings that make embarrassing gaffes or mistakes more likely.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It might seem a little wishy-washy, but that’s truly the best way to get directors and officers insurance discounts. Other factors that influence the cost of D&amp;O insurance—like your company’s size and industry—aren’t easily changeable. (It would be pretty silly to limit the growth of your organization just to save on insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Another way to get a discount is by bundling your D&amp;O insurance with other types of business or nonprofit insurance. Insurance companies want your business, so to motivate you to buy as many different types of insurance with them as possible, they’ll usually cut you a discount.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Get Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re already working with an insurance agent for your nonprofit or business insurance, then shopping for directors and officers insurance is easy: Just ask your agent to start looking for quotes. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Ask if you can bundle your D&amp;O insurance in with your existing business insurance, since many insurance companies offer both for a discount.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re not working with an expert yet, here are a few good reasons to go indie:</span></p>\n<div>\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Agents work for you, not the insurance companies. They’ll round up quotes from multiple companies and help you shop for the coverage you want at the price you want.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Agents are experts and specialists. They know their niche inside and out and can help advise you about the insurance choices similar organizations have made.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">They do the hard parts for you. You fill out an application and answer a few questions, they do all the math and shopping. That way you can focus on what’s important: running your organization.</span></li>\n</ul>\n</div>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/directors-and-officers-insurance/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The Ultimate Guide to Directors and Officers Insurance','','inherit','closed','closed','','1318-revision-v1','','','2021-04-13 17:34:41','2021-04-13 17:34:41','',1318,'http://smartinsurance.tips/1318-revision-v1/',0,'revision','',0),(1324,1,'2021-04-12 22:50:50','2021-04-12 22:50:50','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>The Ultimate Guide to Directors and Officers Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\" custom_padding=\"||1px|||\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Directors-and-officers-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1321 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<h3 class=\"h5 text-muted font-weight-normal\" style=\"text-align: left;\"><span style=\"font-size: small; color: #0a0a0a;\">Directors and officers insurance turbocharges your business and nonprofit insurance. Here\'s how it works.</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s got a mysterious name and an even more mysterious purpose: What makes directors and officers so special that they need their own insurance? (You might feel extra-confused when you hear its even-more-mysterious nickname, D&amp;O insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The truth is that directors and officers insurance is a critically important tool to keep your business or nonprofit solvent and thriving. It shields your organization from legal trouble and helps your leadership make smart, innovative decisions. </span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance covers legal fees and damages in case there’s a lawsuit against an organization’s board members, officers or other leadership. It’s purchased by an organization on behalf of those leaders, and kicks in whenever one or more of them is named in a suit. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The insurance company pays for legal representation and damages up to the insurance policy’s cap (usually in the millions range, like $5 million or $10 million).</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Examples of groups that might sue include stockholders angry at plummeting prices, employees who feel their benefits were mismanaged, or victims of a sexual harasser who sat on your board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Many insurance companies that offer directors and officers insurance provide other legal services to their customers, including free or reduced-cost legal advice that’s designed to help avoid D&amp;O claims before they happen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance helps you fulfill indemnification clauses. These are agreements that an organization will pay for any legal fees and damages incurred by a board member or high-level employee in the course of their job, and it’s usually part of a contract signed before movers and shakers come on board.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">To fulfill this clause, a D&amp;O insurance policy can be paid directly to the people dealing with the legal challenge, or it can be paid out to the organization, which in turn pays for the legal costs of its board members and employees.</span></p>\n<p style=\"text-align: left;\"></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In the past few years, these were the top reasons companies had to use their D&amp;O insurance:</span></h3>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Noncompliance with laws and regulations (34%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Negligence (21%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Maladministration or lack of controls (7%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Breach of trust or fiduciary duty (6%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Inadequate or inaccurate disclosure (2%)</span></li>\n<li><span style=\"color: #0a0a0a;\">Other (30%)</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Only a third of cases where directors and officers were sued had to do with laws and regulations. Illegal or shady deeds might be the first thing you think of when it comes to lawsuits against CEOs, but it’s definitely not the only reason this type of insurance comes in handy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If directors or officers mismanage employee benefits like <a data-item-id=\"d02305cc-0803-535f-a8f1-94758d3fcedf\" href=\"https://www.trustedchoice.com/small-business-insurance/coverage-types/group-health-coverage/\" style=\"color: #0a0a0a;\">health insurance</a> or 401(k) plans, that can be a cause for a D&amp;O insurance claim. This scenario may also be covered under a related type of insurance often sold alongside D&amp;O insurance, called <a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>fiduciary insurance</strong></a><strong>. </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This type of insurance covers legal fees and damages when a company fails in its financial responsibilities to employees, stockholders or other stakeholders.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance can be used to protect a company from the financial cost of a secret villain in its upper ranks—one who goes on a racist or sexist rant and does major damage to the company’s reputation, for example. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">But it’s just as easily used to safeguard against more ordinary kinds of mistakes. Even a small misstep by a CEO or board member, like a cranky off-the-cuff remark to a reporter, can cause major headaches. D&amp;O insurance is there to cover the legal fallout.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">D&amp;O insurance can be purchased for both nonprofits and for-profit businesses. Even churches and other religious organizations might choose to buy this insurance.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Directors and Officers Insurance?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You should consider getting directors and officers insurance as soon as your nonprofit or business develops a leadership structure, especially one that includes a board of directors. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even the tiniest nonprofits often have a board of directors right away, so it’s helpful for them to look into D&amp;O insurance early, even if they wait until they have a steady stream of donations to buy it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Businesses, on the other hand, may wait many years before buying D&amp;O insurance. If you run a small local business with a handful of employees, directors and officers insurance is probably an unnecessary expense. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">(It’s definitely an unnecessary expense for sole proprietorships!) It becomes a lot more important once you have more than a layer or two of management.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance is most crucial for mid-size businesses. As they take on new business and contracts and expand into new markets, leadership needs to make bigger and riskier decisions, exposing them to bigger and riskier, er, risks. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">These companies don’t have the deep pockets of larger corporations to patch things up if things go south, so D&amp;O insurance can be the deciding factor between solvency and bankruptcy in a crisis.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re thinking about joining the board of an organization, whether it’s nonprofit or for-profit, you should ask to be covered by directors and officers insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Otherwise that liability is on you or the organization, which might not have enough money to cover your costs in a worst-case scenario lawsuit. That could cost you millions of dollars, personally. Ouch.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Directors and Officers Insurance Important?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Directors and officers insurance doesn’t just protect the individual people listed in the policy. It protects the whole organization by ensuring that it won’t have to pay out a big indemnification clause settlement that could lead to bankruptcy. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It also preserves business relationships between the directors, officers and everybody else.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you knew that any decision you made could cost you gobs of money if it went wrong—to the tune of millions of dollars—you’d probably be extremely cautious in your decision-making, right? Maybe you’d hesitate to make any decisions at all. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">That’s what can happen without directors and officers insurance, and it’s not good for business. Some amount of risk is necessary for growth, and D&amp;O insurance allows decision-makers to take that risk safely, without worrying about bankrupting the organization they work for.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Purchasing directors and officers insurance can also be required by the board, upper management or investors, meaning you’ll need to get it whether you want it or not.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Directors and Officers Insurance Cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Smaller businesses and nonprofits looking to buy directors and officers insurance can expect to pay in the low thousands of dollars each year, usually starting around $2,000. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">At the other extreme, mega-corporations like Disney and Walmart might pay more for their directors and officers insurance each year than mid-size companies earn in revenue. Most organizations can expect to pay in the upper thousands or tens of thousands each year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The biggest factor in the cost of directors and officers insurance is the size of the organization. This includes the number of employees, stockholders and other stakeholders, as well as the amount of revenue it handles each year. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Operating in a field where there’s a lot of extra legal and financial risk, like the financial sector or an oil and energy company, can also make this insurance more expensive.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Save Money on Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The best way to save money on this type of insurance is to keep everyone’s noses squeaky-clean. You should have crystal clear guidelines for board and C-suite level behavior, including procedures for how to remove someone who’s become a loose cannon. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Do business as transparently as possible and avoid the kind of secretive dealings that make embarrassing gaffes or mistakes more likely.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It might seem a little wishy-washy, but that’s truly the best way to get directors and officers insurance discounts. Other factors that influence the cost of D&amp;O insurance—like your company’s size and industry—aren’t easily changeable. (It would be pretty silly to limit the growth of your organization just to save on insurance.)</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Another way to get a discount is by bundling your D&amp;O insurance with other types of business or nonprofit insurance. Insurance companies want your business, so to motivate you to buy as many different types of insurance with them as possible, they’ll usually cut you a discount.</span></p>\n<p style=\"text-align: left;\"></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How To Get Directors and Officers Insurance</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re already working with an independent <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">insurance agent</a> for your nonprofit or <a data-item-id=\"399ee22f-27cb-5286-89d8-c97dfc9c865b\" href=\"https://www.trustedchoice.com/small-business-insurance/\" style=\"color: #0a0a0a;\">business insurance</a>, then shopping for directors and officers insurance is easy: Just ask your agent to start looking for quotes. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Ask if you can bundle your D&amp;O insurance in with your existing business insurance, since many insurance companies offer both for a discount.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re not working with an expert independent insurance agent yet, here are a few good reasons to go indie:</span></p>\n<div>\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent agents work for you, not the insurance companies. They’ll round up quotes from multiple companies and help you shop for the coverage you want at the price you want.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent agents are experts and specialists. They know their niche inside and out and can help advise you about the insurance choices similar organizations have made.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">They do the hard parts for you. You fill out an application and answer a few questions, they do all the math and shopping. That way you can focus on what’s important: running your organization.</span></li>\n</ul>\n</div>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/directors-and-officers-insurance/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','The Ultimate Guide to Directors and Officers Insurance','','inherit','closed','closed','','1318-revision-v1','','','2021-04-12 22:50:50','2021-04-12 22:50:50','',1318,'http://smartinsurance.tips/1318-revision-v1/',0,'revision','',0),(1330,1,'2021-04-12 22:57:17','2021-04-12 22:57:17','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why You Need Commercial Auto Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Auto-insurance-1024x372.jpg\" width=\"1024\" height=\"372\" alt=\"\" class=\"wp-image-1329 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Just as every personal vehicle is legally required to have <a data-item-id=\"ca3be4e0-5172-5966-93b5-61d145b79a3b\" href=\"https://www.trustedchoice.com/car-insurance/\" style=\"color: #0a0a0a;\">car insurance</a>, vehicles driven for business need to be insured, too. If you’re a small business owner, your personal car insurance may not cover you when you’re driving for work, and it definitely won’t cover a <a data-item-id=\"42113cda-9f37-45cd-985a-eab7939a8f38\" href=\"https://www.trustedchoice.com/n/72/food-truck-insurance/\" style=\"color: #0a0a0a;\">food truck</a> or other special vehicle.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance covers a business’s vehicles, whether that’s a specialty vehicle like a catering truck or a regular car used for business. It’s also called commercial auto insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It steps in where regular auto insurance steps back: Most car insurance companies specifically exclude business use from their coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re a small business owner who uses their personal vehicle regularly for business—such as a florist delivering flowers—then you probably need commercial vehicle insurance. If your business has dedicated company vehicles, then you definitely need it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you employ delivery drivers or couriers who use their own personal vehicles, then you’ll also need to buy commercial vehicle insurance for them, called non-owned vehicle coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is one of the most common components of business insurance because it’s so necessary. If driving is part of your business, then you need some kind of commercial vehicle insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Commercial Vehicle Insurance Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving without insurance is illegal. If your personal coverage excludes commercial driving, then you’ll be uninsured when you’re driving for business—which means you could face major fines or other penalties.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving uninsured is also a bad business decision. If you wreck an uninsured vehicle, you’ll need to replace it yourself, which cuts into your business’s bottom line. If a commercial vehicle is involved in a crash that injures others, the cost could soar even higher.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Commercial Vehicle Insurance Legally Required?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is mandatory for all your business’s vehicles. It’s one of the most crucial parts of business insurance and you should never drive for business without it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Commercial Vehicle Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can mix and match commercial vehicle insurance based on your vehicle and your business’s size and niche. Commonly, commercial vehicle insurance can include:</span></p>\n<figure data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/5bb38252-5625-4cb8-a29e-09edd1d2cc97/what-does-commercial-vehicle-insurance-cover.png\" data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" alt=\"What Does Commercial Vehicle Insurance Cover?\" /></span></figure>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"00928372-f7ca-5758-bd27-be8e432cd8f9\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/collision/\" style=\"color: #0a0a0a;\"><strong>Collision</strong></a><strong>: </strong>Covers costs related to a collision, like repairs to the vehicle.</span></li>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"f57b3792-f92c-5faa-bce7-1715958375a4\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/liability-only-car-insurance/\" style=\"color: #0a0a0a;\"><strong>General liability</strong></a><strong>: </strong>Covers damage to property or injury to others involved in a collision with the business\'s vehicle. </span></li>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"695c97fa-0da4-5cf5-942c-14328cd1bf99\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/comprehensive-coverage/\" style=\"color: #0a0a0a;\"><strong>Comprehensive</strong></a><strong>: </strong>Covers damage not related to a collision like fires, vandalism or fallen objects like trees.</span></li>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"d3a847d4-1b84-4023-a852-96c078f338fc\" href=\"https://www.trustedchoice.com/ask-an-insurance-agent/does-car-insurance-cover-item-theft/\" style=\"color: #0a0a0a;\"><strong>Loss</strong></a><strong>: </strong>Covers costs if the vehicle is stolen.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Owned vehicles:</strong> Covers all aspects of vehicles owned under a business\'s name.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Non-owned vehicles: </strong>Covers vehicles not owned by the business but driven by its employees, like a salesperson\'s personal car.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Hired car: </strong>Covers any vehicles that are rented by a business.</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is highly customizable. If you have a unique vehicle or other special considerations, an independent insurance agent can help craft a commercial vehicle insurance policy that’s specific to your business’s needs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Vehicle Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Broadly, the <a data-item-id=\"12e63e84-9556-5b70-9f69-0615d17c7494\" href=\"https://www.trustedchoice.com/commercial-vehicle-insurance/compare-coverage/rate-cost/\" style=\"color: #0a0a0a;\">cost of commercial vehicle insurance</a> depends on the type of vehicle, who’s driving it, and whether you’ll be carrying any passengers. More specifically, these factors can all drive up the cost:</span></p>\n<figure data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/96bdf04f-ef6b-400a-9774-090cf5f594c6/commercial-vehicle-insurance-cost-factors.png\" data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" alt=\"How Much Does Commercial Vehicle Insurance Cost?\" /></span></figure>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial vehicle insurance varies widely. Expect it to cost at least $1,000 per vehicle annually, with specialty vehicles costing at least tens of thousands per year to insure.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Independent Insurance Agents?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance is sold two ways: through captive and independent <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">insurance agents</a>. Captive agents are bound to one company only. Independent agents can shop between as many companies as they want, so they can find you the real best deal for you—not just the best deal one company offers.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent insurance agents are small business owners just like you. They know the insurance market inside and out and can help you find coverage designed for your business’s needs. As your business grows, they’ll help your insurance grow with it. Independent insurance agents and small business: a match made in heaven.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><span style=\"color: #cc6d1a;\"><a href=\"https://smallbiztrends.com/2020/09/10-tiny-pivots-to-make-your-small-business-more-effective.html\" style=\"color: #cc6d1a;\">click here</a></span><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why You Need Commercial Auto Insurance','','inherit','closed','closed','','1326-revision-v1','','','2021-04-12 22:57:17','2021-04-12 22:57:17','',1326,'http://smartinsurance.tips/1326-revision-v1/',0,'revision','',0),(1399,1,'2021-04-13 17:38:10','2021-04-13 17:38:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why You Need Commercial Auto Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Auto-insurance-1024x372.jpg\" width=\"1024\" height=\"372\" alt=\"\" class=\"wp-image-1329 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Just as every personal vehicle is legally required to have car insurance, vehicles driven for business need to be insured, too. If you’re a small business owner, your personal car insurance may not cover you when you’re driving for work, and it definitely won’t cover a food truck or other special vehicle.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance covers a business’s vehicles, whether that’s a specialty vehicle like a catering truck or a regular car used for business. It’s also called commercial auto insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It steps in where regular auto insurance steps back: Most car insurance companies specifically exclude business use from their coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re a small business owner who uses their personal vehicle regularly for business—such as a florist delivering flowers—then you probably need commercial vehicle insurance. If your business has dedicated company vehicles, then you definitely need it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you employ delivery drivers or couriers who use their own personal vehicles, then you’ll also need to buy commercial vehicle insurance for them, called non-owned vehicle coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is one of the most common components of business insurance because it’s so necessary. If driving is part of your business, then you need some kind of commercial vehicle insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Commercial Vehicle Insurance Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving without insurance is illegal. If your personal coverage excludes commercial driving, then you’ll be uninsured when you’re driving for business—which means you could face major fines or other penalties.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving uninsured is also a bad business decision. If you wreck an uninsured vehicle, you’ll need to replace it yourself, which cuts into your business’s bottom line. If a commercial vehicle is involved in a crash that injures others, the cost could soar even higher.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Commercial Vehicle Insurance Legally Required?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is mandatory for all your business’s vehicles. It’s one of the most crucial parts of business insurance and you should never drive for business without it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Commercial Vehicle Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can mix and match commercial vehicle insurance based on your vehicle and your business’s size and niche. Commonly, commercial vehicle insurance can include:</span></p>\n<figure data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/5bb38252-5625-4cb8-a29e-09edd1d2cc97/what-does-commercial-vehicle-insurance-cover.png\" data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" alt=\"What Does Commercial Vehicle Insurance Cover?\" /></span></figure>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\"><strong>Collision</strong><strong>: </strong>Covers costs related to a collision, like repairs to the vehicle.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>General liability</strong><strong>: </strong>Covers damage to property or injury to others involved in a collision with the business\'s vehicle. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Comprehensive</strong><strong>: </strong>Covers damage not related to a collision like fires, vandalism or fallen objects like trees.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Loss</strong><strong>: </strong>Covers costs if the vehicle is stolen.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Owned vehicles:</strong> Covers all aspects of vehicles owned under a business\'s name.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Non-owned vehicles: </strong>Covers vehicles not owned by the business but driven by its employees, like a salesperson\'s personal car.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Hired car: </strong>Covers any vehicles that are rented by a business.</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is highly customizable. If you have a unique vehicle or other special considerations, an insurance agent can help craft a commercial vehicle insurance policy that’s specific to your business’s needs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Vehicle Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Broadly, the cost of commercial vehicle insurance depends on the type of vehicle, who’s driving it, and whether you’ll be carrying any passengers. More specifically, these factors can all drive up the cost:</span></p>\n<figure data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/96bdf04f-ef6b-400a-9774-090cf5f594c6/commercial-vehicle-insurance-cost-factors.png\" data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" alt=\"How Much Does Commercial Vehicle Insurance Cost?\" /></span></figure>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial vehicle insurance varies widely. Expect it to cost at least $1,000 per vehicle annually, with specialty vehicles costing at least tens of thousands per year to insure.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><span style=\"color: #cc6206;\"><a href=\"https://www.google.com/url?q=https://www.trustedchoice.com/commercial-vehicle-insurance/&amp;sa=D&amp;source=editors&amp;ust=1618271488347000&amp;usg=AFQjCNGphRIryzC4JXTtKt8emIYCHuwuUA\" style=\"color: #cc6206;\">click here</a></span><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why You Need Commercial Auto Insurance','','inherit','closed','closed','','1326-revision-v1','','','2021-04-13 17:38:10','2021-04-13 17:38:10','',1326,'http://smartinsurance.tips/1326-revision-v1/',0,'revision','',0),(1332,1,'2021-04-12 22:58:26','2021-04-12 22:58:26','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Why You Need Commercial Auto Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Auto-insurance-1024x372.jpg\" width=\"1024\" height=\"372\" alt=\"\" class=\"wp-image-1329 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Just as every personal vehicle is legally required to have <a data-item-id=\"ca3be4e0-5172-5966-93b5-61d145b79a3b\" href=\"https://www.trustedchoice.com/car-insurance/\" style=\"color: #0a0a0a;\">car insurance</a>, vehicles driven for business need to be insured, too. If you’re a small business owner, your personal car insurance may not cover you when you’re driving for work, and it definitely won’t cover a <a data-item-id=\"42113cda-9f37-45cd-985a-eab7939a8f38\" href=\"https://www.trustedchoice.com/n/72/food-truck-insurance/\" style=\"color: #0a0a0a;\">food truck</a> or other special vehicle.