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Theft Exclusion: Ways Your Insurance Might Not Cover You

It is a fact that insurance policies have loopholes in them. One loophole is theft exclusion, and it affects most commercial insurance policies, even if the words “theft exclusion” are not presented in black and white.

close up of broken window — *Have you been robbed before? Break-in’s happen, so you’ll want to prepare for the worst.*

These tiny words can spell disaster for you should a theft occur on your property. Not only can they leave you high and dry during an unfortunate time, but you can also feel bad for not reading the fine print. More simple mistakes business owners make can be found here. Not to worry, there are steps you can take to prevent being blindsided by theft exclusion. Before that, let’s talk about what you need to know.

What Theft Exclusion Is

Most exclusion clauses come in mighty fine print. It’s no secret companies make excellent use of wordy contracts. Who reads complete terms and conditions anyway? Forget the owner’s manuals…

However, we must look into theft exclusion. The clause removes an insurance company’s duty to provide financial assistance to you in your time of need, depending on the situation. While in most cases your property insurance (within a Business Owner’s Policy) covers a loss, the rules set down for covering said losses are outlined when you purchase a policy. It is extremely important that business owners read the fine print completely before signing.

This can be a challenging situation for anyone with commercial insurance to understand without seeing it in action. Consider this:

Example:

You own a restaurant. One night, you pass by and notice a broken window. Heart pounding, you discover your beautiful business was robbed. The criminal shattered the entry window, cut the power to your security system, and made off with your cash register.

security cameras for a business — *No matter how much security you have, a good thief can find a way in.*

To make matters worse, the food in your refrigerated coolers was in the “danger zone” for too long and is now unsafe. Not only are you out of money, but you are also unable to continue running your business.

So, you file a reimbursement claim. Most claims support damage incurred during the looting, but excludes the peripheral damage. You might receive compensation for the window and cash register, but you can kiss food reparations goodbye.

What You Can Do

When signing for your policy, speak with the underwriter so that you completely understand the coverage you qualify for. Further, look into what exclusions apply. For example, the situation above was exacerbated by the clause “due to temperature changes, the loss is disclaimed for property damage.”

It might cost you more money during the sign-up period, but it can make a complete difference come bad times. Whether you are looking to purchase a new policy or renew an old one, the wise business owner will take a good look at what their policy covers–and what it excludes.

EZ.Insure saves you from these headaches. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

The Beginner’s Guide to a Business Owner’s Policy

Seeking for advice for your new business? EZ.Insure provides not only ease with insurance, but also these simple guides. Reading them should arm you with the knowledge you’ll need to navigate the business world, like what our policies cover. Curious about more than just a Business Owner’s Policy? See our Business Insurance Masterlist and our Beginner’s Guide to Worker’s Compensation. Here, we’ll take a look at what our Business Owner’s Policy (BOP) covers, application times, and costs.

business owner looking into insurance coverage — *Want to start your workday with a smile? Think of the ways you set yourself up for success like coverage.*

What is a Business Owner’s Policy?

So, what defines a BOP? One of the most important types of coverage, or at least the most useful for the business owner, is this policy combining both liability and major property insurance. With the combination, both policyholder and insurance company can benefit. The choice of what you actually want to combine is up to you. Here are your options:

General liability
Property liability
Business Income/Interruption
Cyber insurance

The above coverage types extend protection should any property damage, bodily harm, or income loss happen to your company. No one ever wants these types of things to happen, but it is always better to be prepared just in case.

Without a Business Owner’s Policy, you take the financial brunt of any misfortune happening on your company property, including cyber theft. Take for instance if while at your businesses someone slips on a cracked floor and breaks an ankle, if you do not have a business owners policy, and a lawsuit ensues, you will be responsible for any reparations, plus the loss of when you have to shut down for repairs.

When Can You Apply?

