ABS continues to deliver more liability insurance products for the financial services industry with the new launch of Liability Coverage for Portfolio Management and Asset Management firms. ABS now delivers individually underwritten coverage for portfolio management and asset management firms that is tailored to your firm’s unique practice and protection needs. This program is individually underwritten through Liberty Mutual, an industry leader in liability insurance products and services with extensive knowledge of the portfolio management and asset management sector.
Disaster preparation isn’t always about disasters of biblical proportions, the majority of risks that a business faces are much common, but it isn’t meant to minimize their potential impact on a business. Many common disasters can shut a business down for weeks if not months, disasters such as floods and loss of key business information.
When we talk about flood the general cause is usually water damage to an office, its equipment and information (both paper and electronic). A broken pipe flooding an office over a weekend can seriously damage an office. Do you have the right office contents insurance in place because damaged furniture and equipment is on thing that you need to prepare for.
The second common disaster is damage or loss of key business information such as client or member files. How do you replace lost information through breach of confidential information from loss or theft of business computers and laptops?
The first place to start is by taking inventory of all the property (both physical and information) that you need to protect in the event of a disaster. Review your office contents or property insurance with your broker to ensure that your specific needs are addressed, don’t just assume that general policies will always provide the coverage you need. Ensure that electronic information is backed-up on a regular basis and that those back-ups are kept off site in a secure location - computers are easy to replace, the information on them is not. All computer equipment should have proper passwords on them so that if lost or stolen confidential information cannot be accessed.
Develop a plan for how your business will operate should your office not be useable after a fire or flood. How will you re-route phone lines, will your website and email still be accessible, how will you communication this situation to clients/members, and, assure them that you can still provide the service they expect?
Business Plans are not just for start-up or major corporations, small and medium sized businesses also need these important road maps to be truly successful. A planning document should cover a two to three year period and it is important to organize and understand how you want to grow and manage changes in your business.
Risk identification and Risk Mitigation:
A business plan should outline your strategic objectives, but for every objective you can’t just look at the opportunity, you have to look at the potential risk involved. Business plans help to distill what risks you are willing to take and how you plan to manage or avoid the risks that you are not willing to take.
A small business plan should cover the following:
You don't have to develop a small business plan from scratch, by using Google searches it can lead you to many different templates that are available to you on the internet. Simply find a template that best suits your needs and modify it according to your specific requirements.
What are the types of business insurance that are available?
There are different types of business insurance that provide different types of coverage. There's coverage against damages to the location of your business (office, factory, etc.), vehicles, and equipment and inventory. There is business insurance to protect against losses resulting from crimes, such as theft or even employee fraud. There are many types of business liability insurance, protecting your company in the event of a lawsuit. There is also business insurance to provide coverage for extended leaves of absence due to illness.
What are the general categories for business insurance?
Business insurance can be divided into four broad categories:
Outside of these four primary categories, other types of business insurance coverage include: workers compensation insurance, business interruption insurance, group health insurance, group life insurance and disability insurance.
Choosing the right limits and deductibles
Once you select the right type of coverage for your business, you'll also need to choose the appropriate limits and deductibles to suit your needs. These factors can greatly influence the premiums you pay:
Understanding the common elements and exclusions in policies
Before deciding the type of coverage for your business, be sure you know what various policies will cover. Here are some common elements and exclusions: