Name: Phil Klein Insurance Group
Address: 7125 Orchard Lake Road, Suite 302, West Bloomfield, MI, 48322
Telephone: 248-682-7445

How Commercial Insurance Protects Your Business

Posted on May 1, 2023May 1, 2023 by Phil Klein

Misfortune is rarely planned for, but something as innocuous as a water leak could have devastating implications for your business. This is especially true if you’re operating a small business or have a very tight budget. That’s why all business owners need to find the right commercial insurance for their business. Let’s go over the basics of how commercial insurance protects your business from catastrophe.

What is commercial insurance?

Commercial insurance is a special type of insurance that is designed to protect your business from financial losses. There are two main varieties of commercial insurance: commercial property and business liability insurance. Commercial property insurance covers a variety of different risks to the property and its contents, such as natural disasters, water leakage, and building damage. If your business deals in digital assets, cyber liability insurance also falls under the umbrella of commercial insurance. Business liability insurance protects the company from lawsuits against the business, either from employees or clients.

Your commercial insurance policy is based on specific risk factors and providers may offer additional coverage depending on your needs. For example, a company in Florida would purchase a plan that covers flooding, while a company in Kansas would also want to be covered for natural disasters such as tornados.

What are the benefits of commercial insurance?

The biggest benefit of having commercial insurance is that it helps you save your hard-earned money in the long run. Having an insurance plan can help you avoid having to spend all of your profit on a major property damage claim or lawsuit. This would allow you to invest more of your money in other aspects of your business and improve the long-term health of your business.

Are US businesses required to have commercial insurance?

Every state has different rules on whether companies need various kinds of commercial insurance to operate. However, general wisdom dictates that business owners should seek out insurance for complications that they wouldn’t be able to pay for on their own. Facing disasters without a financial safety net can potentially put you out of business, so investing in insurance now can keep you afloat later down the line.

How do I get started?

If you’re ready to invest in your company’s future, schedule a call with a PKIG agent today for a free quote. Our coverage experts will walk you through the process of choosing the right coverage to protect against your company’s potential risk factors. We customize your plan to suit your specific needs, so you’ll always receive the best possible deal on your plan without overpaying on coverage you don’t need. We look forward to speaking with you!

How to Protect Yourself as a Multilevel Marketing Distributor

Posted on February 23, 2023February 23, 2023 by agentinsure

Are you considering becoming a multilevel marketing distributor in West Bloomfield, MI? If so, it’s essential to understand how to protect yourself and your business by investing in commercial insurance.

Why You Need Commercial Insurance as a Multilevel Marketing Distributor

The business model of multilevel marketing is full of potential opportunities, but risks are also involved with this type of business. Investing in commercial insurance is one of the best ways to protect yourself and your business. Commercial insurance can protect against various risks, such as property damage, theft, or liability claims. It can also help cover any legal costs associated with defending your business from lawsuits or other claims.

We understand the unique risks of being a multilevel marketing distributor. We can provide you with tailored coverage that meets your needs and budget. Our team will work with you to identify your specific exposures so that we can create a comprehensive policy that provides the best protection for you and your business.

Types of Coverage Available for Multilevel Marketing Distributors

We offer several types of coverage specifically designed for multilevel marketing distributors at Phil Klein Insurance Group. These include general liability coverage, which protects against claims related to personal injury or property damage caused by negligence.

If you’re considering becoming a multilevel marketing distributor here in West Bloomfield, MI., make sure that you invest in commercial insurance before getting started. At Phil Klein Insurance Group, we understand the unique risks associated with this type of business and can provide tailored coverage to meet your needs and budget. Contact us today for more information about how we can help protect you from potential risks!

Uncovering Three eCommerce Risks and How to Avoid Them

Posted on December 21, 2022December 21, 2022 by agentinsure

Running an eCommerce business in West Bloomfield, MI comes with a certain level of risk. Risks are unavoidable, whether it’s financial risk, market risk, or something else entirely. Fortunately, you can anticipate and avoid pitfalls with proper planning and strategy. Phil Klein Insurance Group can help you uncover three of the most common eCommerce risks and provide tips on mitigating them.

