Employee Focus During Covid-19

September 02, 2021 Blog

Covid-19 has made a major impact on the business world, and we have barely begun to understand or experience its effects. Many businesses had to transition constantly over the past 18 months with layoffs, closures, flex scheduling, remote work opportunities, and so on. More employees are working from home than ever before, so employees now face new challenges such as balancing family responsibilities while still contributing meaningfully at work. Additionally, employees have to deal with the stresses that come along with an unstable work environment. As these changes continue in our lives and unfold this year, it will be crucial for companies to maintain trust and confidence within the company culture to stay productive and successfully support employees.  Here, Business Insurance Center shares some best practices for maintaining employee trust within your company during these trying times.

COVID-19 Employee Support Best Practices

Creating a company culture of wellness, trust, and respect during difficult times is an integral part of your business’s success. As an employer, you can take a few simple steps that go a long way in maintaining trust, productivity, and engagement in the workplace (even if it’s a remote workplace!).

1.Maintain Open Communication and Transparency

During a time like this, it is imperative to communicate with your employees on a consistent basis and make them feel included in the process of dealing with these new challenges you are facing together. Having a daily check-in with your employees is a key part of communication and success. This could be via phone, FaceTime, Zoom, or in-person. It’s a great idea to hold both one-on-one communications and group meetings to continue to build a sense of trust and community. Covid-19 has been an isolating time for many people, so encouraging camaraderie will go far in terms of employee and company wellness. Engage your team members by asking questions about how you can help or what’s working or not at different levels within your organization. This will enable potential concerns to be voiced before escalating into bigger issues. Be honest, transparent, and direct about important plans or changes within the company.

  1. Be Consistent

With so many elements of work and life constantly changing, your employees need to know that you are a stable, reliable, and consistent force within the company. This may be challenging during so much instability but your consistent reactions to situations and thinking through each decision builds priceless trust amongst your employees. Knowing what to expect from you provides a sense of security.

  1. Provide Wellness Benefits

Your employees are likely feeling a lot of stress and unease during this time and a way to counteract this is a focus on mental and physical health. Genuinely caring about the wellness of your employees also naturally develops rapport and trust. You can demonstrate this to your employees by providing ample opportunities for them to practice wellness. Offer gym or yoga studio memberships, include therapy in your benefits package, allow extra breaks for a walk or meditation session, encourage employees to share resources for stress relief and wellness ideas.

  1. Protect Data with Cyber Insurance

There is no quicker way to lose the trust of both clients and employees than a data breach. Such a breach can be catastrophic for your business reputation as well as that of your employees. With so many employees now working from home, the risk potential for a cyber breach has exponentially increased. The most effective way to safeguard against this is a solid cyber insurance plan from the Business Insurance Center. Cyber insurance can help with prevention as well as protection for everyone involved in the event that such a disaster occurs. Additionally, having a cyber breach policy naturally builds trust with your employees and clients alike.

Strategies to Support Employees

Covid-19 created a world of change for businesses in the past 18 months. Many companies have had to make changes, such as laying off workers or restructuring. The effects we’ve seen may be only scratching the surface – there will likely continue to be many more transformations over time within this ever-changing environment. Work culture may have felt unstable or scary at times for employees and these new shifts may have affected their trust with management. Yet you can counter the effects of the pandemic by employing these simple strategies for employee engagement during Covid-19. The Business Insurance Center team is here to support you and your employees on this journey by providing a stabilizing comprehensive insurance and benefits plan. Call or click now and we’ll put together a customized benefits package designed specifically for your employees and business. 

 

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5 Best Insurance Coverages for Businesses in 2021

September 02, 2021 Blog

When someone talks about “business insurance,” what generally springs to mind isn’t a way for small businesses to grow. Yet insurance is one of the best ways for you, as a new and growing business owner, to establish yourself as a successful entrepreneur by providing a safety net in case anything goes wrong. Even if you’re a seasoned pro at small business, or are expanding your business, it’s important that you educate yourself on different types of insurance policies available so you can make informed decisions about which ones will protect your company from various perils before they arise. Recent times have greatly changed the way we do business and in 2021, it’s crucial to stay ahead of potential risks. The Business Insurance Center is here to explore five essential types of insurance coverage– no matter what kind of business you run. 

business insurance for small businesses

2021 Best Small Business Insurance

To set your business up for success, you may want to look beyond the business insurance required by law. While small insurance requirements vary by state and industry, many employers choose to go above and beyond the minimum out of an abundance of caution for the business and employees alike. Just make sure you know what kind of protection best suits your industry and business’s needs before making any decisions on what to invest in and who will provide your company’s policy. 

