7 Mistakes Small Business Owners Make When Filing Claims
As a small business owner, you have consistently paid your insurance premiums. When the time comes to file a claim, it can be a shock to have your claim denied and be forced to pay out of pocket – especially when you believed you were covered. Our local Colorado agents at Lightship Insurance are here to highlight the most common mistakes small business owners make:
Failed to Understand Covered Perils
Insurance policies cover specific “perils” only. Business owners may believe they are covered when a facility is damaged by flood, fire, earthquakes or other natural disasters – but this may not prove to be true. You need to know what your policy covers and understanding the small print is not easy. Talk to an insurance agent and ensure you fully understand what is covered, and what is not, and put a policy in place to fill the gaps.
Failing to File a Claim Quickly
If you wait too long to file a claim, it makes the entire process far more difficult and can lead to having a claim denied. Rather than attempting to repair your restaurant, call your insurance provider so an adjuster is dispatched to your facility as quickly as possible after the event.
Failing to Fully Document the Damage
Ensure you take pictures and videos of every area that was damaged. The details of damaged equipment, inventory, or goods must be very thorough. Keep a log of your conversations with your insurance company, and copies of any correspondence. Your insurance company is far more likely to pay what you deserve under the terms of your policy when the losses are thoroughly documented.
Discarding Damaged Goods
If you throw away the damaged goods, you may lose the ability to recover compensation for the loss. You have taken images and video but must retain the damaged goods so that the insurance company can confirm the losses.
Admitting Fault
You may believe you are at fault in some way if someone was injured on your property. Never admit fault as this could cause your insurance company to deny your claim. Allow the investigation into what happened to proceed without admitting fault.
Failing to Cooperate with your Insurer
Your policy will state that you must cooperate in the investigation into what occurred. When they ask for documentation, you need to be prepared to send it to them in a timely manner, including video, pictures, and receipts. If you wait or fail to send this information, your claim may be denied, or it will take far longer for any claim payment to arrive.
Paying Claims Out of Pocket
If a customer slips and falls and is injured on your property, you may feel inclined to pay their medical bills – a mistake. Your insurance policy will not reimburse you when you try to recover the cost. Many policies bar policyholders from making these payments, and if you do, your claim could be denied.
Your Business Insurance
You need to understand your business coverage, and our friendly, local Colorado agents at Lightship Insurance can review your policies to ensure you have the coverage you need, at the lowest rates possible. Contact us today at (303) 292-9995.
6 Tips to Prepare for Power Outages
We rely on electricity to stay warm, keep our homes illuminated, cook, heat or pump water, and to keep us entertained on our TVs and other devices. A power outage can be a short-term annoyance or last for days. It is worthwhile, with weather systems changing, to have a plan in place, so your family stays safe in a lengthy power outage.
Keep a Supply of Ready-to-Eat Food and Drink on Hand
The last thing you need is to run out of food and drink during a power outage. Have a supply of canned foods, protein bars, dried fruit, peanut or other nut butters, canned juices, cereal and non-perishable milk or non-dairy milk, and plenty of water in your home that you are prepared.
Create an Emergency Kit
Every home should have an emergency kit that is fully equipped with everything you may need if a lengthy power outage occurs. Supply it with a first aid kit, water purifying tablets, flashlights, space blankets, a battery-operated radio, batteries, a battery-operated cell phone charger, and extra prescription medications that may be needed in an emergency.
Equip Your Home with a Safe Power Generator if Possible
You can keep your basic home systems functioning if you have a home generator, but ensure it is out-of-doors and if it is a gas generator, so no exhaust fumes enter your home. If a gas generator, keep a safe supply of fuel in an area inaccessible to children and away from any source of heat.
Check on Your Neighbors
It is important that you help your neighbors, should they need it, particularly the elderly. Check on them and provide any help needed, such as contacting their relatives, providing food, or other assistance. When a long-term power outage occurs, the community needs to pull together.
Stay Together
Keep your family together if you plan to venture out. Losing track of a family member can be dangerous and extremely stressful. If your home is cold due to a power outage, staying close together will also help you stay warm.
