Can You Insure a Business Against Failure?

Wouldn't it be nice if there were a way you could buy insurance that guards your business against failure? A policy that paid out the equivalent of your business’s potential after it proved that it wasn’t going to make it on its own? Unfortunately this type of insurance is just a dream, but that doesn't mean there aren't insurance policies out there that can help prevent the failure of your business and lend a hand during hard times.

Ensuring Against Loss and Failure

Depending on the type of business you have, there may be many insurance products that can help your business control potential losses associated with failure, natural disasters, theft and more.

Equipment breakdown insurance is a popular product among business owners that have pieces of equipment which are essential to the continuation of their company. Crop insurance can help farmers get reimbursed for lost crops. Cyber risk insurance can help pay for losses experienced by a business’s customers as well as actual losses experienced by the business when their network goes down or is infiltrated. Property and flood insurance help protect the value of a business’s real property in the face of theft and natural disasters—and these are just some of the types of insurance that a business can invest in to protect its assets.

One Step Further with Business Continuation Insurance

A loss of assets isn't the only risk facing a company. The inability to conduct business after a natural disaster or other incident can also cause a reduction in revenue and cash flow as it forces your former customers to find a new service provider which could result in a permanent loss of those clients. Business continuation insurance can help pay the expenses of conducting your business in a temporary location and also can pay some of the ongoing expenses of your business even while it is out of commission.

No business is bulletproof. Insurance helps a business to continue running even in the face of extreme damage and circumstances. Give us a call at 614-221-1500 or stop by our website to find out how our various Columbus business insurance policies can create a bulletproof vest for your company.

The Dangers of Keyless Ignitions

It’s highly probable that, at least once in your life, you've been stuck outside of your locked car staring through the window at the keys hanging out of your ignition. With keyless ignitions and pushbutton starts, some drivers are free from the fear of being stuck outside of the car, looking in. Unfortunately, they may have other things to worry about.

How Keyless Ignitions Work

When you have a keyless ignition, you’re given a key fob to carry that sends a message to your car that it is permissible to respond to the push of the start button. Because you never need to remove this fob from your purse or pocket, you practically erase the possibility that you could ever get locked out of your car. And since the fob is required to start the car, you also reduce the possibility of your vehicle being stolen.

So what’s the negative here? Well, since there is currently no requirement that a keyless car be placed in park before it’s turned off, there is a risk that your vehicle could roll after you've shut it off. According to the Insurance Institute for Highway Safety, Highway Loss Data, this risk has been more of a reality for some individuals. Another dangerous reality reported to the Institute has been carbon monoxide poisoning after forgetting to shut off a keyless car.

Creating a New Habit

The old habit of putting your car in park, turning the key and pulling your keychain away from the ignition may now be a comfortable relic from your past, but it could also hold the answer to the avoidance of the dangerous risks mentioned above. By creating a new system of habits, you can more easily ensure that your car is safely parked and turned off when not in use. Design a habit that includes putting the car in park, activating the emergency brake, and powering down every time you stop driving. You may even consider not allowing yourself to turn off the radio until you've taken those three steps so that the sound of your radio becomes synonymous with your car running.

While keyless ignition vehicles may decrease the risk of theft, they do nothing to protect you from vandalism, innocent operational errors and acts of nature. For these reasons, it's important to make sure that you maintain the proper comprehensive insurance coverage on them. If you have questions about how keyless ignitions can affect your Columbus auto insurance, give us a call at 614-221-1500.

What Antiques Roadshow and Pawn Stars Teach Us about Home Insurance

Reality television isn't just about watching people fight and drink too much; there are some programs such as Antiques Roadshow and Pawn Stars that actually dispense valuable lessons that you can bring into your everyday life. Let’s take a look at a few important lessons these shows can teach you when you’re in the market for home or renter’s insurance. 

