Financial Armor for Foodpreneurs: Essential Insurance for Your Thriving Restaurant

Anyone who is in the process of opening a restaurant is already going through so many important things to do on their checklist that choosing insurance can seem like a daunting task. There are many things to consider ensuring that your choice allows your business to function smoothly, and supply chain issues since the pandemic have already made vital operations incredibly challenging on a day-to-day basis. Serving alcohol and making deliveries all pose their unique risks, and so does temporarily getting into someone’s vehicle during valet duty. 

Here are some of the various types of restaurant insurance coverage that will offer you protection for everything ranging from “sudden to standard” occurrences during business.

Commercial Property Insurance will have to pay for a complete rebuild or necessary repairs if your building or its contents undergo damage by a covered loss. Destructive elements such as wind and fire, smoke, hail, vandalism, and flooding along with damage from aircraft are all elements that this type of coverage can address. Earthquakes and floods are typically not covered, as you can find separate policies for these risks. If you are renting your restaurant space, you can often choose policies that just cover your equipment, but simply contact us here at the Alexander agency first, and we’ll go over everything pertinent with you.

Inland Marine Coverage provides coverage for any inventory equipment that you transport off your premises. This type of coverage is there for business property that is stored off-site, shipped, or otherwise transported. If your establishment focuses on dining in and your property stays at your business location, you probably will not need this form of insurance.

Business Interruption Insurance will come to the rescue in terms of crucial lost income after you undergo a covered loss. If you’re forced to shut down operations to cover damage from a major storm, business interruption insurance would pay for your lost income so you could take care of your lease or any loan payments, as well as your dire need of employee payroll. Business interruption insurance is very often included as a component of your standard business owner’s policy.

Business Owner’s Policy includes your general liability insurance and commercial property insurance in a conveniently bundled option. Often this type of coverage includes business interruption insurance and is designed for small to mid-size operations. You can also add on coverage such as equipment breakdown for other events you may encounter while you’re doing business.

Equipment Breakdown Coverage will assist you if your equipment, such as the oven or the air conditioner fails, forcing your business to cease operations. This type of coverage also assists with electrical, mechanical, and pressurized equipment breakdown as well as air conditioning units, refrigeration, and computer systems. If a refrigerator happens to fail overnight and you must dispose of a large amount of your food, your insurer will pay for you to repair your refrigerator and replace the food that was tainted or spoiled. 

Commercial Crime Insurance provides financial protection from losses caused by robbery, burglary, theft, fraud, or other crimes. The coverage will kick in and thankfully cover crimes committed by your very own employees, or crimes committed by those outside of your business. Since businesses that serve food typically handle large amounts of cash and employ people from all walks of life, commercial crime insurance is a very viable consideration. 

Liquor Liability Insurance could be an excellent form of protection for restaurants that serve alcohol and see a customer indulging too much. If a customer leaves your restaurant after having too much to drink and causes an accident or starts a fight and injures themselves, you could be legally liable. Many states have “dram shop” laws in place that are tough on businesses when this happens. Liquor liability insurance will cover any claims that are a result of the actions of customers to whom your businesses may accidentally over serve. If you signed a commercial lease, your landlord may require you to prove this type of coverage.

Cyber Liability Insurance can cover financial losses that result from hacking, viruses, data breaches, and attacks that focus on denial of service. Since restaurants require credit card transactions to flourish, the online systems that you are using for orders may provide your guests with wireless network access that leaves you susceptible to imminent danger and fraud.

Employment Practices Liability Insurance is there to protect your business against lawsuits by current or former employees who are eager to claim mistreatment. Harassment and discrimination can show their faces in many forms these days, and whether the incident is true or not, it happens more than many people realize.

Factors for Your Restaurant Insurance Pricing:

The price that you pay for restaurant insurance will vary based on the type of coverage that works for you, and how risky your business is deemed by your provider. Consider factors such as:

  • Type of food industry
  • Number of employees
  • Location
  • Size of your operation
  • Your detailed claims history

Businesses with higher risks will have higher premiums than those who do not. As you increase the limits of your insurance your premiums will also rise, making it a bit more difficult sometimes to be in your best interest because after weathering a few years in business, you may know that it is needed. If serving up excellent eats has long been your passion, we’re standing by to assist you in any way we can. Contact us today at the Alexander Insurance Agency of Saint Charles, where we can closely assess your mouth-watering base of operations and the plan that works for you! 


