Currently, there are about 200 million online consumers aged 14 or older. Out of these, 5 million are yet to celebrate their first anniversary as online shoppers, according to eMarketer. Moreover, Nasdaq projects that around 95% of all purchases in the U.S. will happen online by 2040. Such numbers make e-commerce an attractive proposition for both established and fledgling entrepreneurs alike. However, the e-commerce space can be complicated, especially when it comes to business insurance. Of course, with the right knowledge, this does not necessarily have to be the case.

Here are three key e-commerce business insurance questions and answers to help boost your knowledge base.

Is E-commerce Business Insurance Coverage Essential?

An online business offers myriad benefits including, limited overheads, relatively low startup costs, a wide reach, and the ability to scale quickly. However, similar to a traditional brick-and-mortar store, an online store to comes with its own set of business-related risks, including data breaches, shipping logistics, damaged inventory, and product liability lawsuits. Therefore, getting e-commerce business insurance has become essential for an online store.

What are the Most Important Business Insurance Policies?

Irrespective of your service/product offering, you’ll need to carry some key business insurance coverage. Examples of these much-have policies include:

• Cyber liability – This policy covers the financial losses associated with data breaches, including legal costs, compensation, as well as the costs of replacing or retrieving data lost due to a cyber-attack event. With cybercrimes becoming increasingly common in the recent past, this coverage is vital. To give you an idea, cybercrime is a growth industry that will cost businesses around $6 trillion every year by 2021, as reported by Cybersecurity Ventures.

• General liability – This insurance policy covers third-party property damage, bodily injury, and financial loss. Additionally, if your online company loses a liability lawsuit, it will cover the incurred legal costs.

• Product liability – Product liability describes the responsibility that you, as a seller, may have if you sell a defective product that either injures or kills a customer. It is worth noting that the median compensatory award in product liability lawsuits is around $1.5 million, according to a recent study by the Jury Verdict Research. This means it is a good idea to carry product liability insurance.

• Professional liability – This business insurance policy covers risks such as design errors and copyright infringement

How Do I Determine My Online Business’s Insurance Needs?

One of the strategies you can use to determine your online business’s insurance needs is to work with an insurance agent, especially an experienced agent who specializes in your niche market. Discuss your business model and its specific requirements with your insurance agent. They can help you compare and research multiple types of e-commerce insurance coverage policies, added policy benefits, premiums, etc. from your preferred insurance carriers quickly. As your business expands and flourishes, your agent can help you to update your policy and get suitable coverage.

When choosing business insurance for your online stores, keep these three eCommerce business insurance questions and answers handy. First Insurance Solutions offers unmatched, customized solutions to increase indemnity against personal and business risks. We aim to provide online businesses with the best-rated, reliable insurance policies that match their specific needs and budget. For more information on insurance for eCommerce business, contact us today.

Whether you are an established business or a small start-up, having a business insurance policy is a must. Business insurance can provide coverage for your company against property damage, employee-related risks, legal liability, and damages caused by theft and natural calamities. Despite knowing the importance of having business insurance, some companies refuse to buy it due to the high premium rates. Business insurance rates won’t be expensive for all companies and vary for every company depending on several factors.

Here are the factors that influence business insurance rates:

Your Property

Your business insurance rate differs depending on your property’s location and what you do on and with your property. The former helps determine your surrounding, and the latter enables the evaluation of associated business risks. Insurance providers will also assess the condition of your company’s building before calculating your premium rate. You will need to pay higher premiums if your roof is not in good condition or live in an area that is more likely to cause weather-related damages.

However, you can lower your premium rates by switching to a different location, outsourcing any risky tasks, or fixing your property.

Workers’ Compensation

Having workers’ compensation insurance is essential to compensate your employees for work-related injuries and deaths. Your premium rates may vary based on how much you pay for your employees and what they do for a living. Your insurance provider will also verify your payroll statement.

To lower the premium cost, take the necessary actions that can prevent workplace injuries and accidents. You can train your employees on the rules they need to follow for safe working. Make sure your employees drive safely and wear personal protective equipment if required.