General Liability Insurance for Small Businesses

In plain terms, general liability insurance protects a small business from losses or lawsuits related to your business. It also covers various types of claims including defective merchandise or services and product or operations liability. This type of coverage typically includes medical expenses and attorney fees in the event you are legally responsible for a bodily harm claim or property damage. It’s most beneficial to select a policy that includes the four main components:

  • Premises liability: covers expenses related to lawsuits of a non-employee who is injured on your business property.
  • Personal injury: protects against lawsuits related to a third party suing for physical, financial, or mental injuries. 
  • Advertisement injuries: deals with misinformation, copyright claims, slander, etc., lawsuits against your company.
  • Products liability: guards against claims related to injury caused by your goods or services

 

Workers’ Compensation Insurance

Injuries, illnesses, or other physical ailments from the job are covered by workers’ compensation insurance. If an employee is hurt or killed while performing his/her duties, this coverage will pay them for lost wages and medical bills as well as a portion of their income if they can no longer work. Injuries happen even in workplaces where all possible safety precautions have been taken, so it’s important to have workers’ compensation insurance so employees who are injured aren’t left without the financial resources they need to get back on their feet again. If you want to make sure that your employees are properly taken care of, then worker’s compensation is a necessity rather than an option. For you as the business owner, workers compensation insurance protects from civil suits made by disgruntled workers who feel they have been treated unfairly. Additionally, it’s a successful way to demonstrate your loyalty and concern for your employees. 

Commercial Property Insurance for Small Businesses

Commercial property insurance is something that every business owner should have. It doesn’t matter if you’re leasing space or own it outright, commercial property coverage can be a valuable asset for your company in the event of unforeseen disasters such as theft, fire, and other related events. Commercial property insurance usually covers not only building damage but also equipment used to perform day-to-day tasks like computers, furniture, industry tools – everything necessary for running a successful operation! The best business insurance agencies offer a stand-alone policy for commercial property or as a part of a comprehensive business owner’s policy that includes commercial buildings and property. In some cases, it may also be offered in an all-inclusive package to cover losses from natural disasters such as fire damage or storm/hurricane-related destruction. Commercial property policies are usually available on either replacement cost basis – which pays the actual cost needed to replace any items with like items without regard for depreciation. The other form of reimbursement is current market value. This includes deducting costs based upon wear and tear over time, or its actual cash value.

Cyber Liability Insurance for Businesses

Cyber liability insurance is a must for any company that operates online. This type of coverage protects your business from cyber attacks or interruptions causing a loss in data, revenue, and trust with customers. Cyber liability insurance protects internal business, financial, and employee information (by covering first-party losses) as well as customer’s information (covering for lawsuits or other third-party injuries resulting from a cyber attack). With a small business cyber liability policy, your business will have an added layer of security. This is a must in current times so that you and your customers feel confident doing commerce on an internet platform.

Employment Practices Liability 2021

Employment practices liability insurance (EPLI) is a form of employment-related policy that covers wrongful acts which occur during the hiring process. The most common types of related claims include discrimination, wrongful termination, sexual harassment, and retaliation. Business EPLI policies will pay for your company’s legal fees in defending against lawsuits as well as judgments or settlements if you lose the suit. It is important to note that these policies typically do not cover punitive damages, civil fines, or criminal penalties. 

Insurance for Small Business Owners

When it comes to small businesses, there are plenty of pieces that can fall through the cracks. That is why Business Insurance Center has been a business insurance provider for over 30 years, specializing in providing comprehensive and customized coverage so you don’t have to worry about anything but your company! Call or click for more information about how we can help you protect your greatest asset! 

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Business Insurance for Remote Employees in 2021

September 02, 2021 Blog

The recent pandemic has resulted in major changes across the globe, particularly in how we conduct business. One of the biggest differences is the massive increase in virtual employees, which perhaps has forever amended the way business will be done in modern times. Many companies are choosing to continue with a combination of at-home workers and business-side employees, allowing for flex scheduling, or making the decision to go entirely remote. While this flexibility allows for newfound growth and restructuring that can be greatly beneficial for companies, it also comes with its fair share of difficulties. Adjusting to these changes definitely involves a learning curve! One of the most important takeaways: remote workers often increase insurance risks.