Sweep Away Worries: The Benefits of Insurance for Cleaning Entrepreneurs

Cleaning businesses are a very lucrative and in-demand means of excellent self-employment. Just like so many other ventures one would embark on, you will find that insurance is there to protect you against many different types of liabilities. This type of business calls for strong chemicals that can affect employees and customers, and someone could inadvertently get injured on a job site. As many savvy individuals right here in Missouri are thinking about starting up a cleaning business, they naturally have questions for us here at the Alexander Insurance Agency of Saint Charles.

How Much Can I Expect to Pay for Cleaning Company Insurance?

The average cost of business insurance for a cleaning company ranges from around $92 to $110 per month, based on gleaned data from Insureon. The expense your company can expect to pay for insurance can depend on many different factors. The type of coverage best for you, the types of cleaning you offer, and your coverage limits all affect how much you’ll ultimately pay for your premium. 

General Liability Insurance is a common form of cleaning business insurance that will help cover costs if your cleaning business is found liable to a third party for unfortunate body injury, personal injury, advertising mishap, or substantial property damage. Following are some of the factors that will influence your policy cost.

  • Industry: Policy issuers are in the practice of assigning your business that general liability class code. The class code depends on the type of work your business performs along with your physical location.
  • Physical Business Location: Business owners that operate out of a commercial property location will need to disclose the condition of the building, its size, and roughly how much foot traffic it sees on average. Larger buildings with greater amounts of foot traffic will generally cost more to insure. You could also see higher rates if an older structure that’s not up to code is where you are choosing to operate.
  • Services Rendered: the different types of cleaning services you provide can make your business incur higher risk, making sure to inquire about these offerings. Some of the nation’s largest insurance companies will want to know if you provide restoration work, if you’re working in a high-traffic property, or especially if you are conducting business in hospitals with hazardous materials and other elements. 
  • Business Size: insurance companies will likely consider your business’s annual revenue as a general starting point. Larger revenue amounts usually will mean a larger operation that presents more opportunities for heightened risk. Insurers will also consider the number of employees you have, and amounts allocated each month for necessary payroll.
  • Amount of Experience You Have: More years under your belt of providing feeding services will be considered as you are shopping for a policy. With global issues at hand such as the recent pandemic, even just a few years of proven track record will help your credibility.
  • Claims History: insurers will want to look at your claim history to try and see what the future of your cleaning business will hold. Litigation and losses will be brought up as factors, and canceling for nonpayment could be an issue as well. Much like homeowners insurance or auto, the events that have already occurred dictate a “probability of sorts” for a prediction of how risky you are to an insurer. 
  • Deductible Amount: Much like health insurance coverage, policy deductibles also affect your premiums. If you have a higher deductible, the lower your premium will be.
  • Limits: An entire business can be quite a challenge to replace, repair, or encounter liability from. The higher your limits are, the more you’ll expect to pay for coverage. Whether you have two employees or a teeming staff of twenty, limits are always an important issue to consider. 

A Business Owner’s Policy combines general liability coverage with standard commercial property insurance. Commercial property insurance is the sensible choice for taking care of damage to a building you rent or own, and all the belongings inside of it. Incidents such as burglary, flooding, or fire.

Here are some of the factors that will influence how much it costs to secure commercial property coverage:

  • The Building’s Size: For larger cleaning business buildings, it will be more expensive to repair or replace if you undergo an event that results in total loss. A sizable structure allows your business to flourish, but you will always notice higher costs to insure them.
  • Your Property’s Value: the value of the business property within your building is a significant factor in your costs because your policy is there to help you cover losses and sudden damage.
  • Your Property’s Valuation Approach: Your covering insurer put together an offer to compensate you based on the actual cash value, the fair market value, or the replacement cost value of your business property. Replacement cost policies are known for having higher premiums because you will happily obtain a brand-new item. If you are holding an actual cash value policy, you are reimbursed for the depreciated cash value of the damaged or destroyed item.
  • Location: Your building’s location is a huge deciding factor regarding your insurance coverage rates. If you have set up shop in a structure that is prone to fires, extreme weather, or heightened crime, you could be considered high risk.
  • Deductible: The deductible you choose will affect how much you pay for your premium. The higher your deductible is, the lower your cost for a premium will be. 

Worker’s Compensation: if your employees happen to encounter a work-related illness or get hurt, worker’s compensation helps to cover costs such as medical expenses and lost wages. Your cost for the coverage will depend on where your business is located, how many employees you currently have, the size of your payroll, your history of claims, and the specific type of cleaning you provide.

Which Type of Cleaning Business Insurance is Right for Me?

