What Employers Should Know About Worker's Compensation Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:


As a business owner, there are many things that you need to be aware of regarding your employers’ compensation.  The primary purpose of worker’s compensation insurance is to protect employers in case they get injured, sick, or even killed on the job.  Worker’s compensation is required, although the policies for such compensation are different in every state.   In this article, Long Island Insurance Executive Gregg S. Marcus will advise what your company is mandated to cover in worker’s compensation.

Worker’s compensation generally gives the four main types of benefits to employers.  These four benefits are medical benefits, disability benefits, survivor’s benefits, and rehabilitation benefits.  This ensures that the company cannot be sued in case someone is severely injured, but instead will be given a set amount of money to repay the employer for their injury.  Upon receiving worker’s compensation at the start of their employment, the employer signs an agreement that they will not sue as long as the monetary reward is received accordingly.  Also, it is important to be aware of whether or not your state mandates that you show proof or notice of your insurance carrier in your workplace.  The state also monitors the amount of coverage that you are required to have, in addition to the amount of money that you are required to pay if your employer misses work due to a job-related injury.  If you fail to provide adequate coverage to your employers in worker’s compensation insurance, you may be punished by the state.  Punishments include fines, and civil or criminal penalties, so you should be sure to provide the required coverage.

To view this post in its entirety, click here to visit the Gregg S. Marcus official website.

 

Does Your Small Business Have Enough Insurance Coverage?

 Here is an excerpt from a new blog post at GreggMarcus.com:

Oftentimes, small businesses take the brunt of natural disasters and other unexpected damages.  Whereas big businesses are fully insured, most small businesses are either with minimal coverage or are without coverage altogether.  The main issue comes from the fact that damages done by an incident such as a pipe burst can actually close a small business down.  Since many small businesses don’t have the coverage to pay off the damages, their company is left in distress and can go into serious debt or even close down.  In this article, Long Island Insurance Executive Gregg S. Marcus seeks to inform small business owners of ways that they can receive more coverage.
It is important that you are aware of your insurance coverage.  Call or get into contact with your insurance provider to confirm that your coverage is appropriate for the needs of you and your small business.  Insurance plans should provide coverage for not only property damage in case of an incident, but should also provide coverage for possible loss of revenue that could get damaged in the process.  Also, make sure that you ask many questions.  There is no such thing as asking too many questions, especially since you don’t want to miss anything when it comes to insurance.  It’s essential to understand the deductible, the coverage, and the policy limits of your insurance plan.

To view this post in its entirety, click here to visit the Gregg S. Marcus official website.

Insurance Tips for Business Travelers

Here is an excerpt from a new blog post at GreggMarcus.com:


If you’re a business traveler, then you understand that spending constant time on the road can pose a lot of dangers.  This comes into play especially when driving a work vehicle that is not yours and is rather, a vehicle provided by your company.  Company cars possess a different insurance policy altogether, possibly leading to issues if you are unaware of the coverage that your company’s insurance provides.  In this article, Long Island Insurance Executive Gregg S. Marcus would like to give you some tips to ensure that you have coverage on the road as a business traveler.
The most efficient way to verify insurance coverage under your company’s business vehicle is to speak to your manager beforehand.  In doing so, you can be aware of exactly what your company’s auto insurance covers.  Also, it is important to be in touch with your insurance provider about what you are primarily using your own vehicle for.  If it so happens that the car you use for business is your own vehicle and not owned by your company, then it is important that you inform your insurance provider.  Factors including the type of car you own, your driving record, miles driven per year, and what you primarily use your car for will determine the premium that your auto insurer sets for you.  So, if your vehicle is primarily used for business purposes, it is essential that you make your insurance provider aware.  Otherwise, you could be paying more for your insurance than you should.

To view this post in its entirety, click here to visit the Gregg S. Marcus official website. 

Why You Should Insure Your Home Based Business

 Here is an excerpt from a new blog post at GreggMarcus.com:

Many entrepreneurs working in home based businesses fail to think about insuring their business the way that they would insure their own home.  This can prose a huge issue, for they are leaving themselves susceptible to dangerous situations and are unknowingly risking the successes of their new business.  In this article, Long Island Insurance Executive Gregg S. Marcus seeks to advise entrepreneurs to insure their businesses.
The common misconception among the owners of home based businesses is that their homeowner’s insurance will cover any damages caused by their business. This is oftentimes false.  Just because the business takes place in one’s own home does not mean that the entrepreneur will be protected from business-related incidents.  For example, an entrepreneur selling graphic art that he produces would generally have thousands of dollars worth of computer equipment lying around in his or her home.  Due to the fact that the artist does business from his home, he is putting himself at risk of theft from potential customers.  This case scenario may not be covered by standard homeowner’s insurance.  Also, if one’s customer is injured in the process of using the entrepreneur’s product, they risk being held legally responsible.  For this reason, insuring your business, especially when home based, is extremely important to cover the unexpected.

