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Three things to consider when you are in the market for commercial property insurance

Like any other asset, commercial properties face dangers such as fires, natural disasters, and theft. That is why many property owners in Knoxville, TN consider buying commercial property insurance to protect their investments. If you are in the market for commercial property insurance, IRM insurance recommends purchasing adequate coverage to protect your property from a variety of risks. To help you make an informed decision, here are three things to consider.

Where your property is located is a significant determinant.

If your commercial property is located in a remote area around Knoxville, TN, it could cost you more compared to a property located in the city or town. Big cities and towns are considered relatively safe as they are closer to fire protection areas than those in the countryside. It will typically cost less to insure such a building because chances of filing claims are minimal.

Occupancy matters

How the building is being used can also be a significant concern as it determines the type of coverage you should have. For instance, a busy business building means there is a lot of traffic, and lots of accidents can happen, which can lead to lawsuits. If the building is only used as an office, then it will cost less to insure than a building where there are hazardous tenants who can affect the fire rating of the whole building. A restaurant or an auto repair shop will likely raise premiums more than a dry-cleaning office or a shoe shop.

The type of construction material can raise or lower your premiums.

Is your building fire-resistant? If not, what type of construction is used? Buildings made of combustible materials will automatically command higher premiums than those made of fire-resistant materials.

Commercial property insurance can cover a wide variety of situations. Let IRM insurance help you get the most out of your coverage. Feel free to call or visit us today!

How Does Workers’ Compensation Work?

  Workers’ compensation is insurance coverage provided by employers to cover injuries sustained by employees while on the job. This does not necessarily mean the employee has to be injured inside the company’s building. It can also cover injuries suffered off of the property as long as the employee is doing work, such as making deliveries.

Workers’ Compensation Coverage

Workers’ compensation insurance is designed to help cover medical expenses, disability, and treatment for the injured employee. It may also need to cover as much as two-thirds of their average weekly income if the injury results in any lost wages.

If there is a fatality involved, workers’ compensation should cover most of the burial costs as well as continuing to send a percentage of the employee’s wages to their spouse or other dependents.

The injuries sustained by the employee must be legitimately caused by something on the job to be covered by workers’ compensation. If the employee is under the influence of alcohol or drugs when the accident occurs, the claim will likely be denied.

Likewise, if there is any indication that the injury was intentional, that it was due to the employee not using correct safety procedures, or that it occurred somewhere else, the claim will probably not be approved. Rejected claims and unsatisfactory settlement offers can be appealed and further investigated by the Tennessee Bureau of Workers’ Compensation.

Is Workers’ Compensation Required in Tennessee?

Not all businesses in Knoxville, TN are required to carry workers’ compensation, but those that check any of the following boxes are required to do so:

  • Those with at least five employees, even if some are family or just part-time.
  • Construction and coal mining business, no matter how many employees you have.

IRM Insurance is happy to advise you on whether your business is required to carry this coverage. If you are required to carry workers’ compensation insurance and do not, you face pretty steep penalties, including fines, jail time, and even having to close the business down until you meet requirements.

For more information or your no-obligation consultation, give IRM Insurance in Knoxville, TN a call today.  

Details You Need To Know About Cyber Liability Insurance

In today’s society, technology is continually evolving and helping us with daily tasks. Unfortunately, there are cyber hackers ready to steal any type of information or money that they can from businesses. It is horrible that cyber hackers believe that they can steal anything from anyone. However, there is a way to protect yourself/your business in the worst-case scenario.

We are IRM Insurance, and we are based in Knoxville, TN. Created in 2013, we have provided our local businesses with a wide array of insurance options. It is never enough protection to have with the information your business has in its database. Cyber liability insurance is crucial to have as a business owner because you are essentially responsible for the sensitive information of thousands/millions of people. Cyber hackers seem to find new ways of breaching into databases, and you do not want your business to be held liable for something you did your best to protect. 

What is cyber liability insurance?

Cyber liability insurance is a policy to cover the cost for a business to recover from a data breach, virus, or other cyberattacks. Businesses need to protect all of the sensitive information that they have stored from their clients/consumers as much as possible. If for any reason a database full of information such as (but not limited to) social security numbers, identification information, phone numbers, date of births, bank account numbers, and credit card numbers are stolen, this policy will help.

