Having adequate insurance to cover your business and potential risks is crucial so that you can continue to operate after any incident. Most businesses purchase package policies that include overall coverage, however, a monoline insurance policy may also be necessary. Keep reading to learn more about what they are and why they are beneficial.

What is a Monoline Insurance Policy?

A monoline insurance policy provides coverage for a risk that is typically included in a package policy but is excluded for a certain reason. One such example is when a business purchases a package policy but the underwriter excludes product liability, the business would then need a monoline product liability policy. It can also refer to an insurance policy that is not part of a package policy, but is offered with no supporting line by the insurance carrier. An example of this is a commercial umbrella liability policy which is not usually included in a bundle would be a monoline policy if the insurance company that underwrites your general liability is different from the insurance company that underwrites the excess general liability.

Examples of Monoline Insurance Policies

Essentially, using the definitions above a monoline policy could be almost any policy. However, the most common are below.

General Liability Insurance

Say a growing manufacturer purchases a high-risk general liability coverage from a specialized carrier. However, the carrier does not offer property coverage, so now the manufacturer needs to seek property insurance from another company. This means the manufacturer will purchase two monoline policies, a general liability policy, and a property insurance policy from two different carriers.

Employment Practices Liability Insurance

Often, higher rates of employment growth can lead to more employment disputes. Therefore, a start-up may opt for a monoline employment practices liability insurance policy due to its current size and potential for growth. Typical employment practices liability insurance coverage in package policies will not provide adequate coverage for these situations. Thus, the company is better off finding a specialty carrier that offers the most comprehensive coverage for this particular policy.

Workers Compensation Insurance

In the construction industry, the risk of workplace accidents increases, and some general liability policies do not cover workers compensation. This is why seeking a monoline workers compensation policy through a specialty insurance carrier is the best option. After all, you don’t want to lose your business due to a single on-site accident payout.

Advantages of Monoline Policies

Generally, a business will purchase a monoline insurance policy to cover exactly what they need which allows them to:

Cover gaps in policies

Many general liability packages and policies exclude extreme risks. This means you must purchase a monoline policy to cover anything specialized or unique to your industry

Cover large organizations

For larger organizations, it is unlikely that you will find a policy package that covers everything you need. After all, insurance carriers want to limit their exposure to large liabilities, and, thus, will not cover everything. When this occurs, the business must take out a monoline policy with another carrier to cover the excess.

In the current insurance market, a monoline policy is essential for businesses to feel confident in their coverage. While this can be expensive, it is well worth it in the event that an accident does occur. These insurance policy plans are a great way to leverage larger amounts of risk and protect your business.

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Making a new business successful is a lot harder than it seems. Setting one up, however, is easier than it’s ever been, especially with access to the internet. The digital world especially has made creating a new business, a lot more accessible for the everyday person to attempt.

In order to set yourself apart from the rest, it’s important to know what you need to do to make a new business work. Here are five tips that will hopefully help you when creating a new company this year or in the near future.

Set your intentions for the new business

Firstly, set your intentions for the new business. What do you want to create? Are you a dab hand at arts and crafts, and want to create your own jewelry business? Perhaps you’re someone who has a talent for writing and wants to start their own freelance writing agency?

It’s good to do some brainstorming when it comes to creating a new business because not every business concept or idea is going to work. Whether that’s oversaturation on the market or a lack of market, it’s essential that you’re setting intentions for the new business before you do anything else.

Consider what will work and what might be a risky move. Hopefully, you’ll come away with a strong concept that works in your favor.

Set goals and a business plan

Goal-setting is a great thing to do when it comes to your new business. You want to benchmark goals that you’re looking to hit along a certain timeline. Otherwise, this new business idea might never come to fruition.

You’ll also want to set yourself up with a business plan that you could present and pitch to investors, should you need the extra funds.

Register your business

You might not realize this as someone who has never owned a business prior, but you’ll need to make sure you’ve registered your business! That means looking into a streamlined FEIN filing service. The process of filing for such a number is easy enough to do but it’s worth looking into it and all the basic legal hoops and regulations you need to be aware of as a new business.

When making a new business ensure that it checks off all the necessities needed when creating a legitimate company.

