CGL insurance is one of the most popular and important types of liability insurance. But should every business owner have it? More specifically, should you buy CGL insurance as well?
This question is more prevalent in cases of small businesses. "My business is very small… Do I still need to buy CGL insurance?" The answer is yes. Yes, you should ideally buy commercial general liability insurance. In fact, small businesses should have this coverage as a priority since they are financially limited and a liability claim can put a big burden on them. They need the protection of insurance against legal liabilities to stay financially stable in case someone sues them. So, no matter the type of business you own, the industry you're in and the size of your business, CGL insurance is a must. What will vary, however, for your business, is its coverage requirements. Different businesses are exposed to different types of risks; they have their own risk exposures. This influences their coverage requirement. So, before actually buying the CGL insurance, it's important to determine the coverage requirement, which is based on risk exposures, as well as several other factors. Once you know what kind of coverage you need, time to find an insurance company that offers a fitting plan. At times, a standard CGL plan might not be sufficient for you. So, you may want to customize the existing plan per your distinct requirements. This whole process of first quantifying your needs and then finding a good insurance plan from a top carrier can be challenging and time-consuming. Many companies choose to work with insurance brokers here -- and you should follow suit. An insurance broker can guide you throughout the process, helping with risk assessment and evaluation and thereon finding you a good CGL plan. They can offer comparative quotations, allowing you to choose from different options that best fit your needs and budget. So, get in touch with a licensed insurance broker and seek their help in buying a commercial general liability insurance policy.
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You care about your employees and want to give them the best health benefits they deserve. But then group health insurance costs money. The better the coverage, the more you would have to pay. This isn’t something many companies are equipped for. They can’t afford to spare a lot on group medical insurance. This is why they need to be thoughtful when buying the said insurance plan so as to get better coverage at a low premium.
In that context, here are three tips to buy the best group medical insurance at a low premium:
These are three simple tips to follow when buying group medical insurance.
One of the biggest challenges for many startups is recognizing the difference between expense and investment.
Since they usually have a budget to work with, and they turn a tight ship in the finance department, they often avoid the essential investments as expenses just to save money.
Are you one of them?
Investments are necessary for your business to scale and expand.
Here are three early business investments every startup must make to ensure desired growth:
1. “More” employees
To grow your business, you need more people. You need a bigger team of skilled individuals who can work together to achieve the outlined goals. Remember, your business is only as big and good as the team working behind it. So, growing the number of your employees is an essential investment; it’s a fundamental step towards higher scalability.
2. Group insurance for employees
Hiring more employees is just one part of the task. Taking proper care of them is another part. You need to invest in group insurance for employees. Offering health benefits to employees has many pros, including improving their productivity, as well as employee retention for the company. So, check out different group health insurance plans and pick the one that best fits your needs, requirements, and budget.
3. Infrastructure
You cannot work in the same, small space for long. As your business grows, you need better infrastructure. You need to provide your employees the right ecosystem where all their basic requirements are met and where they can work efficiently. So, updating your infrastructure accordingly (and, at times, ahead) to your business growth is an important step.
These are three early business investments every startup must make to achieve higher and consistent growth.
When it comes to group health insurance, the conversation usually steers towards the benefits for employees. Yes, the employees get proper health coverage that ensures their wellbeing. But what about benefits for the employers?
What about the group health insurance benefits for employers?
Are there even any benefits for the companies investing in group insurance policy?
While many companies treat this as an expense, in reality, this has several benefits for the employers.
Given good health benefits, employees are more likely to stay with that company. Low employee turnover is very beneficial. Employee retention is much cheaper than new employee onboarding. So, buying group health insurance can boost your employee retention, which subsequently has several indirect benefits, right from cost-saving to company culture-building.
Offering health benefits also improve employees’ performance. They are more satisfied at their job. So, they perform better and efficiently. This translates into boosting the company’s output, enabling it with more revenue-generating opportunities.
Of course, the direct pro of offering insurance to employees is their general physical and mental well-being. This again, indirectly, comes to benefit the company. If the people responsible to build the business are in a healthy condition, they wouldn’t take as many sick days. Their overall productivity will soar.