Surviving a Heatwave
A power outage during a heatwave is particularly dangerous for everyone, particularly the elderly and babies. Prepare to leave your home if needed. Keep ice in your freezer and an ice chest so that if the power is out, some foods and critical medications can be kept cold. Apply bags of cold ice and water to the neck, head, and other body areas, and drink plenty of water. Find a local cooling station if possible. Keep your vehicle full of gas, rather than running it down to empty, as if a power outage occurs, you will be unable to fill it.
Power Outages and Your Insurance Coverage
Your insurance coverage can become an important matter if your home has been damaged due to a fire, flood, earthquake, storm, or other natural disasters. It is important that you understand the coverage you have, and that you and your family are protected in the event of a disaster that leads to a power outage or other challenging situation. Contact our local agency to speak with one of our team. We are happy to look over your policies and ensure you have everything you need to protect your home and family at the lowest rates.
How to Choose the Right Restaurant Insurance
If you own a restaurant, you know the importance of carrying the right insurance to protect your investment. It can be challenging to choose the best possible business insurance policy for your restaurant, and we are here to help. Read these tips about restaurant insurance to help avoid a financial disaster if something goes wrong.
Risk Factors Specific to the Restaurant Business
A restaurant has several risks specific to the industry. These include the risk of patrons becoming ill after eating at a restaurant, the risk of employee theft, the costs associated with expensive damage to appliances, or fire. All potential risks must be covered in your business insurance policy and other additional policies when needed.
Types of Business Insurance for Restaurants
Several types of policies should be in place to provide the best protection for your restaurant:
- General Liability Insurance: This insurance (often called business liability insurance) protects your business should a patron or employee be injured, or their property damaged while at your facility. This insurance pays for the legal costs of defending against a lawsuit, medical expenses for any person who is injured on your property, and for judgments and settlements, up to specific limits.
- Liquor Liability Insurance: If you serve alcoholic beverages, ensuring your restaurant is covered should a guest injure another person, your restaurant could be named in a lawsuit. This coverage protects against this eventuality.
- Commercial Property Insurance: This type of restaurant insurance can be a lifesaver. The insurance covers the costs related to fire damage to your facility or equipment, or the cost of replacing stolen items.
- Business Interruption Insurance: This coverage protects against external factors that impact your ability to do business. When a covered peril leads to the need to close your restaurant for a period, this insurance covers direct physical loss or damage.
- Food Contamination Insurance: This insurance, often called “food poisoning insurance” protects you should a patron become ill after eating at your restaurant. Whether the problem occurred due to contaminated ingredients from a vendor or some error in your restaurant, you will be covered.
- Auto Liability Insurance: If you deliver food and use a driver from your restaurant, you must have auto liability insurance to ensure you do not face a financial disaster if the driver gets into an injury accident.
- Machinery Breakdown Insurance: Restaurant equipment is costly, and so are equipment breakdowns – you may be forced to shutter your restaurant when equipment fails. Machinery breakdown insurance covers the cost of machinery repair or replacement. This insurance should cover the cost of replacing perishable goods destroyed when a freezer or refrigeration unit fails.
When You Need Help, Call Us.
Some insurance policies are “bundled,” providing a combination of coverages. When you need to understand the fine print, not overpay when you don’t need to, and ensure you have the best coverage for the lowest price, contact our local team of agents. We will review your existing policies and search out the most affordable options with the best coverage to help you keep your bottom line reasonable.
Heading Out of Town? Remember These Driver Safety Tips
Americans love their road trips and head out in vast numbers to visit relatives, camp, fish, hunt, visit resorts and theme parks, or enjoy our beautiful country. Before you leave town on your road trip, take the time to review these driver safety tips – they could save a life.
A Vehicle Check-Up
Before any long trip, ensure your vehicle is in top running condition. Have a professional mechanic check the brakes, lights, windshield wipers, and the condition of your tires, and other systems so you are less likely to have a breakdown or be involved in a dangerous accident.
Prepare for the Weather
Every region of the USA has unique weather conditions, from unbearable heat in the South, to rain, snow, and ice in the North and East. Wherever you plan to travel, take the weather conditions into account. Encountering a blizzard while traveling to visit family for a holiday can be a frightening experience, particularly if you are unfamiliar with winter driving conditions.
