Did you know that 25% of Americans have a side hustle business? That number equates to 57 million people looking to make additional income from a side business.
And while so many Americans are doing what they can to provide a valuable service to their communities in hopes of growing their bottom line, many are leaving themselves exposed to both personal and business liability by not having the proper insurance.
The number of side hustle owners who are going without having insurance is huge, as it is estimated that only 12% of these small business entrepreneurs have insurance coverage.
The reason most of them go uninsured is that the simply think they don’t need it.
The fact is…
YOU NEED TO INSURE YOUR SIDE HUSTLE!!!
Especially when you consider that 61% of part time businesses make less than $10,000 per year, any claim against you or your business could send you spiraling into bankruptcy.
Especially with new side hustle apps and services like Lyft and Airbnb, you need to consider all of the risks that you could face before you make the mistake of not having coverage for your side business.
What If You Run A Side Business From Home?
Many people who want to earn a side income decide to take on a “make money from home” approach to cut down the costs of their new side business.
Typically, they mistakenly believe that their homeowners insurance will cover them in case of liability.
In most cases, insurance companies do provide personal liability coverage with a homeowners insurance policy, but they tend to deny claims stemming from any business activity, whether from a home business or otherwise.
What If Your Side Hustle Is Online?
Selling from a website as a side hustle is something that has only gained popularity over the last 20 or so years. The legal system and governments have been slow to keep up with the rate of growth and change that the internet has created.
One of the things that has not kept pace is taxation, simply because the internet creates the ability to have an international supply chain with a very low overhead that can be set up with almost no budget over a weekend.
However, as we spoke about in an article about the dropshipping business, there are still dangers in having a side hustle online and not having the proper insurance.
If you’re customer receives a defective product, you could be liable for any and all injuries and claims brought against you by them. Without proper insurance, you would be looking at potentially coming out of pocket for court cost, hospital bills and damages.
It just doesn’t make sense to risk your financial well being to save a few hundred bucks a year.
Get Side Hustle Insurance Today
If you are operating a side business and need insurance call us immediately to get covered. You can also get an online quote here.
Even if you don’t think you make enough to need to insure your side business, having a basic general liability policy for you business could protect you from the risk of losing your personal assets.
Don’t risk it. Insure your Side business with the right coverage asap.
Drop shipping business owners tend to think that drop shipping a product, selling a product without having to carry them in your inventory, means that you are not responsible for the product.
To an insurance underwriter, drop shipping means that the business owner has less quality control. To an insurance underwriter, Foreign manufacturers present a great risk since it's nearly impossible to hold them accountable for injuries in the U.S. that they should be responsible for.
It's your job as the importer to protect your customers from receiving defective products and ensure that imported products are safety inspected.
With that being said, there is a certain amount of liability a business must assume and drop shipping is obviously no different. Using the correct legal entity and liability insurance is vital to a successful drop shipping business no matter if it sells T-shirts, Tie Clips or Costume Jewelry.
Having the liability insurance can help you protect yourself and your business during hard times, plus it may help you pay for your legal fees if you have to consult with a lawyer.
Getting your drop shipping business insured is a priority that you can't afford to overlook.
Today's high tech world is only moving at a faster pace and with it comes the risk of cyber attacks. Being hacked is no laughing matter and can put your business and personal life in danger.
For example, did you know that 60% of businesses that were victim of a data breach are closed within 6 months? That's just how harmful these hackers can be.
AmTrust recently put out an article to address these issues so that you know exactly how to handle being hacked should you ever find yourself in need.
Contain The Breach
Doing your best to preserve evidence is critical to assessing how the hackers got into your system and, most importantly, who the hackers are. In this time it's important not to delete anything.
Following these steps will help you limit the risk of a cyber attack in the future.
Assess The Breach
In the example of a business getting hacked, it's important to see just how far the damage reaches. Do your best to find out as much as you can about the effects of the breach.
Who has access to the infected servers, which network was it on and how was the attack initiated? If you can answer these questions by checking out the security data logs then you may be able to protect yourself moving forward. If you have any issues finding your security data logs, you are best to hire a professional to get access for you.
As always, having access to know who was affected by the breach will help you contain it. It's also very important that you use the breach as a teachable moment so that your staff is educated on your companies protocols for handling cyber attacks.
Manage the Fallout
This is the time to contact all of the involved parties. Notify your managers, employees and customers about the breach and let them know about the situation.