To view this post in its entirety, click here to visit the Gregg S. Marcus official website.

How Do I Insure My New Business?

Here is an excerpt from a new blog post at GreggMarcus.com:

Insuring a new business can be a quite stressful process, though with some help it is not too grueling. Business insurance itself is far different than your homeowner’s insurance in the way that it is purchased and the protection offered. It is important to look at the coverage options available to your business. Most new business should consider the basic coverage available to best protect themselves. In this post, Long Island Insurance Executive, Gregg S. Marcus will explain how one should go about insuring their new business and what types of coverage vary from one company to another.

The basic types of coverage available are property insurance, general liability insurance, casualty insurance, and commercial vehicle insurance. Property and casualty insurance together will protect most of the hard assets of the business such as your furnishings, equipment, and computers. Liability insurance on the other hand will protect your company against a claim made by any other business. If you have employees when you begin your business you are going to need to acquire a form of workers compensation insurance as well.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

FAQ: Small Business Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

All policies are organized by specific sections and regardless of what insurance company you use there are many similarities in the contract provisions. It is important that you know what the sections are and typically what they are describing in order to help you quickly get information that you need from these contracts which at often times exceed one hundred pages. In this post, Long Island Insurance Executive, Gregg S. Marcus clearly lays out the facts, myths, and everything else you must know about insuring your small business.

The initial few pages are usually the declarations page or pages. These declare the name, address, amount of coverage and specific limits that the insurance carrier will provide the client. It’s more or less a brief summary which will highlight the main factors of the risk the insurer is providing the coverage for.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Auto Insurance and your Credit Score

Here is an excerpt from a new blog post at GreggMarcus.com:

When one comes to think about the various factors that go into determining your auto insurance policy, you usually come to think of the various aspects of the car itself or the type of coverage you wish to purchase. The factors do of course play a large part in determining your insurance premium rates as well as your driving record, recent accidents, and tickets you may have attained. While all these issues help determine your payments to a large degree, there are a number of other factors that can make an outstanding difference as well. Depending on where you reside, your credit score may be one of the most vital factors an insurance company uses to determine your rates. In this post, Long Island Insurance Executive, Gregg S. Marcus will explain all you need to know about the parallels between your auto insurance policy and your credit score.

Almost every state in the country uses your credit score to determine an insurance premium. Today there are forty-six states where auto insurance companies are permitted to look up your credit score and consider it to factor your premium rates. The four states that prohibit this practice and appliance are California, Hawaii, Massachusetts, and Maryland; though everywhere else your information is open to the companies.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Tips for Dealing with a Denied Claim

Here is an excerpt from a new blog post at GreggMarcus.com:

It goes without saying that in any event in which you submit a claim against your homeowner’s insurance policy, your insurer has the right to deny it.  When dealing with a denied claims you will at often times become frustrated, confused or even frightened, as this is, as with any insurance arrangement, incredibly stressful, though you by no means have to accept no for an answer and leave it at that, as a customer you possess the right to fight back. It should be known that most denied claims cases are simply errors or miscommunications, claims denials could also represent fraud. If you truly believe you are not getting what you paid for and feel your insurance company is not keeping up their end of your agreement you should not quit until justice prevails.  In this post, Long Island Insurance Executive, Gregg S. Marcus will explain what steps you must take after having an insurance claim denied.

Initially, the first thing you should do is review the denial. An insurance company can’t simply deny your claim because they don’t feel like dealing with you, as a contracted customer you are entitled to be covered by the insurer with only a few exceptions. Once an insurance company denies your claim, they must provide a reason, be sure to go over this reason and make sure you understand their comprehension.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Is Small Business Insurance Necessary?

Here is an excerpt from a new blog post at GreggMarcus.com:

As a small business owner there are a lot of things you are concerned with on a daily basis.  Without insurance, it is possible that you would have even more to worry about. Do not take that chance! It is necessary, even when owning a small business to possess business and liability insurance policy.  Beside from thinking of salaries, hiring employees, technological issues and attracting customers, business insurance should be on your list of responsibilities. In this post, Long Island Insurance Executive, Gregg S. Marcuswill explain why even owners of small businesses should hold policies similar to those of large, corporate business executives.

