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Posts Tagged ‘ business insurance Moorhead ’

Small Business Loss Prevention Tips You Can’t Afford to Miss

Tuesday, July 20th, 2021

As a small business owner, loss prevention is always at the front of your mind. Unfortunately, shoplifting still costs US retailers about $61.7 billion each year and these numbers aren’t showing any signs of slowing down.

Small Business Loss Prevention Tips

With that in mind, this post is going to cover some business loss prevention tips you (and your business) can’t afford to miss.

Optimize Your Store’s Layout

It might be time to rethink the layout of your store if you’re regularly dealing with shoplifting at your retail locations. Moving the checkout closer to the entrance/exit is a good place to start. It might also be worth getting locked displays for high value items, and switching to lower display shelves that don’t disrupt your line of vision. 

Employee Training

Do your employees know how to spot suspicious behavior and stop shoplifting in its tracks? If not, it’s time to invest in this training! Make sure your team also knows what to do when they suspect shoplifting, as well as how to use the security system and alarms.

Install a Security System

On that note, be sure you have a security system in the first place. Although it requires an initial investment, this will pay off in spades down the road. Not only can it reduce business loss, but it can also help you save money on your commercial insurance policy. On top of installing a security system, make sure you advertise that security measures are in place, as this is a helpful crime deterrent in and of itself. 

Require Receipts for Returns

Regularly having customers return items without receipts? There’s a significant chance some of these items could have been stolen, and these customers are “returning” them to make a profit. If this is an issue in your business, it could be time to start making receipts mandatory if a customer wants to return an item.
It’s also incredibly important to have the right commercial insurance coverage in place to help mitigate any business losses. If you’re interested in learning more about the options that might be right for you, contact us today for help!

Reasons Your Business Needs Cyber Coverage

Tuesday, June 1st, 2021

Is cyber risk coverage really something that should be included in your insurance policy? This is a big question many business owners ask themselves. The problem is, if they don’t ask this question in time, they risk serious financial consequences as a result of a cyber breach. 

Unfortunately, with so many data breaches and cyber attacks over the last year, it’s more important to ask this question than ever.

Reasons Your Business Needs Cyber Coverage

Here are five big reasons your business needs cyber coverage: 

  1. Media liability: This type of cyber risk coverage helps you in the event a data breach leads to intellectual property infringement. It includes things such as online advertising and printed advertising.
  2. Privacy: Your customer’s and employee’s information is sensitive information! If that information is to become exposed in a data breach you could be the one liable. This type of coverage will protect you in this type of situation.
  3. Network security: If your network security is to fail and something like a malware infection, data breach or cyber extortion is to happen, you could be on the hook. This would cover the costs of things such as credit monitoring or legal expenses.
  4. Business interruption: Your business could experience operational issues in the event a cyber threat takes place. This coverage can help you with any lost profits.
  5. Errors and omissions: It’s possible that a cyber attack could prevent your business from fulfilling any contractual operations, which this type of coverage helps you with! It would take care of any of the allegations of negligence or legal defense costs that could come about.

Still have questions about cyber risk coverage? Get in contact with the team at Fargo Moorhead Insurance today to get the answers you’re looking for! We are commercial insurance brokers in North Dakota and Minnesota offering competitive commercial insurance rates while keeping your primary business coverage needs in mind.

If you want to learn even more about cyber risk coverage, here are three more posts to read next:

What is Business Income Insurance?

Monday, March 1st, 2021

Do you own a business in the Fargo Moorhead area? It’s time to start thinking about business income insurance if you haven’t yet!

What is business income insurance?

This type of business insurance is meant to cover losses related to an interruption of your regular business income. For example, if you have a restaurant that is forced to shut down due to a fire, business income insurance could provide you with the income you would have earned during the time your business is shut down. 

But keep in mind, this coverage only applies if the business is forced to shut down due to a covered peril. For most businesses, that includes fire. But let’s say an earthquake happens and earthquakes are excluded from your policy. In that case, your business income insurance coverage would not apply. 

Do I need business income insurance?

Here are a few types of businesses that business income insurance is almost always recommended for:

  • Service-based businesses
  • Businesses that rely on physical or digital property too earn an income
  • Retail businesses with brick and mortar and online shops

What other types of business insurance do I need?

Every business is unique, which is why their business insurance policies should also be unique! Policies should be tailored to a business’s unique needs to make sure they have the coverage they need for whatever could happen. 

Some businesses benefit from virtually all types of business insurance, while others might pick and choose from different options. 

