Insurance can be a confusing and large area to try and navigate on your own. This is where the professional and experienced staff at VillaNOVA Insurance Partners can help.
We’ve rounded up our top frequently asked questions and outlined them for you below.
FAQ 1 – What is business insurance?
Business insurance is a way for organizations to protect themselves from loss. It typically encompasses financial assets, physical property, and intellectual property. Risks this insurance protects against include property damage, lawsuits, vandalism, theft, employee injuries, employee illnesses, and loss of income.
Standard business insurance coverage includes:
- Commercial Auto
- Commercial Liability
- Commercial Property
- Ocean and Inland Marine
- Workers’ Compensation and more
FAQ 2 – Why do you want another entity to look over your contracts?
Think about all of the contacts you have every day in your business. You have vendor contracts, lease agreements, operations agreements, employment contracts, buy/sell agreements, claims, and more.
If you don’t have experience in each of these areas, you could lock yourself into a legally binding contract that doesn’t give you the best terms possible. An experienced agent can look it over and offer advice or modifications before you sign it.
FAQ 3 – How important is risk management for your business?
Risk management is a critical part of any business, both large and small. You have to have policies and procedures in place to protect both your employees and your business if something were to go wrong. You should have a safety team, perform exposure evaluation, and develop a risk management plan. This helps to reduce your long-term risks.
FAQ 4 – Should you have one or two accounting companies?
Ideally, you want a single organization to take on your accounting services. It helps to mitigate any confusion or errors if there is only one company in your books.
However, the company you choose should offer several accounting services. They should offer payroll, daily bookkeeping, tax preparation, monthly reconciliations, and real-time financial reporting tailored to your business. You may also want advisory services and virtual/non-virtual controller services.
FAQ 5 – What is personal insurance?
Personal finance is insurance policies that protect your personal financial health in the event of a problem or an emergency. It typically protects against theft or damage.
Personal finance encompasses all these areas:
- Automobile Insurance
- Homeowners Insurance
- Personal Boat Insurance
- Flood Insurance
- Motorcycle Insurance
- Rental Insurance
- Personal Umbrella
Some people are able to bundle multiple policies on a single plan as well.
FAQ 6 – What are the important qualities to look for in your insurance partner?
Since there are so many insurance partners you could choose for your business or personal use, you want to pick one that treats you as a priority year-round. They should offer you a holistic approach with long and short-term goals in mind. The partner should also give you flexible options that they tailor to meet your wants and needs.
Contact VillaNOVA Insurance Partners Today!
If you need help with your insurance, get in touch. We’re ready to walk you through our options and created a tailored plan that perfectly encompasses your wants and needs today!