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Four Tips to Prepare Your Business for a Natural Disaster

by Posted in Commercial Insurance, Investor Insuance Tagged ,

Unlike with hurricanes, there is no “natural disaster season”—they can strike at any time. That’s why every year in September the Federal Emergency Management Agency (FEMA) sponsors National Preparedness Month.

Not Being Prepared for Natural Disasters could cost you your Business

Being prepared is not just for Boy Scouts and individuals—it’s also crucial for small business owners. If you own a small business, a natural disaster could be, well, disastrous. According to FEMA, 25 percent of small businesses never reopen following a disaster.

4 Tips to help you prepare

Don’t let a natural disaster cause your small business to fold. Plan now before a disaster such as a hurricane or fire affects your business. Here are four tips to get you started.

1. Assess your risks.

What natural disasters could affect your business? In the Tampa Bay area, these include hurricanes, floods, tornadoes, and fires.

Do you own your own building? Do you have inventory or equipment to protect? What about vehicles used in your business?

Once you know the risks your business faces, and the assets you want to protect, you can move to the second step.

2. Make a disaster plan.

Depending on what type of business you own, your plan could include things like:

Locations of evacuation routes and emergency exits and a plan for using them—for you, your employees, or customers.

Communication plans for employees—how will you communicate with them? Have several options, and make sure contact information is up to date.

How and where your business will operate if your location is compromised. Will it be possible for employees to work remotely? You may need to set this up ahead of time. What about making arrangements to operate from a temporary location?

A communication plan for your clients. You may need to explain reduced operating hours or delayed shipping. (And don’t forget to let them know when you’re back to running at full speed!)

A record of your business assets, such as inventory or equipment. Take pictures or shoot video, write descriptions, and keep copies of receipts for large or expensive items in case you need to make an insurance claim.

Go over your plan with your employees and get their input. Make sure everyone understands the policies and roles you’ve agreed upon. Review your plan at least once a year.

3. Protect your data.

Most businesses store some kind of data. If this material is in physical form, you may need to make a digital copy and sync it with a cloud-based system so you don’t lose it in a fire or flood. You should then be able to access it from anywhere. Make sure to back up computer systems regularly.

Keep handy a copy of any data you need to access in case of disaster, like your insurance policy number and claims instructions, payroll information, and/or passwords and account information for your cloud-based storage.

4. Review your business insurance coverage.

Discuss your needs for business insurance coverage with an insurance professional (like an L & M Insurance Group agent!). Review your policy at least once a year to be sure it continues to meet your needs. Understand what is covered and what isn’t. For example, flood damage isn’t covered by most standard policies. Flood coverage is available through the NFIP or private carriers (request a flood insurance quote).

Having the right insurance coverage is probably the most important thing you can do to be sure you’ll have the financial resources to recover from a natural disaster. (Remember, if you run a small business from your home, you’ll still need to buy a business insurance policy of some type. Homeowners insurance generally doesn’t cover business activities.)

Protect your small business from disaster with careful planning—now, before it’s too late. And please let L & M Insurance Group be a part of your disaster planning. Give us a call if you have questions about your business policy, or you need a quote for business insurance. Reach an agent at 813-672-4100, contact us online.

Resources:

https://www.ready.gov/business/toolkits

https://www.ready.gov/business/emergency-plans

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Commercial Auto Insurance Policies for Every Type of Business

by Posted in Commercial Insurance Tagged , , , , Leave a comment

If you own a business that doesn’t involve making deliveries or transporting clients, you may not think you need a commercial auto insurance policy. But if your vehicle is registered in a company name, you have employees who sometimes drive it, or if it is outfitted with permanent equipment used in a business and you don’t have a commercial auto policy, you risk having a claim denied because the vehicle is used for business purposes.

In fact, if you or an employee use a vehicle for business purposes, even just now and then, you really should protect yourself financially by purchasing a commercial auto policy.

Policies for small businesses and beyond

L & M Insurance Group can write commercial auto policies to cover all sorts of businesses, including lawn care companies, transportation services (for goods or people), real estate agents who take clients to see properties, construction companies, and housecleaner or janitorial services to name just a few. We can also write coverage for all types of vehicles—sedans, pickup trucks, box trucks, and more.

Terms and available coverage vary among companies, but the most common coverage options are: property damage liability; liability for bodily injuries to others; personal injury coverage for you, employees who drive the vehicle(s) and your passengers; collision (coverage for your vehicle in an accident, regardless of who is at fault); comprehensive (coverage for damage to your vehicle other than collision); and uninsured and underinsured motorist, medical payments, loss of use/rental reimbursement, and emergency roadside assistance. Your insurance agent can help you sort through what your individual needs are.

Need a commercial auto quote?

Call us at 813-672-4100

Or contact us online today!

Do commercial policies cost more?

You’ll be happy to know that commercial auto policies are often no more expensive to buy than personal auto policies. Factors that influence the cost are much the same as factors that matter for a personal auto policy. They include the amount of driving involved, the radius of operation (do you cross state boundary lines?), the types and number of vehicles to be insured, the driving records of those who will be on the policy, proof of prior insurance, and the amount of coverage you need to carry.

As independent agents, L & M Insurance Group will work with you to find the insurance policy that best meets your needs by comparing rates among the multiple companies we represent. We provide you with coverage for everything from a single vehicle to a fleet of vehicles, from a sedan to a semi. And since we’re local, you can reach us by phone, email, or even by visiting our office (COVID-19 protocols apply). We’ve been serving the insurance needs of Brandon, Valrico, Riverview and surrounding communities for more than 10 years, and we’d love to serve YOU!

