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The Balance Small Business

Looking to start your own business, or just make your existing business more profitable? Our experts can help make your small business dreams come true.

Actived: Friday Mar 5, 2021

URL: https://www.thebalancesmb.com/

Insurance Conditions: What Are They?

Details: Insurance conditions are requirements that need to be met for the coverage to be valid. They may address issues like how notice of a claim should be given and what the insured party should do in the event of a loss.

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How Should You Insure Your Home-Based Business?

Details: Commercial Auto Insurance . Many home-based businesses use vehicles in their day-to-day operations. Business owners should not rely on a personal auto policy to insure business-use autos unless they have verified with their insurer that those vehicles are covered.Personal auto insurers generally won't insure vehicles registered to a business (other than a sole proprietorship).

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Best Casualty Insurance Companies of 2021

Details: Casualty insurance is a broad category of insurance that generally protects businesses from damages to employees or people outside their business. This can include workers’ compensation, commercial auto insurance, and liability insurance.

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Types of Insurance Nonprofits Should Consider

Details: Property Insurance . Many small nonprofits do not have much in the way of business property. That said, some of the worst claims I’ve seen have been property related: pipes bursting in an office, windstorm, fire, hail damage, theft, and vandalism. If you have any property that is key to your organization, please keep property insurance in

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Insurance Coverages Needed by a Bar

Details: Property Insurance . Commercial property insurance will protect your business from losses resulting from physical damage to property you own. Such property may include the building where your bar operates and personal property you use in your business. Many bar owners obtain property insurance as part of a package policy.

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What Is the Insurance Services Office (ISO)?

Details: The Insurance Services Office, or ISO for short, is an insurance advisory organization that provides statistical and actuarial information to businesses. ISO focuses on property/casualty insurance, including both personal and commercial lines.

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Insurance Binders: What Are They?

Details: An insurance binder is a temporary insurance policy. It’s typically replaced within 30 to 90 days. An insurance binder is issued when a policyholder needs evidence of coverage. It includes general information about your business and your policy, including policy limits and other coverage information.

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Avoid These Mistakes When Filing Insurance Claims

Details: Cooperating with the insurer is a condition of coverage in many business insurance policies. For instance, the ISO commercial property form states that you must cooperate with the insurer in the investigation or settlement of the claim.

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Types of Insurance You Need For Your Restaurant

Details: Insurance can protect you and your business against myriad problems from broken equipment to liability lawsuits. Depending on where you live, you might be required to carry certain types of insurance for your restaurant. You'll also have to carry certain types of insurance to satisfy your bank loans and mortgage terms.

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Crop Insurance and How It Works

Details: The Federal Crop Insurance Program was created in 1938 by the passage of the Federal Crop Insurance Act. The program languished for decades due to high costs and low participation by farmers. Legislation was enacted in the 1980s that expanded the program and made it more affordable.

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Difference Between a Named Insured, Insured, and

Details: Central Insurance Companies. "What’s in a Name? The Importance of Named Insured Underwriting." Accessed April 23, 2020. North Star Mutual. "Commercial General Liability Coverage Form," Page 12. Accessed April 3, 2020. Northstar Mutual. "Additional Insured - Managers or Lessors of Premises." Accessed April 6, 2020.

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Hard or Soft Insurance Market

Details: A hard insurance market is characterized by a high demand for insurance coverage and a reduced supply. Insurers impose strict underwriting standards and issue a limited number of policies. Premiums are high and insurers are disinclined to negotiate terms.

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Defense Base Act Insurance: What Is It?

Details: Defense Base Act insurance covers civilian employees working in foreign countries in support of the military. It's a type of workers' compensation insurance, and it applies to employees regardless of their nationality. This insurance can be purchased through approved insurance companies, and contractors can also request approval to self-insure.

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Self-Insurance Options for Small Businesses

Details: To learn whether group self-insurance is an option in your state, consult your insurance agent or state insurance department. Article Sources. Capstone Associated. "Self-Insurance." Accessed September 25, 2020. Property Insurance Coverage Law. "Building and Personal Property Coverage Form," Page 10. Accessed September 25, 2020.

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Liability Coverage and the Duty to Defend

Details: Like most types of liability insurance, the standard ISO general liability policy imposes two obligations on the insurer. First, the insurer must indemnify you (or pay on your behalf) the cost of damages or settlements that result from a claim or suit covered by the policy.

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Workers Comp Coverage for Executive Officers and Other

Details: Finally, workers compensation insurance provides medical, disability, and other benefits to injured workers. When deciding whether to opt in or out of workers compensation coverage, executive officers and other principals should evaluate other possible sources of benefits. Examples are health, disability, and accident insurance.