Risk of a Security Breach

A security breach is any intentional or unintentional act that compromises the security of an online business. This can include hacking, data breaches, phishing attacks, malware or viruses, and unauthorized access to sensitive information. To avoid security breaches, companies should have a robust security strategy. This should include the following:

Multi-factor authentication
Encryption
Regular backups
Patch management
Firewalls
User training
Frequent security audits

Payment Processing Issues

When running an online business, payment processing issues include fraud, chargebacks, and failed payments. Companies should implement robust security protocols to avoid these issues, including data encryption, fraud prevention measures, and secure payment gateways. Additionally, businesses should comply with local regulations and properly verify customer identities.

Shipping Delays and Lost Items

The most common causes of shipping delays and lost items include incorrect addresses, weather conditions, carrier errors, and customs processing delays. To avoid these issues when running an online business:

Double-check the address provided by customers before sending out packages
Keep track of changes in the weather
Choose reliable carriers
Be aware of any additional customs fees that may be required
Provide customers with tracking numbers so they can stay up to date on the status of their shipments

We specialize in providing commercial insurance for online businesses at the Phil Klein Insurance Group in West Bloomfield, MI. The internet’s unique and constantly changing landscape requires a tailored approach to cover all risk areas. With our industry-leading coverage options, you can know that you’re well protected. Let us show you why we are the best choice for online business insurance today!

Commercial Insurance Options To Consider

Posted on May 31, 2020May 31, 2020 by agentinsure

Your business is the culmination of hard work, determination, and the investment of time and money. It represents so much more than a way to earn a living. It is a reflection of yourself. With so much poured into your company, it is important to do what you can to protect it. One of the best ways to do this is with a form of commercial insurance. However, there are all kinds of commercial insurance options and add-ons. With so many options to choose from you’ll need some help selecting the right insurance for your commercial business. At Phil Klein Insurance Group, if your business is located near West Bloomfield, MI the staff here is ready to help you find the right insurance coverage for your company.

Property Insurance

Even if you don’t own the facility your business is in you should consider property insurance. This will protect the equipment that is found within the building. This way, if there is a fire or other kind of damage, your equipment will be protected.

Worker’s Compensation

This is a valuable form of insurance to take out if you have employees who are a potential risk of injury. Paying for their medical bills out of pocket is especially expensive. Worker’s compensation will help cover this.

Protect Your Business With Commercial Insurance

It doesn’t matter if your business is run out of a garage or a hundred thousand square foot warehouse. With so many different variables at play, you need to do what you can to protect it. That is why there are all kinds of commercial insurance options to choose from. So, if your business is based out of West Bloomfield, MI and you’re in search of commercial insurance coverage, our staff here at Phil Klein Insurance Group is ready and waiting to help. Give us a call today.

How To Avoid Six Situations That Can Destroy A Business

Posted on August 21, 2018 by Owen Rosen

1. “I KNOW WHAT MY BUSINESS IS WORTH”
•Have you ever had your company value appraised by an outside resource?
•Has that appraisal been done within the last three years?
•Do you have a Buy/Sell agreement? •Is it funded?
•Has it been reviewed within the last three years?
•Do you know where your Buy/Sell agreement is kept?

2. “I’M TOO BUSY RUNNING THE COMPANY”
•Do you have a will? •A trust?
•Is it up to date?
•Do you have a plan to retain key employees if something happens to?
•Has your Trust & Estate Plan been reviewed in the last three years?
•Have you identified and written down your trusted advisors?

3. “THAT’LL NEVER HAPPEN TO ME”
•Do you have a succession plan in place?
•Have you involved both key employees and family members in your succession planning?
•Does your succession plan have a provision for disability?
•Have you identified or written down who you want to run the company?
•Do you have disability buy-sell overhead expense coverage?

