Long Insurance Services of Kernersville, NC


  Contact : 336-992-5664

All Posts in Category: Business Insurance

Business Interruption Insurance

Business Interruption Insurance Explained

When you think about purchasing a business policy, you probably think about the protection it provides for a fire, windstorm or burglary.

Insurance that covers the cost to repair a damaged building is one thing, but what about the other implications of temporarily closing? Could your business financially weather the storm without regular income from customers while you rebuild?

This is why business interruption coverage (sometimes called business income coverage or income protection coverage) is important.

Business interruption coverage provides peace of mind, giving you time to focus on rebuilding rather than worrying about financial ruin in the face of unexpected setbacks. You’ve worked hard to build and grow your business. We can help you keep it safe.

What is business interruption coverage?

Business interruption coverage compensates you for lost income if your business is temporarily closed due to a covered loss under your business policy. Your insurance policy would pay for the loss of income you would experience due to a partial or total interruption.

What does business interruption insurance cover?

Business interruption insurance covers the revenue your business would have earned (based on your financial records) had the loss not occurred and helps cover other expenses that don’t stop—like utility bills, payroll, taxes and rent.

What if I need to temporarily relocate my business?

Experiencing a business loss is stressful enough. But then there’s the added issue of temporarily relocating while you rebuild. That could mean additional costs, including:

  • Relocation expenses (like moving trucks) for temporary space to work
  • Costs to equip and operate the temporary location
  • Overtime pay to employees in order to get the temporary location up and running

With business interruption and extra expense coverage, you can relax—your policy can pay for necessary extra expenses that it takes to help keep things running smoothly if you need to temporarily relocate your business due to a covered loss.

Read More
What Is General Liability Insurance

What Is General Liability Insurance?

If you run a small business, you’re well aware of how many things can go wrong. Even if they haven’t happened to you personally, you’ve probably heard the horror stories. Whether accidental customer injuries, legal action from competitors or any of a thousand other heartburn-inducing scenarios, the risks and pitfalls of running even a very small enterprise can keep you up at night.

One of the most effective ways to protect your business from potential financial loss is with general liability insurance. Let’s explore how this kind of coverage helps keep small business owners confidently on track to success.

What Is General Liability Insurance

Also known as commercial general liability insurance, general liability insurance protects businesses from financial loss arising from claims of damage or injury caused directly or indirectly by your business operations. It can help cover the costs of legal fees, medical expenses and lawsuit damages from incidents that are not intentional in origin.

General liability insurance typically covers several key areas, including:

Bodily Injury

In the unfortunate event that a customer is injured on your business premises or as a result of your business activity, general liability insurance can help cover the costs of damages, medical expenses and legal fees. For example, a customer could be struck by ice falling from a business’s roof.

Property Damage

If a customer or client’s property is damaged as a result of your business activity, general liability insurance can help with the costs of repairs or replacement. For example, if you own a landscaping business and one of your employees accidentally damages a customer’s driveway property while providing service.

Personal Injury

Personal injury of a nonphysical nature to a third party—such as false advertising, libel or slander that results in financial loss—can be covered by general liability insurance. For example, a customer could claim that a business’s advertising materials contain misleading claims that resulted in the customer experiencing financial loss.

Advertising Injury

Copyright infringement or violation of intellectual property rights related to your business’s advertising or promotional materials can also be covered by general liability insurance. For example, an advertisement might accidentally include copyrighted material for which the owner seeks compensation.

Without adequate insurance coverage, a business could be severely impaired—or even bankrupted—when held financially responsible for harm arising from occurrences such as these.

What Coverage Does a Small Business Need?

As you can see, selecting the right general liability insurance can be a game changer for a small business. The amount of coverage your business needs will depend on several factors, including the size of your business, the industry you’re in and the specific risks your business faces.

But let’s not forget: There are other types of liability insurance, and these coverages can make a big difference when you need it. These include:

Umbrella Insurance

This type of policy provides additional liability coverage beyond the limits of your general liability policy.

Cyber Insurance

This covers financial losses resulting from data breaches, cyberattacks and other digital threats. In the age of advanced digital hazards, this kind of insurance is increasingly popular among business owners eager to protect themselves from rapidly evolving threats.

Product Liability Insurance

This covers claims of injury or property damage resulting from a defective product your business sells or manufactures.

Employment Practices Liability Coverage

An employment practices liability policy helps protect business owners against claims from a customer, client, or vendor alleging discrimination, wrongful termination, harassment (including sexual harassment), or other wrongful employment acts.

Read More
Protect

How to Protect Your Most Valuable Assets: Your Key People

Most business owners have insurance to protect buildings, vehicles and other important assets, but few consider insuring their greatest asset: their people.

