Be Prepared for Catastrophe with Insurance
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photo credit: Daquella manera
- Map out an evacuation plan
- Create a disaster plan
- Keep an up-to-date business and/or home inventory
- Consider Earthquake Insurance
- Consider Flood Insurance
Smart Ways To Sell Your Service Online
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photo credit: afunkydamsel
The internet provides many opportunities for realtors to sell online. According to Business Insider, there are 11 smart ways to use the internet to sell a service.
- Sell yourself
- Learn to work within your time constraints
- Meet your clients’ unique needs
- Target local audiences
- Establish your credibility
- Be specific
- Be Flexible
- Be accessible
- Get listed
- Use professional services websites for networking
- Get as many referrals as you can
You are the product and social media is a great way to get yourself seen and build credibility. You can use Facebook, Twitter, and blogs as well as other sites to present yourself the way you want. This also allows you to localize and cater to your target market. It is a way to be more visual through sharing pictures and video. Your customers can give you direct feedback. Furthermore, it is easy for people to jump online and search you. It makes you more accessible to the consumer if they can choose how they want to contact you whether it’s through email, comment, phone, or in person.
On the other hand, it may seem risky to have so much information about yourself and service on the internet. So if you’re concerned, then protect yourself with media liability coverage. To find out more about what’s right for you contact us online or call us at 1-800-949-0640!
For Earth Day, Go Green
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photo credit: deadrascal
In honor of Earth Day, which is this Friday, April 22, we wanted to post about being green a business. CSI went paperless ten years ago and is a certified Green Business. You can make everyday changes for the better of our Earth in simple ways such as:
- Monitoring and reducing water usage and energy
- Installing energy efficient lights
- Going paperless
- Implementing recycle bins
Going Green with Insurance
A few years ago, the insurance industry introduced green commercial insurance. If something were to happen to your business under this policy, it would allow you to rebuild under green standards. This would include:
- Energy efficient electrical equipment and lighting
- Water conserving plumbing
- Nontoxic and low order paints and carpeting
It also might include loss of income and costs when alternative energy using equipment is damaged.
If this seems like too much to invest in becoming certified green business, then in honor of Earth Day start a positive change that you can do every day. Recycle, re-use mugs for that coffee, or get your employees to carpool.
How to Develop a Small Business Disaster Recovery Plan
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It is astounding that 25% of businesses will never reopen their doors upon closing down as a result of a natural disaster. The damage, cost and time prove to be too much. Although you can never predict when a natural disaster will strike, you can prepare and reduce financial risk and loss.
Steps for Developing a Disaster Recovery Plan
- Design a plan and write out each action step. There should be a clear plan of who to contact, what to do, and where to go to remain safe.
- Have a communication strategy in place.
- Train and assign employees to clear responsibilities. Schedule regular drills.
- Compile a list of employee emergency contacts.
- Compile a list of important phone numbers and addresses of key clients, contractors, suppliers, financial institutions, insurance agency, as well as local and state emergency management agencies.
- Consider putting in back-up systems for communication and power.
- Keep duplicate records off-premises and keep them up-to-date.
- Establish a back-up plan if you need to do your business in a different location as well as alternative business resources.
- Communicate the plan to the community and important business relations so they know what will happen.
10. Always protect your computer systems and data.
It is important to keep your employees in a safe environment and have everything up to code.
Furthermore, make sure you have adequate insurance to cover possible financial loss and risk in event of a natural disaster. If you have any doubt, let us review your policy today! Call us at 1-800-949-0640.
Insurance Basics for your Real Estate Business
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photo credit: griffithchris
Busniessowner Policy (BOP) is a way to provide your real estate business with property and liability insurance. It can be tailored to your business needs.
Businessowner Policy combines:
- Property
- Liability
- Business interruption
Another option is to get coverage from these four different policies:
- Property Insurance
- Liability Insurance
- Business Vehicle Insurance
- Workers Compensation Insurance
It is usually cheaper to go with the businessowner policy. Nevertheless, it is most important to get coverage that is right for your unique business needs.
Let us review your policy today!
Floods Happen, Don’t Wait to be Covered
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They say that April showers bring May flowers. So we might not be in the clear just yet. The storms we’ve had so far this year have been heavy with rain. Flooding can be a big problem when you’re not use to it or ready for it. Floods are the most common disaster in the United States, yet some many people aren’t covered for it.
Flood Insurance Tips
- You should inform your buyers of flood zones.
- Standard homeowner insurance doesn’t cover flooding
- Flood insurance for businesses is a separate policy
- Taking inventory of your business can help speed up the process after a flooding disaster
- Keep insurance and inventory up-to-date
- Don’t wait to buy flood insurance, there’s a 30 day waiting period
If you would like to find out more about flood insurance, call us today at 1-800-949-0640 and visit our website!
Employment Practices Liability Policy: Real Estate Liability? Yes It Is!
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Although employment practices liability insurance (EPLI) has only been around less than 20 years, employment issues are nothing new. During times of economic hardship the number of employment-related lawsuits actually increase. This can be very costly.