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance covers a business’s vehicles, whether that’s a specialty vehicle like a catering truck or a regular car used for business. It’s also called commercial auto insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It steps in where regular auto insurance steps back: Most car insurance companies specifically exclude business use from their coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Needs Commercial Vehicle Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re a small business owner who uses their personal vehicle regularly for business—such as a florist delivering flowers—then you probably need commercial vehicle insurance. If your business has dedicated company vehicles, then you definitely need it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you employ delivery drivers or couriers who use their own personal vehicles, then you’ll also need to buy commercial vehicle insurance for them, called non-owned vehicle coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is one of the most common components of business insurance because it’s so necessary. If driving is part of your business, then you need some kind of commercial vehicle insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Is Commercial Vehicle Insurance Important?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving without insurance is illegal. If your personal coverage excludes commercial driving, then you’ll be uninsured when you’re driving for business—which means you could face major fines or other penalties.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Driving uninsured is also a bad business decision. If you wreck an uninsured vehicle, you’ll need to replace it yourself, which cuts into your business’s bottom line. If a commercial vehicle is involved in a crash that injures others, the cost could soar even higher.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Commercial Vehicle Insurance Legally Required?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is mandatory for all your business’s vehicles. It’s one of the most crucial parts of business insurance and you should never drive for business without it.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Commercial Vehicle Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You can mix and match commercial vehicle insurance based on your vehicle and your business’s size and niche. Commonly, commercial vehicle insurance can include:</span></p>\n<figure data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/5bb38252-5625-4cb8-a29e-09edd1d2cc97/what-does-commercial-vehicle-insurance-cover.png\" data-asset-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" data-image-id=\"efe7920c-311b-4317-97af-0bb0d9b589c9\" alt=\"What Does Commercial Vehicle Insurance Cover?\" /></span></figure>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"00928372-f7ca-5758-bd27-be8e432cd8f9\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/collision/\" style=\"color: #0a0a0a;\"><strong>Collision</strong></a><strong>: </strong>Covers costs related to a collision, like repairs to the vehicle.</span></li>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"f57b3792-f92c-5faa-bce7-1715958375a4\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/liability-only-car-insurance/\" style=\"color: #0a0a0a;\"><strong>General liability</strong></a><strong>: </strong>Covers damage to property or injury to others involved in a collision with the business\'s vehicle. </span></li>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"695c97fa-0da4-5cf5-942c-14328cd1bf99\" href=\"https://www.trustedchoice.com/car-insurance/auto-coverage-types/comprehensive-coverage/\" style=\"color: #0a0a0a;\"><strong>Comprehensive</strong></a><strong>: </strong>Covers damage not related to a collision like fires, vandalism or fallen objects like trees.</span></li>\n<li><span style=\"color: #0a0a0a;\"><a data-item-id=\"d3a847d4-1b84-4023-a852-96c078f338fc\" href=\"https://www.trustedchoice.com/ask-an-insurance-agent/does-car-insurance-cover-item-theft/\" style=\"color: #0a0a0a;\"><strong>Loss</strong></a><strong>: </strong>Covers costs if the vehicle is stolen.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Owned vehicles:</strong> Covers all aspects of vehicles owned under a business\'s name.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Non-owned vehicles: </strong>Covers vehicles not owned by the business but driven by its employees, like a salesperson\'s personal car.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Hired car: </strong>Covers any vehicles that are rented by a business.</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial vehicle insurance is highly customizable. If you have a unique vehicle or other special considerations, an independent insurance agent can help craft a commercial vehicle insurance policy that’s specific to your business’s needs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Vehicle Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Broadly, the <a data-item-id=\"12e63e84-9556-5b70-9f69-0615d17c7494\" href=\"https://www.trustedchoice.com/commercial-vehicle-insurance/compare-coverage/rate-cost/\" style=\"color: #0a0a0a;\">cost of commercial vehicle insurance</a> depends on the type of vehicle, who’s driving it, and whether you’ll be carrying any passengers. More specifically, these factors can all drive up the cost:</span></p>\n<figure data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/96bdf04f-ef6b-400a-9774-090cf5f594c6/commercial-vehicle-insurance-cost-factors.png\" data-asset-id=\"512b865d-6907-4206-8e99-3864de919057\" data-image-id=\"512b865d-6907-4206-8e99-3864de919057\" alt=\"How Much Does Commercial Vehicle Insurance Cost?\" /></span></figure>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial vehicle insurance varies widely. Expect it to cost at least $1,000 per vehicle annually, with specialty vehicles costing at least tens of thousands per year to insure.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Independent Insurance Agents?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance is sold two ways: through captive and independent <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">insurance agents</a>. Captive agents are bound to one company only. Independent agents can shop between as many companies as they want, so they can find you the real best deal for you—not just the best deal one company offers.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent insurance agents are small business owners just like you. They know the insurance market inside and out and can help you find coverage designed for your business’s needs. As your business grows, they’ll help your insurance grow with it. Independent insurance agents and small business: a match made in heaven.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><span style=\"color: #cc6206;\"><a href=\"https://www.google.com/url?q=https://www.trustedchoice.com/commercial-vehicle-insurance/&amp;sa=D&amp;source=editors&amp;ust=1618271488347000&amp;usg=AFQjCNGphRIryzC4JXTtKt8emIYCHuwuUA\" style=\"color: #cc6206;\">click here</a></span><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Why You Need Commercial Auto Insurance','','inherit','closed','closed','','1326-revision-v1','','','2021-04-12 22:58:26','2021-04-12 22:58:26','',1326,'http://smartinsurance.tips/1326-revision-v1/',0,'revision','',0),(1334,1,'2021-04-12 22:59:18','2021-04-12 22:59:18','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Finding the Best Business Owners Policy (BOP)</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/BOP-1024x373.jpg\" width=\"1024\" height=\"373\" alt=\"\" class=\"wp-image-1337 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you\'ve been scouring the internet for business insurance then you know there are a lot of options. But you\'re here because you need to find the best insurance option for you and somewhere along the lines you\'ve heard of a Business Owners Policy or BOP and are wondering what the deal is with this insurance option.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Owners Policy Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A Business Owners Policy is insurance that allows a business (that meet certain criteria) to combine coverage from multiple policies into one convenient package. BOPs are created for businesses that face similar risks and often appeal to small and medium-sized businesses. However, larger companies can purchase a commercial BOP package and customize it to fit their needs. These days, there’s a BOP for most mainstream businesses, from hair salons to hardware stores, which makes the process easier.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Every business needs insurance but policies can get pricey. Sometimes a BOP is less costly than individual policies which is why it\'s appealing. Furthermore, if there is damage to your property or the property of others, employee theft, mechanical difficulties, or an everyday accident at your business that causes a loss of income, a BOP can keep you from having to close your doors as a result of the expenses related to the events. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Terrible things can happen if you don’t have a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Financial ruin: Why risk paying out of pocket and possibly going bankrupt, when you could just pay for a BOP that is fairly inexpensive?</span></li>\n<li><span style=\"color: #0a0a0a;\">Lawsuits: Legal issues can not only be costly, but they can also be very time-consuming, so one accident has the potential to bring down your business.</span></li>\n<li><span style=\"color: #0a0a0a;\">Losing your stuff (or other people’s stuff): Recovering the costs of theft, damage to buildings or broken equipment could send your company into a downward spiral.</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span>What Does a Business Owners Policy Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your standard business needs a variety of liability and property insurance. Depending on your risks, you may have to purchase these policies individually or you may qualify for a BOP. BOPs provide most of this insurance coverage but under one package which makes it more affordable for businesses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Your coverage under a BOP can include:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Property: The building and its contents. </span></li>\n<li><span style=\"color: #0a0a0a;\">Property of others: In case your business provides a service on property like a repair shop.</span></li>\n<li><span style=\"color: #0a0a0a;\">Business interruption: Lost income and employee salaries while you rebuild after a disaster.</span></li>\n<li><span style=\"color: #0a0a0a;\">General liability: For any time that you might be sued.</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee dishonesty coverage: In case an employee steals from you.</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Other needs:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Mechanical/machinery difficulties.</span></li>\n<li><span style=\"color: #0a0a0a;\">Front store window replacement.</span></li>\n<li><span style=\"color: #0a0a0a;\">Hired and non-owned autos (i.e., you don’t own a company car but employees are still driving for the job).</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss of valuable papers. </span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span>What Is Not Covered In a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While the above coverage might be enough for your business, you may need additional coverages that are not covered by a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following is NOT covered under a BOP: </strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Professional liability</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Workers\' compensation</span></li>\n<li><span style=\"color: #0a0a0a;\">Health and disability insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood and sewer back-up</span></li>\n<li><span style=\"color: #0a0a0a;\">Cyberrisk insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Terrorism insurance</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For each of the above, you\'ll need separate insurance policies. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Types of Businesses Are Good for a BOP? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While a BOP is good for nearly any business, there are some businesses that have general lower risks and are well suited for a BOP. Insurance companies determine a business\'s level of risk based on any claim history and conditions such as safety and health concerns, the likelihood of theft, burglary, or damage from a natural disaster, and business that are in high-risk industries. The lower the risk of your company the less complicated insurance coverage you need. This makes it convenient to go with a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following businesses are good candidates for a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Restaurants</span></li>\n<li><span style=\"color: #0a0a0a;\">Retail stores</span></li>\n<li><span style=\"color: #0a0a0a;\">Salons</span></li>\n<li><span style=\"color: #0a0a0a;\">Professional services</span></li>\n<li><span style=\"color: #0a0a0a;\">Pet groomers</span></li>\n<li><span style=\"color: #0a0a0a;\">Veterinarians</span></li>\n<li><span style=\"color: #0a0a0a;\">Caterers</span></li>\n<li><span style=\"color: #0a0a0a;\">Coffeeshops</span></li>\n<li><span style=\"color: #0a0a0a;\">Deli</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto repair shops</span></li>\n<li><span style=\"color: #0a0a0a;\">Florists</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Should Not Purchase a BOP?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For companies in high-risk industries like agriculture, mining, construction, health care, gun shops and even computer stores, a BOP policy might not be the best fit. Companies that run high risks or are in unique industries require a specific insurance package and a certain amount of coverage. For these businesses, a BOP might not offer the coverage type or amount that your business needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A BOP is also not a good fit for a business that needs something that\'s not offered within the policy, such as professional liability insurance. Businesses that usually need professional liability insurance include fitness trainers, photographers, beauty technicians and anyone who runs the risk of being sued by a client for not producing an adequate enough product. Since professional liability is not offered with a BOP and cannot be added to a BOP it wouldn\'t be the best choice. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does a Business Owners Policy Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of a BOP depends on the coverage limits and a number of other factors like size, location, and materials used. So a hair salon in Milwaukee might only pay $200 a month, whereas a logging company on the north coast of California could pay $2,000 a month. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Basically, the safer and smaller the company, the cheaper the premium.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/bop-business-owners-policy/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Owners Policy (BOP)','','publish','closed','closed','','finding-the-best-business-owners-policy-bop','','','2021-04-13 17:41:07','2021-04-13 17:41:07','',0,'http://smartinsurance.tips/?page_id=1334',0,'page','',0),(1403,1,'2021-04-13 17:41:07','2021-04-13 17:41:07','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Finding the Best Business Owners Policy (BOP)</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/BOP-1024x373.jpg\" width=\"1024\" height=\"373\" alt=\"\" class=\"wp-image-1337 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you\'ve been scouring the internet for business insurance then you know there are a lot of options. But you\'re here because you need to find the best insurance option for you and somewhere along the lines you\'ve heard of a Business Owners Policy or BOP and are wondering what the deal is with this insurance option.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Owners Policy Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A Business Owners Policy is insurance that allows a business (that meet certain criteria) to combine coverage from multiple policies into one convenient package. BOPs are created for businesses that face similar risks and often appeal to small and medium-sized businesses. However, larger companies can purchase a commercial BOP package and customize it to fit their needs. These days, there’s a BOP for most mainstream businesses, from hair salons to hardware stores, which makes the process easier.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Every business needs insurance but policies can get pricey. Sometimes a BOP is less costly than individual policies which is why it\'s appealing. Furthermore, if there is damage to your property or the property of others, employee theft, mechanical difficulties, or an everyday accident at your business that causes a loss of income, a BOP can keep you from having to close your doors as a result of the expenses related to the events. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Terrible things can happen if you don’t have a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Financial ruin: Why risk paying out of pocket and possibly going bankrupt, when you could just pay for a BOP that is fairly inexpensive?</span></li>\n<li><span style=\"color: #0a0a0a;\">Lawsuits: Legal issues can not only be costly, but they can also be very time-consuming, so one accident has the potential to bring down your business.</span></li>\n<li><span style=\"color: #0a0a0a;\">Losing your stuff (or other people’s stuff): Recovering the costs of theft, damage to buildings or broken equipment could send your company into a downward spiral.</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span>What Does a Business Owners Policy Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your standard business needs a variety of liability and property insurance. Depending on your risks, you may have to purchase these policies individually or you may qualify for a BOP. BOPs provide most of this insurance coverage but under one package which makes it more affordable for businesses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Your coverage under a BOP can include:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Property: The building and its contents. </span></li>\n<li><span style=\"color: #0a0a0a;\">Property of others: In case your business provides a service on property like a repair shop.</span></li>\n<li><span style=\"color: #0a0a0a;\">Business interruption: Lost income and employee salaries while you rebuild after a disaster.</span></li>\n<li><span style=\"color: #0a0a0a;\">General liability: For any time that you might be sued.</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee dishonesty coverage: In case an employee steals from you.</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Other needs:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Mechanical/machinery difficulties.</span></li>\n<li><span style=\"color: #0a0a0a;\">Front store window replacement.</span></li>\n<li><span style=\"color: #0a0a0a;\">Hired and non-owned autos (i.e., you don’t own a company car but employees are still driving for the job).</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss of valuable papers. </span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span>What Is Not Covered In a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While the above coverage might be enough for your business, you may need additional coverages that are not covered by a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following is NOT covered under a BOP: </strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Professional liability</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Workers\' compensation</span></li>\n<li><span style=\"color: #0a0a0a;\">Health and disability insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood and sewer back-up</span></li>\n<li><span style=\"color: #0a0a0a;\">Cyberrisk insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Terrorism insurance</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For each of the above, you\'ll need separate insurance policies. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Types of Businesses Are Good for a BOP? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While a BOP is good for nearly any business, there are some businesses that have general lower risks and are well suited for a BOP. Insurance companies determine a business\'s level of risk based on any claim history and conditions such as safety and health concerns, the likelihood of theft, burglary, or damage from a natural disaster, and business that are in high-risk industries. The lower the risk of your company the less complicated insurance coverage you need. This makes it convenient to go with a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following businesses are good candidates for a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Restaurants</span></li>\n<li><span style=\"color: #0a0a0a;\">Retail stores</span></li>\n<li><span style=\"color: #0a0a0a;\">Salons</span></li>\n<li><span style=\"color: #0a0a0a;\">Professional services</span></li>\n<li><span style=\"color: #0a0a0a;\">Pet groomers</span></li>\n<li><span style=\"color: #0a0a0a;\">Veterinarians</span></li>\n<li><span style=\"color: #0a0a0a;\">Caterers</span></li>\n<li><span style=\"color: #0a0a0a;\">Coffeeshops</span></li>\n<li><span style=\"color: #0a0a0a;\">Deli</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto repair shops</span></li>\n<li><span style=\"color: #0a0a0a;\">Florists</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Should Not Purchase a BOP?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For companies in high-risk industries like agriculture, mining, construction, health care, gun shops and even computer stores, a BOP policy might not be the best fit. Companies that run high risks or are in unique industries require a specific insurance package and a certain amount of coverage. For these businesses, a BOP might not offer the coverage type or amount that your business needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A BOP is also not a good fit for a business that needs something that\'s not offered within the policy, such as professional liability insurance. Businesses that usually need professional liability insurance include fitness trainers, photographers, beauty technicians and anyone who runs the risk of being sued by a client for not producing an adequate enough product. Since professional liability is not offered with a BOP and cannot be added to a BOP it wouldn\'t be the best choice. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does a Business Owners Policy Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of a BOP depends on the coverage limits and a number of other factors like size, location, and materials used. So a hair salon in Milwaukee might only pay $200 a month, whereas a logging company on the north coast of California could pay $2,000 a month. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Basically, the safer and smaller the company, the cheaper the premium.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/bop-business-owners-policy/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Owners Policy (BOP)','','inherit','closed','closed','','1334-revision-v1','','','2021-04-13 17:41:07','2021-04-13 17:41:07','',1334,'http://smartinsurance.tips/1334-revision-v1/',0,'revision','',0),(1340,1,'2021-04-12 23:10:21','2021-04-12 23:10:21','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Finding the Best Business Owners Policy (BOP)</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/BOP-1024x373.jpg\" width=\"1024\" height=\"373\" alt=\"\" class=\"wp-image-1337 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you\'ve been scouring the internet for business insurance then you know there are a lot of options. But you\'re here because you need to find the best insurance option for you and somewhere along the lines you\'ve heard of a Business Owners Policy or BOP and are wondering what the deal is with this insurance option.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Owners Policy Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A Business Owners Policy is insurance that allows a business (that meet certain criteria) to combine coverage from multiple policies into one convenient package. BOPs are created for businesses that face similar risks and often appeal to small and medium-sized businesses. However, larger companies can purchase a commercial BOP package and customize it to fit their needs. These days, there’s a BOP for most mainstream businesses, from hair salons to hardware stores, which makes the process easier.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Every business needs insurance but policies can get pricey. Sometimes a BOP is less costly than individual policies which is why it\'s appealing. Furthermore, if there is damage to your property or the property of others, employee theft, mechanical difficulties, or an everyday accident at your business that causes a loss of income, a BOP can keep you from having to close your doors as a result of the expenses related to the events. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Terrible things can happen if you don’t have a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Financial ruin: Why risk paying out of pocket and possibly going bankrupt, when you could just pay for a BOP that is fairly inexpensive?</span></li>\n<li><span style=\"color: #0a0a0a;\">Lawsuits: Legal issues can not only be costly, but they can also be very time-consuming, so one accident has the potential to bring down your business.</span></li>\n<li><span style=\"color: #0a0a0a;\">Losing your stuff (or other people’s stuff): Recovering the costs of theft, damage to buildings or broken equipment could send your company into a downward spiral.</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span>What Does a Business Owners Policy Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your standard business needs a variety of liability and property insurance. Depending on your risks, you may have to purchase these policies individually or you may qualify for a BOP. BOPs provide most of this insurance coverage but under one package which makes it more affordable for businesses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Your coverage under a BOP can include:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Property: The building and its contents. </span></li>\n<li><span style=\"color: #0a0a0a;\">Property of others: In case your business provides a service on property like a repair shop.</span></li>\n<li><span style=\"color: #0a0a0a;\">Business interruption: Lost income and employee salaries while you rebuild after a disaster.</span></li>\n<li><span style=\"color: #0a0a0a;\">General liability: For any time that you might be sued.</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee dishonesty coverage: In case an employee steals from you.</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Other needs:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Mechanical/machinery difficulties.</span></li>\n<li><span style=\"color: #0a0a0a;\">Front store window replacement.</span></li>\n<li><span style=\"color: #0a0a0a;\">Hired and non-owned autos (i.e., you don’t own a company car but employees are still driving for the job).</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss of valuable papers. </span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span>What Is Not Covered In a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While the above coverage might be enough for your business, you may need additional coverages that are not covered by a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following is NOT covered under a BOP: </strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Professional liability</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Workers\' compensation</span></li>\n<li><span style=\"color: #0a0a0a;\">Health and disability insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood and sewer back-up</span></li>\n<li><span style=\"color: #0a0a0a;\">Cyberrisk insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Terrorism insurance</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For each of the above, you\'ll need separate insurance policies. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Types of Businesses Are Good for a BOP? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While a BOP is good for nearly any business, there are some businesses that have general lower risks and are well suited for a BOP. Insurance companies determine a business\'s level of risk based on any claim history and conditions such as safety and health concerns, the likelihood of theft, burglary, or damage from a natural disaster, and business that are in high-risk industries. The lower the risk of your company the less complicated insurance coverage you need. This makes it convenient to go with a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following businesses are good candidates for a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Restaurants</span></li>\n<li><span style=\"color: #0a0a0a;\">Retail stores</span></li>\n<li><span style=\"color: #0a0a0a;\">Salons</span></li>\n<li><span style=\"color: #0a0a0a;\">Professional services</span></li>\n<li><span style=\"color: #0a0a0a;\">Pet groomers</span></li>\n<li><span style=\"color: #0a0a0a;\">Veterinarians</span></li>\n<li><span style=\"color: #0a0a0a;\">Caterers</span></li>\n<li><span style=\"color: #0a0a0a;\">Coffeeshops</span></li>\n<li><span style=\"color: #0a0a0a;\">Deli</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto repair shops</span></li>\n<li><span style=\"color: #0a0a0a;\">Florists</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Should Not Purchase a BOP?