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Archive for the ‘ business insurance ’ Category

Insurance Considerations for Summer Businesses

Tuesday, May 5th, 2020

Although many businesses are experiencing significant changes right now, there are plenty of summer businesses still planning to be in normal operation by this summer. The situation is rapidly evolving, but we still wanted to provide you with some important insurance considerations for summer-based businesses or businesses whose operations vary during warmer months. 

Business Insurance for Summer Businesses

In the summer months, your business could have different insurance needs than it does during the rest of the year depending on the nature of your operations. Or maybe your business only operates in the summer to begin with!

Either way, here are four insurance considerations for businesses during the summer.

Protect your inventory

If something were to happen to the inventory you need to sell to make an income, how would you make money? To protect you from the damages of being left without inventory, make sure you have business property insurance in place. 

Patio safety considerations

Several restaurants and bars have patios that are only open during the summer. Does that include your business? Then you’ll want to make sure your commercial general liability insurance gives you adequate coverage for third-party injury or property damage claims from clients using your patio.

Insure your supplies

Several summer-based businesses rely on expensive equipment to operate, pool maintenance workers and landscapers being a few examples. If your tools are damaged or taken, commercial property coverage could help cover the cost of repairing or replacing these items. 

Errors and omissions insurance

Event planners are often busiest in the summer. Because they’re responsible for providing valuable services to clients, with that comes a certain amount of risk. With errors and omissions or professional liability insurance in place, you get financial protection for covering damages and other liabilities.
Would you like to learn more about the best options for protecting your business during all months of the year? We also offer home and auto insurance, along with farm insurance and life and health insurance. Give us a call today for help with all of your insurance needs!

Preventing Floods in Commercial Properties

Monday, April 6th, 2020

Do you own a commercial property? As a business owner, you need to be prepared for flooding and other disastrous events your business could face. 

Unfortunately, commercial properties can be especially vulnerable to flooding, especially if they are left unattended for long periods of time. Once commercial properties are flooded, you risk major financial losses. These losses can result not only from structural issues, but also from merchandise, inventory, and other property being damaged. 

Luckily, with the help of business insurance and flood insurance you can help protect yourself from many of these losses. 

But taking steps to prevent floods—or at least extensive flood damage—from happening in the first place is a crucial part of protecting your commercial property. 

Here are some of the steps you can take to prevent water damage in your commercial property.

Add water sensors 

These handy devices can alert you right away if there’s water on the floor or in other areas of your commercial property. They can alert you via your smartphone device immediately, so even if you’re away from the property, you can put a plan into place for dealing with the flooding right away. Basic devices can cost less than $10, but you can also purchase more advanced technology if you’d like. 

Waterproof important documents 

Using waterproof boxes to store essential physical documents you need to have on hand at your business AND your home is always recommened. Whenever possible, be sure to keep extra copies in secure secondary locations too. 

Have a plan in place

Flooding tends to come on suddenly, so having a plan in place ahead of time is the best course of action. Make sure your employees know exactly what to do with sensitive documents and equipment if your property starts flooding. Inform them about who they should call and any other steps they should follow at the same time. 

Are you interested in learning about all of your commercial insurance options for protecting your business? Give Fargo Moorhead Insurance a call today so we can help find the right coverage for you!

What Does It Mean to Be Bonded and Insured?

Thursday, March 5th, 2020

Is your business bonded and insured? Whether the answer is yes or no, it’s important to understand exactly what these terms mean and the difference it can make for your business.

Let’s explore these terms by breaking each of them down.

Small business insurance

If your small business has insurance, you help protect yourself and your business from a great deal of financial risk. When your business is insured, you pay a monthly premium in exchange for the peace of mind and security that you won’t be left paying thousands or even millions out of pocket in the event of a claim. 

Every small business insurance policy is a bit different, but these are some of the common components of a policy:

  • Commercial property insurance
  • Commercial auto insurance
  • Business property insurance
  • Errors and omissions insurance
  • Business interruption insurance

Is your business bonded?

Not all businesses need to be insured and bonded. But if you do need bonds for your business, here’s what you should know. 

Surety bonds involve three parties: the principal, the obligee, and the surety. If your business is bonded, the entity hiring your services want to ensure they’ll be financially protected from inadequate or incomplete work, negligence claims, or failure to comply with local or federal laws. 

Many people/companies will not hire a business unless they’re bonded. One example of a business that will need to be bonded and insured is a construction company. Construction or contractor bonds are also referred to as license and permit bonds and they provide critical protection for the client. 

We’ve also covered surety bonds more in-depth in this post. 

Other bonds

Depending on the nature of your business, there are a variety of other bonds you might need. 

These include:

  • Janitorial bonds
  • Fidelity bonds
  • Court bonds
  • Commercial bonds

Give us a call today if you’d like to learn more about bonding and insuring your business!