Just a year ago, the number of people who were working remotely was just a fraction of what it is today, and having the right insurance protections in place is imperative for your company, your employees, and your customers. With that in mind, certain guidelines should be followed with remote worker insurance to maintain the security of your company and its staff. Recently, the focus of insurance for businesses has evolved into more coverage for workers who telecommute or work from remote locations. Here, Business Insurance Center examines the most important insurance policies for companies with remote workers.

remote workers insurance

What Business Insurance Do I Need for Remote Employees? 

One of the biggest concerns for businesses is about covering your assets. To that end, having proper insurance policies for remote workers is key. The top insurance for remote employees includes a few of the regulars, along with others that are specific to remote workers. 

General Liability Insurance Plans 2021

As we’re learning, these are new times in business and with that come new risks in liability, some of which we aren’t even aware of yet! General liability insurance for remote workers protects your cherished business from ALL such risks. This coverage includes advertising injury, personal and property injury or damage, medical expenses, lawsuits, and other issues that arise which put your business in jeopardy.

Cyber Liability Insurance for Remote Employees

For companies with remote workers cyber liability coverage is particularly essential in keeping your assets safe. A data breach, if not prevented, can cause a company to lose money and resources. Cyberattacks are far more likely to occur if your employees are off-site, without your normal company computer protections in place. Having the right cyber liability plans for remote workers means that any damage arising from attacks will be covered by your insurance. Additional security measures should also be put in place such as an encrypted virtual private network (VPN) through which workers access company resources and applications with strong passwords for authentication, antivirus software, firewalls and regular updates and upgrades of IT infrastructure. Prevent malicious outsiders from accessing sensitive files, business and customer data, and communication lines. 

Remote Employee Workers Compensation Insurance 

It may seem strange that this is still an essential need for businesses when workers are remotely located but there are plenty of reasons why it has become more important than ever before. Injuries and illnesses don’t disappear simply because your workers are remote! As mandated by most states across America, workers comp insurance covers the costs of work-related injuries, including loss of wages and medical expenses. How does workers comp work for remote employees? Employees must prove that the injury or work-related illness occurred performing work duties during business hours, regardless of whether they were working remotely or at the business itself. 

Commercial Property Insurance for Remote Workers

Again, this insurance may seem counterintuitive for remote workers, however, commercial property includes any equipment or assets belonging to the company, used both on and off-site. Update your commercial property insurance so that company-owned equipment used by remote workers in their homes is included.  

Insuring a Business with Remote Workers

Business Insurance Center provides the most comprehensive business insurance packages for remote workers on the U.S. market today! We have built our stellar reputation on having our finger on the pulse of the insurance world and we recognize the growing trend of employing remote workers. Your business insurance shouldn’t end at your business’s front door! Protect your most valuable assets: your employees and your company with the best insurance plans for remote workers from BIC. Growing and changing with current times is the wisest move you can make for your company and Business Insurance Center is with you every step of the way!

Call or click today and update your policy to include remote workers or create a customized insurance plan for remote employees. Self-employed? We provide work from home insurance plans for you too! Get a free business insurance quote today! 

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2021 Cannabis Business Insurance

September 02, 2021 Blog

One of the most trending business ventures in the United States currently is the cannabis industry. Recent Farm Bill amendments and various other legal changes in the industry have enabled cannabis businesses to grow exponentially. Pretty fantastic news for the millions who use cannabis products and amazing new potential for cannabis business owners, right? 

An important element to “growing” your cannabis business is protecting this cherished asset. It’s imperative to have a comprehensive cannabis business insurance policy in place to safeguard your investment. Does this raise some questions? We get it. The Business Insurance Center has extensive experience in the insurance industry and we stay at the forefront of our field with unrivaled knowledge of current insurance needs worldwide. Here, we break down all you need to know about cannabis business insurance 2021

cannabis business insurance

What is Cannabis Business Insurance?

While the demand and legality of cannabis products are increasing, the legal ambiguity between state and federal laws makes the cannabis industry a difficult one. The cannabis industry faces unique challenges, risks, and legal hurdles which make many insurance companies shy away from cannabis insurance coverage. However, in 2021, several cannabis insurance carriers have emerged to provide much-needed insurance for the cannabis industry, specifically built to address cannabis industry issues. Business insurance for cannabis companies typically covers every aspect of the growth, production, manufacturing, advertising, and selling of cannabis products. Most cannabis insurance programs also protect against common legal woes associated with the cannabis business. 

Why Have Insurance for Cannabis Business?