If you have cyber liability insurance, notify your insurance carrier. Cyber liability insurance is designed to help you recover from a cyber attack so you don't end up in the 60% of businesses that close their doors within 6 months of a breach. Having the right cyber liability insurance can help with costs associated with addressing future cyber incidents.
If you don't have a cyber liability insurance policy yet, get an online quote to get covered.
Today's post was originally published on Toasttab.com.
The writer, AJ Beltis, gives some good insight into how to solve those nagging issues that most restaurant owners face. The content here has been slightly modified, so if you want to see the original post be sure to check it out here.
What keeps you up at night?
This is a complicated question - especially when asked to someone working in a restaurant industry.
"Is it finally time to let Sam go?"
"Why are our sales slumping all of a sudden?"
"Did I order enough chicken for the week?"
You name it - there are a slew of thoughts that keep restaurateurs tossing and turning all night long.
We reached out to a few of our fantastic customers - restaurant owners and professionals just like you - and asked them a simple question: What restaurant concerns keep you up at night?
As I read through the responses, common themes became evident and similar issues arose. The silver lining, however, is that many of these problems can be solved.
Here are five of the biggest problems that keep restaurant owners up at night and some resources you can employ to help you sleep tight.
1) "What in the world do I do about my staff?"
Jonathan Schroeter of IL Primo's Pizza & Wings answered the question of what keeps him up at night with the following response:
"Staff Retention - Who is going to quit on me tomorrow without giving a notice?"
Jonathan wasn't the only restaurateur stressing about staff. Far and away, concerns over restaurant staff were the most common in those that we heard from.
More than half of those who responded mentioned scheduling, retention, and/or shift management as something that keeps them up at night.
This issue doesn't just plague our respondents. The turnover rate in the hospitality industry sits at over 70%, which seriously impacts restaurant operations.
2) "How can I boost my sales?"
Julie Stark from Mongers Market + Kitchen told us the struggle of increasing business is one of her stress-inducers, while Elena Dellutri of Ye Olde Falcon Pub is always crossing her fingers for a very busy night.
The good news is the restaurant industry is doing well. Sales have grown for the past seven years, which means Americans are going out to eat more often. However, with more than one million restaurant locations in the country, it's easy for your restaurant to be seen as just another player in a very big game.
3) "How do I increase customer satisfaction?"
Greg Schmitz, Owner of Palm Greens Cafe, lists customer satisfaction as one of his late-night thoughts.
In fact, it seems like everyone's concern revolves - in some way - around customer satisfaction. After all, a bad meal, a sour interaction with a staff member, or finding out a favorite meal can't be made because you ran out of beef all impact customer satisfaction.
Customer satisfaction is intertwined with nearly every aspect of your restaurant. In this industry, dissatisfied customers typically means no customers.
4) "How the heck do I do inventory?"
One night, Michelle Tapscott from J-Mack BBQ woke up in a panic because she forgot to place her inventory order. Talk about an inventory nightmare!
The logistics of running a restaurant are never easy. Jazmin of Campbell of Flour Bakery + Cafe spoke of the struggles of invoicing and scheduling - something no restaurateur can honestly say they enjoy.
Specifically, inventory is an enormous area of concern for restaurant owners. Variance, spillage, and theft lead to the unaccounted loss of inventory, which negatively impacts your restaurant's bottom line. Tasks like these aren't easy, but they can be made easier if you understand how to perfect your systems.
5) "Where can we save money?"
When Joe Guenther from O'Maddy's Bar & Grille rests his head at night, he can't close his eyes without asking himself, "where can we save money?"
Expenses in restaurants add up quickly. There's food & beverage inventory, employee wages (and overtime), cleaning fees, kitchen supplies, and utility costs...just to name a few.
Because of the competition in restaurants, many are operating on thin margins as it is. With food prices rising continuously, there needs to be a way to save money in restaurants - but how?
Thanks for Reading!
Share your thoughts on what you will do to stop stressing about these things...
As of April 9, 2018, All of the states within the reach of Ferguson Insurance Center have either legalized, provided affirmative defense for, or have a bill written to introduce medical marijuana.
As a contractor, this means that certain injuries or ailments that some injured workers have faced could be using marijuana as medication in the near future, if not already.
How does this effect your business? Will these "medicines" be covered by Workers comp?
There are three key questions workers compensation insurers have been contemplating when it comes to the states that are adopting laws that grant permission for use of marijuana.
These seemingly simple questions are giving insurers very complex problems. To understand what's likely to happen in our states we look at how things are going in the current states where there is legal pot, either medically or recreational.