Here are some of those options that might be right for you:

  • Commercial auto insurance
  • Cybersecurity insurance
  • Business liability insurance
  • Workers compensation insurance
  • Commercial property insurance
  • Management and professional liability
  • Employment practices liability
  • Commercial flood insurance
  • Surety and fidelity bonds
  • Home-based business insurance

Choosing commercial insurance in Fargo-Moorhead

No matter what combination of commercial coverage is right for your business, we can help you find a policy that suits your business and your budget. Give Fargo-Moorhead Insurance a call today so we can get to know you and your business!

Preventing a Sewer Backup at Your Business

Monday, January 4th, 2021

A sewage backup can be devastating for a business. Not only can it destroy your inventory, but it can also damage your property and even force your business to shut down. And in this economic climate, if a sewer backup makes your business shut down even for just a few days, this can be enough to put you out of business altogether. 

To reduce the chances of this happening at your business, let’s talk about  some of the causes and signs of a sewer backup, as well as what you can do to prevent them. 

What is a Sewer Backup?

When a sewer pipe becomes clogged or damaged, it can block the regular flow of the pipes. With nowhere to go, raw sewage then backs up until your building. And as you can imagine, this can cause incredible damage. 

Is Your Business at Risk of a Sewer Backup?

Your business could be at risk of sewer back up if:

  • Toilets are gurgling after flushing or are difficult to flush
  • You, your employees, or your customers have noticed sewer line-related odours (including sulphur)
  • Plumbing fixtures are clogged or drain slowly

Common Causes of Sewer Backups in Businesses

If you’ve started noticing some of the signs of a sewer backup, you might be wondering what caused it in the first place. 

Here are some of the common causes of sewer backups in commercial properties: 

  • Soil settlement in and around the property
  • Cracked pipes, including damage from tree roots
  • Grease build-up
  • Inadequate cleaning and maintenance (this is particularly common in high-traffic businesses)

Avoiding Sewer Backups

First things first: make sure your business’ sewer and plumbing systems are inspected at least once a year!

You’ll also want to consider using a water pressure reducing valve to limit an unnecessary stress on your property’s system. Make sure there’s clear signage in all of the bathrooms in your business that make it clear what can and cannot be flushed. 

Do you have all your bases covered when it comes to risks and potential damages to your business? Be sure to check your commercial insurance policy to make sure you’re covered for any unexpected things that can happen at your business. Give us a call today to learn more.

Insurance for Christmas-Based Businesses

Wednesday, December 2nd, 2020

As a holiday or Christmas-based business, you likely have an exciting season ahead! Don’t let yourself get caught in a sticky situation throughout the busy season, and make sure that you have the proper commercial insurance coverage in place.

What insurance should I have in place?

The most common type of insurance for business owners to have in place is general liability insurance. This type of insurance covers risks associated with bodily injury, property damage, medical payments, personal injury and legal defense.

While you’re not legally required to have this type of insurance in place, it’s highly recommended. As things become busier for your business, the chances of damages like these happening only becomes higher. 

Having the proper protection in place will save you a lot of time and money in the long run if these situations occur.

How much does general liability insurance cost?

Factors that go into determining your general liability insurance cost include location, number of employees, deductible, general aggregate limit, and per-occurrence limit. 

But on average, small Christmas-based businesses will generally spend somewhere between $400-$700 per year on general liability insurance.

Other types of coverage for Christmas-based businesses

In addition to general liability insurance, busy Christmas-based businesses should consider professional liability insurance which provides coverage for mistakes while on the job. This could be by you or an employee.

Commercial auto insurance is also necessary to have in place for employees using their vehicles to get to and from job sites. This can cover at-fault accidents as well as vehicle repairs, property damage, and treating bodily injuries.

Lastly, home-based insurance may be relevant for businesses who operate their business from home. 

If a work-related accident is to take place at home, or an injury to take place on the property, home-based business insurance can help to cover the costs. Regular homeowner’s or renter’s insurance may not always cover these damages.

Don’t wait! Make sure you have the proper insurance in place for your Christmas-based business and have the holiday season you deserve.Contact us today to discuss your options!

Why Business Interruption Insurance is More Important Than Ever

Tuesday, November 3rd, 2020

We’re all aware of the unprecedented times we’re living in with COVID-19. As we have seen, things can change more quickly than we can predict which leaves a lot of uncertainty looming – especially for business owners.

What is Business Interruption Insurance?

The best thing owners can do for their businesses is to have business interruption insurance ready should the unexpected happen. If you are to experience a loss, business interruption insurance covers your business’s physical and virtual damage.

Business interruption insurance is key for industrial business owners, small business owners and multinational firms alike. 

It’s a critical element in your business plan as it can make all the difference in the case of a breakdown of your company’s IT systems. This could be accidental, but it could also be from a virus.