So, it’s much more than just about fulfilling an obligation or reluctantly doing something for compliance. There are several group health insurance benefits for employers; this is especially true in the long-run.
If you run a business, make sure your employees are getting proper health benefits. Consult a licensed insurance broker, choose from different plans of top insurers, and buy a group insurance policy that provides adequate coverage to your employees, as well as fit your budget.
Business Insurance is a well-renowned insurance marketplace in India, trusted by thousands of SMEs. It homes highly experienced insurance brokers who work with every client, helping them buy the best business insurance policies. So, connect with Business Insurance talk to experts, discover better group health insurance plans, compare them together, and make an informed purchase decision.
Business consultant, fitness consultant, marketing consultant…
Irrespective of the kind of consulting service you sell, it can be exciting and daunting at the same time. After all, running your own business is a rollercoaster ride with many ups and downs. However, if you’re not prepared with the right plans, the ‘downs’ may lurk around more often and the ‘ups’ may not last very long.
As a professional consultant, here are 3 unexpected events you may encounter:
1. Complete stagnancy
This could be quite discouraging, but it’s a part of the process. You will get to a phase where you might not get any new client. The business will feel stagnant. You will feel stuck. Your operational cost may exceed your returns, bringing you losses. For such situations, you need to be prepared in two ways. One, have enough capital and stay liquid so that such phases of stagnancy doesn’t cause you any financial trouble. Second, be mentally prepared for something like this; expect it. This will help you persevere through.
2. Lawsuits
This is getting more common for consultants now. Imagine you offered some advice to your client and it didn’t bring them any good result. They may sue you for this poor quality service. Further, if your advice brought them any loss or damage to property, their litigation could have a solid ground against you. Needless to say, such lawsuits can be expensive. You’ll have to spare a lot in defence cost. A simple solution to this is having professional indemnity insurance. Professional indemnity policy protects you against legal liabilities, covering a range of expenses if you’re sued by your clients for specific reasons. Connect with a licensed insurance broker and learn more about professional indemnity insurance.
3. Unexpected growth
This happens. All your hard work and perseverance finally starts paying off and you start seeing more business growth. The growth rate gets so high that it almost becomes unmanageable. It’s important to stay prepared even for such situations. Know from the go that if indeed something like this happens, how you’re going to hire more people, how you’ll build a team, how you will manage the clients, how you will streamline the operations, and so forth. When your business is growing, you don’t want to take a pause just to figure things out. You should ideally have figured it out from the start.
These are three unexpected events you may encounter as a professional consultant.
Act as a true entrepreneur, stay prepared from ahead, and steer your business in the right direction.
In 2018, the average cost of a cyber attack was $1.1 million. (1)
Cyber incidents like data breach and ransom ware come with several direct and indirect costs. There are examples of companies shutting entirely after a cyber-attack because of the loss they suffered. This is why more companies are now investing in cyber risk insurance.
Often, many people ask who needs cyber risk insurance.
The simple answer is every business who has some kind of digital footprint.
Of course, large companies that have their entire operations running online almost essentially require cyber security insurance. For instance, a food delivery service stores customers’ highly sensitive data, like credit card details. They are also more prone to cyber-attacks. So, they must have cyber risk insurance.
But even those that have a smaller establishment, they should invest in a cyber-security insurance as well. As long as they are collecting user data (even something as basic as their name and email address), cyber risk insurance is a need. Because you never know when there could be a data breach and those individuals whose data got breached files a lawsuit against your business.
Of course, the kind of coverage one gets would vary on their needs, vulnerabilities and risk exposures. A company that handles sensitive data and is more prone to cyber risks, they should have a wider coverage. Similarly, those who are not at a higher risk and they handle very little customer data, their insurance coverage can be low.
There are many little and big factors that influence what kind of cyber risk insurance plan you should get. Do proper evaluation on your end to establish your unique needs, requirements, and risk exposures. Connect with an experienced (and licensed) insurance broker and get their help. They can help you realize your definite needs. Accordingly, they can assist you in finding the best cyber risk insurance plan from a top insurer that provides you with maximum coverage.
