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BusinessHub

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

 

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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Key Person Life Insurance: Can You Risk Not Having It?

Would your business be able to survive without its key players? Chances are it would drastically suffer or at least you financial gains might take a significant hit, not to mention to the overall success of your company. When all is said and done, most key employees are worth more than their salaries. Think about it—their performance, typically, is the best of the best at a company; they probably know the company and its policies inside and out—a difficult trait, in any industry, to "teach," and they provide the backbone of what keeps your company in drive. It is nearly unthinkable to have to consider replacing an employee of this stature.

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Four Hair-Raising Facts about Commercial Insurance Losses

If you are a moviegoer, chances are you have seen a blockbuster disaster film. For decades, the popularity of the disaster movie genre has enjoyed successful box office draw, with moviegoers sitting at the edge of their seats in anticipation.

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Proactively Reviewing Your Commercial Insurance can Save You Thousands

Regardless of industry or the size of your business, as your business grows, so do your liabilities. And, not being able to recover from an unforeseen event can cost you thousands of dollars.

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