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The 7 Most Common Types of Small Business Insurance

What type of insurance do small businesses require? This is a commonly asked question with no easy answer. This is because the sort of business insurance you require is determined by your sector and state. As a result, to comply with state regulations, you must purchase adequate coverage.

You may have to pay for claims if you do not have the proper small business insurance. Many small firms cannot afford to pay claims and may eventually fail. That is why small business insurance is such an important investment.

The seven most common forms of insurance necessary for small businesses are as follows:

Commercial General Liability Insurance

Commercial General Liability Insurance is a must for any small business, as it protects from claims brought by clients and third parties for bodily injury or property damage.

It is the most basic form of small business insurance for several reasons. It covers you in case of an accident on your premises and when you’re on the job. Moreover, it protects you if a customer has an accident on your premises.

Product Liability Insurance

This type of insurance protects you from damage to property, bodily injury, and death arising from using your products and services. It is also known as product liability insurance.

Product liability insurance is important for companies that manufacture and sell products and companies that provide services. It protects these companies from lawsuits arising from injuries or damages caused by their products or services.

Business Interruption Insurance

This type of insurance safeguards your business from the loss of income that results from a covered event, such as a fire or a natural disaster. It pays for your expenses, such as rent, utilities, and payroll, while your business is closed.

Business interruption insurance is important for companies that rely on their physical location to generate income. It is also important for companies that have a large number of employees.

Professional Liability Insurance

This type of insurance protects you from lawsuits arising from your professional activities. It is also known as errors and omissions insurance.

Professional liability insurance is important for companies that provide professional services, such as accounting, consulting, and engineering. It is also important for companies that sell products.

Cyber Liability Insurance

This type of insurance protects you from lawsuits arising from cyber attacks, such as data breaches and hacking.

Cyber liability insurance is important for companies that store customer data, such as credit card numbers and personal information. It is also important for companies that use the internet to conduct business.

Employee Benefits Insurance

Employee benefits insurance is a type of insurance that helps companies pay for employee benefits, such as health insurance, life insurance, and disability insurance. This type of insurance is important for companies that want to attract and retain employees.

Commercial Auto Insurance

Commercial auto insurance is a type of insurance that helps companies pay for damages that occur as a result of an accident involving a company-owned vehicle. This type of insurance is important for companies that use vehicles for business purposes.

Conclusion

There are seven types of small business insurance that you should be aware of: commercial general liability insurance, product liability insurance, business interruption insurance, professional liability insurance, cyber liability insurance, employee liability insurance, and commercial auto insurance. Each type of insurance protects your business differently, and it’s important to have the right coverage in place to protect your business from any potential risks.

If you are looking for a company that provides business insurance in Conyers, GA, look no further than our services here at The Tabb Insurance Agency. We provide different insurance plans and high-quality service in Conyers, GA, for all your personal and business needs. Call us today for more information about our insurance and their featured coverages.

General vs. Professional Liability Insurance: What Do They Cover?

General liability insurance covers any legal costs incurred when responding to a third-party lawsuit. Court costs, attorney fees, judgments, and settlements are all costs.

A general liability claim can affect any small business owner in any organization or field. As a result, this policy should serve as the cornerstone of your security strategy.

Different risk exposures are associated with professional liability and general liability.

General liability insurance in Conyers, GA, will protect you if a visitor has an accident on your property. On the other hand, professional liability insurance can assist you in dealing with any litigation that may occur as a consequence of allegations of professional errors.

Professional liability protects against financial losses, whereas general liability protects against physical losses.

A general liability policy may, in some cases, include some form of products-completed liability insurance designed to protect professionals who own retail, construction, manufacturing, and other service businesses.

This is intended to protect you from any lawsuits arising from completed works that cause physical harm to another party. While this may appear to be a professional liability issue, the emphasis is the term physical damage. Professional liability insurance only covers financial losses.

Who Needs Professional Liability Insurance?

Professional liability insurance, often known as professional indemnity or errors and omissions coverage, safeguards small business owners and professionals who earn a living by leveraging their knowledge.

