Business Continuity – Disaster vs. Recovery

25% of businesses do not reopen after a major loss.

48% of businesses do not even pretend to have a business continuity plan.*

But 95% think they are prepared.*

Is your plan only keeping your insurance policy somewhere safe?  (Which is not the worst start in the world, but it’s grossly inadequate.)

Do you have tasks for each employee after a disaster?  (Did they actually agree to them?)

What would actually be a disaster for your company?  (Flood, hurricane, fire, data breach, lawsuit, death of an owner?)

Yes, sometimes  it seems like the Four Horsemen of the Apocalypse, but these things really do happen.

There are many small businesses which would suffer less from a flood than from a cyber breach;  doctors, lawyers, insurance agents, consultants, architects come to mind.

There are many small businesses which would suffer less from a hurricane than they would from the death of an owner without a succession plan, or adequate life insurance.

Spend a few hours once a year to prepare a continuity plan; surviving a disaster will be much more pleasant if you do.  Then talk to your insurance advisor so you know if you have money to help you recover.

*Travelers Insurance survey result

GBW Insurance/AssuredPartners 855-467-2877, extension 677

Insurance Agency choices

Our thanks to Peerless Insurance (www.peerless.com) for this piece, which is just shameless self-promotion for us.
Call us or go to our website (www.GBWinsuranc.com) for more info.

To get the lowest rates and the best coverage you need to acquire your business insurance from a local independent insurance agent rather than dealing directly with an internet based insurance company. It is not true that that dealing directly with an insurance company is the best method to get the lowest rates. In fact, there are many reasons why you should be using an independent insurance agent to provide your business liability and property insurance.

Reason #1: Local Independent Agents Save You Money

When you are dealing directly with an insurance company, you don’t have some one making sure you are getting the lowest possible rates as well as the correct coverage. This is important because your business insurance rates are not only based upon your type of business, sales, loss experience and other information about your business, but are also based on the operating costs of the insurance company. An independent agent will make sure you are dealing with the a low cost company.

When you work with a local independent insurance agent, they will look at multiple companies to make sure you are getting low premiums and the correct coverage. Local independent insurance agents are in business to provide their customers with the best possible coverage at the lowest possible rates, so in the end you normally pay less for commercial insurance.

Reason #2: Local Independent Agents Give You Better Service

A local independent agent offers you one-on-one service. You can call them directly without having to deal with annoying 800 phone directory options or computerized assistants. You can visit your agent in person or have them visit you as they are located in your local area. When it comes to business insurance, business owners need that attention. They need to know that if something happens that they can get immediate attention. It is very frustrating to need your insurance agent and not be able to get in contact with them.

Having your own insurance agent is important. When you choose to deal with a local agent, you get your own agent. Dealing directly with the company may mean you never have your own agent. You calls are answered by a call center and you speak to someone different every time you call. If you want focused attention and an agent that really knows your business then you want to deal with a local independent insurance agent.

Reason #3: Local Independent Agents Have Knowledge About Your Business

One part of liability insurance business owners may not think about is that insurance rates are based on where you live. When you get business insurance a local agents will know the area and your business insurance requirements. They will know what types of coverage you need and how much coverage you should get. They know from experience, not just from looking at charts that give averages. You can actually get a more detailed insurance policy when you work with an independent agent because the agent knows the area and what is needed in insurance coverage for your specific business.

The local independent insurance agent will provide many valuable services. They will visit your company, do a risk analysis and learn about your business so they can determine what are your specific insurance requirements. More important, when you have a local independent agent as your representative you you will have someone to represent your interests and fight for your rights in case of a claim or a conflict with the insurance company. If you are dealing with a website you will most likely wonder – “Who should I speak to when I am in trouble?”

As you can see, there is a huge difference between buying business insurance, commercial insurance or liability insurance from a local independent insurance agent versus directly from the insurance company. You will get a better insurance product and better service if you choose to do business with a local independent insurance agent.

What can kill a small business, and is insurable?

1) Being sued. Even mid-size businesses have trouble visualizing that a slip and fall case can put them out of business.
1 a. Physical injury. Especially from driving a vehicle on business.
b. Product or installation problem.
c. Professional service problem
d. Employee practices problem. (See an attorney about keeping your 1099 relationships straight.)
2) Inadequate insurance limit for the business’ property.
2 a. Building cost to replace increased or space added without telling insurance company.
b. Content or merchandise values increased and were not increased on the policy.
3. You changed your business or took on more risk and did not realize it or tell your insurance advisor.

4. Death or disability of an owner or key employee.

5. You did not stop to think, once a year at least, about what could happen. For example, damage from surface water is not covered in many cases. Easy to fix but tough to take the loss if you don’t stop to think.