Business - Bieritz Insurance Agency

Small Business Insurance Essentials

15 December 2023

Bieritz Agency

Protecting Your Enterprise and Your Dreams

Starting and running a small business is a dream come true for many entrepreneurs. However, along with the excitement of entrepreneurship comes the responsibility of safeguarding your business against unexpected challenges. Small business insurance is an essential tool to protect your enterprise and your dreams from risks that could otherwise be financially crippling. In this article, we’ll overview the importance of business insurance and provide tips for selecting the right coverage to protect their enterprise.

Understanding the Importance of Small Business Insurance

1. Financial Protection

Small business insurance is primarily designed to provide financial protection for your business. It shields your company from the financial fallout of unexpected events, such as accidents, property damage, liability claims, and more. Without insurance, you may be personally liable for these costs, which could jeopardize your business and personal assets.

2. Legal Requirements

In many cases, carrying certain types of insurance is a legal requirement for businesses. For example, workers’ compensation insurance is mandatory in most states to cover employee injuries and illnesses. Failing to comply with these regulations can result in penalties, fines, or even the closure of your business.

3. Credibility and Trust

Having the right insurance coverage can enhance your business’s credibility and trustworthiness. Clients, partners, and customers are more likely to work with a business that demonstrates its commitment to responsible risk management through insurance coverage.

4. Employee Protection

If you have employees, business insurance is crucial for their protection. Workers’ compensation insurance provides financial support for employees who are injured or become ill on the job. This coverage ensures that your employees receive the care and compensation they need while protecting your business from potential lawsuits.

5. Business Continuity

Insurance can play a vital role in business continuity. In the event of a disaster or unexpected event, having the right coverage can help your business recover more quickly, reducing downtime and financial losses.

Selecting the Right Small Business Insurance Coverage

Choosing the right insurance coverage for your small business can be complex, but it’s essential to ensure you’re adequately protected. Here are some key considerations and tips for selecting the right coverage:

1. Identify Your Risks

Start by identifying the specific risks your business faces. These can vary widely depending on your industry, location, and the nature of your operations. Common risks include property damage, liability claims, theft, data breaches, and natural disasters.

2. Assess Your Business Needs

Consider your business’s unique needs when selecting insurance coverage. For example:

General Liability Insurance: This is essential for most businesses and provides protection against claims of bodily injury, property damage, and advertising injury.
Property Insurance: Protects your business property, including buildings, equipment, inventory, and signage, from perils like fire, theft, vandalism, and certain natural disasters.
Workers’ Compensation Insurance: Mandatory in many states, it covers medical expenses and lost wages for employees who are injured or become ill on the job.
Professional Liability Insurance: Also known as errors and omissions insurance, it’s crucial for service-based businesses and protects against claims of professional negligence or mistakes.
Cyber Liability Insurance: Provides coverage for data breaches and cyberattacks, which are becoming increasingly common in the digital age.

3. Consult an Insurance Professional

Consider working with an experienced insurance agent or broker who specializes in business insurance. They can assess your specific needs, recommend appropriate coverage, and help you navigate the complexities of insurance policies.

4. Bundle Policies

Bundling multiple insurance policies with the same provider can often lead to cost savings. This can include combining general liability, property, and other coverage into a business owner’s policy (BOP) for convenience and potential discounts.

5. Understand Policy Limits and Deductibles

Pay attention to policy limits, which determine the maximum amount the insurance company will pay for covered claims. Also, understand your deductible—the amount you must pay out of pocket before insurance coverage kicks in. Balancing these factors is crucial for managing premiums and coverage.

6. Regularly Review and Update Coverage

Your business’s insurance needs can change over time due to factors like growth, new offerings, or changes in the business environment. Regularly review your coverage with your insurance professional to ensure it remains adequate and up to date.

Small business insurance is not just a financial safeguard; it’s an essential tool for ensuring the longevity and success of your enterprise. By understanding the importance of business insurance and selecting the right coverage tailored to your business’s unique needs, you can protect your business from unexpected risks and focus on achieving your entrepreneurial dreams with peace of mind. Don’t wait until a crisis occurs—invest in the protection of your business today. Call our team at 607-547-2951 for a free quote.

Personal Pension Plans for Business Owners

15 September 2023

Bieritz Agency

Building Your Future: The What, Why, and How of Personal Pension Plans for Business Owners

As a business owner, your focus is often on the present — managing operations, growing your enterprise, and ensuring its success. However, planning for your future is equally crucial, and a key aspect of that planning is developing a Personal Pension Plan (PPP). In this article, we’ll explore what a Personal Pension Plan is, why business owners should consider having one, and provide a step-by-step guide on how to develop a robust PPP.