A significant percentage of auto accidents occur in inclement weather. Ensure you are equipped for any weather you may experience by bringing flares, extra blankets, water, and food. If you encounter severe weather conditions, pull over, or stop for the night rather than trying to reach your destination. If you are in an accident with another vehicle or your car, SUV, or van breaks down, it could be many hours before help arrives.
Emergency Supplies
Never leave on a road trip without emergency supplies in your trunk or in your vehicle. These would include a portable cell phone charging device, flashlight, blankets, flares, water, imperishable food such as protein bars, and a first aid kit. A small shovel can prove to be a lifesaver if you are stranded in a snowbank. Always ensure that if your vehicle is running, that the tailpipe is free from snow to avoid the risk of exhaust fumes entering your vehicle while you try to stay warm.
Get Enough Sleep.
Driving long distances takes energy and focus. Never start a road trip without ensuring you have had enough sleep. If you get tired during your travels, don’t push it – pull over and rest. Drowsy driving is as dangerous as drunk driving, as reported by the NHTSA.
Follow the Rules of the Road
You may want to get to your destination as fast as possible, but ensure you are aware of the speed limits and follow the rules of the road. The speed limits posted are not safe in harsh weather, so slow down. Always use your signals to change lanes and be particularly careful if you are on a highway with many commercial trucks. Be a road safety fanatic.
Children and Vehicle Safety
If you have young children, it is natural that they are easily bored on long road trips. Ensure that they are safe and snug in an approved car seat, and if they need a break, stop – but keep them secured in a car seat while the vehicle is moving, in every case.
Ensure Your Insurance is Up to Date
Your personal insurance policies can be a lifesaver when something goes wrong. If you are planning a road trip, we invite you to meet with one of our local agents to review your coverage and make sure you have all the insurance you will need if an emergency occurs while on the road or away from home.
How to Promote Your Brand for Small Business Saturday
Small Business Saturday is celebrated every year on the Saturday after Thanksgiving. In 2021, this holiday falls on November 27. This is the day set aside to support small businesses in the U.S. It was started by American Express in 2010 to bring more holiday shopping to small businesses.
In 2016, 112 million consumers across the nation participated in this event by shopping and dining with small businesses, as stated on businesswire.com. This upcoming holiday is a great opportunity to promote your brand, and here are some ideas on how to do it.
Offer Special Promotions
Many consumers like to shop on Small Business Saturday to have fun, save money, and get ahead on their holiday gift-buying. Special promotions can help your business stand out from the crowd. For example, you can offer:
- A free gift with a purchase
- Bundled services and/or products suitable for gifts
- Sale prices on specific products or services
- Buy one, get one free, or buy one, get one at a discount specials
Market By Email
Use your email list to let people know in advance what your business is planning for Small Business Saturday. This is a great cost-effective way to promote your specials and help bring customers into your business. As luck would have it, American Express provides email marketing templates specifically for Small Business Saturday, in addition to other resources, according to your industry.
Use Social Media
Post on your social media profiles to promote Small Business Saturday and other specials. You might want to upgrade your profiles with new cover photos for the occasion. American Express makes resources available for profile updates. As another option, you can use Canva to create graphics that will promote your brand.
Cross-Promote
Cross-promotion involves promoting different brand products with similar audiences but not in competition with each other. It can help boost sales and create brand awareness. It provides a way for businesses that do not compete to cooperate for mutual benefit. With cross-promotion, it is important to choose the right partner and select the best channels for promotion.
Utilize Business Directories
Set up a Google My Business account or update your business profile to capture attention from consumers and to connect with your customers. You can also use the small business directory provided by American Express to help drive customers in for Small Business Saturday shopping. Properly optimized business directories can significantly increase foot and website traffic.
Use Local Media
Publish a write-up for Small Business Saturday in a local newspaper or online publication. For example, it could be an article on the history of your business or a piece on the importance of Small Business Saturday and the role of small businesses in the economy. End your article by promoting your specials for the holiday.
If you own a small business, you undoubtedly know the importance of having the right business insurance to protect you against various risks. Our agent can help ensure your small business has the insurance coverage it needs.
Moving? Here’s What to Do about Your Car Insurance
| Moving? Here’s What to Do about Your Car Insurance |
| Moving around the corner or to a street closer to a better school district is stressful enough. There are the boxes to sort, addresses to change and new bedrooms to assign.