The short answer is now! There is no open enrollment for a Business Owner’s Policy. However, you may ask your agent about special offers, especially if they are time-dependant With EZ.Insure, your agent will make sure to get you the best policy for exactly what you need. The best time to apply is when you feel you need coverage.

business laptop with a new product for a business owner — *New products? If you’re moving up in business, you might consider new coverage.*

If you feel you are ready for a Business Owners Policy the next step is to reach out to an agent to have any questions answered and get a quote for different types of coverage. You can reach an EZ.Insure agent at PHONE NUMBER. Before you call, write down what you think will be right for your business. If you hold most of your information online, we would suggest adding cyber liability insurance, or, if your business is mostly physical property and equipment, property liability would be best. Taking a small amount of time to take note of your assets will make your application process smoother.

What Is Not Covered?

A Business Owner’s Policy does cover quite a bit, but there are exceptions. Worker’s Compensation and Professional Liability are not covered in a BOP but are solid policies to hold. Remember, Worker’s Comp is mandatory in most cases, but Professional Liability is not. While these are not included in the BOP, be sure to do your research if your company has a high risk for malpractice suits. People make mistakes, but certain professions like doctors need extra protection with insurance.

What Are the Costs of a Business Owner’s Policy?

The average cost ranges between $30 to $200 per month. Of course, this will vary based on your needs. Ask your agent to help keep costs down. Also, keep in mind that while this may seem like an extra bill per month, the median cost of just one business lawsuit is $54,000. That’s the price of a good car. Can you afford a surprise purchase like that? To make matters worse, millions of cases pass through U.S. courts annually. Do you like those odds?

two business owners talking about insurance — *Talk to your friends in the business. What advice could they give you about their own coverage?*

The process can be easy enough, especially with an agent on your side. They will have the most up to date information about what level of coverage your company really needs to keep you safe, but not overspending.

EZ.Insure is here to help. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

Freelancers – You Need Coverage! Here’s Why.

You might think that working from home means you do not need freelance commercial insurance, but that couldn’t be further from the truth. Even though you work for yourself and might not be in a ‘traditional’ job environment you still need to be covered!

work computer with plants and pictures on desk — *Keeping a good workspace is more than just cleaning. It’s also insuring your materials.*

Are you working with web design or freelance writing? Are you part of Amazon’s crowd work team or a virtual assistant? The choice to do freelance work is usually made with the many benefits in mind like setting your own hours, choosing daily workloads, or even working from a laptop in your pajamas.

While these are sought after, many new freelancers overlook an important benefit: choosing your own insurance coverage. Without a company over your head, you are not restrained to their options for group health or otherwise. The same goes for commercial insurance since you can be considered a business of one. But like any businesses you will have to put in the work to get the proper coverage. This can be daunting but if you have a professional agent on your side it will be much easier. If you want free advice, quotes, and help to sign up EZ.Insure can help you by calling 888-615-4893.

Why Get Freelance Commercial Insurance?

Like any type of business, even a freelancer is subject to bad luck. Working for a company with group health insurance can give you security, so if you land in the hospital, you have some cushion with your medical bills. When you work for yourself, none of that is the case. So, what will you do if misfortune comes your way?

brunette freelancer with coffee mug at computer — *No matter where you are, you can work a bit better knowing you’re covered.*

You can try to justify not getting covered with thoughts like, “But I rarely leave the house?” or “I can take care of myself. This lifestyle proves it.” Do not be misled by these. If you work for yourself, then that means you have to take more care of yourself. As a business of one, your entire career rides on your health and ability to recover in bad times. This is why it is important that you get your own health insurance.

Other than health insurance, you also need a business owner’s policy just like the storefronts, corporate buildings, and bakeries. Just because you work from your laptop doesn’t exclude you from insurance benefitting a business. In fact, this puts you at higher risk for cybertheft, considering your source of income and tools involve the internet.

In essence, freelancers like you deserve proper insurance just as much as an employee at a traditional job. While you don’t work in an office or take lunch breaks, you are subject to the same dangers that befall other workers. You may be in even more danger without the support of a large business behind you.

Which Insurance Types Cover You?