You can appoint managers to monitor your employees and make sure they are safely carrying out all tasks. Screen your employees’ health regularly and replace or repair old equipment and machines to avoid workplace accidents and injuries.

Business Liability

Your liability varies depending on the type and size of your business. Carpenters, hotels, and computer programmers have different liability classifications on their insurance policies.

Insurance providers will verify your sales and payroll statements. Higher sales result in higher liability. More sales mean more customers will come to your company or site. Even if one thing goes wrong, it affects all of them, so your premium rate increases.

You can lower your premium rates by hiring experienced workers, having safety policies in place, and training your employees on safety standards.

One of the crucial factors your insurance provider will look for is how safe your company is. If you run your business without frequent interruptions or losses, insurance providers will consider you less risky and oblige to offer coverage.

Run your business with best practices, work on these factors, and save some cash on your business insurance rates. Are you looking for an affordable business insurance policy? Contact the experts at First Insurance Solutions today. We look forward to assisting you with all your insurance needs.

Your business might have commercial auto insurance to protect your employees and company vehicles from accidents, collisions, theft, and vandalism. However, do you know your employees’ driving record and experience can impact your premium rates and reject claims in certain situations? Many companies hire employees randomly and experience personal injury lawsuits or pay higher premiums. When hiring a new employee for operating your company vehicles, check everything about their driving, including:

Experience or Driving Record

It is essential to thoroughly check the employee’s driving record and experience and make sure their driving history is clean or does not feature any serious violations. If they are inexperienced or faced warnings for violating the traffic or driving rules, your insurance claims might get rejected, or you may end up paying higher premiums.

Contact Previous Employers

You can contact the employee’s previous employers and ask about their driving record while working with them. Such communication will help you get some handy information about the employee, and you can decide accordingly.

Prior Experience

Check if the employee has any prior experience in operating any other vehicle than their own.
Besides these, you must watch out for these red flags as well before hiring a new employee:

Speedy Driving

Going beyond the speed limit is illegal and can result in penalties and suspend the driving privileges for up to one year. Two or more tickets a year on the driving record for speedy driving is a sign of violation you must consider.

DWI/DUI

Either driving while impaired by drugs (DWI) or driving under the influence of alcohol (DUI) is a crime and results in penalties. If your prospective employee has been warned or penalized for this reason, you should reconsider hiring them or ask the reason behind that incident.

Excessive Acceleration

Accelerating too quickly or fast can be dangerous, as it causes unwanted noise, which can disturb or divert others and may result in accidents or collisions. Excessive acceleration is illegal and considered a violation. Check if your prospective employee has got previous warnings related to such issues.

Lost or Inactive Driver’s License

You must check whether the employee has a valid driver’s license. As per the law, every driver should have a valid driving license. If an employee involved in a car accident does not have a license, your insurance won’t cover the accident and pay for the damages.

Accidents

Check for any accidents on the employee’s driving record, both professionally and personally.

If you want to avoid paying higher premiums, being liable for the damages, or any unnecessary hassles, make sure to check these things before hiring a new employee.

Hiring an employee who has a clean driving record ensures that you are hiring a responsible person to operate your company vehicles, which can save you time and money in the long run. Are you looking for the best affordable commercial auto insurance? Contact the experts at First Insurance Solutions today. We are ready to answer all your insurance-related questions and help you with your coverage needs.

Having home insurance is important to cover your house and its belongings against loss or damage caused by theft, burglary, fire, vandalism, and natural calamities. However, in certain circumstances, your home insurance claim might be rejected by your provider. Do you know why?

Let us discuss the reasons why home insurance claim can be rejected:

Claims Against Fire Damage

Your fire claims will get rejected if you have claimed for damage or repair caused by your unswept chimney or old or faulty wiring. While you can claim other damages caused by fire, it is better not to claim these damages.

You must keep your chimney clean and make sure your wiring is proper and timely checked. Do not leave lighting candles or anything on the hob unattended. Even a small spark of fire can cause extensive damage to your home. Also, do not put the toaster under your kitchen units.

