Insurance endorsements, sometimes called insurance riders, are legally binding amendments that change the coverage provided in a policy. They can broaden, restrict, or otherwise alter coverage and usually be added at any point during the policy term. Getting an endorsement allows policyholders to customize their insurance for a small added cost. How Insurance Endorsements Work…
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Special Event Insurance: Coverage, Providers & Costs
Special event insurance covers your liabilities when you host events. The type of events covered depends on who is buying the policy. Private individuals may want coverage for weddings, but business owners need it for events that are outside of their normal operations like fundraisers. Basic one-day event insurance costs start at $50, but premiums…
What Is Self-insured Workers’ Compensation?
Self-insured workers’ compensation is when business owners choose to cover their employees’ workers’ comp benefits instead of purchasing a policy from a carrier. If an employee suffers a work-related injury, the employer pays the costs usually covered by an insurance carrier, such as medical treatments and lost wages, out of his or her own pocket….
8 Best Professional Liability Insurance Providers
Professional liability insurance protects business owners if clients accuse them of making mistakes that cause a financial loss. Policies can be tailored to cover industry-related risks. We reviewed more than 25 of the top liability insurance providers and narrowed it down to the eight best. Best Professional Liability Insurance Providers What Professional Liability Insurance Is…
7 Top Cyber Insurance Companies
Cyber insurance is a policy designed to protect businesses from losses that occur as a result of cyberattacks and electronic data breaches. Cyber insurance companies typically cover costs like data restoration, legal fees, consumer credit monitoring, and regulatory fines. We reviewed more than 25 of the top cyber insurance providers and narrowed them down to…
6 Most Common Workplace Injuries & How to Avoid Them
Business owners who want to keep their workers’ compensation insurance costs down need to reduce work-related injuries. By minimizing injuries, employers can improve their claims histories, which can lower their rates and, sometimes, earn discounts from their insurers. We compiled this list of most common workplace injuries and added tips to help you reduce them….
9 Best Commercial Property Insurance Companies
The best commercial property insurance companies offer tailored policies to meet the unique needs of business owners. While looking for a commercial property insurance provider, business owners should look for comprehensive coverage, sound financial strength, and customizable options needed for your industry. We reviewed more than 20 of the top commercial insurance companies and narrowed…
Life Coach Insurance: Coverage, Providers & Cost
Life coaches offer expert advice to individuals, so they need professional liability insurance in case they’re sued over their services. Policies typically cost between $400 and $1,800 annually, depending on your business size. Life coaches should also consider purchasing a business owner’s policy (BOP), which costs about $600 annually, as well as commercial auto insurance…
LLC Insurance: How Much You Need & What It Should Cost
Limited liability company (LLC) insurance refers to policies business owners buy to protect their business assets. Different policies protect against different risks, but LLC insurance typically includes coverage for a business’s liability and its property. Most LLCs can combine these coverages in a business owner’s policy (BOP) that costs between $350 to $3,500 per year,…
What Is a Coinsurance Clause?
Property insurance policies, whether personal or commercial, typically have a coinsurance clause that makes the policyholder responsible for some of the risk being insured. Many coinsurance clauses state that the policyholder must be insured for at least 80% of the property value, but the percentage ranges from 70% to 100%. How a Coinsurance Clause Works…
Food Vendor Insurance: Coverage, Providers & Cost
Food vendor insurance refers to the types of coverage food vendors need to protect their businesses against financial loss from liability claims. The most common policies for food vendors are general liability and commercial property. Food vendor insurance costs start around $300 to $1,300 annually and can start as low as at $60 for single-day…
How Are Workers’ Comp Rates Calculated?
Determining workers’ compensation costs requires complicated algorithms. However, the basic workers’ comp calculations are fairly straightforward if you have the right information to plug into the formula. Doing this can give you a decent idea of what your premium should be so that you can include it when budgeting for new hires. How Workers’ Comp…