Understanding Surety Bonds for Your Business

Sunday, December 22nd, 2019

Does your business utilize surety bonds? These can be a vital tool for businesses that need to protect themselves from financial loss. They’re a good way to manage and transfer risk in certain situations, and they can help protect both private and public interests. The idea of surety bonds might seem complicated at first, but it’s actually a pretty simple process involving three parties.

1. The principal

The principal is the person, group, or party who buys the bond. The principal is the hired party, and the surety bond ensures the obligee will receive compensation if the principal doesn’t fulfill their obligations. This party must agree to terms of repayment, and this is often with interest.

2. The obligee

The obligee is the party that requires the principal to ensure a surety bond to protect themselves from financial loss. This is the party that hires the principal. By securing a surety bond, the obligee is guaranteed the services are performed or that they’ll receive financial compensation if not.

3. The surety

The surety is the financial institution or body that secures the funds for the bond and guarantees the principal will be able to fulfill a financial obligation. Consider the surety to be a lender for simplicity’s sake.

In the event of a claim, the surety bond company pays the obligee, and then the principal must pay the surety back via annual bond premium that between 1% – 15% of the total bonded amount until the obligation is complete. If a principal doesn’t meet their bonded obligation and a claim is filed against them, the surety covers the claim and recoups the money via indemnity.

While a variety of industries utilize surety bonds, they’re most common within the construction industry. Relating to construction, surety bonds are used to protect against disruptions or financial risk due to a contractor’s failure to complete a project or to meet contract specifications. These bonds ensure a construction project’s bills will get paid and are often required by investors.

To learn more about protecting your business (no matter the industry) from a variety of financial risks, give Fargo Moorhead Insurance a call today so we can help!

What You Need to Know About Commercial insurance If You Work From Home

Tuesday, November 12th, 2019

If you work from home, insurance for your business is still just as important as it would be if you operated from a separate location. Every business operates with a certain level of risk. When you appropriately prepare for these risks with business insurance, you help protect yourself from costly liability claims and so much more.

Here are some essential things you should know about business insurance if you work from home. 

Your home insurance isn’t enough 

Many business owners who work from their homes assume their home insurance covers anything in their home — including their business operations. But the truth is, a standard homeowners insurance policy will not include coverage for business activities. 

Business property insurance

Let’s say a fire destroyed a large part of your home, including some of your business supplies. Your home insurance could cover the cost of repairing or replacing your personal property, but business property is another story. For that to be covered, you’ll want to have a business property insurance policy in place. 

Liability insurance for home businesses

A commercial general liability policy can be incredibly useful for a home-based business. With this policy in place, you can have coverage if you are found liable for third-party injuries or damages. If you and your staff conduct business away from your home too, this coverage can also come in handy then.

Let’s say, for example, you own a tree cutting business that’s based from your home. When one of your employees is on a job, they cut a tree that falls and breaks a neighboring window. With CGL coverage, the cost of repairing the damage could be covered.

Workers compensation insurance for home businesses

Workers compensation is almost always required for businesses that employ people. So, if you have employees, even if they work from your home with you, workers compensation insurance is still important. Your employee could be injured at your home or away at a job site. With workers compensation insurance, you’ll have the means to pay for their lost wages and other costs associated with the injury. 

Business interruption insurance

When something catastrophic happens in your business/home, business interruption insurance can mean the difference between your business coming through relatively unscathed or not surviving the interruption. 

Perhaps there’s a flood in your home office where you conduct your business and where all operations take place. If you’re unable to operate your business and earn income until the situation is taken care of, business interruption insurance can help you cover wages, utilities, and other bills that come up during this time. 

Commercial auto insurance

If you use a vehicle for your business, commercial auto insurance is an important part of your business insurance policy. Even if you use your personal vehicle for work, it’s important to have separate business coverage for commercial use — the same regular home insurance won’t cover business operations conducted in the home. 

Whether you operate your business from home or a separate location, there are great business insurance options that can protect you from insurance risks. Give us a call today to learn more!

Does Your Business Need Commercial Umbrella Insurance?

Friday, October 18th, 2019

When you hear the term “commercial umbrella insurance,” what comes to mind? Many business owners aren’t entirely aware of what this type of coverage entails, or even what it means. Today, we are going to give you the answers to your most pressing questions on the topic!

What is commercial umbrella insurance?

Commercial umbrella insurance is a way of giving business owners added liability coverage when their basic policy limits are reached. 

What does commercial umbrella insurance cover?

There are different types of business insurance policies that umbrella insurance can be used with. 

This includes: 

  1. Commercial general liability (CGL) insurance
  2. Commercial auto insurance
  3. Other types of liability coverage not included in a CGL policy

How does commercial umbrella insurance work? 