But when you move out of state, do you have to change your car insurance? The short answer is it depends. If you have any doubts about what your car insurance coverage entails, the best thing to do is call us and ask any nagging questions you may have. But we can also help you figure out where to start. Not only can different states have some slightly different laws when it comes to the road, but some also require an increased level of coverage. Your new state might have lower coverage limit requirements, but that also means you’re increasing your risk. Think carefully if you decide to do this. If you’re moving to what’s called a no-fault state, you’ll have to check to see if your insurance policy covers this. No-fault insurance means that all medical bills, funeral bills and income losses due to a car accident are covered no matter which side caused it. There are 18 states that require no-fault insurance, including New York, Oregon and Washington. You’ll also need to register your vehicle in a new state once you move. Make it a priority so you don’t get caught out on the road. If you’re having trouble figuring out what you need, call us. We’re the experts, and we can help you find the best policy for you. |
Restoring the Oceans Is Possible and Here’s How
The worrying collapse of the earth’s ecosystems due to human activity, disease or climate change is something that is becoming ever more widely documented in recent years. Thankfully, a team of marine biologists and concerned volunteers have shown that hope can be found where there may have been none with an inspiring 20-year project to physically rebuild a barren ocean ecosystem, resulting in a lush revival of a previously depleted marine environment.
Environmental sciences professor Karen McGlathery and others oversaw the world’s largest seagrass restoration project in Virginia’s coastal waters, turning previously cloudy, sediment-filled bays into underwater forests teeming with life. Over two decades, the team scattered eelgrass seeds from a moving boat across the bays of Spider Crab, Cobb, Hog Island and South, eventually sowing an incredible 75 million seeds.
Nine thousand acres of green seagrass now blanket the bays, and the tangible benefits for the entire ecosystem are there to see. The seas are now awash with crustaceans, fish, scallops and more calling the seagrass home as well as clearer, purer water caused by the sediment and microplastic waste being locked in place by the underwater greenery.
The project’s success doesn’t stop there, with the mammoth task being hailed as a game changer in the way conservation efforts are considered for the future. Restoration efforts elsewhere are taking inspiration from Virginia, such as the UK’s largest seagrass regeneration project, which is using the Virginia team’s blueprint for their own conservation efforts in the bays of Pembrokeshire, Wales.
| What to Know About Home Owners Insurance |
| So you’ve bought a home, moved in, decorated and gotten homeowners insurance. Great! What’s next? Well, do you know the limit on your homeowners policy?
The limit, in simple terms, is how much you can expect your insurers to pay out if you make a claim. Don’t be scared. Most homeowner policies are written with replacement cost terms. This means the insurance carrier will pay the full replacement cost for damages, even if the item being replaced has depreciated. This works very well for the contents inside your home. If an old appliance that cost $4,000 when it was new breaks, the policy will pay out $4,000 to replace it, even though it is worth significantly less a few years later. However, this is slightly different when it comes to a whole home. If your house is subject to large-scale damage such as a fire or a natural disaster, the cost of rebuilding might be more than the limit on your replacement cost. If these numbers don’t see eye to eye, you might not be able to make some of the repairs you need to. There is an answer, though: extended replacement cost policies. This means your insurance will pay a percentage more of the amount needed to repair your home if needed. It’s a very useful safety net to have in place. Costs could dramatically rise due to unforeseen circumstances or economic variables. These policies are commonly written at 125 percent of the stated limit of the basic coverage. But do you really need this policy? That depends on the value of your home as well as the materials it would take to rebuild if disaster struck. Think you want to change? Contact us any time to talk over the best policies for you and your home. |
How to Keep Your Pets Happy and Protected
Having pets is both a joy and a responsibility. Our four-legged friends become members of the family whose health, happiness, and safety matters a great deal. The following tips can help you keep your beloved pets protected, while also keeping them happy.
Don’t Share Food With Your Pets
A number of the foods we eat can be harmful to animals. For example, dogs should not be given chocolate, grapes, onions, garlic, avocados, caffeine, or xylitol. Chives, shallots, leeks, scallions, onions, and garlic are particularly harmful to cats. The list of potentially harmful human foods is long, so it might be best to stick with dog or cat food, unless you are certain a food is safe for your pet to eat.