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Types of Business Property Insurance Coverage

Details: Crime Insurance . Commercial property insurance also includes crime coverages. While most commercial property policies cover losses caused by theft, they exclude thefts committed by employees.   Moreover, most policies exclude money and securities under the definition of "covered property."

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Political Risk Insurance: What Is It?

Details: Political risk insurance protects businesses operating in emerging markets from losses caused by political violence or government acts. Political risk can affect manufacturers, exporters, lenders, investors, and non-profit organizations.

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Business Insurance Coverages for Your Church

Details: Sources of Coverage . Churches have several potential sources of insurance coverage. Very large churches may save money on insurance premiums through self-insurance.Small or mid-sized churches may purchase coverage from a standard property-casualty insurer or a specialty insurer like Church Mutual and Brotherhood Mutual. Both standard and specialty insurers have developed insurance programs

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The Different Types of Business Insurance You May Need

Details: Janet Hunt is an expert on car insurance, homeowners insurance, and health insurance with over 20 years of experience covering trends, regulations, and company reviews. Hunt received her bachelor's from the University of Phoenix, and her Property and Casualty license in 1995 from the Insurance Specialty Training Institute of Louisiana.

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How Insurance Rates Are Regulated

Details: The insurance department is headed by a commissioner. Depending on the state, the insurance commissioner may be appointed or elected. All states regulate the rates used in some types of insurance. The extent of regulation varies widely from state to state. Some states exert very tight control while others impose very little.

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Employee Benefits Liability Coverage

Details: EBL insurance excludes any liability you may have as a fiduciary under the Employee Retirement Income Security Act (ERISA). A fiduciary is someone who has discretionary control over benefit plans and their assets. EBL coverage also excludes claims stemming from poor financial advice or predictions of performance.

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Insurance Fraud Is Not a Victimless Crime!

Details: Insurance fraud is a major problem in the United States. About 10% of all property and casualty claims are fraudulent, according to the Insurance Information Institute. Fraudulent claims cost an estimated $32 billion a year. These costs are borne by insurers, insurance buyers, and the general public.

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Coinsurance: What Is It?

Details: Coinsurance is cost-sharing between an insurance company and the policy owner. In property insurance, it means buying a policy that covers a specified percentage of the replacement value. In health and dental insurance, coinsurance is the percentage of costs you cover out-of-pocket.

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COBRA Insurance for Employers

Details: The employee must pay for the coverage, up to 102% of their cost for similar employees, but you must make it available at your company's group insurance rate. The person with the coverage must also pay all deductibles and make all co-insurance payments. Any increases in cost for coverage must be paid by the person receiving coverage.  

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Choosing the Right Insurer

Details: Cost . The cost of an insurance policy can vary widely from one insurer to another. There are a number of factors that affect the policy premium. These include the rates charged, the limits provided, the scope of coverage included, and discounts provided by the insurer.Be sure you are comparing "apples to apples" when assessing quotes.

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Do You Need Special Event Insurance?

Details: Special event insurance is a must if your business plans to sponsor an event and has not already purchased a general liability policy. Many venue owners will not rent their facility to you unless you provide proof of liability insurance. Moreover, claims or suits by injured attendees can be costly, particularly for a small business.

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Buying Insurance Online - The Balance Small Business

Details: Next Insurance is an online insurance company that makes extensive use of insurance technology. It caters to small businesses and offers insurance policies designed for specific types of businesses, such as contractors, cleaning companies, and consultants.

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Difference-in-Conditions Coverage: What Is It?

Details: Difference-in-conditions coverage is an insurance product that provides extended coverage for property owners. While the details of the policies depend on the insurance company providing them, this coverage generally offers protection against major natural disasters, such as flooding, mudslides, and earthquakes.

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Public Liability Insurance: What Is It?

Details: Public liability insurance covers the cost of claims made by the public that happen in connection with your business. It helps to cover the costs for personal injuries, loss or damage to property, and death. Businesses typically choose general liability insurance rather than public liability insurance since it's more comprehensive.

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What Is Delivery Driver Insurance?

Details: Insurance Services Office Inc. (ISO) is the organization that provides the standard policy forms for insurance businesses. The ISO commercial auto policy is also called the Business Auto Policy, so they are one and the same.

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A Glossary of Common Insurance Terms

Details: Business insurance uses many terms, acronyms, and jargon. Here you'll find explanations for the most commonly used terms related to business insurance.

