Why You Should Never Buy Insurance On Price Alone

We all want to save money, especially when it comes to paying for insurance. Every car owner knows that they need it to drive legally. And when it comes to your home, you always hope the day will never come when you need it. The temptation is to use price as the only factor to determine which insurance broker to chose. And yet, as we’ve seen, it’s not the best way to go. This is why finding the best insurance shouldn’t be decided based on price alone.

Finding the Best Insurance

You can’t know what you don’t know. This adage, which holds true in many aspects of our lives, is especially true when it comes to insurance. When it’s time to find the best insurance for you, it pays to educate yourself on the different types of policies and insurance companies out there. The more you know, the more likely you are to find a policy that meets your needs and fits your budget.

Discussing your options with an insurance broker is the best way to make sure you’re getting the right coverage.

Potential Consequences of Getting the Wrong Insurance

If you are looking for cheap insurance, be careful. If an insurance company is very inexpensive, it might not be able to provide you with the same level of service as a more reputable company. Cheap insurance can also be a sign of a company that is not financially stable. If you choose a plan with major omissions and drawbacks, you could face serious financial consequences. For example, in the event you are at fault in an auto accident, if your insurance doesn’t cover the cost, you may be sued for the remainder. You should always do your research before getting cheap insurance. Insurance should be a safety net, not a risk.

Make sure you’re finding the best insurance for your needs. Contact an insurance broker at Prince Insurance today for a quote.

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.

Risk Management Options for Large Businesses

Managing risk is a daily task for owners of large businesses. You’re in a constant balancing act, trying to meet the needs of your clients, while also growing your company and taking care of your team. Risk is that pesky, unpredictable element that can throw off your well-laid plans. That’s why it’s extra important for large businesses — with large teams and bigger assets — to explore risk management solutions.

Definition and Benefits of Risk Management

Although you can ward off some disasters by planning ahead, there are still some events that you can’t predict. Inclement weather could destroy your office building. Employees could have a freak accident on the job. Crops could fail, and your brand new equipment could give out unexpectedly. How will you manage your risk in these situations?

The definition of risk management is forecasting possible risks and then taking steps to avoid them and protect yourself. The right suite of insurance coverage is one of the best risk management solutions. You can carefully evaluate the risks you face in your industry and then protect your most important business assets.

office team
Protect the people who keep your business going—that’s smart risk management.

The Importance of Coverage

If you’re a business owner, then you know that your people are the most important asset in your business. After all, they operate the software, they interface with clients, and they show up to work each day with the skills and the mindset to support your growing business. If you’re looking for risk management solutions, make sure you pick the coverage that helps your staff be protected. In risky industries, this coverage is especially important for hiring and retaining quality employees. When you give them great protection while on the job, you will also benefit as a business owner. You can rest easy, knowing that your people are protected.

Keep your business competitive with the right risk management solutions. Ready to protect your business assets? Get a quote from Prince Insurance and see how easy it can be to grow your business with confidence.

The Importance of Insurance Programs for Businesses

group of young people standing in a field smiling

The people that work for your business are more than employees – they’re family. Because of this, they deserve the same level of protection and coverage you would offer your family.

With the right insurance program for your business, you can offer them just that.

What is a Business Insurance Program?

You can think of a Business Insurance Program as something that keeps your employees healthy, motivated, and assured to be able to pursue their job effectively, knowing that they’re covered at every angle.

4 people talking in a circle smiling
The right Business Insurance Program can improve employee loyalty and productivity.

A comprehensive program will often include such things as:

How is a Business Insurance Program Beneficial?

Other than promoting better work from your current employees, these types of programs also help attract new, top-tier talent to your business.

After all, employees want to work for businesses that give them all the necessary coverage and support they need to do their job well. This is often why you’ll see businesses publicly advertise exactly what is included in their insurance program in job ads, right alongside salary and vacation time.

How to Choose the Right Business Insurance Program

There are a lot of moving parts to your business, with different types of employees, across different industries, having different types of insurance needs. This is why when pursuing the right Business Insurance Program for your business, it’s essential to work with a company that is familiar with your industry, can understand your employees’ specific needs, and accommodate them appropriately.

That’s exactly what we at Prince Insurance Group have spent the past 40 years mastering – providing the best protection plans for businesses and their employees.

Learn more about setting up your business with the perfect insurance program through Prince Insurance Group today.

Why You Need Builders Risk Protection

sillouhette of two men a construction platform.