What is a Personal Pension Plan (PPP)?

A Personal Pension Plan (PPP) is a retirement savings strategy designed specifically for business owners who want to supplement their traditional retirement savings. Unlike conventional retirement plans such as 401(k)s or IRAs, a PPP provides more flexibility and control, allowing business owners to tailor their retirement savings to their unique financial situations and goals.

Why Consider a Personal Pension Plan?

Flexibility and Control: One of the primary reasons business owners opt for a PPP is the flexibility it offers. Unlike traditional retirement plans with contribution limits, a PPP allows for greater flexibility in determining contribution amounts. Business owners can adjust their contributions based on the financial performance of their businesses, providing adaptability during both prosperous and challenging times.

Tax Advantages: PPPs offer tax advantages that can significantly benefit business owners. Contributions to a PPP are tax-deductible, reducing the taxable income for the business. Additionally, the earnings on the PPP investments grow tax-deferred until withdrawals are made during retirement, potentially resulting in lower overall tax liabilities.

Wealth Accumulation: A well-structured PPP can facilitate accelerated wealth accumulation. By consistently contributing to the plan and strategically investing its assets, business owners can build a substantial nest egg for retirement. This wealth accumulation can provide financial security and support the lifestyle they envision during their post-work years.

Asset Protection: PPPs often come with creditor protection features, safeguarding retirement assets from business-related or personal liabilities. This protection can be crucial for business owners, especially in industries prone to legal challenges or economic downturns.

Succession Planning: Integrating a PPP into your overall financial strategy can enhance succession planning. It provides a structured method for transferring wealth to family members or successors, ensuring the continuity of the business and securing the financial future of the next generation.

How to Develop a Personal Pension Plan:

Step 1: Assess Your Financial Situation and Goals

Before establishing a PPP, conduct a comprehensive assessment of your current financial situation and retirement goals. Consider factors such as your desired retirement age, lifestyle expectations, and the financial needs of your dependents. This assessment will serve as the foundation for designing a PPP that aligns with your unique circumstances.

Step 2: Engage Professional Guidance

Developing a PPP involves navigating complex financial and legal landscapes. Engage with financial advisors, tax professionals, and legal experts who specialize in retirement planning for business owners. Their expertise can help you understand the intricacies of PPPs, maximize tax advantages, and ensure compliance with relevant regulations.

Step 3: Choose the Right Plan Structure

There are various PPP structures available, each with its own set of rules and benefits. Common options include Individual Pension Plans (IPPs), Retirement Compensation Arrangements (RCAs), and Customized Pension Plans. Work with your financial advisor to determine the most suitable structure based on your business structure, income levels, and retirement objectives.

Step 4: Establish Contribution Guidelines

Determine how much you can comfortably contribute to your PPP on a regular basis. This decision should be informed by your financial assessment and should take into account the variability of business income. Establishing contribution guidelines provides a clear framework for consistent savings and wealth accumulation.

Step 5: Investment Strategy

Develop a robust investment strategy for your PPP. Consider factors such as risk tolerance, time horizon, and retirement goals when selecting investment vehicles. Diversification is key to managing risk and optimizing returns. Work with a financial advisor to create a well-balanced portfolio that aligns with your long-term objectives.

Step 6: Monitor and Adjust

A PPP is not a set-it-and-forget-it solution. Regularly monitor the performance of your plan and adjust contributions and investments as needed. Life circumstances, business conditions, and market fluctuations may necessitate modifications to ensure your PPP remains aligned with your evolving financial landscape.

Step 7: Stay Informed About Regulatory Changes

The regulatory landscape surrounding retirement plans is subject to change. Stay informed about any updates or modifications to tax laws, pension regulations, and other relevant policies that may impact your PPP. Your financial advisor can help you navigate these changes and make necessary adjustments to maintain compliance.

Step 8: Integrate with Overall Financial Planning

A PPP is just one component of your overall financial plan. Integrate it seamlessly with other financial strategies, including estate planning, tax management, and risk mitigation. A holistic approach ensures that all aspects of your financial life work together harmoniously to achieve your overarching goals.

A Personal Pension Plan is a powerful tool for business owners seeking to secure their financial future in retirement. By providing flexibility, tax advantages, and wealth accumulation opportunities, a well-structured PPP can be a cornerstone of a comprehensive retirement strategy. Engage with financial professionals, carefully assess your financial situation, and take proactive steps to develop a PPP that aligns with your unique goals. With careful planning and ongoing management, a PPP can pave the way for a fulfilling and financially secure retirement for business owners.

Business Succession – Do you have a Plan?

