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Posts Tagged ‘ business insurance ’

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!

Understanding Equipment Insurance vs. Equipment Breakdown Insurance

Tuesday, September 1st, 2020

No matter what kind of business you own, you probably use at least one piece of equipment to do your job each day. 

Maybe you own a landscaping company and your arsenal of tools includes lawnmowers, leaf blowers, hedge trimmers, and a variety of other equipment. Or maybe you’re a wedding photographer with cameras and camera equipment totaling tens of thousands of dollars.

Whatever your business is, you need to make sure it’s adequately protected. And usually, that includes having both equipment insurance AND equipment breakdown insurance. The problem is, business owners often conflate these two terms and they don’t realize they’re without important coverage until it’s too late.

To make sure this doesn’t happen to you, let’s talk about what both of these insurance terms mean.

Equipment insurance

Your commercial property insurance policy is responsible for providing the actual structure of your business with coverage, but also a lot of your equipment! So, if your business property (AKA equipment) is damaged by a covered peril, like a fire or theft, then this coverage could be used to replace it.

But what if your business equipment breaks down suddenly and accidentally? Does commercial property insurance cover equipment breakdowns? No–not usually! Instead, you’ll need what’s known as equipment breakdown insurance. 

Equipment breakdown insurance

If your equipment has been properly maintained but still breaks down, equipment breakdown insurance can be a gamechanger! While equipment insurance under your commercial property insurance policy can cover damage from external forces, equipment breakdown insurance can cover repair costs for breakdowns from internal causes. 

So, ask yourself if you could cover the cost of repairs for equipment breakdowns out of pocket? If not, this insurance is a great choice. 

By the way, in addition to equipment breakdown insurance, another insurance option you need to consider is flood insurance for businesses. We discuss commercial flood insurance FAQs in this post.

Commercial Insurance in Fargo-Moorhead 

For all of your commercial insurance needs in Fargo-Moorhead, give Fargo-Moorhead Insurance a call! In addition to our business insurance services, we offer comprehensive solutions for home, auto, life and health insurance, and much more.

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!

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!

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!