·         You may not realize the value of your things: How often has an individual brought a family heirloom into the Antiques Roadshow and been completely shocked at what the item is worth? Often, these people understand that they have an emotional value placed on the item, but few realize exactly how much monetary value it holds. And when people find out that their grandmother’s quilts, their great aunt's portrait, or their uncle's old tea set is worth tens or even hundreds of thousands of dollars, the realization that must soon follow is that they have never carried enough home insurance to cover this magnitude of financial loss if the item had been damaged in an insurable incident. Don't wait for PBS's Antiques Roadshow to come to your town before you find out how much your stuff is worth. Instead, have an appraiser come through and look at those items that you think are antique and possibly valuable then adjust your insurance limits as needed.

·         Beauty doesn’t correspond to value: Even the ugliest knick-knack could be worth thousands to the right buyer. Don’t get appraisals on just those items with aesthetic appeal, but on all potentially valuable things.

·         Appraised value doesn’t dictate sale price and may not reflect insurance value: Pawn Stars offers an alternative look at the value of the items we hold on to. While Antiques Roadshow focuses on appraising antiques and collectibles, Pawn Stars focuses on making an offer to buy an item – young or old – that is worth something. Often, the price they buy it for is less than it is appraised for and the appraisal price could even be less than the owner would receive if selling it at an auction with excited collectors. When buying insurance, it’s important to protect the appraised value of items and to consider whether the insurer pays actual or replacement value according to your policy.

Our agents have many ideas about how to get you the best Columbus business insurance coverage to protect your assets. Stop by or give us a call at 614-221-1500 to find out how we can help.

Considering Employment Practices Liability Insurance

The old adage, “You can't please everybody,” is never more applicable than when you own a business and have employees. No matter how fair you are or how safe and supportive a corporate environment you try to cultivate, there will always be employees who do not like your processes, management style, or environment. Some may even accuse you of grievous, illegal violations and take you to court over them. Employment practices liability insurance protects you against various claims that an existing or former employee can bring against you—whether they’re found true or false.
How it Works

When a claim of wrongdoing is levied against you or any of the company’s directors, officers, or other employees, it’s likely you’ll want to defend yourself, your business, your directors or employees against it. Doing so will require that you hire an attorney and go to trial or an arbitrator. This can be extremely expensive and, with the possibility of multiple appeals, could cost more than you can afford even before an assessment of guilt or innocence is ever made. Employment practices liability insurance can help pay for the costs of defending yourself, your company, your directors or employees against the claim.
What’s covered under Employment Practices Liability Insurance?
There are many situations that require defense that can be covered by employment practices liability insurance, including claims of:

• Discrimination
• Sexual harassment
• Wrongful termination
• Civil rights abuses

What is not Covered

Employment practices liability insurance may not cover claims that fall under COBRA, ERISA or the Americans with Disabilities Act when reasonable accommodation must be provided but weren’t. It also may not cover a contractor’s accusation of a breach of contract or employment.

Every business, large or small, that has employees can face claims from past or current workers. Employment practices liability insurance helps make sure that you can defend your company against these claims with minimal expense. When you're ready to look at this important Ohio business insurance coverage, give us a call at 614-221-1500.

Safety Tips for Convertible Drivers

A convertible is a perfect car for summer but if you want to spend those lazy hazy days driving your car rather than nursing wounds you must learn how to safely operate the vehicle.

• Protect your eyes. When driving a convertible with the top down, it’s important that you keep your eyes protected. If you wear sunglasses while driving, that will serve as enough protection. Those who wear corrective lenses will be protected but may want to consider wearing a less expensive pair while driving so that if they get chipped they aren’t so pricey to replace.

• Never stand up. It's important when riding in a convertible or a car with a sun roof that no one is permitted to stand up while the car is in motion. While it’s an iconic move shown in many teen movies, it can result in injury as the standing passenger could be injured by tree limbs or debris. They could also serve to distract you or other drivers and, in the event of an accident, they will not be properly secured in the car or protected by airbags.

• Never raise or lower the roof while in motion. Instead, wait until the car is completely stopped.

• Raise the roof during inclement weather. If it begins to rain or there is lightning present as you drive, you should pull over and put the top up so that you do not ruin your interior or risk injury.