Get insurance in place

Insurances are necessary in order to protect your business. From insurance over cybersecurity threats to your employees and injuries that might occur in the workplace, it’s essential that you’re paying for these insurances and having them active from day one.

Without insurance for your business, you’re making it a lot riskier for you and your company in general.

Delegate if you have staff members

Delegation of tasks is essential in order to help balance the workload, even if it’s just you and a couple of remote staff currently. Even if you’re outsourcing, delegating your work is essential to encourage growth in those early days.

Building a new business takes a lot of time, effort, and investment, so use these tips to give your business the best chance of success.

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As a small business, having insurance is crucial as it offers peace of mind, and helps ease financial burdens in certain situations. However, insurance packages can be expensive, especially for full coverage. Below are some of the most affordable small business insurance companies you should consider, and why.

Next

With Next, businesses can access a wide range of affordable small business insurance coverage options. Better yet, businesses can get coverage online in about 10 minutes, or opt to call and speak with a local advisor. All insured businesses get a live certificate of insurance and have the ability to customize their coverage. Some insurance coverage types available from Next include;

• Business Owner’s Policy (Starting at $400 annually)
• Commercial Auto Insurance
• Worker’s Compensation Coverage
• Professional Liability Insurance
• Tools and Equipment Insurance

Businesses can opt to pay monthly or annually and can earn discounts by bundling plans. Find out if Next is right for your business by applying for a free online quote today.

Hiscox

If you are an independent contractor or freelancer, Hiscox is a great option for insurance. There are various customization options available, and they offer amazing customer service. Some of the insurance coverage options include;

• Business Owner’s Policy (Starting at $500 annually)
• Short-term Liability Insurance
• Business Interruption Insurance
• Electronic Data Loss Insurance
• Professional Liability Insurance
• General  Liability Insurance

Hiscox offers monthly payments with no fees, making it easy for freelancers or contractors to pay and update insurance as necessary.

Huckleberry

For businesses in the food industry, Huckleberry could be the perfect insurance company for your needs. They cater specifically to restaurants, caterers, food trucks, and other food businesses. All policies offered through Huckleberry are underwritten by Markel or Chubb, thus, ensuring quality insurance coverage. Below is a quick look at some of the insurance options available;

• Business Owner’s Policy (Starting at $444 annually)
• Spoilage Coverage
• Food Contamination Insurance
• Equipment Coverage
• Worker’s Compensation
• Commercial Auto Insurance
• Liquor Liability Coverage

Fees are paid annually, and online insurance certificates are available for each policy. See if Huckleberry is right for your needs by requesting a free online quote today.

BiBerk

This insurance company is backed by Berkshire Hathaway and offers a wide range of industry-specific coverage options. This makes BiBerk great for any small business looking for secure, guaranteed insurance coverage. Furthermore, as Berkshire Hathaway backs the company, businesses are assured of financial stability and quicker payouts in an emergency. Some popular insurance coverage options include;

• Business Owner’s Policy (Starting at $500 annually)
• Commercial Auto Insurance
• Worker’s Compensation Insurance
• Umbrella Insurance
• Professional Liability Insurance
• Industry Endorsements
• Cyber Liability Coverage

Policyholders get amazing customer service, and policies can be obtained in just a few minutes online. Apply for a free, instant quote online today.

Thimble

For businesses needing short-term, on-demand insurance coverage, Thimble is a great option. In fact, Thimble offers general liability and professional liability insurance by the hour. This is great for events, or conferences that require extra coverage not included in your standard insurance plan. Insurance policies available through Thimble include;

• Business Owner’s Policy (Starting at $500 annually)
• Professional Liability
• Short-term Event Coverage
• Worker’s Compensation C
• Business Equipment Protection
• Cyber Insurance (in some states)

Thimble does not offer commercial auto insurance. Additionally, businesses must be making under $5 million in revenue annually to be eligible for coverage. The customer service team is contactable via live chat or phone call and can answer any questions you have about coverage. This is especially helpful when creating a short-term coverage plan for an event.

