Everything You Need to Know About Small Business Insurance. Brian Price, VP Marketing, Hiscox 2/27/14

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1 Everything You Need to Know About Small Business Insurance Brian Price, VP Marketing, Hiscox 2/27/14

2 Agenda Risk in business Business Insurance 101 Insurance for Disasters Purchasing Business Insurance 2

3 Risk in Business 3

4 Meaning of Risk Risk is uncertainty of loss Combination of hazards Unpredictability: actual vs. perceived Uncertainty of loss (severity) Possibility of loss Hazard Peril condition which increases the likelihood of loss Ex: known embezzler hired as an accountant source of loss Ex: fire, windstorm, embezzlement, etc. 4

5 Risks in Business Strategic risks Compliance risks Financial risks Operational risks Market/Environmental risks 5

6 Risk Management Identification Frequency Evaluation Severity Treat Loss Exposure Control Finance Loss Prevention Loss Reduction Retention Transfer Insurance

7 What is business insurance? The transfer of equitable insurable risk from one entity (business/business owner) to another (insurance carrier) in the form of payment (premium) 7

8 Business insurable risks Insurable Book value of insured property Building contents Personal injury Claims of negligence Theft and vandalism Electronic data liability Not Insurable Loss of profit through competition Launching a new product Loss incurred as a result of bad management Poor location of a business Loss of profit as a result of fall in demand Opening a new office 8

9 How premium is calculated Relate premium to the severity of loss and possibility event is to occur Premium = Sum Insured X Rate Sum insured is the value of property at risk Rate reflects the degree of hazard Losses (actual claims made) X 100 = Rate % Values at risk (total possible claims) 9

10 Business Insurance

11 Types of business insurance coverage General liability insurance Professional liability insurance Business Owner s Policy (BOP) Insurance Business Interruption Insurance Key person insurance Commercial property insurance Business auto insurance Theft insurance Personnel insurance life, disability, medical Worker s Compensation, unemployment, etc. 11

12 Why do you need business insurance? To financially protect you against business insurable risks up to the limits of your policy Personal injury Business property and office equipment Claims of negligence Damage to 3 rd party property Etc. Your policy could cover: Defence costs Claim expenses Medical bills, property, office equipment, etc. Loss of earnings 12

13 General Liability Insurance Protects your business from third party claims for bodily injury, associated medical costs and damage to someone else s property. Coverage example: If a client visits your office and trips on a rug, gets injured and later sues you, this insurance will provide you with the means to defend yourself against covered claims. You should consider this coverage if you or your employees: visit a client s place of work, or clients visit yours have access to a client s equipment (i.e., a client s server). write or speak about a client s business use third-party locations for any business related activities. are required to have general liability insurance by your landlord or before entering into a contract 13

14 Business Owner s Property Insurance A business version of a homeowner s policy - designed to meet the property and liability insurance needs of small business owners Combines general liability (GL) coverage with some business equipment coverage into one package Business equipment coverage protects your business furniture and equipment up to your policy limits You should consider a business owners policy if you: need general liability insurance coverage have business equipment such as computers, printers and furniture own the building at which you work and need to insure the property own and work with large amounts of data on a regular basis have employees that could act dishonestly or steal clients' property 14

15 Business Interruption Coverage Part of a larger commercial insurance policy GL, BOP, or property insurance For example: property insurance only covers the physical damage done to the business where the additional Business Interruption coverage covers the loss of earnings due to the covered claim Make sure to read your coverage terms carefully usually have specific criteria Triggered by limited circumstances Waiting period after covered event before BI kicks in Coverage is limited Coverage is not open-ended 15

16 Professional Liability Insurance Also known as Errors and Omissions insurance or E&O, insures the actual services your business provides Protects your business if you are sued for negligence, even if you haven t made a mistake Covers claims of negligence, personal injury if committed as part of your services, and your defense costs You should seriously consider this coverage if your business: provides a professional service regularly gives advice to clients is requested by a client to have professional liability insurance to complete a contract 16

