“Whether you are a start-up or been around in the game for a long time it is important to protect your business”
Our experts in business Insurance sat down to give a brief introduction to business insurance. Kathy Carter and Paola Estrada are BlueSky’s Business Insurance Specialist. Along with their intro video, they wanted to provide more information on what to consider when looking at business insurance.
Where to Start
As mentioned in the video it is best to understand your business. All the details matter when determining a quote.
“The size of your business, industry type, where it is located, gross sales and payroll expectations, and several other factors”
Knowing your company will help you determine what coverages are best for you. For instance, a general contractor and a remote marketing firm will have similar but different coverages, since one is more in person. Once you know your business protect it from all the unexpected factors
Other Factors to Consider
Business Vehicles: If you or your employees drive for the company you will need Business Auto Insurance. It provides coverage for damages or liabilities for business-related driving.
     Liability Coverage: Coverage for bodily injury and property damage liability. Cover the injuries to others and/or their property.
     Collison Coverage: Helps pay for repairs to your vehicle after a collision, regardless of fault.
     Comprehensive Coverage: Non-collision-related damage, such as theft or natural disasters.
     Medical Payments: Helps cover medical expenses for you and your passengers after an accident regardless of fault.
     Uninsured Motorist: Helps protect you from costs if you’re hit by a driver with no or insufficient coverage.
Insurance Audits: When your renewal approaches your insurance agency will conduct an assessment to ensure that the details you’ve provided about your business are accurate and that you’re paying the correct amount for coverage.
  Financial vs Operational Audits:Â
     Financial Audits will focus on statements and records of payroll, revenue, and other relevant figures that are accurate.
     Operational Audits assess the operation of the business to confirm that risk exposure and practices match reports.
  Preparing for an Insurance Audit: Keep detailed records and review your policy, which BlueSky is happy to help with.
  Outcomes: Premium Adjustments can go up or down based on findings. Coverage Changes may occur to better align with risk exposure.
Cyber Liability Insurance: Whether you are in-person, hybrid, or remote it is more than likely that you communicate virtually in one way or another. Protect your business from the financial impact of a cyber-related risk or breach.
    Data Breach Costs: Assistance for expenses related to the breach of personal data.
    Business Interruptions: Helps cover lost income and additional expenses incurred due to a cyber-attack.
    Cyber Extortion: Covering ransomware attacks and other forms of extortion.
    Legal Fees
Specialized Business Needs
Umbrella: sticking to the motto that it is better to be safe than sorry, Umbrella Insurance for your business can provide an additional layer of protection that goes beyond general liability.
Extra Coverage
Broader Protection
Cost-Effective
Higher Limits
Peace of Mind
Each business is unique and may provide a variety of services or products, so finding the right insurance on your own can be difficult. As a small business, we understand the worries businesses go through. BlueSky can compare costs among carriers to help you find the best coverage at the best rate.
Featured Agents:
Kathy Carter – Business Insurance Specialist
804-215-4311
Paola Estrada – Business Insurance Specialist
804-621-1842