While these are the most affordable small business insurance companies, there are various other insurance companies like Chubb and State Farm that also offer great coverage options. However, keep in mind the size of your business, and your revenue when deciding on the best insurance option. After all, your business likely has specialized coverage needs, and thus, requires a custom insurance package. We recommend that you request quotes from various companies before making your final choice.

The post The Most Affordable Small Business Insurance Companies in 2023 appeared first on Add Value Business Blog.

The cost of buying a car has been rising gradually since the COVID-19 pandemic. This can be attributed to many factors, key among them being the shortage of chips needed to manufacture vehicles. Secondly, interest rates have increased to contain the rising inflation. Many economists have blasted the government for doing this, but it makes sense. 

Raising interest rates may dampen economic growth, but it helps to stop rising inflation. Higher rates mean higher car payments. These two factors have led to record high car prices, with the average car being sold at over $48,000 for the first time in history. 

Some estimate that production will go back to normal and the chip shortage will be resolved as manufacturers make the temporary measures they adopted during the chip shortage permanent. However, car prices are likely to remain high in the coming months as interest rates have increased. 

Protecting Your Car

After buying your car at a record-high price, you must protect it. You can do this by purchasing a comprehensive auto insurance policy. This will protect your vehicle from theft and damage. If your vehicle gets stolen, the insurance company will buy you another one or compensate you for the loss. 

If you are involved in an auto accident, the insurance company will pay for repairs or replace the vehicle if it has been damaged beyond repair. This is the beauty of having a comprehensive auto insurance policy. 

Be sure to also install a car alarm system in your vehicle. This is crucial as the alarm can warn you or passers-by when someone tries to enter your vehicle. Car alarms have proven to be highly effective in protecting automobiles over the years, so be sure to install the latest model. 

A tracking system in your vehicle can help locate your vehicle if it has been stolen. According to Red Shield Administration, the best car trackers are small and easy to conceal. However, they are also powerful. They can send a strong signal even in the most challenging circumstances. 

GPS car trackers, tracking systems that send a signal to your phone, can make vehicle recovery much easier as you can easily track the movement of your vehicle as you wait for the police to help you enforce the recovery.

If you live in an area with a high crime rate or own a vehicle considered "hot" by car thieves, you should think about installing a kill switch. The kill switch requires the driver to press a small concealed button or flip a switch before starting the vehicle or when prompted by the system. If the driver fails to press the button, the engine won’t start. 

Knowledge of the exact location of the switch is necessary to drive the vehicle, so this feature can come in handy in protecting your vehicle. 

Servicing your vehicle regularly is recommended by Red Shield Administration as it helps to ensure the vehicle runs smoothly for a long time. Frequent maintenance also improves the vehicle's performance and reduces the frequency of breakdowns. If you want to protect your vehicle, be sure to have it serviced by experts regularly. Engine oil change, brake adjustment, wheel alignment, brake pad replacement, and topping up lubricant and hydraulic fluid are some maintenance procedures that must be done when a vehicle is being serviced.   

Buy a Vehicle Protection Plan

Another option for protecting your vehicle is procuring a vehicle protection plan from a company like Red Shield Administration. This is a contract between you and the service provider. After paying the required premiums fully, the service provider undertakes to maintain and repair your vehicle as needed. 

Faulty components will be replaced and fixed at no extra charge. The vehicle protection plan will complement your auto insurance policy and manufacturer's warranty. 

While the manufacturer's warranty may have bumper-to-bumper coverage, some parts are not usually covered. These are components that are known to malfunction frequently. Since you do not want to incur additional charges unexpectedly, you can fill the gaps in coverage by purchasing a vehicle protection plan that covers those specific parts. 

Red Shield Administration offers various plans to address clients' coverage needs. Consumers with expired manufacturers' warranties can choose vehicle protection plans that offer bumper-to-bumper coverage. On the other hand, those with a valid manufacturer's warranty can choose the most basic plans that fill the coverage gap. 

Working With Red Shield Administration

Many other service providers exist in the auto service contracts industry, but Red Shield stands out for many reasons. First, the company has been in the industry for a long time. The firm is also considered an industry leader in auto service contracts due to its innovative vehicle protection plans. Red Shield Administration offers plans to suit the needs of different types of clients.