Banking regulations, harvesting and processing cannabis, fire dangers, customer liability,  injuries, lawsuits, theft, illnesses, liability, vandalism, loss of income, crop failure, workplace accidents, and property damage are just a few of the hardships present in the cannabis industry. Sounds pretty daunting, right? That’s why it’s so important to have reputable cannabis insurance companies by your side, helping safeguard your assets.

What Does Cannabis Business Insurance Cover in 2021?

Cannabis insurance coverage comes in a variety of forms, greatly depending upon your specific cannabis insurance plan. You may choose one policy that provides all you need for your unique cannabis business, or a combination of coverages to form a comprehensive plan for complete peace of mind.

Commercial liability coverage typically includes:

  • Public and Pollution
  • Bodily Injury and Property Damage
  • Non-Owned Auto
  • Employers Liability
  • Tenants Legal Liability
  • Incidental Malpractice
  • Errors and Omissions Liability
  • Product Liability
  • Government Instructed Recall

Commercial property coverage may include:

  • Contents of property 
  • Tenants Improvements
  • Stock
  • Operations Extensions
  • Off Premises Extensions
  • Claim Recovery Extensions
  • Business Expansion Extension
  • Valuation and Loss Settlement Extension

Cannabis business interruption insurance: Solutions for the consequential losses arising out of loss of the insured property.

Crime protection for cannabis businesses: Insurance policies to protect against employee dishonesty, employee or outside robbery, counterfeit papers, and depositors forgery, to name a few.

Legal expense insurance for cannabis businesses: This covers legal resources, advice and indemnity for taxes, legal defense, compliance and regulation laws, and so on.

Cannabis Business Insurance in 2021

The cannabis industry is hard enough. Let insurance agencies like the Business Insurance Center share the burden and do the heavy lifting now and then! Call or click to explore your cannabis insurance options with our expert team at the Business Insurance Center today.

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Cyber Liability Trends 2021

September 02, 2021 Blog

Today’s online marketplace seems to be growing at light speed. With the global pandemic, business trends have shifted to the online world and this has created a higher level of risk for cybercrime. It’s imperative to protect your greatest asset, your business, with an all-encompassing cyber liability insurance policy. If this is a foreign language to you, we get it! The Business Insurance Center has all the pertinent information you’ll need to know about why to get cyber liability insurance, what cyber insurance covers, and what to expect in cyber liability 2021

cyber risk insurance companies

What is Cyber Liability?

With much of the world’s economy, business transactions, and social interactions turning to online sources in the past year, cybercriminals have seized the resulting opportunities. Companies small and large, as well as individuals, are at risk for any number of internet-based crimes. Cyber insurance policies (also called cybersecurity or media liability insurance) protects businesses and individual users from internet risks, information technology infrastructure, data breaches, cyber theft, viruses, and other cyberattacks. Small businesses tend to be the most vulnerable to such attacks but corporations of all sizes are at risk without the proper protections in place. Cyber liability insurance covers the fallout that occurs from such a breach. 

Why Have Cyber Liability in 2021?

The main reason to have cybersecurity insurance is that 2021 cyber threats are predicted to be at an all-time high due to the increase of online usage from Covid-19, as well as the natural growth of the online global market. Cybercrime has reached a whole new level, leaving many of us perplexed about potential risks and wondering why purchase cyber liability insurance?

2021 cyberattacks are often covered in traditional commercial general liability policies or professional liability policies, but this usually will only cover basic cyber liability. That means that your business will be left holding the bag for a majority of the resulting liability. Having a comprehensive cyber liability insurance premium safeguards you and your business from this responsibility. 

What Does Cyber Liability Cover in 2021?

Many of us business owners today need cyber liability insurance coverage explained. For total peace of mind, it’s imperative to know the potential risks and how the recommended cyber liability limits cover your business from those dangers. Cyber insurance providers should always recommend that your coverage include more than just the basics. Depending on the cyber insurance carrier, comprehensive cyber liability may cover:

  • First-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks
  • Third-party coverage against privacy lawsuits, fines from regulatory bodies, media liability claims, breach of contract or negligence claims, failure to safeguard data or defamation 
  • Security-audits
  • Post-incident public relations and investigative expenses
  • Criminal reward funds

The best cyber insurance policies will cover all legal claims resulting from the data breach.