Get smoke detectors installed in your home, as they can alert you and prevent your property from being damaged by fire. When claiming for the fire damage, keep the damaged contents as evidence for your insurance provider.

Claims Against Structural Damage

Your home insurance claim against structural damage will get rejected if you have claimed a damaged ceiling or wall caused by your negligence or lack of maintenance. When you notice cracks or structural issues on your wall or ceiling, you should immediately fix them, or at least, you should report them to your insurance provider when you ask for a quote.

Most people refuse to report these issues to their provider, as this will increase their premiums. If the cracks lead to extensive damages in the future, your insurance provider might ask you to pay higher premiums, but they will cover these damages, which is an advantage.

Most home insurance contracts state that a customer must inform their provider about any changes, including cracks and other potential subsidence signs, either at the beginning or during the policy. Hiding these might reject your claims in the future.

Insurance providers can customize the policy to offer you coverage at an affordable rate, but make sure you report your home’s exact condition when asking for a quote.

Maintain Your Home

A home insurance policy will pay for all weather-related damages and repairs, despite the cause. Still, claims for damages that are caused by lack of maintenance and negligence will stand rejected. Some homeowners have experienced damage from snow, wind, or flooding, including collapsed roofs and gutters.

However, 31% of homeowners have not checked the condition of their roofs in 5 years, 59% have not checked their gutters in the last 3 years, 11% have never inspected their roofs, and 24% have not cleared their drains. These can lead to lack of care and negligence repairs, and you cannot claim these.

Ensure scheduled home maintenance and repair every year to keep your home in the best possible condition as these will make a big difference in your home insurance claims and premium rates. Contact the experts at First Insurance Solutions if you want to learn more about the home insurance policy. We will assist you with all your coverage needs.

If you have bought a new car for your teenager, you should consider getting it insured. Car insurance can not only protect your teenage driver from accidents and collisions but also save the costs associated with it. However, buying car insurance for high school students can be expensive, as they are the least experienced drivers and more likely to file several car insurance claims compared to experienced drivers.

Adding Your Teen to Your Policy

You can add your teenage driver to your auto insurance policy rather than buying them a separate policy, as it is considered cheaper. You can add them as a named driver under your auto insurance policy. Though this will increase your premium costs, at the same time, you can save some dollars required to buy separate car insurance.

How Much Does It Cost to Add Your Teen Driver to Your Car Insurance Policy?

The cost of adding your teen to your car insurance may vary from one provider to another, while also depending on the type of insurance policy. It would be good to explore different providers and settle with the one who offers the best rate.

Car Insurance Discounts for High School Students

Despite adding your teen driver to your policy, you might qualify for some discounts and incentives and pay affordable premiums. Therefore, make sure to check out the discounts available to you. Some of the discounts you may qualify for include:

  • Good Driver Discount – You will be eligible for this discount only if your driving record is clean.
  • Good Student Discount – On average, it can save you $361.
  • Multi-Policy Discount – You can save some cash on your premiums if you bundle your car insurance with another insurance policy.
  • Defensive Driver Discount – You can save from 10 to 15% on your premiums if you take part in a state-approved driver education course.
  • Choose a Higher Deductible – Increasing your deductible will lower your monthly premiums.
  • Student Away Discount – On average, you can save $404 a year if your teen attends college away from home.
  • Choose a Safe Vehicle – You can save on your car insurance if your car has adequate safety features.
  • Wait to Get a License – Buying car insurance for a licensed driver is cheaper than buying such a policy for the one who does not have a license. Therefore, waiting to get a license may reduce your insurance costs.
  • Low-Mileage Discount – This discount applies if you do not drive frequently.

Maintain a Clean Driving Record

Different states have specific rules and regulations for newly licensed or teen drivers, including driving with limited members for the first six months. Make sure you follow your state’s driving rules correctly to avoid getting points on your driving record. Your premiums may increase if your driving record is not clean.

If you frequently drive or your everyday commute is more prolonged, increase your coverage limits so that you do not need to pay out of your pocket for any unexpected expenses. Some insurance companies offer a telematics device that encourages safe driving habits as well as lowers costs.

