How to Keep Your Auto Insurance Costs Low

Many people assume that their auto insurance rates will remain the same forever. This is a huge mistake. The biggest factor in your auto insurance rate is your driving record. If you’ve had an accident or traffic violation in the past three years, your rates are likely to be much higher than someone with a clean record. Fortunately, there are several things you can do to keep auto insurance low.

Tips to Keep Auto Insurance Low

Keep auto insurance low by always being aware of your surroundings while on the road.

To help you keep your auto insurance costs down, we’ve put together a few tips to help our clients save on their car insurance. First, being a good driver is the best secret to keep auto insurance low. If you’re a responsible driver, you’re statistically less likely to have an accident or file a claim. A good driver will save money on auto insurance, period.

Next, make sure your car is properly insured. You don’t want to be stuck with a car that has under-insured coverage, which might not be enough to cover the repairs in the event of an accident. Many drivers find themselves with under-insured coverage because they were unaware of their coverage limits or they have the bare minimum required by law. Check your policy and call your agent if there are any changes to your car’s value.

Finding the Ideal Rate

Lastly, make sure you’re getting the best rate possible. Compare quotes from different companies and consider increasing your deductible. Insuring all of your vehicles at once might lower costs, and some carriers offer bulk rates. Talk to an independent agent who can find the best policy to cover all of your vehicles.

Contact an agent at Prince Insurance to receive more advice on how to keep auto insurance low and to request a quote.

Insurance For Small Businesses With Remote Workers

Remote Working

As people work remotely more and more, it’s becoming important to think about how to protect your business from the risks associated with remote work. The risks are not just limited to things like liability and property damage. There are also social risks that need to be addressed. One risk is the worry that an employee will get hurt while working at home or traveling for work. That is why it is especially vital to make sure you have the right business insurance policy in place.

Business Owners Insurance

Business owners insurance is not a single type of insurance policy or product. Instead, it is an umbrella term for a number of different types of policies and products.

The purpose of any business owners commercial policy is to protect the business from losses. There are a number of categories of commercial insurance: commercial property, commercial liability, commercial auto, workers compensation, and business interruption. For remote work, the most important insurance policy to have is general liability insurance.

  • General Liability Insurance: Liability coverage is very important for businesses that work with independent contractors. This type of coverage will pay for legal fees and other expenses related to your company in the event of a lawsuit.
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Prince Insurance can advice you on the appropriate insurance policies you should be looking at to make sure your remote employees are covered.

Insuring Remote Workers

Getting a business owners policy is the best method for insuring remote workers. For at-home workers, make sure that your homeowners policy will allow you to operate your business from home. For businesses, have remote workers agree to work-from-home protocols, including implementing safety measures, having the proper equipment, and using a secure network.

Contact an agent at Prince Insurance to find the right business owners insurance, such as liability insurance for insuring remote workers.

How to Find the Right Insurance Agent to Handle Your Business

There are very few businesses that don’t need some type of insurance to protect themselves, their employees, and their clients. Insurance agents are trained to help businesses find the right insurance policies to fit their needs. But how do you find a good agent? There are many to choose from, so it’s important to know what factors to consider when choosing an agent. Here are a few tips for finding an insurance agent for business insurance.

Initial Steps for Finding an Insurance Agent for Business

To get the job done right, you need to do your homework. First, get word-of-mouth referrals, if possible, for local businesses in your area and in your industry. Be sure to check the agent’s license and insurance rating. The state insurance department can tell you if the agent has any outstanding complaints or violations. Next, you should talk to other agents and anyone else that may know the agent you’re considering. To ensure your business gets the proper coverage for your industry, find an agent who is specifically in tune with your type of business. Local agents will understand the risks you face in general because they will be more familiar with the specific area.

To feel confident that you are receiving proper coverage, find an insurance team that specializes in your industry.

Final Steps for Finding an Insurance Agent for Business

Finally, once you’ve created a shortlist, interview a few prospective agents. Come prepared with questions specific to your business and industry. See if they seem knowledgeable and trustworthy to handle your business’s needs. Do they have options for coverage, and do they pick coverage based on the best value for your situation?

When finding an insurance agent for business, contact the team at Prince Insurance, who can give you a quote.

Three Biggest Insurance Risk for Cannabis Growers and Retail Owners

hemp and marijuana insurance

To run a hemp/marijuana business, you need to understand the risks you face operating in a highly regulated industry. These risks include not only those that are inherent in your business, like theft and natural disaster, but also those that are imposed upon you by the government. If you are operating without registration or proper licensing, for example, you could incur hefty fines or even prison time. To minimize your risk of government action, it is important to work with an insurance broker who is knowledgeable about hemp/marijuana insurance policies.

hemp products
Hemp/marijuana insurance can help you to protect your business.

How Hemp/Marijuana Insurance Can Minimize Risk and Protect Your Business

There’s a lot of danger associated with hemp/marijuana, as the plant is often grown outdoors and is subject to theft and other damage, as well as attack by wildlife and pests. In addition, hemp/marijuana operations need to comply with a plethora of state and federal laws, and the application of pesticides and herbicides to crops can lead to legal action against the grower. The best way to ensure that you stay in compliance with all laws and regulations is to work with an insurance broker who will be able to create an insurance policy specifically for your hemp/marijuana operation.