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For companies in high-risk industries like agriculture, mining, construction, health care, gun shops and even computer stores, a BOP policy might not be the best fit. Companies that run high risks or are in unique industries require a specific insurance package and a certain amount of coverage. For these businesses, a BOP might not offer the coverage type or amount that your business needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A BOP is also not a good fit for a business that needs something that\'s not offered within the policy, such as professional liability insurance. Businesses that usually need professional liability insurance include fitness trainers, photographers, beauty technicians and anyone who runs the risk of being sued by a client for not producing an adequate enough product. Since professional liability is not offered with a BOP and cannot be added to a BOP it wouldn\'t be the best choice. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your independent insurance agent can help you determine whether a BOP is a good choice for your business.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does a Business Owners Policy Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of a BOP depends on the coverage limits and a number of other factors like size, location, and materials used. So a hair salon in Milwaukee might only pay $200 a month, whereas a logging company on the north coast of California could pay $2,000 a month. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Basically, the safer and smaller the company, the cheaper the premium.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Are Independent Insurance Agents Awesome?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s simple. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut the jargon and clarify the fine print, so you know exactly what you’re getting.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent agents work for you and not one insurance provider. Actually, they’re the only agents who can check policies from multiple carriers. Plus, you’ll never outgrow an agent; they have the flexibility to find the right coverage as your business continues to expand and evolve.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/bop-business-owners-policy/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Owners Policy (BOP)','','inherit','closed','closed','','1334-revision-v1','','','2021-04-12 23:10:21','2021-04-12 23:10:21','',1334,'http://smartinsurance.tips/1334-revision-v1/',0,'revision','',0),(1338,1,'2021-04-12 23:03:16','2021-04-12 23:03:16','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Finding the Best Business Owners Policy (BOP)</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/BOP-1024x373.jpg\" width=\"1024\" height=\"373\" alt=\"\" class=\"wp-image-1337 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you\'ve been scouring the internet for business insurance then you know there are a lot of options. But you\'re here because you need to find the best insurance option for you and somewhere along the lines you\'ve heard of a Business Owners Policy or BOP and are wondering what the deal is with this insurance option.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Owners Policy Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A Business Owners Policy is insurance that allows a business (that meet certain criteria) to combine coverage from multiple policies into one convenient package. BOPs are created for businesses that face similar risks and often appeal to small and medium-sized businesses. However, larger companies can purchase a commercial BOP package and customize it to fit their needs. These days, there’s a BOP for most mainstream businesses, from hair salons to hardware stores, which makes the process easier.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Every business needs insurance but policies can get pricey. Sometimes a BOP is less costly than individual policies which is why it\'s appealing. Furthermore, if there is damage to your property or the property of others, employee theft, mechanical difficulties, or an everyday accident at your business that causes a loss of income, a BOP can keep you from having to close your doors as a result of the expenses related to the events. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Terrible things can happen if you don’t have a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Financial ruin: Why risk paying out of pocket and possibly going bankrupt, when you could just pay for a BOP that is fairly inexpensive?</span></li>\n<li><span style=\"color: #0a0a0a;\">Lawsuits: Legal issues can not only be costly, but they can also be very time-consuming, so one accident has the potential to bring down your business.</span></li>\n<li><span style=\"color: #0a0a0a;\">Losing your stuff (or other people’s stuff): Recovering the costs of theft, damage to buildings or broken equipment could send your company into a downward spiral.</span></li>\n<li><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does a Business Owners Policy Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your standard business needs a variety of liability and property insurance. Depending on your risks, you may have to purchase these policies individually or you may qualify for a BOP. BOPs provide most of this insurance coverage but under one package which makes it more affordable for businesses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Your coverage under a BOP can include:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Property: The building and its contents. </span></li>\n<li><span style=\"color: #0a0a0a;\">Property of others: In case your business provides a service on property like a repair shop.</span></li>\n<li><span style=\"color: #0a0a0a;\">Business interruption: Lost income and employee salaries while you rebuild after a disaster.</span></li>\n<li><span style=\"color: #0a0a0a;\">General liability: For any time that you might be sued.</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee dishonesty coverage: In case an employee steals from you.</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Other needs:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Mechanical/machinery difficulties.</span></li>\n<li><span style=\"color: #0a0a0a;\">Front store window replacement.</span></li>\n<li><span style=\"color: #0a0a0a;\">Hired and non-owned autos (i.e., you don’t own a company car but employees are still driving for the job).</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss of valuable papers. </span></li>\n<li><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Not Covered In a Business Owners Policy?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While the above coverage might be enough for your business, you may need additional coverages that are not covered by a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following is NOT covered under a BOP: </strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Professional liability</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Workers\' compensation</span></li>\n<li><span style=\"color: #0a0a0a;\">Health and disability insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood and sewer back-up</span></li>\n<li><span style=\"color: #0a0a0a;\">Cyberrisk insurance</span></li>\n<li><span style=\"color: #0a0a0a;\">Terrorism insurance</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For each of the above, you\'ll need separate insurance policies. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Types of Businesses Are Good for a BOP? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While a BOP is good for nearly any business, there are some businesses that have general lower risks and are well suited for a BOP. Insurance companies determine a business\'s level of risk based on any claim history and conditions such as safety and health concerns, the likelihood of theft, burglary, or damage from a natural disaster, and business that are in high-risk industries. The lower the risk of your company the less complicated insurance coverage you need. This makes it convenient to go with a BOP. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>The following businesses are good candidates for a BOP:</strong></span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Restaurants</span></li>\n<li><span style=\"color: #0a0a0a;\">Retail stores</span></li>\n<li><span style=\"color: #0a0a0a;\">Salons</span></li>\n<li><span style=\"color: #0a0a0a;\">Professional services</span></li>\n<li><span style=\"color: #0a0a0a;\">Pet groomers</span></li>\n<li><span style=\"color: #0a0a0a;\">Veterinarians</span></li>\n<li><span style=\"color: #0a0a0a;\">Caterers</span></li>\n<li><span style=\"color: #0a0a0a;\">Coffeeshops</span></li>\n<li><span style=\"color: #0a0a0a;\">Deli</span></li>\n<li><span style=\"color: #0a0a0a;\">Auto repair shops</span></li>\n<li><span style=\"color: #0a0a0a;\">Florists</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Who Should Not Purchase a BOP?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For companies in high-risk industries like agriculture, mining, construction, health care, gun shops and even computer stores, a BOP policy might not be the best fit. Companies that run high risks or are in unique industries require a specific insurance package and a certain amount of coverage. For these businesses, a BOP might not offer the coverage type or amount that your business needs. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A BOP is also not a good fit for a business that needs something that\'s not offered within the policy, such as professional liability insurance. Businesses that usually need professional liability insurance include fitness trainers, photographers, beauty technicians and anyone who runs the risk of being sued by a client for not producing an adequate enough product. Since professional liability is not offered with a BOP and cannot be added to a BOP it wouldn\'t be the best choice. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your independent insurance agent can help you determine whether a BOP is a good choice for your business.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does a Business Owners Policy Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of a BOP depends on the coverage limits and a number of other factors like size, location, and materials used. So a hair salon in Milwaukee might only pay $200 a month, whereas a logging company on the north coast of California could pay $2,000 a month. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Basically, the safer and smaller the company, the cheaper the premium.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Are Independent Insurance Agents Awesome?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s simple. Independent insurance agents simplify the process by shopping and comparing insurance quotes for you. Not only that, but they’ll also cut the jargon and clarify the fine print, so you know exactly what you’re getting.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent agents work for you and not one insurance provider. Actually, they’re the only agents who can check policies from multiple carriers. Plus, you’ll never outgrow an agent; they have the flexibility to find the right coverage as your business continues to expand and evolve.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/bop-business-owners-policy/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Owners Policy (BOP)','','inherit','closed','closed','','1334-revision-v1','','','2021-04-12 23:03:16','2021-04-12 23:03:16','',1334,'http://smartinsurance.tips/1334-revision-v1/',0,'revision','',0),(1345,1,'2021-04-12 23:33:13','2021-04-12 23:33:13','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Complete Guide to Commercial Property Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Property-insurance-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1344 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Starting, growing, and operating a business typically requires quite a bit of cash that’s used to buy or rent buildings, buy office supplies or equipment, and buy more inventory. The type of insurance that protects your building and your business’s contents is called commercial property insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is very important to being able to run a successful business, but it can also be complex and confusing.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Is Commercial Property Insurance? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is the type of business insurance that covers your business’s physical property, equipment, and possibly stock and inventory. Basically, it can cover your office building and nearly anything that’s inside it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance typically is part of something called a commercial package policy. A commercial package is made up of various types of commercial insurance, including commercial property, general liability, and could include other types of insurance as well. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s common to have both your commercial property insurance and your general liability insurance with the same company, which creates a package policy. However, this isn’t usually required and there are many insurance companies that will just insure your commercial property, while another company will insure your general liability. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Does Commercial Property Insurance Cover? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance covers your business’s physical property, which could include a building and your business’s contents, equipment, and/or stock. Unlike homeowners insurance, no coverage is automatically included in a commercial property policy. If you want to insure something, you’ll have to specify it and pay the premiums for it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The most common items that are covered under commercial property insurance include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Building:</strong> If you or your business owns the physical building or office space that you work in, you can insure the building itself. You’ll need to decide which type of building valuation you want, which is covered in the next section. If you have multiple buildings, you’ll need to insure each one separately. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Business personal property:</strong> Business contents or personal property is essentially anything that you brought into your office building that’s not permanently attached to the building. This could include things such as desks, chairs, computers, phones, office supplies, manufacturing equipment, tools, etc. For some businesses, it could also include things that are sold to the public. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Documents: </strong>Important documents and accounting records can be insured, though the base coverage you’ll receive could be around $10,000. Since paper is relatively cheap and it’s the paper’s content that is valuable and hard to replace, you might want to increase this amount to cover the cost of replacing the lost information. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Inventory:</strong> Depending on the nature of your business and the insurance company you’re with, you might need to insure your stock or inventory separately from your business personal contents. Insurance on your inventory will normally be paid out at your buying cost, and can also account for seasonal fluctuations. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Fences, signs, and landscaping: </strong>Sometimes you’ll receive automatic coverage for outdoor signs, fences, and landscaping, but you can increase these limits if you want to. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Customers personal property:</strong> You may receive a low automatic coverage limit for customers’ personal items, but you might also need to add this coverage if your business needs it. This coverage is not intended for businesses who routinely have customers’ personal property in their care, such as auto repair shops. These businesses will need a separate type of coverage called Customers’ Care, Custody, and Control. </span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a; font-size: x-large;\"><strong>How Will My Building Be Valued by Commercial Property Insurance? </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insuring your building isn’t as simple as just picking a number and getting the full coverage amount. There are three types of property valuations that are used in commercial property insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Replacement cost</strong><strong>: </strong>This is the type of coverage most people expect when they buy property insurance. Replacement cost will pay to fully replace and repair your building with materials of similar type and quality. However, many people and businesses underestimate the actual cost that this would be to replace their building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In order to prevent confusion — and lawsuits — insurance companies have set certain requirements to purchase replacement cost. The first consideration is what the replacement cost actually is. Insurance companies mainly use software programs to come up with a number, based on the age, square footage, building type, and condition of the building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A key factor with replacement cost is that you might not receive it even if you buy it. This is because insurance companies will typically require you to insure your building for a minimum of 80% of its replacement cost number. Your building’s replacement cost number might increase every few years due to rising construction costs and inflation, so you might be hit with a <strong>coinsurance penalty</strong> if you have a claim. Coinsurance is the name for this insure-to-value idea, and not having enough coinsurance can result in a claim settlement that’s not even close to what you expected. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">So, while replacement cost coverage will pay out the most claims money and can give you the best option to repair and replace your building, it’s also the most expensive and you’ll have to keep in mind the coinsurance threshold in determining your coverage amount. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Actual cash value</strong><strong>: </strong>This type of loss settlement factors in the age, condition, and depreciation of your building when paying out a claim. It’s often used for older buildings that might not be replaced the way it was originally built. ACV isn’t so bad with a total loss, as you’ll likely receive a check for whatever coverage amount you have. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main problem with ACV is during partial losses. If you have a partial loss, you won’t receive the full amount to replace the damaged item. For example, let’s say you have damage to your roof and you’ll need to replace the entire roof. It’s going to cost you $20,000 to get a new roof on your building. Since it’s a 20 year old roof and you have ACV, you may only get about $4,000 from the insurance company, meaning you’ll still have to pay $16,000 out of pocket. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Functional replacement cost: </strong>Functional replacement cost is not as common as the other two options, but it can serve as a nice alternative to actual cash value, particularly for older buildings. Instead of replacing with a similar kind and quality (replacement cost) or factoring in depreciation (actual cash value), functional replacement cost with replace the property with materials that serve the same purpose. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example, if you have a brick building with an office in it and have functional replacement cost during a total loss, the insurance company might say that you don’t need a brick building to function as an office, you simply need a frame building. Functional replacement cost allows you to carry lower insurance amounts but still receive something comparable to replacement cost, making it a solid alternative to the other two options. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need Commercial Property Insurance? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is one aspect of a business’s insurance program and can help get a business back up and running if it suffers a loss, such as a fire, tornado, or even a power outage. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While you may not enjoy paying the bills for it, it’s much better to pay those bills now and know that your business can survive a major loss. Without insurance, your building and all of your business’s contents and equipment would be completely lost with no source of money to rebuy them. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some of the most common consequences of not carrying commercial property insurance include:</span></p>\n<figure data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ab1e1f1d-42ed-4af9-82e4-8b2e2b91c43e/commercial-property-insurance.svg\" data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" alt=\"\" /></span></figure>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Bankruptcy and closure:</strong> If you have a fire loss or other type of claim, it could cost your business millions of dollars to rebuild and rebuy without insurance. If you don’t have that cash stashed aside — and let’s face it, who does? — then your business will be forced to close and declare bankruptcy after a total loss. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>A ruined reputation:</strong> If any customer were to get hurt and/or lose some of their personal belongings in your claim, the negative publicity could further hurt your business’s chances of survival. Carrying the proper type of insurance can help your customers know that you operate a legitimate business and care about their well-being. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Legal trouble:</strong> While general liability insurance does give you good legal protection from lawsuits, failing to carry adequate commercial property insurance could result in legal issues for your business. If you default on loans or can’t pay vendors or employees, you could face further lawsuits that could have been avoided with adequate commercial property insurance. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Spoiled inventory:</strong> If you have perishable inventory like food or flowers, all that’s needed to wipe it out is a power outage that lasts a couple of hours. You can insure this loss with commercial property insurance. </span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span style=\"color: #0a0a0a;\">Is Commercial Property Insurance Mandatory? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re taking out a commercial loan to purchase your property, your bank or finance company will likely require you to have commercial property insurance. Similar to banks requiring homeowners insurance if you’re taking out a mortgage, banks simply want to know that their money won’t be totally lost if something does happen to your building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even if it’s not required by a bank, commercial property insurance can be a valuable form of protection for your business. Starting and operating a business requires a lot of money and capital, which oftentimes isn’t there for a second go around. Operating a business without commercial property insurance means that if you do have a loss, you’ll have to start from scratch. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Property Insurance Cost? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial property insurance varies and largely depends on the following factors:</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Size, age, and condition of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss settlement option (replacement cost, actual cash value, functional replacement cost)</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of your business’s personal property</span></li>\n<li><span style=\"color: #0a0a0a;\">Location and cost of building supplies in your area</span></li>\n<li><span style=\"color: #0a0a0a;\">Nature of the business and building</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You’ll also select a deductible for each property coverage, which includes your building coverage and your business’s personal property coverage. The higher your deductible is, the lower your premiums will be. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/commercial-property/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Complete Guide to Commercial Property Insurance','','publish','closed','closed','','complete-guide-to-commercial-property-insurance-2','','','2021-04-13 17:46:23','2021-04-13 17:46:23','',0,'http://smartinsurance.tips/?page_id=1345',0,'page','',0),(1346,1,'2021-04-12 23:33:13','2021-04-12 23:33:13','<!-- wp:divi/placeholder /-->','Complete Guide to Commercial Property Insurance','','inherit','closed','closed','','1345-revision-v1','','','2021-04-12 23:33:13','2021-04-12 23:33:13','',1345,'http://smartinsurance.tips/1345-revision-v1/',0,'revision','',0),(1351,1,'2021-04-12 23:48:22','2021-04-12 23:48:22','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Understanding Business Insurance Terminology</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Insurance-terminology-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1354 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business terminology shouldn’t be reserved for insurance agents. Once you’ve reviewed this business insurance glossary, you’re one step closer to understanding just how much your business insurance policy affects you and your company.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Aggregate limits:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is the maximum amount of money that an insurer is contracted to provide to the policyholder in a specific policy period. For example, on a particular business liability policy, an annual aggregate limit would be the total amount the insurance company would pay for all claims on that policy in a given year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Blanket insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy allows a business owner to insure multiple property types at one location, or one property type at multiple locations, all under one policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Builders risk insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides protection for all building materials – on-site, off-site, and in transport – that a builder uses during the course of a construction project.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business interruption insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business must shut down due to a covered loss, this form of coverage can provide reimbursement for the expenses that would have normally occurred if the business had been operating.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business owners policy (BOP):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a combined policy where property insurance and liability insurance are packaged together at a cost savings for small businesses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Fidelity bonds</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a type of insurance that protects an employer from dishonest employee acts.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial property insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy is meant to protect the building and other business property that you own or lease. Note that equipment insurance is typically a separate policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial auto insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy covers you, your employees and company vehicles for injuries and damage, whether the vehicles are leased, owned, or rented. Passengers are also covered.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial earthquake insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides coverage for property damaged in an earthquake. Typical business property insurance will not pay for this damage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial flood insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provided by the National Flood Insurance Program (NFIP), and available through agents, this policy provides coverage for flood damage related to high waters, hurricanes and excessive rain runoff.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Data breach insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage can provide assistance in preventing a data breach as well as mitigate the consequences of a full-blown data breach.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Directors and officers liability insurance (\"D &amp; O\"):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If the directors or officers of a company are accused of wrongful or negligent acts, this coverage can protect the company’s financial assets from legal settlements and the cost of legal defense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employer’s liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If an employee files a lawsuit after being injured on the job, this insurance protects the employer. If an employee has workers\' compensation benefits, the right to sue is limited.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employment practices liability insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides company protection if someone is accused of an employment-related claim, such as harassment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Professional liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides liability protection in the event that an employee or the business commits a professional error or act of negligence that results in a client\'s personal loss or injury. This can be anything from a physician\'s error (malpractice insurance) to an accountant\'s mistake (E and O insurance) that leads to a monetary loss </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Exclusions: </strong>These are certain risks that aren’t covered by your insurance policy. You may need to purchase extra coverage for further protection against excluded risks.