Small Business Insurance
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Kidnap insurance in PA may not be at the top of your business priorities, but it is necessary for the safety of your employees. If you send employees on business trips overseas, there is a heightened risk of political tensions that create dangerous situations for Americans.
What Is Covered
If an employee is taken hostage while conducting business in a tumultuous region, you need insurance to cover the expenses that typically accumulate. Expenses covered by kidnap insurance in PA include the following:
- Legal advice
- Travel expenses in the event someone must go to the area to manage the situation
- Lost income
- Expenses related to training temporary employees
- Public relations expenses related to managing company image
- Ransom/reward money for those with information
- Medical and/or psychological bills for the victim
- Lawsuits by the victim against the company
- Funeral costs
What Kidnap Insurance Does Not Cover
Kidnap insurance in PA will not provide coverage for a kidnap situation that occurs in a country against which the United States has sanctions. Your business should consult with experts prior to sending an employee overseas to find out if travel is allowed and learn how to be safe while there.
While a hostage and kidnap situation is the worst-case scenario when your business sends an employee overseas, it must be considered and protected against. Research the best options for your company when it comes to kidnap insurance.
Many small business owners have a difficult time purchasing workers comp insurance coverage per their states regulations. For some, it’s just too expensive; for others, the job to be insured is too dangerous. As an insurance agent, it’s your responsibility to match the policy to the client, so work with a wholesaler that has the ability to handle small accounts just as effectively as large ones.
Small Account Issues
Some reasons why small business owners find getting workers compensation coverage tough is because many insurance companies are only interested in larger clients. Corporations mean money, and the small enterprise might find itself being rejected due to its lesser needs.
Another issue is your client’s niche. If you’re looking to secure workers comp insurance for a business office, you probably wont have too much trouble. If your client specializes in demolition, well, you’re going to be more hard-pressed to find a suitable carrier willing to take on the risk.
Variety Is the Spice of Insurance
In order to cater to the specialized needs of small business owners, you should work with a wholesaler that has a strong presence in the insurance industry. Even if your client does work in demolition, a wholesaler that knows several workers comp insurance markets can secure the policy you need, alongside educating your clients in OSHA regulations and safety.
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.