17 May 2023

Bieritz Agency

Passing the Torch: The Importance of Setting Up a Business Succession Plan

Starting and building a successful business is a significant achievement, but it’s equally crucial to plan for the future. A business succession plan is a strategic framework that outlines the steps and processes for transitioning the leadership and ownership of a company from one generation to the next or from one leader to another. In this article, we will explore the essential components of setting up a business succession plan and delve into why this process is indispensable for the long-term success and sustainability of any business. NOTE: This is important for non-profit organizations as well!

Understanding the Importance of Business Succession Planning:

Business succession planning is not just about retirement or unexpected events; it’s about ensuring the seamless continuity of operations and preserving the legacy of the company. Whether you’re a family-owned business, a small enterprise, or a large corporation, having a well-thought-out succession plan is crucial for mitigating risks, maintaining stability, and fostering a smooth transition.

Identifying Key Stakeholders and Successors:

The first step in creating a successful succession plan is identifying key stakeholders and potential successors. This involves evaluating family members, key executives, or employees who possess the skills, knowledge, and dedication to take on leadership roles in the future. It’s essential to involve key stakeholders in the planning process to ensure alignment and commitment to the long-term vision/mission of the business or organization.

Assessing Skills and Development Needs:

Once potential successors are identified, a comprehensive assessment of their skills and development needs is essential. This may involve providing training, mentorship programs, or professional development opportunities to groom successors for leadership roles. The goal is to bridge any skill gaps and prepare individuals to seamlessly step into their new responsibilities.

Legal and Financial Considerations:

Business succession planning involves intricate legal and financial considerations. Engage with legal and financial professionals to ensure that the plan aligns with applicable laws and regulations. Address issues such as tax implications, ownership structures, and the transfer of assets to avoid potential conflicts and disruptions during the transition.

Communication and Transparency:

Open communication with all stakeholders, including employees, customers, and suppliers, is crucial during the succession planning process. Lack of transparency can lead to uncertainty and negatively impact morale. Clearly communicate the reasons behind creating the succession plan, the steps involved, and the expected timeline. This not only fosters trust but also ensures a smoother transition.

Contingency Planning:

While succession planning is often associated with retirement, it’s essential to account for unexpected events such as illness, disability, or sudden exits. Incorporate contingency plans that outline the course of action in case of unforeseen circumstances. This may involve naming interim leaders, designating decision-making powers, or having a buy-sell agreement in place.

Valuation of the Business:

Determine the fair market value of the business as part of the succession planning process. This is critical for establishing a realistic financial framework and ensuring that the outgoing owner receives fair compensation. Valuation methods may include assessing assets, cash flow, market conditions, and the company’s overall financial health.

Gradual Transition and Mentoring:

A successful succession plan often involves a gradual transition rather than an abrupt change. Implement mentoring programs where the current owner or leadership team works closely with successors to impart knowledge and experience. This phased approach allows for a smoother transfer of responsibilities and helps successors gain confidence in their new roles.

Regular Review and Adaptation:

Business environments are dynamic, and what works today may need adjustment tomorrow. Regularly review and adapt the succession plan to align with changes in the market, industry trends, or the business’s internal dynamics. This ongoing evaluation ensures that the plan remains relevant and effective over the long term.

Preserving Company Culture and Values:

Beyond the operational aspects, a business succession plan should also address the preservation of the company’s culture and values. Clearly articulate the core values that define the organization and ensure that these principles are passed down to future leaders. This helps maintain continuity and a sense of identity as the business evolves.

A well-crafted business succession plan is not just a document; it’s a roadmap for the future of your company. Whether you’re a small family business or a large corporation or a non-profit organization, taking the time to set up a comprehensive succession plan is a vital investment in the longevity and success of your enterprise. By identifying and developing potential successors, addressing legal and financial considerations, fostering transparent communication, and preserving the company’s culture, you can navigate the complexities of leadership transitions with confidence and ensure a prosperous future for your business. Remember, succession planning is not a one-time event but an ongoing process that evolves along with your business.

William Cooper’s Vision for the Maple Sugaring Industry in Otsego County, NY

24 February 2023

Bieritz Agency

William Cooper's Vision for the Maple Sugaring Industry in Otsego County, NY - Bieritz Insurance Agency

William Cooper, a pioneer and visionary of the maple sugaring industry in Otsego County, NY, had a unique and innovative approach to the production and marketing of maple syrup. He saw the potential for the maple sugaring industry to provide a sustainable source of income for farmers and to promote the development of rural communities in the region. This vision for the industry would have a profound impact on the region and its residents for generations to come.

