Everywhere you turn, it seems like the stock market is dropping another 100 points, or another big company is shutting down.  The signs are everywhere and as a business owner, you know one thing for sure…money is tight. When you look at places where you can cut the budget a smidge here, or a tad there, one area that you should NEVER consider cutting back is your small business insurance. 

One of the biggest expenses for businesses, annually, isn’t paying for business insurance, but expenses that come as a result of NOT having business insurance.  Most of the reasons that small businesses fall behind on things like rent payments, or wages to the employees, is because they have outstanding liabilities that they are forced to pay for, all because they did not have their company insured. 

When you or your small business is insured, it is actually easier to budget your finances out for the month and even for the year.  Instead of having to worry about any extra expenses that will arise, how much they will cost, or whether you can afford them or not, having your business insured makes it so that you pay the same amount every month, for the same coverage.  There is no extra planning necessary!

No matter how tight things are with the economy right now, the one thing you cannot afford to start cutting back on is insurance for your small business.  Times are tough for everybody, and now is not the time to let down your guard by letting the insuring of your business slip through the cracks.  Make sure that above all else, that you can budget insurance for your small business into your monthly bills.

The effects of a natural disaster are never predictable, especially when business owners or homeowners are unprepared for the devastation caused by a fire, hurricane, or other natural disaster.  Many efforts can be put in place to either prepare for a natural disaster or ease the recovery process once devastation has occurred.  Many non-profit organizations and associations have gathered to help victims of natural disasters recover from severe losses.  One network in particular, the Insurance Information Network of California (IINC), is taking great measures to aid those deeply affected by or at risk for loss from a natural disaster.

Educating Consumers and Business Owners

Members of the IINC are comprised of both commercial and personal lines insurers who conduct business in California. IINC provides objective information about the insurance industry to consumers in California on a daily basis.  Their goal includes educating consumers on safety and enhancing consumers’ understanding of insurance.

As part of their ongoing efforts to inform consumers of important insurance issues and concerns, the IINC developed a free electronic toolkit to help victims of the Angora wildfire – which burned more than 3000 acres and destroyed or damaged more than 200 structures in June 2007 – better understand insurance, organize a home or business inventory, prepare an evacuation plan and create defensible space around their homes or businesses.

The Business Insurance Toolkit

The toolkit includes a disc titled Prepare, Survive, Recover in which articles, videos and website links are provided for consumers to access important information on preparing for devastating natural disasters as well as advice for recovering from disasters like the Angora wildfire.

Along with the Prepare, Survive, Recover disc, the toolkit also includes free home inventory software.  Homeowners and business owners alike can utilize the software to conduct an inventory analysis of their home or business.  The major benefit that this software provides is the ability for homeowners and businesses to use their inventory to gauge the appropriate amount of insurance needed.  Plus, the inventory will serve as an important recovery tool in the event of a loss.

To obtain a free toolkit or to find more information on this subject or related topics, visit www.iinc.org. Consumer tips and advice are also available on the IINC podcast, “IINC Spots” at www.iincspots.com.

The National Worker’s Compensation Defense Network (NWCDN) is comprised of law firms that have experience handling workman’s compensation insurance cases. The NWCDN was created to handle claims for larger corporations and insurers operating in multiple states. There are currently 40 firms that count themselves as members and each law firm represents a different state.

Recently, the NWCDN held a conference in Connecticut to discuss ground-breaking trends in the industry. A variety of other issues were also discussed, all pertaining to workman’s comp insurance claims and some of the related problems that can occur. The conference was geared towards corporations and insurance companies that deal with compensation issues on a regular basis. There were seminars on everything from how to detect fraudulent claims to what actually constitutes a psychiatric disability.

The NWCDN received rave reviews from the 193 attendees, who said the conference was very informative and educational. The next conference is scheduled to be held in Tampa, FL from October 15-16th. The schedule of seminars can be seen on the NWCDN website at http://www.nwcdn.com/AllMainPages/natSeminars.shtml.

If your firm carries a workman's compensation insurance policy, it is vital that you are savvy about your policies and what they cover. These seminars will ensure that your information is up-to-date and will help you to guard yourself against any of the problems that can occur.