The amount of insurance needed for your small business encompasses more than simply a building and its contents.
There are many factors that can affect a business ranging from injured workers and cyberattacks to fire and flooding.
If you don’t have adequate insurance for all contingencies, one adverse situation could put you out of business.
Here are some types of risks you business may face:
➡️ Asset Loss
Commercial property insurance covers a variety of assets from office space and warehouses to machinery and equipment in the event of theft, vandalism, or natural disaster. There are also some natural disasters that won’t be included, so you may need additional coverage.
➡️ Commerce Interruption
Insurance for business interruptions due to a wide variety of circumstances protects you against lost income if you’re unable to conduct normal commerce.
➡️ Defective, Dangerous Products
Even if you only distribute a product, if it’s found to be defective or dangerous you’ll need insurance to protect yourself against litigation.
➡️ Employee Injuries
Workers’ Compensation is mandated. It protects you and employees in the event that there’s a job-related injury, whether you’re in a low or high-risk industry.
➡️ Home Business
If you operate a business out of your home, don’t assume that your homeowner’s policy will cover loss due to fire and other circumstances. Many policies exclude home businesses and you may need to purchase a rider.
➡️ Inadequate Services
This falls under the category of professional liability insurance. Often called Errors and Omissions insurance, it protects you from client claims that you provided inadequate or sub-par work, services, or consulting.
➡️ Injuries, Costs, Settlements
General liability provides protection in injury claims and it’s critical if you own a business where customers or clients frequent. It also covers their property while they’re there.
➡️ Online Risks
Cyber protection insurance is a necessity in an age of hacking and ransomware whether you’re operating out of your home or in a separate space. It protects you against liability in a wide range of cyberattacks.
➡️ Reputation
Bad online reviews and negative word-of-mouth can destroy your reputation. Reputation insurance protects you from loss of sales related to reputational damage.
➡️ Vehicles
A vehicle used for work-related services will need some type of commercial auto insurance. Even an employee that makes a drop off or lunch run with a company vehicle creates a risk that needs coverage for your business.
For more information about how The Sena Group can help you with any of your insurance needs, please contact us.
Top 4 Navigation Apps
The following are the Top 4 navigation apps available that provide all-around aid, in no particular order.
🚗 Apple Maps
Apple Maps gives step-by-step spoken directions and can suggest the correct lane needed to make a turn. Points of interest and services along the way are also available from hospitals and eateries to sight-seeing.
Apple Maps will keep track of where the car is parked and can provide 3D interactive views of cities and landmarks around the globe. The navigation app has the ability to interact with other apps that have been installed on a phone to perform a variety of tasks that include locating and paying for ride-sharing to booking reservations.
🚗 Google Maps
For Android phones, Google leads the way whether people are hiking trails or traveling the city. The app has the ability to use live traffic data, provide real-time ETAs, and deliver alternative routes that factor in situations ranging from road closures to vehicle accidents.
It’s equally applicable for people hiking, biking, or seeking ride-sharing or public transportation. The navigation app is combined with comprehensive listings for destinations ranging from libraries to restaurants and can even help people navigate major structures such as airports, museums, and stadiums.
🚗 HERE WeGo
One of the most liked features of the app is that individuals can download maps from cities, countries and continents, or go smaller with a neighborhood. It can be set for offline mode to avoid data charges after the desired map has been downloaded and custom itineraries can be created. The app has day and night views for vehicle navigation and individuals can set alerts for speed limits, traffic information, and road preferences.
🚗 MapQuest
The app enables users to turn data on or off in categories ranging from bars and banks to hospitals and pharmacies. It also includes a roadside assistance feature that enables users to locate vehicle services encompassing towing to locksmiths.
Until next time.
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Use an Insurance Agency to Help Manage Gaps in Coverage.
Consulting with an insurance agency specializing in business coverage is an essential part of owning any type of commercial enterprise. It will save you money, ensure you have sufficient coverage, and protect you for circumstances ranging from cyberattacks to natural disasters.
For more information about how The Sena Group can help you with any of your insurance needs, contact us.
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What Flood Insurance Will and Won’t Cover ⬇️
Flood insurance policies are one of the most misunderstood and confusing for home and business owners. Ordinary homeowners, renters and business insurance policies don’t cover flooding or surges in Florida for those that live in moderate or high-risk flood zones. However, individuals can purchase a flood-specific policy through a local insurance company.
Individuals in participating communities can also buy flood insurance through the National Flood Insurance Program (NFIP). It’s administered through the Federal Emergency Management Agency (FEMA). Many mortgage companies require flood insurance as a requisite for obtaining a home loan and the policy must be in effect for at least 30 days before making a claim.
Even those that don’t live in coastal areas and don’t believe they’re in danger of a flood event can benefit from flood insurance due to Florida’s low elevation and risk of hurricanes. Depending upon the individual’s location, flood insurance rates can range from approximately $150 to $2,000 per year.
☀️ What’s Covered
Essential home systems are covered and can include furnaces, solar energy equipment, heat and sump pumps, cisterns and air conditioners. Also covered will be appliances such as washers and dryers, ranges and refrigerators, and freezers and their contents. Flood insurance will also cover carpeting and window treatments, along with permanently installed bookcases, cabinets, paneling and wallboard.
Personal property comprising clothing, furniture and electronic equipment is covered as long as it wasn’t located in a basement. Original artwork and furs are covered up to $2,500 in value. Up to 10 percent of a claim can go toward repair/replacement of a detached garage. Foundation walls, staircases and anchorage systems are covered.
☀️ What’s Not Covered
There are a number of exclusions to flood policies of which clients may not be aware.
Those include:
• Temporary housing and living expenses until the original structure is repaired or replaced
• Any currency, precious metals, stock certificates, or other valuable papers
• Property and possessions outside the insured structure such as patios, decks, fences, hot tubs and swimming pools, plantings, walkways, seawalls, and septic systems
• Damage due to mold, moisture and mildew not directly related to a flood or that the client could have avoided
• Financial losses due to business interruption
• Damage resulting from earth movement caused by flooding
• Vehicles and other self-propelled conveyances
• Inability to use or access the insured property
Other restrictions may apply and separate deductibles are applied for the building and the contents. FEMA policies have a limit of $250,000 for structures and $100,000 for the contents. It’s a good idea for any Florida resident to invest in flood insurance, even if they don’t live in a moderate or high-risk area.
For more information about how The Sena Group can help you with any of your insurance needs, please contact us at 561-391-4661.
Renters insurance covers the loss of a tenant’s personal property and possessions in situations such as fire, theft and vandalism. And in the event that a tenant’s apartment or house is uninhabitable, renters insurance can cover the cost of expenses until individuals are able to move back in or find another place to live.
It’s important to understand that the insurance a landlord carries on their structures does not cover any losses incurred by tenants.
You’ll find your stuff is worth more than you think and would be far more expensive to replace than the cost of renters insurance. So, don’t underestimate the value of your personal property.
For more information about how The Sena Group can help you with any of your insurance needs, contact our office.
There are many events that will impact you and those closest to you on your journey through life. As life unfolds, you may need insurance to protect what you’ve achieved and those who matter most to you.
• Marriage
• Birth of children
• Buying a house
• Changing jobs
• Getting a divorce
• Launching a business
• Retirement
For more information about how The Sena Group can help you with any of your insurance needs, please contact us.
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