Category: Commercial Insurance

What is Commerical Insurance?

Posted on by AgentInsure

Many business owners wonder if they need commercial insurance (the answer is yes BTW) but aren’t sure what it is or where they should start looking.  Before you start the search for a policy, it is a good idea to have some general knowledge about commercial insurance.

What is Commercial Insurance?

Commercial insurance is a type of insurance policy that will protect you, your employees, your equipment (if you have it) and if you own your building, it will protect it as well. Even if you do not own your building, let’s say you have a retail store and customize the leased space for your shop.  There is a commercial insurance coverage that would provide protection for that. Unfortunately, lots of people do not think they are responsible for those types of things and overlook the part of their lease where it says that they are responsible for additions and only find out at claim time that they have no coverage.   

Business Insurance Coverages

General Liability- If someone is injured at your place of business, think slip and fall coverage.

Property Coverage- This is for all the items that make up your business, inventory, equipment, computers, etc.  If you renovate your leased space, this will cover the improvements, or if you own the building, it will cover the structure.

Business Income Coverage- If a covered loss such as fire forces your business to suspend operations while repairs are made, business income can help you recoup some of those losses during your downtime.  Understand, though that this does not cover "being slow."

When you start the application process for commercial insurance, be sure to tell your agent all aspects of your operations. Commercial policies can have exclusions for specific activities; you do not want to find out at claim time that you are not appropriately covered.  

You can find insurance companies that write commercial insurance policies for just about every type of (legal) business.  If you are looking for commercial insurance in the Sandpoint, ID, contact The Insurance Shop USA today!

 

Small Business Health Insurance

Posted on by AgentInsure

It takes a lot of tenacity and perseverance to build a strong sustainable business. Your employees are ones that keep it going. Whether you have a few employees or more than 100, you’ll need affordable health insurance coverage. You want to make sure that your employees have every advantage if they or their loved ones become sick or injured. The Insurance Shop USA in Sandpoint, ID can offer you a variety of options for your employee’s health coverage.

Types of Health Insurance

There are two main types of health insurance: group and individual.

  • Group health insurance – is purchased by the employer. It is then offered to their employees and their dependents. Premiums, the amount paid to the insurance company every month, are paid by both the employer and the employee.
  • Individual health coverage – is an option where individuals can purchase insurance for themselves and their family members. With this plan, employers can utilize a reimbursement program where employees will recover a portion of the premiums they have paid throughout the year.

Types of Health Plans

  • Preferred Provider Organization (PPO) – provides a list of preferred doctors and hospitals that you can visit where claims can be paid.
  • Health Maintenance Organization (HMO) – offers providers who work exclusively with the HMO and its’ patients. You will need to have a primary care physician (PCP) with this plan. Any referrals for specialists will need to be made through your PCP.
  • Health Savings Account (HSA) – is a specific savings account where you would pay for your medical expenses.

When you’re ready to search for health insurance for your small business, call or stop by The Insurance Shop USA in Sandpoint, ID. They have independent insurance agents that can provide you with useful information concerning health care options and insurance coverage.

What Is A Business Owner’s Policy?

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What exactly is a business owner’s policy? It is an insurance instrument for small to medium-sized businesses.  A Business Owners Policy often referred to as a "BOP" provides coverage for property, liability, and business interruption. The Insurance Shop USA can help steer you through all the events that come with obtaining coverage, understanding insurance, and all of the questions that go with incidents and accidents. 

The BOP property covers products and operations, and the perils include fire, lightning, wind, hail, aircraft, riot/civil commotion, vehicle, explosion, smoke, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, and transportation. 

The BOP Liability coverage includes bodily injury, property damage liability, personal injury liability and advertising injury liability. Business Interruption is the portion of the policy that protects the company from a fire or another incident that may have resulted in a loss of income or operation for the company. You can also customize BOP with additional endorsements also known as riders. 

What types of Supplemental Coverages are Available?

  • Accounts receivable  
  • Burglary and robbery
  • Debris removal
  • Employee dishonesty
  • Interior glass
  • Signage (outdoors)
  • Tools and equipment
  • Valuable records protection 

What kind of things doesn’t a Business Owner’s Policy cover?

  • Company-owned vehicles (auto accidents get covered under a General Liability policy)
  • Damage to a client’s property stored or services on your property.
  • Earthquakes or floods (natural disasters)
  • Group health
  • Life or disability insurance
  • Specialized liability risks (e.g., professional liability, directors & officers, and malpractice)
  • Workers’ compensation

What type of a business isn’t eligible for Business Owner’s Policy?

  • Auto repair 
  • Banks and other financial institutions
  • Camera shops
  • Carnivals
  • Large companies
  • Service operations

Still fuzzy as to what is in a BOP or who is ineligible? You don’t have to know all the ins and outs of insurance in Idaho, but you do have to get help from a trusted agency and broker such as The Insurance Shop USA. 

Basic & Special: Two Forms of Commecial Insurance to Get to Know

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If you are in business in Idaho, you know there’s a big difference between income and profit. You also know the difference between an employee and a contract employee. But do you know the difference between Basic Form and Special Form commercial Insurance?

