We are shopping online, accessing a wide variety of products and premium prices, completing enrollment applications, and purchasing our policies without ever leaving the comfort of our office. As with other industries, the web virtually eliminates the sales hype you would get from sales agents. Shopping online allows you to compare quotes efficiently because you can gather more information than ever before, in minutes. A good place to start is the Insurance Information Institute at www.iii.org. This site does not sell insurance; it merely provides product updates, answers to frequently asked questions, and tips for saving money.

We are becoming dependent on the revenue generated from online business. Studies show that approximately fifty million people use the Internet on a regular basis and the number of browsers is expected to increase 50 percent each year over the next few years. More browsers mean more online business opportunities, but it also means businesses face new liability exposures. The Insurance Information Institute advises Internet Service Providers, Web site content developers and designers and other internet-related companies to seriously evaluate risk exposures and insurance needs. Some insurance companies offer a discount on business interruption insurance if your business has an alternate location where it can operate in the event of a fire or disaster. Buy a package policy rather than separate policies. Package policies provide broader coverage at a lower price (see below).

Americans enjoy the time savings and cost breaks that accompany package deals. This includes Business Insurance. Unum-Provident (www.unum.com) promises to provide services for independent living. They offer Mini-Plan®, a comprehensive group insurance coverage for small groups that includes health insurance, short or long term income protection and life insurance, without many of the limitations of typical small group plans. This product is designed for employers with small numbers of employees (2-9) that have been in business for more than two years. Guardian (www.glic.com) offers many benefit programs that provide the business owner with integrated product choices for income and lifestyle protection.

Businesses are reducing their cost of doing business and outsourcing whenever possible. This eliminates their obligation to provide the expected “benefits” that come with full-time employment. Also the liability risks are transferred to the independent contractor. This trend parallels the increase in home-based businesses and puts the independent contractor in the position to supply her own health, life, disability and liability insurance. (See below) Professional Industry Memberships, the local Chamber of Commerce, or COBRA may currently be a single-person business’ only choice for basic medical insurance, in the state of Washington.

Home-based businesses are on the rise. Progressively more and more of us choose to work out of our homes. The insurance industry is responding to our evolving insurance needs by creating products that cover alternate work environments. Many insurance companies have begun offering endorsements that include property and limited business liability coverage. It may be possible to cover liability for injuries to clients who meet with you at your home. Endorsements are typically only available for businesses that generate $5,000 or less in annual receipts. Another option is an In-Home business Policy. In some cases, the companies that offer these policies require that you purchase your homeowners and auto policies from them. A Business Package Policy (BOP) has been created specifically for small businesses. This policy focuses on core benefits for businesses and is an excellent solution if your home-based business operates in more than one location or manufactures products outside the workplace. A BOP, like the in-home business policy, covers business property and equipment, loss of income and extra expenses, and liability. It combines several kinds of coverage in one package and generally costs less than each policy purchased separately. These coverages are on a much broader scale than the In-Home business policy.

We are receiving sound insurance tips from our Financial Planners. And why not? In her recent Kitsap Business Journal article, Marie E. Buckner, a local CPA, pointed out that our financial planners develop flexible, meaningful, and solid investment plans that incorporate an emergency fund, retirement planning, investments, tax planning, debt management, estate planning, and insurance. These planners provide a detailed map of how to get from point A (determining what we have) to point B (realizing our goals and objectives). They are also familiar with tax-advantaged strategies for start-ups, family businesses, sole proprietorships, and LLCs. This affects our insurance options.

Whether you complete them online, through the mail, or at your agent’s office the information required to get an insurance policy has multiplied exponentially.

Years ago, insurers were primarily interested in your health. Now, they are beginning to scrutinize everything about you, including your driving record and family history. This information is used to place you in a risk class — to determine how likely you are to file a claim. However, with rates so competitive among carriers these days, some insurers are willing to work with people on health issues that are not chronic. The negotiation of a premium or a rider is not unheard of.

One trend that has survived since the birth of insurance is our distaste for paying the premiums. We don’t receive something tangible to take home and put on the shelf. And yet, we have all heard the story of the poor soul who lost his fortune to medical bills. Insurance is a protection mechanism and we have to pay the price. No matter what the trend, until we are well-enough insured, we might as well have no assets at all.