You should definitely consider a business insurance policy if as an owner, you have a decent number of employees.  If there are more than just a few individuals working for you, you should definitely not skimp on an insurance policy as there is obviously more likely going to be a problem with the more people you have working.  Depending upon your type of business, some employees may be working miles or even states away.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Factors that May Affect Your Insurance Policies

Here is an excerpt from a new blog post at GreggMarcus.com:

Most people do not spend a majority of their time contemplating their insurance policies.  There are a number of events that may occur in your life in which you may need to contact your insurance broker and discuss how they affect your policy.  Many people do not seek assistance after these instances which are volatile to one’s insurance plan.  In this post, Long Island Insurance Executive, Gregg S. Marcus discusses the distinctive factors that occur in your life which determine your insurance payments. These factors include the number of drivers in your household, marriage or divorce, moving into a new home, or acquiring a new job.

Number of Drivers

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Do I Need Business Insurance If I Work From Home?

Here is an excerpt from a new blog post at GreggMarcus.com:

If you are going to create your own business and plan on running it from the comfort of your home, it is vital that you acquire the correct business insurance policy.  There are also three distinct types of insurance related to a private business that you should be familiar with: public liability insurance, employer’s liability insurance, and professional indemnity insurance. In this post, Long Island Insurance Executive, Gregg S. Marcuswill explain the difference between these insurance policies and help to clarify which is best for your personal and business needs.

You may ask yourself what kind of business policy you will need for your home business. Regardless of what kind of company you are starting, you will need a specially designed insurance policy, it also does not matter that you are running your business from home; you will still need to be insured with the appropriate policy as you would if you had a private office.

To read this post in it’s entirety, click here to visit the Gregg Marcus official website.

Protecting your Business with Professional Liability Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

Simply put, every business should hold a professional liability insurance policy.  Whenever something negative should occur, the policy takes place at the worst of times.  It is possible that one day your business is in the green and profiting greatly and the next something severe occurs, crumbling your very company to the ground. Professional liability insurance allows you to prepare for a situation such as this.  Insurance policies are great to have in this unstable marketplace in which you have no control over what may occur. In this post, Long Island Insurance Executive, Gregg S. Marcus explains the importance of liability insurance whether you are a small business or a giant retailer.

Professional liability insurance differs greatly regarding the overall legal responsibility of the policy. This specific type of policy can assist you at anytime which a customer claims involving either negligence or harm. At this time professional liability insurance might have advantages on your behalf. It not only covers your business when suggestions appear, but it can also cover many charges.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Lower Your Business Insurance Rate

Here is an excerpt from a new blog post at GreggMarcus.com:

It can be said that small businesses are the backbone of the American economy.  The younger businesses are where individuals apply creativity, ingenuity, and apply the greatest amounts of innovation. Though, when a business fails it can be deeply saddening on many levels. The loss of jobs, income and investments all take place when a business goes under.  With several variables at large, it is difficult to pinpoint when and where a business may fail. It can at times involve a product or service that the public isn’t interested in or other various reasons.  In this post, Long Island Insurance Executive, Gregg S. Marcus explains why business insurance is so important for a company to possess.
In order to help business firms find redress in these dire situations, insurance companies have devised policies in order to protect them from any unlikely situation that may come their way.  These policies are brought into place and designed to provide indemnity to the company, should anything beyond their control.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Types of Fire Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

Fire insurance is an insurance policy purchased in order to cover any damage to property caused by a fire. It is a specialized form of insurance beyond regular property insurance, which is designed to cover the cost of replacement and/or repair, beyond what is covered by your basic property insurance policy. Most homeowner’s and commercial policies have fire insurance, but few truly understand what it is and how it works. These policies list a number of perils that are covered by the policy and exclude perils that are not covered. Specific perils can also be purchased separately and added to any policy. In this post, Long Island Insurance Executive, Gregg S. Marcus lists the six principal types of fire insurance policies:

1. Valued policy
If the agreed value of the matter at subject is stated in the policy, it is a valued policy. This may not be the actual value of the property, though in the event of a fire the insurer must pay the mentioned value to the customer.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Commercial Car Insurance for Home Based Business Owners

Here is an excerpt from a new blog post at GreggMarcus.com:

When you run your own business and operate it from your home, it can be easy for the lines between businesses and personal to blur and to confuse how you handle certain aspects of your operation. With so many different IRS guidelines and home business ordinances, it can also be easy to become confused about what is business-related within your home and what is personal. In this post, Gregg S. Marcus, a Long Island Insurance Executive discusses the use of commercial car insurance when you run a home-based business.

