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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

Is Self-Insuring your Health Plan Right for your Business?

Many businesses that offer health insurance plans to their employees may think that purchasing a traditional, fully-insured plan from an insurance carrier is their only option. But depending on your situation, a self-insured plan can reduce your health care costs and provide the flexibility to tailor your plan to the needs of your employee population.

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What's Going on with Insurance Rates?

For several years now, the insurance industry has held the view that we were just one or two “super losses” away from seeing the long, soft market turn. Storm seasons have come and gone, large loss events have occurred, and yet insurance rates have remained relatively flat. That is, until 2017 when we experienced the most devastating storm season in our nation’s history. Harvey, Irma, and Maria continue to reverberate as insurance companies deal with the aftermath and consumers are now beginning to see the effects.

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Pros and Cons of an HDHP for Your Employees

Often when people hear the words "high deductible," they're wary of having to make a huge payment up front, before insurance kicks in and helps pay expenses. Though high deductible health insurance plans are becoming the norm, employees often express concerns about using these plans themselves. If you're considering moving to a high deductible plan or have recently implemented one, here is some information that will help you acknowledge your employees' concerns about costs while pointing out the potential positives a high deductible health plan (HDHP) can deliver.

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Insurance Coverage in the Aftermath of Harvey

In the wake of Harvey’s punishing blow to the Texas Coast, victims of this record-breaking storm have just begun to comprehend the impact winds and flood waters will have on their ability to recover and rebuild. With initial assessment of damages at $30+ billion, costs can only be described as catastrophic. FEMA is predicting they will reside in Houston for years with the real scope and magnitude of Harvey continuing to unfold with each passing day.

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Finding and Evaluating a Commercial Insurance Agent

Business owners rely on a number of partners to help keep their businesses operational, profitable, and protected from potential harm. Commercial insurance provides necessary protection from liability and loss, but how do you know you can trust your insurance agent or broker to make the right recommendations for your company? Here are some tips for finding and evaluating an insurance agent.

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5 Tips Every Real Estate Investor Should Know

If done right, real estate investing can be a great source of secondary income and even become your primary source of income. Starting on the right foot and understanding the process is imperative and can save you time and money in the long run.  If you are currently a real estate investor or thinking about becoming one, here are five essential tips that every real estate investor should know-no matter where you are in the game. 

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Protect Your Business With Employment Practices Liability Insurance (EPLI)

As a business leader, it is important to protect your company. It is your livelihood. One important thing to safeguard your business from are employment lawsuits. In the past 20 years, employment lawsuits have risen nearly 400%. Most are filed against large corporations, but no company is immune. Whether large or small, employment practices liability insurance policy (EPLI) is one way to protect your business from the potential monetary damages that a lawsuit can bring.

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Flood Insurance: A Must Have for Every Business

How much can your business stand to lose? It's not a happy thought, but unfortunately, that's the question you must ask yourself when deciding on insurance coverage.

According to the National Flood Insurance Program, at least 25% of businesses that close after disasters like floods never open their doors again. The average commercial flood claim stands at $89,000,1 an amount that can cripple or bankrupt a small business. Given that flooding is the #1 U.S. hazard, and floods occur in all U.S. states, floods are a serious threat to your business and livelihood. And since business insurance policies do not cover damage from flooding, a separate flood insurance policy is necessary to protect the cost of your building, equipment, inventory, and supplies.

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Protecting Your Rental Property with Landlord Insurance

As time passes and our lives change, the insurance coverage we need changes as well. As an example, let's say you get a new job in another state. Instead of selling your home, you decide to keep the house and rent it out, as you've seen a number of your neighbors do. You think your home's value is protected by your existing homeowners policy, and it doesn't occur to you that your insurance coverage needs have changed with your move. But, in this scenario, like any change in circumstance, you must review and adjust your coverage to protect you from the new exposure and liabilities you face as a landlord.

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3 Ways Workers’ Compensation Insurance Protects Your Business

As a business owner, you have a lot of responsibilities. One of these responsibilities is to protect your company against potential personal injury awards and associated litigation costs arising from claims filed by employees alleging that you or an employee hired by your company negligently injured them while they worked within the scope of employment with your company. 

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