Cyber Liability Insurance 2021

As one of the top cyber insurance companies worldwide, our experienced team at the Business Insurance Center stays at the cutting edge of cybersecurity trends and currently recommended cybersecurity insurance coverage. This ensures that you’re always getting the absolute best coverage available. We encourage you to get out your cyber liability insurance coverage checklist today. We know you’ll find that the Business Insurance Center’s comprehensive cyber insurance policies protect your business in every necessary way. Total peace of mind: priceless.

 

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Commercial Fleet Insurance

September 02, 2021 Blog

Accidents happen. In our busy world, people are constantly rushing around, on their phones, and easily distracted. All it takes is one second and you’re dealing with a fender bender. Now more than ever, with the impact of the pandemic, your plate as a business owner is full and your time, money, and resources are valuable. You don’t have time to deal with costly fleet insurance claims in 2021. We get it and we’re here for you.

At Business Insurance Center, we offer business insurance of all types and specialize in 2021 commercial fleet auto insurance for businesses. Fleet insurance companies get the most commonly asked questions in regards to fleet auto insurance and with our 30+ years in the insurance industry BIC is well-equipped to answer them for you! 

commercial fleet insurance companies

What is Commercial Fleet Insurance?

Commercial fleet insurance provides coverage for your business vehicles and your employees who drive them. The main difference between commercial fleet insurance and regular insurance is that the owner listed in the insurance policy is your company rather than a personal owner. 

Why Should I Get Fleet Insurance?

Why is commercial fleet insurance important? Fleet insurance is imperative first and foremost for the protection of your employees and your business equipment. In protecting these valuable assets, you’re protecting the longevity of your business, your overall profitability as a company, as well as saving time and resources.

Fleet insurance companies provide insurance for your entire fleet of work vehicles under one plan. Rather than having a separate insurance policy for each and every vehicle, which is time consuming and expensive, you can have all your business equipment under one comprehensive fleet insurance plan.

What Does Commercial Fleet Insurance Cover in 2021?

We know as a business owner, you have spent your blood, sweat, and tears creating your cherished company. Now comes the important task of protecting everything you have worked so hard to build. 

2021 fleet insurance from the best commercial fleet companies usually includes all the vehicles that are used for your business. This can include food trucks, utility trucks, work vans, box trucks, company cars, and large commercial vehicles. If your employees use personal vehicles for business purposes at any time, these can be covered by a comprehensive fleet insurance plan too. The best commercial fleet insurance coverage offers protection for the equipment inside the commercial vehicle, the employees operating them, the vehicles themselves, replacement parts, and more.

Most commercial fleet services vary depending on the type of coverage you need. The top rated commercial fleet insurance companies offer customized plans. For instance, Business Insurance Center works with you to create a plan that fits your needs, including any or all of these components:

  • Commercial Fleet Liability: Basic coverage for bodily injury, property damage, uninsured motorist, and underinsured motorists. This offers assistance if you or an employee are found at fault in an accident.
  • Commercial Fleet Collision: This can pay for damages that occur to your vehicle whether you hit someone’s car or another driver’s car hits yours.
  • Comprehensive Commercial Fleet Insurance: Gives additional protection for damages to your business vehicle when you are not at fault. This can include theft, flood, vandalism, earthquakes, or fire.
  • Uninsured Motorist: Will help pay for injuries you sustain and property damage if you happen to be hit by an uninsured or unidentified driver.
  • Underinsured Motorist: When the other driver does not carry enough liability insurance, this policy can assist. It may not apply in no-fault states.
  • Commercial Fleet Roadside Assistance: You never know when you may need help because you locked your keys in your truck, or you have a dead battery or flat tire.
  • Auto Loan or Lease: If you run a fleet of vehicles, you probably have leases on them. This helps cover the gap if your leased automobile is wrecked in a crash.
  • Expanded Towing: Occasionally, additional towing coverage may be needed, especially if your business covers a large area or territory.
  • Rental Reimbursement: Helps cover those times when a rental car is needed after an accident.

BIC offers affordable commercial auto insurance, low rate commercial truck insurance, commercial fleet finance options, car rental fleet insurance, fleet insurance for small business, and so much more. We know we’ll have the perfect commercial fleet insurance plan for your business. Best of all, we’re here 24/7 to answer your questions. 

All it takes is a call or click to get a free commercial fleet insurance quote from insurance experts at Business Insurance Center today! 