Are there any questions or concerns you would like for our agents to assist you? You can reach us at our office in Knoxville, TN via phone by calling (865) 579-0500. Feel free also to send an e-mail at your earliest convenience. One of our agents will assist you in a timely fashion to answer your questions/thoughts/concerns.  

Business Owner’s Insurance

Business Insurance If you own or run a business, especially a small-sized or medium-sized one, it is of absolute significance that you buy a Business Owner’s Insurance policy. Does this Insurance not only protects you against unforeseen monetary losses in your business but also gives you the confidence and help to focus on making your business improved.

Business Owner’s Insurance ensures that the coverage it provides protects all your major business property and the liability risks that it comes with so that your business runs smoothly. In today’s time where businesses are slowly rising, it has become almost a necessity to avail Business Owner’s Insurance and protecting your business from future events.

How it works?

Business Insurance runs on the system of you paying methodical fixed monetary amounts every month, and in turn, you get the facility of making claims and getting coverage at times of unfortunate disasters. These details and further terms and conditions are noted down in your Insurance Policy, a legal document that is proof of your Insurance bond.

You can only make claims and get compensated if the claim is made during your policy period. If you make a claim after your policy period (mentioned clearly on the Insurance Policy) has ended, the company will not entertain it. Business Owner’s insurance provides you with all the basic coverage that are essential for business owners in one bundle and at a lower cost as compared to paying for all the various insurances separately.

Different types of Business Insurance

Business InsuranceThere are different types of coverage that the business owner’s insurance includes depending on the policy that you choose. A typical business owner’s policy includes; property insurance, business interruption insurance and liability protection.

Property insurance, also called peril coverage, provides coverage mainly for the loss or damage to the business site caused by fire, explosions, smoke damage, vandalism and wind damage. This coverage is provided to the insured business’s site, owned or rented. It will also cover all items owned by the business or kept within a 100 feet radius with the purpose to the business itself.

The business interruption insurance provides coverage for the loss of income that is due to disasters like fire and others that may halt the business proceedings. It also covers the extra expense of operating in a temporary location in case of the original on being unavailable. Lastly, liability protection is the name given to the protection that covers the damage that accidents may cause such as injuries, inside the business and outside.

How much will a Business Insurance cost me

The cost of your business owner’s insurance varies according to the policy you choose for your business. If it is likely to provide higher coverage, taking into consideration all kinds of losses and damage, then you will probably pay a higher premium. This premium can depend on other things too. Such as the kind of business you run, your previous claim history, your business’s size etc.

If your business involves high-risk manufacturing work such as a factory where chemicals are used, then accidents are more likely to happen and the premium will rise. One convenient way of lowering premiums is by choosing your deductible amounts wisely.

Should I opt for a higher deductible or not?

Deductibles are amounts of money that you agree to pay at the time of damage and are not covered under your policy. They go from your own pocket. Choosing to pay a higher deductible significantly lowers your premium cost and thus should always be given consideration.

Contact IRM Insurance in Knoxville, TN for the best business owner’s insurance rates available – (865) 234-9177 or email us.

Things to know before buying business insurance

Things to know before buying business insurance

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Business Insurance

Business insurance is a must for any business owner. As a business owner, one of the responsibilities you have is to handle is choosing an insurance coverage. There are plenty of great policies you can opt for, depending on the particularities of your needs, but before deciding to purchase a policy, being thoroughly documented on the subject is advised. Because you probably do not want to deal with an incident and realize your insurance policy does not have all the costs involved, nor to face any other similar inconveniences, you should be aware of the following details before actually buying your policy.

There are several types of business insurance policy options

Because there are various types of policy packages available, you should start by researching them all, and learning what they include. From general liability, to property and product insurance or business interruption policy, you have the possibility to opt for the package that meets your expectations. There is no perfect business insurance for all enterprises out there, because each has its own type of professional practice and needs. So analyze your potential requirements, try to visualize incidents that have the highest chances of occurring, and opt for a package that suits your business in particular. Depending on the company you will opt for, you even have the possibility of customizing your policy.