There are different car insurance policies available for you to choose from. Make sure to select the best policy that suits your unique coverage requirements and budget. Do you have any additional questions about your car insurance? Contact the experts at First Insurance Solutions today. We are always eager to assist you with all your coverage needs.

If your company is involved in the transportation business or uses a company or employee-owned vehicle to complete business operations, getting commercial auto insurance is important. Along with safeguarding your employees and vehicles, securing auto insurance for your business can cover you from the unexpected expenses caused by accidents.

Here are some of the benefits of commercial auto insurance for businesses:

1. Tax Deduction

The tax write-off is one of the most significant benefits. Everything from gasoline to costs of vehicle maintenance can be deducted depending on your policy. By having auto insurance, you can safeguard your assets as well as benefit from a tax deduction.

2. Protects Business Equipment

From electric wire-pullers to hydraulic lifts, businesses may require to carry numerous tools and machines on their vehicles. If the vehicle is involved in an accident, these machines will be damaged and may need repairs or replacements.

While a personal auto insurance policy doesn’t protect any business tools, your commercial auto insurance will most likely cover such repairs and replacements.

3. Protects Employees

Along with the commercial vehicle and equipment, drivers and co-passengers are equally prone to injuries resulting from an accident. With a commercial auto insurance policy, business owners can ensure the safety of the employees who frequently drive or travel.

4. Adheres to the Requirements of a Fleet Lease

If you are leasing fleet vehicles from a third party, it will be mandatory for your business to have commercial auto insurance. With an auto policy in place, fleet services can get coverage from your insurance if their vehicle is damaged when used for your business needs.

These commercial auto insurance benefits make the policy indispensable for every business. Do you have additional questions about commercial auto insurance? Contact the experts at First Insurance Solutions today. We are eager to help you with all your coverage needs.

Employees are the key to the success and productivity of any business. Even if one employee is unable to work, your company’s productivity can be delayed or decreased, especially if you’re a small-to-medium-sized business. By having the right workers’ compensation insurance in place, small business owners can protect their employees.

What Is Workers’ Compensation Insurance for Businesses?

By getting workers’ compensation for your business, you can protect your employees in the event of work-related accidents, repetitive stress injury, and occupational illness.

Work-related injuries can happen in any workspace. Despite the employee having health insurance coverage, the employer is liable to pay for their medical bills resulting from workplace injuries.

If you do not have workers’ compensation insurance, you will have to pay for such expenses out of your pocket.

Workers’ compensation will also cover the loss of wages an employee faces while recovering from an injury. In case a worker has suffered permanent physical injury, this compensation will cover a portion of their wages as well.

When Does a Business Need Workers’ Compensation Insurance?

In some states, not having workers’ compensation can lead to penalties and cancellation of business license. However, some states do not make it mandatory for businesses to carry the policy.

If you care for your employees and want to compensate them for their losses, workers’ compensation insurance is important.

If you are running a firm with a sole proprietorship, your health insurance will cover your medical expenses, eliminating the need for workers’ compensation. However, if your company has two or more employees, workers’ compensation policy can significantly reduce the risks of paying out-of-pocket for expensive workplace injuries.

Getting workers’ compensation for your business can be an excellent way to safeguard your employees. Do you have any additional questions about business insurance? Contact the experts at First Insurance Solutions. We are ready to help you with all your coverage needs.

Life insurance can protect your family in your absence and ensure their financial well-being. The policy is especially useful if other people depend on your income or if you have any outstanding debts in your name.

However, other responsibilities, like student loans or mortgage payments, may prevent you from getting life insurance. It is advisable to consider it at young age to enjoy maximum benefits.

Benefits of Getting Life Insurance at a Young Age

The best age to buy life insurance is when you are young, as you are likely to get a good deal on the policy. Your insurance premium will be lower if your life expectancy is high. As you grow older, you become prone to illnesses that may increase the premium. In some instances, you may not even qualify for certain policies.