Insurance brokers can also help you buy other policies like E & O insurance; just like cyber security insurance, errors and omissions policy is equally important.
2021 is expected to be quite different. Business owners will face many new challenges. So, adopting a better approach when buying business insurance is important so as to address the newer needs and challenges of the now.
In that context, if you’re planning to buy small business insurance, here 5 tips that will help you:
1. Don’t over-prioritize cost
Of course, in the current economic condition, many businesses are in a financially difficult position. Budgeting ought to be key when buying insurance. But that said, it shouldn’t over-prioritize the conversation. You don’t want to opt for the cheapest plan that falls flat in providing you with adequate coverage. The first priority should always be whether that plan provides sufficient financial coverage or not. Its cost should be secondary.
2. Go with a top insurance company
This is as simple as it gets. There’s a reason why they are the “top” insurance companies. So, trust an insurance company that enjoys good market reputation and has many buyers. Even if their premium is high, they would be beneficial for you in the long-run.
3. Don’t forget to customize your insurance plan
Standard business insurance policies might not suit your exact needs and requirements. So, don’t buy the first insurance plan you come across. Instead, first, establish the kind of insurance coverage you require and then accordingly customize the plan.
4. Build long-term partnership with an insurance broker
It’s much more than just buying business insurance. You’ll have to renew it. You’ll have to file claims. If you have any confusion regarding the terms and conditions, you would want to sort them out. So, having a certified insurance broker by your side whom you can trust and rely on is important.
5. Don’t undermine small risks
Those little risks that may seem negligent can turn up to be quite serious. They are the loopholes that leave your business vulnerable. So, be very careful in establishing and auditing your risk exposures. Make sure you’re providing maximum protection to your business. Accordingly, spare on business insurance.
These are five important tips to help you buy business insurance in 2021.
Find the right insurance broker and take confident strides forward to buy the right insurance policy that provides your business with a wide coverage at an affordable premium.
Insurance brokers can help you establish your needs and advocate for you in front of the insurance companies to ensure you’re getting the best value for your investment. This is why it’s always recommended that if you’re planning to buy an insurance policy, instead of approaching the insurers directly, you should take the hands of an insurance broker. This is especially true if you’re not well-versed with the insurance world.
But to make sure your association with the insurance broker is beneficial for you, you should ask them the right questions, understand their answers, and then make an informed decision. Here are 3 questions you should ask your insurance broker in the first conversation:
1. What kind of liability insurance policies businesses like mine should have?
There are many types of business insurance. Depending on various factors like your business type, industry and target audience, you may have to invest in several of these liability insurance policies.
The insurance broker here will help you establish your needs and risk exposures. Accordingly, they would provide you with advice and recommendations on the types of liability insurance policies you should purchase to optimally protect your business, yourself, and other relevant stakeholders against legal claims.
2. What insurance policies won’t cover?
Every insurance policy has its limitations. The coverage isn’t absolute. After you have figured out the kind of liability insurance policies your business needs, time to find out an important part: what those policies won’t cover?
Many business insurance buyers don’t pay much attention to this column – only to end up surprised when someone indeed sues them. So, when buying any policy, you want to have a clear understanding of what insurer won’t cover.
3. What kind of group insurance for small business employees I should buy?
Providing health benefits to your employees is important. It has many benefits, both for them, as well as for your business. For instance, insuring their health can improve their performance and productivity. This can subsequently help your business drive better results.
So, provide them with health insurance. Now, of course, buying group insurance is a challenge in itself. There are many factors to it that should be considered. This is something you should discuss with the insurance broker. Based on your financial standing, they can help you buy a fitting group insurance from any of the best small business insurance providers that provides maximum coverage at a lower premium.
Conclusion
These are three questions you should ask your insurance broker in the first conversation. Of course, if you have any query or confusion, you should ask more. In the end, the more informed and educated you are on the subject, the better it would be in making the most of business insurance policies.