The following are just a few examples of specialists who should consider purchasing professional liability insurance:

  • Bookkeepers and accountants
  • Engineers, architects, and designers
  • Financial advisors
  • IT specialists and programmers
  • Professionals in marketing and advertising
  • Real estate agents

Why Is Professional Liability Insurance Necessary?

Commercial General Liability (CGL) insurance provides adequate protection for most small businesses. CGL policy clauses can be tailored to your specific needs; however, even the most basic policy can protect you from liability for things like customers slipping on a wet floor or becoming ill after eating your food.

It should be noted that CGL does not protect customers from the provision or failure to provide professional services. This will necessitate the purchase of professional liability insurance.

What Is Professional Liability Insurance?

Even if you are not found to be at fault, a claim can ruin your company’s finances, time, and reputation. This is where Professional Liability insurance in GA comes in to help protect your company financially in the long run.

If your company is sued, professional liability coverage in Conyers, GA, covers your legal expenses, such as required legal representation and, if awarded, damages to the victim. Even if you are not found to be at fault, your policy will cover the costs of defending yourself in court.

Professional Liability insurance will typically cover the following:

  • Attorney’s fees and other legal costs
  • Costs and expenses associated with the settlement
  • Costs and expenses acquired as a result of a judgment

Professional Liability insurance does not cover criminal prosecution, and there may be civil liabilities that are not covered by the policy. Refer to the wording of your policy to understand the specific inclusions and exclusions of your coverage.

Conclusion 

Professional and general liability insurance are typically required to protect you from physical and financial harm. This is unquestionably the case if you work in the professional services sector or lease or own commercial real estate that is open to the general public.

Operating without either policy in place may be conceivable in some circumstances, but doing so is exceedingly dangerous and not recommended. At any point, someone could have a mishap in your facility or assert that you failed to uphold the terms of a contract.

For your personal and commercial requirements, The Tabb Insurance Agency in Conyers, Georgia, provides various insurance options and top-notch service. Whether general liability or professional liability coverage in Conyers, GA, we’re here to help. Talk to us today!

The Most Overlooked Business Insurance Vulnerabilities

Business owners need all the coverage they can get, even if they are small businesses. Most businesses don’t know, however, that their coverage might not be enough. Here are several areas where business owners often lack coverage.

1. Cyber Protection

Make sure your business is covered on the computer and online. Most business owners don’t realize that a lot of insurance policies have a limit on the amount paid out for any one claim. So if a lawsuit results in a $500,000 judgment against you, the most your insurance will pay is $500,000. Likewise, if there is a breach of security and all the data is erased from your computer, there won’t be anywhere near enough coverage to replace all the losses.

2. Property Insurance

Business owners need to look at their insurance policies to make sure they’re covered against every type of property loss. There is often a limit to how much the insurance company will pay for any one claim, and there can also be limits for loss in a single year. Make sure both these amounts are large enough to cover your business losses. For example, if you’re in a flood zone and get 3 inches of water in your shop or warehouse, you could easily look at a loss exceeding $200,000.

3. Extreme Weather Protection

A lot of business owners are surprised to learn that they’re not covered in the event of extreme weather. For example, if a tornado or hurricane damages your property, you will not be covered unless you have special weather insurance. The same is true of fires caused by lightning and floods caused by a tidal wave, hurricane, or tsunami. You’ll want to look into extra protection for each of these events.

4. Product Liability Coverage

If you sell products in your business, you need coverage for any liability for the products you sell. This includes not only the product but any additional items that are sold along with the product. For example, if you sell a bicycle, you’ll want to make sure that you’re covered if someone is injured while riding it. You’ll also want to ensure that you will be covered if there is a defect in the product and it causes a fire in the customer’s home.

5. Hired Help Coverage

Many business owners have employees. However, if you’re not paying their benefits, medical insurance, and Social Security, you aren’t responsible for them. So if they get hurt on the job, there isn’t any coverage from your insurance company. You’re only covered if you make these payments. Many business owners are surprised to find that they get sued when an employee is injured, and there is no coverage from their insurance.

