Categories
Liability Insurance Small Business General

Business Insurance as Growth Tool

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!

Categories
Small Business General

The Benefits of Dogs for Small Business Owners

National Dog Day is August 26!

Many of us would agree that working from home has had its ups and downs. One undeniably positive improvement has been the ability to hang out with our pets all day long. Sure, they can be needy sometimes (we’re looking at you, french bulldogs). To celebrate National Dog Day, we thought we’d take a moment to recognize the most popular pet of them all: dogs. (No offense intended to any other species out there, but we’re just stating facts here.) We want to share with you the benefits of dogs for small business owners and tell you a little bit about our main man, Gildber The Husky.  

The Health Benefits of Dogs for Small Business Owners

Physical Benefits 

Dogs are cute, loyal, good with children, and just plain fun. Aside from that, dog owners benefit from numerous physical and mental health benefits. For one, as any dog owner can tell you, dogs are great exercise. Even if your dog isn’t particularly active, they’ll still keep you moving with feeding times, bathroom walks, and chasing toys tossed across the living room, making sure you don’t spend too much time lounging on the sofa.

Did you know that a study conducted by Circulation: Cardiovascular Quality and Outcomes, a journal of the American Heart Association (AHA), found that dog ownership was associated with longer life expectancy among those with previous heart conditions? For heart attack survivors who live alone, it increased their risk of survival by a whopping 33% compared to those who did not have a dog. 

Additionally, the AHA also found that many people who own dogs report having lower blood pressure. In 2013 they even stated that owning a dog is “a reasonable strategy for reducing heart risk.” Whether this is due to the increased physical activity that comes with owning a dog or the fact that our furry pals provide therapeutic and calming effects to their owners isn’t entirely clear, though. 

In general, doggie parents tend to have fewer trips to the hospital, suffer from fewer incidences of minor seasonal illnesses such as cold and hay fever, and are more able to cope with stressful events, helping them to avoid anxiety-related illnesses.

Emotional Benefits

The most obvious thing to mention here is that dogs bring a sense of companionship to people. This applies both to people who live alone and those who live with others. Researchers have studied the canine-human bond for generations, yet it remains not fully understood. Still, no one can deny the unique connection shared between humans and dogs, unlike any seen with other pets or animal species.”

Besides that, dogs also help to introduce structure into our lives. This can be especially helpful for both the very young and the very old who have not yet established, or lost, a normal life routine. How? Dogs have, for the most part, regular eating habits, regular bathroom habits, and regular sleeping habits. Think about it, have you ever looked at your dog sleeping on the sofa and thought to yourself that you should head to bed yourself?

And, of course, dogs help to relieve stress. It’s common for universities and colleges to set up a puppy room during finals week to help ease the suffering of overstressed college students. Students who interact with the dogs on campus report feeling less stressed and more capable of taking on the wave of exams and final essays they have in the coming weeks. Imagine, along comes a husky… a really cute husky… let’s call him Gildber. Would you be able to remain angry while petting Gildber? Yeah… we didn’t think so. 

Speaking of Which, Have You Met Him? 

At Gild Insurance, we believe that finding the right insurance fit shouldn’t be a burden. It should be a positive experience, something that puts your mind at ease and makes you confident that you and your business are covered in the event that something unfortunate happens. 

That’s why the spotlight shines on Gildber. We think he just has this certain way about him that perfectly exudes what we’re trying to accomplish here. He’s fun, quirky, and cute, but also smart, practical, and full of knowledge from all of us here at Gild. He’s the quintessential example of what makes us different and what makes us better. 

We know that the key to success in today’s world is a balance of technology backed by a personal touch (hence, why we have Gildber). The nature of our digital business model means that you get greater access to the latest innovations. No longer do you, —as a small business, solopreneur, or freelancer—have to feel like you are the last priority. With Gild Insurance, you get the latest, first.