Cooper moved his family to Cooperstown, NY in 1790. He was a farmer, businessman, and civic leader, who had a deep appreciation for the natural resources of the region and a strong commitment to its economic development. He saw the potential for the maple sugaring industry to provide a sustainable source of income for farmers and to promote the development of rural communities in the region.

Cooper recognized that the traditional methods of maple sugaring were inefficient and wasteful, and he saw the need for modern and innovative production methods. He developed a system of providing sugaring vats to local producers in order to grow the industry in our region and then worked on transporting the finished product to Albany so that it could be shipped by river to the New York City markets.

Cooper also recognized the importance of marketing and branding in the success of the maple sugaring industry. He established a cooperative of maple sugar producers in Otsego County, which allowed them to market their syrup under a common brand and to benefit from economies of scale in production and marketing. He also established trade relationships with wholesalers and retailers in the region, which provided a reliable market for the syrup and helped to establish the industry as a key component of the regional economy.

Cooper’s vision for the maple sugaring industry in Otsego County was realized through his tireless efforts and the support of the local community. The industry continued to grow and expand over the next century, providing a source of income for farmers and supporting the development of rural communities in the region. Today, the maple sugaring industry remains an important part of the regional economy, with many families continuing the tradition of maple sugaring and producing high-quality syrup for local and regional markets.

Cooper’s legacy continues to inspire the next generation of maple sugar producers, who are committed to preserving the traditions and values of the industry, while incorporating new and innovative production methods to improve the quality and sustainability of the syrup. They are also working to promote the industry and to raise awareness of its importance to the regional economy and the local community through local and statewide marketing programs.

William Cooper’s vision for the maple sugaring industry in Otsego County, NY was a visionary and innovative approach to the production and marketing of maple syrup. He saw the potential for the industry to provide a sustainable source of income for farmers and to promote the development of rural communities in the region. His legacy continues to inspire and guide the next generation of maple sugar producers, who are committed to preserving the traditions and values of the industry, while incorporating new and innovative production methods to improve the quality and sustainability of the syrup. The maple sugaring industry in Otsego County remains a testament to Cooper’s vision and commitment to the region and its residents.

Can Going Green be Good for Your Business?

27 April 2021

Bieritz Agency

Last week, we celebrated the 51st anniversary of the first Earth Day. The first event in 1970 looked a lot different than it does today. It was the largest single-day protest in human history when more than 20 million people poured out onto the streets throughout the US. Shortly after that, in 1972 landmark conservation laws and regulations were passed that included the Clean Water Act, the Endangered Species Act, the Marine Protection, Research and Sanctuaries Act, the Marine Mammal Protection Act, to name a few. While there is a lot that has changed over the last 50 years, a good deal of our original challenges that remain today. For example, Recycling remains a challenge. In Otsego County, only about 12% of recyclable materials are recovered with close to 80% continuing to go to landfills.

If you own a business, you likely take some time each year to do some planning. What are things that you are doing that are working well? What are some things you can do better? etc. Do you keep your environmental impact in mind when you are going through these planning steps? Going green with your business can be a good thing!

Otsego County Solid Waste Department recently launched their Waste-Smart Business Certification to recognize businesses that are making the effort to improve their practices. They have three levels of recognition that are based on a point system. Your certification can be a deciding factor for someone who might want to do business with you. When researching you and your competitors, this may have weight in the decision making process. Learn more about the requirements and benefits at their website at https://www.otsegocounty.com/departments/s-y/solid_waste/waste-smart_business_certification.php.

There are other ways that environmentally-friendly practices can save your business money and lower your insurance risk. For example, you can switch to using only non-toxic cleaning products in the workplace. Exposure to fewer toxins can keep your employees healthier – reducing the number of sick days as well as expenses on health insurance. You can save energy and dollars in a number of ways as well. By powering down your business machines at the end of the workday, you can save energy and avoid risks of data breaches during the off hours; making the switch to LED light bulbs means less energy cost, less bulb replacement cost, and less risk of injury if replacement requires a ladder. If you drive as part of your work, following fuel efficiency guidelines can not only reduce your costs for fuel, but can also improve safety and reduce your chances of having an accident. Less accidents can translate into lower rates for your insurance.

These are just a few ways that your green practices can make sense for both the environment and for your business! Take a few minutes and decide on something you can do today to make a difference. If you are looking to assess your business insurance plans and your risks, please give our team a call and schedule for a free consultation. Reach us in Cooperstown, NY at 607-547-2951 and in Morris, NY at 607-263-5170.

