Category Archives: Business Insurance
Workers’ compensation (workers’ comp) insurance provides important protection for businesses and their employees. It’s a key business coverage that protects both employees and employers, which is why most states, including Michigan, Ohio and Indiana, require businesses to carry it.
Workers’ comp claims represent significant monetary and human resource costs for businesses, so it’s important to know the facts about workers’ comp coverage and to implement strategies that reduce the likelihood that claims will occur. In addition, having a robust workers’ comp loss prevention program can help to reduce the risk of fines related to OSHA (Occupational Health and Safety Administration) infractions.
If you search the Web, you’ll find a wealth of information and resources available for entrepreneurs and many that offer specific information to assist women entrepreneurs. However, if you live in the Washtenaw County area and are looking to connect on a local level with organizations that support entrepreneurial women, you’ll want to start here:
Loss control is a key area of focus for any business that wants to protect its physical and monetary assets as well as its employees. Developing an effective loss control plan will support the financial stability of an organization and the long-term continuation of its operations.
For example, a plan should address the following:
Home-based businesses are key drivers of the U.S. economy with an estimated two-thirds of all small businesses starting (and many continuing) their operations in the home of their owners. Although having a home-based business, like Avon, Tupperware, Rodan and Fields can provide great benefits and freedom, it also brings with it additional risks, which are often underestimated by even seasoned entrepreneurs.
Michigan law requires that every employer subject to the Workers’ Disability Compensation Act provide assurances that it can pay benefits to its workers if they’re injured. Most employers in Michigan provide this security by purchasing workers’ compensation insurance from a private insurance company. The insurance company then reports to the bureau that it’s providing coverage for that employer; however, some employers are “self-insured.”
Owning a business comes with many responsibilities. One of the most important things the owner of any company can do is to protect their assets with the right business insurance coverage. Although many people think of business property and their contents when it comes to commercial assets, vehicles that are used by a business owner or their employees for business purposes should also be insured with a commercial auto insurance policy.
Suffering a debilitating illness or injury is something that none of us like to think about. However, it’s important that we do—and with May being Disability Insurance Awareness Month now is the ideal time to take action to protect your income in the event that you can no longer work. If you own a business, protecting your income-earning ability has even greater urgency because, to an unprepared business owner, an illness or accident resulting in disability can be devastating to your life and business.
What if you’ve decided to start your own business but you don’t know exactly where to begin when it comes to insurance? Kemner-Iott Agency is here to put you on the path to finding the right coverage for your new business venture.
Types of Business Insurance
The U.S. Small Business Administration has compiled a list of different types of insurance policies that are available to you as a small business owner. Although insurance may not be required by law where you are starting your business, it would be wise to purchase coverage to protect your assets from financial loss in the event of a natural disaster or lawsuit. Here is a summary of the kinds of business insurance policies to consider for your small business:
What if you needed to find an important document, such as your cell phone contract, will, or child’s birth certificate without warning? Could you find it quickly, or would you have to search? What if you had an accident and a friend or family member had to find your important medical records for you? Would they be able to find them easily, or would they have to dig through your desk or kitchen drawers?
Think about this: If you walked into your office tomorrow and discovered all computers had been stolen, what would you do? When would you be able to resume work? How would that down time affect your business?