EPLI policies are not uniform
The policy should be tailored to fit your needs for your business. Coverage should be for what employment claims that will most likely arise for you. It can cover a broad range of claims but it is important to note that it is not unlimited.
Common claims
- Discrimination
- Retaliation
- Defamation
- Harassment
- Unfair hiring practices
- Wrongful termination
Why you need it?
It doesn’t matter what the size of your real estate firm is because it only takes one person to file a claim against you. This can result in high costs due to defense, damages awarded or settlement. This part of the EPLI policy is especially crucial to know limitations and exact coverage.
Employment-related claims are real risks that real estate firms face. You are always exposed. The risk is even higher when no one is dedicated to human resources in small firms.
Having an EPLI policy and understanding it will increase your chance of avoiding and prevailing against employment-related claims.
Want to know more? Feel free to contact us today to review your current policy or learn more about EPLI policies available to you. Call us at 1-800-949-0640 or apply online!
Federal Flood Insurance Options May Expand
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photo credit: LouisvilleUSACE
There is a new bill to reform and reshape the National Flood Insurance Program (NFIP). The bill proposes that the flood insurance program be extended for additional 5 years (it’s scheduled to end this September). According to Insurance Journal, it “reduces subsidies by bringing premiums more in line with actual costs, and improves the accuracy of the flood zone maps that determine which property owners must buy flood insurance.” It has been generating positive reviews.
Currently, NFIP insures 5.6 million policyholders. However, the original program has been in a bit of trouble due to underinsurance and found its self in debt. Between 2002 and 2005, eight major hurricanes hit the U.S. which led to major loss due to flood. The NIFP didn’t factor in such a catastrophic loss. The reform could help improve its financial stability. However, the debt issue will need to be directly addressed, which is not in this reform. This is one of the criticisms for it. Moreover, the proposal for 2 optional coverages is controversial.
The proposal includes adding 2 additional insurance products:
- Additional living expenses (ALE) coverage: up to $5,000 for homeowners
- Business interruption (BI) coverage: worth $20,000 for commercial property owners
The idea behind these offers is that only 20- 30% of people that need flood insurance have it! Getting more people to be adequately covered will help lower risk and financial burden.
According to the article, among the supporters of the bill are many realtors. Terry Sullivan, real estate broker and board member with the National Association of REALTORS, had this to say, “Increasing participation would lead to increased funds for the NFIP, help property owners recover from flood losses and decrease future federal assistance when under-insured properties flood and suffer loss.” What do you think?
It will be interesting to see if the bill makes it through legislation. But one lesson that emerges is the importance of adequate flood insurance. You never know when a natural disaster will hit near you. Contact us today to find out more.
What You should Know About Workers Comp for Your Businesses
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In the insurance world, I often see news about workers comp. Sometimes it’s about changes for a particular state or lawsuits. Most recently, The Hardford Financial Services Group has released a guide on workers comp for business owners. Here’s my own basic guide for worker comp:
What is Workers Compensation Insurance?
According to Insurance Information Institute it is defined as, “Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.”
What does that mean? It means businesses are required by law to provide benefits if an employee is injured on the job or ill during employment.
What Injuries are covered?
- Injuries sustained at the workplace while performing employment duties
- Auto accidents that happen during work purposes (excludes driving to and from work)
- Workplace violence
- Terrorist attacks
- Natural disasters
- Occupational diseases
- Certain illnesses
What are the employee benefits?
- Income replacement: total or partial depending on employment type
- Benefits are paid usually for a specific number of weeks
- Benefits amount is based on percentage of worker’s weekly wage
What are my costs?
- Premiums which are based on employer’s industry classification codes and payroll
- Payments for deductibles
- Administration costs of handing and reporting claims
Another important part of this is when an employee is absence from work due to injury is the well being of the person and company. Long absences can have a negative impact. Therefore, it is important to keep weekly contact with the employee and use effectively communication. Employees should also be explained how workers comp works.
If you want more information about workers comp, feel free to contact us for your business insurance needs.
I have insurance, but how do I file a business insurance claim?
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You’ve gone through the steps of buying insurance. You are ready if something were to happen to your business. But what do you do when something like a fire, accident, or theft does happen?
Steps to filing a business insurance claim:
- Report it to the law authorities if necessary.
- Contact your insurance agent and insurance company right away to report the incident.
- Go over your policy details so you know what are responsibilities are in the situation. Find out the timeline for the claim.
- Take pictures of the damage for the report and your own records
- Contact professionals to assess and repair damage. It’s a good idea to get at least 2 bids.
- Record and keep proof of repairs.
- Follow up
If it is a business interruption claim, be sure to do the following:
- Show your income before and after the loss.
- Record business activities and extra expenses required to running your business from its temporary location.
- If you are forced to completely close, record expenses still occurring such as advertising.
Your insurance broker should be able to help you make the process run smoothly. Making a claim can be stressful, but with the right broker it will be easier. The key element is to keep records of everything.