How would your business manage after the death of, say, your lead salesperson, your sole design engineer or your experienced plant manager? How long would it take to fill that position or get someone else up to speed on their projects? How much damage would the loss of a key person cost you financially?

Key Person coverage is a type of life insurance designed to help your business recover from the loss of a person whose role is critical to your success. It’s particularly beneficial to small business owners.

“Many small businesses are started by one or two people and others are added over time to fill skill gaps,” said Derek Holmes, life insurance product manager at Erie Insurance. “Often, the key employees have different strengths than the owner, so replacing those skills and maintaining productivity after a sudden death puts a lot of pressure on the business owner and the business overall. Key Person life insurance can offer some relief.”

Imagine Your Business Without …

“Key persons” can be anyone in your business whose roles, knowledge or performance have a direct effect on the bottom line of the business.

To understand the magnitude of the loss of one of your key people, try this exercise:

  • Make a roster of the leaders of each of your company’s departments – sales, operations, finance, information technology, engineering, etc.
  • Document each person’s financial impact on your company’s monthly and annual revenue. For some roles, like sales, the financial contributions are easy to track; for others, think in terms of the financial effects of efficiency, intellectual property and other value they add. Assign dollar figures to these contributions.
  • Capture the estimated time it would take to find a replacement for that position and train them to an acceptable level of performance. Is it days, weeks, months or years? Time is money.

By quantifying the value that these leaders bring to your organization, you will gain an objective view of the risks that exist and the extent of Key Person coverage you may want to consider.

Funds from a Key Person claim can help reduce some of the financial burden of a personnel loss. If the business fails as a result of the death, the Key Person funds can be used to cover other employee severance, pay outstanding bills or provide a buffer as the business owner transitions to a new endeavor.

Does Key Person Coverage Come ‘Standard?’

Because Key Person coverage is a form of life insurance, business owners have options.

Term insurance might be ideal to cover a key person who is older and may be closer to retirement. A 10-year term policy may provide adequate coverage as you work to identify a successor.

For younger key people, you may want to consider whole life insurance, which can extend for multiple decades and sometimes at higher benefit levels.

By talking to an Erie Insurance agent, you may discover additional combinations to match your business needs, such as Guaranteed Insurability Option riders, which allows for purchase of additional coverage regardless of changes in their health.

“During your next commercial insurance review with your ERIE agent, talk about business continuation and Key Person coverage,” said Derek. “You’ve worked hard to build your business – it’s important to take the necessary steps to have insurance in place to keep it going.”

Enjoy the feeling of a future that’s well-planned and protected. Speak with a local ERIE agent today to learn more about Key Person coverage and other business continuation options.

Read More
Coverage Review

What’s a Coverage Review (and Why Do I Need One?)

A lot can happen in a year: you may have moved into a new home, updated your current home, added a member to the family or sold a vehicle.

These are just a few things that you should let your insurance agent know, too. These life changes can impact how you’re covered, and you always want to make sure you have the right coverage amount. Make it your resolution to do a coverage review with your ERIE Agent in the new year.

When it comes to insurance, the best policy is one that provides the right protection for you and your family — right now. That means as your life changes, your insurance coverage should, too.

In an ideal world, you’d call your insurance agent every time you finished a home renovation, bought a new vehicle or got a new job. But life is busy. And with all the responsibilities of work and family, evaluating your autohome or life insurance coverage may fall pretty low on your priority list.

That’s why it’s helpful to have an insurance agent. Your agent can keep an eye on your policies and reach out to connect to make sure they’re still the right fit.

So if your agent calls (or texts or emails) and offers to review your coverage, here’s what you can expect. Or if you’re ready to review your policies you can download our free PDF printable checklist on what to tell your agent and what information to have handy.

What is a Coverage Review?

A coverage review is a general check-in with your insurance agent. During the review, you’ll meet with  your ERIE agent and share any life changes that could affect your insurance needs. This information will be used to update your current policies and recommend additional coverages you may want to consider.

A coverage review is a good opportunity to ask questions and understand what your policies can (and can’t) cover. Your ERIE agent can also share real-life claims examples they’ve seen in your local area to help you avoid potentially costly coverage gaps.

Your agent may schedule an in-person meeting, or ask you to provide information over the phone or email — whatever works best for you.

Of course, you don’t need to wait for your agent to schedule a coverage review. You can also request one yourself! Just call, email or text your agent to get in touch.

What Information Will My Agent Ask for During a Coverage Review?