Firstly, knowing that weed is Federally illegal means that, at least for now, Medicare and Medicaid Services will continue to require that its health care providers operate in compliance with federal law. Plus, marijuana can't be given a National Drug Code for the same reason.
One major example of what we could expect is Hawaii Employers' Mutual Insurance Co. which recently decided to cancel all workers compensation policies for medical cannabis dispensaries in Hawaii.
However, some states have approved workers compensation reimbursements under workers comp coverage. As a matter of fact, at least five states have required workers comp reimbursement, while only two states have passed laws that explicitly that medical marijuana is not reimbursable for workers compensation.
One of the huge factors to the pressing issue of medical marijuana and its legalization is the fact that Opioid addiction and overdose has reached epidemic levels over the past 10 years. WorkCompWire cited a 2014 report that says three in four "injured workers are prescribed opioids for pain management".
Anecdotal evidence is available to support the use of Medical Marijuana over Opioid medication, but getting real science behind these claims can be difficult because of the strict controls placed on the research of the plant.
So with so much of a mix of results, it seems like workers comp coverage will remain limited until it is federally accepted, which may or may not ever happen. Until then, state courts will continue to write laws that workers compensation insurers will have to watch and navigate.
Before you scour the internet looking for “cheap electrician contractor insurance quotes” you need to know exactly what to consider before you buy some low cost coverage that doesn’t completely protect you and your business.
Let’s face it, the average insurance agency has no clue what an electrician has to worry about past the dangers of working with electricity. They probably haven’t even considered the fact that each level of electricians have different amounts of work and responsibility, which can open you up to the risk of being under insured if you haven’t had a coverage audit in a while.
So before we try to even think about how much insurance costs for a small electrical contracting business, you need to think about a few things…
So let’s start at the beginning
When most insurance companies think about insurance for electricians they typically don’t know that electricians can be on 3 different levels.
These levels are:
Let’s quickly go into what each level means and how their level of risk differs.
Do Electrician Apprentices Need Contractor Liability Insurance?
As an Apprentice, you are working and studying under the other 2 levels of electricians. You are paid for the work you do and you typically are covered under the insurance of the business that you Apprentice under.
Many apprentices make the mistake of thinking they don’t need to have any coverage whatsoever. Well, that’s simply not the case. An Apprentice needs to consider the individual needs they have and what they stand to lose.
For example, what would happen if your employer doesn’t cover your tools? Your tools are your business and you can’t work without them. You may need to consider how much you have invested and make a plan to cover yourself from that lose.
You may also need to consider if you will be doing any side work for family, friends and neighbors.
Let’s imagine that your buddy from across the street asks you to have a quick look at a light switch that has been acting up. One thing leads to another and a small fire starts, which causes damage to some of your neighbors belongings before its extinguished.
Who do you think is responsible for the damages?
In this scenario, having liability coverage can protect you from having to pay out of pocket for mishaps like this.
It would be wise to speak to a commercial insurance professional.
Now that we have gone over what an apprentice has to consider, let’s compare the next two experience levels of an electrician.
Journeyman vs Master Electrician
First, let’s look at the Journeyman
What is a Journeyman electrician?
Journeyman electricians are electricians who have completed their apprenticeship training and are licensed either locally, statewide, or nationally.
What does a Journeyman do?
A Journeyman may work with electrical wires, fixtures and control systems in commercial, industrial and residential buildings, but typically do not design the initial electrical system for a building, which is usually done by a master electrician.
A Journeyman can also install lighting and security systems or connect transformers, circuit breakers, switches and outlets, inspect and test the integrity of existing wiring systems.
Can a Journeyman Electrician Be Self Employed?
Once licensed, a Journeyman can work independently or as an electrical contractor. He or She can also supervise an Apprentice in a firm.
A Journeyman cannot pull permits, which means that they will need to have a master electrician on many jobs to supervise.
Even still, a Journeyman electrical contractor needs business insurance to protect themselves from certain liabilities.
In many cases, he or she is going to be hired as an independent contractor by a master electrician and will need a more basic amount of coverage. In others, the Journeyman may be self employed and will need to cover much more risk though a Business Owners Policy.
What Do Master Electricians Do?
A master electrician has been proven to perform well in the trade consistently for a number of years and is licenses as a master electrician, which means that they have a high level knowledge of the National Electrical Code or NEC.
They are responsible for all of the work done on any site they supervise.