6. Equipment Coverage

Lack of equipment coverage is another area where business owners are often unprotected. If you own expensive equipment, you’ll want to ensure that it’s covered against fire, theft, flood, and any other damage. Many insurance companies won’t pay to replace your equipment if it is lost without a physical inventory.

If there is a disaster and your inventory is destroyed, you’ll need to provide an inventory of everything lost in order to get a payout. If you don’t have a written inventory, you’ll get far less, if anything at all.

Conclusion

There are lots of little things that business owners don’t realize about insurance. A great insurance policy is a lot like the police have to “protect and serve.” If you are a business owner, you need to make sure you have at least the standard insurance to protect your business.

You also need to take advantage of all the different types of coverage available so that your business is not susceptible to any kind of loss.

If you are looking for a company that provides business insurance in Conyers, GA, look no further than our services here at The Tabb Insurance Agency. We provide different insurance plans and high-quality service in Conyers, GA, for all your personal and business needs. Call us today for more information about our insurance and their featured coverages.

Teens and Distracted Driving

Starting to drive is one of the most exciting experiences for teenagers, but it can also be one of the most dangerous. According to the CDC, teenagers are the most likely age group to get into a traffic accident. Teens are more likely to speed and less likely to wear seatbelts than older drivers. They are also much more likely to become distracted while driving, resulting in a much higher potential for injury-causing or even fatal accidents. What are the most common distractions facing teen drivers, and what can be done?

Cell Phone Usage

Perhaps the most obvious cause of teen distracted driving is the use of cell phones while on the road. Cell phone use while driving is illegal in some states, but many people–especially teenagers–still engage in it. Both talking on the phone and texting are dangerous for the teen driver, and many teens will even open and use social media apps while driving. Distracted driving causes 15% of all injury-causing accidents, so as the most susceptible to distracted driving, teens should be made highly aware of the potential consequences of their actions.  

Talking on the phone can cause mental distraction and manual distraction, and even hands-free conversation methods can cause distraction. Texting while driving is much more dangerous, as it causes mental, manual, and visual distraction. Taking your mind off the road is never good, but focusing your mind, hands, and eyes elsewhere is an incredibly dangerous combination. When you are distracted in these ways, reactions to potential dangers are much slower or may be completely missed.

Other Distractions

Cell phones are a serious distraction for teen drivers, but they are not the only source. Anything that takes your hands off of the wheel and mind or eyes off of the road can cause an accident. This includes activities such as eating, changing the music, applying makeup, and interacting with passengers. This last is perhaps the most dangerous of all. Studies have found that teenagers’ chances of a crash increase significantly with each additional passenger in the vehicle. This is especially true if the fellow passengers are teen peers.

Solutions

It is important for parents to share the dangers of distracted driving with their teenage children, but it is even more important for adults to model responsible driving behavior. Teens will not heed warnings against phone usage or other risky activities if they regularly see their parents engaging in these behaviors.

There are also some mobile apps that will prevent cell phone usage while a car is in motion or when manually enabled before driving. These apps can be a good way to help teens become accustomed to leaving their phone alone while driving, so that in the future they can practice self control on their own.

Be Prepared

Educating teens about distracted driving and helping them find ways to combat these dangers can greatly help reduce teenage traffic accidents. However, we cannot control everyone on the road, and even the safest drivers can experience a collision. Make sure you and your family is covered in the event of a car accident with the right auto insurance.

Strategies to Reduce Employee Illness and Injury

As a business owner, the health and safety of your employees should be a top priority. Not only are healthy employees happier, but they are more productive, too. Ultimately, having high health and safety standards will also reduce costs to your business since insurance premiums will be lower with a cleaner safety record. Additionally, having employees that are healthy and able to work will reduce costs that would arise from loss of productivity or hiring and training in the case that your employee has an accident and is unable to continue.

ROOT CAUSES

Workplace injuries or illnesses can occur for a number of reasons. Improper application of safety procedures or protective gear, misuse of equipment, lack of ergonomic solutions, and overexertion from overtime work are common themes that lead to workplace injury–or even death. It is important to pay attention to the past injuries or accidents that have occurred at your business, so you can plan to prevent them in the future.