Insurance for Contractors

15 April 2020

Bieritz Agency

Insurance for Contractors If you are a general contractor or own a construction company, having insurance is a necessary expense. Insurance helps to protect you if accidents or mistakes occur or if your or one of your employees gets hurt on the job. There are several different types of insurance that relate to businesses, so it can be difficult to know what needs to be included in your business insurance policy. Here is some general information to help provide an overview. We recommend that you connect with our team for more detailed information.

General Liability Insurance

General liability insurance is required by law for general contractors. This type of insurance covers you from common accidents that might occur on the job, including injury to a third party, damage to the property at which you are working and physical injury to yourself or issues such as slander. General liability insurance is the most important type of policy you can carry to protect you and your business.

Workers’ Compensation

Workers’ compensation is another type of insurance that you are required to carry by law. This type of insurance is crucial because it covers you in the event one of your workers becomes ill or is injured while on the job. Workers’ compensation insurance will kick in and pay the salary and medical benefits of the worker, which can save you a great deal of money. Furthermore, your workers’ compensation policy will protect you from being sued directly, which can save you both time and money by preventing a lawsuit. If you work for yourself and do not have any employees, this type of insurance may not necessary, but check with our office to make sure you are in compliance.

Third-party Liability

Most states require contractors to carry third-party liability insurance. This type of policy protects your clients from claims you make against them. Further, if you have a subcontractor working for you, then they must have third-party liability insurance to protect you.

Auto Insurance

Any and all vehicles you use for your contracting business need to be properly insured. In addition, any employees you have authorized to drive your vehicles must be covered on the policy. It is also a wise idea to make sure any employees you allow to drive your vehicles have up-to-date commercial driving insurance.

Although the above types of insurance policies are required for contractors, they are not the only types of insurance policies that are available. Below are some addional, optional insurance policies that you can consider.

Specific Coverage Extension

Construction work is risky, so you need to be prepared for unexpected issues that happen on a worksite. Specific coverage extension insurance covers issues that come about because of flawed planning, design, materials or poor workmanship. This coverage kicks in to cover any expenses that arise from these issues that your general liability policy does not cover.

Flood Insurance

As its name implies, flood insurance protects your worksite in the event of a flood. This is an excellent option if your worksite is in an area that is prone to flooding, such as on the coast or near a river.

Property Insurance

Although property insurance is most often associated with homes and business properties, it can be beneficial for contractors, too. You can use this type of insurance to cover your physical assets like your office space, warehouse, building materials, equipment and tools.

Contractors Pollution Insurance

As a contractor, you must follow specific environmental laws that are in place to keep the Earth healthy and viable. If your project runs the risk of violating environmental laws (excavations near fuel lines, or other possible contaminants, pollution insurance can help protect you from lawsuits and the expenses that accompany them.

Builders Risk Insurance

Your materials, tools and equipment cost a lot of money. If they are lost, stolen or damaged the cost of replacing them can be exorbitant. Builders risk insurance can help defray the costs associated with these losses. This type of insurance is also helpful or subcontractors or equipment owners, too.

Roofers Insurance

This specific type of general liability insurance provides coverage for roofing contractors. It can be used in the event of a workplace incident that leads to the injury of a worker. This type of insurance is separate from general contractors’ insurance because roofers work at a higher height and the risk of accidents is much greater.

If you are a contractor, it is crucial to your business to have a sufficient amount of insurance coverage. If you have any questions regarding the best types of coverage for your business, contact Biertiz Insurance today. Our team is happy to answer your questions and find the right products to meet your needs at an affordable price.

Commercial vs. Personal Auto Insurance – Which One Is Right For You?

17 December 2019

Bieritz Agency

The line between commercial and personal auto insurance policies can be a little blurry. If you’re a business owner, then you understand the importance behind every decision you make. If you’re wondering whether you should purchase commercial or personal auto insurance, we’re here to help.

What is the main difference?

The biggest difference between commercial and personal auto insurance policies is their liability coverage. Commercial auto insurance covers accidents that happen while you or your employees are operating a vehicle for business needs. Business needs could be things like transporting products, clients, or materials. A commercial policy is also quite broad and can include many people. All of your employees can be on your commercial auto insurance policy as long as they all have valid driver’s licenses.

Personal auto insurance is meant for the vehicles that you own and that you use for your own needs. Liability coverage will be lower because there will be less vehicles and people involved. The details of the policy will be pretty simple because it’s just for the few vehicles that you own. You can decide on specifics like comprehensive collision, underinsured driver coverage, and what liability limits are best for you.

Commercial auto insurance

Take a look at these tasks. If you use a vehicle regularly to complete tasks like these, then commercial auto insurance is definitely the best option for you.

