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Insurance Basics for starting a new Business in Shawano County

Posted on November 17, 2017 in insurance 101, Products, Shawano - 0 comments -

Insurance Basics for starting a new business in Shawano County

If you have or are Planning on starting a new business in Shawano we would like to offer the following basics as a guide for you.  Small businesses are the lifeblood of America and we are behind you 100%.  Shawano businesses are among some of the most unique and vibrant I have seen throughout the state of Wisconsin.  Below are some basic business insurance terms to get you through the planning process and well on your way to success.

General Liability Insurance (GL)

Whether you are a business in a strip mall renting space or a home-based business you need liability insurance.  Your home policy will specifically exclude these business risks as they are not designed to cover that.  General Liability policies provide defense and damages that may arise if you, your employees or your product or services cause bodily injury or property damage to someone.

Property Insurance

If you purchase a building for your business Property Insurance will cover that building.  Property insurance will also cover you “Business Personal Property” inside the Building even if you rent the space.  Business Personal Property would include office equipment like copiers and computers, tools you would use on and off premise (away from your building), inventory or stock and general items like coffee makers and Televisions.  The Property Policy will protect you from fire, vandalism, theft, smoke damage etc…

Business Owner Policies and Package Policies

Business Owners Policies or “BOP” as they are more commonly known packages all required coverages in one policy.  A BOP will often include “Business Interruption Coverage”, “Property Coverage”, “Vehicle Coverage”, Liability Insurance and Crime Coverage.  A BOP can be Taylor fitted for your own unique business with coverages added or excluded per your discretion.  These Businessowner policies may even be rated lower than a typical Package policy because they bundle services at a lower cost.

Commercial Auto Insurance

Commercial or Business Automobile policies protect your company’s vehicles.  This includes vehicles that carry your employees, products or equipment.  Many take out Commercial Auto policies for ride-sharing gigs through services such as Uber and Lyft.  Commercial Auto policies cover risks that normal Personal Auto policies exclude.  This will in many cases include ride sharing or driving while “on the clock” if you are in outside sales, food delivery or transport (livery).  Some Businesses will require their employees to use their own vehicle for work.  “Non-Owned Vehicle Coverage” can cover this and may even be added right to the BOP Policy.

Workers Compensation

Workers Compensation or “Work Comp” provide insurance to employees who are injured on the job.  Work Comp replaces wages lost while recovering from an injury and medical bills incurred due to that injury.  In exchange for these important benefits the employee relinquishes the right to sue their employer for this incident.  This is an obvious benefit the the employer as well in order to maintain their business operations after an injury.  State laws vary, but most require you to have Workers Compensation policies in place if you have W2 employees.  Wisconsin’s Workers Compensation Guide will outline our state’s laws.  If you have questions about your own business please give us a call or consult your legal counsel.  Penalties for non-compliance are very stiff!

Professional Liability Insurance

Professional Liability Insurance or Errors and Omissions Insurance provide defense and damages for failure or improperly rendering professional services.  Your general liability “GL” policy does not provide this protection.  Professional Liability coverage is applicable for any professional firm including Consultants, Accountants, Lawyers, Notaries, Real Estate Agents, Insurance Agents or Technology providers to name a few..

Data Breach Coverage

If you are in the business of storing “private”, Sensitive or non-public data for your clients, customers or employees on your servers or on other office equipment you are responsible for protecting that data.  If a breach occurs either electronically or in paper form a data breach policy will protect from that loss.  It can offer defense for the incident and help your clients recover their Identities in some cases.

Life Insurance

Most people don’t like to think about life insurance let alone purchase it.  Most people understand the importance of a life insurance policy for their loved ones.  Life insurance provides a financial benefit after you die.  Let’s put that into the direct context of your business’s operations.  If you unexpectedly die do you expect your business to continue to operate and your employees to continue to have a job?  If you unexpectedly die how many people will it take to replace you in your daily job duties?  Many small business owners wear many hats and hiring those services can be daunting after the initial shock wears off.  Life insurance can be purchased by your company to at least fill the financial void your death would create.  Life insurance can also be used to fund a buy-sell to pass on the ownership of your business in a non-disruptive manner.

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Boat insurance to keep you above water

Posted on April 9, 2015 in Products - 0 comments -

Stay afloat with Boat Insurance from the Wallrich Agency

The Wallrich Agency provides affordable boat insurance coverage options for recreational boaters in Wisconsin. Low-cost policies, available for most boat types, are available through our top national carriers like Progressive and Nationwide insurance. Find the right policy for your boating lifestyle.

Stand Alone policies for your boat

Many agents will slap your beautiful watercraft right on a homeowners policy.  There are two problems with this.  The first, if you have a boat claim it is technically classified as a “home claim” which can cause your homeowners rate to go up and lock you out of many preferred programs.  The second reason is your coverage will not be adequate for the modern boater.  Our stand-alone policies come with plenty of options for specialized coverage, such as Roadside Assistance, Towing, Total Replacement, and more.

Coverages you may not know about:

Don’t wait until you have a claim to learn about special coverages.  On-Water Towing is a popular coverage which will help you in case you’re stranded on the water.  You may also want to have Uninsured Boaters coverage because not everyone zooming past you will have insurance. You can also choose Fuel Spill Liability and Wreckage Removal coverage. Without these watercraft insurance coverages, you may end up getting stuck with the bill for cleanups and removals. Personal Effects and Fishing Equipment coverages are also available with our carriers.

No matter what propels your watercraft be it wind, inboard, outboard or jet we can cover it at the Wallrich Agency.  Contact us today.

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hit the highway with motorcycle insurance

Posted on April 9, 2015 in Products - 0 comments -

Hit the Highway with Motorcycle Insurance from the Wallrich Agency

Count on the Wallrich Agency for quality motorcycle insurance coverage from top insurers like Nationwide, Dairyland and Progressive with great, low insurance rates.

Low Motorcycle Insurance Rates

The Wallrich Agency covers a wide range of motorcycles including standard bikes, cruisers, sport / high performance motorcycles, off-road vehicles and more.

The Wallrich Agency also offers motorcycle insurance packages, and the best motorcycle insurance discounts including OEM Parts and Multi-Policy discounts to your auto and home insurance policies. We also didnt forget scooters and mopeds, ATVs, UTVs & Off-road vehicles, and off-road motorcycles & dirt bikes.

Custom Parts – covered properly

Some policies require you to add coverage for your custom parts and equipment.  The bike you carefully choose and outfit needs to be protected fully – this includes all your accessories.  All the policies we sell come with two to three thousand dollars of custom parts coverage.  Many agents will fail to explain this but it can become a huge problem if you bike is stolen for instance.  Coverage over the minimum amount is very inexpensive.

Year-round coverage

We live in Wisconsin so we understand you only get half a year to enjoy your motorcycle.  Many riders will take out policies to cover their bikes during the riding season then remove the coverage in the Winter to reduce their costs.  There are two problems with this: The first, You may get excited to get that motorcycle out of the garage on the first day of Spring and not have insurance coverage in place.  What’s worse, you don’t have coverage for your bike while it is in storage.  The second problem, insurance carriers will sometimes rate you higher if you do not have continuous coverage.  Our solution is simple, we only sell policies from companies that understand our climate.  They have tweaked their rates to account for those months you do not ride.  Some build it into the rates and some give you a seasonal discount.  The best part about having a flexible annual policy is when the sun comes out you can hit the road worry-free.

 

With hassle-free service and great low rates for motorcycle insurance, you’ll have no worries about having the right insurance coverage for your motorcycle or ATV/Off-Road vehicle.  Contact us today for a quote or to get coverage started!

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