Only a master electrician can pull permits and can only be registered with one contracting company at a time.
in some states, a common practice is to lease a master electricians license while not registered with a company.
The master electrician essentially inspects, advises and pulls permits for the work to be done in exchange for a fee.
However, the risk is potentially losing the license all together for poorly handled work or it may even be illegal in your state.
What Insurance Does An Electrical Contractor Need?
The very basics of business insurance will be needed in most cases for any electrical contractor past Apprentice.
These 3 basic types of coverage will get you started if you are a Journeyman or a Master electrician. As an Apprentice who does side work for close friends and family you should consider your need for general liability coverage.
Additionally, all 3 levels should at least consider their need for the following
These additional policies can help you protect yourself fully from a loss of income or equipment that may happen.
How much does electrical contractor liability insurance cost?
As you can see from this article, the cost of liability insurance isn’t the only thing to be considered. Each level of electrician has completely different needs to consider.
The answer to each unique risk you will face as an electrical contractor is to know what coverage you need for your specific business.
We want you to spend wisely on your coverage because we know that 75% of U.S businesses are underinsured. We don’t want you to be one of them.
The best way to make sure that you have the right coverage for your business at the best price is to call and get a coverage audit.
We can tailor your insurance quote to your business and compare over 30 different insurers to make sure that you get the best rates.
What is Contractor's Insurance
Contracting is a dangerous job that involves putting yourself at risk and has the potential of both workers and clients getting injured. Those injuries could fall squarely on the shoulders of the business in terms of the responsibility of paying for medical bills.
Contractors rely on having General Liability Insurance to address these risks. General liability insurance can offer lawsuit coverage for contractors as well as offer several other types of protections to their business.
General Liability Insurance for Contractors
Contractors are often put in an interesting position in terms of liability. Contractors need to be insured like any other small business but the type of insurance is different depending on the type of work being contracted out.
Generally speaking, contractors will need to consider a few basic types of insurance. They are:
On top of these coverage options, contractors may have to consider other things, like Worker’s Compensation for example.
General Liability Insurance for Business
General Liability Insurance, which is also known as “Business Liability Insurance” or “Commercial General Liability” typically covers contractors for:
How to get Cheap Contractors Liability Insurance
How much is insurance for a contractor business? That all depends on your specific business but to give a brief rundown, You can expect to pay between $380 and $1380 on average for general liability insurance for contractors.
Other things to consider before you get your business insurance quote, Will you need a surety bond? What about commercial property and auto coverage? Don’t forget to Worker’s Comp either.
Each business needs to be looked at individually. There are no “one-size-fits-all” policies. That’s why we urge you to contact us so that we can help you get the insurance that is right for your contracting business.
The process of getting a quote is quick and when it’s over you will have a Commercial General Liability quote designed around the needs of your business.
If you own or are considering starting a restaurant, you may not have considered the dangers that exist within the industry. While this shouldn’t deter you from pursuing your passion of being a restaurant owner, it should open your eyes to the realization that workplace injuries occur and that you will need to protect your employees and your business from these liabilities.
Get a Quote for Workers Comp Today!
This is a short list but these are the 9 most common injuries for workers comp in restaurants, in no specific order.
If you want to be sure you have the proper workers compensation insurance that you need for your restaurant Call us or Click here to get a free workers comp insurance quote.
Plumbing Insurance: A look at the possible injuries
As a plumber, you know that your job can be very dangerous but if you own your own plumbing business you need to know just how dangerous it can be.
According to a study by The Center For Construction Research and Training conducted between 1997 to 2007 they found these statistics for the main non-fatal plumbing injuries.
These statistics point out a major risk to you as a plumbing business owner and that is why you must be sure to have the right insurance. You have to protect the public, your workers and your business.
If you have spent any amount of time researching the decision of plumbers insurance then you have probably seen advice to get these 3 types of insurance.
While these are key to give your business a basic overall coverage for your plumbing business, insurance isn’t always one size fits all. Each individual business has needs that are specific to the situations that they deal with. For instance, a plumber doesn’t necessarily need the exact same type of insurance as a general contractor.
If you are ready to find out what plumbing insurance coverage fits your businesses unique set of needs, Call us for expert advice at 1(888) 258-8808 or get an quote online today.
The recent spate of natural disasters that devastated parts of North America included a violent variety of events. There were three major hurricanes – Harvey, Irma and Maria – wildfires in Northern California, an earthquake in Mexico and tornadoes in Oklahoma.