Transport products
Transport employees and clients
Charge passengers to ride in the vehicle
Transport large loads for your business
Use your vehicle with a tow
Use your vehicle to perform a service that you’re paid for

A commercial auto insurance policy can have higher liability limits than any personal policy. It can give you high protection if you are ever in any legal challenge regarding a vehicle accident.

If you don’t own multiple business vehicles and your employees use their own vehicles to perform business services, there is an option for that situation as well. You can purchase a “hired non-owned” policy. This means that those vehicles will be protected, even though they are not owned by your business. Many business owners go this route because it’s cheaper and it eliminates some of the stress from their shoulders.

Both corporate companies and independent contractors need auto insurance, but the policies will differ slightly. Corporate companies will need to insure thousands of people because of their size, while independent contract companies will mostly likely be insuring a lower number of people. Liability coverage will most likely need to be higher for corporate companies. These specifics can be ironed out with your insurer based upon the policies that are offered.

Personal auto insurance

Personal auto insurance will only cover accidents that happen while you’re driving for personal reasons. These personal reasons can be things you do every day, like commuting to work or going to the grocery store. These policies only insure the owner of the vehicle and immediate family members that are added to the policy. You can add several people to a personal policy, but it’s not meant for twenty people. Commercial policies are designed for those high numbers.

In some cases, personal auto insurance will be enough for some sole proprietors. If you only use your vehicle for business purposes very infrequently, your insurer may be able to change your personal coverage slightly to meet those needs. You may end up paying a little bit more per month, but having protection is definitely worth it. This all depends on who your insurer is and what kind of adjustments they can make for you.

Heavy-duty vehicles

If you use a heavy vehicle for your business, then you will need a heavy-duty vehicle policy. Insurers have different policies for these vehicles because their weight will cause more damage in an accident than a “normal” vehicle. Any vehicle that weighs more than five tons or transports more than a one-ton load is considered heavy-duty and will require special insurance. These vehicles include tow trucks, buses, cement mixers, and semi-trucks.

If you use these heavy vehicles in your business, your policy will need to have a liability limit high enough to cover damages. If you’re unsure about your policy and what its liability limits are, you should speak with someone from our team – we are happy to answer any of your questions.

Looking to purchase insurance?

Contact Bieritz Insurance Agency today! We offer an assortment of products for all your insurance needs. Our staff is dedicated to working with you to procure the best possible policy at the best price. Our offices are located in Cooperstown and Morris, New York. You can contact us at our Cooperstown office at (607)-547-2951 or at our Morris office at (607)-263-5170. Click here to find out more about our company and to make an appointment. We look forward to hearing from you!

Why Business Insurance is Important

2 November 2018

Bieritz Agency

If you own a business, the thought of a lawsuit threatening your company or an accident destroying your property will most likely fill you with a sense of dread. If you are not insured in the event of a business calamity, this sense of dread is warranted. Most people who are not insured find it difficult to conceptualize a future where their livelihood is at stake, since the threat feels so distant, so improbable. However, if your business is in danger of a liability claim, impeded by a natural disaster, or losing income after an unexpected setback, having the right insurance can be the difference between remaining unscathed and financially secure or closing your doors for good.

Here are some things you should keep in mind when choosing your insurance policy and protecting yourself from an unpredictable world.

Getting Started.

Keeping your business afloat can be difficult enough as it is, and just one unexpected financial crisis can be all it takes to bring you down. Insuring your business should be one of your top priorities. The first thing you should consider are the types of policies your specific business might need. For example:

- If you own a landscaping business, look into attaining an extended business income provision policy. If your equipment fails or you lose workers and need a certain amount of time to get everything back in order, this policy will cover the income you will have lost while your work was halted. Also, since landscapers often use herbicides and pesticides, there is a chance that something may go wrong when using these chemicals. Herbicide and pesticide insurance will cover you for any costs that may arise, like property damage or pollution.

- Real estate businesses may need commercial auto insurance if an employee has an accident while driving for work. Also, employment practices liability and employee benefits liability insurance will be helpful. This will protect you in case an employee makes a wrongful termination claim against your company, or your employee claims that he or she was not given the agreed-upon benefits.

Restaurants should get liquor liability insurance and temperature change insurance. If a customer causes an incident after consuming alcohol served by your restaurant, liquor liability insurance will cover any costs if a claim is made against your company. Furthermore, temperature change coverage will reimburse you for any lost supplies if your refrigerator malfunctions.

Remember to assess your needs and find the policy that will suit you and your business.

What it Will do for Your Business.

Every business needs insurance. Not only will it protect you from lawsuits and ‘acts of God,’ but it will also help the day-to-day operations of your business function more easily. Having the right insurance will help you in ways you might not have expected.

