13 Types of Insurance a Small Business Owner Should Have
1. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party.
2. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc. You may also want to consider business interruption/loss of earning insurance as part of the policy to protect your earnings if the business is unable to operate.
3. Business owner’s policy (BOP): A business owner policy packages all required coverage a business owner would need. Often, BOP’s will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance . Based on your company’s specific needs, you can alter what is included in a BOP. Typically, a business owner will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage’s.
4. Commercial Auto Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work cars, SUVs, vans and trucks from damage and collisions. If you do not have company vehicles, but employees drive their own cars on company business you should have non-owned auto liability to protect the company in case the employee does not have insurance or has inadequate coverage. Many times the non-owned can be added to the BOP policy.
5. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. In exchange for these benefits, the employee gives up his rights to sue his employer for the incident. As a business owner, it is very important to have worker’s compensation insurance because it protects yourself and your company from legal complications. State laws will vary, but all require you to have workers compensation if you have W2 employees. Penalties for non-compliance can be very stiff.
6. Professional Liability Insurance: this type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. Your general liability policy does not provide this protection, so it is important to understand the difference. Professional liability insurance is applicable for any professional firm including lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salons and technology providers to name a few..
7. Directors and Officers Insurance: this type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. If a director or officer of your company, as a direct result of their actions on the job, finds him or herself in a legal situation, this type of insurance can cover costs or damages lost as a result of a lawsuit.
8. Data Breach: If the business stores sensitive or non-public information about employees or clients on their computers, servers or in paper files they are responsible for protecting that information. If a breach occurs either electronically or from a paper file a Data Breach policy will provide protection against the loss.
9. Homeowner’s Insurance: Homeowner’s insurance is one of the most important kinds of insurance you need. This type of insurance can protect against damage to the home and against damage to items inside the home. Additionally, this type of insurance may protect you from accidents that happen at home or may have occurred due to actions of your own.
10. Renter’s Insurance: Renter’s insurance is a sub-set of homeowner’s insurance which applies only to those whose who rent their home. The coverage is protects against damage to the physical property, contents of the property, and personal injury within the home.
11. Life Insurance: Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind. Having life insurance allows you to know that your loved ones will not be burdened financially upon your death.
12. Personal Automobile Insurance: Another very important type of insurance is auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might rise from the collision.
13. Personal Umbrella Insurance: You may want some additional coverage, on top of insurance policies you already have. This is where personal umbrella insurance comes into play. This type of insurance is an extension to an already existing insurance policy and covers beyond the regular policy. This insurance can cover different kinds of claims, including homeowner’s or auto insurance. Generally, it is sold in increments of $1 million and is used only when liability on other policies has been exhausted.
Original Article: Forbes.com
Texas Homeowners Insurer raising rates… again!
USAA home and condo insurance policyholders in Texas are facing another rate increase, the third announced hike in the past 12 months.
Call Varsity TODAY @ 713-589-9040 to shop your Homeowners policy for FREE!
The San Antonio-based insurer on Friday announced it plans to raise rates an average of 5.7 percent, starting May 14. The increase is being implemented to offset rising noncatastrophic claims costs, USAA spokesman Paul Berry said. Read more 
Happy Birthday Davy Crockett!
Photo courtesy of: DavyCrockettFacts.com
Happy Birthday to Davy Crockett, who was born on this day in 1786. For more information on Davy Crockett please visit http://www.davycrockettfacts.com
To celebrate this Historic Icon, Varsity Insurance wants you to post a picture of yourself wearing a coon skin hat!
We will draw one lucky winner on Monday, August 22nd who will win a $25 AMEX Giftcard just for participating.
Five Back-to-School Carpooling Tips
Photo: ashleybrookedesigns.com
The back-to-school season is approaching. That means the roads are going to get busier with school buses and carpooling parents driving their children to and from school. Below you’ll find some safe-driving tips that you can pass along to your customers who drive their kids and their neighbor’s kids to school each day—because driving with a carload of kids can be extremely hectic!
Five Back-to-School Carpooling Tips
It’s time to go back to school! Consider these valuable back-to-school carpooling tips as you pile the kids in the car and take them to school. Read more
College-bound son or daughter?
University of Houston Library
Each year, almost 16 million people in the United States, most of them between the ages of 18 and 22, leave the comfort of their homes to attend college. They will dive into textbooks, exams and other activities designed to prepare them for the “real” world. Or at least that’s what their parents hope they’re doing….
There’s almost nothing some parents won’t do to help their kids prepare for this journey to enlightenment, spending billions on supplies, clothing, furniture and other items to make the endeavor as comfortable as possible. Unfortunately, something that is often overlooked during this exciting time is insurance coverage. Read more
Before Taking a Dip In The Swimming Pool, Consider the Insurance and Safety Implications
Thanks to jacksonandwilson.com for the image of the pool
INSURANCE INFORMATION INSTITUTE
New York Press Office (212) 346-5500; media@iii.org
NEW YORK, August 5, 2011 — With temperatures soaring throughout the country, many people will be taking advantage of the heat-beating enjoyment of a swimming pool. Whether you have a luxury in-ground pool or plan to blow up an inflatable kiddie pool, it is important to consider the insurance and safety implications, according to the Insurance Information Institute(I.I.I). Read more
Summer Car Safety
On a 93-degree day, the inside of a car can exceed 125-degrees Farenheit in as little as 20 minutes. When the heat increases outside, make sure all children have exited your vehicle before you leave the area.
This post by the National Highway Traffic Safety Administration provides several safety tips to prevent hyperthermia:
As summer approaches the National Highway Traffic Safety Administration (NHTSA) is reminding parents and caregivers that summer heat can make it especially dangerous to leave children in cars. Read more
Get Auto/Home Quotes via Facebook!
- Get real-time quotes via Facebook!
BREAKING NEWS!
Varsity Insurance is pleased to announce that our Facebook friends can now get Real-Time Auto, Home or BOTH insurance quotes through Facebook!
The Varsity Insurance – “Bowling Banditos”
2011 IIAH Charity Bowl | Bowling Banditos
Varsity Insurance participated in the 2011 IIAH Charity Bowl event this past weekend in NW Houston. The event’s theme was Mexican Fiesta, and while this scrappy group of agents, didn’t win the Best Overall Score prize, they are proud at how marvelous their mustaches looked.
Pictured from Left to Right: (top) Brian Pool – Agent, Raymond Moore – Client, Clint Smith – Agent (bottom) Nick Abrego – Agent, Rob Lopez – Agent. Not pictured here – Mike Lopez – Agent
Please take a look at our Varsity Insurance – Facebook page for more fabulous mustache pics. http://www.facebook.com/VarsityInsurance
University of Houston Alumni to head up the Texas Department of Insurance
University of Houston Alumni to head up TDI
By Chad Hemenway, PropertyCasualty360.com
Eleanor Kitzman, a former director of the South Carolina Department of Insurance, has been appointed insurance commissioner in Texas.
Gov. Rick Perry says Kitzman’s term will begin Aug. 15 and last until Feb. 1, 2013.
Most recently Kitzman was the executive director of the South Carolina Budget and Control Board. Before that she was employed by Goldman Sachs.
Kitzman assumes the role in Texas left vacant by Mike Geeslin, who announced in January that he would be leaving the post. Read more
