5 frequently asked questions about biz insurance

Here are answers to five of the most frequently asked questions about business insurance to help you choose the best coverage and policies for you and your enterprise.

1. What Is Business Insurance?

The term "business insurance" encompasses all the different types of coverage available to protect business owners from losses. Through business insurance, you can cover your property and business vehicles, insure against legal claims against the business such as liability or workers' compensation, and also provide health insurance for your employees, among other things.

2. Why Do I Need Business Insurance?

Even if you don't think your business has enough assets to be sued, or if you believe because your business in incorporated, you're shielded from personal liability through the so-called "corporate veil," you still need business insurance. Why?

Because absolutely anyone can be sued, judgments can be collected through wage garnishments and bank account seizures, and even corporate veils can be pierced under certain circumstances; indeed, the smaller your business is, the more likely that you can be held personally liable for debts through your personal assets.

Your business needs business insurance because of the many risks and potential threats to its successful and continued operation; good, tailored business insurance policies can help protect you and your venture as much as possible.

3. What Types of Business Insurance Are Available?

The main types of business insurance you should consider include:

• Property and Casualty Insurance
  Property insurance covers the physical location of the business (even if it is rented or leased) and its contents from things like fire, theft, flood, and earthquakes—although read the terms carefully to make sure they include everything you need. Casualty insurance, on the other hand, covers the operation of the business, but the two are usually grouped together in policies.
  
• Commercial Auto Insurance
  Commercial auto insurance covers your business for loss or damage to vehicles used by your business and for damage to others caused by your business vehicles. Note that vehicles used for business are not covered under your personal auto insurance policy even if a vehicle is used for both business and personal purposes.
  
• Liability Insurance
  Liability insurance covers you in the event someone sues you for negligence, which can occur, for instance, if someone falls on your property.
  
• Product Liability Insurance
  Product liability insurance covers your business for damages caused by a product designed, supplied, or manufactured by your business.
  
• Business Interruption Insurance
  Business interruption insurance can make up for lost cash flow and profits incurred because of an event that has interrupted your normal business operations.
  
• Health Insurance
  Health insurance provides health coverage for you and your employees.
  
• Life and Disability Insurance
  Life and disability insurance covers your business in the event of the death or disability of key owners, partners, or employees.
  
• Workers' Compensation Insurance
  If you have employees, you must, by law, participate in workers' compensation programs; workers' compensation insurance covers employees if they are injured on the job.

4. Can I Get a Policy that Combines Different Types of Insurance?

Yes. A business owner's policy (BOP), often appropriate for small to medium-sized businesses, usually includes property, casualty, liability, and business interruption coverage; you're likely to pay less expensive premiums with a package deal instead of buying the policies separately.

Other choices are the home office policy, which combines homeowner's and business insurance, and a "business pursuits" endorsement to your homeowner's policy, which provides the least protection.

5. How Do I Buy Business Insurance?

In order to buy business insurance, you will go through an insurance professional, either a broker (usually for larger companies) or an agent—and you should choose carefully. Recommendations from your local chamber of commerce or other businesspeople you trust should certainly be welcome.

The best way for you to prepare to make an informed decision about choosing an insurance professional is to know exactly what your business does (and doesn't do) as well as its future direction; then find out a bit about the types of coverage you think might be helpful in your line of work before going and talking to your insurance professional.

Choose an insurance professional who is licensed and doesn't have a record of ethical or administrative discipline procedures, and make sure he or she understands your type of business and the risks it incurs. Then be ready to have an open and forthcoming dialogue about what you want insurance to cover.

And as always, stay protected my friends! 

I was thinking 'bout you and me

Man, I've seen so much happen in these last few weeks.  My biggest competitor was bought by a national conglomerate.  Folks have called me trying to get out of the business.  An insurance wholesaler friend of mine gave up a 6 figure income to chase his dream.   We lost our grandmother.  We also welcomed a new birth to the family.   It has definitely been a rollercoaster.

I was in a Neal Young kinda mood, and the song "You and Me" is on repeat in my head for some odd reason.  Don't know why.  It's a song laced with melancholy and a touch of happiness.   I think that's how a lot of people feel right now.  Times are tough, but they know they'll make it through.  The light at the end of the tunnel is getting bigger and bigger. 

I'll leave you with this:  the struggle is a beautiful thing.  Embrace it, learn from it.  And reflect upon it when you make it. 


http://www.youtube.com/watch?v=iO5lN2_D-PU

And as always, stay protected my friends.

Busted? Get your SR22 with us!

Hello my friends, we deal with this all the time so I thought I'd share some useful advice.  (Not that any of my friends have ever had license issues, of course)

The following was copied from http://www.dmv.org/tx-texas/suspended-license.php#Obtain-a-Restricted-License

Obtain a Restricted License

When your license is suspended or revoked (for reasons other than medical issues or delinquent child support) you might be able to apply for an occupational license. It’s a special restricted license that allows you to operate a non-commercial motor vehicle in only three circumstances:

• For work

• For school

• For carrying out essential household duties

You can request one either from the county or district court in the county in which you reside (or to the court of original jurisdiction where you committed the offense that got your license suspended in the first place). You can find more info in the Texas Transportation Code Section 521.242, 37 Texas Administrative Code 15.7.

NOTE: If you are taking part in a special drug court program, you don’t need to file a petition. Your judge can grant you the occupational order.