During a coverage review, your agent will want to know about any life changes since you last connected. This may include:

  • Personal information: Make sure your agent has current information for you and your family. This includes your mailing address, phone number, email address and all the members of your household. Be sure to let them know of any name changes due to marriage or divorce, or if you’ve had a child since you last spoke — this may lead to a change in your policy beneficiaries. Having the correct information on file ensures there aren’t any delays in the event of a claim.
  • Covered drivers: When updating your auto insurance, your agent will need to know if there are any changes to the drivers covered under your policy. This could be a child that’s about to get their driver’s license or someone who’s living with you and regularly using your vehicle (Related: Am I Covered When I Lend My Car to Friends or Family?). If you’re considering a new vehicle, your agent can also provide a free quote.
  • Home updates: Have you upgraded your kitchentransformed your bonus room or finished your basement? Major improvements like these increase the value of your home, which means you may need a higher limit on your homeowners policy. Without changing your limits, you may be left with a coverage gap t hat could leave you underinsured if you need torepair or rebuild your home if the unexpected happens. Ask your agent how guaranteed replacement cost can provide peace of mind.
  • New purchases: If you’ve bought any new “toys” — like a boatall-terrain vehicle (ATV) or golf cart— you may want a separate insurance policy. While insurance might not be required for watercraft and off-road vehicles, they still represent a significant investment that should be protected. The same holds true with valuables such as musical instruments or jewelry. Sending a copy of your updated home inventory to your agent will help them determine if you need to purchase personal valuables insurance.
  • Job changes: Let your agent know if there have been any changes with your employment. For example, if you’ve retired or are now working from home, the miles you save on your daily commute may result in a lower auto insurance rate. And if you recently earned a promotion, it may be time to review your life insurance policy to ensure you’ve got enough coverage — beyond what may be offered by your employer.

Can My Agent Help Lower My Insurance Bill?

Everyone likes saving money, right? Talk to your ERIE agent – they’ll work with you to ensure you’re getting the best price possible for the coverage you need.

Read more about available insurance discounts from ERIE or check out this list of ways you can save:

  • Safe driving discount: If you’re a safe driver with a good driving record, you could get a discount on your auto coverage. And in select states, ERIE’s free driving safety app, YourTurn® can help you earn rewards for safe driving*. With YourTurn®, drivers measure criteria like speeding, braking and phone usage to become more aware of their driving habits. As an added perk, you’ll earn a gift card for safe driving (up to $5 or $10 every two weeks). Learn more about YourTurn®.
  • Car safety equipment discounts: You can save on your insurance coverage if your car is equipped with safety equipment like factory-installed air bags, passive restraint2, anti-theft devices3 and anti-lock brakes.
  • Multi-car discount: If ERIE insures two or more of your vehicles, you could qualify for a discount. (All the vehicles in your household must be owned and used by the drivers we insure on the policy.)
  • Multi-policy discount: A discount is available if you have a qualifying life insurance policy1 or home policy in addition to your ERIE auto insurance.
  • Reduced usage discount: If you’re not using your car for at least 90 consecutive days during the policy period, you could be eligible for a discount on your car insurance2.
  • Young drivers: Unmarried drivers under age 21 who reside with their parents may be eligible for additional savings on their car insurance3.
  • Annual payment plan: You can save by paying your auto premium annually.
  • Changing your deductible: Generally, you can lower your insurance premium by raising your deductible. But if you’d prefer to reduce your out-of-pocket expenses in the event of a claim, our diminishing deductible is available for about $30 more per year with the Erie Auto Plus4 endorsement. Your deductible diminishes for every year you do not have a claim.
Read More
Winston-Salem Businesses

12 Creative Ways to Support Your Local Businesses

From your favorite lunch spot to that funky art gallery, our local small businesses are a beloved part of what make our hometowns feel like home. We rely on them daily – and they need us, too. If you’ve got a little extra to spare these days, here’s how you can help out your local small businesses.