There are three essential hemp/marijuana insurance policies designed for businesses in the cannabis industry:

  • Product Liability
  • Product Recall
  • Infestation Insurance

Product liability and product recall insurance are two sides of the same coin. If a consumer uses a hemp/marijuana product and becomes ill, they may sue the company that produced the product. Product recall insurance covers this possibility by paying for all costs associated with recalling and destroying the product.

One of the biggest concerns for insurance agencies is that marijuana cultivation facilities can become infested with pests like rodents or bugs. In response, several companies have started offering infestation insurance, which is designed to assist cultivators who have become infested with pests.

If your business requires hemp/marijuana insurance, contact a trusted agent at Prince Insurance for a quote.

How Edibles Can Increase Liability Risks for Marijuana Retailers

Marijuana Insurance

As the cannabis industry grows, legal cannabis businesses are faced with new risks they need to be aware of. One of the newest risks to businesses in the industry is the risk of liability from edibles. Edibles have been a controversial topic in the cannabis industry since they were introduced, and although new regulations have tightened up the labeling, packaging, and testing requirements for edible manufacturers, they continue to be a growing concern for business owners and insurers alike. Even without the regulations in place at the beginning of the decade, though, they still posed a risk — and even an “above ground” issue. Indeed, edibles post a bigger liability risk than smoking marijuana, which is why businesses in the cannabis industry need appropriate hemp/marijuana insurance.

Small Business Insurance
Hemp/marijuana insurance is a new type of insurance that can protect growing startups and small businesses who sell hemp products.

Edibles Liability Risks

Edibles liability risks are higher than when smoking marijuana. When you smoke pot, it’s easy to tell when you’ve had too much. Your head spins, your speech is slurred, and you notice you’re really hungry (although you can’t really decide what you want to eat). Heavy pot smokers can even experience what’s known as “greening out”, where they feel like they’re going to throw up. Eating high doses of weed, on the other hand, can cause a different set of unexpected side effects. Even if you’re not a heavy pot smoker, there are certain groups of people who are particularly at risk when it comes to eating pot. Eating pot can put you at risk for a wide range of uncomfortable and even dangerous side effects since the THC concentration control varies with edibles.

Protecting Yourself From Edibles Liability Risks

Fortunately, the insurance industry has caught on to this new type of liability risk and has started offering hemp/marijuana insurance to protect these growing businesses.

Contact Prince Insurance for a quote on hemp/marijuana insurance.

Avoid Liability Risks When Employees Return to Work

Insurance Broker

As the pandemic’s at-home restrictions are lifted, many businesses, including restaurants and offices, are re-opening their doors to both customers and employees alike. Even though businesses are doing their best to comply with the government’s regulations regarding COVID-19, some are still concerned about the liability risks associated with the pandemic. Fortunately, having proper protection is possible through business insurance, including business liability insurance.

Liability Risks

Business liability insurance is essential because there are more liability risks associated with bringing employees back to work after the pandemic. The first step is getting the office ready to re-open by having the space professionally cleaned and disinfected to remove pathogens and bacteria. Businesses must exercise proper sanitary measures to help prevent the transmission of COVID-19. Since specific businesses have higher traffic levels, such as those in the hospitality or retail sectors, they have to be creative and safe in implementing new ways to welcome back their staff and employees.

No matter your industry, your business needs to be extra careful to make sure they are prepared to handle the ripple effects of the pandemic, such as having proper business liability insurance.

Discrimination and Harassment Claims

Be careful about deciding layoffs if staff reduction was or will be required because of the pandemic. Even if these decisions are made carefully, employees may respond with discrimination claims. Further, employees may retaliate with potential harassment claims, if they suspect that they were let go because of reasons associated with the pandemic.

Be careful not to discriminate against employees as you decide who to bring back. Don’t judge by age, race, gender, or supposed health risks. If employers are not careful about the way they make decisions, they might face discrimination or harassment claims in the future.

Contact an insurance agent at Prince Insurance to get more information on business liability insurance for your business.

Getting Insurance That is Specific to Your Industry

commercial auto insurance

Many people get insurance based on a recommendation or what their friends or family have. But what if you are in a field that you need industry specific insurance that covers your particular needs? As there are many industry specific insurance options, the smartest route to go is to speak with an insurance specialist to ensure that your business is getting the right business insurance coverage it requires according to your industry.

Why You Need Industry Specific Insurance

For example, if you work in construction, you need business insurance that covers your employees in the event of an injury. Or, if you work with chemicals, you need to make sure you have the right kind of coverage for lab work. That’s where an insurance policy that is specific to your line of work comes in. There are innovative insurance solutions to protect every industry and every business, regardless of whether they are in an established or new industry.

Having industry specific insurance will ensure that your business is receiving the correct coverage suited to your business.