After finally seeing your new home, office, or general property fully constructed, it’s a natural impulse to want to protect it from the elements with insurance – you don’t want something as simple as a flash flood to ruin what you’ve waited so long for.

But what about insurance for your property during its construction, as well?

Construction Risks and the Importance of Builders Risk Insurance

Although people tend to neglect insurance for their property during its construction, the reality is that properties are often more susceptible to damage during construction.

For example, a lack of complete coverings and security features makes properties being constructed much more susceptible to weather damage from wind, hail, or rain, as well as theft and vandalism.

This is why if you want to increase the chances of your property coming out exactly the way you imagined and save money in repair, replacement, and labor costs along the way, protecting it during construction with a Builders Risk policy is a very smart move.

A construction project filled with half built red platforms.
Given the in-progress nature of structures around construction sites, they’re much more susceptible to potentially dangerous elements like weather.

This type of policy can provide the following types of coverage:

  • Structural Coverage: Protects the buildings and other structures associated with the project.
  • General Liability: Protects the at-risk people working on the project.
  • Equipment & Materials Coverage: Protects the equipment and materials being used for construction.

Of course, these are simply the most common forms of coverage that go into most builders risk policies; what ultimately ends up being covered in your policy will depend on the needs and features of your specific project.

In some cases, you may need more comprehensive coverage, such as that found in contractor insurance or construction insurance.

Who Should Get Builders Risk Insurance?

Because of how many moving parts are typically involved in a construction project, it’s very normal for more than one name to be on a Builders Risk policy.

For example, while it’s most common for Builders Risk insurance to be taken out by those funding or managing construction, it’s also just as common for landowners, architects, engineers, and any other specialized professionals involved with the project to sign their names as well.

Getting Set Up with the Right Coverage

There’s no such thing as a one-size-fits-all Builders Risk policy. That is why it’s so important to prioritize working with insurance companies that understand not just how to protect construction properties, but that have enough expertise to be able to provide a tailor-made solution to your specific coverage needs.

Fortunately, these are exactly the types of policies that Prince Insurance Group can help you with.

To learn more about getting the perfect Builders Risk policy from professionals you can trust, contact Prince Insurance Group today.

Why Insurance for Subcontractors Is Essential

Man sliding a piece of wood across a table saw.

Let’s say you’re a construction subcontractor trying to convince a contractor to give you work. You have all the necessary skills and materials, but you’re missing one crucial thing – insurance.

Why does not having insurance affect your ability as a subcontractor to get work on a construction site? To give you a tip, it has something to do with accountability.

Continue reading to learn more about why not having insurance is often the single biggest reason why subcontractors don’t get work.

Risk of Injury

Not having insurance – a seemingly small detail that doesn’t affect your ability to do your job – automatically makes your contractor more accountable. This is because, without insurance, employers become more at risk of having to pay you for any injuries, should they occur.

Construction subcontracting tends to come with more risk of injury, and therefore the need for insurance is higher.

With an insurance policy in place, however, that responsibility becomes your insurance company’s–not your employers. Therefore, employers are much more willing to hire you because they know they won’t have to pay you in the event of an injury.

Best Policies for Subcontractors

Now that you know the importance of insurance for subcontractors, the next step is to choose the right coverage for your needs.

For construction subcontractors, a good place to start is a comprehensive construction insurance policy. With this type of policy, you can expect coverage for:

  • General Liability: A broad type of policy that provides your company with liability insurance for general business risks.
  • Commercial Auto: Covers physical damage and liability coverages for vehicles used by your business.
  • Workers’ Compensation: Offers coverage if an employee suffers injury or illness while on the clock or within the scope of their job duties.

However, as a subcontractor, or someone who owns their own business, you’re also going to probably need one or all of the following additional coverages:

Armed with these types of policies, you’re sure to increase the likelihood of getting hired for construction-related projects as a subcontractor.

Finding an Insurance Agent

The final step to securing the insurance you need as a subcontractor is to find the right insurance agent, looking at such factors as experience, customer reviews, and the ability to provide insurance for subcontractors in the first place.

To start off in the right direction, check out Prince Insurance Group. We offer one of the most diverse insurance menus on the market, with plenty of options specifically designed to work for subcontractors (including the types of policies listed in the section above).

Check out your options by getting in contact with Prince Insurance Group today!

Why You Need Workers Compensation for your Business

man holding a saw smiling

Regardless of the type of business you run, there’s always the risk of injury – whether it’s physical, mental, or otherwise. With this in mind, you want to be prepared in the unfortunate event that one of your employees is injured.