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Commercial Auto Insurance Options for Small Businesses to Fleet Vehicles

by Posted in Auto Insurance, Commercial Insurance Tagged , , , Leave a comment

The start of a new year has many of us thinking of new goals. Maybe one of yours is to start or expand a business. If that’s so, remember that an important protection is the right insurance. Commercial auto insurance is not just for businesses with a fleet of vehicles. It’s also a crucial financial protection for small businesses and individuals who use their vehicles for business purposes. L & M Insurance Group, an independent insurance agency, writes with many different insurance companies to find you the most affordable coverage, as well as a policy tailored to meet your specific needs.

Don’t take the chance of having a claim denied because you have a personal auto policy but are using your vehicle for business purposes. A commercial auto policy is not always more expensive than a personal auto policy; it might even cost less! That’s just one reason why you should not try to hide business use of your vehicle from your agent.

Do you need commercial auto insurance?

Commercial auto insurance, also known as business auto, is intended to protect you financially if you or a company employee driving a company car is at fault in an accident, and injures someone or damages property. A commercial auto policy will cover the cost of the claim up to the policy limits. You need some form of commercial auto insurance if you use your vehicle for work purposes other than driving back and forth to your job. This might include:

  • Delivering packages or food
  • Transporting people, such as driving for Uber or Lyft
  • Driving to job sites or transporting clients or other employees
  • Transporting tools and equipment to a construction site
  • Vehicles registered in a business name or bearing a commercial license plate
  • Pulling a trailer in relation to your work

Several types of commercial auto policies are available for several different scenarios, including:

  • Occasional business use—a policy that covers one main driver, and often his or her spouse, who uses a vehicle occasionally for work.
  • Business use for multiple drivers—a policy that covers business use by multiple drivers.

L & M Insurance Group—your partner in business

Independent insurance agencies like L & M Insurance Group are ideal places to purchase your commercial auto insurance. Why? Because we work for you. We’re knowledgeable about the options available to you, and can compare insurance rates among the multiple companies we represent. We’re also local—and available to discuss options, look for discounts, and customize an insurance policy to meet your needs. Please give us a call at 813-672-4100, or contact us online for a quote, or if you have any questions about a commercial auto policy.

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Business Owner Policy (BOP) Basics

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If you’re starting a small business, you have many decisions to make—including what sort of insurance coverage your new business needs to safeguard your assets and income. Don’t worry—at L & M Insurance Group, we’re here to help!

 

Let us introduce you to the insurance package with the catchy name “BOP”—which stands for Business Owner’s Policy. A BOP combines property and liability insurance into one policy, and can protect your business from the most common risks, such as fire, theft, lawsuits, or even the loss of income associated with an interruption to your business. It’s a convenient—and cost effective—way to protect your business.

 

You can also add additional coverages (see below) to customize insurance coverage for your particular needs. BOPs are great for any small to medium-sized business (100 employees or fewer) with a storefront and any business personal property.

 

Typically, a BOP includes:

Property insurance—protects the physical location of your business, whether you own or rent. Also provides coverage for your inventory, customer data, equipment, furnishings, and records and documents.

Liability insurance—provides coverage if you’re sued for an injury or property damage, even if you did nothing wrong. Also protects you from lawsuits if you injure someone’s reputation or infringe on someone’s copyright.

Business interruption insurance—provides coverage to replace lost income if you’re unable to do business due to a covered loss. It may also contain coverage for the expense of having to operate out of a temporary location.

 

Depending on your business, you may also need additional coverages not contained in a BOP—such as Worker’s Compensation, Professional Liability (Errors and Omissions), Data Breach, or Commercial Auto. (We can help you with those, too—just give us a call.)

 

Every business is different and has different needs. Let your L & M Insurance Group insurance specialist help you with your business insurance needs. We’ve been serving Riverview and surrounding communities for more than 10 years, and we’re here to help. Please call us at 813-672-4100, or contact us online.

Starting a Side Hustle? You Might Need Commercial Auto Insurance

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Commercial Auto Policy

Photo by Dan Chung on Unsplash

More and more people are starting side hustles, whether to make a little extra money to cover their bills, or to start their dream business. If you’re one of those people, you should consider buying a commercial auto insurance policy. It’s not just big businesses with multiple vehicles that need this coverage—it’s anyone who uses his or her vehicle for business reasons on a regular basis.

Personal auto policies almost always exclude business use, and if you’re in an accident, your claim could be denied. Be honest with your agent about the nature and extent of your business use of your vehicle so he or she can help you find the best deal on coverage you need.

Here are a few situations that call for a discussion with your agent about a commercial auto policy:

  • Do you use your vehicle to pick up or deliver goods such as newspapers, pizza, or other goods, or do you provide messenger services?
  • Is your vehicle registered or titled in the name of a corporation or partnership?
  • Do you have employees who drive your vehicle for business purposes on an occasional or regular basis?
  • Does your vehicle have special equipment permanently installed, such as ladder racks or permanent toolboxes that are used in your business?
  • Do you regularly drive to job sites or to meet clients, or sometimes transport clients from one location to another?

Bottom line: If you’re using your vehicle for business purposes, you need commercial auto insurance.

Commercial auto policies are designed to protect you and your business from financial harm if you’re in an accident. Though there are many factors that must be considered when rating a commercial auto policy, since the major coverages are basically the same, commercial auto insurance doesn’t always cost more than a personal auto policy.

L & M Insurance Group is a local independent insurance agency with the expertise to help you make sure your insurance coverage will protect your business and you personally from claims, even unwarranted ones. We have been serving the car insurance and commercial auto insurance needs of Riverview and surrounding communities for more than 10 years. Call 813-672-4100 for more information about commercial auto insurance (or car insurance in general), or click here to contact us by email.