Give Them Good Food
Proper nutrition is critical to your pet’s health. Ask your vet’s advice on which brands to buy, and don’t skimp on quality.
Pet-Proof Your Home
Like children, pets can be playful, inquisitive, and mischievous. Just as you would childproof with a toddler, you also need to pet-proof with a cat or dog. Keep plastic wrappers, cords and wires, toxic plants, and small or sharp objects away from your pets. Do this in your yard as well as your home.
Spend Time With Your Pets
Animals get bored and lonely, the same as humans. It is important to play with your pets, take them for walks, and give them love every day. Exercise and a change of scenery can make a world of difference in your pets’ state of mind. You can also help keep them entertained by giving them fun toys to play with.
Keep Up With the Grooming
Pets need bathing, brushing, nail clipping, and regular dental care – just as we do. Maintaining a regular beauty care routine can help keep your pet looking and feeling fantastic.
Put a Collar On Your Pet
Collars are important for several reasons. They let other people know your pet has an owner who they should look for if your pet somehow escapes. They provide a way for another person to gently restrain your pet if necessary. Collars also provide a place to put contact information in case your pet should become lost.
Provide Preventative Care
Preventative care consists of little things that can make a big difference to your pet. These include vaccinations, parasite control, microchipping, and ID tags. Preventative care coverage can be added to a pet insurance plan. It covers services such as screenings and wellness exams that help your vet detect any health issues early.
Purchase a Pet Insurance Plan
Health insurance is essential for humans, and the same is becoming true for pets. If your dog or cat becomes ill or injured, you naturally want to provide the best of care. A pet insurance plan can make pet healthcare more available, including treatment for illnesses, injuries, and wellness care. Our agent can help you find a pet insurance plan that provides the most pet healthcare coverage for the best available price.
How to See Friends and Not Alienate Yourself from People
| How to See Friends and Not Alienate Yourself from People |
| So, we’re officially in a whole new world, and it’s time to start getting back out there and seeing your friends. But after a whole year (and then some) of staying inside, curating your social time around peak internet connection and working from home, a diary full of social events can feel like impending doom. Are we just not as energized as we used to be? Or did we just not notice the social fatigue? Maybe a bit of both.
Start slow You’ve just spent a whole year only being able to see a small bubble of people and perfecting your Zoom background. It’s totally okay not to rush into a hundred gatherings at once. Give yourself a limit. Maybe one a week, or two, if you’re feeling up to it. Watch out for burnout We’re not used to it anymore. Whereas some of us could maybe imagine hitting two or three commitments in one night, that was when we’d been training ourselves over the course of our lives. Your brain is like a muscle and it needs to be worked out to gain strength. You wouldn’t take a year out from the gym and then go straight back to what you were bench pressing. That’s a guaranteed injury! Should we even be pushing ourselves to socialize? While staying up all night drinking isn’t great for your internal body clock (not to mention your liver), socializing is a great way to improve your cognitive functions. No, really. Meeting new people, having stimulating conversations and laughing improves not only your mood but also your brain health. So think about that next time your overzealous colleague asks if you’re coming to their barbecue. Watch your drinks If you do decide to go out and have fun, please drink responsibly. The pandemic has been the source of a large amount of alcohol abuse, mostly to deal with stress. Perhaps it’s that drinking at home alone feels more desperate than going to a bar with a good friend, but still, it’s okay to treat yourself to a soda and catch up with good friends. |
Business Insurance to Protect Your Veteran-Owned Company
Veterans entering the business world have access to a number of resources. The Small Business Administration, the Veterans Affairs Office of Small and Disadvantaged Business Utilization (OSDBU), the SCORE Veteran Fast Launch Initiative, and American Corporate Partners (ACP) are all resources that may serve the needs of your organization.
One essential aspect of running a business is having adequate insurance coverage to protect your interests. The type of business insurance you need to protect your veteran-owned company will depend in part on the nature of the business you are operating.
Protections for Veteran-Owned Businesses
The types of protection your business needs will depend on your operations and the risks you are facing. A veteran-owned business may need coverage for:
Assets of the business
This may include buildings, equipment, inventory, and supplies. Commercial property insurance can help protect your business assets against damage from fire, theft, vandalism, and other covered perils.