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Fiduciary</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An employee or contractor of the company that has been entrusted with the handling of benefit funds.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>General liability insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will protect businesses from most situations where the company could be held liable for bodily injury or property damage. It does not include commercial vehicle or professional liability coverage, which are covered separately.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Group health insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Medical insurance that an employer offers to employees, who are covered or reimbursed for healthcare services according to the specific health plan chosen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Group life insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance offered by an employer that allows the employee to select a death benefit, which is distributed to named beneficiaries at the time of the employee’s death.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Key person insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides business life insurance on one key person in a business. It issues benefits to help offset earnings loss and find a replacement for the key person.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Loss control:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A risk management tool that aims to reduce the amount of loss a company experiences.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Marine insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides protection for company equipment or goods in transport. It also provides coverage if the vehicle transporting the goods is damaged, and provides liability coverage for third parties. You can choose between ocean marine coverage and inland marine coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Named peril:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An event or hazard that is listed as covered on your business insurance policy, and will be covered if it occurs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Performance bond:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A type of surety bond that ensures the policyholder will complete a contract.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Premium:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The amount that you pay for insurance coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Rider:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Also referred to as an endorsement, this is an addendum that will alter or enhance the current policy’s terms. For example, you may be able to add an equipment rider to your property insurance to protect your equipment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Surety bonds</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A surety bond is three-party bond that guarantees the principal will perform the obligations set forth by the obligee, or else the surety will step in to help the obligee recuperate losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Umbrella insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An umbrella policy is extra liability coverage that can dramatically increase a firm\'s ability to settle claims or cover the cost of court judgments in the event of a sizable lawsuit. Typically sold in increments of $1 million, umbrella liability is available at a relatively low cost.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Underwriting:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Underwriting is the process that takes place with most insurance applications. Underwriters review potential insurance risks and set the appropriate premiums.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Workers\' compensation insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will provide compensation for an employee’s medical bills, lost wages, rehabilitation and disability coverage in the event of a work-related illness or injury.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<div class=\"mx-lg-n4 mx-xl-n5\">\n<p><tc-search-widget headline=\"Save on Business Insurance\" subheadline=\"Our independent agents shop around to find you the best coverage.\" buttontext=\"Request a quote\" zipcodelabel=\"Enter your ZIP Code\" zipcodeplaceholdertext=\"ZIP Code\" insuredlabel=\"Do you have insurance?\" url=\"/find-an-agent/?referralUrl=https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/&amp;category=COMMERCIAL&amp;naics-display=Business%20Terminology\" icondescription=\"business\" iconurl=\"https://assets-us-01.kc-usercontent.com:443/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/66fa9ad1-9ba7-4420-ba70-fbb54cc430a2/cta-icon-business.svg\" _nghost-ajx-c36=\"\" ng-version=\"9.1.12\"></tc-search-widget></p>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\"><br />To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Business Insurance Terminology','','publish','closed','closed','','understanding-business-insurance-terminology','','','2021-04-13 17:48:47','2021-04-13 17:48:47','',0,'http://smartinsurance.tips/?page_id=1351',0,'page','',0),(1355,1,'2021-04-12 23:58:18','2021-04-12 23:58:18','<!-- wp:divi/placeholder /-->','','','inherit','closed','closed','','1351-revision-v1','','','2021-04-12 23:58:18','2021-04-12 23:58:18','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1352,1,'2021-04-12 23:48:22','2021-04-12 23:48:22','<!-- wp:divi/placeholder /-->','Understanding Business Insurance Terminology','','inherit','closed','closed','','1351-revision-v1','','','2021-04-12 23:48:22','2021-04-12 23:48:22','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1357,1,'2021-04-12 23:59:12','2021-04-12 23:59:12','<!-- wp:divi/placeholder /-->','Understanding Business Insurance Terminology','','inherit','closed','closed','','1351-revision-v1','','','2021-04-12 23:59:12','2021-04-12 23:59:12','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1354,1,'2021-04-12 23:53:05','2021-04-12 23:53:05','','Insurance terminology','','inherit','open','closed','','insurance-terminology','','','2021-04-12 23:53:05','2021-04-12 23:53:05','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Insurance-terminology.jpg',0,'attachment','image/jpeg',0),(1409,1,'2021-04-13 17:48:47','2021-04-13 17:48:47','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Understanding Business Insurance Terminology</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Insurance-terminology-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1354 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business terminology shouldn’t be reserved for insurance agents. Once you’ve reviewed this business insurance glossary, you’re one step closer to understanding just how much your business insurance policy affects you and your company.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Aggregate limits:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is the maximum amount of money that an insurer is contracted to provide to the policyholder in a specific policy period. For example, on a particular business liability policy, an annual aggregate limit would be the total amount the insurance company would pay for all claims on that policy in a given year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Blanket insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy allows a business owner to insure multiple property types at one location, or one property type at multiple locations, all under one policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Builders risk insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides protection for all building materials – on-site, off-site, and in transport – that a builder uses during the course of a construction project.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business interruption insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business must shut down due to a covered loss, this form of coverage can provide reimbursement for the expenses that would have normally occurred if the business had been operating.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business owners policy (BOP):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a combined policy where property insurance and liability insurance are packaged together at a cost savings for small businesses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Fidelity bonds</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a type of insurance that protects an employer from dishonest employee acts.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial property insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy is meant to protect the building and other business property that you own or lease. Note that equipment insurance is typically a separate policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial auto insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy covers you, your employees and company vehicles for injuries and damage, whether the vehicles are leased, owned, or rented. Passengers are also covered.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial earthquake insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides coverage for property damaged in an earthquake. Typical business property insurance will not pay for this damage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial flood insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provided by the National Flood Insurance Program (NFIP), and available through agents, this policy provides coverage for flood damage related to high waters, hurricanes and excessive rain runoff.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Data breach insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage can provide assistance in preventing a data breach as well as mitigate the consequences of a full-blown data breach.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Directors and officers liability insurance (\"D &amp; O\"):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If the directors or officers of a company are accused of wrongful or negligent acts, this coverage can protect the company’s financial assets from legal settlements and the cost of legal defense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employer’s liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If an employee files a lawsuit after being injured on the job, this insurance protects the employer. If an employee has workers\' compensation benefits, the right to sue is limited.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employment practices liability insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides company protection if someone is accused of an employment-related claim, such as harassment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Professional liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides liability protection in the event that an employee or the business commits a professional error or act of negligence that results in a client\'s personal loss or injury. This can be anything from a physician\'s error (malpractice insurance) to an accountant\'s mistake (E and O insurance) that leads to a monetary loss </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Exclusions: </strong>These are certain risks that aren’t covered by your insurance policy. You may need to purchase extra coverage for further protection against excluded risks.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Fiduciary</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An employee or contractor of the company that has been entrusted with the handling of benefit funds.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>General liability insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will protect businesses from most situations where the company could be held liable for bodily injury or property damage. It does not include commercial vehicle or professional liability coverage, which are covered separately.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Group health insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Medical insurance that an employer offers to employees, who are covered or reimbursed for healthcare services according to the specific health plan chosen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Group life insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance offered by an employer that allows the employee to select a death benefit, which is distributed to named beneficiaries at the time of the employee’s death.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Key person insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides business life insurance on one key person in a business. It issues benefits to help offset earnings loss and find a replacement for the key person.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Loss control:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A risk management tool that aims to reduce the amount of loss a company experiences.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Marine insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides protection for company equipment or goods in transport. It also provides coverage if the vehicle transporting the goods is damaged, and provides liability coverage for third parties. You can choose between ocean marine coverage and inland marine coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Named peril:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An event or hazard that is listed as covered on your business insurance policy, and will be covered if it occurs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Performance bond:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A type of surety bond that ensures the policyholder will complete a contract.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Premium:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The amount that you pay for insurance coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Rider:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Also referred to as an endorsement, this is an addendum that will alter or enhance the current policy’s terms. For example, you may be able to add an equipment rider to your property insurance to protect your equipment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Surety bonds</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A surety bond is three-party bond that guarantees the principal will perform the obligations set forth by the obligee, or else the surety will step in to help the obligee recuperate losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Umbrella insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An umbrella policy is extra liability coverage that can dramatically increase a firm\'s ability to settle claims or cover the cost of court judgments in the event of a sizable lawsuit. Typically sold in increments of $1 million, umbrella liability is available at a relatively low cost.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Underwriting:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Underwriting is the process that takes place with most insurance applications. Underwriters review potential insurance risks and set the appropriate premiums.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Workers\' compensation insurance</strong><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will provide compensation for an employee’s medical bills, lost wages, rehabilitation and disability coverage in the event of a work-related illness or injury.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<div class=\"mx-lg-n4 mx-xl-n5\">\n<p><tc-search-widget headline=\"Save on Business Insurance\" subheadline=\"Our independent agents shop around to find you the best coverage.\" buttontext=\"Request a quote\" zipcodelabel=\"Enter your ZIP Code\" zipcodeplaceholdertext=\"ZIP Code\" insuredlabel=\"Do you have insurance?\" url=\"/find-an-agent/?referralUrl=https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/&amp;category=COMMERCIAL&amp;naics-display=Business%20Terminology\" icondescription=\"business\" iconurl=\"https://assets-us-01.kc-usercontent.com:443/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/66fa9ad1-9ba7-4420-ba70-fbb54cc430a2/cta-icon-business.svg\" _nghost-ajx-c36=\"\" ng-version=\"9.1.12\"></tc-search-widget></p>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\"><br />To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Business Insurance Terminology','','inherit','closed','closed','','1351-revision-v1','','','2021-04-13 17:48:47','2021-04-13 17:48:47','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1348,1,'2021-04-12 23:42:51','2021-04-12 23:42:51','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Complete Guide to Commercial Property Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Property-insurance-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1344 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Starting, growing, and operating a business typically requires quite a bit of cash that’s used to buy or rent buildings, buy office supplies or equipment, and buy more inventory. The type of insurance that protects your building and your business’s contents is called commercial property insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is very important to being able to run a successful business, but it can also be complex and confusing.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Is Commercial Property Insurance? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is the type of <a href=\"https://www.trustedchoice.com/business-insurance/\" style=\"color: #0a0a0a;\">business insurance</a> that covers your business’s physical property, equipment, and possibly stock and inventory. Basically, it can cover your office building and nearly anything that’s inside it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance typically is part of something called a commercial package policy. A commercial package is made up of various types of commercial insurance, including commercial property, general liability, and could include other types of insurance as well. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s common to have both your commercial property insurance and your general liability insurance with the same company, which creates a package policy. However, this isn’t usually required and there are many insurance companies that will just insure your commercial property, while another company will insure your general liability. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Does Commercial Property Insurance Cover? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance covers your business’s physical property, which could include a building and your business’s contents, equipment, and/or stock. Unlike homeowners insurance, no coverage is automatically included in a commercial property policy. If you want to insure something, you’ll have to specify it and pay the premiums for it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The most common items that are covered under commercial property insurance include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Building:</strong> If you or your business owns the physical building or office space that you work in, you can insure the building itself. You’ll need to decide which type of building valuation you want, which is covered in the next section. If you have multiple buildings, you’ll need to insure each one separately. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Business personal property:</strong> Business contents or personal property is essentially anything that you brought into your office building that’s not permanently attached to the building. This could include things such as desks, chairs, computers, phones, office supplies, manufacturing equipment, tools, etc. For some businesses, it could also include things that are sold to the public. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Documents: </strong>Important documents and accounting records can be insured, though the base coverage you’ll receive could be around $10,000. Since paper is relatively cheap and it’s the paper’s content that is valuable and hard to replace, you might want to increase this amount to cover the cost of replacing the lost information. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Inventory:</strong> Depending on the nature of your business and the insurance company you’re with, you might need to insure your stock or inventory separately from your business personal contents. Insurance on your inventory will normally be paid out at your buying cost, and can also account for seasonal fluctuations. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Fences, signs, and landscaping: </strong>Sometimes you’ll receive automatic coverage for outdoor signs, fences, and landscaping, but you can increase these limits if you want to. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Customers personal property:</strong> You may receive a low automatic coverage limit for customers’ personal items, but you might also need to add this coverage if your business needs it. This coverage is not intended for businesses who routinely have customers’ personal property in their care, such as auto repair shops. These businesses will need a separate type of coverage called Customers’ Care, Custody, and Control. </span></li>\n<li><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>How Will My Building Be Valued by Commercial Property Insurance? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insuring your building isn’t as simple as just picking a number and getting the full coverage amount. There are three types of property valuations that are used in commercial property insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"288a6c7c-9d75-5e00-8ccd-9e6bc68f822b\" href=\"https://www.trustedchoice.com/homeowners-insurance/home-coverage-types/replacement-cost-insurance/\" style=\"color: #0a0a0a;\"><strong>Replacement cost</strong></a><strong>: </strong>This is the type of coverage most people expect when they buy property insurance. Replacement cost will pay to fully replace and repair your building with materials of similar type and quality. However, many people and businesses underestimate the actual cost that this would be to replace their building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In order to prevent confusion — and lawsuits — insurance companies have set certain requirements to purchase replacement cost. The first consideration is what the replacement cost actually is. Insurance companies mainly use software programs to come up with a number, based on the age, square footage, building type, and condition of the building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A key factor with replacement cost is that you might not receive it even if you buy it. This is because insurance companies will typically require you to insure your building for a minimum of 80% of its replacement cost number. Your building’s replacement cost number might increase every few years due to rising construction costs and inflation, so you might be hit with a <strong>coinsurance penalty</strong> if you have a claim. Coinsurance is the name for this insure-to-value idea, and not having enough coinsurance can result in a claim settlement that’s not even close to what you expected. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">So, while replacement cost coverage will pay out the most claims money and can give you the best option to repair and replace your building, it’s also the most expensive and you’ll have to keep in mind the coinsurance threshold in determining your coverage amount. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"28ba0f88-b273-52a1-8d90-f18dc050978a\" href=\"https://www.trustedchoice.com/homeowners-insurance/home-coverage-types/actual-cash-value-vs-replacement-cost/\" style=\"color: #0a0a0a;\"><strong>Actual cash value</strong></a><strong>: </strong>This type of loss settlement factors in the age, condition, and depreciation of your building when paying out a claim. It’s often used for older buildings that might not be replaced the way it was originally built. ACV isn’t so bad with a total loss, as you’ll likely receive a check for whatever coverage amount you have. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main problem with ACV is during partial losses. If you have a partial loss, you won’t receive the full amount to replace the damaged item. For example, let’s say you have damage to your roof and you’ll need to replace the entire roof. It’s going to cost you $20,000 to get a new roof on your building. Since it’s a 20 year old roof and you have ACV, you may only get about $4,000 from the insurance company, meaning you’ll still have to pay $16,000 out of pocket. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Functional replacement cost: </strong>Functional replacement cost is not as common as the other two options, but it can serve as a nice alternative to actual cash value, particularly for older buildings. Instead of replacing with a similar kind and quality (replacement cost) or factoring in depreciation (actual cash value), functional replacement cost with replace the property with materials that serve the same purpose. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example, if you have a brick building with an office in it and have functional replacement cost during a total loss, the insurance company might say that you don’t need a brick building to function as an office, you simply need a frame building. Functional replacement cost allows you to carry lower insurance amounts but still receive something comparable to replacement cost, making it a solid alternative to the other two options. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need Commercial Property Insurance? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is one aspect of a business’s insurance program and can help get a business back up and running if it suffers a loss, such as a fire, tornado, or even a power outage. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While you may not enjoy paying the bills for it, it’s much better to pay those bills now and know that your business can survive a major loss. Without insurance, your building and all of your business’s contents and equipment would be completely lost with no source of money to rebuy them. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some of the most common consequences of not carrying commercial property insurance include:</span></p>\n<figure data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ab1e1f1d-42ed-4af9-82e4-8b2e2b91c43e/commercial-property-insurance.svg\" data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" alt=\"\" /></span></figure>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Bankruptcy and closure:</strong> If you have a fire loss or other type of claim, it could cost your business millions of dollars to rebuild and rebuy without insurance. If you don’t have that cash stashed aside — and let’s face it, who does? — then your business will be forced to close and declare bankruptcy after a total loss. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>A ruined reputation:</strong> If any customer were to get hurt and/or lose some of their personal belongings in your claim, the negative publicity could further hurt your business’s chances of survival. Carrying the proper type of insurance can help your customers know that you operate a legitimate business and care about their well-being. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Legal trouble:</strong> While general liability insurance does give you good legal protection from lawsuits, failing to carry adequate commercial property insurance could result in legal issues for your business. If you default on loans or can’t pay vendors or employees, you could face further lawsuits that could have been avoided with adequate commercial property insurance. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Spoiled inventory:</strong> If you have perishable inventory like food or flowers, all that’s needed to wipe it out is a power outage that lasts a couple of hours. You can insure this loss with commercial property insurance. </span></li>\n<li><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Commercial Property Insurance Mandatory? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re taking out a commercial loan to purchase your property, your bank or finance company will likely require you to have commercial property insurance. Similar to banks requiring homeowners insurance if you’re taking out a mortgage, banks simply want to know that their money won’t be totally lost if something does happen to your building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even if it’s not required by a bank, commercial property insurance can be a valuable form of protection for your business. Starting and operating a business requires a lot of money and capital, which oftentimes isn’t there for a second go around. Operating a business without commercial property insurance means that if you do have a loss, you’ll have to start from scratch. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Property Insurance Cost? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial property insurance varies and largely depends on the following factors:</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Size, age, and condition of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss settlement option (replacement cost, actual cash value, functional replacement cost)</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of your business’s personal property</span></li>\n<li><span style=\"color: #0a0a0a;\">Location and cost of building supplies in your area</span></li>\n<li><span style=\"color: #0a0a0a;\">Nature of the business and building</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You’ll also select a deductible for each property coverage, which includes your building coverage and your business’s personal property coverage. The higher your deductible is, the lower your premiums will be. