March Insurance Group LLC
208.287.3087


The March Insurance Group LLC, located in Eagle Idaho, provides Commercial Liability Insurance, Professional Liability Insurance, Workers Compensation, Commercial Auto coverage, Bonds, and Employee Benefits. Whether you are a retailer, a contractor, wholesaler, restaurant owner, or a building owner, the March Insurance Group has the right insurance policy for your business. We'll help you select a program with coverage that make it just right for your business.



BUSINESS INSURANCE FREQUENTLY ASKED QUESTIONS:

Property: The property used in your business such as the structure you do business in or the vehicles used in your business need to be protected. Property and Casualty policies protect property.

Liability: No one is perfect, your business may make a mistake and, especially if your business is open to the public, there is always the chance your business will be held liable for an injury or error. Liability policies protect against being held liable for an error or injury.

People: At the heart of every business are its people. You and your officers, managers and employees are the company's greatest assets and must be protected. People are protected by workers compensation policies, group health and life insurance policies.

Income: Without income the business does not survive. In the event of a catastrophe, a business interruption policy can provide income or allow your business to be set up in a temporary location to earn income.


I'm just getting my business started. Do I need insurance right away?

Yes, because the chance that you could suffer a loss begins with the first day of business. You can't get help after the fact. If you suffer a loss and have no insurance or have improper or insufficient coverage, there is very little, if anything, your March Insurance Group consultant can do to help you. You must be prepared for the risks that are inherent in any business and the losses, sometimes catastrophic, that they can cause.

Also, many states and local jurisdictions require that businesses be insured to begin operating especially workers compensation insurance. And if you rent space for your business, your landlord probably requires that you be adequately insured as well.

I don't have any major business assets. Why do I need insurance?

Every business has some property. And, when you think about it, your business is your property. Just like your home and your car, your business needs to be protected from loss, damage and liability. In addition, your business is your source of income, so you need protection from the potential loss of that income.

Generally, there are two types of insurance-property and liability. Property insurance covers damage to or loss of the policyholder's property. And if somebody sued for damages caused by you or your possessions (other than a vehicle covered by your auto insurance policy), the cost of the suit-both defending it and settling it, if necessary-would be covered by your liability insurance.

Is insurance coverage different for different businesses?

It can be. Many small businesses are now insured under package policies that cover the major property and liability exposures as well as loss of income. A common package policy used by many small businesses is called the Business Owners Policy (BOP).

Generally, these package policies provide the small business owner more complete coverage at a lower price than separate policies for each type of insurance needed. Your March Insurance Group consultant can help you decide which policy or policies are right for your business. Additional coverage for property, liability or perils or conditions otherwise excluded (e.g., flood protection) can be purchased as endorsements to a standard policy or as a separate, second policy.

What types of property insurance should I consider buying?

The best thing to do is to take a complete inventory of all your business property, determine all of its value and decide if each is worth insuring. Then check to see that the items on the inventory list are included in the basic business property policy and covered for the correct amount. If not, ask your March Insurance Group consultant about the cost of purchasing additional coverage to meet your needs.

You also need to consider your business situation. Are you planning a major expansion? Does your inventory have a decidedly peak season (like a toy store in December)? Or does it fluctuate throughout the year (like a clothing store)? Is your liability limit high enough in light of the new job contract you just signed? Business policies are designed to be added to or subtracted from to meet your needs. Be sure to discuss changes to your business with your March Insurance Group consultant so that he or she can be sure your policy still provides adequate coverage.

What types of property do I need to insure?

Your business may not possess all the following types of property, but you can use this list to make sure that you have considered all the property categories and any insurance coverage that may be warranted:

  • Buildings and other structures (owned or leased)
  • Furniture, equipment and supplies
  • Inventory
  • Money and securities
  • Records of accounts receivable
  • Improvements and betterments you made to the premises
  • Machinery
  • Boilers
  • Data processing equipment and media (including computers)
  • Valuable papers, books and documents
  • Mobile property such as automobiles, trucks and construction equipment
  • Satellite dishes
  • Signs, fences, and other outdoor property not attached to a building
  • Intangible property (good will, trademarks, etc.)
  • Leased equipment

Everybody seems to be suing everybody else these days. What if someone sues my business?

No business can afford to be unprepared for a lawsuit. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to paying damages but also to the attorneys' fees and other costs involved in defending against the lawsuit-whether valid or not.

The standard business owners policy provides liability coverage, as does a separate policy known as a commercial general liability (CGL) insurance policy. Generally, commercial liability insurance, whether purchased in a separate policy or as part of a standard business owners policy, will cover bodily injury, property damage, personal injury or advertising injury. The medical expenses of a person or persons (other than employees) injured at the business or as a direct result of the operations of the business are also covered (up to a certain limit).

