Category: Liability Insurance

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Business Owners Policy (BOP) Coffee Shop Liability Insurance Workers' Compensation

Sip with Confidence: Navigating the World of Coffee Shop Insurance

Welcome, coffee entrepreneurs! You’ve built a bustling coffee shop. Therefore, it’s essential to safeguard your passion and hard work. In this blog post, we’re diving into the world of coffee shop insurance. So, grab your favorite brew. Let’s explore how you can sip with confidence and keep your business protected.

Understanding Coffee Shop Insurance:

Running a coffee shop involves lots of activities! It is serving up delightful latte and it is managing a team of baristas. Also, with the joy of entrepreneurship comes the responsibility of addressing potential risks. Below, we are sharing the three main areas to explore with the basics of coffee shop insurance:

General Liability Insurance

Business Owner’s Insurance

Worker’s Compensation Insurance

General Liability Insurance: A Cornerstone of Protection

Firstly, general liability insurance provides coverage for three main topics. These are bodily injury, property damage, and personal injury of customers. Basically, the usual accidents in a coffee shop are what you might guess! Some examples are a customer slipping on a spilled latte or a claim related to the quality of your product. Overall, having this coverage in place is crucial for safeguarding your business.

Business Owner’s Insurance: A Full Bodied Approach

Most coffee shop owners invest lots of time, effort, and money into the equipment and inventory of your business. Accordingly, upgrade to a business owner’s policy to protect that property!

Secondly, business owner’s insurance provides the protections of general liability with property protections! But, it is important to remember that property doesn’t just mean a building. This could include coffee machines, cups, syrups, and even the beans!

Worker’s Compensation Insurance: Brew Peace Of Mind

Thirdly, workers’ compensation insurance provides benefits to employees injured on the job. These benefits may cover medical expenses, lost wages, and even disability. Additionally, it is often a legally REQUIRED, coverage for your coffee shop.

Why Coffee Shop Insurance Matters:

  • Peace of Mind: with the right insurance coverage, you can focus on the perfect espresso shots. Consequently, spend more your time on your shop, not your risks!
  • Financial Protection: insurance helps lessen the financial impact of liability claims, property damage, or other unforeseen circumstances.
  • Perfected Business Practices: many landlords may require proof of insurance. Also, having the right coverage ensures you’re meeting contractual obligations.
  • Legal Compliance: having the right coverages keeps your business legal.

To learn more about coffee shop insurance, check out:

“The Most Common Liability Claims for Coffee Shop Owners”.

“The Gild Guide: Most Common Small Business Insurance Questions”.

If you need help, your friends at Gild Insurance are a click away! We combine the latest technology with experience to provide business insurance options that fit your business.

We help coffee shop owners like you find the insurance coverages they need!

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Fitness Studio Liability Insurance

Professional Liability Claims for Fitness Studio Owners

Picture this: you are leading a Pilates session. Sarah, one of you clients is trying out a new exercise. You recommend she adjust her front leg and she takes your advice. During this she yells out in pain. Ouch! Now she needs to make a trip to urgent care to be evaluated. Was it your advice that caused the injury? Consequently, your advice could be the difference between doing something right or wrong. You are the professional and your clients trust you. In this blog, we will discuss professional liability claims for fitness studio owners.

The Most Common Professional Liability Claims

What are the most the most common professional liability claims?

  • Negligence – In the fitness industry, professionals can make an error that harms someone. Surely, you remember our story about Sarah?
  • Misrepresentation – Did you advise a client that a certain diet would help them gain muscle and lose weight? Subsequently, what if that recommendation caused a serious health issue?
  • Incorrect advice – You shout, “Line up on the wall for handstands!” Closer to each other!” Albeit, one client falls which causes everyone to fall. Now there are numerous injuries. Did you tell them to get too close? Specifically, is that what caused the injuries?

Which Fitness Professionals Need Insurance

If you are a studio owner, it goes without saying that you need insurance. Chances are you might already have some coverage. So, what about personal trainers and instructors? Do they need insurance too? The answer is yes. Advisor Smith reported that 3 in 4 small businesses encountered an insurable event in the year 2020. Whenever those sorts of odds exist, you want to make sure everything you have worked for is protected. Maybe you have even established a concussion protocol in the event of an accident. Likewise, you may even have liability insurance to help you with other claims.

Business Insurance is Your Friend

Feeling overwhelmed now? Nevertheless, there’s no need to panic. Everything we listed above was simply meant to outline the most common professional liability claims we see in the fitness industry. Our job is to best protect you from them.
 
To get the help you need and deserve, your friends here at Gild Insurance are a click away! We combine the latest technology with experience to provide business insurance options that fit your business.

To learn more, check out:

A Guide To Developing A Concussion Protocol

The Most Common Liability Claims For Fitness Studio Owners

Whichever your focus, a fitness instructor, studio owner, or personal trainer, Gild is here to help fitness professionals like yourself find the insurance products you need!

