May, 2016

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What is a Commercial Package Policy?

Commercial package policy

When you purchase personal insurance, chances are you need more than one coverage option. Most people invest in coverage for their automobiles, homes, and lives. In many cases, they bundle these policies to save money and time. A commercial package policy offers the same benefits for today’s businesses.

Every Business Is Different

Because every business is different, every business insurance needs vary. Some businesses need basic liability coverage and business automobile coverage. Other companies need more extensive policies that include coverage for property, equipment, errors, business interruption, and more. With a commercial package policy, your company can customize your business insurance to meet your specific risks. Instead of carrying multiple policies, you can simply pay for a package that will address all of your needs.

Bundle and Save

Much like personal insurance, package policies can save businesses money. It is usually more expensive to pay for individual commercial insurance policies. This can happen because you are often paying for more coverage that overlaps. A package policy can eliminate the areas that overlap and help you reduce your fees.

To learn more about a commercial package policy and how it can benefit your business, contact an insurance agency today. This is a great way to decrease your risk without spending more money than necessary.

What Is a Customs Bond

Customs bond

A customs bond is an agreement that ensures companies adhere to customs procedures and allows Customs and Border Protection to collect fees if the deal is not upheld. These bonds are typically held through insurance and surety companies.

Who’s Involved in a Customs Bond?

There are three parties involved with these agreements:

  • Company issuing the bond
  • Principal (the persons required to file the bond)
  • Customs and Border Protection (CBP)

The principal is responsible for initiating the bond and finding the issuing company. Should the principal not fulfill their obligations, the company will be responsible for covering CBP fees.

Are There Different Kinds of Bonds?

There are a number of bond options available depending on the needs of the situation. Commonly used bonds include:

  • Import bond
  • Drawback bond
  • Custodian bond
  • Intl carrier
  • Foreign trade zone

Many of these are dependent on what kind of transport and shipments you will be bringing into the country.

Customs bonds ensure that if the principal does not pay the appropriate taxes and fees for imports, the CBP can collect what is legally due to them. However, should the principal fail to comply they may be responsible for repaying the bond to the issuing company. Check with your local bond professional to learn more about the process.

How to Get a Discount on Your Car Insurance

Car Insurance in Virginia

Car insurance in Virginia is a necessity whether you plan on driving to the corner store or you are taking a weekend road trip. However, getting the coverage you want can be expensive. Here are three ways to lower your premium no matter what kind of car you drive.

Keep Your Driving Record Clean

When it comes to driving, safety is generally the main concern for most motorists. Unfortunately, many people still choose to behave recklessly on the road. To combat this problem, insurance companies offer a significant discount to drivers who have a spotless record. This encourages safety and courtesy behind the wheel.

Get Good Grades

If you are currently attending school, it may be possible to receive an additional discount for above average grades. Whether you are just beginning to drive or you have children who are preparing to get a permit, good grades demonstrate motivation and reliability, qualities that your insurance company wants to reward.

Stick With the Same Insurer

Finally, using the same insurer for different types of policies can cut back on your expenses. For example, many companies also offer policies for homeowners and small businesses. If you already have some form of insurance, talk to a representative about affordable car insurance in Virginia and ask about discounts for existing customers.

Tips for Finding Cheap Car Insurance

cheap car insurance in ct

Everyone in Connecticut would like to save a little cash every month, and car insurance can be a good place to find a few extra dollars. If you are shopping for cheap car insurance in CT, there are some tips that will help you save money:

Carefully consider your insurance limits and deductibles. If you can afford to pay a slightly higher deductible, you should be able to find an insurance policy with a lower monthly cost.

Account for your lifestyle when shopping for cheap car insurance in CT. Did you used to drive to work every day, but now you take the train? You might be eligible for a low-mileage discount. Did you recently get married? Many insurance companies offer a discount for married couples and domestic partners, or a discount for combining policies.