Be aware of your risks

Regardless of what policy type you eventually decide on, usually, there is an acceptable risk involved. If you want to opt for the most budget friendly option, you will want to cut down on certain coverage possibilities, and for you to make a wise decision in this department, it is essential to assess and be aware of your risks. Analyze the profile of your business, and try to find the most easily to exclude conditions, in order to access the best price, while still benefiting from the level of coverage you desire.

Work with the right insurance agent

Regardless of what type of business you might want to cover with insurance, one aspect that you should never overlook is the agent you collaborate with. The broker is the one who can bring you the best offer, in term of both coverage and price, so finding someone you can trust should be one of your main concerns. While there might be several agencies willing to offer you the services you are asking for, not all firms are characterized by professionalism or reliability so doing your homework in advance is needed. Read client references, check agent fees and book an initial consultation to see if the agency that has caught your interest is really the perfect choice for you.

If you want the business insurance policy you opt for to meet all potential future requirements, you will need to know a few things before actually buying it. These are probably the most relevant details to have in mind when browsing through the insurance offers put at your disposal. Remember that the reliability of the agent you collaborate with is always something that you should inform yourself about, making quite a significant difference.

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Top 3 reasons why you need business insurance Knoxville

Top 3 reasons why you need business insurance Knoxville

Protect your business assets with business insurance Knoxville. Saving money is a priority when it comes to running a company. Saving is good, but this doesn’t mean that you should put your company at risk just to save a couple of bucks. Of all the expenditures that you can save on, business insurance Knoxville is definitely not one of them. Business insurance Knoxville protects your investment by cutting down the risks associated with unexpected situations. If something does goes wrong (and it will), you’ll end up losing everything you have if you do not have right protection. Do you still think that you don’t need business insurance? If the answer is yes, you might want to check out the following arguments. You might just change your mind.

Business Insurance Knoxville

Protecting yourself from lawsuits

It’s enough for business managers to hear the words “lawsuit” and “legal action” to become distressed. Even if you have great clients, but this is no guarantee that you won’t be sued. In the back of your mind, you hope that it will never happen. Unfortunately, it does. These days, people sue for anything and they do it in the hope that they will get a lot of money. Clients will sue to limit their liability; you can be sure of that. An event such as a lawsuit is very expensive. You have to pay huge legal fees in order to defend yourself. If you don’t have business insurance, your company can go bankrupt. No matter if you’re working with customers or clients, arrange for business insurance Knoxville.

Business insurance is compulsory

Business insurance Knoxville isn’t mandatory for companies operating in Tennessee, although it should be. In other states, however, business insurance is the legal requirement. This means that if you have a large number of employees, you have to buy compensation coverage from a commercial provider. The point is that you need to be insured. So, take out an insurance policy and make sure that it’s placed in a location where everyone can read it. It’s important to stress that whether or not it’s legally required to have business insurance, you should maintain liability coverage.

Making your business look professional

Taking out an insurance policy is a great way to establish business credibility. Simply put, you’ll not have to make efforts to convince the team of investors to do what you suggest. You will seem trustworthy to people, so they will willingly work with you. Clients will do business with you because they have guarantee that in case anything goes wrong, you’ll be able to compensate them. Taking into consideration how today’s economy is, you can’t afford to lose support. Your business insurance Knoxville needs to be credible, especially if you deal with clients all the time.

It’s important to protect your financial assets and this is what business insurance Knoxville does. This coverage protects you against losses resulting from events that take place during the normal course of things. For the reasons mentioned above and many others, make sure that your business is properly insured. You’ll not regret it.