Why Choose Red Shield Administration

First, the company offers competitively-priced vehicle protection plans that offer extensive coverage. Secondly, the company has a wonderful reputation in the industry, which shows that both previous and existing clients are happy with the quality of service they offer. Thirdly, the company offers bonus services, including free roadside assistance during emergencies. 

When your vehicle breaks down by the roadside, Red Shield Administration will send a team to offer assistance. You'll also be provided a rental car until your car is ready for use. This means you will not be inconvenienced when your vehicle has to be taken to the repair shop. Lastly, the Red Shield Administration has invested in an easy-to-use online claims service. 

It is now possible for clients to file a claim at any time and from any location. All they have to do is visit the company's website, fill in the required details and wait for a response from the company.

The post Red Shield Administration Offers Tips On Protecting Your Car appeared first on Add Value Business Blog.

 

When there are so many options on the market, finding the best car insurance in New York can be a highly daunting task. That being said, if you know what it is you want from your insurance, you should be able to find what you need easily. For those who are less aware, there is this guide to help answer all the important questions.  

Regardless of if you know what you want, or don’t, NY Insurance Hub can help. They are the choice of many in NY looking for an independent company to help them find the best insurance. 

Is Auto Insurance Mandatory in The State of New York?

Each driver in New York must carry auto insurance. You cannot register a vehicle at the Department of Motor Vehicles (DMV) until you have a policy. The DMV requires you to show proof of insurance when you want to register your car, and only accepts insurance issued within the state.  

Is New York an At-Fault or No-Fault State?

New York is identified as a no-fault state. This means you must use your auto insurance to file most of your claims. For this reason, vehicle owners in the state are required to have personal injury protection (PIP), which has a coverage limit of $50,000. 

With all that said, no-fault insurance does not mean you can’t file a lawsuit against another person. If you’re in an accident that isn’t your fault you can sue the responsible party if the following happens: your medical bills, lost wages or other financial losses are over the $50,000 coverage limit of your PIP. 

What Factors Affect Your Auto Insurance Cost In New York?

There are a lot of factors that insurance companies look at when calculating premiums. This is why shopping around is important, as quotes can vary from company to company. For cheap NY car insurance, shopping around is an unfortunate reality that can be very time-consuming. 

Some of the factors they investigate are as follows: 

Age

All over the United States, young drivers between the ages of 16-25 have the highest auto insurance premiums because their lack of driving experience makes them a risk to insure. 

Driving Record

No matter where you are in New York, a poor driving record can make it hard to get affordable auto insurance. This includes at-fault accidents, general traffic violations, DUI and more. Unfortunately, these marks stay on your driving license for some time. For example, an accident remains on your record for three years, and unless your provider offers accident forgiveness, the premium may rise when you want to renew. 

Credit Scores

A bad credit score can raise the price of car insurance more than an accident or speeding. Many bad credit New York drivers pay high-interest rates, but you can keep your premiums low by comparing quotes from multiple auto insurance providers, and NY Insurance Hub can help with this task. 

Car Insurance History

If you are a new driver and this is your first car insurance, you can expect a higher premium. That's because car insurance companies don't have much information to assess your risk. 

 Another thing that can affect prices is if there are gaps in coverage. This is the period when you do not have car insurance. For example, if your car insurance company canceled you for non-payment, or you were between cars and didn't have car insurance. Insurers see a gap in coverage as a higher risk, which often results in higher premiums.

Car Park Location

Parking your car in a garage can change your premium. This is probably because it would be more difficult to steal a car from a secure garage than from the street, and it is also less likely that your car is less likely to be stolen from or hit by another passing car. 

 Your ZIP Code

Price factors that determine location are weather conditions, such as high hail, accidents, and car theft. Drivers living in the capital pay more for insurance coverage than drivers living in the suburbs because theft, vandalism and car accidents are more common. 

Other factors related to location include the cost of medical care, the cost of auto repairs, and the frequency of auto accident claims.  Find out more by contacting:

NY Insurance Hub Agency

125 Wolf Rd STE 404 Albany,

NY 12205 518-783-0105

GMB URL: https://g.page/r/CSpwJcUJX29hEBA

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