4. “THERE’S PLENTY OF TIME FOR THAT”
•Do you know when you want to retire? •How much income will you need?
•Do you want to be running the company full-time, five years from today?
•Do you know how much control in the business you must maintain in order to secure your retirement income?
•Have you explored financing opportunities for key employees to buy the company in the future?

5. “MY BUSINESS IS MY RETIREMENT”
•Do you have a retirement vehicle other than your business?
•Is 25% or less of your business assets a part of your retirement plan?
•Will your retirement funding come from more than four sources?
•Have you had your retirement income projected/analyzed to identify shortfalls?
•In the past year, have you spent more than one hour planning for retirement?

6. “YOU CAN’T BEAT UNCLE SAM”
•Do you have a TEAM of financial advisors working with you?
•Are you proactively planning to deal with changes in the tax laws?
•Will any sources of your retirement income be received tax free?

Questions? Concerns? Call Owen Rosen at (248) 682-7445 today or email owen@philkleininsurance.com

The Ins and Outs of General Liability Coverage: What’s Covered – And What’s Not

Posted on June 14, 2018 by Owen Rosen

As a small business owner, you have a lot on your plate. From accounting, to marketing and sales, to product development and inventory — the to-do list can seem never ending. That’s why it’s no surprise that details like liability insurance can so easily slip through the cracks, leaving your business financially vulnerable.

Unfortunately, nearly anyone your business interacts with can make claims against you. And without the right insurance protection, these claims could cripple your operation.

What General Liability Insurance Covers

General liability (GL) coverage can be part of a standalone policy or can be part of a business owner’s policy (BOP). This coverage safeguards your business’ finances and reputation in the event a customer or third party takes legal action against you or your employees.

The following are types of claims covered by a GL policy:

Bodily injury: If a third party is injured at your place of business (or as a result of work performed away from your business), your GL policy would cover costs, including medical expenses, lost wages, and any court-awarded compensation or out-of-court settlements.

Property: If your business’s actions result in damage to someone else’s property, your GL policy will cover costs to repair the damage. This applies to real estate, equipment, and supplies, as well as compensation for loss of use during the time it takes for the damaged property to be repaired or replaced.

Personal and advertising injury: If your business causes nonphysical damage to a third party through advertising tactics or other activities, your GL policy will cover these damages. However, coverage does not apply if your business intentionally makes a false statement knowing it will cause harm.

Additionally, if a lawsuit is filed against your business for a covered loss, your GL policy will also cover the legal costs to defend you in addition to your policy limits, including attorney fees and court costs.

GL coverage safeguards your business’s finances and reputation in the event a customer or third party takes legal action against you or your employees.

What General Liability Insurance Doesn’t Cover

GL coverage does have limits — both in dollar amounts and types of situations covered. This depends on a number of factors, including your specific industry and your business’s exposure to visitors and clients.

However, there are a few limits that apply to businesses across the board. GL does not cover the following types of damages:

Workplace injuries: GL normally doesn’t cover workplace injuries to employees. Instead, you’ll need workers compensation coverage, which is legally required by most states.

Damage to your own property: GL covers damages to other parties’ property, but it doesn’t cover your business’s property. Instead, you’ll need a business owner’s, inland marine, or commercial property policy.
Intentional damage: Damage done purposefully or maliciously is not covered under a GL policy.

Damage to client property in your care: GL does not cover damage to a customer’s property while it is in your care. Inland marine and other property coverages can provide this type of protection.

Professional mistakes: Mistakes resulting in a loss aren’t covered by GL. For instance, if your business misprints 10,000 books, general liability coverage won’t reimburse you for the cost of reprints. However, many insurers offer separate policies for businesses that require professional liability protection.

Damage to vehicles: This protection requires a commercial auto policy.

While general liability insurance won’t cover every incident and expense your business might face, it can protect your business from claims brought against you by third parties — and it’s a relatively inexpensive way to create peace of mind.