How Getting Generic Insurance Can Put Your Business at Risk

Too many business owners put off researching insurance for another time, but it’s not uncommon for small business owners to end up with a policy that isn’t really suited for their needs. That’s because they may not know what questions to ask or how to spot a policy that’s bad for them. A lot of the time, these small business owners ended up with a “bare bones” business insurance policy that has a high deductible, doesn’t cover any of the “perils” they need, or doesn’t cover their employees.

To get the correct business insurance for your industry, contact Prince Insurance to start speaking with an agent today about industry specific insurance.

Pandemic Insurance Risks for Retail and Brick and Mortar Business Owners

Insurance Brokers

Brick-and-mortar stores, a major player in the insurance industry for the past century, are on the brink of extinction. With the rise of e-commerce, stores like big-box stores, specialty stores, and small mom-and-pop stores are all closing down at an alarming rate. Additionally, brick-and-mortar businesses were some of the hardest-hit establishments during the pandemic. As a result, these businesses have increased pandemic insurance risks and require specific business liability insurance.

How to Safely Reopen

The pandemic has increased the need for business liability insurance risks for brick and mortar and retail shop owners. When reopening, businesses have to move forward responsibly by mitigating liability exposure. This means ensuring that the business stays compliant with government regulations and by paying extra attention to changing policies, developments, restrictions, and reopening timelines. As there are increased pandemic insurance risks, merely following the rules might not be sufficient. Businesses will be expected to uphold a higher standard of care due to the serious nature of the health crisis.

Re-evaluating Exposure

With stores reopening, it’s time to re-evaluate your business’s exposure. Due to less customer traffic and closure, exposure may have diminished, reducing rates. However, general liability may increase as you begin to open up again. Either way, businesses must reopen according to COVID-19 guidelines, with safety and health in mind to reduce exposure and pandemic insurance risks. For example, businesses must ensure that their premises are as safe as possible, and to warn of the spread of COVID-19 if their business becomes aware of cases through their contact tracing.

Contact Prince Insurance to start planning your business insurance and for advice on how to mitigate pandemic insurance risks.

Mitigate Business Insurance Risks of Working From Home

Business Insurance

With the increased popularity of remote work, companies are faced with a dilemma: do they allow employees to continue to work from home to save on overhead costs, or do they require employees to work in office environments? Either way, there are risks and benefits associated with both choices, and both choices require adequate business insurance coverage.

With remote working, there is a new wave of legal issues arising in regards to workers compensation and liability insurance for remote workers. For example, If your employees work from home, or at coffee shops, or in other remote locations, you need to make sure they protect themselves from hackers. They are more vulnerable than if they were sitting at their desks, and they need to know that their actions have real consequences.

An employer may still be found liable for events that occur to an employee in the course of employment. With the right business insurance accounting for remote workers, an employer can feel confident that their business is properly protected — regardless of where their employees are.

Working From Home Safety Risks

There are numerous safety risks associated with working from home, including the following:

  • Unsafe at-home work environments, such as environments vulnerable to events like fires, theft, and flooding
  • Injuries that occur in the home office
  • Cyber-security risks increased as remote workers may be viewed as soft targets to cybercriminals
office team
Unlike in the office space illustrated above, employers do not have control over the safety of an at-home work environment.

How to Mitigate Insurance Risks

There are many ways for employers to mitigate insurance risks and workers compensation claims:

  • Enforce at-home safety protocols
  • Instate cyber protocols to prevent cyberattacks
  • Enforce cybersecurity measures to prevent data from being compromised

Working from home for good? Discuss how to mitigate insurance risks and business insurance options with a trusted agent at Prince Insurance.

Essential Insurance Every Business Should Have

commercial building insurance

If you’re starting your own business, you may be thinking that you don’t need insurance for your startup. After all, you’re the boss, and you don’t need insurance, right? Wrong. If you’re planning to open a business, no matter the type, you need to have coverage. Adequate coverage is vital if you want to protect your business against financial loss. It protects your hard-earned assets and income against unforeseen events like fire, theft, and lawsuits. Your business insurance policy can cover your property, employees, products, and more, as well as offering liability protection.

Risky Business

The biggest reason to get business insurance for your business is to protect your assets. Even if your company is small, you still have valuable assets that should be protected, including your equipment, your building, and your data. If you have a storefront, your inventory is part of your assets. Aside from protecting yourself, additional business insurance will also protect your employees if they are injured while working. As your business grows, you’ll acquire more assets, and you’ll need to add more coverage for protection. But when you’re just starting out, figuring out what’s right for you can be tough, which is why you should meet with an insurance specialist to discuss your options.

Types of Essential Business Insurance

In a nutshell, these are the types of essential business insurance:

Protect your company with essential business insurance.
  • Professional Liability: protects your business from lawsuits related to the services you offer.
  • Property Insurance: insures your business’s property.
  • Workers’ Compensation: covers employees for any on-the-job injuries.
  • Product Liability: protects business owners from lawsuits regarding manufacturing defects.
  • Business Vehicle Insurance: covers your business’s vehicles.

Confused about which types of essential business insurance your company requires? Contact an agent at Prince Insurance to discuss your business’s needs and to receive a quote.