1. Obtain certified copies of both the petition and the court order that grants the occupational license.
2. Obtain an SR-22 certificate of insurance; no other forms of proof of insurance will suffice. For insurance-related info, consult our Insurance Center. If necessary, you should be able to find a provider that suits your needs.
3. Be ready to pay an occupational license fee for a one-year license (or less). The DPS will issue up to a two-year license (max) as long as the court grants it.
4. Also be ready to pay a reinstatement fee if required for the following suspension programs:
   • Safety Responsibility
   • Driver Improvement
   • Administrative License Revocation (ALR)
5. Visit your nearest DPS office to submit the above paperwork and fees.

Don’t confuse the court order for your occupational license. You’ll have to follow through with the above steps to submit the court order and other required items to the Texas DPS. Only for 30 days from the day the judge signed the court order can you use it as a license until the state agency processes your occupational license.

Reinstate Your License

To reinstate your license, you might have to fulfill special requirements. It’s best to consult an attorney for specifics. Also, be aware that some situations could cause a change in your current insurance policy. Check our Insurance Center if you need to shop online for a lower insurance rate.

Generally, here is what you’ll need to do reinstate your driving privilege:

1. Have ready a check or money order to cover your fees (if applicable) made payable to TX DPS; don’t send cash.
2. Include your full name, date of birth and driver’s license number.
3. If fees are required, mail your reinstatement items and payment to:
   
   • Texas Department of Public Safety
   • Central Cash Receiving
   • P.O. Box 15999
   • Austin TX 78761-5999
4. If fees are NOT required, mail your reinstatement items to:
   • Texas Department of Public Safety
   • Driver Improvement and Compliance Bureau
   • P.O. Box 4087
   • Austin TX 78773-0001

Alcohol-Related Offenses

If you refused or failed a blood or breath test you could face suspension from driving for 90 days to two years. Before the DPS will reinstate your license, you must pay a reinstatement fee.

Those convicted of a DWI will face a suspension period ordered by the court for no more than two years. If you are younger than 21, your license will be automatically suspended for a year. To reinstate you must:

1. Pay a reinstatement fee.
2. Get and submit proof of insurance (form SR-22) to the DPS.
3. If the convicting court ordered you to complete a repeat offender’s DWI education program, forward the certificate of completion to the DPS before your suspension period expires.

NOTE: The state has removed the loophole that if you're charged with a major driving offense as a minor (such as DWI, you can no longer circumvent the penalties if you turn 21 before your court date.

Drug Offenses

Upon final conviction of a drug offense, your license will be automatically suspended for 180 days.

1. Pay a reinstatement fee.
2. Obtain and submit proof of insurance (form SR-22) to the DPS.
3. Forward to the DPS your certificate of completion for your required drug class.

Traffic Offenses

If you receive four or more violations in 12 months or seven or more in 24 months, it’s possible you’ll license will be suspended. For these habitual traffic violations you’ll have to pay a reinstatement fee.

If you get caught driving on a suspended or invalid license, you’ll have to pay a reinstatement fee and file proof of insurance (form SR-22).

If you violate a driver’s license restriction you’ll have to pay a reinstatement fee.

No Insurance

If your insurance has been cancelled or if you receive a second or subsequent ticket for no liability insurance you must pay a reinstatement fee and get proof of insurance (form SR-22) to submit to the DPS.

Ain't got no money vato

If I had a nickel for every time I heard that, I'd be in Hawaii with my toes in the sand and not writing this blog! 

Here are 5 ways to lower your insurance premiums. 

1. Shop around.
Rates differ from carrier to carrier; therefore it makes sense to shop around. Obtain the names of insurance companies or agents who are experts in your kind of business. Call a few so that you could evaluate rates and get an understanding for the types of solutions they can offer.
It is as well crucial to choose a company that is financially steady. Examine the financial wellness of insurance companies with rating companies.

2. Pick a higher insurance deductible.
Insurance deductibles represent how much money you have to pay prior to your insurance coverage takes over. The greater the deductible, the less you may pay for the insurance coverage.

3. Purchase a bundle policy.
It can often be less expensive to get a bundle policy, say for example a Businessowners Insurance Policy, as opposed to individual insurance coverages. A bundle policy gives standard coverage and limits of liability which are suitable for standard small to medium sized businesses.

4. Always work with your insurance broker or agent.
Your insurance broker or agent can put forward crucial suggestions to help guard your business from unforeseen catastrophes. However, you have to keep him or her well informed about important improvements in your company. This includes important acquisitions, expansions or shifts in hiring, or the dynamics of your operations. Additionally, get your agent’s guidance with regards to catastrophe planning. Inquire about what you can do to both lessen risks such as fire or work related incidents, as well as the methods that ought to be in place in an event your business does experience a huge disaster.

Obtaining the proper insurance coverage and a well-planned disaster plan can help you save money in the long term. It might even save your business from sinking.

5. Inquire about strategies to avoid losses.
You might be able to lower your premium for particular coverages by following your insurer’s tips. These may consist of work environment safety, disaster planning, and human resource involvement.

Have a great day my friends, and stay protected!! 

SSSSSHECK IT OUT all my friends in Real Estate

If you've never seen comedian Angel Salazar, you need to.  He's also known as Chi Chi from the movie Scarface.  Funny guy.  Great show.  One of his famous catch phrases is "Sheck it out".  (Check it out)

As I was thinking about things to write about this morning, that phrase popped in to my head when I stumbled upon http://postyourpropertieshere.com/.  It's like Loopnet, but FREE!  If you're in involved in real estate in any aspect, you need to sheck it out!

As always, stay protected my friends!!!

Healthcare and the great debate

In case you didn't know, health insurance will become mandatory under the current administration in 2014.  Here's a link to read a little about it:

http://www.insurancejournal.com/news/national/2012/09/24/264067.htm

And if you thought that you were going to get a free lunch, think again.   As always, stay protected my friends and visit my website to quote your own health policy.  www.abeinsureselpaso.com