Business insurance claims are requests policyholders make to their insurance carriers after a loss or when a covered peril occurs. First, the policyholder demonstrates either the loss or peril happened, then the carrier investigates to determine if the event is covered. If it is, the carrier covers the policyholder’s expenses up to the policy limits….
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Top 25 Small Business Insurance Mistakes to Avoid
Running your own business increases your financial and reputational risk, so it’s important to protect yourself by insuring both your company and your employees. Some small business owners commit mistakes when taking out an insurance policy that creates problems later on. These experts share the most common small business insurance mistakes that can hurt your…
How to Prepare for Workers’ Comp Audits in 6 Steps [+Checklist]
Workers’ comp audits take a retroactive look at a business’ payroll and employee job classifications to ensure the company is properly covered and paying correct premiums. Audit reports also determine any overpayments that are credited or underpayments to be billed. Audits are standard policy for every insurance company and determine premiums for the next year….
Product Liability Insurance Cost, Coverage & Providers
Product liability insurance protects manufacturers, wholesalers, and distributors from claims arising from products they make or sell. It covers medical bills, property damage, and legal fees associated with a product usage by customers. As an extension of general liability, product liability insurance costs an average of approximately 26 cents per $100 of annual sales revenue….
D&O Insurance: Cost, Coverage & Providers
Directors and Officers (D&O) insurance covers the costs of legal defense, damages, or settlements if directors or officers of a company are sued for alleged wrongful acts. It protects those who could be held personally responsible for private companies, nonprofits, and educational institutions, and typically costs about $3,000 per year for $1 million in coverage….
Certificate of Liability Insurance (COI): How to Request + Sample
A certificate of insurance (COI), sometimes called a certificate of liability insurance, is a one-page document that summarizes your coverage and can be used as proof of insurance. The form includes policy details such as coverage limits and effective dates, so business owners can find and share them easily without revealing other, more private information….
Janitorial Insurance: Cost, Coverage & Providers
Janitorial insurance is a group of policies cleaning businesses purchase to cover their risks. Every cleaning business from residential maid services to commercial janitorial companies need business insurance, but which policies they get depends on their business operations and level of risk. Janitorial insurance costs range from $375 ― $3,500 per year. CoverWallet makes getting…
Captive Agent vs Independent Agent: Which Is Right for You?
The main difference between a captive agent vs independent agent is the number of insurance carriers they represent. Captive agents are paid by a single insurance carrier and can only sell its policies, while independent agents work for themselves and represent multiple carriers. Independent agents often charge higher fees but offer broader product selection. Small…
National Insurance Crime Bureau (NICB) – The Ultimate Guide
The National Insurance Crime Bureau (NICB) is a not-for-profit, membership organization that works with government officials and law enforcement agencies to combat insurance fraud. Members include property and casualty insurers, vehicle rental businesses, auto auctions, vehicle financing companies, self-insurance groups, and strategic partners, including CARFAX, Boat History Report, Experian, and LexisNexis Risk Solutions. What the…
Retail Insurance: Cost, Coverage & Where to Find
Retail insurance refers to the various insurance policies retail businesses need in order to cover the liability they face in their day-to-day operations. Most small business retailers need, at a minimum, general liability and commercial property insurance, and can expect to pay at least $1,000 – $2,000 per year in combined premiums. Finding the right…
Publisher’s Liability Insurance Cost, Coverage & Providers
Publisher’s liability insurance is a specialized errors and omissions policy designed for publishers of books, magazines, newspapers, blogs, and other kinds of media. The policy covers their legal costs if they’re accused of negligence, plagiarism, defamation, or copyright infringement. Small publishing operations can usually get publisher’s liability insurance for $300 – $1,600 per year. Hiscox…
Variable Life Insurance: What It Is + Pros and Cons
Variable life insurance is a type of permanent coverage that provides death benefits to your beneficiaries plus cash value that grows during the life of your policy. This cash value can be used to increase your death benefit, cover premium payments, or be withdrawn as needed. Variable life insurance typically starts around $75 per month….