Similar to other businesses, the standard plans will protect you in the same ways. However, unlike most businesses, you will need to file under a small business or sole proprietor. The differences are minor but necessary for the terms of your coverage. Here is the standard set of freelance commercial insurance, and why you need them:

man at a bar working freelance — *Take a moment to think. If you work from home, why not get insurance from home too with EZ.Insure. It’s quick and easy.*

Business Owner’s Policy – As a sole proprietor, business mistakes can be all on you. That makes it worse. Take out a policy to protect yourself in the future. Potential clients will also think better of you when you land on your feet after unfortunate circumstances.
Group Health Insurance – You can apply for Group Health as a sole proprietor, but you must be a legitimate business. Interested in health coverage? If you are interested, you will find a solid start both here and here.
Disability – Whats happens if you break an arm and can’t work? This is a scary time for you, especially when not covered. There are both long-term and short-term options for you.

With any of these plans, also consider adding a Health Savings Account (HSA). These accounts save money and help come tax season. All of these together take the sting out of any bad luck that rolls your way. As a freelancer, you probably already know that your luck can vary from week to week.

Planning for and getting coverage can get frustrating. One other factor freelancers should consider is time. Your time is precious, so why waste it attempting this on your own?

If you are looking for peace of mind, EZ.Insure offers solutions. Your agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.

The Beginners Guide To Worker’s Compensation

Do you know everything you need to know about Worker’s Compensation? It’s not a subject many people discuss at the dinner table, but it’s incredibly important to have when running a business in case someone is injured. A small thing like a loose nail or an unstable walkway could spell trouble.

smiling worker in an office with a be happy sign — *It’s easy to be happy when you know you’re covered!*

Before an accident happens, it’s imperative for a business owner to understand the terms of Worker’s Compensation coverage, how to qualify as an employee, what it covers, and what it will cost you.

What Is “Worker’s Comp?”

This agreement states that as long as an employee receives wage replacement and medical benefits, the employee will not sue the company for negligence. Meaning, if you’re injured on site due to something workplace related, you’ll be covered for the amount of work you miss plus hospital bills. But, you cannot sue the company specifically for failing to take proper care. This protects employers and employees.

It’s state-mandated, and the particulars change based on your location. EZ.Insure’s agents are familiar with this information, local or not, so by calling us, you’re saving some time.

Good news is, safety regulations are solid nowadays.

employees with talk bubbles asking about insurance — *Your employee may have questions for you during this time. EZ.Insure will give you the knowledge to answer securely.*

How Can Your Employee Qualify?

For an injured employee, there are only four checkboxes to qualify:

You must be employed by the company.
Your illness/ injury must be work-related.
Your case must fall in state guidelines.
The employer must have Worker’s Compensation insurance.

What Is / Is Not Covered by Worker’s Compensation?

Workers Compensation insurance covers most workplace injuries, but you may be refused assistance if your injuries are self-inflicted, occurred during a crime, or if your actions during your sustained injury violated company policy. For example, if your employee happened to sustain an injury while robbing you, rest assured their injury most likely won’t be covered.

The injured employee doesn’t need to be injured “on-site” to be covered. Worker’s compensation can also come into place when your injury is sustained, and it’s job-related. This could be if your company plans a trip overseas for a meeting, and your employee happens to break a limb during the outing.

When it comes to your medical expenses, you’ll find support with diagnosis and treatment. Depending on your state, it can also provide disability payments, rehabilitation, or retraining.

This should provide ample cushion for your employees to recover and return to work.

What Are the Costs?

The average cost of a worker’s compensation claim is $38,000 (from 2005). This is a combined total of both the medical side and loss in productivity. That’s a down payment for a house or a mid-size car.

For a company, the average cost per $100 in employee wage ranges from $0.75 to $2.74. It doesn’t seem that bad, but this does depend on the state. If you’re looking into getting this for your company, contact your local office to get specific information.

Do Worker’s Compensation Costs Change Per Business Type?

cranes with people working on construction — Depending on what your company does is how much you’ll be quoted for worker’s compensation.