Sources

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Fitness Studio Liability Insurance

The Most Common Liability Claims for Fitness Studio Owners

Have you been working out lately? If not, your friends sure have been. Fitness enthusiasm and a drive for healthy living are dominating social media. The market value of the global fitness industry is currently over 87 billion dollars. In 2021, the United States saw revenue growth of over 33 billion in this industry alone. Beyond that, the expected growth of the fitness industry is 171.75% though 2028. This puts the total value around 435 billion dollars.[1]

Now is a good time to bulk up your bank account whether you already own a fitness studio or are looking to start one. Before you do, warming up first by learning about the most common liability claims for fitness studio owners, is imperative.

The Most Common Liability Claims for Fitness Studio Owners

A liability claim occurs when a gym client is harmed physically or otherwise due to the fault of the gym. What If you don’t wipe the sweat puddles that formed from the previous class and one of your yogis slips and falls while doing a handstand? Did they hit their head? Good thing you are prepared for that.

  • Slips, Trips and Falls – This is one of the most common injuries that occurs in a fitness studio. Undoubtedly, slips and falls can happen during training or your practice. They can also have nothing to do with the exercise being performed. They can be just as common while people are simply walking around the gym. Look out for that sweaty floor!
  • Falling Objects – Anyone who has been in a gym or studio can tell you that sometimes objects seemingly fall for no apparent reason. Maybe in-between classes your clients didn’t stack their yoga blocks level or secure their weights correctly. Watch out below!
  • Employment Practices – If you have employees, this exposure is ever present. Should a current or former employee accuse you of wrongful termination, discrimination, or workplace harassment and retaliation, it can prove to be very costly.

Which Fitness Professionals Need Insurance

If you are a studio owner, it goes without saying that you need insurance. Chances are you might already have some coverage. Maybe you have even established a concussion protocol in the event of an accident. Remember that head injury? Additionally, you must ensure you are protector as a personal trainer or instructor that operates on the go. While you might not have as many liabilities as the person who owns a studio, you are still conducting physical activities which leads to a risk of injury.

Business Insurance is Your Friend

If the scenarios we mentioned above made you more than a little concerned about all your potential losses, don’t fret. Everything we listed above was simply meant to outline the most common claims we see in the fitness industry so that you can do your best to prepare yourself for them.

Remember, if you need help preparing yourself, your friends over at Gild Insurance are only a click away. We combine the latest technology with old-fashioned experience to provide business insurance options that fit your business. We are here to help you understand the unforeseen circumstances that could arise and protect your peace of mind.

To learn more, check out:

Professional Liability Claims For Fitness Studio Owners

A Guide To Developing A Concussion Protocol

At Gild Insurance, get the right insurance for your business’s unique needs!

Fitness instructor, studio owner, or personal trainer, we help fitness professionals like yourself find the insurance products you need!

Sources

[1] Kolmar, Chris. “22 Fulfilling Fitness Industry Statistics [2023]: Home Workout and Gym Statistics” Zippia the Career Expert, 4 Jul 2023, https://www.zippia.com/advice/fitness-industry-statistics/#:~:text=The%20US%20fitness%20industry%20revenue,growth%20of%2033.10%25%20per%20year

Categories
Liability Insurance Small Business General

Business Insurance as Growth Tool

small business owner

When you think about scaling your small business, what is the first thing that comes to mind? Automating systems? Expanding your marketing efforts? Increasing your workforce? Redesigning your business’s logo? What about business insurance as a growth tool?

Well, if insurance is at the bottom of your to-do list, you may want to reconsider. Having cohesive business insurance is fundamental to any successful business, yet many business owners often neglect it. Of course, we understand that business insurance might not be the most tantalizing aspect of your business growth plan. Just getting sound advice on business insurance can sometimes be challenging. Take a deep breath and relax. At Gild Insurance, we can give you the help and guidance you need and deserve.

Why Business Insurance as a Growth Tool?

1. Business Opportunities

Let’s say you’re the owner of a small-scale home improvement business, a painting company for example, and you’re operating without insurance. If the bulk of your business comes from private homeowners, it’s entirely possible that your clientele won’t give a second thought as to if your insurance coverage is sufficient. But what would happen if, through word of mouth, you’re offered a contract on a much larger painting project at an apartment complex? Will they want to see your policy? Will the contract have an insurance requirements section?

You already know that your business can handle the job, and your prospective client is also confident because they trust the person who referred you. And best of all, the job would double your monthly income. It looks like a win-win all around, and you find yourself very excited to take on the job. There’s just one little thing: the company asks to see a certificate of insurance (COI) before signing off for you to begin. 