Various types of business insurance can be not only mandated, but an enormous weight off your back when it comes to thriving vs. surviving. General liability is most often considered the “bare minimum” to function with, protecting if legal situations arise from third parties and clients. Commercial property and auto coverage will be necessary if you are leasing or own a structure and have business vehicles to expedite your service. If you have official employees, a workers’ compensation policy is required to be compliant. 

As the cleaning industry continues to evolve, having adequate insurance coverage will not only shield businesses from potential risks but also enable them to focus on what they do best. Delivering outstanding service and maintaining the highest standards of cleanliness are always going to be needed qualities. With the right cleaning insurance in place, your operation can confidently forge ahead, knowing you are well-protected against unpredictable challenges, and leveraged for a successful and thriving future. Contact us today at the Alexander Insurance Agency of St Charles and prepare to pack your vacuum cleaners and spray bottles for a journey of satisfaction and profitability!


“The Safe-Keeping for Breakers + Fuses”: What to Know About Electrician Business Insurance

Being in business as an electrician poses some unique risks, and making sure that you are properly covered with insurance is required by law. The types of coverage an electrician needs vary for each unique situation. Some electricians may store all their business equipment in a vehicle that they leave parked overnight, and some may have their own commercial property where their items are a bit more secure. Some electricians choose to work completely alone, and some may have a crew of 10 employees or more.
Having the proper insurance policy is vital for electricians, as dealing with this unique type of service poses many risks. When things are going smoothly, electricians are the life blood of every job site and remodel, but you don’t want to be caught unprepared with insufficient coverage if anything goes wrong. Here are some of the basics that will point you in the right direction regarding different types of coverage in how they can benefit your electrician business.

Why Should Electricians be Insured?
Liability insurance is the basic layer of business insurance that electricians need to be in business. Professional liability insurance offers protection if you caused damage to your property or bodily injury while on the job. If boxes are wired incorrectly, they could cause damage to any home electronics, while that same error in a residence could injure a customer. For an electrician to secure their license, they must obtain liability insurance coverage at the minimum. Any customer who has done their research and is ready to entertain bids will look for business liability insurance as a must when seeking their preferred electrician.

What Does Business Electrician Insurance Cover?
Business insurance coverage can happen to be very broad, or very specific regarding the different services provided. The type of coverage varies by the type of policy, and electrician duties can pose many unique challenges that general contracting does not. Here are the specifics about each type of insurance policy that you’re required to carry for this type of work:

Business General Liability Insurance
This is the most basic business insurance protection type that is required by law. General liability coverage will protect the electrician who caused property damage or bodily harm to a client during an instant of professional negligence. In this type of work even the most seasoned professional must make judgments very quickly, in the workplace conditions vary from month to month. This type of policy will also cover medical payments that fall under the claim of any injured customer.

Commercial Property Insurance:
This is the type of coverage that would be required for an electrician who stores equipment at a rented space, it would also include his furniture along with other office fixtures. This type of coverage is required in Missouri if the electrician keeps any other business tools on personal property such as a garage or Quonset Hut behind a residence. A standard homeowners policy usually won’t cover commercial property, but in some instances, there are extra riders available to expand the original policy to provide coverage.

Business Interruption Insurance:
Business interruption insurance is a type of policy often compiled with an electrician’s general liability coverage. This type of disruption can be caused by a tornado or a flood that makes it impossible to continue operating due to damage. This is a very important type of coverage as it will cover any interruption in sales or revenue caused by theft. It is crucial to be able to protect your business, your assets, and above all, lost wages that become impossible to pay out. This coverage can often exist as part of a bundle with general liability insurance.

Workers Compensation Insurance:
Worker’s compensation insurance is required for a business that has one or more employees other than yourself. This form of protection covers medical bills that would be accrued by said employees. They can protect your business from lawsuits, keep you compliant with state regulations, and cover employee illnesses and unforeseen workplace illnesses. It is important to note that these benefits are not available if your employee gets ill or injured outside of work, or for anyone who is under the influence when the accident occurs.

Commercial Auto Insurance:
Any successful electrician needs a vehicle for dispatch and service, and commercial auto insurance is needed even if the vehicle is also for personal use. If you happen to endure a car accident involving a personal vehicle that has work equipment inside of it, the personal policy will fail to cover damages to this property. When the schedule gets hectic and you become in a hurry, any electrician or contractor should not let an employee who is not listed on the policy drive a vehicle at all, even if it’s just a quick errand.