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The Benefits of an Independent Insurance Agent</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It can be difficult to determine the best type of coverage your business needs all by yourself. Insurance in general, and particularly commercial property insurance, can be complex and complicated. An independent insurance agent understands these complexities and can help you navigate different options that suit your business. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An <a href=\"http://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">independent insurance agent</a> will also have access to many different insurance companies, which can lead to the lowest possible rate for your business. And if you have a claim, they will be there to help you get your business back on its feet as quickly as possible. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/commercial-property/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Complete Guide to Commercial Property Insurance','','inherit','closed','closed','','1345-revision-v1','','','2021-04-12 23:42:51','2021-04-12 23:42:51','',1345,'http://smartinsurance.tips/1345-revision-v1/',0,'revision','',0),(1405,1,'2021-04-13 17:43:12','2021-04-13 17:43:12','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Complete Guide to Commercial Property Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Property-insurance-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1344 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Starting, growing, and operating a business typically requires quite a bit of cash that’s used to buy or rent buildings, buy office supplies or equipment, and buy more inventory. The type of insurance that protects your building and your business’s contents is called commercial property insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is very important to being able to run a successful business, but it can also be complex and confusing.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Is Commercial Property Insurance? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is the type of business insurance that covers your business’s physical property, equipment, and possibly stock and inventory. Basically, it can cover your office building and nearly anything that’s inside it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance typically is part of something called a commercial package policy. A commercial package is made up of various types of commercial insurance, including commercial property, general liability, and could include other types of insurance as well. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s common to have both your commercial property insurance and your general liability insurance with the same company, which creates a package policy. However, this isn’t usually required and there are many insurance companies that will just insure your commercial property, while another company will insure your general liability. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Does Commercial Property Insurance Cover? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance covers your business’s physical property, which could include a building and your business’s contents, equipment, and/or stock. Unlike homeowners insurance, no coverage is automatically included in a commercial property policy. If you want to insure something, you’ll have to specify it and pay the premiums for it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The most common items that are covered under commercial property insurance include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Building:</strong> If you or your business owns the physical building or office space that you work in, you can insure the building itself. You’ll need to decide which type of building valuation you want, which is covered in the next section. If you have multiple buildings, you’ll need to insure each one separately. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Business personal property:</strong> Business contents or personal property is essentially anything that you brought into your office building that’s not permanently attached to the building. This could include things such as desks, chairs, computers, phones, office supplies, manufacturing equipment, tools, etc. For some businesses, it could also include things that are sold to the public. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Documents: </strong>Important documents and accounting records can be insured, though the base coverage you’ll receive could be around $10,000. Since paper is relatively cheap and it’s the paper’s content that is valuable and hard to replace, you might want to increase this amount to cover the cost of replacing the lost information. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Inventory:</strong> Depending on the nature of your business and the insurance company you’re with, you might need to insure your stock or inventory separately from your business personal contents. Insurance on your inventory will normally be paid out at your buying cost, and can also account for seasonal fluctuations. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Fences, signs, and landscaping: </strong>Sometimes you’ll receive automatic coverage for outdoor signs, fences, and landscaping, but you can increase these limits if you want to. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Customers personal property:</strong> You may receive a low automatic coverage limit for customers’ personal items, but you might also need to add this coverage if your business needs it. This coverage is not intended for businesses who routinely have customers’ personal property in their care, such as auto repair shops. These businesses will need a separate type of coverage called Customers’ Care, Custody, and Control. </span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a; font-size: x-large;\"><strong>How Will My Building Be Valued by Commercial Property Insurance? </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insuring your building isn’t as simple as just picking a number and getting the full coverage amount. There are three types of property valuations that are used in commercial property insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Replacement cost</strong><strong>: </strong>This is the type of coverage most people expect when they buy property insurance. Replacement cost will pay to fully replace and repair your building with materials of similar type and quality. However, many people and businesses underestimate the actual cost that this would be to replace their building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In order to prevent confusion — and lawsuits — insurance companies have set certain requirements to purchase replacement cost. The first consideration is what the replacement cost actually is. Insurance companies mainly use software programs to come up with a number, based on the age, square footage, building type, and condition of the building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A key factor with replacement cost is that you might not receive it even if you buy it. This is because insurance companies will typically require you to insure your building for a minimum of 80% of its replacement cost number. Your building’s replacement cost number might increase every few years due to rising construction costs and inflation, so you might be hit with a <strong>coinsurance penalty</strong> if you have a claim. Coinsurance is the name for this insure-to-value idea, and not having enough coinsurance can result in a claim settlement that’s not even close to what you expected. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">So, while replacement cost coverage will pay out the most claims money and can give you the best option to repair and replace your building, it’s also the most expensive and you’ll have to keep in mind the coinsurance threshold in determining your coverage amount. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Actual cash value</strong><strong>: </strong>This type of loss settlement factors in the age, condition, and depreciation of your building when paying out a claim. It’s often used for older buildings that might not be replaced the way it was originally built. ACV isn’t so bad with a total loss, as you’ll likely receive a check for whatever coverage amount you have. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main problem with ACV is during partial losses. If you have a partial loss, you won’t receive the full amount to replace the damaged item. For example, let’s say you have damage to your roof and you’ll need to replace the entire roof. It’s going to cost you $20,000 to get a new roof on your building. Since it’s a 20 year old roof and you have ACV, you may only get about $4,000 from the insurance company, meaning you’ll still have to pay $16,000 out of pocket. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Functional replacement cost: </strong>Functional replacement cost is not as common as the other two options, but it can serve as a nice alternative to actual cash value, particularly for older buildings. Instead of replacing with a similar kind and quality (replacement cost) or factoring in depreciation (actual cash value), functional replacement cost with replace the property with materials that serve the same purpose. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example, if you have a brick building with an office in it and have functional replacement cost during a total loss, the insurance company might say that you don’t need a brick building to function as an office, you simply need a frame building. Functional replacement cost allows you to carry lower insurance amounts but still receive something comparable to replacement cost, making it a solid alternative to the other two options. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need Commercial Property Insurance? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is one aspect of a business’s insurance program and can help get a business back up and running if it suffers a loss, such as a fire, tornado, or even a power outage. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While you may not enjoy paying the bills for it, it’s much better to pay those bills now and know that your business can survive a major loss. Without insurance, your building and all of your business’s contents and equipment would be completely lost with no source of money to rebuy them. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some of the most common consequences of not carrying commercial property insurance include:</span></p>\n<figure data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ab1e1f1d-42ed-4af9-82e4-8b2e2b91c43e/commercial-property-insurance.svg\" data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" alt=\"\" /></span></figure>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Bankruptcy and closure:</strong> If you have a fire loss or other type of claim, it could cost your business millions of dollars to rebuild and rebuy without insurance. If you don’t have that cash stashed aside — and let’s face it, who does? — then your business will be forced to close and declare bankruptcy after a total loss. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>A ruined reputation:</strong> If any customer were to get hurt and/or lose some of their personal belongings in your claim, the negative publicity could further hurt your business’s chances of survival. Carrying the proper type of insurance can help your customers know that you operate a legitimate business and care about their well-being. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Legal trouble:</strong> While general liability insurance does give you good legal protection from lawsuits, failing to carry adequate commercial property insurance could result in legal issues for your business. If you default on loans or can’t pay vendors or employees, you could face further lawsuits that could have been avoided with adequate commercial property insurance. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Spoiled inventory:</strong> If you have perishable inventory like food or flowers, all that’s needed to wipe it out is a power outage that lasts a couple of hours. You can insure this loss with commercial property insurance. </span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span style=\"color: #0a0a0a;\">Is Commercial Property Insurance Mandatory? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re taking out a commercial loan to purchase your property, your bank or finance company will likely require you to have commercial property insurance. Similar to banks requiring homeowners insurance if you’re taking out a mortgage, banks simply want to know that their money won’t be totally lost if something does happen to your building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even if it’s not required by a bank, commercial property insurance can be a valuable form of protection for your business. Starting and operating a business requires a lot of money and capital, which oftentimes isn’t there for a second go around. Operating a business without commercial property insurance means that if you do have a loss, you’ll have to start from scratch. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Property Insurance Cost? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial property insurance varies and largely depends on the following factors:</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Size, age, and condition of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss settlement option (replacement cost, actual cash value, functional replacement cost)</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of your business’s personal property</span></li>\n<li><span style=\"color: #0a0a0a;\">Location and cost of building supplies in your area</span></li>\n<li><span style=\"color: #0a0a0a;\">Nature of the business and building</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You’ll also select a deductible for each property coverage, which includes your building coverage and your business’s personal property coverage. The higher your deductible is, the lower your premiums will be. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/commercial-property/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Complete Guide to Commercial Property Insurance','','inherit','closed','closed','','1345-revision-v1','','','2021-04-13 17:43:12','2021-04-13 17:43:12','',1345,'http://smartinsurance.tips/1345-revision-v1/',0,'revision','',0),(1350,1,'2021-04-12 23:46:24','2021-04-12 23:46:24','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><span style=\"color: #0a0a0a;\"><strong>Complete Guide to Commercial Property Insurance</strong></span></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Property-insurance-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1344 aligncenter size-large\" /></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Starting, growing, and operating a business typically requires quite a bit of cash that’s used to buy or rent buildings, buy office supplies or equipment, and buy more inventory. The type of insurance that protects your building and your business’s contents is called commercial property insurance.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is very important to being able to run a successful business, but it can also be complex and confusing.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Is Commercial Property Insurance? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is the type of <a href=\"https://www.trustedchoice.com/business-insurance/\" style=\"color: #0a0a0a;\">business insurance</a> that covers your business’s physical property, equipment, and possibly stock and inventory. Basically, it can cover your office building and nearly anything that’s inside it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance typically is part of something called a commercial package policy. A commercial package is made up of various types of commercial insurance, including commercial property, general liability, and could include other types of insurance as well. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It’s common to have both your commercial property insurance and your general liability insurance with the same company, which creates a package policy. However, this isn’t usually required and there are many insurance companies that will just insure your commercial property, while another company will insure your general liability. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>What Does Commercial Property Insurance Cover? </strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance covers your business’s physical property, which could include a building and your business’s contents, equipment, and/or stock. Unlike homeowners insurance, no coverage is automatically included in a commercial property policy. If you want to insure something, you’ll have to specify it and pay the premiums for it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The most common items that are covered under commercial property insurance include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Building:</strong> If you or your business owns the physical building or office space that you work in, you can insure the building itself. You’ll need to decide which type of building valuation you want, which is covered in the next section. If you have multiple buildings, you’ll need to insure each one separately. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Business personal property:</strong> Business contents or personal property is essentially anything that you brought into your office building that’s not permanently attached to the building. This could include things such as desks, chairs, computers, phones, office supplies, manufacturing equipment, tools, etc. For some businesses, it could also include things that are sold to the public. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Documents: </strong>Important documents and accounting records can be insured, though the base coverage you’ll receive could be around $10,000. Since paper is relatively cheap and it’s the paper’s content that is valuable and hard to replace, you might want to increase this amount to cover the cost of replacing the lost information. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Inventory:</strong> Depending on the nature of your business and the insurance company you’re with, you might need to insure your stock or inventory separately from your business personal contents. Insurance on your inventory will normally be paid out at your buying cost, and can also account for seasonal fluctuations. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Fences, signs, and landscaping: </strong>Sometimes you’ll receive automatic coverage for outdoor signs, fences, and landscaping, but you can increase these limits if you want to. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Customers personal property:</strong> You may receive a low automatic coverage limit for customers’ personal items, but you might also need to add this coverage if your business needs it. This coverage is not intended for businesses who routinely have customers’ personal property in their care, such as auto repair shops. These businesses will need a separate type of coverage called Customers’ Care, Custody, and Control. </span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a; font-size: x-large;\"><strong>How Will My Building Be Valued by Commercial Property Insurance? </strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insuring your building isn’t as simple as just picking a number and getting the full coverage amount. There are three types of property valuations that are used in commercial property insurance. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"288a6c7c-9d75-5e00-8ccd-9e6bc68f822b\" href=\"https://www.trustedchoice.com/homeowners-insurance/home-coverage-types/replacement-cost-insurance/\" style=\"color: #0a0a0a;\"><strong>Replacement cost</strong></a><strong>: </strong>This is the type of coverage most people expect when they buy property insurance. Replacement cost will pay to fully replace and repair your building with materials of similar type and quality. However, many people and businesses underestimate the actual cost that this would be to replace their building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">In order to prevent confusion — and lawsuits — insurance companies have set certain requirements to purchase replacement cost. The first consideration is what the replacement cost actually is. Insurance companies mainly use software programs to come up with a number, based on the age, square footage, building type, and condition of the building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A key factor with replacement cost is that you might not receive it even if you buy it. This is because insurance companies will typically require you to insure your building for a minimum of 80% of its replacement cost number. Your building’s replacement cost number might increase every few years due to rising construction costs and inflation, so you might be hit with a <strong>coinsurance penalty</strong> if you have a claim. Coinsurance is the name for this insure-to-value idea, and not having enough coinsurance can result in a claim settlement that’s not even close to what you expected. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">So, while replacement cost coverage will pay out the most claims money and can give you the best option to repair and replace your building, it’s also the most expensive and you’ll have to keep in mind the coinsurance threshold in determining your coverage amount. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"28ba0f88-b273-52a1-8d90-f18dc050978a\" href=\"https://www.trustedchoice.com/homeowners-insurance/home-coverage-types/actual-cash-value-vs-replacement-cost/\" style=\"color: #0a0a0a;\"><strong>Actual cash value</strong></a><strong>: </strong>This type of loss settlement factors in the age, condition, and depreciation of your building when paying out a claim. It’s often used for older buildings that might not be replaced the way it was originally built. ACV isn’t so bad with a total loss, as you’ll likely receive a check for whatever coverage amount you have. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The main problem with ACV is during partial losses. If you have a partial loss, you won’t receive the full amount to replace the damaged item. For example, let’s say you have damage to your roof and you’ll need to replace the entire roof. It’s going to cost you $20,000 to get a new roof on your building. Since it’s a 20 year old roof and you have ACV, you may only get about $4,000 from the insurance company, meaning you’ll still have to pay $16,000 out of pocket. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Functional replacement cost: </strong>Functional replacement cost is not as common as the other two options, but it can serve as a nice alternative to actual cash value, particularly for older buildings. Instead of replacing with a similar kind and quality (replacement cost) or factoring in depreciation (actual cash value), functional replacement cost with replace the property with materials that serve the same purpose. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example, if you have a brick building with an office in it and have functional replacement cost during a total loss, the insurance company might say that you don’t need a brick building to function as an office, you simply need a frame building. Functional replacement cost allows you to carry lower insurance amounts but still receive something comparable to replacement cost, making it a solid alternative to the other two options. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why Do I Need Commercial Property Insurance? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Commercial property insurance is one aspect of a business’s insurance program and can help get a business back up and running if it suffers a loss, such as a fire, tornado, or even a power outage. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While you may not enjoy paying the bills for it, it’s much better to pay those bills now and know that your business can survive a major loss. Without insurance, your building and all of your business’s contents and equipment would be completely lost with no source of money to rebuy them. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Some of the most common consequences of not carrying commercial property insurance include:</span></p>\n<figure data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ab1e1f1d-42ed-4af9-82e4-8b2e2b91c43e/commercial-property-insurance.svg\" data-asset-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" data-image-id=\"c36615fb-7982-4c35-a1ea-506ff07dd51b\" alt=\"\" /></span></figure>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Bankruptcy and closure:</strong> If you have a fire loss or other type of claim, it could cost your business millions of dollars to rebuild and rebuy without insurance. If you don’t have that cash stashed aside — and let’s face it, who does? — then your business will be forced to close and declare bankruptcy after a total loss. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>A ruined reputation:</strong> If any customer were to get hurt and/or lose some of their personal belongings in your claim, the negative publicity could further hurt your business’s chances of survival. Carrying the proper type of insurance can help your customers know that you operate a legitimate business and care about their well-being. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Legal trouble:</strong> While general liability insurance does give you good legal protection from lawsuits, failing to carry adequate commercial property insurance could result in legal issues for your business. If you default on loans or can’t pay vendors or employees, you could face further lawsuits that could have been avoided with adequate commercial property insurance. </span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Spoiled inventory:</strong> If you have perishable inventory like food or flowers, all that’s needed to wipe it out is a power outage that lasts a couple of hours. You can insure this loss with commercial property insurance. </span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3><span style=\"color: #0a0a0a;\">Is Commercial Property Insurance Mandatory? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If you’re taking out a commercial loan to purchase your property, your bank or finance company will likely require you to have commercial property insurance. Similar to banks requiring homeowners insurance if you’re taking out a mortgage, banks simply want to know that their money won’t be totally lost if something does happen to your building. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Even if it’s not required by a bank, commercial property insurance can be a valuable form of protection for your business. Starting and operating a business requires a lot of money and capital, which oftentimes isn’t there for a second go around. Operating a business without commercial property insurance means that if you do have a loss, you’ll have to start from scratch. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Commercial Property Insurance Cost? </span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of commercial property insurance varies and largely depends on the following factors:</span></p>\n<div style=\"text-align: left;\">\n<div class=\"icon-list-single-right-caret\">\n<ul>\n<li><span style=\"color: #0a0a0a;\">Size, age, and condition of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Loss settlement option (replacement cost, actual cash value, functional replacement cost)</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of the building</span></li>\n<li><span style=\"color: #0a0a0a;\">Value of your business’s personal property</span></li>\n<li><span style=\"color: #0a0a0a;\">Location and cost of building supplies in your area</span></li>\n<li><span style=\"color: #0a0a0a;\">Nature of the business and building</span></li>\n</ul>\n</div>\n</div>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">You’ll also select a deductible for each property coverage, which includes your building coverage and your business’s personal property coverage. The higher your deductible is, the lower your premiums will be. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The Benefits of an Independent Insurance Agent</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It can be difficult to determine the best type of coverage your business needs all by yourself. Insurance in general, and particularly commercial property insurance, can be complex and complicated. An independent insurance agent understands these complexities and can help you navigate different options that suit your business. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An <a href=\"http://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">independent insurance agent</a> will also have access to many different insurance companies, which can lead to the lowest possible rate for your business. And if you have a claim, they will be there to help you get your business back on its feet as quickly as possible. </span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/commercial-property/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Complete Guide to Commercial Property Insurance','','inherit','closed','closed','','1345-revision-v1','','','2021-04-12 23:46:24','2021-04-12 23:46:24','',1345,'http://smartinsurance.tips/1345-revision-v1/',0,'revision','',0),(1358,1,'2021-04-12 23:59:53','2021-04-12 23:59:53','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Understanding Business Insurance Terminology</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Insurance-terminology-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1354 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business terminology shouldn’t be reserved for insurance agents. Once you’ve reviewed this business insurance glossary, you’re one step closer to understanding just how much your business insurance policy affects you and your company.