Depending on your company, the money outflow is going to fluctuate. For example, in the office building, your cost per $100 goes down to about $0.12. It doesn’t sound that bad, but it’s because injuries happen less often in this environment.

If you’re a painter or a landscaper, this average jumps up to $7-9/$100. You’ll have to take a look into the work you’re doing, and how it may affect an employee. Your business needs a strong hand with inside knowledge to provide you with the best quality insurance.

EZ.Insure has the experience to help you excel. Your agent will answer any questions you have, compare different plans for you, and even sign you up when you’re ready, free of charge and without having to worry about being hounded by endless calls. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-350-1890. EZ.Insure makes the entire process easy, and quick.

Group Health Insurance: The Plans, the Importance, and the Agent

What Types of Insurance are Available and Why They Are Important

You’re ready to take the next step into improving your business through group health insurance plans. You’ve got your employee’s benefits in mind, but also your company’s bottom line. Both are important. So, here are the different types of insurance plans available to your company, and how exactly they’ll help you out.

Fully-Insured Employer/ Large Employer Group

Why You Should Choose This: You’re wanting a solid plan that provides the most coverage. This is if you’re wanting major medical or health maintenance organization (HMO) coverage.
Business planning is all about finding what works for you, insurance or otherwise.

What It Offers: A traditional policy that is common, so more support or offers from agencies. You also party directly to the agency.

Requirements: Just the basic group insurance requirements: be a business of two or more people and enroll during the specified period.

Small Employer Group

Why You Should Choose This: You’re a smaller company or a group in a larger company seeking a cheaper option. Insurance agencies can more accurately predict risks in a smaller group.

What It Offers: Cheaper options with higher coverage and the same policy for each employer.

Requirements: Basic group insurance needs met.

Health Maintenance Organization (HMO)

Why You Should Choose This: You want to pay for specific health services via monthly premiums.

What It Offers: More control when it comes to enrolling for general services.

Requirements: A good knowledge of doctors and care facilities as you will have to stay within a network.

signing life insurance form — *Life, health, and any policy will require some old-fashioned form signing.*

Self-Funded

Why You Should Choose This: You wish your company to be in complete control of the payment for coverage.

What It Offers: More control as your company is the one taking the costs.

Requirements: Basic group requirements

Association Group

Why You Should Choose This: You are not an employer, but you still wish to offer group health insurance to a set of people.
What It Offers: The ability to get group health insurance for a non-business type.

Requirements: Basic group insurance needs met.

Level Funded Plans

Why You Should Choose This: You wish to pay a monthly premium instead of an annual one.

What It Offers: A graduated payment plan instead of a lump sum at one time.

Requirements: Census information will be taken of the group you wish to be insured in order to determine your monthly rate for coverage.

Preferred Provider Organization

Why You Should Choose This: You’re wanting something similar to the HMO plan earlier but with more flexibility.

What It Offers: More choices when it comes to doctors and facilities with the risk of being more expensive due to administrative costs and negotiated services.

Requirements: Basic requirements met.

High-Deductible Health Plan with Savings Option (HDHP/SO)

Why You Should Choose This: You don’t think your employees will use medical services, so you trade higher deductibles for lower monthly costs.

What It Offers: Cheaper options at the expense of your employees. However, this may be paired with a health savings account to counteract the higher out of pocket costs.

Requirements: Basic group insurance needs met.

hands pressed together after business meeting — *Let an insurance specialist help you succeed.*

Your Agent

With all of these to take into account, it can get overwhelming quickly. An insurance agent is specially prepared to navigate these waters and make sure you’re getting the exact plan to fit your needs.

Sometimes, not all employees will want or need this coverage. After you take stock of your company’s team and needs, look to a specialist for a guiding hand.

EZ.Insure offers you another helping hand. Your agent will answer any questions you have, compare the plans for you, and even sign you up, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-998-2027. EZ.Insure makes the entire process easy, simple, and quick.

Tag: insurance