Other Types of Insurance Coverage for Electricians:
General liability insurance is the most common entry point for an electrical contractor to begin with. There are many other very useful add-ons that we can help you bundle at a discounted rate with, often in conjunction with a business owners policy as well.
Equipment Breakdown Insurance: Some business owners think that this type of insurance policy could include breakdowns that occur due to normal aging and wear and tear of your equipment. While it won’t protect you in those instances, it will provide coverage to repair or replace equipment that suddenly breaks down, and just as importantly cover income lost during this period.

Hired and Non-Owned Auto Insurance: If your business vehicle happens to be in the shop for repairs, it can be kind of difficult to situate a personally owned vehicle or client’s car to keep up with your workload. To make sure that you stay on top of a very busy and booked-up schedule, this type of coverage will provide you with a temporary rental.

Contractor’s Tool and Equipment Insurance: This is very useful for the days and months when you’re working on the job site and need to leave equipment there as the project progresses. It could be bulldozers, solar equipment, mounting tools, hand-held meters, or many other types of goods. This will protect you against any damage or effect, which has sadly been on the rise startlingly during the last decade.

Installation Floater: This type of coverage will protect the various types of equipment an electrician needs to complete their work period. It can include coverage for copper wires, electric boxes, conduits, and all the accessories that are needed to complete a fully-fledged electrical job.

Errors and Omissions Insurance: Some business owners think that errors and omissions insurance is the most important for professionals such as real estate agents, architects, and accountants. An electrician can still be prone to lawsuits if someone claims that your work is faulty, property is damaged, and any medical expenses are incurred. This type of coverage will also provide legal defense and other legal costs that you undergo because of a client or entity being unsatisfied with the finished product or work in progress in any way.

Surety Bond: Any contractor must be bonded insured before they can officially obtain a business license and start the journey of retaining satisfied clients. While not mandatory in all states, small business owners should consider getting a surety bond that acts as a solid guarantee that they will perform the work that they have promised.
Here at the Alexander Insurance Agency of Saint Charles, we understand that starting your electrical business was a goal that likely required years of hard work and determination. We can assist you with the best options for all types of coverage, and tell you from personal experience which plans will help you most in the long run. There’s nothing more satisfying than knowing you are protected and that your livelihood is intact, with many more happy years at the helm of your circuit-breaking brainchild!


What to Consider in Business Insurance for 2023

As soon as your products are ready, the doors are open, and you’re fired up ready to go, there are still a few more bases you may want to cover. Several types of insurance are available to keep you covered and worry-free, and business insurance is one of them. 

This insurance can make a huge difference when things go wrong and prevent staggering loss if you suddenly encounter any action on your property that can bring about a personal injury lawsuit. Many small business owners make the mistake of not securing appropriate coverage for their interests, so make sure you’re covered! 

2 Vital Questions to Ask Regarding Business Insurance:

The entity formed when you decide that you want to go into business keeps you from being liable for incurring debts and final judgments. This action still does not protect from a breach of data, flood, fire, or personal injury lawsuit. Here are two vital questions to ask yourself about business insurance that will allow you to make a final decision. 

  • Do you have property that can be replaced? If you currently have inventory, computers, and other equipment that would be costly to replace, it would be a good idea to be insured. Having thousands of dollars of inventory that you must account for during a mishap would make searching for business insurance an important must. 
  • Could you suffer the consequences of a lawsuit? If there is a chance your business could be sued for a large sum, it could very easily bring about a high amount of instability. This could happen if someone has an accident on your premises, you leak valuable data, or if you sell a defective item that a customer reacts negatively to or is harmed by.

If you had to answer “yes” to either of these questions, obtaining business insurance will help you encounter drastically less risk. 

Categories of Business Insurance:

Several types of business insurance are available to protect you against risk. Some of the most vital criteria to examine first are your business’s category, and how large it is.

  • Liability Insurance will cover your expenses for attorneys helping you with injuries, negligence, and accident litigation. Many people think that home-based businesses do not need liability insurance, but it’s a good idea to help protect against the many forms of liability you encounter.
  • Property Insurance will reimburse you if you undergo damage due to storm, theft, or a natural disaster such as a fire. If you work from home, your homeowner’s policy may provide you with this form of coverage.
  • Vehicle Insurance will provide you coverage if you suffer damage to any of your company vehicles used during business hours.
  • Workers’ Compensation Insurance will assist you with lost wages and costly hospital care for employees who are injured on the job. Nearly every state requires employers who have more than a certain number of employees to carry this coverage.
  • Professional Liability Insurance protects wholesalers, distributors, retailers, and manufacturers. Any products you created or sold could have you liable if there is harm to a customer that uses it. 
  • Umbrella Insurance will extend your overall coverage to account for losses that go above and beyond the limits of your other existing policies. Many business owners are incredibly satisfied with this tier of coverage, as it truly helps avoid catastrophic losses.