Basic Form and Special Form insurance are both forms of property insurance, but how they cover potential perils to your property are quite different. Knowing the difference can be helpful.

With Basic Form insurance, the specifics of your property coverage are spelled out in the policy. The policy will list each peril that is covered under the terms of the policy. If it is not listed you can assume you are not covered for a particular calamity. Special form insurance, however, takes a different approach. Special Form insurance assumes that you are covered for all perils to your property, unless they are specifically excluded. Many businesses prefer Special Form commercial property insurance because of its wider coverage. They seem to appreciate specifically knowing what is not covered.

An independent insurance agency can help find you the most competitive rates on your business insurance, whether you choose Basic or Special Form. Because they are independent, they can search multiple companies. In Idaho, The Insurance Shop USA is such an independent agency.

We can review your insurance, and scour our vendor companies to get you a rate you will appreciate. You can try us online. Visit our website and get a comparative quote for your homeowner or auto insurance.

Knowing the difference between Basic Form and Special Form insurance can make a significant difference in how you are protected. Knowing the difference between captive and independent agents can make a difference in what you pay. Contact The Insurance Shop USA today, and let us help you start saving money tomorrow!

Does Your Commercial Insurance Policy Cover Theft in Sandpoint, Idaho?

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As a business owner in Sandpoint, ID, you are likely well aware of the risks involved in owning and operating a business. In order to protect your company, it is crucial that you take the time to obtain appropriate commercial insurance. However, with so many options available, it can be hard to determine which policy is best for you and your business. Commercial insurance is definitely a must, but it is important to look at what the policy covers before signing up.

Is Theft a Covered Item?

Because theft is common for commercial businesses, it is important that it is a covered item in your business insurance policy. Under most circumstances, theft of goofs or other company property is covered. However, this can still vary from policy to policy. As a general rule, the insurance company will pay for any income loss that occurred as a direct result of the particular theft. If a window or door was broken in order for the criminal to enter your place of business, the repairs are generally covered as well.

You May Want to Consider Additional Coverage

Although the basic commercial insurance policy will probably provide you with enough coverage in the event that a theft does occur, you may want to consider adding additional coverage just in case. Depending on how serious the theft was, your policy may limit the amount of money that they will pay to you. This could cause you to be unable to replace all the equipment and goods that were stolen.

Ultimately, when it comes to your business in Sandpoint, ID, you need to take the time to speak to one of our independent agents. We are here to help you find the most appropriate plan that will match your particular needs. Don't let a theft bring your business down, give our commercial insurance agents a call today!

Is Equipment Breakdown Insurance Necessary for Your Business in Sandpoint, ID?

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Whether it is your telephone system or your HVAC system, the equipment inside your office is integral for your business to continue operating for your customers in Sandpoint, ID. When your equipment breaks down, you will suffer a direct revenue loss and your bottom line will significantly be impacted – and not in a good way! Therefore, it is crucial that you take the time to consider equipment breakdown business insurance.

Equipment That May Be Covered

  • Phone Systems – When you phone malfunctions or the phone lines go down, then your business is in trouble. Phones are often affected by heat, moisture, vibration and spikes in voltage.
  • HVAC Systems – When your HVAC system is down, your business can suffer. This is because the lack of air conditioning or heating can mean a reduction in productivity, which then leads to loss of income.
  • Electronics – Almost every business in Sandpoint, Idaho, depends on electronics of some kind, especially computers. Computers are extremely vulnerable to damage because of their fragile and highly sensitive components.

How Equipment Breakdown Coverage Helps Your Business

This type of coverage will typically help provide you with protection in the event that your business suffers a loss due to damaged or faulty equipment. It may help provide you with costs associated with repair or replacement of the equipment as well as other related expenses.

Equipment breakdown insurance can be extremely helpful in the event that your business suffers an equipment failure. With technology driving today's businesses, this type of coverage is essential if it is available. To learn more about this type of coverage and to see if it is available in the 83864 area, contact your independent agent.

Different Types of Commercial Insurance in Sandpoint, ID

Posted on by AgentInsure

You deal with insurance on a consistent basis in your personal life, and you don't stop dealing with many types of insurance simply because you're running a business. In fact, in the business world you're going to be dealing with more types of insurance than in your day to day home life.

One of the reasons for that is many businesses have different areas at financial risk. For example, if your business owns commercial vehicles, fleet insurance or commercial vehicle insurance is a necessity. If you have a large manufacturing plant that's dependent on your equipment properly working, and one of the essential pieces breaks, loss of use insurance helps keep your company afloat until you get a replacement in.

Liability commercial insurance protects your business against lawsuits that involve your business liability in a situation, such as if a customer hurts themselves on your property. A similar insurance option to this, which is mandatory if you have employees, is workers compensation. This provides a payout to employees who are hurt in the course of their work.

Data breach insurance is an up and coming insurance type that handles data security issues. If you experience a hacker problem and lose sensitive customer information, it's essential to have this insurance in place so your business is not brought under by the resulting lawsuits. Cyber-attacks are becoming more and more commonplace, so this type of insurance is becoming essential for many companies.

Talk to us to understand what your options are with commercial insurance in the Sandpoint, Idaho area. Whether you're a home based business or a massive international corporation, we have something to help you with all of your needs.

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