To learn more and to get started on your own personal insurance journey, why don’t you head over here and get to know Gildber a little better? Trust us; he’s not like some of those other company mascots that are all style and no substance. He really knows his *ahem* stuff, and you can count on him to take care of you and provide options that fit your business. (Oh, and by the way, give him a scratch behind the ears—he really likes that!)

Categories
Small Business General

The Gild Insurance Mascot

Welcome! At Gild, we believe that teamwork is at the heart of every successful venture. No team is complete without a mascot to rally behind. A mascot is more than just a symbol; it’s the embodiment of a team’s spirit, values, and personality. It serves to unite, inspire, and foster a sense of pride, loyalty, and connection. When we discussed what could best represent the spirit of Gild Insurance, a working dog was suggested as our mascot. It immediately clicked. What better representation of dedication, resilience, and hard work?

With that in mind, we’d like to formally introduce you to Gildber, the Gild Insurance Mascot!

Our mascot, Gildber, isn’t just a figurehead. He embodies the very qualities we strive to uphold in our work every day. Like a loyal working dog, Gildber symbolizes the diligence and unwavering commitment we offer to our clients—small business owners, freelancers, and solopreneurs. We know the challenges that come with running your own business, and we understand the grit and determination it takes to stay the course, which is why we wanted a mascot that personifies these qualities.

If you haven’t noticed, we take pride in our work at Gild. We don’t just see ourselves as an insurance provider; we see ourselves as partners in your journey to success. Deeply believing in the independent, entrepreneurial spirit that drives so many of our clients, and we are continually inspired by the courage it takes to step out on your own and pursue your vision. Starting and growing a business isn’t for the faint of heart, and that’s why we are here—to provide the support, protection, and tools necessary for your business to thrive.

Gildber is more than just a cute face. He’s a reminder of the core values that define Gild Insurance—hard work, loyalty, and a commitment to helping you protect the business you’ve worked so hard to build. Whether you’re just starting out or looking to scale, Gild Insurance is here to ensure that you have the tailored coverage you need.

An homage not only to those enterprising individuals embracing their independent spirit, but also, to everyone that has their backs. Gildber and the entire Gild Community is here to remind you that independence is not a solitary endeavor. We got you.

Categories
Small Business General

Tailored Insurance: Small is Desirable

In our blog post, Work The Problem Chapter 2, we highlight a major issue facing the small commercial insurance market. Especially as pertaining to microbusinesses, freelancers, and solopreneurs. That issue is pricing and the need for tailored insurance. 

Underwriting an insurance product to attain a price point adequately reflecting risk and acceptable to consumers is no simple feat. That concept holds true not only for the actual work involved in creating the products, but also, to the efforts necessitated to entice an insurance provider to develop the products in the first place. Just because millions of microbusiness, freelancers, and solopreneurs exist, does not mean they are wanted

The fundamental thought process that has been plaguing the smallest of businesses since the dawn of insurance and financial services remains the same. Small is equated with less. The less profit a business generates, the lesser the opportunity to make money offering that same business products. Though that statement may be factually correct, industries now have an opportunity to fundamentally change how they view microbusinesses, freelancers, and solopreneurs, including the insurance sector and any industry offering products that can support them.

Why Tailored Insurance Matters to the Smallest Businesses

When people realize that a single microbusiness is one of tens of millions, and they can actually reach those millions, the perception that ‘small is less’ loses its relevance.” All of a sudden a microbusiness, freelancer, and solopreneur isn’t just a single business on main street, it is a business on every main street. The Digital Age allows for connectivity and support mechanisms for millions of microbusinesses, freelancers, and solopreneurs, no matter the location, size, or industry, creating a viable subset of the small business market. This provides motivation to insurance providers, for example, to develop coverages customized to this market, the smallest of businesses.

In this shift of perspective lies the importance of the Gild Community. Together, we assist larger businesses, like financial institutions and insurance providers, to see the bigger picture. We work to shift the perspective.

Small is desirable. Tailored insurance is a necessity.

We know you always knew small had merit. But now, we are utilizing that knowledge to help millions of enterprising individuals, and we thank you.