17 Workers Compensation Covers businesses for their statutory and legal obligations for employee expenses that are a result of on-the-job injuries and/or illnesses Every state but Texas legally requires businesses to have workers' compensation insurance coverage, even if they only have one employee. However, even in Texas an estimated 70% of all businesses have workers' compensation insurance in place, as they are still liable for the costs associated with on-the-job illness and injury. 17

18 What is an Endorsement? A written change to your insurance policy, used to add or remove insurance coverage typically initiated by the insured May or may not have affect on premium Usually used to add coverage not covered in standard policy Examples: Earthquake insurance to BOP policy Electronic Data loss insurance to BOP policy 18

19 Insurance for Disasters 19

20 Flood Insurance (through NFIP) Covers damage caused by flooding to either the building, the contents, or both depending on the policy you purchase Common exclusions: Damage caused by mold/moisture/mildew that could have been avoided Currency Property and belongings outside of building 20

21 Earthquake Endorsement to BOP Policy An add on to your BOP policy offered by some insurers to protect against damage caused by an earthquake terms of your policy Common exclusions: Fire (covered by BOP) Land Vehicles 21

22 Terrorism Insurance Coverage to protect your property in the event of a terrorist attack Can be embedded into your commercial property or BOP policy backed by TRIA/TRIPTA Can be purchased as a standalone policy TRIA/ TRIPTA Federal backstop for insurance claims related to terrorism (came into place after 9/11) Conditions for coverage to apply: Secretary of Treasury must issue act an act of terrorism which has yet to be declared during lifetime of act Total losses have to be over $100 million Currently set to expire Dec 31, 2014 Standalone Policy Has own policy terms, deductibles, and limits Does not require any government involvement (issuing act of terrorism) or depend on renewal of TRIPTA 22

23 Purchasing Business Insurance 23

24 5 steps to buying business insurance 1. Determine what kind of insurance your business needs 2. Prepare for required questions 3. Shop around 4. Choose a policy that fits your needs 5. Buy through your preferred channel 24

25 How to determine what kind of insurance your business needs Identify your insurable business risks Most vital to business operations Required by law Limit coverage to major potential losses Insure most critical losses first 25

26 Prepare for required questions Business address Business ownership s structure # of employees Date you d like coverage to start Date business began Estimated payroll expense Estimated gross sales Estimated gross sales from largest customer Do you or your business supply, manufacture, or distribute any tangible goods or products? Does your business perform any design, construction, installation, removal, or physical repair of any property or tangible good? Does your business use a written contract or statement of work? Do your contracts clearly state the ownership rights, licensing, and use of any materials or intellectual property created for or during an engagement? Do your contracts state that to the best of your knowledge any materials or intellectual property created are original and do not infringe upon the intellectual property rights of others? Which of the following does your business implement? Customer sign off on deliverables Dedicated customer report Contracts with indemnification clauses in your favor Formal change management procedures Legal review on contracts Industry specific questions** 26

27 What to look at when comparing insurance coverage Insurance Ratings Customer Service Ratings Coverage Details Covered Not covered Price Extra Fees Renewals 27

28 Choose a policy that fits your needs Most important thing is finding a policy that fits your needs Covers the risks your business faces Tailored to your industry Affordable coverage 28

29 Different channels to buy insurance 1. Local agent/broker 2. Online 3. Directly from the insurance carrier 29

30 How to save money on your policy Buy direct Bundle insurance products Implement risk management procedures Choose a higher deductible Look for discounts Working from home Switcher discounts Avoid higher fees 30

31 Benefits of buying insurance online Convenient Saves time Same great quality and service Saves money 31

32 Renewals Know your carrier s renewal policy Evaluate your coverage, service, and costs Shop around Look for switchers discounts 32

33 Thank You!

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