Straight From The Source Blog by Higginbotham Insurance

Uber, Lyft and other ride-sharing services can make it easy to get a quick car ride or make some extra income, and they’re only becoming more popular. In fact, in the cities where these platforms are available, taxi ridership has declined anywhere from 10 to 30 percent. However, the convenience of ride-sharing isn’t without risks. Most ride-sharing businesses are in the early stages of development, and the popularity, risk management and compliance issues they’re facing are all in uncharted territory.

Business is becoming increasingly global. This can lead to new opportunities, but it can also complicate risk management. If you operate an overseas business, you need to make sure it’s protected with the right insurance.

Extending credit to your clients isn’t just a nice perk, it’s expected in today’s business climate. Credit not only enhances the purchasing power of your customer base, it can also attract prospects that may not have otherwise been able to buy from you.

Your commercial property insurance policy likely includes a deductible. If you file a claim, the deductible is the amount you will have to pay out of pocket before the insurance company pays. While deductibles are seen in many types of insurance, from health to auto, they can work a little differently in commercial property policies.

The road is a dangerous place. And if driving is an essential part of your business, you have special risks that many other businesses don’t. Your whole operation can be at the mercy of poor road conditions, heavy traffic, foul weather and crazy drivers. When you add uninsured drivers, vandalism and a litigious culture into the mix, the risks and potential costs only escalate.

Rebuilding after a catastrophe is always an expensive endeavor. Exactly how expensive, however, depends on current building costs, and that depends on a number of other factors. Although you might not think about construction costs often, if your home or business is destroyed in a natural disaster, the issue could become very relevant.

“Everything’s bigger in Texas,” and that certainly applies to flooding. Texas has some of the largest storms in the world, and flooding occurs regularly, with severe and destructive floods occurring somewhere in the state every year.

Your company doesn’t have to own a vehicle to be held legally and financially responsible for any accidents it’s involved in. If your employees are using a car that they own or that is rented, and they cause property damage or injuries, your company could be sued. This is why you need non-owned and hired auto insurance.

Does sexual harassment occur in your company? Don’t dismiss the idea too quickly. According to the 2018 Hiscox Workplace Harassment Study, one in three workers has experienced harassment. And because harassment often goes unreported – 40 percent of respondents said they hadn’t reported the harassment to either the company or the police – managers may be unaware of just how widespread the problem really is.