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Aggregate limits:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is the maximum amount of money that an insurer is contracted to provide to the policyholder in a specific policy period. For example, on a particular business liability policy, an annual aggregate limit would be the total amount the insurance company would pay for all claims on that policy in a given year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"2c13bf22-39b5-5adb-bfd3-c13de698f4fa\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/blanket-policy/\" style=\"color: #0a0a0a;\"><strong>Blanket insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy allows a business owner to insure multiple property types at one location, or one property type at multiple locations, all under one policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"3d3462d7-7e5a-5e06-83a7-dd93e6615fbb\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/builders-risk/\" style=\"color: #0a0a0a;\"><strong>Builders risk insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides protection for all building materials – on-site, off-site, and in transport – that a builder uses during the course of a construction project.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business interruption insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business must shut down due to a covered loss, this form of coverage can provide reimbursement for the expenses that would have normally occurred if the business had been operating.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business owners policy (BOP):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a combined policy where property insurance and liability insurance are packaged together at a cost savings for small businesses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>Fidelity bonds</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a type of insurance that protects an employer from dishonest employee acts.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial property insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy is meant to protect the building and other business property that you own or lease. Note that equipment insurance is typically a separate policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"4a979eb0-86b5-5482-9944-3cf9c2e425e4\" href=\"https://www.trustedchoice.com/commercial-vehicle-insurance/\" style=\"color: #0a0a0a;\"><strong>Commercial auto insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy covers you, your employees and company vehicles for injuries and damage, whether the vehicles are leased, owned, or rented. Passengers are also covered.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial earthquake insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides coverage for property damaged in an earthquake. Typical business property insurance will not pay for this damage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial flood insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provided by the National Flood Insurance Program (NFIP), and available through independent agents, this policy provides coverage for flood damage related to high waters, hurricanes and excessive rain runoff.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Data breach insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage can provide assistance in preventing a data breach as well as mitigate the consequences of a full-blown data breach.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Directors and officers liability insurance (\"D &amp; O\"):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If the directors or officers of a company are accused of wrongful or negligent acts, this coverage can protect the company’s financial assets from legal settlements and the cost of legal defense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employer’s liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If an employee files a lawsuit after being injured on the job, this insurance protects the employer. If an employee has workers\' compensation benefits, the right to sue is limited.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"e127a4bf-89bf-5a39-a8c9-3f8fed098935\" href=\"https://www.trustedchoice.com/business-insurance/liability/epli/\" style=\"color: #0a0a0a;\"><strong>Employment practices liability insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides company protection if someone is accused of an employment-related claim, such as harassment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Professional liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides liability protection in the event that an employee or the business commits a professional error or act of negligence that results in a client\'s personal loss or injury. This can be anything from a physician\'s error (malpractice insurance) to an accountant\'s mistake (E and O insurance) that leads to a monetary loss </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Exclusions: </strong>These are certain risks that aren’t covered by your insurance policy. You may need to purchase extra coverage for further protection against excluded risks.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>Fiduciary</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An employee or contractor of the company that has been entrusted with the handling of benefit funds.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"7196c90a-771c-55b8-ac92-7bb8692fbf40\" href=\"https://www.trustedchoice.com/business-insurance/liability/\" style=\"color: #0a0a0a;\"><strong>General liability insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will protect businesses from most situations where the company could be held liable for bodily injury or property damage. It does not include commercial vehicle or professional liability coverage, which are covered separately.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"fcaf294f-0882-5c19-b483-0f974a70612d\" href=\"https://www.trustedchoice.com/business-insurance/employee-benefits/group-health/\" style=\"color: #0a0a0a;\"><strong>Group health insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Medical insurance that an employer offers to employees, who are covered or reimbursed for healthcare services according to the specific health plan chosen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"5a0316fb-07bc-55a6-a6a2-e7e1a224a8fe\" href=\"https://www.trustedchoice.com/business-insurance/employee-benefits/group-life/\" style=\"color: #0a0a0a;\"><strong>Group life insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance offered by an employer that allows the employee to select a death benefit, which is distributed to named beneficiaries at the time of the employee’s death.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Key person insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides business life insurance on one key person in a business. It issues benefits to help offset earnings loss and find a replacement for the key person.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Loss control:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A risk management tool that aims to reduce the amount of loss a company experiences.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Marine insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides protection for company equipment or goods in transport. It also provides coverage if the vehicle transporting the goods is damaged, and provides liability coverage for third parties. You can choose between ocean marine coverage and inland marine coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Named peril:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An event or hazard that is listed as covered on your business insurance policy, and will be covered if it occurs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Performance bond:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A type of surety bond that ensures the policyholder will complete a contract.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Premium:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The amount that you pay for insurance coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Rider:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Also referred to as an endorsement, this is an addendum that will alter or enhance the current policy’s terms. For example, you may be able to add an equipment rider to your property insurance to protect your equipment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"502fcdce-4b9a-5185-a248-160789ec6e32\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/surety-bonds/\" style=\"color: #0a0a0a;\"><strong>Surety bonds</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A surety bond is three-party bond that guarantees the principal will perform the obligations set forth by the obligee, or else the surety will step in to help the obligee recuperate losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"6a39b5ad-a855-5dfa-ac57-8259b6ddb71a\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/\" style=\"color: #0a0a0a;\"><strong>Umbrella insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An umbrella policy is extra liability coverage that can dramatically increase a firm\'s ability to settle claims or cover the cost of court judgments in the event of a sizable lawsuit. Typically sold in increments of $1 million, umbrella liability is available at a relatively low cost.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Underwriting:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Underwriting is the process that takes place with most insurance applications. Underwriters review potential insurance risks and set the appropriate premiums.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"b1857861-67b4-5266-967b-16298f6bfcd7\" href=\"https://www.trustedchoice.com/business-insurance/workers-compensation/\" style=\"color: #0a0a0a;\"><strong>Workers\' compensation insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will provide compensation for an employee’s medical bills, lost wages, rehabilitation and disability coverage in the event of a work-related illness or injury.</span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Putting Knowledge to Work for Your Business</strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Now that you’re more familiar with business insurance terms, you\'ll never again have to feel as though you\'re buying an insurance policy blindly. Between being informed and working with experienced <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">independent agents</a>, you can feel confident that you have the exact coverage you need. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Find a local independent insurance agent in your area and get the protection you need and deserve.</span></p>\n<div class=\"mx-lg-n4 mx-xl-n5\">\n<p><tc-search-widget headline=\"Save on Business Insurance\" subheadline=\"Our independent agents shop around to find you the best coverage.\" buttontext=\"Request a quote\" zipcodelabel=\"Enter your ZIP Code\" zipcodeplaceholdertext=\"ZIP Code\" insuredlabel=\"Do you have insurance?\" url=\"/find-an-agent/?referralUrl=https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/&amp;category=COMMERCIAL&amp;naics-display=Business%20Terminology\" icondescription=\"business\" iconurl=\"https://assets-us-01.kc-usercontent.com:443/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/66fa9ad1-9ba7-4420-ba70-fbb54cc430a2/cta-icon-business.svg\" _nghost-ajx-c36=\"\" ng-version=\"9.1.12\"></tc-search-widget></p>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\"><br />To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Business Insurance Terminology','','inherit','closed','closed','','1351-revision-v1','','','2021-04-12 23:59:53','2021-04-12 23:59:53','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1408,1,'2021-04-13 17:45:33','2021-04-13 17:45:33','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Understanding Business Insurance Terminology</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Insurance-terminology-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1354 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business terminology shouldn’t be reserved for insurance agents. Once you’ve reviewed this business insurance glossary, you’re one step closer to understanding just how much your business insurance policy affects you and your company.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Aggregate limits:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is the maximum amount of money that an insurer is contracted to provide to the policyholder in a specific policy period. For example, on a particular business liability policy, an annual aggregate limit would be the total amount the insurance company would pay for all claims on that policy in a given year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"2c13bf22-39b5-5adb-bfd3-c13de698f4fa\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/blanket-policy/\" style=\"color: #0a0a0a;\"><strong>Blanket insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy allows a business owner to insure multiple property types at one location, or one property type at multiple locations, all under one policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"3d3462d7-7e5a-5e06-83a7-dd93e6615fbb\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/builders-risk/\" style=\"color: #0a0a0a;\"><strong>Builders risk insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides protection for all building materials – on-site, off-site, and in transport – that a builder uses during the course of a construction project.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business interruption insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business must shut down due to a covered loss, this form of coverage can provide reimbursement for the expenses that would have normally occurred if the business had been operating.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business owners policy (BOP):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a combined policy where property insurance and liability insurance are packaged together at a cost savings for small businesses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>Fidelity bonds</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a type of insurance that protects an employer from dishonest employee acts.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial property insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy is meant to protect the building and other business property that you own or lease. Note that equipment insurance is typically a separate policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"4a979eb0-86b5-5482-9944-3cf9c2e425e4\" href=\"https://www.trustedchoice.com/commercial-vehicle-insurance/\" style=\"color: #0a0a0a;\"><strong>Commercial auto insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy covers you, your employees and company vehicles for injuries and damage, whether the vehicles are leased, owned, or rented. Passengers are also covered.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial earthquake insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides coverage for property damaged in an earthquake. Typical business property insurance will not pay for this damage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial flood insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provided by the National Flood Insurance Program (NFIP), and available through agents, this policy provides coverage for flood damage related to high waters, hurricanes and excessive rain runoff.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Data breach insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage can provide assistance in preventing a data breach as well as mitigate the consequences of a full-blown data breach.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Directors and officers liability insurance (\"D &amp; O\"):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If the directors or officers of a company are accused of wrongful or negligent acts, this coverage can protect the company’s financial assets from legal settlements and the cost of legal defense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employer’s liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If an employee files a lawsuit after being injured on the job, this insurance protects the employer. If an employee has workers\' compensation benefits, the right to sue is limited.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"e127a4bf-89bf-5a39-a8c9-3f8fed098935\" href=\"https://www.trustedchoice.com/business-insurance/liability/epli/\" style=\"color: #0a0a0a;\"><strong>Employment practices liability insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides company protection if someone is accused of an employment-related claim, such as harassment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Professional liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides liability protection in the event that an employee or the business commits a professional error or act of negligence that results in a client\'s personal loss or injury. This can be anything from a physician\'s error (malpractice insurance) to an accountant\'s mistake (E and O insurance) that leads to a monetary loss </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Exclusions: </strong>These are certain risks that aren’t covered by your insurance policy. You may need to purchase extra coverage for further protection against excluded risks.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>Fiduciary</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An employee or contractor of the company that has been entrusted with the handling of benefit funds.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"7196c90a-771c-55b8-ac92-7bb8692fbf40\" href=\"https://www.trustedchoice.com/business-insurance/liability/\" style=\"color: #0a0a0a;\"><strong>General liability insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will protect businesses from most situations where the company could be held liable for bodily injury or property damage. It does not include commercial vehicle or professional liability coverage, which are covered separately.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"fcaf294f-0882-5c19-b483-0f974a70612d\" href=\"https://www.trustedchoice.com/business-insurance/employee-benefits/group-health/\" style=\"color: #0a0a0a;\"><strong>Group health insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Medical insurance that an employer offers to employees, who are covered or reimbursed for healthcare services according to the specific health plan chosen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"5a0316fb-07bc-55a6-a6a2-e7e1a224a8fe\" href=\"https://www.trustedchoice.com/business-insurance/employee-benefits/group-life/\" style=\"color: #0a0a0a;\"><strong>Group life insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance offered by an employer that allows the employee to select a death benefit, which is distributed to named beneficiaries at the time of the employee’s death.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Key person insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides business life insurance on one key person in a business. It issues benefits to help offset earnings loss and find a replacement for the key person.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Loss control:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A risk management tool that aims to reduce the amount of loss a company experiences.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Marine insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides protection for company equipment or goods in transport. It also provides coverage if the vehicle transporting the goods is damaged, and provides liability coverage for third parties. You can choose between ocean marine coverage and inland marine coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Named peril:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An event or hazard that is listed as covered on your business insurance policy, and will be covered if it occurs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Performance bond:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A type of surety bond that ensures the policyholder will complete a contract.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Premium:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The amount that you pay for insurance coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Rider:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Also referred to as an endorsement, this is an addendum that will alter or enhance the current policy’s terms. For example, you may be able to add an equipment rider to your property insurance to protect your equipment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"502fcdce-4b9a-5185-a248-160789ec6e32\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/surety-bonds/\" style=\"color: #0a0a0a;\"><strong>Surety bonds</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A surety bond is three-party bond that guarantees the principal will perform the obligations set forth by the obligee, or else the surety will step in to help the obligee recuperate losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"6a39b5ad-a855-5dfa-ac57-8259b6ddb71a\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/\" style=\"color: #0a0a0a;\"><strong>Umbrella insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An umbrella policy is extra liability coverage that can dramatically increase a firm\'s ability to settle claims or cover the cost of court judgments in the event of a sizable lawsuit. Typically sold in increments of $1 million, umbrella liability is available at a relatively low cost.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Underwriting:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Underwriting is the process that takes place with most insurance applications. Underwriters review potential insurance risks and set the appropriate premiums.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"b1857861-67b4-5266-967b-16298f6bfcd7\" href=\"https://www.trustedchoice.com/business-insurance/workers-compensation/\" style=\"color: #0a0a0a;\"><strong>Workers\' compensation insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will provide compensation for an employee’s medical bills, lost wages, rehabilitation and disability coverage in the event of a work-related illness or injury.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<div class=\"mx-lg-n4 mx-xl-n5\">\n<p><tc-search-widget headline=\"Save on Business Insurance\" subheadline=\"Our independent agents shop around to find you the best coverage.\" buttontext=\"Request a quote\" zipcodelabel=\"Enter your ZIP Code\" zipcodeplaceholdertext=\"ZIP Code\" insuredlabel=\"Do you have insurance?\" url=\"/find-an-agent/?referralUrl=https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/&amp;category=COMMERCIAL&amp;naics-display=Business%20Terminology\" icondescription=\"business\" iconurl=\"https://assets-us-01.kc-usercontent.com:443/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/66fa9ad1-9ba7-4420-ba70-fbb54cc430a2/cta-icon-business.svg\" _nghost-ajx-c36=\"\" ng-version=\"9.1.12\"></tc-search-widget></p>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\"><br />To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Business Insurance Terminology','','inherit','closed','closed','','1351-revision-v1','','','2021-04-13 17:45:33','2021-04-13 17:45:33','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1359,1,'2021-04-13 00:00:29','2021-04-13 00:00:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Understanding Business Insurance Terminology</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Insurance-terminology-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1354 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business terminology shouldn’t be reserved for insurance agents. Once you’ve reviewed this business insurance glossary, you’re one step closer to understanding just how much your business insurance policy affects you and your company.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Aggregate limits:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is the maximum amount of money that an insurer is contracted to provide to the policyholder in a specific policy period. For example, on a particular business liability policy, an annual aggregate limit would be the total amount the insurance company would pay for all claims on that policy in a given year.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"2c13bf22-39b5-5adb-bfd3-c13de698f4fa\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/blanket-policy/\" style=\"color: #0a0a0a;\"><strong>Blanket insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy allows a business owner to insure multiple property types at one location, or one property type at multiple locations, all under one policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"3d3462d7-7e5a-5e06-83a7-dd93e6615fbb\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/builders-risk/\" style=\"color: #0a0a0a;\"><strong>Builders risk insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides protection for all building materials – on-site, off-site, and in transport – that a builder uses during the course of a construction project.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business interruption insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business must shut down due to a covered loss, this form of coverage can provide reimbursement for the expenses that would have normally occurred if the business had been operating.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Business owners policy (BOP):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a combined policy where property insurance and liability insurance are packaged together at a cost savings for small businesses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>Fidelity bonds</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This is a type of insurance that protects an employer from dishonest employee acts.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial property insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy is meant to protect the building and other business property that you own or lease. Note that equipment insurance is typically a separate policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"4a979eb0-86b5-5482-9944-3cf9c2e425e4\" href=\"https://www.trustedchoice.com/commercial-vehicle-insurance/\" style=\"color: #0a0a0a;\"><strong>Commercial auto insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy covers you, your employees and company vehicles for injuries and damage, whether the vehicles are leased, owned, or rented. Passengers are also covered.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial earthquake insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides coverage for property damaged in an earthquake. Typical business property insurance will not pay for this damage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Commercial flood insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provided by the National Flood Insurance Program (NFIP), and available through independent agents, this policy provides coverage for flood damage related to high waters, hurricanes and excessive rain runoff.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Data breach insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage can provide assistance in preventing a data breach as well as mitigate the consequences of a full-blown data breach.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Directors and officers liability insurance (\"D &amp; O\"):</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If the directors or officers of a company are accused of wrongful or negligent acts, this coverage can protect the company’s financial assets from legal settlements and the cost of legal defense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Employer’s liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If an employee files a lawsuit after being injured on the job, this insurance protects the employer. If an employee has workers\' compensation benefits, the right to sue is limited.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"e127a4bf-89bf-5a39-a8c9-3f8fed098935\" href=\"https://www.trustedchoice.com/business-insurance/liability/epli/\" style=\"color: #0a0a0a;\"><strong>Employment practices liability insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides company protection if someone is accused of an employment-related claim, such as harassment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Professional liability insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides liability protection in the event that an employee or the business commits a professional error or act of negligence that results in a client\'s personal loss or injury. This can be anything from a physician\'s error (malpractice insurance) to an accountant\'s mistake (E and O insurance) that leads to a monetary loss </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Exclusions: </strong>These are certain risks that aren’t covered by your insurance policy. You may need to purchase extra coverage for further protection against excluded risks.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"ceec5868-eb59-5940-9ddf-1108b9aeacad\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/fiduciary/\" style=\"color: #0a0a0a;\"><strong>Fiduciary</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An employee or contractor of the company that has been entrusted with the handling of benefit funds.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"7196c90a-771c-55b8-ac92-7bb8692fbf40\" href=\"https://www.trustedchoice.com/business-insurance/liability/\" style=\"color: #0a0a0a;\"><strong>General liability insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will protect businesses from most situations where the company could be held liable for bodily injury or property damage. It does not include commercial vehicle or professional liability coverage, which are covered separately.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"fcaf294f-0882-5c19-b483-0f974a70612d\" href=\"https://www.trustedchoice.com/business-insurance/employee-benefits/group-health/\" style=\"color: #0a0a0a;\"><strong>Group health insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Medical insurance that an employer offers to employees, who are covered or reimbursed for healthcare services according to the specific health plan chosen.