EDUCATION IS KEY

The best way to ensure that health and safety standards are met in your workplace is to regularly educate both management and staff about the proper procedures. While everyone may receive this kind of training in orientation, employees that stay on for several years will eventually forget what they learned and may unintentionally lapse in their duties to uphold the company’s standards. For this reason, it is a good idea to schedule employee health and safety refreshers at regular intervals.

DEVELOP A PLAN

With regular meetings about wellness and safety comes an increased awareness of the unique safety concerns that may be present at your business. Each type of business will have its own specific concerns. Meetings can be an excellent way to hear the concerns and opinions of all employees and identify matters that may need to be investigated or procedures that may need to be adjusted. If your business does not already have a health and safety plan, use these meetings to develop one based on the input of your management and staff.

GET INSURED

Implementing high health and safety standards can do a lot to reduce the frequency of employee illness and injury, but accidents may still happen. In the case that they do, you want to make sure your company has the right insurance coverage to take care of your employees and prevent losses to your business.

What to Expect In a Life Insurance Exam

If you are reasonably healthy with no preexisting medical conditions, it is likely that your best bet for getting great life insurance at a low rate is to take a physical exam. This exam determines if you are prone to illnesses that would make you a higher risk to insure, such as diabetes, heart disease, cancer, stroke, etc. We’ve put together a list of things to expect from your exam so you can be better prepared to take it.

When, Where, and How Long

The exam itself won’t be much different than a routine exam with your doctor. However, there is no set office location that insurance companies operate out of, and they know that scheduling an appointment can be difficult. Therefore, they will send out a paramedical technician either to your home or workplace, depending on your preference. You’ll want to schedule the exam early in the morning if you can, because fasting blood work will be required. The exam itself should only take about 30 minutes.

Before Your Exam

To get the best results possible from your physical, drink plenty of water the day before and the morning of your exam. Also, skip your morning coffee – caffeine will elevate your blood pressure, which could mean a difference in your test results and cost of premium, even if you aren’t prone to blood pressure issues! Similarly, avoid alcohol, nicotine, excessive salt, and fatty foods a few days before your exam, as these substances can negatively affect your blood work results. Make sure to study up on your medical history and be ready to list any medications you take, as well.

During Your Exam

During the exam, your tech will perform routine health checks you would normally expect from a doctor: height/weight, pulse, blood pressure, blood work, and a urine sample. If you are an older applicant, your technician may ask you to undergo an EKG to measure your heart’s electrical activity. These tests are performed to check for the following:

  • Obesity
  • High blood pressure
  • Elevated cholesterol
  • Nicotine usage
  • Recreational drugs
  • Hyperglycemia
  • Blood diseases such as HIV and hepatitis

After Your Exam

The results from your paramedical exam will be given to the insurance company and taken into consideration along with your age, family medical history, and lifestyle. If all goes as it should, expect to hear back with your actual quote within a few weeks.

If you’ve been keeping healthy and prepared for the exam properly, you should pass the exam and score a lower premium on your policy! If you’re concerned that the results of your exam are inaccurate, you can ask your carrier to schedule a second exam. This will not do away with the results of the first exam, but the two will be combined and your new premium will be based on the composite.

Keep In Touch With Your Agent!

If you have any questions at all before or after your paramedical exam, don’t hesitate to give your independent agent a call. Not only are they experts in the insurance field, but they can direct you to the right carriers for your case to help you get the best price on life insurance, no matter the state of your health.

How to Handle a Parking Lot Accident

Parking lots are considered one of the most dangerous places to drive for a reason. With limited visibility, crowded spaces, and mediocre signage, parking lots are hot spots for fender benders on a daily basis. When an accident happens in a parking lot, there are typically three characters who have an important role to play in resolving the wreck quickly and calmly: the driver, the victim, and the witness. Here, we break down what you should do in this situation according to your role:

If You Are the Driver

As the offending driver, there are several scenarios you can find yourself in here. The number one thing to remember is, no matter what, don’t drive off! You may be panicking and thinking you can get away with it, but hit-and-runs are pretty serious offenses in most states, and parking lot surveillance cameras are more common than you’d think.