• Protect your ears. Recent studies have shown an increase in hearing loss in many drivers of convertibles who drive over 55 mph with the top down. Use ear plugs to help protect your ears or drive with the top down only in residential areas with low speed limits.

• Secure loose items in the car. When you begin driving with the top down, anything that is loose and light can be turned into a projectile with the force of the wind coming inside. To prevent this and the danger and distraction it causes, make sure everything is secured in the vehicle before you set out.

• Invest in liability, collision and comprehensive insurance coverage. Protect your savings from the expense of auto-related liabilities and damages to your convertible by investing in the right amount of auto insurance. Make sure you select deductibles that you can afford and limits that accurately reflect your potential financial risk.

When you’re ready to look at all the Ohio auto insurance policy options available to you for your convertible and all your other vehicles, give us a call at 614-221-1500.

How to Budget for Insurance Premiums

It would be nice if you didn't have to take your budget into consideration when buying insurance, but unfortunately most families must consider the amount of income they have versus the amount of bills they're already paying when they shop for insurance coverage. However, budgetary concerns should not ever prevent you from buying insurance; they should simply help you better design the policies that you purchase.

Step One: Obtain Rate Quotes If you are in the market for new insurance, your first objective is to obtain rate quotes. By obtaining several different rate quotes reflecting many different coverage options, limits, and deductibles you will get a broad view of the types of insurance considerations you must make and how they each affect your premiums.

Step Two: Adjust Coverage for Your Budget Once you've narrowed down the types of insurance options you can get, you must look at your budget and make adjustments so that the new insurance policies fit. Because insurance policy premiums are static, they are relatively easy to plan for, although you may need to adjust your disposable spending down in order to fit in the new premiums. It's important to note that having insurance is just as important as saving money because insurance policies protect the value of your assets and can often prevent your needing to access your savings to replace damaged property.

Step Three: Watch those Limits It's also important that you do not over insure. The premiums you pay are partially determined by the benefit limits you choose. When you choose a limit that exceeds the value of the asset you are insuring, then you are paying a premium for a benefit that you will not realize after an insurable incident, because the purpose of insurance is to make you whole after a loss, not to create a profit. If you are concerned about how inflation will affect the power of your insurance benefits, you can talk to your agent about special riders and annual reviews that can help you compensate for this.

When you are ready to start exploring your insurance options, make sure you give us a call at (866) 846-4488. No matter how tight your budget is, we can help you find and affordable Ohio auto insurance policy that provides the protection you and your family need.

Businesses Need Flood Insurance Too

Blogs and consumer-focused magazines write frequently about how homeowners need to find out if they are in a flood zone because home insurance doesn’t cover damages caused by a flood—but do you know what other kind of insurance doesn’t cover flood damage? Commercial property insurance.

Where is Your Business Located?
Business property may be different from residential property in a lot of ways, but when it comes to floods, they have many similarities. A business may be located in a flood zone just as a home can be. And if your business operates out of your home, then it shares the same exposure to flood risks as your home does. Either way, it needs a specialized policy that provides structure and contents protection against the damages that a flood can cause.

To determine if you need food coverage, you should find out if your business, whether home or not, is located in a flood zone by visiting floodsmart.gov.

Leasers, Be Ware!
Even if you don’t own the building your business operates out of, you still may need flood insurance in order to protect yourself from the financial damages of losing your computer, equipment, supplies and stock after a storm surge or other flood. So whether you operate your business out of a commercial building that you lease or out of your rented home or apartment, you are still exposed to flood risks. Your landlord may not tell you that you are in a flood zone, so you need to check your area’s zoning information to find out whether you are.

You’ve invested countless hours and dollars into your business. A commercial flood insurance policy protects that investment and may even help you stay afloat while you are dealing with the after-effects of a flood. Give us a call and allow us to look over your whole commercial insurance plan and identify any gaps, including from the lack of a commercial flood insurance policy.Call us today at 614-221-1500 or get a free Ohio business insurance quote.