Business Insurance Archives - Henderson Insurance Services

Henderson Insurances Services | What are they and why do I need it?

April 2, 2019 by admin

You may be overwhelmed with all the different types of insurance you need to research on. Luckily Henderson Insurances can help you find the perfect insurance coverage for whatever you need. Make sure to check out all our services and see which policies are best for you!

Life Insurance

One of the pillars of personal finance, life insurance is something worth looking into for your household. More than thinking of life insurance as an investment, think of it as a risk management tool that will be useful in life threatening instances such as death. Additionally, as complex as life insurance may be, remember that if you have people who rely on you, you may want to consider finding a life insurance policy that best fits your needs as well as your loved ones.

Business Insurance

This type of insurance helps protect your businesses from any losses that may have occurred from external damages and any other damages that may have cause disturbances to the normal course of your business. Business insurance has several types of coverages including property damages, legal liabilities, and employee-related risks. Henderson Insurance can help you evaluate what insurance needs are best for your business based off potential risks and other conditional factors based upon the type of environment your business operates in.

Home Insurance

Home insurance is a type of property insurance which will cover losses and damages of a home. Additionally, home insurance will give home-owners the coverage against any accidents within the home or if there are external damages such as a fire. Pretty self explanatory, however, there may be some frustrating situations in which the home insurance you chose may not cover certain damages. Therefore, it’s important to read up on the policies and choose the right one for your home. Henderson Insurance can help you choose the right home insurance.

Auto Insurance

Driving is something most of us do effortlessly and on a day to day basis. We often forget how dangerous driving can really be, so it’s important to find the right auto insurance that can protect both you and your car. Auto insurance policies apply to cars in order to mitigate the costs associated with an accident. This way, car owners won’t have to pay a hefty amount out of pocket.

Health Insurance

In essence, health insurance covers medical and surgical expenses incurred by the insured. This insurance is a type where the insured will be reimbursed if there has been an injury. Additionally most employer benefit packages will include health insurance. However, if you’re looking for the right health insurance, Henderson Insurances can help find you the right policy.

Dental Insurance

Maintaining your pearly white set of teeth can be confusing. Dental insurance helps you budget and is less complex in comparison to health insurance. With that being said, dental insurance is more straightforward in regards to the different procedures that are covered and how much you should expect to pay out-of-pocket. Dental insurance can be a part of medical insurance plans or as a standalone policy.

Special Event Insurance

Make sure your special event is covered with our Special Event Insurance when the unexpected comes. There are two different types of coverages, a liability coverage and cancellation coverage. Whether you want both or just one, this insurance can help you cover any unforeseen circumstances that may be way out of your control and pose as a threat to your big day.

Business owners do not always purchase all the insurance they need.

May 22, 2015 by nanette

We have seen this time and time again. A business owner needs just liability insurance to satisfy their landlord or property management company. To save money they turn down any Property, Employers Liability, Workers Compensation and a host of other Coverage’s just to safe some money.

Business owners would be much better off if they had the right Coverage’s to protect their business and their employees. I hate to tell you what would happen if an employee was injured on the job and the business owner does not have Workers Compensation Insurance. It would end up costing the owner thousands of dollars in penalties and additional costs for the injured employee healthcare would also be in the thousands. What we have also seen recently is when the building is damaged by fire or water and a business owner renting the location experiences property damage to their equipment or personal property, it is not covered because they only had Liability and no Property Coverage.

Most business owners who own their building also refuse to purchase Earthquake Coverage on their building. Just imagine what would happen if an Earthquake damaged your business overnight tonight. The costs to rebuild or repair after an Earthquake most likely would not be covered under a Business Owners Policy without Earthquake Coverage.

Sure, it may cost the business owner a few more dollars, but not having the right coverage’s could cost thousands. It is not worth it.

Does My Private Business Need Directors and Officers Insurance?

August 23, 2013 by nanette

Many business owners, presidents, CEO’s and COO’s believe their General Liability insurance will cover them. The General Liability will not cover all of the legal matters brought against a privately held company. Some belief that if a corporation dissolves they are no longer liable and this is not that case; the Directors and Officers personal assets could be at risk.

This is where having a Directors and Officers Insurance Policy is vital to protect both the individual and the company which offers tremendous value at a reasonable cost.

If you own a private company, you have worked very hard to build your business and secure your family’s future. It has been reported that the cost of defending litigation can range from $100,000 to $2,000,000; not many businesses can afford that kind of expense.

Some of the common allegations include:

Failure to perform appropriate due diligence when making an acquisition
Misrepresentations or errors regarding the financial health of the organization to a customer or bank
Misstatements regarding potential future performance of the company to investors
Careless management strategy that causes bankruptcy
Breach of duties under applicable security or other statutory laws
Conflicts of interest when considering personal motives vs. the interest of the shareholders

Examples:

The estate of a recently passed director sued the other directors for recent company poor performance; the claim settled for $ 750,000.

A company recruited a top sales person from a competitor, who had an employment contract, and the competitor sued for damages after losing its top producer; costs were $ 250,000 and case was settled for $ 560,000

Why purchase a Directors and Office Liability Policy:

Since a director or officer can sometimes be held responsible for acts of the company, most directors and offers want to be covered rather than risk their personal assets.

When a company has a claim the expenses can mount very quickly. Frivolous suites can be very expensive as well. The cost of insurance to protect private a company against a Director or Officer is relatively low.

What does a D&O policy cover? (Defense expenses and financial damages or settlements)

Criminal

Administrative

Civil

Regulatory

Errors

Omissions

Misstatements

Neglect

Breach of duty

What does a D&O policy NOT cover?

Wages

Fines

Taxes

Penalties

Multiplied damages

What are the coverage limits available?

From $ 500,000 to $ 1,000,000 per claim and annual total limit, with a $ 5,000 deductible per claim.

A Directors & Officers Liability Insurance can usually include Employment Practices Liability and sometimes Fiduciary Liability. Do not confuse this with Errors and Omissions Liability. The two are not synonymous. Generally is it a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.

Employment practices suites constitute the single largest area of claim activity under D&O policies. Over 50% of D&O claims are employment practices claims.