Usually excluded from both types of liability insurance policies are suits by customers against a business for nonperformance of a contract and by employees charging wrongful termination or racial or gender discrimination or harassment.

What is business income coverage?

Business income insurance may reimburse you for ongoing expenses such as utility bills while your business is closed due to a property loss. This coverage also provides your loss of net income that you would have earned if a covered cause of property loss had not occurred. This coverage may also cover losses due to down time or extra expenses needed to restore operations (such as additional property rental expense)

Will I need to protect my employees in the event they are injured on the job?

Yes, and in most states there are legal requirements that must be met, and for which you may be responsible. State laws vary, but most states require that you carry some form of workers compensation insurance. This protects the employee and also offers you, the business owner, and some immunity from lawsuit by an injured employee.

I keep one auto strictly for business. Do I need a separate policy?

Yes. Whether you have one vehicle or several, you will need a business automobile policy. Such a policy covers any motor vehicle used in your business including cars, vans, trucks and trailers pulled by trucks, and offers coverage if they are damaged or stolen. It also covers liability if the business vehicle is in an accident and the driver is at fault. This policy is not for truckers or commercial garages. They have special liabilities and must secure special policies that deal with their different needs. Businesses that have a fleet of vehicles will of course have different needs than a business with one or two, and their policies will reflect these differences.

What is fire legal coverage?


Fire legal coverage provides coverage for you if you rent a business space and are held responsible for fire damages to that rented space. It does not apply to all business risks.

What is coinsurance all about?

Most business policies include a "coinsurance" clause stipulating what percentage of the total value of your property must be insured to be fully reimbursed for a loss, even a partial one. (Most losses are partial.) If you insure for less than that amount, your insurance company may impose a "coinsurance penalty" on your claim.

Here's how coinsurance works:

Let's say you have a building insured that you believe would cost $100,000 to replace and a coinsurance penalty in your policy of 80 percent. You insure the building for $80,000, thinking you have fulfilled the coinsurance clause. A fire loss causes $60,000 worth of damage, so you submit a claim. Your insurance company subsequently determines that the replacement cost of the building is actually $150,000. To determine how much to pay on the claim, the insurer divides the amount of insurance you purchased ($80,000) by the amount you should have purchased (80% of $150,000 or $120,000). The result (two-thirds of $60,000 is $40,000) is the amount of your claim the insurer will pay.

Thus, even for a partial loss within the monetary limits of your policy, you will receive only two-thirds of the amount claimed. If the building had been insured for at least $120,000, the insurer would have reimbursed you for the full amount of the loss.

Can I do anything to lower my insurance premiums?

Remember that all insurance premiums are based on the risks involved. The insurance company evaluates the situation to determine the risks-or potential for losses-and bases its rates on the results. Therefore, deliberate steps you take to lower your risks not only can help safeguard your business but also may make you eligible for lower insurance rates. Consider these steps:

  • Maintain adequate lighting throughout your business premises.
  • Keep electrical wiring, stairways, carpeting, flooring, elevators, and escalators in good repair.
  • Install a sprinkler system, smoke and fire alarms, and adequate security devices.
  • Keep only a small amount of cash in the cash register.
  • Keep good records of inventory, accounts receivable, equipment purchases and the like. Consider keeping a second set of records off-site, such as with your accountant, with us, or at home.
  • Make sure your employees have good driving records.
  • Make sure your employees know how to lift properly and use all necessary safety equipment, such as goggles, gloves and respirators.
  • Consider using the services of a risk manager. Such an outside consultant can advise you of any safety or environmental regulations you may have overlooked or not been aware of and talk to your employees about safety practices.
  • You may also wish to raise your deductible where appropriate to lower your insurance premiums. How high to raise the deductible should be governed by how much you can afford to pay out of pocket. Be careful not to raise it so high that you cannot cover it should a loss occur.
  • Finally, make sure your March Insurance Group consultant is familiar with your business and the risks inherent in it. He or she should be able to advise you on risk management techniques and their benefits to both you and the insurer.
Why do I need certificates of insurance from sub-contractors?

An audit may require you to show proof that sub-contractors had their own insurance coverage. The sub-contractors' certificates of insurance will prevent you from being charged for their exposure.

March Insurance Group LLC
Iron Eagle Financial Center
208.287.3087 Telephone
208.297.5727 Facsimile
1036 E Iron Eagle Dr #120
Eagle Idaho 83616


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