Business Insurance and the COVID-19 Coronavirus Pandemic

Layr is closely following the effect of the coronavirus disease (COVID-19) on small businesses across the nation. We know many of our customers and small business owners have questions about how their business liability insurance might respond as they are impacted by this public health emergency. Additionally, we’ve published a crisis communication guide for business…

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What is a Wholesale Insurance Broker?

An insurance broker is an intermediary between the insured and the insurance companies, or carriers, providing the insurance. But what distinguishes a retail broker from a wholesale broker? Additionally, what are the advantages and disadvantages involved in using a wholesale broker? Below, we will answer these questions to help you understand the role of a…

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Is Business Insurance Tax-Deductible?

If you own a for-profit business, ordinary and necessary business expenses can be deducted from your taxes, including the cost of insurance. In this context, an ‘ordinary business expense’ is one that is common within your industry. A necessary business expense, as defined by the IRS, is both “helpful and appropriate” for running the business.

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The Difference Between Admitted and Non-Admitted Business Insurance

If you’re at all familiar with the process of shopping for insurance for your business, it’s likely you’ve seen the terms “non-admitted” and “admitted” relative to how insurance carriers are classified. For the purposes of this blog post, the terms admitted and non-admitted refer to how a particular insurance company is regulated by individual state…

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UnBrokerage Is Officially Becoming Layr

It’s been a little more than a year since we launched the initial version of a digital commercial insurance platform for modern business owners. It is filled with valuable industry firsts including real-time pricing, a monthly credit card payment option, an “always up-to-date” proof of insurance generator, and a smart claim wizard. The need for…

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Is the Insurance Industry Dying a Slow Death?

Insurance is one of the oldest industries in existence and accounts for roughly $1 of every $4 spent in the United States. Despite its dominance, stability, and longevity, as an industry, young people increasingly write it off as a potential career path. We believe insurtech can help reverse this trend and change the way young…

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The Difference Between Cyber Liability and Technology Errors and Omissions Insurance

Our customers frequently ask us What’s the difference between Cyber Liability and Technology Errors and Omissions Insurance? This article answers that question and takes it a step further; we’ll explain the differences between the two policies and why it benefits your small business to combine them. In the past, we’ve written several times about each of…

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Making Sense of Cyber Liability Insurance

If you own or operate a business, you are likely aware of the laundry list of digital risks and threats your business faces every day. Increasingly, it seems as if every couple of months, a large, mainstream company shares news of a data breach or security leak. As a business owner, you’ve probably spent time…

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