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"5a0316fb-07bc-55a6-a6a2-e7e1a224a8fe\" href=\"https://www.trustedchoice.com/business-insurance/employee-benefits/group-life/\" style=\"color: #0a0a0a;\"><strong>Group life insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Insurance offered by an employer that allows the employee to select a death benefit, which is distributed to named beneficiaries at the time of the employee’s death.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Key person insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy provides business life insurance on one key person in a business. It issues benefits to help offset earnings loss and find a replacement for the key person.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Loss control:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A risk management tool that aims to reduce the amount of loss a company experiences.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Marine insurance:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage provides protection for company equipment or goods in transport. It also provides coverage if the vehicle transporting the goods is damaged, and provides liability coverage for third parties. You can choose between ocean marine coverage and inland marine coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Named peril:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An event or hazard that is listed as covered on your business insurance policy, and will be covered if it occurs.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Performance bond:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A type of surety bond that ensures the policyholder will complete a contract.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Premium:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The amount that you pay for insurance coverage.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Rider:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Also referred to as an endorsement, this is an addendum that will alter or enhance the current policy’s terms. For example, you may be able to add an equipment rider to your property insurance to protect your equipment.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"502fcdce-4b9a-5185-a248-160789ec6e32\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/surety-bonds/\" style=\"color: #0a0a0a;\"><strong>Surety bonds</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A surety bond is three-party bond that guarantees the principal will perform the obligations set forth by the obligee, or else the surety will step in to help the obligee recuperate losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"6a39b5ad-a855-5dfa-ac57-8259b6ddb71a\" href=\"https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/\" style=\"color: #0a0a0a;\"><strong>Umbrella insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">An umbrella policy is extra liability coverage that can dramatically increase a firm\'s ability to settle claims or cover the cost of court judgments in the event of a sizable lawsuit. Typically sold in increments of $1 million, umbrella liability is available at a relatively low cost.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Underwriting:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Underwriting is the process that takes place with most insurance applications. Underwriters review potential insurance risks and set the appropriate premiums.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a data-item-id=\"b1857861-67b4-5266-967b-16298f6bfcd7\" href=\"https://www.trustedchoice.com/business-insurance/workers-compensation/\" style=\"color: #0a0a0a;\"><strong>Workers\' compensation insurance</strong></a><strong>:</strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This policy will provide compensation for an employee’s medical bills, lost wages, rehabilitation and disability coverage in the event of a work-related illness or injury.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><strong>Putting Knowledge to Work for Your Business</strong></span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Now that you’re more familiar with business insurance terms, you\'ll never again have to feel as though you\'re buying an insurance policy blindly. Between being informed and working with experienced <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">independent agents</a>, you can feel confident that you have the exact coverage you need. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Find a local independent insurance agent in your area and get the protection you need and deserve.</span></p>\n<div class=\"mx-lg-n4 mx-xl-n5\">\n<p><tc-search-widget headline=\"Save on Business Insurance\" subheadline=\"Our independent agents shop around to find you the best coverage.\" buttontext=\"Request a quote\" zipcodelabel=\"Enter your ZIP Code\" zipcodeplaceholdertext=\"ZIP Code\" insuredlabel=\"Do you have insurance?\" url=\"/find-an-agent/?referralUrl=https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/&amp;category=COMMERCIAL&amp;naics-display=Business%20Terminology\" icondescription=\"business\" iconurl=\"https://assets-us-01.kc-usercontent.com:443/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/66fa9ad1-9ba7-4420-ba70-fbb54cc430a2/cta-icon-business.svg\" _nghost-ajx-c36=\"\" ng-version=\"9.1.12\"></tc-search-widget></p>\n</div>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\"><br />To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-faq/terminology-glossary/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Understanding Business Insurance Terminology','','inherit','closed','closed','','1351-revision-v1','','','2021-04-13 00:00:29','2021-04-13 00:00:29','',1351,'http://smartinsurance.tips/1351-revision-v1/',0,'revision','',0),(1361,1,'2021-04-13 00:01:47','2021-04-13 00:01:47','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>Do I Need Business Interruption Insurance?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Interruption-insurance.jpg\" width=\"767\" height=\"380\" alt=\"\" class=\"wp-image-1364 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Most people would never consider opening a business without first purchasing property insurance to cover the cost to repair or replace a building or equipment that’s been damaged due to a covered peril. But too many business owners fail to think about how they would keep their business afloat if they were forced to temporarily close. Business income (interruption) coverage also known as business income coverage (BI), can help with operating expenses during the period of restoration, and includes:</span></p>\n<ol style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Lost net income (based on financial records)</span></li>\n<li><span style=\"color: #0a0a0a;\">Mortgage, rent and lease payments</span></li>\n<li><span style=\"color: #0a0a0a;\">Loan payments</span></li>\n<li><span style=\"color: #0a0a0a;\">Taxes</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee payroll</span></li>\n</ol>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business owners should make sure the policy limits are sufficient to cover their company for more than a few days. After a major disaster, it can take more time than many people realize to get “back in business.” Business income coverage likely has a \"restoration period.” This is the length of time that a policy will help pay for lost income and extra expenses while the business is being restored. <strong><em>Typically, there’s a 48 to 72-hour waiting period before the period of restoration kicks in. The standard property policy limits the business income restoration period to 30 days, but this period can be extended to 360 days by endorsement.</em></strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A business owner’s policy (BOP) often combines property, liability and business income (interruption) coverages for small–to-midsize businesses. Coverage purchased as a package is generally less expensive than if purchased through separate insurance policies and can help ensure proper underlying limits are in place. Normally, companies with 100 employees or fewer and revenues of up to about $5 million or less are candidates for a BOP. Some types of businesses, such as restaurants, may be ineligible for a BOP because of the specific risks inherent in the business and may need to consider buying the individual coverages separately. An endorsement or rider can be added to a commercial property insurance policy that will extend the policy\'s coverage to business income (interruption) losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business income (interruption) insurance <em><strong>does not cover</strong></em>: </span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Broken items resulting from a covered event or loss (such as glass)</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood or earthquake damage, which are covered by a separate policy</span></li>\n<li><span style=\"color: #0a0a0a;\">Undocumented income that’s not listed on your business’ financial records</span></li>\n<li><span style=\"color: #0a0a0a;\">Utilities</span></li>\n<li><span style=\"color: #0a0a0a;\">Pandemics, viruses, or communicable diseases (such as COVID-19)</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How much business income (interruption) insurance coverage is needed?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A good rule of thumb is to use a business’s gross earnings and projections to estimate future profits and determine the right amount of coverage. Remember, if business income (interruption) costs exceed the coverage limit chosen, the business owner will have to pay out of pocket for any extra expenses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How much does business income (interruption) insurance cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It depends on a number of factors, including your: </span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Industry</span></li>\n<li><span style=\"color: #0a0a0a;\">Number of employees</span></li>\n<li><span style=\"color: #0a0a0a;\">Amount of coverage</span></li>\n<li><span style=\"color: #0a0a0a;\">Prior claims experience (if you’ve had to file any claims with your insurer)</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The price of the policy can also vary depending on your location. For example, if the business is in an area with a higher risk of hurricanes, the cost of business income (interruption) insurance may increase. A restaurant might have higher premiums than a real estate agency, for example, because of the greater risk of fire. Also, a real estate agency can more easily operate out of another location. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Options and endorsements to business income (interruption) coverage</span></h2>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Contingent business interruption insurance (also referred to as dependent properties)</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides insurance coverage in the event the damage or destruction of <strong>non-owned property</strong> reduces or terminates the business owner\'s earnings. With COVID-19 disrupting global supply chains and sales, businesses are losing income and incurring additional expenses as a result of the interruption.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are four types of entities that qualify as eligible dependent properties:</span></p>\n<ol style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Suppliers</strong>: Those contributing locations that <em>supply</em> the business owner with the parts, materials, or services necessary to manufacture its product or provide its service.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Buyers</strong>: A recipient location buys/accepts the products, goods, or services of the insured business owner. This may be a business owner’s sole buyer or one that buys most of the insured’s output.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Providers</strong>: Also known as \"manufacturing location\" A manufacturing location manufactures products for delivery to a business owner’s customers under contract of sale.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Drivers</strong>: Also known as a “Leader Location” These can include anchor stores (Target, Wal-Mart. Macy\'s, etc.), sports and entertainment venues, and other such entities that draw customers to the area.</span></li>\n</ol>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Extra expense insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business income (interruption) insurance can also include extra expense, which will cover anything beyond the normal day-to-day operating expenses that are necessary to keep a business solvent. Instances of extra expenses include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Renting a temporary place of business while the original place of business is being restored</span></li>\n<li><span style=\"color: #0a0a0a;\">Replacement of hardware, technology and furniture</span></li>\n<li><span style=\"color: #0a0a0a;\">Paying overtime for employees or hiring more employees</span></li>\n<li><span style=\"color: #0a0a0a;\">Leasing equipment</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Extra expense insurance can be bundled in a Business Owner’s Policy (BOP), as a separate insurance policy or as a rider to a commercial property policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Civil authority</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage – <em><strong>which typically does not exceed two consecutive weeks</strong></em> – applies when a civil authority (e.g., state, local or federal governmental entity) prohibits access to an insured’s premises due to a government order as a result of <em>physical damage</em> to an adjacent or nearby property, not owned or controlled by the insured, but rather the adjacent property of another.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Civil authority coverage extends business income (interruption) and/or extra expense coverage. <em><strong>Even when a government order prohibits or otherwise specifically restricts access to an insured premise, the policy may still require a direct physical loss before triggering coverage.</strong></em></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Note: In early February 2020 the Insurance Services Office (ISO) developed two new endorsement forms: “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus,” and “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus.” These forms provide coverage for actual loss of business income and extra expenses caused by a government order closing the insured’s premises or quarantining all or part of the premises and from government suspension of some modes of public transportation. If dependent properties are included in the coverage, such as a supplier’s or customer’s premises, then the coverage applies to the dependent property as well. Note that the forms were not filed with any states and are not being added to ISO’s form portfolio.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Utility services</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A utility services endorsement extends business income (interruption) and/or extra expense coverage to apply to a suspension of operations caused by a disruption of basic utility services to a business’s premises such as electric, gas or water provided by public or private utility companies</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are two specific endorsements that should be considered:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Time element</strong>: In the event winds break down a power line or a water main is broken, this coverage can cover losses, including loss of income and expenses, up to a predetermined time limit or until the power or water service is restored.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Direct damage</strong>: This endorsement is an extension of property insurance, providing protection against damage to a business owner’s property resulting from an interruption of any of the utility services named in the policy as a result of a covered cause, such as a windstorm.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Understanding the limitations of business income (interruption) coverage</span></h2>\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While business income (interruption) insurance can help a business survive a disaster, there are limitations and exceptions to this type of coverage. If a business owner obtains business interruption coverage as part of a commercial property policy, the coverage will only extend to events delineated in the core coverage. If the property insurance does not cover flood damage, the business owner cannot receive business income (interruption) insurance if the company is displaced because of a flood.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are also time limits on business income (interruption) coverage, so business owners should be sure to discuss limitations and exceptions with their insurer or insurance professional.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.iii.org/article/do-i-need-business-interruption-insurance\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I need business interruption insurance?','','publish','closed','closed','','do-i-need-business-interruption-insurance','','','2021-04-13 17:51:06','2021-04-13 17:51:06','',0,'http://smartinsurance.tips/?page_id=1361',0,'page','',0),(1362,1,'2021-04-13 00:01:47','2021-04-13 00:01:47','<!-- wp:divi/placeholder /-->','Do I need business interruption insurance?','','inherit','closed','closed','','1361-revision-v1','','','2021-04-13 00:01:47','2021-04-13 00:01:47','',1361,'http://smartinsurance.tips/1361-revision-v1/',0,'revision','',0),(1366,1,'2021-04-13 00:06:25','2021-04-13 00:06:25','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Finding the Best Business Umbrella Insurance</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Commercial-umbrella-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1369 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Becoming a business owner is a great accomplishment. Staying a successful business owner needs proper protection. Not knowing what could happen as your business progresses is inevitable however, having precautions in place to avoid financial loss is good business sense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Protecting your business by having a business umbrella policy is a great place to start. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Umbrella Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business umbrella insurance is an extension of your general liability or business owners insurance policy. Providing your business with additional liability coverage above and beyond your underlying liability policy in the event, your limits get exhausted.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Is Business Umbrella Insurance Different from Regular Business Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your business should have a general liability or business owner\'s policy in place to start with. If you have company vehicles, titled in the business name then you should also have a business auto policy. Those are the basic policies that a business umbrella policy would go over.  </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business umbrella insurance provides additional coverage to all the underlying policies that you hold for extra protection. The excess insurance can be anywhere from one million to several million dollars. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">When your benefits get exhausted by a large claim on your underlying policies, then business umbrella coverage will start. Some business umbrella policies have a deductible that would need to be met prior to coverage starting.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Business Umbrella Insurance Necessary?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For some companies, business umbrella insurance is mandatory. For example, the federal government requires businesses such as oil companies to have umbrella policies. For the general business owner, business umbrella insurance may not be required unless a contract, client or landlord requests it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">However, even if business umbrella insurance is not mandatory, it is a necessary coverage to obtain for your operation. Without coverage it\'s likely your business would suffer extreme financial loss.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why You Need Business Umbrella Insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Getting sued can happen to any business at any time. The most expensive part of a lawsuit is paying the lawyers to defend you. No matter if the lawsuit is legitimate, your business has to respond. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Lawsuits can be drawn out over several years. In the event you don’t end up paying out to the plaintiff, you may still be responsible for hundreds of thousands of dollars in legal expenses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Business Umbrella Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A business umbrella policy will provide additional liability insurance above and beyond your underlying liability insurance policies. Coverage will start once your underlying coverage limits have been met.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example: If your company has delivery trucks, then you will have a commercial auto policy that most likely has a limit of a million dollars. Your umbrella policy would provide an additional million dollars above your auto policy that would start once the auto policy limits have been exhausted. </span></p>\n<figure data-asset-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" data-image-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ddd5da5e-9f97-4714-a4fc-d2814fb3f0ff/umbrella-policy-graphic.png\" data-asset-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" data-image-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" alt=\"\" /></span></figure>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Business Umbrella Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of business umbrella insurance depends on the type of business and a variety of other factors like size, materials used, and how you run your operations. For a less risky, smaller business the business umbrella premiums can be as low as $500 annually. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business is larger with more exposures and inherent risk, then you will likely need more business umbrella coverage and premiums can be in the thousands annually.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Umbrella Insurance','','publish','closed','closed','','finding-the-best-business-umbrella-insurance','','','2021-04-13 17:52:57','2021-04-13 17:52:57','',0,'http://smartinsurance.tips/?page_id=1366',0,'page','',0),(1367,1,'2021-04-13 00:06:25','2021-04-13 00:06:25','<!-- wp:divi/placeholder /-->','Finding the Best Business Umbrella Insurance','','inherit','closed','closed','','1366-revision-v1','','','2021-04-13 00:06:25','2021-04-13 00:06:25','',1366,'http://smartinsurance.tips/1366-revision-v1/',0,'revision','',0),(1375,1,'2021-04-13 01:08:20','2021-04-13 01:08:20','','Instagram','','inherit','open','closed','','instagram','','','2021-04-13 01:08:20','2021-04-13 01:08:20','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Instagram.jpg',0,'attachment','image/jpeg',0),(1364,1,'2021-04-13 00:03:10','2021-04-13 00:03:10','','Interruption insurance','','inherit','open','closed','','interruption-insurance','','','2021-04-13 00:03:10','2021-04-13 00:03:10','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Interruption-insurance.jpg',0,'attachment','image/jpeg',0),(1410,1,'2021-04-13 17:50:38','2021-04-13 17:50:38','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 style=\"text-align: center;\"><strong>Do I Need Business Interruption Insurance?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Interruption-insurance.jpg\" width=\"767\" height=\"380\" alt=\"\" class=\"wp-image-1364 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Most people would never consider opening a business without first purchasing property insurance to cover the cost to repair or replace a building or equipment that’s been damaged due to a covered peril. But too many business owners fail to think about how they would keep their business afloat if they were forced to temporarily close. Business income (interruption) coverage also known as business income coverage (BI), can help with operating expenses during the period of restoration, and includes:</span></p>\n<ol style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Lost net income (based on financial records)</span></li>\n<li><span style=\"color: #0a0a0a;\">Mortgage, rent and lease payments</span></li>\n<li><span style=\"color: #0a0a0a;\">Loan payments</span></li>\n<li><span style=\"color: #0a0a0a;\">Taxes</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee payroll</span></li>\n</ol>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business owners should make sure the policy limits are sufficient to cover their company for more than a few days. After a major disaster, it can take more time than many people realize to get “back in business.” Business income coverage likely has a \"restoration period.” This is the length of time that a policy will help pay for lost income and extra expenses while the business is being restored. <strong><em>Typically, there’s a 48 to 72-hour waiting period before the period of restoration kicks in. The standard property policy limits the business income restoration period to 30 days, but this period can be extended to 360 days by endorsement.</em></strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A business owner’s policy (BOP) often combines property, liability and business income (interruption) coverages for small–to-midsize businesses. Coverage purchased as a package is generally less expensive than if purchased through separate insurance policies and can help ensure proper underlying limits are in place. Normally, companies with 100 employees or fewer and revenues of up to about $5 million or less are candidates for a BOP. Some types of businesses, such as restaurants, may be ineligible for a BOP because of the specific risks inherent in the business and may need to consider buying the individual coverages separately. An endorsement or rider can be added to a commercial property insurance policy that will extend the policy\'s coverage to business income (interruption) losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business income (interruption) insurance <em><strong>does not cover</strong></em>: </span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Broken items resulting from a covered event or loss (such as glass)</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood or earthquake damage, which are covered by a separate policy</span></li>\n<li><span style=\"color: #0a0a0a;\">Undocumented income that’s not listed on your business’ financial records</span></li>\n<li><span style=\"color: #0a0a0a;\">Utilities</span></li>\n<li><span style=\"color: #0a0a0a;\">Pandemics, viruses, or communicable diseases (such as COVID-19)</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How much business income (interruption) insurance coverage is needed?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A good rule of thumb is to use a business’s gross earnings and projections to estimate future profits and determine the right amount of coverage. Remember, if business income (interruption) costs exceed the coverage limit chosen, the business owner will have to pay out of pocket for any extra expenses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How much does business income (interruption) insurance cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It depends on a number of factors, including your: </span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Industry</span></li>\n<li><span style=\"color: #0a0a0a;\">Number of employees</span></li>\n<li><span style=\"color: #0a0a0a;\">Amount of coverage</span></li>\n<li><span style=\"color: #0a0a0a;\">Prior claims experience (if you’ve had to file any claims with your insurer)</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The price of the policy can also vary depending on your location. For example, if the business is in an area with a higher risk of hurricanes, the cost of business income (interruption) insurance may increase. A restaurant might have higher premiums than a real estate agency, for example, because of the greater risk of fire. Also, a real estate agency can more easily operate out of another location. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Options and endorsements to business income (interruption) coverage</span></h2>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Contingent business interruption insurance (also referred to as dependent properties)</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides insurance coverage in the event the damage or destruction of <strong>non-owned property</strong> reduces or terminates the business owner\'s earnings. With COVID-19 disrupting global supply chains and sales, businesses are losing income and incurring additional expenses as a result of the interruption.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are four types of entities that qualify as eligible dependent properties:</span></p>\n<ol style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Suppliers</strong>: Those contributing locations that <em>supply</em> the business owner with the parts, materials, or services necessary to manufacture its product or provide its service.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Buyers</strong>: A recipient location buys/accepts the products, goods, or services of the insured business owner. This may be a business owner’s sole buyer or one that buys most of the insured’s output.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Providers</strong>: Also known as \"manufacturing location\" A manufacturing location manufactures products for delivery to a business owner’s customers under contract of sale.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Drivers</strong>: Also known as a “Leader Location” These can include anchor stores (Target, Wal-Mart. Macy\'s, etc.), sports and entertainment venues, and other such entities that draw customers to the area.