At the beginning of each year, when business owners should take time to plan out their business strategies, it's critical those strategies include how to protect their business operations and risks through updated insurance coverage. While you get some protections from lawsuits, simply by choosing a business structure, like an LLC or a "C" corp., even that protection is limited. Business insurance is designed to fill in gaps to make both your personal assets and your business assets fully protected from unexpected catastrophes.
According to the professionals at J.P. Perry Insurance, usually at the beginning of the year, new rates for health insurance, business liability insurance, automobile insurance, umbrella policies and other types of insurance come into effect. So now is the right time to review your policies.
If your business has been adversely affected by COVID-19 or other uncontrollable circumstances, the New Year may still bring more uncertainty for your company's financial future. In the process, you may have to scrutinize your business expenses even closer. One area companies will look at to save money is cost cutting with their insurance. But caution needs to be taken to ensure that you don't get short-changed with gaps in coverage or that you place your coverage with financially questionable insurance companies. The commercial lines staff at J.P. Perry Insurance suggests you consider the following strategies during rough times to help save on insurance costs while still covering your business risks.
In theory, as a small business owner, you hire some employees because of their skills and expertise, and others for their labor and ability to learn. But there's no getting around the fact that both types of staff will need at least some training, and both will benefit from clear expectations and guidance.
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A Glassdoor survey found that 57% of job seekers report that company benefits are one of the top factors they consider when selecting a position with a company. So it is important that you have an insurance agency that can provide you a total package of benefits to offer employees and, in addition, help you communicate those benefits to your employees. At J. P. Perry Insurance, our scope of benefits includes Group Health Insurance, Comprehensive Employee Benefits Plans, Group Benefits and 401K and Retirement Plans. Our professional staff will help you customize an employee benefits package for your company and we will make arrangements to explain and communicate those benefits to your employees.
Regardless of the benefits a company offers, if you are unable to communicate the value and what benefits are available to your employees and prospective new hires, then you are missing the business advantage of offering those benefits. The staff at J.P. Perry recommends the following processes for communicating your company benefits.
As your child approaches the age of driving, especially if you are getting close to sending that child off to college, you need to consider the costs of properly insuring your young driver. Annual car insurance premiums can increase between 55% and 82% when you add a teen driver to your policy. The professionals at J.P. Perry Insurance want you to know that your current insurer might not be your best choice. Every insurance company calculates rates differently, considering factors such as age, location, gender and grade point averages. But regardless of adding a teen to an existing policy or seeking new coverage, your premiums will still be higher. Some here are some measures you can take to help lower these rates.
According to 2019 data from the American Automobile Association, it costs $9,282 a year to own and operate an average automobile. Unfortunately, there are not many ways to get around that annual cost. But according to the professionals at J.P. Perry, one major auto expense you can reduce is your auto insurance. By taking advantage of discounts, analyzing the cost factors of owning a car and with some help from J.P. Perry agents, you could make significant reductions. Here are a few factors to consider for obtaining reduced premiums.
From slippery floors to shop lifting to seasonal employees to errors made in the effort to push for end-of-the year sales, your small business could be at a greater risk during the holidays than it is all year long. And while many people are shopping online instead of at brick and mortar stores, especially during COVID-19, regardless of the type of business you have, you could still face risks. The professionals at J.P. Perry Insurance have identified the top four major business risks during the holidays and the protection your business may need.
When you are shopping for a vehicle and you are deciding between a new or used vehicle, there are many factors to consider when evaluating the overall costs of that purchase. One of those factors should be the cost of insurance. According to the professionals at J. P. Perry Insurance, auto insurance is very specific to the vehicle and the person buying a vehicle. So it is impossible to offer a general statement regarding which is less costly to insure. Your rate will depend on your driving history, the make and model of the vehicle, the level of coverage and the insurance company you choose. But here is some information that can help you decide whether to for go for new or used.
Between 2013 and 2017, fire departments responded to an average of 160 fires each year caused by Christmas trees, resulting in approximately $10 million in property damage, and about 800 responses to fires, caused by holiday decorations other than trees, according to the National Fire Protection Association. But there are other types of accidents and hazards that also contribute to injury and damage during the holidays, such as cooking fires, increased traffic accidents, fireworks related incidents, and this year, we have COVID-19 to content with. But with a good homeowners' policy you can avoid risks and your family and property can be protected during the holidays.
It's safe to say that, at this point, everyone around the globe is tired of the pandemic. So much so that there's now an official name for it: pandemic fatigue. Unfortunately, the end of this difficult episode unknown, which means we're going to have to live with the constraints of pandemic life and all of its negative impacts for much longer than we would like.
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