Fiduciary liability insurance is a specialized type of errors and omissions insurance coverage. Fiduciaries are individuals or companies responsible for administering employee benefit plans or managing assets belonging to another individual or entity. If they’re sued, fiduciary liability insurance covers legal defense costs and damages. This type of coverage typically costs $500 and $2,500 annually….
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Flood Insurance: Costs, Coverage & Quotes for Real Estate Investors
Flood insurance covers property damage specifically caused by flooding. A mortgage lender typically requires flood insurance for a property located in a region that has been designated as a flood zone by the Federal Emergency Management Agency (FEMA). Flood insurance policies are obtained through private insurance providers and typically cost $700 per year or higher….
CPA Insurance for Accountants: Cost, Coverage & Providers
CPA insurance for accountants generally refers to the common types of insurance needed by bookkeepers, accountants, and certified public accountants (CPAs). The primary type of insurance accountants need is professional liability insurance, which covers claims arising from negligence or mistakes in delivering accounting services to clients. CPA insurance for accountants averages $500 to $1,000 per…
Surety Bonds & How They Work
A surety bond is a contract between three parties known as the principal, surety, and obligee. Surety bonds financially guarantee that a principle will fulfill a predetermined set of obligations to an obligee. The “surety” is an insurance company or surety bond broker that provides the financial guarantee to the obligee on behalf of the…
Types of Surety Bonds: Understand the 4 Main Surety Bond Types
Surety bonds are purchased by principals to protect third-parties from a failure to meet contractual obligations. There are 4 main types of surety bonds. Contract surety bonds and commercial surety bonds protect private and public interests and are the most common. Fidelity surety bonds and court surety bonds protect against theft and litigation and are…
Self-Insurance: Definition & How It Works
Self-insurance (also known as self-funding) allows small business owners to create and manage their own insurance plans, without being subjected to the restrictions and costs of working with larger traditional insurance carriers. However, self-insurance does come with a high level of risk and liability. We want to preface this article by stating that self-insurance is…
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What Makes a Better Business Insurance Broker? An Interview with Embroker CEO Matt Miller
Insurance is a highly regulated industry with the prices of policies fixed by regulation. If a small business goes to a hundred insurance brokers and asks for a quote for a particular type of insurance from a specific insurer, the price quote will come back the same a hundred times. Traditionally, insurance policies sold to…
What Do Small Businesses Need to Know About Insurance Costs?
How much does insurance cost for small businesses? Sounds like a simple question, right? As with many things, the answer is a resounding, ‘it depends.’ Let’s take a look at the factors involved and see how much business insurance might cost for you. There are two basic kinds of small business insurance: professional liability and…
Small Business Health Insurance Costs
Table of Contents: What’s The Most Cost Effective Option For Your Business? Health Insurance Cost Summary Table How We Came Up With The Table How Individual Subsidies Affect Pricing The Advantages of Individual Health Insurance The Advantages of Group Health Insurance How To Decide Which Option Is best For Your Business This guide is for…