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Business owners insurance: A few tips

Business owners insurance: A few tips

Business owners insurance is crucial, especially if you have just started a new company and you already have a plan for financing, sales marketing. No matter what your company will do, you have to make sure that you are covered.  There are certain types of Business owners insurance that every business owner should have. Business owners insurance is one of them. Business owners insurance is a coverage policy that allows you to operate in a low risk category, combining all important property and liability risks. A typical insurance policy includes business interruption insurance, general liability protection, crime insurance, property insurance, business vehicle insurance, and workers compensation insurance. Basically, it is a complete plan that includes all the necessary insurances and that is offered to you at a discounted price.

business owners insurance knoxville

Safeguard your small business

Business owners insurance policies are designed for small and medium-sized organizations. If you have less than 100 staff members and your income is under 5 million dollars, you can apply too for this kind of coverage policy. Whether you have a retail store, a restaurant or you are a freelancer, you can take out a Business owners insurance and secure your business. As mentioned before, a coverage policy of this type is offered at a premium, so you will not have to dig deep into your pockets. It is a low-cost option. However, you will have to shop around for a good deal. Do some online research and see what companies have to offer.

Customize your business owners insurance

A fact that is little known is that you have the possibility to customize the business owners policy. For instance, you can protect company equipment like furniture, printers, and computers. You make a ton of decisions for your company on a daily basis, so you are the only one who knows what your business needs and does not need. Assuming that the standard coverage plan is enough is a huge mistake. Sure the package is great, but it is not designed to suit all companies’ needs. Including the amount of coverage that you need is a smart move. What you need to do is talk to an insurance agent and have the business owners insurance policy customized.

Get cheaper business owners insurance

Business owners insurance policies are available at affordable rates, but there is no reason why you should not find ways to reduce your premium. In order to find cheap coverage for your company, you have to do the following:

Compare quotes

Bundle insurance policies

Manage your risks

The best thing you can do is speak to multiple insurance brokers. A broker will believe in you and your company and will strive to get you the coverage policy that you deserve and that is the most cost-effective.

Do you need business owners insurance? The answer is “Yes.” This type of coverage protects your company, which is exactly what you need. There is no need to purchase separate policies when you can buy only one. Discuss your needs with an insurance provider and select the coverage that best benefits your business.

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Workers Compensation – Basic laws every employee should know

Workers Compensation Knoxville

Basic laws every employee should know

As employees, workers compensation is important to us, and each of us has a number of rights, guaranteed by Constitution or other normative acts. These worker’s rights are designed in a manner in which to assure fair payment and prevent abuses. But unluckily, not all employees are completely aware in terms of employment laws and regulations, which turns them into victims of the system. For instance, many are unaware that they are entitled to workers compensation insurance, and this turns them into victims of medical bills and lack of salaries. Especially immigrants that decide to stay and work on US territory are more likely to become victims, as they are unaware of the rights they have. Below are some laws with which all workers should be familiar.

Workers compensation Knoxville

1. They have the right to receive a workers compensation insurance

Employee’s health at the workplace is protected by Occupational Safety and Health Act in the ‘70s, when lawmakers introduced an act to protect workers from work-related accidents. This is how safety standards at the work place appeared, and how the number of work-related accidents dropped dramatically on the US territory. However, in certain cases, accidents may appear, and some employers offer workers compensation insurance policies, with the sole condition not to sue the employer. This policy covers all medical bills that emerge from the accident, and makes it possible for the employer to pay the employee’s off days. This is what we find in many places under the name of a workers compensation bargain”.

2. The Family and Medical Leave Act

Signed in 1993 by the president Bill Clinton, the Family and Medical Leave Act allows every employee to receive up to 12 unpaid weeks to take care of their health and for fresh parents, to bond with their children. Also, they will benefit from employee health benefits during this time. Also, the Act allows employees to take protected leave if the situation of an ill spouse, ill child, child adoption or birth occurs.

3. The Civil Rights Act

It appeared in 1964, and it was an introduction to the continuously increasing number of employees. This Act also puts the base of civil rights, making it illegal to discriminate based on someone’s skin color. Moreover, the Act protects against discrimination between men and women, and promotes equal pay for equal jobs. This is however, frequently misjudged in our days, many suing for discrimination at the workplace by various activists. Needless to say, these individuals are not judging the wages depending on these coordinates and invoke the so-called “wage gap”. Moreover, this Act protects the pregnant women, and disabled against discrimination in the labor field.

These are three of the most important laws that protect employees and employers from abuses and that regulate the labor field in the United States. These should be starting points for both employers and employees, because, for instance, offering a workers compensation insurance policy will protect the employer against former employees suing, let’s say. However, you must make sure that you select carefully the policy provider.

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