Let’s say your commercial auto insurance policy has a $75,000 limit. 

One of your drivers is involved in a multi-vehicle collision for which they’re at fault, and the damage totals more than $200,000 in damage.

Because your business auto insurance caps out at $75,000, how will you cover the additional $125,000? 

If you have a commercial umbrella insurance policy, this can be used to go toward this gap in coverage once your limits are reached.

Who needs a commercial umbrella insurance policy? 

Most small business can benefit from a commercial umbrella insurance policy. This can depend on the specific risks your business faces, how high your existing coverage limits are, and many other factors. 

A business that regularly faces public exposure is more likely to experience costly third-party liability claims. In that case, a commercial umbrella insurance policy is a wise choice.

Commercial umbrella insurance policies often cost business owners less than $1000 per year, and with that comes a great deal of peace of mind and protection.

If you’d like to learn more about what a commercial umbrella policy might look like or cost for your business, get in touch with Fargo Moorhead Insurance today!

Four Signs You Might Need General Liability Insurance for Your Business

Monday, July 1st, 2019

As a business owner, you have a lot on your mind, including buying insurance for your business.

Business owners often struggle to determine exactly what kind of coverage is right for their company, which is why we put this article together!

General liability insurance is also referred to as commercial general liability or CGL insurance, and it’s one of the most essential forms of coverage for businesses.

Here are 4 signs your business might need commercial general liability coverage.

  1. Your business operates out of a physical location where customers visit. This opens you up to all kind of lawsuits and other resulting bills from bodily injuries and property damage that take place at this location. With general liability insurance in place, you’ll have a way to cover medical and legal bills, and more. In addition to customers who could make bodily injury claims, this extends to employees, vendors, maintenance personnel, and other associates.
  2. Your business leverages social media. As powerful as social media can be for businesses, it also opens them up to things like libel and slander claims, from which you’ll want general liability insurance to protect you.
  3. Your customers might require it. When you sign contracts with other companies, these contracts often dictate that you must have general liability insurance in place. Skilled contractors and tradespersons are often asked to show proof of insurance to their customers as well. This gives customers the peace of mind that you have the right protection in place during the course of your work with them.
  4. Your business has changed. Maybe you’ve added employees, new equipment or tools, changed locations, or changed your scope of operations recently. Whenever your business undergoes changes, it’s important to discuss them with your insurance agent so they can help make sure you have the right coverage in place.

Are you interested in learning more about business insurance and what kind of coverage is right for you? Get in touch with Fargo Moorhead Insurance today so we can help!

Are you a business owner in Casselton, Fargo, West Fargo or other areas of North Dakota?

Thursday, January 10th, 2019

Fargo Moorhead Insurance offers business owners a variety of unique commercial insurance options to protect yourself, your business, your property, and your employees.

Our commercial insurance options include:

General liability: This is an incredibly valuable form of insurance for any business to ensure you’re protected from losses associated with injury and property damage.  

Professional liability: If you’re in a business that provides services or advice to your client, you are at risk for errors and omission cases and other claims of negligence made against you. That’s where professional liability insurance comes in to protect you from damages and legal fees that come with these claims.  

Mechanic and body shop: If you’re a mechanic or you own a body shop, you likely have plenty of valuable equipment in your possession, as well as some employees under your command. Mechanic and body shop commercial insurance helps cover the costs that arise from property damage, theft, and more in your business.  

Cabs and limousines: If you own or operate one or a fleet of cabs or limousines, you’ll need a specific form of commercial insurance to protect business and your automobiles. These policies help offset the costs that arise after accidents, injury, theft, and other damages.

These are just a few of the types of commercial insurance we are pleased to offer. If you’d like to learn more about insuring your business in North Dakota, call us today! 

Did you know North Dakota is the country’s biggest sunflower seed producer? Whether you grow sunflowers or you operate any other kind of farm, it’s important you have the right insurance policy.

At Fargo Moorhead Insurance, we offer comprehensive farm insurance plan to protect you, your livestock, and your farm from whatever happens.

This can include:   

  1. Machinery and Equipment If your farming equipment or machinery is lost, stolen, or damaged, your farm insurance can help cover the cost of repairing or replacing these tools that are essential to your business operations.
  2. Livestock Most farm insurance policies include coverage for livestock losses associated with storms, theft, vandalism, fire, and more. But did you know you can also purchase additional livestock insurance to help when your livestock is injured, ill, or dies from unexpected medical events?   
  3. Liability Farms can be dangerous places, and you, your family, or guests at your property are at risk of injury or even death. With liability insurance, you’ll have protection to cover the cost of medical expenses and legal damages if someone is injured on your property.

Want to learn more about the right farm insurance policy for your property? Contact us today!