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Business Interruption Insurance 2021

September 02, 2021 Blog

During the Covid-19 shutdowns, many businesses reassessed the value of a comprehensive business interruption insurance plan. Understandably so, as the United States had never faced a pandemic in modern times that resulted in business closures. Many businesses (of all proportions) were left wondering what they could have done to protect their business and employees against such unforeseen circumstances. The resounding answer by the insurance industry: business insurance.

business interruption insurance 2021

Business Interruption Insurance Explained

When the pandemic hit and states began to close down, some businesses actually already had business interruption insurance coverage. Yet, as business owners discovered, what business interruption insurance covers varies greatly, depending on the policy and provider. So let’s get down to the details, explained by Business Insurance Center experts. 

What is business interruption insurance? 

Business interruption insurance is also known as business income insurance. The purpose of having such insurance is to protect against monetary loss when businesses are unable to operate because of a covered event. Business interruption insurance policies usually come at an additional premium that can be purchased as part of a business property insurance policy.

What is covered in a business interruption insurance plan? 

Covered events for such policies usually involve property damage of some kind. In most cases, business income insurance covers lost net income, rent or lease payments, employee wages, taxes, and loan payments.

What are business interruption exclusions?

Most business interruption insurance plans do not cover damages or losses from natural events, such as flooding, earthquakes, etc. As business owners found during the Covid-19 shutdown, many business interruption insurance carriers consider pandemics and viral outbreaks to be natural events. This means Covid-19 was excluded from coverage for many plans unless an additional coverage was specified in the purchased policy.

Business Interruption Insurance Coverage 2021

The business interruption insurance outlook 2021 is a drastically different one than in years past. As the usual flow goes, demand drives supply. Many businesses suffered great losses in the shutdowns and this revealed a desperate need for business interruption insurance that covers pandemics. What does this mean for business interruption insurance policies in 2021? BI insurance coverage in 2021 will likely change due to the recent global pandemic and the ongoing fall-out from the closures. Additionally, the cost of business interruption insurance premiums 2021 may increase. Insurance carriers in several states are being put to task by legislatures to retroactively pay for losses incurred during the pandemic shutdowns. This will likely come at an incredibly high cost for business interruption insurance companies due to the sheer number of policies they may have to pay out. That may, in turn, raise the costs of BI insurance 2021

Best Business Interruption Insurance Carriers 2021

That leaves us with the question: who needs business interruption insurance 2021? Any business that wants to protect against monetary loss due to unforeseen events, including pandemics, should get a BI insurance policy in 2021. It is important to select an experienced business interruption insurance agency that can ensure that your business gets the coverage it needs with no gaps that leave you unprotected. In other words, make sure your 2021 business interruption insurance coverage includes pandemics! The Business Insurance Center has over 30 years in the insurance industry. Our qualified personal guides are ready to provide you complete peace of mind with a customized business interruption insurance policy today! 

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5 Business Insurance Trends 2021

September 02, 2021 Blog

This past year had some bumps in the road that we never expected! The global pandemic and resulting shutdowns changed the face of business in the United States last year, this year, and most likely well beyond. The impact of Covid-19 on businesses has revealed some current business insurance needs that business owners never realized they needed. Additionally, some changes have come about in how business insurance carriers operate and conduct business. Now, more than ever, it’s important to stay informed on the trends in business insurance today to best protect your business moving forward.

Current Business Insurance Trends 

Knowing what’s trending in business insurance 2021 will help you keep your finger on the pulse of areas of potential concern for your business. Having an experienced and knowledgeable business insurance carrier is also incredibly beneficial, as the best insurance agents will keep an eye on your potential coverage needs. Let’s explore what you need to know about business insurance 2021 with the Business Insurance Center experts! 

Cybersecurity Insurance Trends 2021
One of the major business outcomes of the pandemic was the migration of companies to online or digital platforms. As the number of business transactions increases online, so does the number of hackers. Their expertise in hacking, even of the most sophisticated programs, grows daily. This has increased the need for cybersecurity insurance coverage in 2021. Cybersecurity insurance policies protect your business against potential breaches of data, resulting in lawsuits, fines, and ultimately, the loss of trust from your clients. Protecting your most valued customers, in turn, may protect your business reputation and standing. Even if this was not an insurance premium you would have invested in prior, 2021 may be the year to begin. 

Business Interruption Insurance 2021

Business interruption insurance protects against monetary loss when businesses are unable to operate because of a covered event. When the pandemic hit and states began to close down, some businesses actually already had business interruption insurance coverage. Yet, as business owners discovered, what business interruption insurance covers varies greatly, and many policies did not cover pandemics. Insurance carriers in several states are now being put to task by legislatures to retroactively pay for losses incurred during the pandemic shutdowns. Find out if yours is one of them! Additionally, you may want to consider adding business interruption insurance if you don’t have it already.

