Knowing the truth about your insurance policies and coverage is just as important as knowing the false information floating around out there. Today, we are going to be talking about and debunking some of the most common small business insurance myths out there!
If the last year has taught us anything, it's that we need to be prepared for anything and everything that could come our way. This idea has been applied to every aspect of our personal and professional lives. We have been right here along with each of you figuring out the best way to go about handling everything. Our daily focus is on how to best support our clients and figuring out how Abri Insurance can continue to offer the best care and support possible for you, your loved ones, and your possessions no matter what might come your way.
Small businesses felt and continue to feel some of the most painful and difficult effects of the pandemic, and many are struggling to recover still. The waters are still unsure, and who knows what's to come. One of the best ways to keep up the fight and to keep going is to make sure you have the correct insurance policies and the correct coverage for your small business. While the world continues to make its moves back to a sense of normalcy in its own and unique way, it's also important to know and squash any incorrect information and myths that are floating around out there about your small business and small business insurance. This way you can continue to recover, know what to avoid and ignore as you get back to work, and focus on the task at hand to get you back to operating as normal!
What Is Small Business Insurance?
Let's start with the basics! What is small business insurance and what do you need to know about it? One of the most important things to remember in this situation is that small business insurance is there to protect and cover what you've built over the years. You've worked so hard to create your small business, you deserve and need someone to work just as hard as you to watch over everything you've built and created. Small business insurance, or commercial insurance, is dedicated to protecting a business's income, property, and it's assets. The most common policy for a small business is called a business owners policy, or a BOP. A BOP will include three types of coverage to help protect your business; interruption coverage, liability coverage, and business property coverage. Depending on what type of small business you own, you may also be able to buy additional insurance coverage that is customized for your needs.
What Does Small Business Insurance Cover?
We know this question is at the tip of your tongue, and it should be! It is very important to know what is included in your BOP. Most basic policies will cover things like financial loss, damages from things like theft, fire, wind, falling objects, and lightning. A BOP might also help you replace business property if it is damaged due to man-made and natural disasters such as machinery, office furniture, and computers. It will also help, if you own your office building, to pay for any damages done to it by fire or other natural disasters. General liability within a BOP will help pay for the medical expenses that might accrue if a customer or a visitor is injured at your office and can also help cover legal fees as well. Finally, a BOP will also help with business interruption coverage. If your business is interrupted due to some kind of peril, this will help cover the cost of rent, lost business income, and repairs being made to your building.
Examples of Small Business Myths
Now that you know more about what small business insurance is, what a BOP is and what it will offer, it's time to dig a little deeper and debunk some very tricky myths floating around out there about small business insurance!
Fiction: My employees drive their own cars. This means that I don't need to buy business auto insurance.
Fact: It is very important to understand that while you and your employees might have auto insurance, you can't assume that it will cover any incident that happens when an employee is using their personal vehicle for business purposes. To be safe and to avoid any uncovered losses, to protect your employees, your company, and yourself, it is best to talk with us at Abri Insurance or with your insurance agent about getting the sufficient insurance you need for commercial auto coverage! Please note, this can come with perks! You can get coverage for rental vehicles, GPS equipment, and lease/loan gap coverage.
Fiction: My business is too small for a cybersecurity breach!
Fact: We will need to talk about this in another blog in the future, but please note that any cybercriminal will not discriminate when it comes to hacking into a company's private information to get what they want. If they want to go after a small company or a large company, a cybercriminal will do what they wish. You are always at risk and you will need to be covered for this risk. The House of Representatives Committee on Small Business reports that 40% of all cyber-attacks are focus on companies with 500 employees or less. Your plan should include privacy breach and cyber liability coverage. This can be included in your overall liability coverage.
Fiction: My umbrella policy has it all covered!
Fact: Just because your small business has an umbrella insurance policy doesn't mean that you're covered for anything and everything! Please speak with your insurance providers or with us at Abri Insurance to learn more about what exactly your umbrella policy covers and what it does not cover.
Fiction: You don't need insurance to cover your small business located in your home!
Fact: For anyone who is a small business owner that went through the first year of the pandemic knows that this is very false! Remember, even if you have an excellent homeowners insurance policy, this doesn't mean your home office, business, or your business equipment will be covered. Your home and the structure of your home will be covered under your homeowner's insurance policy, but nothing pertaining to your business will be. This will require additional coverage!
Fiction: If I don't have any employees, I don't need workers comp insurance!
Fact: Remember, even if you are a one-person operation, you still have an employee; you! While some states, like Texas, don't require you to have workers comp, you are still putting yourself and your company at risk if you don't have workers comp, even as a business of one. You could personally be held accountable and responsible for damaged products, cause of injury to your clients due to your faulty products, if shipments aren't fulfilled, and more.
