Business Insurance – an Investment in Your Future
Owning a business is a large investment of time, money and the future of your small business could rely on securing the right insurance. There is more to running a small business than daily business transactions, as many new business owners discover only too late.
This realization usually occurs when a sudden natural disaster destroys a small business's equipment, data, office, and furnishings. It may also occur in small businesses that have unrecognized liabilities, such as employee injuries or fatalities.
Be Prepared with Comprehensive Auto, Home, and Business Insurance Plan
To determine the actual cost of loss or liability, small business owners usually need the help of a professional insurance agent.
The logical action to take is to choose an insurance professional with substantial experience in your line of work. Pulling from past client experience, your agent will be familiar with potential problems that may result in costly liability.
Five Tips to Insurance Your Small Business
There are five essential tips to consider when insuring your small business. These include:
1. Identifying potential liability
2. Evaluating actual business property coverage
3. Choosing the most cost-effective workers' compensation policy
4. Ability to add on insurance features that result from changes to business practices
5. Specifying insurance coverage for performance and financial loss
Identifying Potential Liability
During the day to day operation of a small business, the owners may not always see details in areas of their business that may be a source of liability. An experienced insurance agent has the knowledge and skill to pinpoint areas that require insurance coverage.
Evaluating Actual Business Property Coverage
For a small business with a storefront, their real property can be a large part of the value of their daily business operations; it is advisable to allow an insurance agent to evaluate the coverage you will need in the event of loss of use.
Choose the Most Cost-Effective Workers Compensation Policy
Workers compensation for business owners with a staff that has a storefront to conduct business should be discussed and reviewed to ensure coverage is adequate to cover medical, burial and death benefits, as well as lost wages.
Ability to Add-On Insurance Features
Small business owners may need the assurance that a claim of liability filed against the business, owners' home, auto, and business insurance policies are adequate to avert financial disaster.
A small business insurance policy should be flexible enough to allow for add-ons that result from changes to business practices. For example, a business owner expands the reach of his target market of customers requiring him to increase the number of employees.
A small business owner may also need commercial auto insurance should they offer delivery service using company vehicles.
Specify Insurance Coverage for Performance and Financial Loss
Most small business owners endeavor to reach 100 percent customer satisfaction. However, from time to time they may encounter a customer complaint regarding business performance. Professional liability insurance, also known as errors and omission insurance, can cover a professional who makes a living off of their expertise.
There is also the potential for financial loss from non-payment by suppliers and customers. It is important to discuss these possibilities and the types of insurance coverage that provides optimal security and confidence to a business owner.
The "Go To" Insurance Expert
Kelly Lee Insurance TWFG has earned the trust of its small business insurance clients, as well as its property and casualty insurance clients. Kelly Lee Insurance provides Auto, Home, Life, and Business Insurance as part of a broad range of insurance coverage. For more information, contact us today.
Our nation is in the midst of an unprecedented opioid epidemic. More people died from drug overdoses in 2014 than in any year on record, and the majority of drug overdose deaths (more than six out of ten) involved an opioid.
Since 1999, the rate of overdose deaths involving opioids—including prescription opioid pain relievers and heroin—nearly quadrupled, and over 165,000 people have died from prescription opioid overdoses.
Prescription pain medication deaths remain far too high, and in 2014, the most recent year on record, there was a sharp increase in heroin-involved deaths and an increase in deaths involving synthetic opioids such as fentanyl.
Economic Impact of the Opioid Epidemic:
- 55 billion in health and social costs related to prescription opioid abuse each year
- 20 billion in emergency department and inpatient care for opioid poisonings
On an average day in the U.S.:
- More than 650,000 opioid prescriptions dispensed
- 3,900 people initiate nonmedical use of prescription opioids
- 580 people initiate heroin use
- 78 people die from an opioid-related overdose
Louisiana Department of Health gets $8.1 million federal grant to address opioid crisis.
The State now has more funding to fight the opioid epidemic. The Substance Abuse and Mental Health Services Administration (SAMHSA) has awarded the Louisiana Department of Health a grant to target and reduce opioid abuse across the state. The State Targeted Response to the Opioid Crisis Grant is funded at $8,167,971 a year for two years.
Dr. Rebekah Gee, secretary of the Louisiana Department of Health said the state is in the midst of an opioid crisis and the grant will help address the problem.
“Louisiana averages 122 opioid prescriptions per 100 people. This is a significant concern because 80 percent of heroin users reported starting out misusing prescription opioid medications,” said Gee. “Additionally, by mid-year 2016, in both East Baton Rouge and Orleans parishes, narcotic overdose deaths surpassed homicide deaths.”
The Louisiana Department of Health, Office of Behavioral Health will administer the grant which will be used to enhance existing statewide prevention, treatment and recovery services that are available to individuals who are addicted to opioids or who are at risk for opioid addiction or opioid abuse or misuse.
Initiatives funded by the grant include:
Implement opioid prevention strategies that includes a mass media educational campaign targeted to those who are at risk for an opioid disorder, and health care provider training.
Develop an intervention strategy that focuses on Naloxone education and distribution of this medication to target populations.
At the local level, build treatment capacity within the existing networks of behavioral health providers. The goal is to provide access to evidence-based treatments, particularly Medication Assisted Treatment, and education and training on non-opioid alternatives. Funding will be directed to the state’s 10 local opioid treatment programs.
Increase treatment and prevention capacity for people with opioid addictions or disorders through funding that will be directed to the state’s 10 local human service districts/authorities.
Partner with the Department of Corrections to provide opioid treatment services for offenders who participate in re-entry-programs at two designated prison facilities. These programs will identify at-risk offenders nine months prior to release, and will provide individualized treatment and robust discharge planning to ensure they continue treatment after leaving prison.
“More than 75 percent of offenders have a substance use disorder, and they are at high risk of engaging in substance use unless provided treatment prior to release,” said James M. Le Blanc, Department of Public Safety and Corrections secretary. “We are optimistic these programs will result in a decrease in substance use-related crimes, and will see fewer offenders return to prison, thus saving taxpayers money, and reducing the number of crime victims.”
“This grant allows us to continue our focus on statewide planning and implementation for opioid education, prevention, treatment and recovery support services. We’re looking forward to working with our partners across the state to reduce the number of opioid prescriptions, and to reduce opioid abuse,” said Dr. Janice Petersen, Louisiana Department of Health’s principal investigator for this grant.