Liability protection
Accidents can happen in a growing business, onsite or offsite. If a customer or other third party is injured, your business may be liable. General liability insurance can help cover medical bills and other damages, as well as your legal fees if a lawsuit is filed against your company.
Errors and omissions
You may need protection in case you or one of your employees makes a mistake in providing professional services that causes a client to lose money, or in case you are sued for negligence. Professional liability insurance, also known as errors and omission (E&O) insurance, can help protect your business in such a situation.
Vehicles used in the business
Whether you use your own car to conduct business, have employees who use their own vehicles to perform job duties, or have a fleet of company-owned vehicles, you need commercial auto insurance protection. This coverage can provide protection against damage to vehicles belonging to the company and from liability for vehicle accident-related bodily injury or property damage caused to others.
Employee on-the-job injuries and illnesses
If your business employs workers, you probably need workers compensation insurance protection in case an employee is injured on the job or develops a work-related illness. This coverage is legally required in most cases. It pays for employees’ medical expenses and partial replacement of lost wages. Workers comp insurance also protects employers from being sued by their workers for injury or illness related to their employment.
Data breaches
Most businesses today use technology to store personal information for customers or clients and employees. Cybercrime is on the rise, and attacks on small and medium-sized businesses are increasing. A data breach can be extremely costly in terms of liability and lost business. Data breach insurance can help cover the costs of notifying customers and employees, providing credit monitoring services to victims, and hiring a public relations firm to help repair your company image.
Package Your Veteran-Owned Business Insurance
You can save money by purchasing different types of business insurance in a packaged policy. A packaged business owner’s policy (BOP) can give you a good start toward protecting your veteran-owned business. Our knowledgeable agent can help you tailor a BOP to suit your unique needs.
Safeguard Your Property During the Holidays
The holidays are a time for celebration and getting together with family and friends. They can also mean a greater risk for your property if you are hosting parties or traveling away from home to other holiday celebrations. This is where your homeowners insurance policy comes in.
Common Holiday Homeowners Insurance Claims
Your homeowners policy will likely cover a range of holiday-related losses, including the following.
Property Damage and Injuries
Guests can get rowdy at holiday parties. This could result in damage to a neighbor’s or someone else’s property, or someone getting hurt. Homeowners insurance provides personal liability coverage in case you are held liable for property damage or personal injury.
Theft
If you travel over the holidays, leaving your house empty, burglars and thieves may see it as an opportunity. Your homeowners personal property insurance should cover the loss if something is stolen from your home, after your deductible is met. However, it is important to ensure you have adequate coverage. You may want to purchase a separate policy for high-value items, such as diamond jewelry or expensive paintings.
Fire
House fires are common during the holidays. Between 2014 and 2018, fire departments in the U.S. responded to an average of 160 home fires that started with Christmas trees each year, as stated by the National Fire Protection Association (NFPA). Cooking fires also increase during the holidays. Make sure you have enough homeowners insurance coverage to rebuild your home if it should burn to the ground.
Credit Card Theft
If your credit card is stolen over the holidays, your homeowners insurance may offer some protection. Most standard policies include approximately $500 in coverage for purchases made with a stolen credit card. Our agent can help you determine how much your policy will cover for credit card theft.
Types of Protection Provided By a Homeowners Policy
Most standard homeowners insurance policies include these types of coverage to protect you during the holidays:
- Dwelling: This coverage protects your living space and attached structures, such as a carport or garage. It should provide protection for damage caused by fire, lightning, sleet, snow, explosions, theft, or vandalism.
- Personal liability: This applies to incidents in which you are held liable for personal injury or property damage sustained on the premises by someone other than a member of your household, or caused by your child or pet.
- Medical: This coverage included in your homeowners policy pays for medical expenses of an injured guest, regardless of fault.
- Personal property: Personal property coverage protects you from loss of your home’s contents, including clothing, furniture, electronics, and appliances.
- Additional living expense: If a disaster such as a fire forces you to move to another residence temporarily, this coverage helps pay for your living expenses.
Certain risks to your property can increase substantially during the holiday season. These risks include (but are not limited to) fire, theft, injury to visitors, and damage to the property of others. Our agent can help ensure you have the homeowners insurance coverage you need to be fully protected.