Fiction: Contracts will always protect you from legal action.
Fact: No matter how legally sound or binding a contract might be, if you don't uphold your contractual obligations to a client or an employee, legal action could still be taken against you! This is where professional liability insurance can help you cover your losses and mitigate risk when a client is upset by your products and services.
Fiction: When you get small business insurance, comprehensive insurance is yours by default!
Fact: You will get general liability insurance when you get a small business insurance plan. Please note that this is just general coverage. It will cover most of your business needs but not certain things that might be important or pertain to your business.
Fiction: You can lower your insurance premium by reporting a lower payroll or lower revenue.
Fact: Please don't report false information to your insurance company to pay less for your coverage. This is what is called insurance fraud. This can cause some serious damage to your company, reputation, and you could end up with a huge bill to pay back what you were trying to save.
Fiction: Business insurance is too expensive.
Fact: Why is this always a fact that has to be challenged? While yes, you will be paying for a product and service that you might not use very often, when you do need it, it will end up saving you so much money and protect you, your business, and your employees. Your business is worth protecting, isn't it? A good rule of thumb to remember is that the smaller your business, the more insurance you should consider. If it is just you that is in charge of your business, you will be at fault and responsible if anything goes wrong!
Fiction: Malpractice insurance is only something that doctors need to worry about!
Fact: Medical malpractice is only one form of Error and Omissions coverage. Another form is known as professional liability insurance. E&O insurance will help cover you if you find yourself in a situation where you end up having legal fees to pay due to being sued for negligence or harmful advice. No matter the mistake, lawsuits will still always be possible and you will need protection.
Small business owners, this was a blog dedicated just to you! We urge you to take this information to heart and to invest in an excellent small business insurance plan. We also recommend that you know everything about your policy inside and out. If you are a small business owner in need of the best coverage available or if you want to understand your existing policy a little better, please reach out to us at Abri Insurance. We are more than happy to speak with you about this topic! We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry!
When you're a business owner, you've reached a level of making your dreams happen, doing a job you love, and creating or providing something you're very proud of. Wouldn't you want to protect all of this after working so hard to get to where you are? Today, we are going to be talking about commercial property insurance!
Hello Charleston, North Charleston, Summerville, and all of our readers in South Carolina and beyond! Welcome back to the Abri Insurance Blog! We hope you're doing well, and are properly covered for every aspect of your personal and professional life. No matter where you are in life and no matter how careful you are, accidents are bound to happen. Mother nature decides when a natural disaster is going to happen, and human error is a way of life. Being from South Carolina, we know the realities of the weather, once hurricane season is here, a hurricane of any magnitude or a tropical storm could happen when you least expect it. We've briefly touched on homeowners insurance in our blog, and we've talked a good deal about hurricane insurance. You spend time and money investing in your home's safety during these times, why wouldn't you do the same for your business, no matter its size? This also includes when you work from home, a proper business insurance policy will cover your business both on and off your personal property. Think about what your company produces or offers. Think about how devastating it would be to lose anything in your office to hurt or stop your business, even for a short amount of time. Think about how damaging it would be if your work from home situation was brought to a halt due to an accident, flood, fire, vandalism, and much more. Not only would your home be damaged, you could potentially be harmed, and your income could also be put in jeopardy. That's where commercial property insurance comes into play. You've worked so hard to have your own business, why wouldn't you want something working just as hard for you?
What Is Commercial Property Insurance?
The basic definition of commercial property insurance is that it covers every physical aspect of your company. It's something that every company needs no matter its size and no matter if you lease, rent, or own the building your company runs out of or if you work from home. It's important to have because so many small businesses and startups simply don't have the cash flow to cover anything if damage or disaster would happen to any of their business assets. According to fundera.com, there are currently 28.8 million small businesses in the United States, employing over 55 million people. When it comes to all businesses in the United States, 99.9% of them are small businesses. With these kinds of numbers, that's a huge part of every community that needs protection from whatever might happen. For many business owners, they know it's not a question of if something will happen, but when. Being prepared for when something will happen is one of the best things you can do for your employees and your company. Generally, many businesses will have a commercial property plan that is bundled with other forms of insurance to make sure it is the most well-rounded plan with the most protection possible.
What Does Commercial Property Insurance Cover?
Before getting in too deep, it's very important to understand that you need to buy the right kind of insurance plan for your company. Buying a cookie-cutter plan that's not specifically tailored to you will be a waste of money and a waste of your time. Make sure that when you sit down with us at Abri Insurance that you share with us exactly what your business is, what you do every day to operate successfully, and what moving parts the company is made up of. This way we can create a plan that covers exactly what you need, so you're only paying for what you need. Also, when disaster strikes, a tailored insurance plan will help you recover from the whole process. It will not leave you with giant gaping holes that you'll have to cover yourself.