Taking the Asset-Protecting Step to Purchase:

Everyone at Alexander Insurance has a passion for helping business owners’ dreams come true. You can often enjoy discounts for obtaining a policy that combines several types, and it pays to shop around to make sure you select the correct coverage. If you are considering going with the bare amount available, it is beneficial to realize that it may not fully cover you when it comes time to begin a claim. Numerous available policies have coinsurance clauses written in them that will only partially reimburse you if you suffered under coverage.

We will always clearly lay out what your insurance covers and remind you when your policy is due for renewal. If an accident occurs and it comes down to making a claim, we will be ready and waiting to help when the going gets tough. We would love to assist you during the final steps of preparation for this journey, and can’t wait to cheer you on when your business is up and running!


Navigating Through Uncertain Events With Business Income Insurance 

When you have committed to running your own business, you’re responsible for your own financial health in many more ways than an employee. If your business does have employees, you as the owner will likely be responsible for other workers’ financial health if a variety of events were to ever happen during operation. Due to this responsibility, it is imperative to choose the right kind of insurance to protect your business. 

Must-Have Coverage for Business Owners

From a bustling restaurant to a busy accounting practice, it’s crucial to make sure that you have business interruption insurance. Also known as contingent business interruption insurance or business income insurance, it will provide protection if your company can’t stay open due to the events of a covered loss. Fire is covered, with a payout for equipment and damaged structure being the motive for obtaining it. Since you can’t have your doors open while rebuilding, it is impossible to earn income during that interval. 

This type of coverage assists with losses that result from the interruption of normal operations. Here are some of the incidents that are thankfully covered:

  • The income you lose if you are forced to close.
  • Employee payroll for those not able to work if your business is temporarily shut down.
  • Lease and mortgage payments that can’t be paid due to interrupted income.
  • Building restoration if you must change locations entirely. 
  • Costs to re-train employees on regulatory procedures if operations are suspended or interrupted. 

The Crystal Ball’s Absence: The Need for Business Interruption Insurance 

Some months provide more natural disasters than others. There are plenty of AI entities that are working hard on predicting the future, but for now, it is complicated to know if a game-changing event is on the horizon. It is hard work building a successful business from scratch, and even harder to get through challenges such as natural disasters once they occur. 

If a tree falls on your roof, insurance will cover your lost income while you are undergoing vital restoration. You will also be covered for a government-mandated road closure or other civil authority element that will temporarily shut down your company. The restoration period of interruption coverage is the length of time that the ability to generate income is lost. There is usually a 48 to 72-hour waiting period before your policy kicks in to handle the income coverage.

How Much Does Business Interruption Insurance Cost?

Here are some of the deciding factors that influence how much your coverage will cost:

  • What type of industry you serve
  • How many employees you have
  • The amount of desired coverage 

Costs can vary depending on what city you are in, and the various risks of covered loss or sudden peril. If you live in an area that is prone to wildfires, the cost for this type of coverage can increase. Areas prone to natural disasters such as hurricanes will see you paying much more than predominantly landlocked states such as Missouri. 

Items Excluded From Business Interruption Insurance:

Here are some of the things that this type of coverage won’t assist with:

  • Broken items impacted during the covered incident.
  • Flood or earthquake damage, which requires a separate policy.
  • Undocumented income that is not listed on your official record of finances
  • Utilities, since they are frequently not on after a covered event occurs. 
  • Communicable diseases that could disrupt daily operations.

If the unexpected occurs, you can rely on us at Alexander Insurance to assure that you have what you need to operate!


Accident Avoidance to Optimize Productivity for Every Season: Tips for Worker Safety in 2022

Many business owners that sit down with us here at the Alexander Insurance Agency of St Charles want to make sure that they are doing everything they can to maximize productivity during both prosperous and tight times. Any business that is realigning its values and maximizing their potential is bound to take a good look at its safety procedures, assuring that everyone is safe and able to effectively crank out the digital or physical goods!

After going through our various blog sources for the year we came across one with some great ideas we’d love to share with any business owner. All these tips are specific to different seasons and will assure that your bottom line and commerce stay healthy whether the elements decide to rain or shine outside during 2023.

