Question: Every time I blink there seems to be another type of insurance I'm supposed to have - either for my business, my employees or myself as the owner. And I confess, my coverage is pretty thin. Where do I find good information on the types of insurance I should have and access to comparative price quotes?
Answer: From Business Owner policies and Workers' Comp, to Key Man Life, Commercial Auto, Professional Liability and many others, there's a long list of insurance options to consider. We have a confession of our own. With apologies to the insurance business, this is a topic that tends to make many of us doze off. But we know its importance, so our resource analysts knocked down a few extra Starbucks and rounded up these helpful insurance resources for small business:
The Insurance Information Institute (www.iii.org) has plain English answers to questions such as: How do I find the right agent? How can I save money on my business insurance? How do I insure my home business? What does a business owner's policy cover? Do I need business interruption insurance? How do I file a business insurance claim? Do I need workers' compensation insurance? Do I need professional liability insurance? Do I need a commercial auto insurance policy? What is employment practices liability insurance (EPLI)? Click on "Business" at the Web site (a little confusing since it is listed under "Individuals" or call (212) 346-5500.
InsuranceNoodle (www.insurancenoodle.com) is basically an online insurance agency specializing in small business lines from major companies such as AIG, Chubb, CNA Surety, The Hartford, Philadelphia, Safeco, The St. Paul, XL Specialty and Zurich U.S. Noodle offers insurance products for 200 specific types of small businesses. This is a good place to get free quotes or make quick and easy policy comparisons for all different types of business insurance. Visit the Web site or call (888) 466-6353; e-mail info@insurancenoodle.com.
OPEN: The Small Business Network from American Express has an excellent collection of articles on small business insurance available free to anyone at its Web site. In the Small Business Insurance Primer you'll find detailed descriptions of all the different types of insurance. The site offers helpful articles on topics such as how to find the right small business insurance and the facts on home office insurance. The small business insurance FAQ section answers questions about Workers' Comp coverage, cost control and deductibles. At open.americanexpress.com click on the "Inform" section and then look for "Law and Insurance."
The Health Insurance Association of America, based in Washington, DC, offers information about small business health insurance plans that isn't slanted toward one company or type of plan. HIAA has a helpful online guidebook called the Insurance Guide for Business Owners. It's free at the Web site under Consumer Information. Covers small group health insurance, commercial insurance options, tips on choosing quality coverage and a handy checklist that helps you evaluate the type of coverage that will work best for your biz. A list of questions to ask is also valuable. For example: What is the total cost of the policy (including premium for employer and employee, co-insurance, maximum out-of-pocket, etc.)? Is the rate guaranteed? How long does it take to process claims? What will happen to premiums if one employee has a major claim? Other guides of interest include: Employer's Guide to Disability Income Insurance; Employer's Guide to Long-Term Care Insurance; and Guide to Medical Savings Accounts (MSA)/High Deductible Health Plans. Visit the Web site at www.hiaa.org or call (888) 844-2782.
Joining the 600,000-member National Federation of Independent Business (www.nfib.com) could be your ticket to insurance savings. A $200 annual membership nets you discounts and access to dozens of special services and products - including property/casualty, workers? comp, disability, health and other types of insurance. Save up to 42 percent on a wide array of health plans through NFIB HealthBenefits and Fortis Health. Visit the Web site or call (800) NFIB-NOW.
Offer benefits that fit in your budget and that attract and retain employees.
Any way you slice it, health insurance coverage is expensive. Major corporations can negotiate better rates because of the large numbers of employees, but small businesses with two to 50 employees don't have the clout to negotiate big volume discounts. With costs skyrocketing, many small business owners are finding it more and more difficult to offer health insurance to employees. In turn, this makes it difficult to attract ...
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