Customized Business Insurance Plans 2021

Part of what was revealed during the pandemic crisis is the need for more personalized business insurance plans. The one-size-fits-all approach is no longer effective for many companies and the best business insurance carriers in 2021 will respond accordingly and provide customized business insurance policies. The result: you’ll have a more affordable business insurance policy in 2021 because you won’t be paying for coverage you don’t need. Also, you’ll have more flexible and comprehensive business insurance in 2021, designed specifically for your protection. 

Business Insurance Technology 2021

You can expect faster, more responsive business insurance support in 2021. This is because many business insurance companies have invested in advanced technology that mechanizes many processes. Business insurance files have become digital and easily accessible online. Your policy and any claims made are analyzed with algorithms to improve speed, accuracy, and overall processing performance. This has expedited claims processing, determining business insurance premiums 2021, initial risk assessment, policy administration, and much more. 

Business Insurance Rate Trends 2021

Last year wreaked havoc on the insurance industry financially. As companies across America were shut down, they were not able to pay for their insurance, leaving insurance companies unable to collect their business insurance premiums. Yet there remained insurance claims to pay out.  Business insurance rates in 2021 may increase as a result. Additionally, moving forward, insurance carriers are likely to support only profitable businesses, choosing not to renew policies for unprofitable or non-paying clients. 

Trends in Business Insurance 2021

Call insurance experts at the Business Insurance Center today! We have extensive expertise on current trends in business insurance and we’d love to protect your business today with a customized business insurance plan. Our countrywide network of experienced professionals continuously looks for different ways to save you money while still getting you the protection you require. Request a free quote today from the team that has years of experience to help you look after your enterprise through industry-specific plans. Click or call to learn more! 

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How to Detect Workers Comp Fraud

September 02, 2021 Blog

You’ve worked so hard to build your business and you’ve taken all the right steps to insure every aspect of your operation, right? Suddenly, you get hit with a workers comp claim that seems suspect. Trust us, it happens more often than you think! In fact, it is currently reported as the fastest growing insurance fraud! While workers’ compensation coverage is incredibly useful for covering expenses that may result from employees getting ill or injured on the job, it also has the potential for fraud.

Fraudulent workers’ compensation claims can put your company in a tight spot. Workers can falsify the cause or severity of their condition, or even fake an injury altogether in order to get out of work and collect compensation without facing any repercussions, if you don’t detect the fraud. Employees who commit workers’ compensation fraud put your business at risk by increasing overall coverage costs, hindering your reputation with customers, and potentially causing financial ruin.

Business Insurance Center is in the business of protecting your most cherished asset and here we’re bringing you some vital tips on how to spot workers compensation fraud within your organization!

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Examples of Employee Workers Comp Fraud

Trust between you and your employees is tantamount to your business’ success, so we know it’s difficult to imagine that this could happen to your business. Also known as workers compensation claimant fraud, workers’ comp fraud by employees usually involves falsifying at least one element of illnesses or injuries, such as exaggerating the severity or length of time spent recovering from an injury to obtain a higher payout for an extended hospital stay.

Most common workers compensation fraud:

  • Malingering. Exaggerating an injury is a common tactic that some employees use to prolong workers’ compensation benefits. For instance, if someone has a mild ankle sprain, they may claim it’s more painful or debilitating than it really was in order to extend the time allotted for recovery. Employees may even lie about the timing of when they were fully healed in order to collect more workers comp recovery funds.
  • Faking a condition for workers comp. Many workers comp fraud cases involve a completely invented work-related illness or injury. Employees may say that they developed carpal tunnel due to repetitive motions on the job when in fact, they never had such a condition.
  • Falsely attributing an ailment on a workman’s compensation claim. Sometimes employees who become ill or injured outside of work recognize this as an opportunity to make money off of a claim by committing workman’s compensation claim fraud. They would then claim that this condition occurred on the job site, or at work in order to make money off workers’ compensation coverage. For example, an employee may sprain an ankle while exercising and claim it occurred at work.