</span></li>\n</ol>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Extra expense insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business income (interruption) insurance can also include extra expense, which will cover anything beyond the normal day-to-day operating expenses that are necessary to keep a business solvent. Instances of extra expenses include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Renting a temporary place of business while the original place of business is being restored</span></li>\n<li><span style=\"color: #0a0a0a;\">Replacement of hardware, technology and furniture</span></li>\n<li><span style=\"color: #0a0a0a;\">Paying overtime for employees or hiring more employees</span></li>\n<li><span style=\"color: #0a0a0a;\">Leasing equipment</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Extra expense insurance can be bundled in a Business Owner’s Policy (BOP), as a separate insurance policy or as a rider to a commercial property policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Civil authority</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage – <em><strong>which typically does not exceed two consecutive weeks</strong></em> – applies when a civil authority (e.g., state, local or federal governmental entity) prohibits access to an insured’s premises due to a government order as a result of <em>physical damage</em> to an adjacent or nearby property, not owned or controlled by the insured, but rather the adjacent property of another.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Civil authority coverage extends business income (interruption) and/or extra expense coverage. <em><strong>Even when a government order prohibits or otherwise specifically restricts access to an insured premise, the policy may still require a direct physical loss before triggering coverage.</strong></em></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Note: In early February 2020 the Insurance Services Office (ISO) developed two new endorsement forms: “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus,” and “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus.” These forms provide coverage for actual loss of business income and extra expenses caused by a government order closing the insured’s premises or quarantining all or part of the premises and from government suspension of some modes of public transportation. If dependent properties are included in the coverage, such as a supplier’s or customer’s premises, then the coverage applies to the dependent property as well. Note that the forms were not filed with any states and are not being added to ISO’s form portfolio.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Utility services</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A utility services endorsement extends business income (interruption) and/or extra expense coverage to apply to a suspension of operations caused by a disruption of basic utility services to a business’s premises such as electric, gas or water provided by public or private utility companies</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are two specific endorsements that should be considered:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Time element</strong>: In the event winds break down a power line or a water main is broken, this coverage can cover losses, including loss of income and expenses, up to a predetermined time limit or until the power or water service is restored.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Direct damage</strong>: This endorsement is an extension of property insurance, providing protection against damage to a business owner’s property resulting from an interruption of any of the utility services named in the policy as a result of a covered cause, such as a windstorm.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Understanding the limitations of business income (interruption) coverage</span></h2>\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While business income (interruption) insurance can help a business survive a disaster, there are limitations and exceptions to this type of coverage. If a business owner obtains business interruption coverage as part of a commercial property policy, the coverage will only extend to events delineated in the core coverage. If the property insurance does not cover flood damage, the business owner cannot receive business income (interruption) insurance if the company is displaced because of a flood.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are also time limits on business income (interruption) coverage, so business owners should be sure to discuss limitations and exceptions with their insurer or insurance professional.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.iii.org/article/do-i-need-business-interruption-insurance\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I need business interruption insurance?','','inherit','closed','closed','','1361-revision-v1','','','2021-04-13 17:50:38','2021-04-13 17:50:38','',1361,'http://smartinsurance.tips/1361-revision-v1/',0,'revision','',0),(1365,1,'2021-04-13 00:05:12','2021-04-13 00:05:12','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 style=\"text-align: center;\"><strong>Do I Need Business Interruption Insurance?</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Interruption-insurance.jpg\" width=\"767\" height=\"380\" alt=\"\" class=\"wp-image-1364 aligncenter size-full\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Most people would never consider opening a business without first purchasing property insurance to cover the cost to repair or replace a building or equipment that’s been damaged due to a covered peril. But too many business owners fail to think about how they would keep their business afloat if they were forced to temporarily close. Business income (interruption) coverage also known as business income coverage (BI), can help with operating expenses during the period of restoration, and includes:</span></p>\n<ol style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Lost net income (based on financial records)</span></li>\n<li><span style=\"color: #0a0a0a;\">Mortgage, rent and lease payments</span></li>\n<li><span style=\"color: #0a0a0a;\">Loan payments</span></li>\n<li><span style=\"color: #0a0a0a;\">Taxes</span></li>\n<li><span style=\"color: #0a0a0a;\">Employee payroll</span></li>\n</ol>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business owners should make sure the policy limits are sufficient to cover their company for more than a few days. After a major disaster, it can take more time than many people realize to get “back in business.” Business income coverage likely has a \"restoration period.” This is the length of time that a policy will help pay for lost income and extra expenses while the business is being restored. <strong><em>Typically, there’s a 48 to 72-hour waiting period before the period of restoration kicks in. The standard property policy limits the business income restoration period to 30 days, but this period can be extended to 360 days by endorsement.</em></strong></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A business owner’s policy (BOP) often combines property, liability and business income (interruption) coverages for small–to-midsize businesses. Coverage purchased as a package is generally less expensive than if purchased through separate insurance policies and can help ensure proper underlying limits are in place. Normally, companies with 100 employees or fewer and revenues of up to about $5 million or less are candidates for a BOP. Some types of businesses, such as restaurants, may be ineligible for a BOP because of the specific risks inherent in the business and may need to consider buying the individual coverages separately. An endorsement or rider can be added to a commercial property insurance policy that will extend the policy\'s coverage to business income (interruption) losses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business income (interruption) insurance <em><strong>does not cover</strong></em>: </span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Broken items resulting from a covered event or loss (such as glass)</span></li>\n<li><span style=\"color: #0a0a0a;\">Flood or earthquake damage, which are covered by a separate policy</span></li>\n<li><span style=\"color: #0a0a0a;\">Undocumented income that’s not listed on your business’ financial records</span></li>\n<li><span style=\"color: #0a0a0a;\">Utilities</span></li>\n<li><span style=\"color: #0a0a0a;\">Pandemics, viruses, or communicable diseases (such as COVID-19)</span><span style=\"color: #0a0a0a;\"></span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a class=\"jump-a-hide\" name=\"How much business income (interruption) insurance coverage is needed?\" style=\"color: #0a0a0a;\"></a>How much business income (interruption) insurance coverage is needed?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A good rule of thumb is to use a business’s gross earnings and projections to estimate future profits and determine the right amount of coverage. Remember, if business income (interruption) costs exceed the coverage limit chosen, the business owner will have to pay out of pocket for any extra expenses.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a class=\"jump-a-hide\" name=\"How much does business income (interruption) insurance cost?\" style=\"color: #0a0a0a;\"></a>How much does business income (interruption) insurance cost?</span></h2>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">It depends on a number of factors, including your: </span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Industry</span></li>\n<li><span style=\"color: #0a0a0a;\">Number of employees</span></li>\n<li><span style=\"color: #0a0a0a;\">Amount of coverage</span></li>\n<li><span style=\"color: #0a0a0a;\">Prior claims experience (if you’ve had to file any claims with your insurer)</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The price of the policy can also vary depending on your location. For example, if the business is in an area with a higher risk of hurricanes, the cost of business income (interruption) insurance may increase. A restaurant might have higher premiums than a real estate agency, for example, because of the greater risk of fire. Also, a real estate agency can more easily operate out of another location. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a class=\"jump-a-hide\" name=\"Options and endorsements to business income (interruption) coverage\" style=\"color: #0a0a0a;\"></a>Options and endorsements to business income (interruption) coverage</span></h2>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Contingent business interruption insurance (also referred to as dependent properties)</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Provides insurance coverage in the event the damage or destruction of <strong>non-owned property</strong> reduces or terminates the business owner\'s earnings. With COVID-19 disrupting global supply chains and sales, businesses are losing income and incurring additional expenses as a result of the interruption.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are four types of entities that qualify as eligible dependent properties:</span></p>\n<ol style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Suppliers</strong>: Those contributing locations that <em>supply</em> the business owner with the parts, materials, or services necessary to manufacture its product or provide its service.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Buyers</strong>: A recipient location buys/accepts the products, goods, or services of the insured business owner. This may be a business owner’s sole buyer or one that buys most of the insured’s output.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Providers</strong>: Also known as \"manufacturing location\" A manufacturing location manufactures products for delivery to a business owner’s customers under contract of sale.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Drivers</strong>: Also known as a “Leader Location” These can include anchor stores (Target, Wal-Mart. Macy\'s, etc.), sports and entertainment venues, and other such entities that draw customers to the area.</span></li>\n</ol>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Extra expense insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business income (interruption) insurance can also include extra expense, which will cover anything beyond the normal day-to-day operating expenses that are necessary to keep a business solvent. Instances of extra expenses include:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\">Renting a temporary place of business while the original place of business is being restored</span></li>\n<li><span style=\"color: #0a0a0a;\">Replacement of hardware, technology and furniture</span></li>\n<li><span style=\"color: #0a0a0a;\">Paying overtime for employees or hiring more employees</span></li>\n<li><span style=\"color: #0a0a0a;\">Leasing equipment</span></li>\n</ul>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Extra expense insurance can be bundled in a Business Owner’s Policy (BOP), as a separate insurance policy or as a rider to a commercial property policy.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Civil authority</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">This coverage – <em><strong>which typically does not exceed two consecutive weeks</strong></em> – applies when a civil authority (e.g., state, local or federal governmental entity) prohibits access to an insured’s premises due to a government order as a result of <em>physical damage</em> to an adjacent or nearby property, not owned or controlled by the insured, but rather the adjacent property of another.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Civil authority coverage extends business income (interruption) and/or extra expense coverage. <em><strong>Even when a government order prohibits or otherwise specifically restricts access to an insured premise, the policy may still require a direct physical loss before triggering coverage.</strong></em></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Note: In early February 2020 the Insurance Services Office (ISO) developed two new endorsement forms: “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus,” and “Business Interruption: Limited Coverage for Certain Civil Authority Orders Relating to Coronavirus.” These forms provide coverage for actual loss of business income and extra expenses caused by a government order closing the insured’s premises or quarantining all or part of the premises and from government suspension of some modes of public transportation. If dependent properties are included in the coverage, such as a supplier’s or customer’s premises, then the coverage applies to the dependent property as well. Note that the forms were not filed with any states and are not being added to ISO’s form portfolio.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Utility services</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A utility services endorsement extends business income (interruption) and/or extra expense coverage to apply to a suspension of operations caused by a disruption of basic utility services to a business’s premises such as electric, gas or water provided by public or private utility companies</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are two specific endorsements that should be considered:</span></p>\n<ul style=\"text-align: left;\">\n<li><span style=\"color: #0a0a0a;\"><strong>Time element</strong>: In the event winds break down a power line or a water main is broken, this coverage can cover losses, including loss of income and expenses, up to a predetermined time limit or until the power or water service is restored.</span></li>\n<li><span style=\"color: #0a0a0a;\"><strong>Direct damage</strong>: This endorsement is an extension of property insurance, providing protection against damage to a business owner’s property resulting from an interruption of any of the utility services named in the policy as a result of a covered cause, such as a windstorm.</span></li>\n</ul>\n<p><span style=\"color: #0a0a0a;\"></span></p>\n<h2 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><a class=\"jump-a-hide\" name=\"Understanding the limitations of business income (interruption) coverage\" style=\"color: #0a0a0a;\"></a>Understanding the limitations of business income (interruption) coverage</span></h2>\n<ul>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">While business income (interruption) insurance can help a business survive a disaster, there are limitations and exceptions to this type of coverage. If a business owner obtains business interruption coverage as part of a commercial property policy, the coverage will only extend to events delineated in the core coverage. If the property insurance does not cover flood damage, the business owner cannot receive business income (interruption) insurance if the company is displaced because of a flood.</span></li>\n<li style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">There are also time limits on business income (interruption) coverage, so business owners should be sure to discuss limitations and exceptions with their insurer or insurance professional.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.iii.org/article/do-i-need-business-interruption-insurance\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Do I need business interruption insurance?','','inherit','closed','closed','','1361-revision-v1','','','2021-04-13 00:05:12','2021-04-13 00:05:12','',1361,'http://smartinsurance.tips/1361-revision-v1/',0,'revision','',0),(1369,1,'2021-04-13 00:07:58','2021-04-13 00:07:58','','Commercial umbrella','','inherit','open','closed','','commercial-umbrella','','','2021-04-13 00:07:58','2021-04-13 00:07:58','',0,'http://smartinsurance.tips/wp-content/uploads/2021/04/Commercial-umbrella.jpg',0,'attachment','image/jpeg',0),(1413,1,'2021-04-13 17:52:16','2021-04-13 17:52:16','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Finding the Best Business Umbrella Insurance</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Commercial-umbrella-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1369 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Becoming a business owner is a great accomplishment. Staying a successful business owner needs proper protection. Not knowing what could happen as your business progresses is inevitable however, having precautions in place to avoid financial loss is good business sense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Protecting your business by having a business umbrella policy is a great place to start. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Umbrella Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business umbrella insurance is an extension of your general liability or business owners insurance policy. Providing your business with additional liability coverage above and beyond your underlying liability policy in the event, your limits get exhausted.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Is Business Umbrella Insurance Different from Regular Business Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your business should have a general liability or business owner\'s policy in place to start with. If you have company vehicles, titled in the business name then you should also have a business auto policy. Those are the basic policies that a business umbrella policy would go over.  </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business umbrella insurance provides additional coverage to all the underlying policies that you hold for extra protection. The excess insurance can be anywhere from one million to several million dollars. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">When your benefits get exhausted by a large claim on your underlying policies, then business umbrella coverage will start. Some business umbrella policies have a deductible that would need to be met prior to coverage starting.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Business Umbrella Insurance Necessary?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For some companies, business umbrella insurance is mandatory. For example, the federal government requires businesses such as oil companies to have umbrella policies. For the general business owner, business umbrella insurance may not be required unless a contract, client or landlord requests it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">However, even if business umbrella insurance is not mandatory, it is a necessary coverage to obtain for your operation. Without coverage it\'s likely your business would suffer extreme financial loss.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why You Need Business Umbrella Insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Getting sued can happen to any business at any time. The most expensive part of a lawsuit is paying the lawyers to defend you. No matter if the lawsuit is legitimate, your business has to respond. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Lawsuits can be drawn out over several years. In the event you don’t end up paying out to the plaintiff, you may still be responsible for hundreds of thousands of dollars in legal expenses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Business Umbrella Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A business umbrella policy will provide additional liability insurance above and beyond your underlying liability insurance policies. Coverage will start once your underlying coverage limits have been met.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example: If your company has delivery trucks, then you will have a commercial auto policy that most likely has a limit of a million dollars. Your umbrella policy would provide an additional million dollars above your auto policy that would start once the auto policy limits have been exhausted. </span></p>\n<figure data-asset-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" data-image-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ddd5da5e-9f97-4714-a4fc-d2814fb3f0ff/umbrella-policy-graphic.png\" data-asset-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" data-image-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" alt=\"\" /></span></figure>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Business Umbrella Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of business umbrella insurance depends on the type of business and a variety of other factors like size, materials used, and how you run your operations. For a less risky, smaller business the business umbrella premiums can be as low as $500 annually. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business is larger with more exposures and inherent risk, then you will likely need more business umbrella coverage and premiums can be in the thousands annually.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Umbrella Insurance','','inherit','closed','closed','','1366-revision-v1','','','2021-04-13 17:52:16','2021-04-13 17:52:16','',1366,'http://smartinsurance.tips/1366-revision-v1/',0,'revision','',0),(1370,1,'2021-04-13 00:09:51','2021-04-13 00:09:51','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h2 class=\"h1 text-tc-blue-800 font-weight-bold\" style=\"text-align: center;\"><strong>Finding the Best Business Umbrella Insurance</strong></h2>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2021/04/Commercial-umbrella-1024x370.jpg\" width=\"1024\" height=\"370\" alt=\"\" class=\"wp-image-1369 aligncenter size-large\" /></span></p>\n<div class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p>&nbsp;</p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Becoming a business owner is a great accomplishment. Staying a successful business owner needs proper protection. Not knowing what could happen as your business progresses is inevitable however, having precautions in place to avoid financial loss is good business sense.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Protecting your business by having a business umbrella policy is a great place to start. Your independent <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">insurance agent</a> can walk you through a selection of coverage options, so you can make an educated decision.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Is Business Umbrella Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business umbrella insurance is an extension of your general liability or business owners insurance policy. Providing your business with additional liability coverage above and beyond your underlying liability policy in the event, your limits get exhausted.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Is Business Umbrella Insurance Different from Regular Business Insurance?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your business should have a general liability or business owner\'s policy in place to start with. If you have company vehicles, titled in the business name then you should also have a business auto policy. Those are the basic policies that a business umbrella policy would go over.  </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Business umbrella insurance provides additional coverage to all the underlying policies that you hold for extra protection. The excess insurance can be anywhere from one million to several million dollars. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">When your benefits get exhausted by a large claim on your underlying policies, then business umbrella coverage will start. Some business umbrella policies have a deductible that would need to be met prior to coverage starting.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Is Business Umbrella Insurance Necessary?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For some companies, business umbrella insurance is mandatory. For example, the federal government requires businesses such as oil companies to have umbrella policies. For the general business owner, business umbrella insurance may not be required unless a contract, client or landlord requests it. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">However, even if business umbrella insurance is not mandatory, it is a necessary coverage to obtain for your operation. Without coverage it\'s likely your business would suffer extreme financial loss.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Why You Need Business Umbrella Insurance</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Getting sued can happen to any business at any time. The most expensive part of a lawsuit is paying the lawyers to defend you. No matter if the lawsuit is legitimate, your business has to respond. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Lawsuits can be drawn out over several years. In the event you don’t end up paying out to the plaintiff, you may still be responsible for hundreds of thousands of dollars in legal expenses. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What Does Business Umbrella Insurance Cover?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">A business umbrella policy will provide additional liability insurance above and beyond your underlying liability insurance policies. Coverage will start once your underlying coverage limits have been met.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">For example: If your company has delivery trucks, then you will have a commercial auto policy that most likely has a limit of a million dollars. Your umbrella policy would provide an additional million dollars above your auto policy that would start once the auto policy limits have been exhausted. </span></p>\n<figure data-asset-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" data-image-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"><img src=\"https://assets-us-01.kc-usercontent.com/0542d611-b6d8-4320-a4f4-35ac5cbf43a6/ddd5da5e-9f97-4714-a4fc-d2814fb3f0ff/umbrella-policy-graphic.png\" data-asset-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" data-image-id=\"3f4f3634-d657-4776-b229-f6a40ad1c4f6\" alt=\"\" /></span></figure>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">How Much Does Business Umbrella Insurance Cost?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The cost of business umbrella insurance depends on the type of business and a variety of other factors like size, materials used, and how you run your operations. For a less risky, smaller business the business umbrella premiums can be as low as $500 annually. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">If your business is larger with more exposures and inherent risk, then you will likely need more business umbrella coverage and premiums can be in the thousands annually.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">The Benefits Of Working With an Independent Insurance Agent</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent insurance agents write around 80% of commercial insurance and are knowledgable in the various lines of coverage needed for your business. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Agents have the ability to shop and compare policies from multiple carriers to find the best fit for your particular business and situation at the most competitive price. </span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<h3 style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">What’s the Best Way to Compare Business Insurance Quotes?</span></h3>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Your independent insurance agent will review your needs and help you evaluate the business umbrella insurance coverage that makes the most sense. They’ll also compare policies and quotes from multiple insurance companies to make sure you have the right protection in place.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\">Independent <a href=\"https://www.trustedchoice.com/find-an-agent/\" style=\"color: #0a0a0a;\">insurance agents</a> know how to navigate business insurance and can save you not only time but money.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #0a0a0a;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Finding the Best Business Umbrella Insurance','','inherit','closed','closed','','1366-revision-v1','','','2021-04-13 00:09:51','2021-04-13 00:09:51','',1366,'http://smartinsurance.tips/1366-revision-v1/',0,'revision','',0),