- Having insurance for your business will make your business look more professional and trustworthy. If your clients see that you’re insured, it means that they are insured, as well. If anything goes wrong with a good or service they purchase from you, they know they can be compensated. Stating that your business is insured is a great way to let potential clients know that you are serious about the work you do.

- Having insurance is not only important, it’s actually mandatory. The law demands that businesses have certain insurance policies to protect workers. If your business has employees, you need to have workers comp, unemployment, and disability, otherwise you could be fined, charged with a crime, or have your business shut down.

- Your business is more attractive for employees if you offer insurance benefit policies, like healthcare and disability. Finding and holding onto good employees is a major problem for business owners. Offering benefit programs that will protect them and their families in case of an emergency is a great way to encourage them to come and work for you.

Throughout the course of your career, your business will most likely need to sign a contract. This will probably happen more than a few times. If you’re not insured, you might not be able to actually sign the contract, especially if your business leases or rents your business resources, tries to obtain a loan to build new buildings or equipment or even gains a new client.

Insurance is not merely for the few occasions when something goes wrong, but insurance is necessary to help things go right. Having insurance will provide peace of mind so that if something does go wrong, you will know you are properly protected. Contact us at Bieritz Insurance to learn more about a business insurance policy. We can help guide you in obtaining the insurance you need at a cost that works for your business.

Insuring Your Vacation Rental Property

20 March 2018

Bieritz Agency

In our little corner of the world, the vacation rental business is booming. While year-round lodging opportunities (hotels, motels, bed and breakfasts, inns, etc.) continue to exist as a mainstay of accommodation options in our area – there are many properties that now cater mostly to the thirteen week summer season – primarily targeted to the baseball camp family audience for weekly rentals. Some of these properties contract with local managers to list and rent their homes as summer vacation rentals and others (more each day) list with one or more of the national rental chains like HomeAway, VRBO (Vacation Rental By Owner) or AirB&B.

A home that is used as a rental property is considered a business. As a business, a typical homeowner’s insurance policy does not necessarily provide insurance coverage for your property (liability and damages, etc.) in the same way. In some cases, if your property is used for short-term (less than 30 days) rentals, you might qualify for an endorsement on your existing policy. NOTE: You can check with our offices to see what your options are to make sure that you and your property are protected. In most cases, you will need separate business insurance to cover you for liability (in case someone gets injured while staying at your property), building and contents (for replacement from catastrophic damage) and building income (to protect your business earnings). If you offer extras like the use of bicycles or canoes/kayaks, or if you have a pool that guests will be able to use, you will want to make sure that your liability coverage extends to cover these items and their use by a renter.

Although some of the national rental chains (above) may offer their owners (and guests) the option to add insurance for their rentals, their policies might not provide the coverage that you need to be fully protected. In some cases these policies do not allow for claims for extra guest fees, violations to the rental agreement, extra fees for cleaning or from pets, or loss of the ability to rent while repairs are being done. If you list your property through a national agency, Bieritz Insurance can review the details of that coverage for you so that we can advise how you can minimize your exposure to risks that might not be covered.

Even with an insurance policy, some property owners continue to request a security deposit from their guests. Although security deposits are time consuming to manage and are often points of contention between the owner and their guest, they do allow for the owner to provide documentation of damages and fees incurred to make repairs without going through the claims process (which often requires cooperation from the renter). Security deposits may also provide a better incentive for renters to leave the property in good condition.

To protect yourself in a vacation rental business, your rental agreement with your vacationing guests should clearly stipulate the process for damages and claims. You should also have a screening process in place so that you can make sure that your property and rules are a good fit for your prospective renter. A little bit of work in advance can alleviate headaches afterwards. Our team at Bieritz Insurance in Cooperstown and Morris can help answer your questions and can find coverage to best meet your needs. Contact us in Cooperstown at (607) 547-2951 and in Morris at (607) 263-5170. We are here to help you for all of your insurance needs!

Entrepreneurship and Your Business Insurance

25 October 2016

Bieritz Agency

From the Insurance Information Institute:

The i’s on Insurance: [Not So Risky] Business

Being an entrepreneur makes you the boss! But along with getting to choose your own hours, location, and business plan, it also means that you’re responsible for a lot of other things, like commercial business insurance. There’s a lot more to business insurance than getting the lowest business insurance quotes. It means understanding your business’s unique needs and the potential hazards that can threaten its success.