Ask for discounts. This simple trick is one that many people forget to take advantage of. By looking for discounts or asking what may be available, you might find savings that are already available to you.

Sometimes cheap car insurance in CT is sold with high deductibles and low coverage, meaning the costs of being in an accident could be exorbitant. Get peace of mind by shopping with an insurance agent who will design your insurance policy to include the coverage you need at a price you can afford.

Carmel Cyber Risk Insurance Concerns

Business owners now realize that no one is safe from a cyber attack. The risk of an intrusion against every business model has become so prevalent that it now makes the news on a regular basis. There have been attacks on everyone from major corporations, to small businesses, and even the White House was breached. This should serve as a reminder to many small business owners here in Carmel that they should invest in Carmel cyber risk insurance as part of their coverage package since they too may be vulnerable and should take steps to avoid similar attacks from data thieves.

Many companies in the area can greatly benefit from business insurance that deals specifically with cyber theft and cyber breaches and the resulting expenses incurred directly after a theft occurs. Once hackers get into your system, it doesn’t take very long to steal records, along with the concern that the data theft could also occur from within the company, either intentionally or unintentionally.

Some breaches occur from trusted insiders

Practically every company has sensitive information in their computers and an unauthorized person may be able to access this information, including a disgruntled worker who may be simply seizing an opportunity to profit by stealing personal records. Any business collecting and storing sensitive information from customers, including credit card information, contact information, social security numbers, medical information, etc. is a prime candidate for data theft.

Ways to reduce risks for cyber-attacks

Constantly changing the passwords you and your employees use to log into your technology systems on a regular basis can lower your odds of an attack. Avoid emailing sensitive information, or use a secured email service and have employees lock their computer screens anytime they are away from their desks for any length of time.

You should document all visitors and avoid allowing un-escorted or unsupervised visitors access to your offices. Also, don’t open strange attachments or click unusual links in emails, especially from unknown senders that might introduce a virus into the system. Finally, have a written policy in place so that all employees understand the expectations and rules regarding how your business handles sensitive data.

To protect your small business from the damage caused by these types of exposures, consider a Carmel cyber risk insurance policy. Speak to an agent that can help you identify the risks your business may face before, during, and after an attack occurs.

Options Available in a Carmel Business Owner Policy

Carmel business owner policy

Sadly, many small businesses go without all the insurance they need due to the cost. But this is probably because they haven’t carefully considered what not having insurance could cost them in the long run. The reality is of course that all businesses face risks that could be financially devastating without their having the proper insurance protection in place. Obviously if you’re opening certain types of businesses, your business risks could potentially be a lot more substantial than if you’re opening up a gift shop or a book store. But no business is entirely immune to risks, which is why having business insurance is crucial to your success and there are ways in which you can save money on insurance.

A business owners policy (BOP) is the ideal insurance solution for many small to medium-sized businesses. A Carmel business owner policy allows your business to create a customized insurance policy that combines some basic coverage, for example, property, commercial general liability, and crime insurance, at a discounted rate, as well as additional coverage types based upon the individual needs of a particular company.

Most agencies that deal in business insurance can, and wish to provide small business owners with insurance solutions that keep them protected. That’s why they give you the option of combining various coverage options into one convenient package. In this way you get more benefits than a typical business policy allows and better savings through competitive pricing.

Structure your Carmel business owner policy to your liking

There are obviously a lot of people doing business here in Carmel and they have different concerns when it comes to insuring their companies. The great thing about a BOP is that it allows you to decide which policies to bundle that will benefit you the most. If you have expensive equipment you’ll likely want to include equipment insurance in your package. If the area experiences quite a bit of fire activity then a policy that covers fire legal liability or inventory loss coverage might be the right solution.

Depending on the insurer, your options may be varied and wide. Products and completed operations, business income, and premises liability are generally offered by most agencies in the business of selling a Carmel business owner policy for those currently looking to purchase coverage in the area.