Contractors need liability insurance

Independent contractors are increasingly working at all types of businesses. From plumbing to consulting, companies are seeing the benefits of hiring so-called 1099ers.

Because of their status as contractors, they don’t receive many of the benefits that employers usually provide. One of those benefits is liability insurance. If anything goes wrong while on the job, the insurance can cover it.

According to Insureon, those reasons include:

– Covering lawyer fees and damages if the employer sues over the work provided by the contractor

– Making sure that the employer doesn’t have to pay the costs if the contractor is sued

– Being compliant with statutory requirements

The type and how much insurance is needed varies based on a contractor’s responsibilities. For example, those in construction, or others who work with heavy machinery and tools, may need insurance for bodily injury and property damage.

Those who are contracted to provide advice, such as accountants, financial planners, interior designers and landscape architects, need to be concerned about liability risks, according to Trusted Choice. The company, which works with small businesses on insurance matters, says these contractors need to be covered for losses their clients may have as a result of the contractor’s recommendations.

Contractors who work as caterers should consider insurance for product and liquor liabilities. Trusted Choice notes this covers them if they serve food and alcohol at functions where guests could be injured because of food poisoning, for example.

Contractors who are unsure what kind of insurance to buy should consult with a licensed agent.

Unraveling Car Insurance Urban Legends

There are many commonly held beliefs that get passed on from person to person regarding car insurance. While some of these beliefs have been around for decades, it does not mean they are necessarily true. Luckily, the experts at InsureUS, serving residents in Cypress, TX, are here to help.  We have put together a quick list of some commonly held beliefs about car insurance that are not true. 

The Color of Your Car Matters

A myth has been circulating for years that red colored cars cost more money to insure. This myth has probably started with the conception that most sports cars are red. Because sports cars are fast and the owners can be reckless, the idea is then that ANY red car will see a hike in premium. The truth of the matter is that most insurance companies will not even ask what color car you have. Companies are more concerned with knowing the year, model, engine size, and safety features the car may have.

Speeding Sports Cars

The idea that sports cars cost more to insure because the drivers of them typically get more speeding tickets is completely false. In a survey conducted, the majority of speeding tickets are dished out to people driving sedans or SUVs. In fact, on the list of the top ten cars that receive speeding tickets, there was only one sports car mentioned. Insurance rates are determined by driver history, the type of car and the features the car possesses.

Thieves

Another commonly held misconception is that car thieves only want to steal new cars. While a new car may look enticing to a potential burglar, the truth is that older cars are typically stolen more often. This is because people are holding on to their cars longer and older stolen cars can be sold for parts. If you are expecting your insurance premiums to go down because you have an older car think again! There are many other factors that come into play when determining your car insurance premium. 

Luckily, if you are located in Cypress, TX, the experts at InsureUS are here to help.  We are available to answer any questions you may have to get you on the path to understanding the truth about car insurance. 

Hurricane Preparedness Week, May 7-13, 2017

There will be trouble. Expect it. Prepare for it.

According to NOAA, on average, 12 tropical storms will form over the Atlantic Ocean, Caribbean Sea, or Gulf of Mexico during the hurricane season which runs from June 1 to November 30 each year. Six will become hurricanes.

In the Central Pacific Ocean, an average of three tropical storms, two of which become hurricanes, form or move over the area during the hurricane season, which runs from June 1 to November 30 each year. During a typical 2-year period, the U.S. coastline is struck by an average of 3 hurricanes, one of which is classified as a major hurricane (winds of 111 mph or greater)

What damage does each category of hurricane cause?

Category 1 – 74-95 mph winds

Don’t take a Cat 1 hurricane lightly. At this wind speed, you may have roof and siding damage. Dead trees will fall; branches will break. Power outages will last for several days.

Prepare: Trim trees, service your generator, make sure you have water, food, and an up to date emergency kit.

Category 2 – 96-110 mph winds.

Downed trees will block roads. Power can be out from days to weeks.

Category 3 – 111-129 mph winds

Expect devastation to buildings. You may lose your roof, gutters and siding. Power will almost certainly be out for at least two weeks. Water will be a problem. Fill bathtubs before the storm to use for flushing toilets and bathing.

Category 4 – 130-156 mph winds

You’ll be evacuated if this storm heads your way. Make plans before hurricane season for a place to stay for a minimum of two weeks. Your house will sustain major structural damage. There will be no water or power. Your pets cannot survive this storm. Make plans to take them with you.

Category 5 – 157 or higher mph winds

Catastrophic. You will be evacuated. After the storm, you will have no place to live. Houses will be reduced to timber. Travel will be impossible for weeks. No water or power for weeks. Not only will you need a place to stay for weeks, you’ll be filing an insurance claim for everything you own. Before the storm, use your smartphone to take a video of your home, room by room. Your pets will not survive this storm. Make plans to take them with you.

Storm surge

Surging waters can be a deadly effect of a hurricane. In Hurricane Katrina in 2005, it was the storm surge that broke levees in New Orleans and caused flooding six to 12 miles from the beach.

How will going into business affect family?

At some point in everyone’s career, this thought comes up: “Am I ready to follow my dreams and start my own business?”

You may have dotted your i’s and crossed your t’s in terms of being financially and mentally ready to start your own business. However, have you thought about the effects on your family? Too often this oversight can lead to a crisis at home, as well as in your business.

“It’s easy to forget that changing careers will affect your family, too. Be 100 percent certain that you and your loved ones understand the implications of running a startup,” notes Inc.com.

The good and the bad
Fully prepare them for the good and the bad of starting your own business. Do not hold back on the bad things that could happen.

Explain the hours you’re going to have to commit to your endeavor. This includes you being not able to be at as many family events.

If the family’s budget will need to be reduced, tell them. Go over your business plans with your family, giving them as many details as possible. You want their support, and you don’t want them to be surprised by any of the things that could go wrong.

“When one person goes into business, everyone in the family unit is affected,” author Pamela Slim told Entrepreneur. “If your partner and other members of your support network are reluctant to back your idea, you may want to rethink quitting your current job.”

However, this is a personal choice. From a startup owner quoted in Inc.com:

“Ultimately, I realized if I didn’t start my own company, I would always regret it, both for myself and as a role model for my children.”