Business Insurance and Protection – (2018)
Business Insurance and Protection –
(What is Intellectual Property Coverage?)
Intellectual property, unlike the real term of property,
means something different than a traditional business policy.
This additional addon of coverage to an e-commerce type policy,
only strengths the creative base of the business in operation.
This operation of an online business and marketplace outreach,
is the reason for the birth of another form of protection.
This other form of protection that can be used for an e-commerce business is,
labeled in the insurance vocabulary,
and policy language, as intellectual property insurance.
Business Insurance Protection
This type of insurance protection will help with
an intangible property that your business uses for operation.
Intangible meaning, anything that you cannot physically touch.
This term increased and expanded,
as the operations of businesses, started to take a new form.
Business Integration
This new form involved a new combination
of many different systems and channels,
that were not yet available until advances
in technology were made and adopted mainstream.
Successful Business Integration
However, the integration of these systems, have helped to shape a
new way of doing business for both,
online consumer and online merchant.
In addition, these integrated systems,
also, serve to ease the process between employee and employer.
With the advent of so many new
ways of incorporation communication into technology,
the channel should be readily
available and flexible to use in the process.
End User Occupation and Application
This is truly the question of all questions?
How do online users respond to your website and other online material?
This scenario is important to understand. This can be accomplished
through the study and research, to find out why.
This is because in doing so, it can provide ways to streamline
the flow and productivity of employer and employee.
Share Experience – User and Inside User
In discussing the needs of the online user and inside user, the online user,
engaging with your business is priority one.
This is because to grow and survive in the new everchanging buying and selling landscape,
you need to learn and understand, the why part.
The why part, will help find an appropriate resolution for the case scenario.
It can help to reveal other buried issues.
Business Insurance Protection – Business Release
This business release includes an illustration of a case example
for those businesses needing more information on this subject.
Or, it can provide a new business perspective for a
business entering a new profession or industry.
Through this process of business release, the mind can now venture into
other areas of business development and growth to expand other stages.
This occurs because having an open-minded approach to marketing
and business development has been initiated,
and implemented into a workable and actionable plan.
Open Minded Business Campaign
This process occurs by making sound business choices,
and approaches to all phases of the marketing campaign.
Usually, the points connecting each business
and marketing tactic, keep the online user in mind.
This is because, in order to view the success rate of an
online lead conversion is to follow its behavior and patterns.
By following the online user’s path of origin, you can create
software or online programming that will keep the end user in mind.
This produces a favorable response rate, since the
end user has been factored into this online business equation.
Priority One – End User
The online user, or end user of your online business,
is what should be prioritized into this equation.
The progression of your online business
will record the success rate of the user to call to action.
Meaning, how many times, with other influential factors,
the actual conversion rate of the end user, whether it be from a direct phone call to
the business, or an online form submitted to lead inbox.
This is because, the online user, will be the one clicking on your
call to action box or contact
the phone number listed on your business website.
Business Elements – (Business Insurance Protection)
It is the business elements or components of a company structure,
that have seen a shift in production and operation.
This is because new insurance technology has been
built into the business transaction process.
It has shaped, and altered many ways of doing business,
starting with the initial contact with a client.
These steps in business progression, have also required other
insurance type coverages, to be available or be created if not already available.
Therefore, this subject material needs to be addressed with further attention,
since it is an area that you will want to
provide additional protection for your business and investment.
Insurance Technology and Intangibles
Technology has advanced in almost every field and industry,
so regardless if your business operations involve the selling of insurance,
or trucks, technology has been an important factor in this progression.
There are many types of technology development, incorporation, and implementation.
They exist in part, to revolutionize the way that businesses
do business, meaning, find new ways for old methods.
Through this advanced progression, the transaction process
of the buy-sell of insurance has been forever altered.
Insurance Operation
The insurance operation, for example, has been
streamlined to incorporate a smoother business transaction.
This includes both the users from within
the company or organization, to the end, the online user.
These intangibles, that have been incorporated into the operations,
have increased productivity, while minimizing exposure and risk.
Intangible Applications of Insurance Technology
For example, some of these intangible applications are:
• Software
• Data
• Gaming operations
• Internet defense
• CMS Management
Advanced Business Insurance Protection
This intangible property is what you need protection from in
the event you face a legal suit for the right.
Yes, this insurance coverage will help cover you against any legal action
that may ensue due to a violation of intellectual infringement.
So, your legal defense would be provided under this section of coverage,
which can be found under the terms and
conditions of this specific endorsement request.
Business Insurance Protection – Policy Comprehensive Review
It is always advisable to contact your commercial insurance brokerage
who initially set your business insurance policy.
Your initial insurance agent or broker can walk you through the policy cycle,
and look at all your growth options and potential growth options.
Both allow for a comprehensive overview,
for current and future insurance protection.
Comprehensive Coverage
Usually, a comprehensive policy review, on any level,
commercial versus personal lines can find gaps of missing coverage or limitations.
In addition, these observations are also responsible for premium savings.
This is because, certain discounts or merging of coverages or deleting of
coverages can reshape the entire policy.
Through this policy transformation, savings can be found and applied,
or areas of weakness can be identified and resolved.
