Aegis Blog

Small businesses have more difficulty recovering after natural disasters

This blog has previously underlined the importance of business owners taking the time to conduct thorough risk assessments and find comprehensive insurance policies. Smaller companies must take extreme care in this process, as unexpected events can prove to be very costly.A recent survey from Alibaba, Vendio and Auctiva showed that 74 percent of small business owners have not created a disaster recovery plan, even after Hurricane Sandy and Winter Storm Nemo. Furthermore, the Red Cross reports that as many as 40 percent of small businesses do not reopen after ...

Why does my business' location matter for insurance?

Location might be crucial for real estate, but it is just as important for business owners across numerous industries. Insurance policies can be catered to account for intricacies of a company that are not always immediately considered.California-based companies know that they will not be affected the same ways as New York businesses when it comes to hurricanes. However, location-specific issues are crucial to any organization. According to a new report by Lloyd's of London, long-term average tornado losses are on par with that of hurricanes - further proof that ...

Avoid overly expensive clean-up costs with comprehensive insurance

Companies that have not experienced severe weather might not understand the importance of insurance policies that can account for damages that follow a storm. The cleanup process can be expensive and long-lasting, and without taking the right precautions, business owners might be stuck with the bill when it comes to making repairs.However, commercial insurance specialists can help organization heads find the right policies that meet the needs of their firm's location. Without commercial property insurance the recovery process could prove particularly devastating to small business owners.Many New York small businesses ...

Contractors must account for numerous aspects of employee safety

How necessary is workers' compensation insurance? In many states, it is required for businesses to have some policy in place. While some companies may feel this is a superfluous protection, only meant for clumsy workers, there are far more issues at hand.For example, employees at U.S. Steel plants in Michigan and Indiana joined in a Fair Labor Standards Act (FLSA) lawsuit, claiming that time spent putting on and taking off safety equipment is time spent "changing clothes." Under the FLSA, working hours exclude "any time spent in changing clothes" ...

Things to keep in mind if you're renting your business' space

The same way that individuals who lease an apartment are advised to invest in renters' insurance, business owners who rent their organization's location should follow suit. Criminals can rob a rented brick and mortar location just as easily as one that is paid for. Severe weather does not care if a store was bought by its owner or if they are paying on a monthly basis.Commercial insurance specialists can be of great assistance to companies that are in a temporary location. For example, a comprehensive business owner's policy (BOP) ...

Business owners need to keep themselves educated on workers' compensation laws

Employees are what make business possible for companies across all industries. Without workers, daily operations would be difficult for just managers or organization owners to complete.It is important for business leaders to keep this in mind when trying to put together a complete business plan. Workers want to be able to rest assured that when they are employed by a company that their present and futures are taken care of. This is where workers' compensation comes into play.Depending on the location of an organization, the specifics of such insurance ...

Why do I need contractors general liability insurance?

It should come as no surprise to construction and contracting companies that risk is part of the job. Whether workers are performing a task high above the ground or are using dangerous machinery, it is important to take all necessary precautions to keep employees safe.However, it is crucial to not stop after implementing safety features like hard hats and protective work gloves. Business owners must guarantee not only the safety of their workers but also account for the possibility that a bystander could be put at risk. Partnering with ...

Florida issues 70 citations for workers' compensation violations

While workers' compensation varies from state-to-state, it is still crucial for companies across all industries to be aware of their location's requirements for the coverage. Otherwise, hefty fines or expensive legal fees could follow, should an employee bring a business to court.In Florida, investigators with the Department of Financial Services' Division of Workers' Compensation Bureau of Compliance and Division of Insurance Fraud randomly visited construction sites. The department saw 375 construction sites, contacting a total of 770 employers in a two-day sweep.According to a press release, nearly one in ...

Small business relief is slow, steady process following Sandy

This blog previously discussed how businesses of various sizes need to keep themselves prepared for the impact of severe weather. Hurricane Sandy proved to many owners that cleanup costs can be immense, and applying for a loan through the Small Business Administration (SBA) was a good option for many companies.When organizations are creating a business plan, ensuring that all aspects are accounted for and paperwork has been properly filed, it's important to not forget about insurance. Working with commercial insurance specialists can assist owners in finding the most comprehensive ...

Sandy and Nemo are perfect examples for the necessity of commercial property insurance

East Coast businesses have had one curveball after another thrown at them over the last few months. First, Hurricane Sandy devastated residents and companies along the Eastern Seaboard. Then, just last weekend, Winter Storm Nemo dumped up to three feet of snow in some areas. Organizations across the nation should take note of the recovery process, to ensure that if Mother Nature makes her way to their location, they can not only weather the storm but have a quick recovery process as well.When designing a business plan, owners must also account ...

 

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