When Should You Buy Term Insurance and Permanent Life Insurance?

Term life insurance covers a fixed period, so it should last at least until your dependents become financially independent. For instance, if you have children, the policy term should last until the time they start earning. If you and your partner co-own a house, the term should last until the debt is cleared.

Permanent life insurance has a cash component to it. The earlier you start, the more money you can accrue. It can grow large enough to account for the down payment of your home or add to your retirement fund. However, for that, you need to purchase the policy when you are young. The best age to buy life insurance is as soon as you start earning.

Getting life insurance guarantees that your loved ones will be taken care of in your absence. Do you have additional questions about life insurance? Contact the experts at First Insurance Solutions. We are ready to help you with all your coverage needs.

Understanding Homeowner Insurance

If you are like most homeowners, your initial decision to purchase homeowners insurance has more to do with qualifying for a mortgage loan than believing you will ever need the policy benefits one day. In fact, if you are purchasing your first home, you may be so overwhelmed by that process you are tempted to not even read your insurance policy that carefully. This is a mistake too many harried first-time homeowners make, and it can come back to haunt you later.

What is Homeowner Insurance?
Homeowner insurance is a policy designed to ensure if emergency strikes, you can afford to replace your home to its exact original specifications. At a less extreme level, homeowner insurance can also protect you if a visitor gets injured while on your property or if your possessions are lost, stolen or damaged.

Understanding Your Policy Coverage
Your homeowner insurance policy will not cover you for every type of incident that can affect your home. For instance, you may need to purchase special additional coverage if the area you live in is prone to flooding, earthquakes or other unique weather patterns. What your basic policy should cover is replacement of your home itself (not including the land it sits on).

Different Types of Coverage
In general, experts recommend taking out a policy that covers at least 80 percent of the replacement value of your home if it were to be totally destroyed. But there are different ways your coverage level can be calculated.

– An “actual cash value” policy will compensate you for the value of what was lost at the time it was lost. This may or may not be enough funding to replace what was lost in full.

– A “full replacement value” policy or “comprehensive homeowners coverage” policy will reimburse you for the cost of replacing what was lost, damaged or destroyed sans depreciation.

– A “guaranteed replacement value” policy will reimburse you for up to 20 percent more than the policy maximum payout limit.

– If you have additional property of substantial value that you keep on the premises at home, you may want to purchase a special “rider” to cover the replacement value of that property as well.

Reading through your homeowner insurance policy may not be the most interesting activity, but you will be glad you did if you need your benefits!

Contact us we can help you detect vulnerabilities in your homeowners Insurance coverage.

Questions relating to insurance are often present with those who own a home. Deciding if a certain type of insurance is required also demands certain pieces of information before tapping into the investment. It is noted that there is an average of $3.5 Billion in claims for flooding per year, combined with natural and manmade damage that occurred. This shows that an effective protection program assists with complete assistance for your home.

The characteristics of flood insurance are designed to assist you with damage that may occur in your home. If there is a natural disaster or flood, then damage to your home and property can become problematic. It is noted that floods are the top cause of damage in the United States.

Causes of Flooding

  • Hurricanes and tropical storms cause floods that can create far more damage than high winds.
  • Extra-tropical cyclones, also cause flooding and storm surge.
  • Heavy rains, winter storms, and spring thaws bring flooding to river basins.
  • Overburdened or clogged drainage systems lead to property damage both within and outside floodplains.
  • Construction and new development affect natural drainage and create new flood risks.

Most believe that flood insurance is preparing for the worst and may not be necessary. However, it is an important factor to consider in a home. If the flood water covers any area of your home, then that space will deteriorate. Furniture and your belongings may be ruined and difficult to replace without the right protection. The flood may also cause problems with the total value of your home, causing your property to deteriorate.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers and the property’s flood risk.

All policy forms provide coverage for buildings and contents. Typically, there’s a 30-day waiting period from date of purchase before your policy goes into effect. That means now is the best time to buy flood insurance.

Contact us we can help you detect vulnerabilities in your homeowners Insurance coverage and help you get protection against flood insurance