How to Support Local Businesses Anytime of Year

  1. Buy local whenever you can. When it comes time to stock up on pantry staples, think about supporting that mom-and-pop shop first. The American Independent Business Alliance (AMIBA) has fascinating data about how locally owned businesses generate larger “local economic multipliers.” Your support might make a bigger impact than you think.
  2. Order takeout or delivery from your favorite local restaurants. Extra perk: No dishes.
  3. Buy gifts for friends or family. Is it crazy to think about starting your holiday shopping in the spring? You’ll thank yourself later – and, hey, it’s something to pass the time! (Read our list of tips for safe online holiday shopping.)
  4. Leave a generous tip. Servers and bartenders rely on tips. If you have it to spare, throw a few extra dollars their way. (And don’t forget to tip the delivery driver!)
  5. Buy merch or other gear. We get it – you can only order so much takeout, especially if you’re not getting your usual number of steps in. Think about buying a coffee mug, T-shirt or ball cap to show some local love.
  6. Buy some cool art. Websites like Etsy make it easy to search by location and find artists in your community. Some local artists might be doing “draw-alongs” or other livestreams. Add them to the list of folks who would appreciate a digital tip, too. (Keeping the kiddos occupied with art projects of their own? Read our list of 5 stylish ways to display children’s artwork.)
  7. Leave a positive review. If you’re short on cash, boosting a local place’s reputation is worth its weight in gold. While you’re at home, type up a couple good comments for your favorite spots to leave on social media or search engines.
  8. Check with your local chamber of commerce or small business association. Local groups might be planning events, discounts, or promotions unique to your area. Get connected and see what’s happening in your neighborhood.
  9. Pay it forward. If you’re fortunate to have some steady cash flow right now, remember that others might not. Consider treating the next person in line behind you – or making a donation to a charity that helps the less fortunate in your community.
  10. Buy gift cards or gift certificates. Stock up now and treat yourself to a night on the town. For places you rely on regularly – for example, your hair salon – buy an extra service or two now if you can, since you know for sure you’ll use it in the months ahead.
Read More
Promote Your Business This Holiday

15 Ideas to Promote Your Business This Holiday Season

Flashy commercials. Doorbuster deals. It’s holiday shopping season again – and if you own a local business, competition from big box stores can be fierce.

According to a recent survey from McKinsey & Company, 85% of consumers plan to purchase at least one item in store despite the prevalence of online shopping. And even better, Forbes says 84% of consumers plan to visit a small business they’ve never purchased from this holiday season.

Whether you’re a retailer, service provider or B2B – the first step is making your business top of mind.

Holiday Shopping Promotional Ideas for Local Businesses

Need inspiration? Here’s how to get people to think of your business when they shop local for the holidays.

Discounts, Deals and Giveaways

  • Offer a coupon: Your customers won’t expect you to slash prices like the big box stores, but a modest percent-off can be a smart gesture to get folks in the door.
  • Donation discount: Offer a coupon, bonus gift or free upgrade for customers who bring in an item to donate to a charity of your choice.
  • Gift card promotion: Perfect for stocking stuffers! Offer a free gift card in a smaller amount for those who buy a larger one – say, a free $10 card for every $50 in gift cards purchased, or $25 for every $100.
  • Ask for referrals: Have your satisfied customers do the word-of-mouth marketing for you. Reach out to your customer list via email, text or phone. Then, offer a limited-time, special holiday rate for those who buy or book with you by referral.
  • Host a contest: Everyone loves winning prizes! Host a fun and interactive promotion to win a gift basket, free service or cash prize. Whether it’s 12 days of trivia; guess the gumdrops in the jar; or a holiday decorating photo contest – get creative, and get your customers involved.
  • Start a loyalty program: Launch a punch card or points system to reward customers who keep coming back. Even after the holidays are over, they can reap rewards all year long.

Go Digital

  • Website, local listings and social media: Don’t forget the basics! Make sure your overall digital presence reflects any changes in hours, services or ongoing promotions for the holidays.
  • Use relevant hashtags: Hashtags make your social media posts more visible by joining a larger conversation. National “buy local” campaigns include #ShopSmall and #SmallBizSat. See if your local city, chamber of commerce or shopping plaza has a hashtag for local conversations, too.

Spread Holiday Cheer

  • Send holiday greetings: Reach out to current customers or prospects on your contact list with a festive postcard, greeting card or e-card to stay top of mind.
  • Make your products gift-able: Package your best-selling products into ready-made baskets for easy gifting. Couple that with a “gift guide” roundup highlighting products on your website or social media. Not a retailer? Offer gift cards or certificates for your services in festive packaging.
  • Start a donation drive: Make your business a drop-off location for donations to a local food bank, animal shelter, Toys for Tots or other local charity. (Bonus: A donation drop-off makes for a great photo op or local news story after the fact, too.)

Think Local

  • Buddy up: Double your reach by collaborating with another local shop. Get creative! For example – a restaurant could partner with a local florist to offer add-on arrangements for holiday takeout meals; or a day spa could sell a limited-edition scent of a locally made candle. Don’t be afraid to think outside your industry if you’re both marketing to a similar clientele.
  • Check with local leaders: See if you can tap into anything planned by your city or local chamber of commerce, such as special events or a local shopping guide.
  • Host an event: Generate buzz with a sidewalk sale, holiday art show or light display.
Read More
Verified by MonsterInsights