Fall Safety Tips:

  1. As the days are now shorter, make sure things are lit up well at night to minimize occupational hazards.
  2. Keep in mind that driving any type of vehicle over damp leaves can be slippery, much like icy roads are in the winter.
  3. Take some time to review your preparedness plan for dealing with natural disasters, as the season winding down provides extra time for some.
  4. After a very damaging storm hits, stay away from affected areas until they are properly cleared and revitalized.
  5. Take special care to look at surfaces with a lot of traffic and sanitize them frequently to cut down on the spread of germs.
  6. Encouraging employees to be vaccinated against the flu and other prevalent viruses will cut down on unnecessary absences, allowing you to be confident that you are operating with a capable and at-capacity staff. 

Winter Safety Tips:

This can be one of the most perilous times of year, as blizzards, ice storms, and high winds can make transit and delivery extra challenging.

  1. If you run a business that involves outside work, make sure everyone has indoor breaks to keep from frostbite and other exposure.
  2. Encourage heavy layers and extra warm clothing, as very frigid temperatures can creep up and drastically affect workers’ health.
  3. Be sure to plan driving routes that will fully avoid any incoming storms.
  4. Even though it can be challenging, things will be running full steam if you are constantly keeping driveways and parking lots clear of snow and ice to make sure there are no accidents.
  5. Make sure that snow and water tracked inside have been regularly cleaned and stay diligent with refreshing mats that get wet in your entryway. 
  6. Make sure you have a very capable team of experts that you can get in touch with for emergency help, such as a roof inspector, professional plowing, and plumber in case of freezing or other damage.

Spring Safety Tips:

Even though spring is many business owners’ most profitable season, there is still a heightened risk of inclement weather to always be aware of.

  1. A thorough spring cleaning does great at keeping the workplace safe, as you can cut down on fire hazards, deep clean flooring, and make sure gutters are clear.
  2. Since we frequently have tornadoes here in Missouri, it’s best to prepare your property and assure you have a safe space for employees in case there is a touchdown or funnel cloud nearby.
  3. The side effects of spring forward during daylight savings time can linger for a couple days, and businesses that require full attention may need to be alert during this interval for worker fatigue.
  4. Many companies start a sports team during spring, as the weather improves drastically. Make sure to cover all your legal bases in case anyone accidentally gets injured during practice or competition.

Summer Safety Tips:

As the temperatures begin to heat up, strong storms and wildfires can be just a few of the unexpected elements that can affect your business with or without proper planning.

  1. Make sure that outdoor workers are constantly hydrated, as this is the driving factor behind many shift workers having to suddenly go home and leave you short-staffed.
  2. For those working in the heat, make sure that they are clothed appropriately. Fabric that breathes a bit can go a long way in providing stamina and relief for servers, construction workers, and other outdoor crew members. 
  3. Keep tabs on the weather, as it can change during summer months just as drastically as in Winter! Winds and precipitation can pick up quickly, and render you a bit unprepared. 
  4. Installing a generator can help you be prepared if there is a power loss, which is crucial for refrigeration, storage, data provisioning, and credit card processing. 
  5. If your business area is prone to wildfires, create a defensible space around the perimeter to keep any damage at a minimum. Touching base with us here at the Alexander Agency is an ideal starting point to be even further prepared as a plan of action for any of the elements that the four seasons can offer as a surprise!

Savvy Entrepreneurs’ Strategies for Liability Protection: Small Business Insurance Tips for 2022

As you are faced with the task of making the important decisions for protecting your small business, it could seem appealing to alleviate larger costs by not purchasing full coverage. If you choose to run your business with a “bare bones” form of policy, one accident could, unfortunately, result in the demise of your dreams. With so many forms of business insurance available, it can be challenging to know which kind will best meet your needs.

The Basics of Small Business Insurance Coverage:

When various accidents unexpectedly happen, you are going to want the peace of mind that having your business protected from severe financial loss during a disaster can offer you. When it comes to business insurance there is sometimes not just one fitting solution, that’s the type of policy that will work for you depending on your company’s unique characteristics. Business insurance will help you with legal payments, multiple claims, property destruction, as well as many various issues regarding employees.

This type of coverage will also benefit you regarding important legal protection, and assist with employee injury, fire damage, help for lawsuits, or the death of a vital business partner. The insurance itself signifies a binding agreement between you and us here at the Alexander Insurance Agency of St Charles to intervene and pay for losses you incur. To properly select the type, you need to closely analyze what type of risks you are facing, and look at what your policy will cost you vs the loss you stand to incur.

What Elements of My Business are Protected with This Coverage?