    Signs of Workman’s Compensation Fraud

    A vital part of protecting your business from workers comp fraud is knowing some common signs of employee workers comp fraud. If your employee makes a suspicious workers comp claim, assess the entire situation for possible fraud. Some warning signs of employee workers comp fraud include:

-The employee reports their injury or illness at the start of a shift
-There was no witness to the incident that caused the employee’s illness or injury (especially if the employee works near others)
-The employee does not provide a cause for their illness or injury
-The information provided by the employee of how the injury or illness occurred changes
-The employee switches medical providers during treatment for their illness or injury
-The employee is difficult to contact during the claim process
-The employee has a history of disciplinary issues
-The employee with the injury or illness claim is newly hired

Overall, it’s critical for you to be proactive in preventing and identifying employee fraud in your workers’ compensation program. Keep an eye out for these fraud warning signs to protect your business!

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4 Tips to Prevent Workers Comp Fraud

September 02, 2021 Blog

As the fastest growing insurance fraud in America, workers claimant fraud is one way employees may seek to make the most of an opportunity. Employee fraud in workers compensation claims can lead to serious consequences for your organization. It can increase overall claim-related expenses, through the complex investigation process, and raise your workers comp insurance premiums due to associated risk factors. Besides coverage ramifications, employee fraud can also affect the overall success of your organization, damaging your organization’s reputation and impacting your client relationships. These troubling claims may cause potential investors, shareholders, or even future contracts to be in question. You’ve worked so long to build your business, it would be disastrous for a fraudulent workers comp claim to threaten your most cherished asset.

The key to avoiding such destruction is to put in place effective preventative fraud measures that safeguard your business and dissuade any fraudulent actions. Business Insurance Center breaks down some simple steps that you can take to avoid employee workers comp fraudulent claims.

How to Avoid Workers Comp Fraud

Are you now wondering “how do I protect my business against workers comp fraud”? That’s the spirit! There are a number of ways to help prevent employee insurance fraud by taking precautionary measures and making informed decisions that best protect businesses against employee workers comp fraud.

1. Educate Your Employees About Workers Comp Fraud
During any meeting, routine training, or group session, take the opportunity to inform your staff about workman’s compensation fraud. Teach them the ins and outs of workers compensation. You’ll have peace of mind knowing that your staff are trained on how to properly file a claim, what isn’t covered by workers comp, and how fraudulent workers comp claims negatively affect a business. It also lets employees know that you’re aware and safeguarding against such false claims. Additionally, if employees are instructed to report any work illness or injury immediately, they are less able to make a false workers comp claim (the issue is treated more quickly and cannot escalate into a more serious condition). Open communication often discourages fake workers compensation claims.

2. Hire Trustworthy Employees to Avoid Workers Comp Fraud
During the hiring process, apply well-established screening systems such as criminal background checks and contact with references (and prior employers). These measures can help you choose employees who are unlikely to engage in criminal behavior. Another element of the hiring process should be an assessment to determine if the candidate is capable of performing any physical requirements for the job. When you hire the right people for the right job, it decreases the likelihood of a workers comp claim in general, while also making it less likely that they’ll be able to successfully fake an injury or illness.

3. Use Risk Management Strategies to Prevent Fraudulent Workers Comp Claims
Having a workplace safety plan and strategies that are beyond reproach increases the likelihood of employee safety. Implementing a successful and encouraging return-to-work program also supports employee happiness, health, and safety. This both limits workers’ compensation claims and keeps costs low when claims occur, making it more difficult for employees to engage in fraud.

4. Asses Workers Compensation Claims Carefully
Establish a diligent and thorough process for assessing workers’ compensation claims. This will help you to detect illegitimate workers comp claims and help deter employees from attempting fraud.

Protecting Against Workmans Comp Fraud

If this unfortunate situation does occur within your organization, there are steps you can take to minimize the damage. After all, employee workmans comp insurance fraud is illegal and your employee will face ramifications if found guilty of committing fraud, including civil penalties, court injunctions, and criminal charges. Thus, it’s vital to report suspicions as quickly as possible and determine if the claim is indeed fraudulent.

How to Report Workers Compensation Fraud
If you suspect that employee workers compensation fraud is happening at your organization, report your suspicions to your claims adjuster immediately. The claims adjuster has a handful of tools at their disposal to help determine if an employee’s claim is legitimate, fraudulent, or requires corrective action.

What to do about Employee Workers Comp Fraud
Together with your insurance claims adjuster, you can work to determine if your employee is making an illegitimate workers comp claim by:
-Having a case manager visit the employee randomly
-Analyzing all the medical records
-Requiring an independent medical examination of their injury or illness
-Surveilling the employee through video or social media

Hopefully these tips from the Business Insurance Center on workers compensation fraud protection have helped! It’s always most beneficial (and cost-effective) to deter false workers comp claims from the start – and now you know how!

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