Now, do you think the company is willing to wait while you purchase business insurance? Of course not; they’ll just find someone else to do the job. Now, you’ve not only lost the job, but any other jobs you may have gotten through referrals. Plus, your business’s reputation has now been tarnished. 

2. Business Financing Options

If you have plans to scale your business that require additional financing, that is another reason you need adequate business insurance. If you are considering a Small Business Administration (SBA) loan, you’ll quickly find out there are insurance requirements needing met. What coverage you need depends on your type of business and the loan you choose.

As you might imagine, grants and venture capital funding are likely also to require insurance. This is necessary for basic risk management and protection on the investment. Any organization that is providing private equity financing will obviously have different criteria but the chances are very slim that they will shell out a penny without the proper assurances. 

3. Personal Protection

Many people assume that the only reason to have business insurance is to be protected in the event they get sued, and while it’s true that this is one aspect of it, lawsuits are far from the only way a loss can occur. 

Losses can occur from natural disasters like flood or fires or things like theft, or cybercrime. Should an event like this occur, you might have to shut down your business for a period of time, resulting in a loss of business income which is also another aspect insurance can cover. The right insurance plan can help you limit or eliminate many out of pocket expenses for you and your business.

Business Insurance as a Growth Tool: Types

If you’re looking for a roadmap of all the different types of business insurance plans that are available, check out the Gild Insurance Map for a brief overview.

To ensure the growth of your business, you need to insure it. And if you need help figuring out how to do that, remember that help is just one click away. The team at Gild Insurance— along with Gildber the husky, our friendly but incredibly knowledgeable mascot — are always standing by, ready to help you with whatever you may need.

Don’t hesitate to contact us so we can help you take your business to the next level! You can always check out our Gild Guide to the most common small business insurance questions to get started!

Categories
Business Owners Policy (BOP) Liability Insurance Small Business General Workers' Compensation

The Highlights of Remote or Hybrid Small Business:

As your business grows, so do its risks, making it crucial to ensure your business insurance fundamentals are solid. While your risk advisors may have mentioned business insurance and you’ve purchased policies, has anyone ever broken down the basics in plain language? Below are key policies every business should review and consider based on its specific needs. So, your remote or hybrid small business is prepared for the next step without missing a beat.

General Liability Insurance

Compared to other types of insurance, general liability insurance is the most familiar to business owners. General liability is a foundational policy and the minimum any business should consider. As its name suggests, this insurance coverage provides general protection against the common risks that nearly any business may encounter when engaging with the public and their clients. This type of coverage typically focuses around the risks and expenses related to the bodily injuries and property damage of others.

Business Owner’s Insurance

If your business is like most and has a remote or hybrid footprint, it has additional risk factors, especially when it:

  • Employs multiple people, especially across state lines
  • Has invested in computers and other business equipment for those employees
  • Owns the building the business operates in

Owners of these more complex businesses may be wise to pursue coverage that mitigates this wider risk. In fact, many general liability policies lack the property protections that your business needs. 
These businesses might consider a business owner’s policy, commonly referred to as a “BOP.” A BOP is a combination coverage. It provides general liability policy offerings, with additional property protections. The additional property protections in a BOP mainly focus on protecting your business’ property, moving beyond the typical coverage of a general liability policy.

Worker’s Compensation Insurance

At this point, you’ve taken the time to understand the coverage required to protect both others and your business property. You may now be asking how your employees or even your LLC’s members will be covered.

This brings us to worker’s compensation insurance. Workers’ compensation insurance provides benefits to your employees if an injury or illness occurs in the course of employment. 

You might also wonder whether worker’s compensation insurance is required by law. Unsurprisingly, the answer is, “It depends.”

The world of worker’s compensation is a vast array of state regulatory requirements which trigger based on several factors, such as your company’s legal structure, number of employees, and industry. Like any other state compliance requirements, worker’s compensation rules (and your business’s situation) are subject to change. 

Despite the inherent complexity of worker’s compensation laws, businesses should always at least consider coverage, even if the only people working for your business are LLC members. 

Ultimately, the law may not require your business to purchase this type of insurance. But, you should actively analyze your compliance risks and obligations.

Professional Liability Insurance

Finally, if the expertise and skill of you and your employees is your business, you may want to consider professional liability coverage, otherwise known as an E&O policy. Professional liability coverage protects you against the specialized exposures of the services provided by your business.

Professional liability insurance protects you and your business against claims of errors, omissions, or misrepresentation. A professional liability policy may provide protections not only in drastic scenarios, such as lawsuits arising out allegations of discriminatory behavior, but also, from the risks of errors associated with the administration of grant monies or endowments.

The coverages outlined above are just the highlights of business insurance. Your particular company may need additional other insurance options to protect your day-to-day operations and safeguard you from catastrophic risks.

Take care of your business insurance needs by booking time with a Gild Agent or receiving a digital quote!