As we mentioned before, commercial property insurance is used to cover and protect your company's equipment and property from the risk of accidents and disasters. One of the best things that commercial property insurance helps is to protect your building, what's inside of it, along with fences, doors, outdoor signage, and even exterior fixtures. The plan itself covers all of that and all of your physical assets from vandalism, fire, explosions, burst pipes, water damage, theft, and storms. This is everything your common policy will cover. This means it will help cover the loss and damage of things like your office equipment, computers, inventory, other's property, important documents, and more. However, there are still some things that everyday plans won't cover like earthquakes and floods. This will need to be added on if these elements are common to where you work and live. Also, there are multiple different kinds of commercial insurance, since there are so many different kinds of risks your face when you own a business. Depending on what kind of business you own, you might need a few more additions than your peers or fellow business owners do, and that's okay! Safety first!
Compare a big tech corporation to a big coal corporation. A coal company would not need to protect its documents and information stored on its cloud as a tech company would. On the other hand, a tech company would not need to have the type of intensive coverage for their employees and machinery that is used in a coal mine that a coal company does. However, this is why it is so common to see commercial insurance plans bundling multiple options. What are the different types of commercial insurance that you can find?
Please note that unless you specifically set your plan to do so, your commercial property insurance won't cover your assets when they are off of your property. They will usually not be covered when they are over 100 feet from your office. If you need protection on things like your work equipment, computers, cameras, and anything else you take off your property to work elsewhere, please speak to your insurance agent to make sure you have the coverage you need.
How Much Does Commercial Insurance Cost?
Just like there isn't a one plan fits all situation for every company, there is no one size fits all price either. How much you will be paying will depend on a lot of factors.
There is still so much more to consider when it comes to commercial property insurance, this is just scratching the surface. As you know, there are so many working parts to your business and your industry. This will lead to needing a lot more coverage than you might think. For veteran business owners make sure to stay up to date with your policies and to let them grow alongside your company. For our new business owners, please do your research, and make sure to sit down with us at Abri Insurance to make sure you get the best insurance plan possible for your company! Until next time, please don't hesitate to reach out to us if you have any questions or comments. We are here and excited to talk about your insurance policy! We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry!
While it might not be the best time to be out on the water in this damp and cool weather, it is the perfect time to prepare for when you can be! Today we are going to be talking about the truth behind your boat insurance!
Dreaming of warmer days and spending hours back on your boat? Or have you not stopped spending days on your boat regardless of the weather? Nothing a few layers can't help with, right? Regardless if your boat is currently tucked gently away in storage or hasn't missed a Saturday out, having the proper coverage and insurance is incredibly important. It is so important that we want to dedicate a whole blog about how to have the best boat insurance to enjoy life in the Lowcountry, and to help keep you safe on and off land!
What Do You Need To Know About Boat Insurance?
What Does Boat Insurance Cover?
Basic boat insurance will offer its owner a certain amount of protection, but adding on more coverage can be your best route of action. Let's begin by talking about what your basic boat insurance policies will cover.
What Are Some Common Boat Insurance Myths?
Owning a boat is a huge responsibility but it will provide hours of fun and entertainment, and for all of our fishermen and shrimpers, a boat can help your business be very lucrative. We hope this information clears up any confusion or concern you have about your boating insurance. If you are still confused or have any more questions, please don't hesitate to reach out. We are here to provide the best boat insurance in Charleston! We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry!
A new year is spread out ahead of us, and anything is possible. We all know this to be very true after 2020. To be safe and to be prepared we wanted to provide our readers with a little insight into worker's compensation insurance!
Having a stable job has been a life raft for so many through 2020 and into this new year. We watched unemployment rise higher than it's been since the depression, the number of individuals applying for unemployment skyrocketed, and the realities of not having the insurance needed for your everyday life as a consequence of these occurrences was felt by many. If 2020 and early 2021 have taught us anything, it's to be prepared for anything and everything. You just don't know what could happen anywhere or anytime. Many individuals were forced to get a temporary job to replace a furloughed position, many in fields they were new or unaccustomed to. This came with an onslaught of all kinds of issues that many didn't expect. In a year where anything could happen, it's always best to be prepared and to and stay ahead of the game! Today, we are going to be discussing worker's compensation insurance, everything you need to know about it, its realities, and a few myths surrounding the topic that need to be debunked and left behind for good.
