Common Business Insurance Myths and Why You Shouldn’t Fall for Them

Often times, business owners have to consider ways to cut costs, but if you’re thinking about foregoing certain forms of business insurance think again. There are many myths floating around about business insurance that owners fall for everyday, increasing their overall risks tremendously.

So what are the business insurance myths you should be aware of and avoid? Let’s take a look at some of the most common myths running the rumor mill.

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My Business is Too Small to Need Insurance – If you don’t have a business insurance policy and face an accident, injury, or even a loss of life directly related to your business’ operations, you will most likely “bear the brunt” and be responsible for any associated costs. For a small business owner, this could mean losing your business and having to pay from personal funds. Just because your business is small doesn’t mean it’s at risk.

Workers’ Compensation Isn’t Necessary if You’re the Only EmployeeSome states, including New York, require all businesses to carry workers’ compensation even if an owner is the sole proprietor. In other states, workers’ compensation requirements will depend on the number of people you employ, the type of work your business does, and a worker’s classification (temporary vs. full or part-time).

We’ll Never be Sued Any business and any person can be sued, no matter the size of your business or how well it is or isn’t doing from a financial standpoint. Additionally, simply shutting down your business and ceasing operations won’t protect you from a lawsuit. “In a worst-case scenario, you could be required to cover settlements or judgments from your personal assets.”

Our Business is a Safe Business – And just because your business doesn’t pose a risk of exposing employees to hazardous materials or an infectious disease doesn’t mean you don’t need insurance. Even if your line of business isn’t considered “risky” you do need insurance in the event of a random accident in which an employee is injured or one in which your organization is held liable for damages.

Do you need to update your business insurance or adjust coverages? Contact Lamb Financial Group. We are an insurance broker offering insurance options for a range of businesses such as human and social services organizations. Visit our website for more information or to request a quote.

Risks Associated with Bring-Your-Own-Device Policies

risks associated with bring your own device policies

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These days it’s not uncommon for employees to bring in their own laptops, iPads, and other devices to use for work purposes. However, a recent article published by the Society for Human Resource Management raised some interesting points employers should consider in relation to the risks associated with “bring-your-own-device,” or BYOD, policy.

The article notes that many employers with such a policy in place often state in writing that employees’ privacy will be respected, but that’s an “assurance it can’t keep in the event employer believes a workplace search is warranted” because of the risks associated with a BYOD policy – a valid point to consider as over half of companies in the U.S. allow employees to connect their devices to a corporate network.

So what risks does your business face if you have a BYOD policy in place? Below are some of the top concerns.

  • The possibility of a virus entering your network because an employee downloaded a virus-ridden game or app to their device and then connected it to your network.
  • Confidential reports accidentally being backed up onto a public cloud storage system, which presents an unknown level of exposure, according to Michael Suby, vice president of research for Stratecast.


In order to be sure that you are able to protect your business while still allowing employees to use their own devices, there are several strategies you can put into place. For example, your BYOD policy should clearly communicate that you can review any information contained on an employee’s device that they use for work, as well as “the right to search generally only if there is reasonable suspicion of illegal activity… [or] in the absence of reasonable suspicion of illegal activity such as theft or drugs.”

Additionally, take steps to keep your network secure when accessed from a remote device that an employee uses for work. Passwords that are created specifically for logging onto the company network that are extremely difficult to decode is just one option for helping protect your system from being attacked because an employee’s personal device was compromised.

And of course, it also helps to have forms of insurance like cyber liability in place. Contact Lamb Financial Group today to learn more about options for businesses like yours.

Casualty Insurance: What it is and Why Your Organization Needs It

Selecting insurance policies for your business or nonprofit should be done with great care so that you, your employees, and your organization’s assets are properly covered and prepared for anything. One type of insurance you won’t want to leave out is casualty insurance.

casualty insurance

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Casualty insurance offers coverage for a broad range of categories, usually for incidents dealing with a business or organization’s loss of property, as well as damage and other liabilities. Generally speaking, casualty insurance covers losses that are directly related to accidents, including “liabilities that come from carelessness and unexpected incidents.” For example, workers’ compensation policies fall under casualty insurance, as they protect a business from liabilities that could result from an employee’s work-related injury.

It is important to note that the parameters of casualty insurance do differ from state to state. In some states, casualty insurance can provide coverage from an earthquake, and in others, those damages may not be covered. In others, legal fees may or may not fall under the coverage that casualty insurance provides.

Aside from your state’s regulations regarding casualty insurance, the most important thing to understand is that it is a necessity for any business or organization. As one insurance expert put it, “Casualty insurance is essential due to the fact that it insures loss possibly not covered simply by different policies.” More plainly put, casualty insurance is just one part of the equation when it comes to protecting yourself, your employees, and your organization.

Are you looking to update or purchase casualty insurance or other forms of insurance for your business or social or human services organization? Lamb Financial Group has a huge selection of products in our property and casualty insurance offerings. Visit our website to learn more about our options and how we can help, or feel free to contact us at 1-866-481-5262. You may also request a quote using the form on our website.