Monthly Archives: February 2016

Three Ways BOP Insurance Protects Your Business

What is a BOP? A Businessowners Policy is an insurance package that combines protection against significant property and liability risks. For businesses in Virginia, a Virginia BOP is a great way to get the coverage you need in one convenient bundle. You need a policy to meet your business’s needs for property, business interruption, and liability insurance.

Property Insurance

BOP insurance covers the property insurance for any buildings which are owned by your company. A Virginia BOP policy also covers the contents of the buildings so that if there is damage to your company’s property, you can recover quickly.

Business Interruption

A businessowners policy protects you against business interruption. In the event that your buildings or equipment are destroyed due to a catastrophe, this type of coverage ensures that you will not suffer exorbitant loss of income as you get your business functional again.

Liability

Viginia BOP will also help your business by providing liability protection. Liability insurance provides coverage for the responsibility your company would have legally if someone were harmed because of something your company or employees does or neglects to do as you go about your business operations. Bodily injury or property damage are common risks that liability insurance covers.

Getting a BOP for your small business can give you peace of mind knowing you are covered against major risks for your business.

Increase Efficiency With NetSTAT

In today’s technology-driven world, it’s easy to fall behind and forget to upgrade software and hardware to keep your business competitive. When your agency doesn’t keep up, you don’t only lose customers, but your agents lose productivity by having to reenter information and look for data at multiple points in the transaction. NetSTAT is one product that keeps you on the cutting edge and saves time when providing information. This lets you get quotes to your clients quicker, which keeps them happy.

Velocify recently found that the most profitable agents were some of the heaviest users of current technology. They discovered a strong correlation between advanced software and revenue growth. This means that even small agencies need to find a way to compete in this market. Otherwise, you will lose visibility and credibility in the industry when customers don’t believe your agency has the skill set to maintain a cutting edge.

Using NetSTAT lets your agents save time throughout their entire transaction by automatically generating codes into the system. When agents aren’t having to convert ISO codes themselves, they have time to focus on serving customers. Working with the entire NetRate software system, your business can feel like a Fortune-500 company with all the technology it needs to stay competitive. Learn more about NetSTAT and what it can do for your business.

How Non-Profit Insurance Differs From For Profit Company Coverage

Anyone can bring a lawsuit against a non-profit if it is believed the organization is not following its principles in its operation. Frequent causes of legal action are conflicts of interest and using donations for other than their intent. Accusations can be costly, and a damaged reputation can quickly result in lost donations. A popular veteran’s support organization suffered controversy recently over the salaries of its leadership in proportion to money allegedly spent to help disabled veterans. The more media attention your non-profit attracts, the more you are both helped and harmed. Public awareness both bolsters your reach and viability, but also increases your liability exposure.

Insurance Has a Broad Scope

Directors and Officers for Non Profit Companies liability protection is more comprehensive than the coverage typically offered to for profit organizations. The insurance not only protects leadership and board members, but also all paid and volunteer staff and committee members both past and present. The coverage encompasses issues that non-profits more often face, such as:

  • Financial Mismanagement
  • Libel and Slander
  • Copyright Infringement
  • Failure to Comply

Directors of non-profit companies often assume that their exposure to a lawsuit for mismanagement is slim since shareholders are not in the picture to scrutinize profitability. It is important to remember that money is not the only measure of success for an organization, and every company exists to achieve certain goals to which they will always be held accountable.

7 Steps for Using a Carnet

A carnet is a document that you need when you are importing goods into countries without paying customs duty. You can get either an ATA carnet, a Carnet de Passages or a TIR Carnet. Most often if you get carnets online, you are getting an ATA carnet. This is for temporary importation of equipment and goods. When you are using your carnet you should:

  1. Read the inside of the cover in order to get a better understanding of what you will need to do along each point of your trip.
  2. Collect both your personal and commercial luggage when you get ready to move through customs.
  3. Present your ATA carnet to the customs official, so they can validate the cover page and the exportation counterfoil before you leave the US.
  4. At your destination, a customs agent will have to sign and stamp the counterfoil.
  5. You will have to sign the importation voucher.
  6. Before you leave the foreign country, you will have to check in with customs and sign the re-exportation voucher.
  7. When you re-enter the US, you will have to see US Customs and Border Protection, and they will sign and stamp the re-importation counterfoil.

Remember, if you have any questions about carnets online, make sure to talk with an expert before you leave for your trip.

The Digital Age Creates Digital Crime

There have been many amazing advancements made in recent years in regards to technology. Unfortunately, with each stride made forward there have been an equal number of risks created. Nowadays, businesses have to be prepared for both physical crimes as well as theft that can occur on the internet. The right crime insurance will be able to help you and your business survive a tough financial situation.

Better Security

The right insurance plan will do more than just protect you in case of theft, it will help you plan the proper security measures. Your insurance policy will be able to guide you through the necessary precautions that you must take in order to protect your assets. This will include digital security measures that can keep out potential thieves looking to steal valuable information.

Designed for Your Business

One insurance plan is not right for all establishments. In order to find the right crime insurance, it is important to speak with an insurance representative. When you sit down with an agent, you will be able to weigh out each option that is available for you. This will allow you to design an insurance plan that will fit the unique needs of your business. Don’t let a small opening in your digital defenses result in financial ruin for your business. Do your research, and learn how you can design an insurance policy that will best protect you and your assets.

Debunking Small Business Insurance Misconceptions

If you’re among the many New Jersey residents looking to launch a new business in the New Year, you may be in search of new business insurance in Princeton NJ. Before you begin your search, however, it’s important to separate insurance provider fact from fiction. Here’s a look at some of the most common insurance misconceptions as they relate to small businesses.

Misconception 1: Small Companies Don’t Need Insurance

Simply put, small business aren’t immune to fraud, natural disasters or workers’ compensation lawsuits, among other potentially pricy problems. In fact, when it comes to flooding, fires and other natural disasters, about 40 percent of all affected small businesses fail to ever reopen (source: Federal Emergency Management Agency). In other words, businesses of all sizes face some serious hurdles, many of which would lead them to fold if it weren’t for the protection insurance provides.

Misconception 2: Incorporated Companies Don’t Need Small Business Insurance

If you choose to establish a limited liability company, you are in essence separating your personal assets from those of your business. While this offers you some degree of personal protection, your company can still be sued should a disgruntled client, customer or employee decide to come after you.

In short, if you’re considering opening your own business in the coming year, new business insurance in Princeton NJ is essential. Speak to your insurance provider to make sure you and your business are properly protected in all necessary areas.