What You Need To Know & The Realities of Workers Compensation Insurance
There is so much information out there and available to you about worker's compensation. Some of it is buried in legal documentation, some are common knowledge, some your company shares with you, and some of it is talked about around the water cooler. What are the realities you need to know and understand about workers comp before you need it after an accident or mishap? The reality is that any company wants to keep you safe, but even after doing everything by the book and thinking above and beyond, even the safest work environment can't stop a human accident or err. For those who might be new to the working world, worker's compensation covers the cost of medical needs and rehabilitation for workers injured on the job. It is important to remember that worker's compensation varies from state to state. For all of our readers that are local, your worker's compensation is much different from our readers who might be on the west coast. Let's jump into what you need to know!
Kick the Myths
Now that you know a little more information about worker's compensation, it's time to kick some common myths to the curb.
We hope all of this information clears up all of your questions, fears, and concerns about worker's compensation insurance. You should not be afraid while on the job that you won’t be covered and you shouldn’t be afraid to ask for the help you need. Please research every one you wish to work with. If you’re a business owner, research the insurance company you’re looking to work with. If you’re an injured employee, please research any lawyer you want to work with. Please don't hesitate to reach out if you have any questions or concerns. We want you to stay as healthy and as safe as possible and to receive the care and benefits you need if you are ever sick or injured. We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry!
It's the new year, and it's time to start fresh. To make the most out of your insurance plans this year, here is our insurance checklist for 2021!
Hello readers, and welcome back to the blog! Goodness, it's 2021 already! As much as we were happy to see 2020 go, it's a little wild to think how quickly last year seemed to fly by! From all of us at Abri, we want to wish you a very happy and healthy new year! A new year is so exciting, it means growth, change, and adventure. You might buy a new home, a new car, get married, retire, or finally get the opportunity to take that trip you've been planning for years! We will be here for all of your insurance needs, changes, and upgrades to help support and care for you and your loved ones this year. A new year, in its harsh reality, also means that there is the opportunity to face bad weather, unexpected illness and injury, accidents, and much more. We will also be here to help you with all of your insurance needs to cover and care for all of these situations to keep you and your family as safe and protected as possible!
A new year also means making the most out of each of your insurance plans, and we want to make sure you're getting the most out of what you're paying for every month. To do that, we've created our very own insurance checklist for 2021. We ended 2020 with an end of the year checklist, and now we are kicking off 2021 with a checklist to make this the best year yet!
These are just ten easy steps and ideas to put on your 2021 new year's checklist. They don't even include trips to the gym or cutting carbs! You can even schedule an appointment with us at Abri to make sure all of your insurance policies for your life here in Charleston, South Carolina are all in perfect order. All of us here at Abri want to make sure you have the healthiest and safest new year. So please take this checklist to heart, and please reach out to us right away if you need to change or update your policy in any way. It's better to be prepared now at the beginning of the year before anything happens over the next 12 months ahead of us. We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry!
It has been an incredibly challenging year, but with everything organized and in its place, one last thing you'll have to worry about at the end of this year and the beginning of next year are your insurance plans!
Hello readers, and welcome back to the blog! Can we all just sit back and relax and acknowledge that we did it? We made it through this year, we made it through another open enrollment period, and we are just about to step into a bright and fresh new year! We did it! We have so much to be thankful for, and we are so grateful for all of your support. We are happy to have helped so many of our returning customers find insurance plans that fit them perfectly for yet another year, and we are excited to have helped our new customers find the perfect insurance plans for their needs! Welcome to the Abri family! We are honored to help you, be here to support you, and keep you and your family safe and protected!
While our last blog was all about rushing to use up your benefits now that you may or may not have hit your deductible, this blog is going to be a little extra holiday gift from us you. There is so much to wrap up at the end of the year, and so much to prepare for when the ball drops at midnight and we all step into the new year. To really make the last few days of 2020 count and to get the best foot forward for 2021, we wanted to give you a checklist of sorts. In this blog, we are going to be talking about important end of the year things to do and not forget about when it comes to your insurance plans. We are also going to be talking about some of the best things to think about and do with your brand new insurance plans for your brand new year!
You've purchased all your gifts, sent out your holiday cards, decorated, baked, cooked, and planned. Your holidays are ready to go, but what about the rest of your end of the year affairs? Have you wrapped up everything you needed to with your insurance for 2020? Well, let's go through this list together, and let's see if your hard work has paid off or if there are a few last minute things to do with your insurance plans before we start toasting to 2021!
There you have it! What a list, and what an impressive amount of things to think about and get done before January 1st! We know that it might be difficult to make time to go through a checklist like this, but we promise that each of these bullet points is extremely important. If you are unsure about your insurance policies, have questions concerning life changes 2020 has brought you, or you are interested in upgrading your plans or finding a new provider, Abri is here for you! From all of us at Abri, we wish you and yours a very safe holiday and an even safer new year!
We are Abri
We've created this blog to keep our customers and others in the know. When it comes to insurance and keeping people safe, no knowledge should be off limits.