Commercial Auto Insurance Can Save Your Company
If you or your employees drive vehicles for business, using standard auto insurance instead of commercial auto insurance can put your business at risk. Here are some benefits of commercial auto insurance:
Liability: Businesses run higher risks of being sued when commercial vehicles cause accidents leaving other parties injured. You should carry the highest liability limit you can handle. Available commercial liability limits are higher than standard auto insurance-ranging from around $100,000 to millions of dollars. Most commercial policies also offer single liability limit amounts.
Any auto liability: This extends your current commercial auto insurance liability coverage to any recently purchased, nonowned, or hired commercial vehicles.
Rental reimbursement and downtime: For businesses with incomes that depend on commercial vehicles, rental reimbursement helps pay for rental vehicles, makes vehicle payments, and covers other expenses and bills if you are unable to operate your commercial vehicle after an accident.
Individual named insured coverage: This extends coverage from commercial auto insurance to vehicles you drive for both business and personal uses.
Nonowned vehicle coverage: This protects you and your employees when driving any nonowned commercial vehicles for business purposes.
Single deductible choices: If your business vehicle uses specialty equipment or trailers, you can cover them as well as the vehicle. In the event of a single loss of multiple items, you’d only pay one deductible rather than a separate deductible for each item.
We’ve always thought our words were so much less important than our body language in communicating with others. That’s thanks to a 1967 study that concluded that only 7 percent of what a listener picks up comes from words.
Thirty-eight percent comes from our tone and a whopping 55 percent from body language.
Now, some are spotting flaws in this paradigm. A host of recent researchers are studying, scanning, and sorting our brains in an effort to establish how we communicate, and how we sell ourselves.
Many of the researchers still search beyond words. But to some, words tell it like it is.
In a recent blog, self-help maven Tony Robbins noted: “The words you habitually choose also affect what you experience …you can take control of your habitual vocabulary to change the quality of your life…how you think, feel, and how you live.”
Wealth Savant, which provides financial and wealth content online, published an article titled “Choose Your Words and Control Your Destiny.” To sum it up: Don’t use the wrong words, because negative words create a negative response.
And vice-versa. So avoid words like “however” and “unfortunately,” because no matter what follows, the listener receives a negative message. Even worse, neuroscientists now tell us, negative words have a harmful effect on the speaker’s brain.
Copyblogger author Gregory Ciotti lists the five most persuasive words in the English language: “you,” “because,” “free,” “instantly,” and “new.”
“You” can use these “free”ly “because” “new” listeners “instantly” like them-creating “positivity.”
There was a time when business networking was all about rubber-chicken luncheons and meet-and-greet cocktail hours. But that was then; this is now. Today it’s easy to expand your professional network effectively and efficiently online.
With options ranging from LinkedIn and Forbes Forum to Facebook, Instagram, Twitter, and others too numerous to mention, you can choose to reach out to prospects, customers, potential employers/employees, channel partners, and other target audiences.
Are you looking to target potential and existing clients? Join online groups and discussion forums where your target customers are conversing. You can find these areas by entering keywords into the search section on social sites as well as in group and discussion areas. Engage actively by posting information, resources, tips, and offers, and by highlighting issues and trends.
Are you looking to establish relationships with innovators and influencers in your industry? Or to engage with media, thought leaders, and decision makers who are established online and have rich connections of their own? Maintain a blog and stay active in industry groups and discussion areas on social sites. Use the Comments sections of articles by those people you want to influence, and contribute to the debates. Don’t hesitate to reach out to people you don’t know and invite them to connect with you.
With any social media platform, you need to be creative and provide value to your target audience. Grow your network and build credibility as an industry leader by launching a Facebook fan page. With a fan page, you can send bulk messages to all your fans, post and send regular updates, and encourage them to tell their friends about you…so their fans become your fans.
Regardless of business type, size, or location, small businesses need insurance. In addition to insuring business assets, small-business owners are also protecting their personal assets and their reputation. As well, many states require small businesses to carry certain coverage, and for some businesses (such as building contractors), even customers may want proof of insurance coverage.
If you’ve previously passed on coverage because of the price, think again. You’re risking bigger costs if your business is found liable for a large loss.
Your agent can help you navigate the various coverage options available. But your first step is to decide what you want covered, what you need protection against, what losses and risks your customers face, and what risks or losses your employees face.
Small business insurance consists of three main components: liability insurance; coverage for property and buildings; and coverage for business equipment and other contents. The following are some types of available coverage:
Employer’s liability insurance:
Legally, businesses with more than one employee must carry this coverage. It provides protection for costs incurred (including damages and legal fees) if an employee becomes injured or ill as a result of his or her job.
Public liability insurance:
If your business regularly comes into contact with the public, this provides protection in the event that they or their property are injured or harmed in some way. This is essential if customers visit your business premises.
Professional indemnity insurance:
Mistakes causing financial harm to a customer or client can happen in a number of professions. Also known as errors and omissions (E&O) insurance, this covers claims or legal costs incurred if this transpires.
Key man insurance:
If an employee vital to your company’s success dies or is seriously injured and unable to work, key man insurance helps cover what the loss of this individual would cost your business. A coverage amount is decided before a policy is purchased by determining potential losses stemming from that employee’s absence (say your top salesman is injured). This may be hard to quantify, and the amount you’ve settled on may be insufficient, but at least there’s something there to compensate for the loss.
Business interruption insurance:
If a disaster causes you to shut your doors for an extended period of time, the losses could sink your business. This policy will allow you to return to original operation levels.
Commercial vehicle insurance:
If you or your employees drive company vehicles, this is required by law. The right coverage depends on the vehicles, and how often and how they’re used.
Insurance for property and buildings:
Business property damages and losses due to fire, lightning, riot, explosions, malicious damage, storms or floods, or vehicle damage is covered by most commercial policies.
Business contents insurance:
As seen, your property and building coverage for physical locations provides protection for buildings themselves-not their contents. This covers content losses inside your building and includes anything that would fall out if you turned it upside down.