Here are some of the common aspects of a business that insurance will provide you with:

  • Lives of your principals
  • Lives of vital employees
  • Long and short-term disability of owners and employees
  • Serious liability for injury of you and your employees
  • Property and casualty coverage for buildings and equipment needed to function
  • Liability for and damage to your business vehicles
  • Workers’ compensation: earnings of employees lost after injuries

Examples of Different Types of Business Insurance:

Here are some of the most common types of business insurance that will protect and secure your life’s aspirations and very hard work:

  • Business Owners Policy: this type of policy is usually a comprehensive bundling of general liability coverage and insurance for your property. You are also able to add in employment practices liability insurance policy that is a very wise choice for the protection and livelihood of your employees.
  • Business Interruption Insurance: This is also commonly known as business income insurance and is one of the most frequently purchased categories of coverage. It assists with lost income along with pay function expenses if you need to close due to a disaster. You’ll be thankfully able to cover your lot rent, mortgage, payroll expenses, loan payments, and quarterly taxes, and this very useful coverage can often be bundled with your Business Owners Policy.
  • Management Liability Insurance: This is another type of comprehensive insurance package that actively combines coverage such as employment practices liability, directors’ and officers’ liability, and fiduciary liability. In most cases, this is an essential form of coverage if you incorporate a board of directors or have even one single employee.
  • Worker’s Compensation Insurance: If you deal with the unfortunate event of an employee getting injured on the clock, Workers’ comp will assist you by covering their medical costs or lost wages. Plus disability insurance is most likely legally required of you to carry.
  • Errors and Omissions Insurance are ideal for those who offer advice, consulting, and their own unique breed of professional service. This coverage will protect you if a customer or client claims that choosing you caused them distress in their own professional or personal life. Financial advisors and real estate agents can benefit greatly from this type of policy.
  • Product Liability Insurance is there to protect you against claims that your product caused damage in any way. If you work at any level with a product that is at any point in the supply chain, you need this type of coverage to remain safe. Manufacturers, distributors, retailers, online sellers, suppliers, and importers can be held liable in a claim if the final product causes any bodily harm or other risks. Even if you have strict testing and protocol in place for quality control, unexpected events can still happen.
  • Auto Insurance: If you or your employees use vehicles at all during business, you’ll need to carry some form of coverage. The need for commercial auto insurance depends on what kind of vehicles you use: are they trucks, vans, or sedan-style models? The need for this type of coverage is a good reason to designate just one driver for smaller and growing businesses.

Tips for Deciding on the Business Insurance That is Right for You:

The insurance that will help you the most overtime will depend on your unique needs, as well as Missouri and other industry-specific laws. When you sit down with us to see which type of coverage would work best for you, we will look at the many different things that could happen along the course of a year’s operations and figure out the best plan for you. Here are some general steps to follow during this process:

Take Inventory of Your Assets and Your Responsibilities:

This is the initial step that helps you determine which type of insurance is going to be an ideal fit for your business. Many industries such as framing and construction are a bit more dangerous than office professions and may come along with the need for specific forms of coverage. Operating your business in a flood zone is another area of grave liability that needs to be closely assessed at every step. Many industries are susceptible to theft, while others may have a very clear need for errors and omissions insurance.

Taking Regular and Reasonable Inventory of Risk:

Carefully considering what your risk and liability will be is a huge help in determining which insurance will be the right fit for your business. Geographical and economic factors are both at play here, and many natural disasters can occur during the winter and early spring months. Succession planning is the task of allocating tasks and resources when any vital employee of the business is deceased and requires expert help to set up efficiently.

Looking at Your Interest’s Desired Level of Comprehension:

Depending on what type of business you need to insure, you may require a standard level of comprehensive insurance that will cover every single component of a loss that could occur. Then you must factor in how costly said loss will be and think about how likely it is to happen. Going over these results will prevent you from paying an exorbitant amount for unnecessary coverage, or not provide enough coverage for areas that are imperative by state or county law.

Finish by Selecting Your Provider:

Not every provider is the same, and many variables arise while you are finding your ideal coverage limits and types. It is best to pick a few that you see standing out in the form of consumer reviews, general reputation, and cost. Word of mouth can sometimes be an extremely helpful means of finding your right provider, as individuals who have filed claims and dealt with any insurance company’s pros and cons will be an excellent source of validated and resourceful experience.

We treat small business owners just like family here at the Alexander Insurance Agency and know that you want to feel as fully protected as possible each time you start up the registers, approach the loading dock, or go over your inventory. Contact us today to see what your options are for coverage, and start the process of knowing you have year-long reassurance and a superior safety net for the fruits of your lifelong endeavor!