Why is Business Interruption Insurance Important?

As mentioned earlier, business interruption insurance is crucial in today’s climate. COVID-19 has shown us that interruptions are possible and that we are vulnerable to the unexpected.

This means that it’s important for business owners to think about what would happen if their business were to close or slow down. A risk management strategy has proven to be essential as it is the key solution to business interruption.

What Does Business Interruption Insurance Cover?

Business interruption insurance will work to keep your business operational both short and long-term. It can cover the loss of income during repairs as well as business costs.

When you are ready to transition your business to reopening, BI insurance can also assist in making the process smooth. 

You might need to extend your insurance to include expenses for coverage of costs that are extra in terms of your normal operating expenses. This is also relevant should you need to cover expenses related to moving to a temporary location.

Business interruption insurance will vary depending on your expectations and required coverage. It’s best to consult with your broker to ensure you have the proper coverage for your needs.

Ready to explore your business interruption insurance coverage options? Call us today for a quote!

Does Your Part-Time Business Need Commercial Insurance?

Monday, August 3rd, 2020

As a part-time business owner, it’s likely that you’ve got a lot on your plate. One thing you shouldn’t have to think twice about is whether or not you need commercial insurance.

A part-time business should always have commercial insurance coverage. This is largely due to the fact that your personal coverages won’t be able to take on the bigger business costs. These bigger costs can be anything from business inventory to liability.

Here we break down some of the details on commercial insurance to help you understand what you will need and the costs associated with it.

How much does commercial insurance cost?

The cost of commercial insurance for a part-time business will vary greatly. 

It will depend on a number of factors including:

  • Business industry
  • Number of employees
  • Location of your business and surrounding factors (distance from a fire station, fire hydrant, etc.)
  • Revenue
  • Security and damage detection devices
  • Property value (the cost to rebuild and replace)
  • Insurance and claims history

If you are looking to lower the cost of your commercial insurance, you can look for bundling options with your insurance company or choose a higher deductible. Always try to fix damages on your own before submitting a claim and think about installing preventative measures.

What does commercial insurance cover?

Unfortunately, running your business from home doesn’t mean that your home insurance will cover work related damages. This is because your home insurance is meant to cover your personal property as opposed to your business property. Look for home-based insurance solutions with your provider.

Operating your business elsewhere will require commercial property insurance. Generally, this coverage extends to:

  • Vandalism and theft
  • Fire and smoke
  • Explosion
  • Electrical current
  • Hail and wind
  • Water damage
  • Vehicle or aircraft impact

Your coverage will depend on your insurance company and the items that you agree upon. Always be sure to research what coverage will be most important to your unique business and prioritize based on your needs. 
Contact us for more information and commercial insurance and set up your policy today!

Flood Insurance for Businesses

Monday, June 1st, 2020

We recently shared some of our top tips for preventing floods in commercial properties. We touched on the importance of having comprehensive business insurance in place to protect you from damage, but today we’re going to discuss flood insurance for businesses in greater detail.

So, what kind of insurance would your business have in place if it were damaged by a flood? Unfortunately, a lot of business owners assume their regular business insurance would apply to flood damage. But the truth is, many insurance policies actually exclude flood damage. 

Flood insurance for businesses

To make sure they have the right coverage in place, businesses might want to consider purchasing commercial flood insurance through the National Flood Insurance Program (NFIP).

Here are some other things you should know about commercial flood insurance. 

What is covered by commercial flood insurance?

This coverage applies to the physical structure of your building, as well as the contents (including your inventory and equipment) inside of it. 

What doesn’t commercial flood insurance cover?

Most of the things outside of your property (think signage, septic systems, and landscaping) likely won’t be covered by flood insurance. On that some note, business interruption insurance isn’t included in your flood insurance. So if your business is interrupted by flood damage, you’ll need to have separate business interruption coverage.

Is flood insurance legally required?

There are some situations when you’ll need to purchase flood insurance for your business. This includes when your business is located in a high-risk flood area and you have a mortgage from an insured or federally regulated lender. 

What are the commercial flood policy limits?

Business owners can purchase flood insurance with up to $500,000 in coverage for their building. This is in addition to $500,000 of coverage for its contents.

Does commercial flood insurance cover mold? 

According to FEMA, damage caused by moisture, mildew, or mold that could have been avoided by the property owner is not covered by flood insurance. Additionally, damage caused by sewer or drain backup isn’t covered unless there’s a flood in the area that caused the backup. 
Would you like to hear more about the commercial insurance options for your small business? Get in touch with Fargo Moorhead Insurance today!

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!