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6 Reasons Why Protecting Your Business is Your Best Investment

Your business is like your baby. You spend months, even years nurturing this fledgling idea into a healthy, thriving enterprise. Maybe you are early in that journey and are just starting out with an exciting idea, a plan and a lot of focused energy. At Partners Direct Insurance, our focused team offers insurance ideas that uniquely fit your business. We understand that a good business team is always looking hard at the bottom line, but sometimes that can leave them vulnerable to events outside of their control. That’s where a comprehensive insurance plan, tailored for you can make all the difference. Here are 6 reasons why protecting your business is your best investment. 

 

As you know, when it comes to insurance, it is all about managing risk. What could potentially happen that could devastate your business and your future? What is the smartest way to keep your business (and your family) covered in case of something unforeseen? Partners Direct has relationships with some of the finest consultants and vendors in the market to get you the quick, efficient help you need should the unexpected occur and you need to use your policy to protect your business.

 

Each business, and each business owner(s) are unique. That’s why we don’t believe in a ‘one size fits all’ kind of approach. But here are some general things to consider as you move forward with your ‘baby.’

 

  1. General Liability Insurance–this is Step One. You simply must have insurance to protect your business from from liability, should a person claim bodily injury while on your property. It protects you from staggering medical costs, property damage, personal injury and data loss. It is essential if you are your employees:
  • Visit a client’s workplace, or they come to see you at your place of business
  • Represent your client’s business in the public
  • Operate a business without owning or renting any property
  • Have access to a client’s equipment, like a computer network
  • Need a General Liability policy in order to qualify for contracts

 

2) Business Property Insurance–this protects you from damage to a property and covers the cost of replacing the equipment inside. You would want to check with our team about Business Property Insurance if you:

  • Own the building
  • Rent a space
  • Have costly business equipment like computers or furniture
  • Work with large amounts of data
  • Are concerned with employees who could steal client’s property or steal from your business

 

3) Professional Liability Insurance–This policy protects you in the case a client or customer would charge you with negligence or injury for the services your company provides. As you know, even if you are completely not at fault, a lot of money can be tied up with attorney fees and court costs. You should talk with us about Professional Liability if you:

  • Have a consulting firm, like a marketing, architectural or counseling firm
  • Provide professional services to your clients
  • Need to enter contracts as part of doing business

 

4) Workers Compensation Insurance–In the state of California, employers are required by law to have workers’ compensation insurance, regardless of the number of employees. If your employee is hurt on the job, or becomes sick as a result of the workplace, you are required to pay workers’ comp benefits. These benefits include medical care, temporary disability benefits, permanent disability benefits, supplemental job displacement benefits and a return-to-work supplement, and death benefits.

 

5) Commercial Auto Insurance–this policy protects your business vehicle just like your personal car insurance protects you. If an employee drives unsafely, or is hit by an errant driver, or skids off the road during a rainstorm, you are covered. Each business is unique, and that’s why we like to meet with you to discuss your individual needs so we can tailor-make the policy that makes the most sense for you.

 

6) Cyber Insurance–as you can imagine, this is a relatively new type of insurance coverage. There are two ways a business can be vulnerable in the cyber world. First of all, if its data is hacked and the hackers are demanding ransom to give it back. Imagine the disruption and cost to your business to be virtually cut off while the problem is being rectified. The other type of coverage may be needed if you experience a cyber attack, and someone steals your clients’ data and it is used to compromise their identities. You would want to consider this type of insurance if you:

  • Have a website that is accessed by the public
  • Do business online
  • Have your customers data stored on your website
  • Have your customers data managed by a 3rd party vendor

 

Our Partners Direct Insurance team prides itself on tailoring solutions to fit your business needs. Call us so we can consult with you on the best ways to keep you covered!

 

Helpful Insurance Tips for the New Year

Auld Lang Syne

It is now one second past midnight on January 1st, and people in your time zone are celebrating the New Year. Why do we attach so much significance to the changing of the calendar? We can thank Julius Caesar for New Year’s Eve parties, when he changed the calendar and everyone took notice. This unique time change gives us the opportunity to celebrate and reflect. We want to take stock of what went well in 2017, and make adjustments to bring forth a better 2018, and that includes insurance tips for the new year.

 

We want to lose weight. We want to make more money. We want to feel more spiritually fulfilled. We want to find the job we truly love. We want more control over our lives. Whatever ‘it’ is for you, one of the things we all should do at the start of the new year is to take stock of our insurance, and make sure we have the coverage we need to protect our families. The team at Partners Direct Insurance, take seriously the task of making sure you have the right insurance for your home, auto and business needs.

 

Most people find an insurance policy that works for them, and then they mentally check off that box and never think of it the rest of the year. But we think it is important to re-evaluate your policies and coverage to make sure it is the best fit for you. That’s why our company is dedicated to working with your individual needs to find the best fit for you.

 

So take the mental dust off those policies, and consider a few things:

 

Risk managers are essential to your family’s well-being. Yes, they will tell you to think about what could possibly go wrong in 2018. That’s their job. It’s important to listen so you can find the best coverage for your individual needs.

 

There’s No Place Like Home

For example, if your home was destroyed by a wildfire, what would it take financially to get you back on your feet? If you leave for a weekend and a water leak springs from your kitchen sink and half of your home is flooded, how well are you covered? It’s important to figure out what it would actually cost you to rebuild, repair or replace the structure with brand new materials of comparable quality. Does your policy include coverage that provides for your family if you need to relocate? Those costs can add up very quickly following a home emergency.

 

On the Road Again

If your car is totalled by a driver with no insurance, how soon can you get back on 4 wheels? One of the most common insurance pitfalls for drivers is being uninsured and not understanding the coverage they have already purchased. What if you are injured? Will your insurance policy pay for medical needs? What if you are at fault and others are hurt? Will your policy cover their medical needs? It’s estimated that 40 percent of drivers on the roads aren’t adequately covered by their insurance policies for bodily injury. One mistake on the road can ruin you financially for years to come. How much car insurance do you need? Talk with our team to discuss your individual needs: sometimes it makes sense to increase your deductible. If you can save $200 by assuming an additional $500 worth of risk, it might be worth it.

 

Now Let’s Get Down to Business

If you run a business out of your home, you’ll want to check on your insurance options. If you store inventory at your home, or have customers coming in, you need to consider your liability in the case of theft, or if a customer would slip and fall. It just makes sense to protect yourself from the worst case scenarios.

 

We agree: not pleasant topics, but these insurance tips for the new year are essential ones to consider when talking with our team. At Partners Direct Insurance, we love our clients and make sure we match the best policy to their needs. Call us and let’s celebrate 2018!