If the car was parked, go inside the establishment and try to track down the driver. The best way to do this is to get a customer service representative to describe the victim’s car and make an announcement over the intercom. If the driver doesn’t appear, it’s time to take all the matters into your own hands. If the damage to the car is as minor as a scratch or small dent, write a note that includes your name, number, and explanation of the accident and secure it onto the other driver’s car. If the damage is more extensive, call the police to come document the accident in the parking lot. This professional documentation helps police track down the other driver, and it can protect you in the long run when it’s time to file an insurance claim.

If You’re the Victim

If your car is the one that got hit, it is important to contact your auto insurance agent as soon as you can. The faster an accident is reported, the more accurate the claim will be. If the other driver is still at the scene, make sure you write down their name, phone number, driver’s license number, address, and insurance company.

Whether the other driver is still there or not, record evidence of the accident. Take pictures of the damage and look for witnesses in the parking lot. Before you leave, go into the store and ask the manager if he or she has any security camera footage you can check. If the other driver left, this last step can help you and the police track them down!

If You’re a Witness

As a witness, you may feel like you aren’t involved in the accident, but you actually play a very important role here. If you see a parking lot accident happen, you should provide assistance to the victim and driver. If the offending driver drove away, then help the other driver document the damage. Also provide them with your contact information so the police or insurance company can contact you later if needed. Having a witness on hand can really help the victim later on. It isn’t against the law to turn your head and not help out, but it is the right thing to do and a generally accepted social rule to stop and help if you witness an accident.

How Non-US Citizens Get Life Insurance

Selecting a life insurance policy is an important step for planning ahead and taking care of the financial well-being of your family. But can you still get coverage if you aren’t a US citizen? In most cases, yes. There are very few instances where your citizenship status disqualifies you from coverage. The circumstances of your policy are different than those of current citizens, so there will be some more hoops to jump through, but there are plenty of providers who should be able to give you the coverage you need.

Learn more about obtaining life insurance as a non-citizen here:

Your Identification Makes a Difference

Whether or not you’re going to have a simple time of getting life insurance depends on the type of ID you have. If you are a green card holder, you are considered a permanent U.S. resident, and you shouldn’t have any problems applying for any life insurance policy you want. The only additional step you will need to take is sending proof of your immigration status to the insurance company.

Things start to get trickier if you hold a visa or a student visa. Visa card holders can be approved by many different carriers, but the companies have varying criteria for determining your residency. Most of these criteria are based on substantial presence and significant interest (more on that below).

The group most likely to have problems qualifying for life insurance coverage is non-citizens who hold student visas. Most insurance companies are hesitant to approve policies because they know that the visa is only temporary. However, it isn’t impossible to get life insurance with a student visa. You just need to speak with your insurance agent to determine the best route to take.

Substantial Presence & Significant Interest

Substantial presence and significant interest are the two primary factors that insurance companies consider when visa card holders apply for a life insurance policy.

To qualify under substantial presence in the United States, you typically need to have lived stateside for a minimum of one year. Many carriers require you to prove you have lived in the US for one or two years, and some require as many as five years. Ask your agent which carriers you best qualify with based on your time spent in the US.

In order to qualify based on significant interest, you need to have a vested reason to remain in or frequent the US. You must prove to the insurance carrier that you own a sizable amount of property or assets in the country, such as a home or business.

Rely on Independent Agents

Shopping for a great insurance policy within your budget can be difficult enough to begin with. If you are not a US citizen, qualifying for life insurance can present even more obstacles. Trust an experienced independent agent to find a variety of good carriers with policies you qualify for!

5 Surprising Household Hazards

We know you do everything you can to keep your house safe, especially if you have small children or adventurous pets. You’ve tied up the drawstrings on your blinds, placed non-slip grips on the shower floor, secured your cleaning liquids in an upper cabinet, and changed the batteries in the smoke detector, so everything checks out as safe, right? Well, not necessarily.