Commercial general liability insurance covers are quite essential for many different types of businesses. So, if you’ve decided to buy it, great! But before you rush to make any financial commitment, it’s important to have a fair idea of the insurance itself and how it can come to your aid. In that context, here are 3 things you should know before buying commercial general liability insurance:
1. What it doesn’t cover?
Every business insurance policy comes with its own set of limitations. This one has its limitations as well. It’s important that you’re aware of what your commercial general liability insurance won’t cover so to avoid any surprises (and disappointments) in the future.
Among things the insurance won’t cover includes product guarantee, liability for fines or punitive damages, deliberate non-compliance with statutory provisions, copyright infringement, war risks and terrorism. Ask your insurance company what your commercial general liability insurance plan won’t cover.
2. Is it sufficient?
Sufficiency here means several things.
One, is the amount insured sufficient? Depending on the risk exposures, you may need a bigger coverage.
Two, is the plan sufficient to cover your needs or should buy other add-ons to make the plan more comprehensive?
Third, is this insurance policy sufficient to protect your business against possible legal claims? Usually, companies need more than just one liability insurance. Depend on your needs and various other factors, you should also invest in directors and officers liability insurance and other types of business insurance.
3. The terms and conditions
Insurance policies come with numerous terms and conditions. Many buyer overlook them, reluctantly buying the policy without being fully aware of the benefits and restrictions of the policy they are buying.
Don’t be one of them!
Before buying the commercial general liability insurance, make sure to read all the key terms and conditions. Consult an experienced insurance broker to get more insights. The more educated you are, the more benefits you can avail from the policy.
Conclusion
These are three important things you should know before buying a commercial general liability insurance policy.
Of course, there are plenty of more factors you should consider to ensure you’re buying the right insurance plan from a good insurance company. Get in touch with an insurance broker, tap on their expertise, and make a good investment that adequately shields you, your company and other relevant stakeholders against legal claims by a third-party.
More people are now steering to start their own consulting business. And there are good reasons why! There are no tangible products; the cost of set-up is virtually non-existent if one plans to do it online. Plus, there are no additional resources required. You have a set of skills or expertise – and you offer it to others in exchange for a price.
But that said, even though it may all seem simple, ensuring growth and profitability has its challenges.
Of course, there are plenty of things you need to be taken care of when starting and running a consulting business. Here are three essentials though that you should prioritize atop:
1. Strong Relationships with relevant stakeholders
The secret to a successful and sustainable business is people and the relationship you share with them.
Yes, customer retention is cheaper than acquisition. So, you should ideally focus a lot on the former. But there are more than enough reasons why building lasting relationship with people you work with/for is important; word-of-mouth marketing and referrals are just a few of those reasons.
So, make sure that in addition to offering a good consultancy solution, you also deliver your clients/customers a good experience.
2. Small business insurance
Those who offer professional services, they must buy professional indemnity insurance. It is a type of small business insurance India that protects the service providers against legal claims made by a third-party.
For instance, if you provide advice to your client that results in them sustaining bodily injury or damage to property – they may decide to sue you. There are various other reasons they may sue you for.
Remember, even if their claims are weak, you would still incur a cost of pursuing the legal cost; meaning, you would still have to pay legal fees and other charges that you should sustain to defend yourself.
So, professional indemnity insurance can protect you against such claims, covering all the relevant legal costs, as well as other charges. This is why you must have this insurance policy.
3. A defined growth plan
A passive approach rarely delivers the desired result. So, if you want to grow your consulting business, adopting a passive approach is a big mistake. Instead, you need to be proactive in ensuring your business is growing every month – even if it’s just by a small margin. You need a consistent growth trajectory.
Having a defined growth plan is essential. This plan will have outlined milestones you should achieve and the steps you should take to achieve those milestones.
If you don’t already have one, take some time and create a 2-year growth plan.
Conclusion
As mentioned earlier, there are many things you are to take care of to run and grow your consulting business. The three mentioned ones are the essential ones among them that will ensure your business is safe, secure and consistently growing. Work on them, take the needed steps, and see your business flourish.
Good luck!
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