When you refer to personal auto insurance, you are talking about a policy that covers the expenses and liabilities that arise from an accident that occurs when a vehicle is being operated for personal purposes. This could mean that it was going to or from the grocery store, dance recitals, the library and all manner of personal errands. Personal coverage includes all the basic options you are used to, like collision, bodily injury liability, personal property liability, comprehensive and more.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: What is E&O Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Errors and omissions coverage (also known as E&O Insurance) is a professional liability insurance that protects firms that offer advice or services. The policy covers the insured against any claims from a client who claims they suffered monetary loss or the policyholder didn’t perform due to negligence. General insurance companies often omit this particular coverage from their standard plans and it must be purchased separately. In this blog post, Gregg S. Marcus, a Long Island Insurance Executive discusses E&O insurance in further detail.

Many times people confuse E&O Insurance with Malpractice Insurance, which Is linked to professional liability in the medical field. An Errors and Omissions policy is required in the legal, financial industries and well as for construction and maintenance contractors and professionals working within the transportation industry. This is often due to the elevated exposure to failure to perform lawsuits. It is also suggested to have E&O insurance if you provide any type of professional service or regularly give advice to clients. It is important to make sure your E&O insurance policy covers not only full-time employees but also outside employees or contractors as well.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

Why Your Business Needs Liability Insurance

Here is an excerpt from a new blog post at GreggMarcus.com:

The smallest and simplest accidents can turn into serious legal cases for businesses these days. It is very important to protect against litigation with a commercial liability insurance policy. Liability insurance that covers both public liability and product liability insurance is general liability insurance. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the importance of a good liability insurance policy for your business.

Almost any type of business wherein there are risks of bodily injuries or property damage due to negligent actions can get general liability insurance. This type of insurance policy covers claims from a person injured due to usage of a product supplied and/or manufactured by a business, and from a person injured during the general operation inside the business site. General liability insurance enables businesses to protect their assets and properties when they are sued for something that they did or did not do, no matter how little or big the damage or injury that has occurred.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

The Importance of Business Interruption Insurance (BII)

Here is an excerpt from a new blog post at GreggMarcus.com:

One of the most fundamental types of insurance that you can carry as a business is business interruption insurance, commonly referred to as BII. Business interruption insurance is purchased to reimburse loss of income if a covered event occurs that makes it impossible to carry out your normal business operations. It is not commonly sold as an individual policy, but may be a clause that you can add to your business property insurance. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains the importance of Business Interruption Insurance for any business.

Business owners frequently receive quotes for liability, casualty and property insurance, but often neglect to look into business interruption insurance. Property insurance covers your business against damage from fire or flood, casualty insurance can cover against general loss and liability coverage can protect your business against negligence claims. Worker’s compensation coverage protects your employees when they are injured on the job.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: Why Add an ‘Additional Insured’ on Your Business Insurance Policy

Here is an excerpt from a new blog post at GreggMarcus.com:

Businesses must work with other businesses to operate on a daily basis. For example, when a contractor builds a home, they must use the work of sub-contractors for materials or labor for the project. These businesses sign contracts or agreements prior to any work being completed. The different companies may be at the same place at the same time, and they all need to be covered against risk. In this post, Gregg S. Marcus, a Long Island Insurance Executive explains why a business will add an additional insured on their commercial policy.

Additional insured endorsements are added to protect the mutual customer of each individual business. One party will add the other on their commercial liability business insurance policy as an “additional insured.” By adding an entity to your policy as an additional insured you are protecting that entity against your company’s negligence. By having another entity add your business as an additional insured that company is protecting you against their negligence. This most commonly occurs between event promoters, commercial landlords, construction contractors or another business that involves independent contractors or sub-contractors.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.

FAQ: What is Employment Practices Liability Insurance?

Here is an excerpt from a new blog post at GreggMarcus.com:

Any small business that has employees is at risk at litigation. Employment Practices Liability Insurance (EPLI) is a policy that helps protect small business owners from any claim that can arise from employees in relation to how the owners conduct their business. Employees can file a claim for discrimination, wrongful termination, sexual harassment or wrongful discharge. Small business owners need to protect themselves against these types of threats. Gregg S. Marcus, a Long Island Insurance Executive explains the basics on Employment Practices Liability Insurance.

EPLI may be part of a comprehensive directors and officers policy or a stand-alone policy. It can be purchased in amounts from $1 million to $25 million with subsequent deductible levels. Many policies exclude coverage in the event of a merger or major downsize. Deliberate actions such as criminal conduct are also excluded. The policy can provide coverage for employees, independent contractors and even leased employees. Coverage for independent contractors is particularly important, due to the lack of direct supervision associated with performance.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.