Business Matters


As Thanksgiving approaches, we are grateful for your patronage. Thank you for choosing to do business with Hylant.

You are receiving this e-newsletter because we want to help you stay informed about issues that may affect your business. Use the "forward to a friend" link at the top to share this with a colleague. If you ever have questions or concerns, please contact us: We are here to advise and help you.

Marla Wholf

Many business owners assume that when using a contractor or vendor, any risk or liability for accidents remains with that contractor or vendor. Unfortunately, this may not be true. Business owners may also think that all leases have the same contractual language. This, too, is often incorrect. We encourage you to carefully review all contracts before agreeing to them. Here are some additional recommendations.

Contracts with Contractors and Vendors
Always use formal agreements when working with contractors or vendors. Make sure the contract requires your business to be listed as an additional insured on the contractor's or vendor's insurance. Additional insured status provides your business coverage through the contractor or vendor's policy in the event your business is brought into a lawsuit resulting from the contractor's or vendor's negligence. As proof, ask for a certificate of insurance that lists your business as an additional insured.

The contract also should include hold harmless or mutual indemnification clauses. By doing so, the contractor or vendor agrees to indemnify, defend and hold harmless your business from liability resulting from their employee's or agent's negligence.

Contracts with Landlords
Before signing a lease, review the insurance requirements and negotiate the contract as needed. Also, examine the tenant's (i.e., your) coverage obligations, such as heating, ventilation, air conditioning, door, storefront or glass. Insurance companies are becoming less lenient in extending coverage to property not owned by the insured unless required by written contract. So be certain that the lease states precisely what the tenant is responsible to insure.

Ask your Hylant representative to review agreements with you before you commit to anything.

Amy Shock

It's no secret that business owners in most states must carry workers' compensation insurance if they have employees. If they don't carry it, they can be fined, penalized and even imprisoned.

But as a business owner, did you know that depending on the state in which you do business and how your business is set up as a legal entity, you may or may not be included in workers' comp coverage? If you are covered, the state will typically set a minimum payroll amount that you must claim for yourself, even if you are making less than this amount.

Many small business owners exclude themselves from workers' compensation coverage to help reduce premiums, even though the coverage could help pay for medical costs and lost wages in the event of a workplace injury. Before you voluntarily exclude yourself from this coverage, consider the following:

  • Your personal health insurance coverage may or may not exclude injuries you incur while on the job. Ask before you make any final decisions.
  • If you have a disability policy, make sure it doesn't exclude injuries incurred on the job.
  • If you are permanently disabled from an injury received while on the job, most disability policies will only pay a portion of your lost wages until you turn 67, while workers' compensation may pay for the remainder of your life.

If you have questions about how workers' compensation applies to you as a business owner or how best to insure yourself while on the job, we are here to help you.

Becky Swisher

Thank you to The Hartford for contributing information for this article.

As Internet use continues to increase, so does the level of sophistication used by cyber criminals to steal identities, access accounts, hack networks and infect computers with malicious software (i.e., malware). Because many small business owners believe they are too small to be targeted, they often don't take the steps necessary to protect their systems and the sensitive information they collect or store on customers, patients and employees.

The reality is, cyber criminals know that smaller businesses don't often invest in systems and data security, making them ideal targets:

And remember: when it comes to a data breach, it's not only the cyber criminal who puts businesses at risk. Innocent mistakes made by well-intentioned employees can also result in a breach. A lost laptop, a stolen thumb drive, a missing smartphone or an email sent to the wrong person all spell trouble for a business if these devices/communications stored or provided access to personally identifiable information or protected health information.

How much could a data breach potentially cost your company? Use the NetDiligence® Mini Data Breach Cost Calculator to find out.

As cyber criminals continue to target small businesses, owners and employees need to know how to protect both their customers and themselves. Contact your Hylant representative to learn how we can help.

Katrina Watters

Nobody likes to talk about bills. However, there are facts about insurance billing that you may find helpful to know:

  • The due date on the invoice is your due date. Most carriers do not offer a grace period.
  • Most insurance carriers offer electronic funds transfer.
  • Many insurance carriers make pay as you go available on workers' compensation policies.
  • Online/paperless billing is available from most carriers and is available 24 hours a day.
  • Annual payments can provide a savings. Some insurance carriers provide a premium credit if the premium is paid annually. The insured also saves on the billing notice service charges that are applied to installments.
  • Most carriers charge a late fee, or reinstatement fee, up to $50.
  • Some insurance companies allow an occasional late premium payment with reinstatement of coverage. However, if late payment occurs too many times, the carrier may not reinstate coverage.
  • When considering renewal premiums, underwriters take into account the number of cancellation notices issued to an insured.

If you have a question about insurance payments, do not hesitate to consult with your Hylant representative.

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Toledo, OH 43604

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