There will always be hazards anywhere you go, so home will never be completely safe, but here are a few common household hazards that are easy to miss, and easy to fix.

  1. Trash Cans

A trash can that closes well is important to keep curious noses and little hands from digging into rubbish that could contain a multitude of hazards. Items like broken glass, toxic substances, and spoiled food can still pose a threat, even after they’re in the trash can. So, forego the cheap flip lids and purchase a lid that closes well enough to keep kids and dogs away.

  1. Broken Garage Door

Electronic garage doors are made to sense objects (or people!) underneath them and retract to keep injuries from occurring. Like all electronic things, garage doors experience malfunctions and breakdowns which, in this case, can be harmful or even deadly. If your garage door starts acting funny or experiences some damage, call a professional to come service it for you – an important fix of this magnitude shouldn’t be left up to instructions from the internet.

  1. Window Screens

You want to throw those windows open with abandon because the weather outside is irresistible! We get it, but don’t think that a child is safe just because the window has a screen. The small, transparent frame that keeps bugs from getting in isn’t enough to catch the weight of a falling or pushing person, so make sure the windows on your upper floors have bars! At least until the kids get older.

  1. Treadmills

Treadmills can easily be one of the most dangerous items in your house for both children and adults if they aren’t operated with care. Falls on a treadmill can result in traction burns, broken bones, pinched skin and snagged clothing, and more. Every treadmill should come with an attached safety magnet to be worn during workouts. Make sure every user wears the clip, and turn on the safety switch or unplug the treadmill when it isn’t in use.

  1. Electronic Appliances

From blow dryers to microwaves, electronic appliances have the ability to malfunction and cause fires or electrocution. Always pay attention to any unusual display messages on your appliances, and carefully follow instructions for proper use. If you know you’ll be running many outlets at once, invest in a surge protector to protect you and your other appliances.

And Don’t Forget Home Insurance

No matter what happens in your house, a good home insurance policy with liability coverage will always have your back. Independent agents have the ability to shop multiple carriers for good policies that fit your unique risks and budget! So, if you don’t have your home insurance policy yet, get in touch with your independent agent to find the right coverage for you.

How Whole Life Insurance Can Be Useful During Your Lifetime

Permanent life insurance, sometimes referred to as whole life insurance, is a policy guaranteed to remain in force for the insured’s entire lifetime as long as the premiums are paid. While it serves its purpose of helping your beneficiaries when you pass away, it can also help you financially during your lifetime in several ways.

Fixed Premiums & Tax Free Benefits

The premiums on a whole life insurance policy are usually higher than premiums on term life, but the good news is that whole life premiums are fixed. The premium is based on the age of issue, and they usually do not increase with age. The policyholder either pays premiums until death, or establishes a limited pay policy that can be paid up in 10 to 20 years, or by age 65. The death benefit paid by a whole life insurance policy typically passes on to your beneficiaries income tax-free.

Opportunities for Policy Dividends

When insurance companies experience better-than-expected performance, they sometimes pay whole life insurance policyholders a return of premium. These dividends are never a guarantee, but they can be a nice surprise to increase a policy’s death benefit or cash value! What you receive from the dividends is also not usually considered taxable income, so the reward is 100% yours to keep.

Cash Value

The cash value of a whole life insurance policy makes it valuable to you long before death. A whole life insurance policy allows for accumulation of cash value on a tax deferred basis over time. The policyholder can use this cash value to help cover unexpected expenses, debts, or simply go towards retirement income. Unpaid loans and withdrawals will reduce the cash value and the death benefit, but utilizing this option may be worth it if you find yourself in a tight spot financially.

Get the Coverage You Need Today

Are your beneficiaries protected in the event of your death? If not, it’s time to look into a life insurance policy. The benefits in this blog accompany a whole life insurance policy, but there are multiple coverage options available depending on your needs. Contact our independent agents to get your questions answered and get on the road to great coverage!