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6 Reasons Every Tenant Should Have Renter's Insurance

Details: What Is Renter's Insurance? Renter's insurance is a policy available to people who rent out property. Since the tenant does not own the actual property they are renting, this insurance protects the contents of the tenant's apartment and offers liability coverage if issues arise.

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What Does a Cyber Liability Policy Cover?

Details: Cyber liability insurance covers financial losses that result from data breaches and other cyber events. Most cyber policies include both first-party and third-party coverages. Some coverages may be included automatically while others are available "a la carte."

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Commercial Casualty Insurance: What Is It?

Details: General liability insurance: This is essential business insurance.It protects businesses from claims or suits by customers, clients, and other third parties for bodily injury, property damage, or personal and advertising injury.. Personal and advertising injury refers to damage to a third party's reputation due to false advertising (lying about another business), libel, or slander.

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Workers Compensation - Small Deductible Plans

Details: In workers compensation insurance, employers are categorized into one or more classifications. Each classification represents a type of business operation and is identified by a four-digit code. Under some small deductible plans, employers are divided into hazard groups based on their classification codes. Low-hazard classifications receive a

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What is a Captive Insurance Company?

Details: A captive is an insurance company created and controlled by a business that is not an insurer for the purpose of insuring that company's risks. It is a type of self-insurance.

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Insurtech: What Is It? - The Balance Small Business

Details: Insurtech—short for "insurance technology"—is a broad category of constantly changing technologies used in the insurance industry. Any technology that's used by an insurance company to increase the efficiency of its operations could be considered insurtech.

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Insurance Agents Versus Brokers: How They Make Money

Details: An insurance agency sells policies on behalf of insurers that have granted it an appointment. An appointment is a contractual agreement that specifies the types of products the agency may sell and the commission the insurer will pay for each.

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Insuring Your Business

Details: Business Insurance Premiums Can Be Deducted On Your Tax Return. Specific and Non-Specific Hazards in Underground Mines. Oh No! It's a Non-renewal Notice! How Hard and Soft Markets May Affect You. Should You Buy Special Event Coverage? What Is a Business Owners Policy?

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Who Is Covered Under My Liability Policy?

Details: While most insured parties are afforded limited coverage, named insureds are covered for virtually any business activity they undertake (subject to policy provisions and exclusions).For example, ABC Inc. operates a small chain of shoe stores that are insured under a CGL policy.

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Insuring Your Business Against Tort-Related Lawsuits

Details: Liability Insurance . Your business can protect itself against claims based on negligence, strict liability or certain intentional torts by purchasing a general liability policy. The policy covers claims alleging bodily injury or property damage caused by an occurrence that results from your negligence.

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The 5 Best Photography Insurance of 2021

Details: General Liability Insurance: This is a generic coverage that can include several things, depending on your policy, such as client injuries or some property damage. Property Insurance: This is a more comprehensive coverage option to protect your important equipment. Typically this isn’t needed unless you have a larger business with a lot of

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Oddities Insured By Lloyds of London

Details: Established in a coffee house in 1662, Lloyd's of London is a marketplace for buyers and sellers of insurance. Insurance brokers buy coverage on behalf of their clients from underwriters employed by Lloyd's syndicates. Each syndicate functions like a small insurance company, issuing policies and paying claims.

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Insurance Endorsements: What are They?

Details: An insurance endorsement is an amendment to a property and casualty insurance policy. An endorsement can add, remove, or change the coverage in the policy. Insurance endorsements can be standard, which means they are published by an industry advisory organization, or non-standard, which means they are developed by insurers.

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Personal Guarantee Insurance: What Is It?

Details: Personal guarantee insurance pays a percentage of the liability if the business owner defaults on a loan. It can be assigned to a lender, which may result in a lower interest rate on this loan. Alternatives to personal guarantee insurance include bearing all the risk, sharing it with business partners, and pledging specific collateral.

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Other Insurance Clauses: What Are They?

Details: Most insurance policies offer coverage on a primary basis, but some events generate claims that are a better fit for other coverage. For example, general liability policies typically pay second if a property policy also covers the same damage. Other insurance clauses vary depending on the policy language.

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Liability Insurance - The Balance Small Business

Details: E&O insurance covers claims that seek compensation for financial losses rather than bodily injury or property damage. Any company that gives advice or performs a service should consider this coverage. Examples are accounting firms, consulting companies, engineering firms, architectural firms, and website design companies.

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Interns and Workers' Compensation Insurance

Details: Workers' Comp Insurance and Interns . Interns, both paid and unpaid, are usually required by law to be covered by worker's compensation insurance by the employer with very few exceptions. Student interns (paid or unpaid) providing non-manual services to a religious, charitable, or educational institution (covered under Section 501(c)(3) of the

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