General Insurance Tip
As with any business insurance or general insurance policy,
make sure to review your actual policy guidelines for exclusions.
This is because there are some exclusions
that exist for goods shipped worldwide.
Policy Overview
So, as with most things, make sure to review the following:
• Policy guidelines
• Underwriting guidelines
• Policy Exclusions
• Policy endorsements
• Loss and claims
• Policy definitions
• Policy language and application
• Policy product coverage options
• Local versus worldwide transportation shipment
• Logistics and operation of the business delivery
• Business protocols
• Policy conditions
• Policy terms
• Policy procedures
• Agent and agency protocol
• Policy development
E-Commerce Liability Protection
For obvious reasons, liability insurance and protection, are a must,
for any business or operation.
However, the first order of business is to set the right policy limits.
This will help you get the most out of your policy protection.
A good place to begin with your protection
plan is to analyze the risk factors and worth of our business.
For example, let’s say you own a small insurance agency.
It is worth approximately several million dollars.
The worth of this several million would be the
business worth factor in evaluating this equation.
So, the liability limits of 1 to 2 million dollars, according to the above example,
may be adequate protection for your business.
Bigger Business, More Coverage?
Yes, you guessed it, if you had a larger e-commerce business, for example,
the limits of liability coverage would be different.
This is because of the larger the risk or business operation,
the larger or greater the possibility of a loss or claim.
So, if a business is larger in production and operation,
it will require more limits of liability coverage.
There are many reasons for the increase in policy limits of liability.
More Protection?
Once could be the increasing need for employees due to the larger capacity of the operation.
So, more workers mean more possible exposure to liability risks.
This is where the increased coverage would come into play.
However, not all operations required the same physical hands of help,
since technology, has been responsible for
condensing many menial insurance labor tasks.
Lower Insurance Premium – E-Commerce
There are ways to reduce your insurance premium, for most insurance type policies.
One way to reduce outside expense on
insurance premiums is by raising the deductibles on the policy.
For example, even if you were to raise your deductible to ten thousand dollars,
could make a definite difference in the amount of premium you pay.
This is how many new businesses,
or companies in general, learn to save money on their insurance.
As your business grows, and more money is consistently flowing into
the operation, then you can always decrease your deductibles.
Policy Review
The best course to find ways to reduce your policy premium,
is through annual policy term renewals or reviews.
If you had a business policy for a few years now, and continue to see
an increase in your e-commerce policy, do some homework.
This is when it’s crucial to review all your
policy information, including coverage and policy limits.
Professional Insurance Help
If, for some reason, you feel unsure about the risks effecting
your liability business insurance policy, ask for help.
This help can come from an insurance professional, who can walk
you down the process of applying the right coverage plans to your business.
Just make sure to find an experienced insurance advisor or consultant,
that has experience in your specific
industry niche, for example, commercial trucking insurance.
After this initial background is scoped out, reviewed, and adjusted
to the business operation, make sure to conduct a policy review each policy term.
Some policy terms can range from 6 months to 1 year.
There are other policy date ranges and terms, but the most common
terms and conditions, on these type of policies, is the above mention.
Business Legal Responsibilities
If you need further help, outside of just an insurance professional
or advisor, you may see out the advice of an attorney.
An attorney can assist you in finding the
right insurance package for your business type and operation.
For example, finding the following:
• Legal responsibilities
• Patent law
• ADA
Insurance Understanding of Business Operations
As always, insurance agents and brokers can help familiarize you
with the business liability surrounding the e-commerce portion of the policy and application.
They can also advise and assist you with
finding an insurance policy or endorsement, to cover all your risks.
This is an important note to consider since
insurance serves to protect against risks and exposure.
The last task on your mission is, to find a reputable insurance company or provider.
This insurance provider should have a good understanding of your specific industry.
As an example, if your insurance agency is selling primarily,
commercial auto insurance, then it makes more sense to
covert this protection over to someone in that profession.
E-Commerce Growth Facts
Since the e-commerce industry and business are relatively new to the
online business marketplace, a closer examination is needed.
For example, growth factors have altered according to the leading online business journals.
These growth developments have considered,
not just today’s numbers, but rather, a forecasted business state.
In this projected growth development and rate,
informational and industry facts come to light.
Facts and Growth Stats
Some of these e-commerce sales are expected
or projected to grow over the existing five years by 10 percent.
The number of online e-commerce spending could total to a whopping 370 billion dollars.
This total number was calculated for the year of 2017.
Out of these total number of retail sales, an estimated 10 percent will be conducted online.
In Western Europe, online business sales will total an amount greater than 247 billion dollars by 2017.
Also, Western Europe has experienced a
14 percent increase in online spending between 2012-2013.
E-commerce Market Strength
So, as you can see, this trend of growth and
expansion in the e-commerce market has no end in sight.
With this growth and expansion, also comes
the next level of communication and change.
This comes from much debate regarding policy
coverage for e-commerce risks and insurance risks.
The liability programs of many corporate insureds
do not include all the insurance information and programs.
This causes policy and coverage misunderstandings
regarding this new industry and protection.