Snow Removal Safety

15 December 2015

Bieritz Agency

snow removal bieritz We have been very fortunate in our region this year to have not had any significant snowfall so far this winter. But, as we all know – those days are coming! Our favorite snow-shoveling days are the ones where each morning, there is only a tiny layer of new snow – light and powdery enough that all you need is a once over with a broom to sweep it clear. If we are lucky, we will have more than a few of those kinds of snowfalls this winter. Inevitably though, as part of the winter mix, we will end up with some accumulations of wetter snow that will require actual shoveling. Keep in mind some of the following safety tips for when this occurs.

First, make sure you are able to safely shovel – if you have back problems or a heart condition, you might want to check with your doctor first, or consider finding someone to hire for the task. Some landscaping companies will contract with you for snow clearing services through the winter months or if you know any local youths, they might be interested in an extra few dollars in their pockets.

If you are able to shovel, before you go out make sure you are dressed properly – with layers of clothing, warm socks, hat, gloves and shoes that offer traction on slippery surfaces. Take a few moments to limber up as well to warm your muscles for the task. Remember to take breaks frequently and stay well-hydrated. If you experience any pain while shoveling, you should stop immediately.

Choosing the right tool for the job is likely one of the most important things you can do to prevent injury and strain. A plastic small-bladed shovel with a curved handle is best. The curved handle helps you to keep your back straighter while shoveling and the small blade assures that you won’t be lifting too much snow at a time. It is better to push snow rather than lift it when possible which is why it is recommended to shovel more frequently to clear new snow than to wait until the storm ends and clear it all at once. One large shovelful of snow can weigh 25 pounds!

You can increase your leverage while shoveling by keeping your hands at least a foot apart on the shovel. If you need to lift snow, remember to remove it in smaller shovelfuls and use your legs to lift and move – try to avoid twisting.

Our team at Bieritz Insurance wishes you a wonderful and safe winter season, free from injuries and with only the amount of snow you can handle!

Celebrating Small Businesses

21 July 2015

Bieritz Agency

July is National Independent Retailers Month. At Bieritz Agency, we are always celebrating our small business partners and the Shop Local message for keeping our dollars within our community. Please support your local businesses!

Every business is unique and has different needs when it comes to insurance. Whether your company is large or small, we can find the right product to meet your needs and your budget. We work with all industries – restaurants, retailers, service and financial businesses as well as lodging and accommodation properties and we offer a number of insurance products for businesses and business owners. Our staff in Cooperstown and Morris would be happy to answer any questions or provide a quote that could save you money each year.

Our business products include the following:

Business Owners Packages
Commercial Liability
General Liability
Commercial Auto
Commercial Umbrellas
Payroll Deduction Programs
Business Retirement Plans
Business Life Insurance
Church and Non-profit Products
Civic Organization Liability
Workman’s Compensation
Disability Insurance

Call us today at 607-547-2951 in Cooperstown or in Morris at 607-263-5170.

Why Shop Around for Insurance?

4 August 2014

Bieritz Agency

A client-contributed article from Susan O’Handley

I have been working with the Bieritz Agency over the last few years as a consultant for website and marketing support services. On occasion, I would receive a gentle reminder from Steve to consider switching to Bieritz, or at the very least letting them provide a quote for us. Although I had meant to do this (I believe in supporting local businesses and my clients whenever possible), insurance is one of those things that’s easy to push off to a later date, and when our policies came up for renewal, we just renewed them and forgot all about switching.

money Until recently. On the heels of another gentle reminder (never a high pressure push), I decided to just go ahead and send our current policies over for a comparable quote. I am very glad I did! To begin with, we ended up saving close to $250 on our auto insurance policy with the same coverage – so we are already ahead.

Information that came back to us on our homeowners policy came as a bit of a surprise. After reviewing our policy, we learned that we were underinsured for the replacement value for our home and were also paying extra money for a low deductible option. Beth Spence, the Bieritz Agency Manager, provided us with several options, all of which gave us better coverage and terms for literally a few extra dollars.

When we purchased our home as first-time buyers over 10 years ago, we never gave the insurance a second thought. I don’t recall shopping around for quotes at that time (closing on your first home is what I consider a whirlwind experience), and since it is tied into our mortgage payment, it was something that just automatically renewed each year – never really needing attention. I assumed that the coverage was complete and that it continued to meet our needs.

Thankfully, we have never had a claim on either policy (knock on wood), but I am glad that we found out about our home policy now instead of being surprised in a time of need by having too little coverage. I encourage friends and neighbors to review your insurance policies and send them over to Bieritz for review! Even if you don’t wish to switch companies/brokers, take the time to review your policy with your family and agent. Like us, you might find yourself in for a surprise.

The Bieritz team lives up to their reputation of first-class customer service, with responsive and helpful interactions – they are indeed ‘Your Hometown Insurance Specialists’! Give them a call today and see if they can assist you with your policies.