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.