Written by ESTIR Inc. Insurance Agency. Your Protection. Our Priority.
“Life is full of Interruptions,” said Esther Tanez, owner of ESTIR Inc. Insurance Agency.
Tanez, who has 30 years in the insurance industry, adds, “It’s important for you to have a close relationship with your agent as they are part of the team that helps you plan and manage your commercial investments. Not having the right insurance can cost you hundreds of thousand of dollars in losses.”
According to Tanez, business owners should be concerned with five key factors:
- Liability & Property Insurance
One common mistake is not having enough coverage to rebuild a property and replace the contents, usually by purchasing insurance based on the purchase price instead of replacement value.
- Relocation Insurance
Not having this coverage may cause you to go out of business. All business owners know that if the company isn’t available to their clients, the clients will find somewhere else to go. The average loss takes about nine months before they can reopen again, but as business owners’ we know that after 30 days the business is in trouble. Having a place to relocate can save the business and retain the clients.
- Cyber Liability and Data Breach
This is one of the most common losses to business owners today and can include being hacked from the outside or, by a disgruntled employee selling or stealing clients’ data from the inside. This type of coverage can cover the expenses related to data breach.
- Business Interruption
If the average loss is approximately nine months to restore itself, smart businesses will have business interruption on the policy for at least a year with extension coverage. Many business owners support not only their families, who are accustomed to a certain standard of living, but also employees. Not having this coverage can impact the business and personal finance.
- Home-Based Business Liability
Tanez notes that 38 million Americans run a home-based business, but many don’t have the proper insurance. Although homeowner’s insurance may have some coverages for incidental business, it doesn’t offer the proper insurance such as liability coverage or business interruption plus many more other coverages that are needed for proper protection.
“There are four essential relationships that all business owner must have: attorney, accountant, banker and insurance agent,” Tanez added. “These relationships are crucial to the success of your business. Not having the advice and guidance of these four advisors can and will put you at financial risk.”
ESTIR Inc. Insurance has been in business for 16 years serving our community by offering advice and guidance on your insurance needs. Protecting your Auto, Apartment, Homes, Business and much more. A staff that is licensed and prepared to service you in both English and Spanish is willing to listen to your concerns and find you the best policy to protect you.
ESTIR Inc. Insurance Agency
Your Protection. Our Priority.
195 Nassau St. Suite 25
Princeton, NJ 08542