One of the best ways to prepare yourself for such a situation is by offering Workers Compensation to your employees.

What is Workers Compensation and How Does it Benefit Your Business?

First and foremost, Workers Compensation gives the assurance your workers need to perform at their best, particularly in work settings where the risk of injury is high, such as at construction sites. More specifically, a Workers Compensation policy assures workers that they’ll get the support and compensation they need to be able to maintain their standard of living if they ever get injured.

From a business owner’s perspective, this type of compensation can help your workforce stay strong and productive (even in the face of adversity), maintain worker morale, and even attract more top-tier talent to your business.

In terms of what Workers Compensation can actually cover, it can account for employee and employer-related costs, such as:

doctor wrapping a foot with a cast
Make sure your employees are covered if they have a bad day on the job.
  • Medical expenses
  • Lost wages
  • Death benefits
  • Injury claims
  • Employee-initiated lawsuits

These are just some of the more common costs covered by Workers Compensation. Covered costs will naturally change from business to business.

Finding the Right Workers Compensation Policies

If maintaining daily operations and healthy, compensated employees are important to you, then Workers Compensation is a necessary investment (it’s also legally required in most states). Setting up your employees with the right policies starts with choosing an insurance company with a proven track record.

That’s why choosing Prince Insurance Group is the right choice, as we have spent over 40 years connecting businesses across all industries with tailor-made Workers Compensation policies.

Contact us to learn more about how Prince Insurance Group can provide your business with the Workers Compensation it needs.

Best Liability Plans for Businesses

open office space with a long working table in the middle

To protect yourself and your business, you need a variety in your types of coverage. Your business may need commercial auto insurance if you use any vehicles in the course of doing business, for example. You need protection from liability when it comes to inventory loss, crime, and natural disasters. For everything that could damage your investments or prevent you from doing business, it’s wise to get insurance. But there’s one type of insurance that many business owners forget about.

Are you and your employees protected against negligent claims?

Professional liability & protecting your staff

Professional liability is a type of coverage that protects you from a mistake that becomes a claim. This could be negligence, failure to render services, or even malpractice. Third parties or even internal parties can make a claim like this. Professional liability protects you as well as your staff against this type of trouble. There are some specific types you should know about. First is E&O, or errors and omissions. If someone forgets something or makes an error, you can get coverage for that. There are also Directors and Officers Liability (D&O), fiduciary liability, and employment practices liability. Your agent can help explain these options and explore what might be appropriate for your business.

Ensure the future

The future of your business depends on you. No one can predict the future, and that’s why insurance exists. Personal insurance should be a given. Professional liability is another smart way to protect yourself and ensure the future success of your business. You should protect your staff, your business investments, and yourself from any liability claims now. Don’t wait for a mistake to become a costly claim that destroys your business!

You can get personal and professional coverage with us. Contact us to go over options with our team and make sure that you and your business are protected.

Best Coverage Plans for Brokers

Union Station Denver

As a broker, you spend all day trying to make other people’s lives better, but you also need to make sure that you are protected. It’s important to cover yourself, your family, and your business with robust policies. Depending on the type of business you run, you should consider lumping your policies into one plan. If you’re responsible for a team of employees, then you need to make sure they’re covered, too. Finally, remember to include your office space! Here’s how to understand the right insurance policies for brokers.

Doing business comes with risks, but you can protect yourself with insurance policies for brokers.

Popular plans for insurance brokers 

Most brokers, due to their line of work, understand the importance of covering their own liability. This means personal, property, auto, and home. But there are also important policies that can cover your business and the people in it. These include professional liability insurance, workers compensation, and commercial general liability. When selecting insurance policies for brokers, it’s generally best to bundle your policies into a business owners policy (BOP). 

Understanding your field and knowing your customers

To be successful in business, you need to stay connected with your customers. Many brokers specialize in a particular field or industry. This increases the chances that you’ll be seen as an expert in that field. Once you do this, you can study the ins and outs of that industry. Knowing the field and knowing your customers is the key to success! It allows you to customize your offerings depending on your customers’ needs. It’s okay to tell your customers that you don’t specialize in a certain type of coverage. You can’t be all things to all people, after all. This can even build trust with your customers, showing them that you have no problem admitting what you don’t know.

If you’d like to get a quote, please reach out. You deserve coverage for you and your customers that does the job.