How to Handle Rising Costs: Inflation’s Effects on Business Insurance

Unfortunately, when periods of inflation appear throughout history, cost increases affect all kinds of goods and services, including business insurance. When you are securing financial protection for assets such as buildings and their contents, the insurance levels and coverage draw from a reconstruction cost calculation. Some policies have the convenience of an “inflation guard” provision, but these may not be sufficient to cover a sharp spike.

Understanding The Cause and Effect of The Current Spike

Inflation is the official measure of the cost increase that takes place for goods and services. The rate of inflation is measured by closely looking at the Consumer Price Index and converting it into a reactionary percentage point.

Many economic experts believe that the high inflation rate is directly linked to the world attempting to get back on its feet and open back up so quickly after the pandemic, as an ideal inflation rate is 2% instead of the 8% that we are currently experiencing. One reason why businesses have to pay such close attention to inflation is that the steps taken to reverse it sometimes take time to have a positive effect. Sometimes the global events that seem like a perfect storm will lead you to review your coverage and make needed modifications that will have a positive effect on your business future.

Proactively Making Your Business Not as Vulnerable

Global economies can be very difficult to fully understand, but a high inflation rate usually guarantees one thing regarding business insurance: the limits on insurance are determined based on exactly what the insured items are worth, and as inflation goes up, it becomes even more necessary to make sure that you have enough coverage. Part of the bright side during these times is that making changes to your business insurance coverage is easy! Just give us a quick call at Alexander Insurance.

Looking at a Crucial Update to Insurance Limits
When a period of inflation arrives, it is a good time to look at how well your valuable assets and structure are covered. As costs of supplies and labor rise sharply, it can seem as though businesses are perpetually at the mercy of inflation, always having to be the first in line to pony up and pay more. We’re happy to let all our clients know that this summer, the inflation you see every day on the news won’t burden you if you are up to date with maintaining adequate business insurance coverage for your needs!

Entrepreneurs with an all-American spirit are giving it their all every day, and they are experiencing this crunch while running their businesses and trying to cover bills like every other citizen. It all becomes more challenging as costs rise rapidly, and making sure that you have appropriate and time-sensitive insurance coverage will allow you much more peace of mind for your future as well as your family.

Visit us at Alexander Insurance this summer to outline a plan for your future, assuring that everything you worked for remains viable and protected and not susceptible to inflation!


Top 5 Types of Insurance for Business Owners

Is your business legally protected? Whether you have an established business or you’re taking the next step in pursuing your entrepreneurial dreams, do not overlook securing your business with the right insurance. Alexander Insurance Agency has been serving business owners in both Missouri and Illinois for over 50 years. We understand the ins and outs of what it takes to cover your business from the unexpected and are here to guide you through the process. Leave the boring legal stuff to us so you can focus on what matters most, running a smooth ship and providing exceptional service.

Here are the top most common types of insurance and why you need them.

General Liability
For small business owners, general liability insurance is your first step. Ensure what you worked hard for is secure from unpredictable incidents. Be prepared for potential claims, including property damage, bodily injuries, or personal injuries. General liability may also protect you from advertising injury, copyright infringement, and reputational damage.

Workers’ Compensation
What is workers’ compensation? If you have employees working under you, it is of the utmost importance to make sure you are covered if something were to, unfortunately, happen to them. If an employee becomes injured or ill on the job, workers comp will cover medical expenses, missed wages, disability, and death benefits.

Professional Liability / E&O
You may be thinking it will never happen to you, but lawsuits do happen. If and when it happens to you, you need to be ready. Professional liability and errors and omissions insurance protect your business and reputation if a lawsuit is filed against you. This is particularly required for most service-based businesses.

Commercial Auto
If you use a vehicle for your business, your regular car insurance policy may not be enough to cover you in the event of an automobile accident. Commercial auto insurance provides coverage for collision and physical damage, vehicle theft, vandalism, and auto accident liability.

Tools & Equipment
It’s never a good start to your day when you’ve arrived at the job site only to find your equipment has been damaged or stolen. To be prepared for this

unforeseeable circumstance, add a tools and equipment protection policy to your general liability plan. This will cover repair and replacement costs for equipment and tools that are lost, damaged, or stolen.

Finding the right insurance coverage for your business can be an overwhelming process. At Alexander Insurance Agency, we will work with you to make it a seamless and stress-free experience. We are dedicated to helping business owners like you throughout St. Louis, St.Charles, and surrounding areas find the right coverage you need.

You’ve worked hard to build your business. Now it’s time to protect it. Speak with one of our trusted team members today! Call (636)949-9525 or Contact Us Here.