Thank you to Candy Messer from Affordable Bookkeeping and Payroll Services for interviewing me on the topic of “The Different Types of Insurance To Protect Your Business” Some of the key items we discussed are:
- Tailoring Insurance Coverage for each unique business
- Commercial General Liability Insurance
- Workers Compensation Insurance
- Errors & Omissions (Professional Liability) Insurance
- Do home based businesses need a business insurance policy?
- Is business insurance required by law?
- Insurance for contractual requirements and lease agreements
- Employment Practices Liability Insurance
- The difference between Commercial General Liability and Errors & Omissions Insurance
- Cyber Liability / Data Breach Insurance
- How much does business insurance cost?
- Ways you can keep your insurance costs down
- Negotiating premiums with Carrier underwriters
Check out our interview together here:
Thanks for watching
Accountants, CPA’s, Bookkeepers, Tax Preparers, and other financial services professionals work with a lot of sensitive, personal financial information which can expose them to high levels of risk. And that’s in addition to the every day risks they face – like damage to their place of business or business-related records, etc.
The Hartford is a great insurance carrier for Accountants, CPA’s & Bookkeepers and other financial professionals. They offer a product which bundles General Liability, Professional Liability (Errors & Omissions), Data Breach, Property, and Business Income into a single package policy at a really reasonable price.
Whether you’re a sole practitioner, or partner at a large accounting firm, you should consider The Hartford for your business insurance if you don’t have a policy with them already.
Contact me if you would like to see what The Hartford can offer. I am an appointed broker who can help you out with a quote for this.
Most lines of insurance cycle between soft and hard markets over a number of years, which has a direct impact on the price of insurance. The commercial auto insurance market is currently hardening after many years of a soft market, which has resulted in higher prices for both commercial and personal auto policies.
Between 2011 and 2016, competition between auto insurance carriers created a soft, buyer-friendly market. Since then, however, the high cost of claims and increasing costs of vehicle repairs have contributed to a noticeable transition in the market.
Contact me today. I can provide you with resources to help you understand and save on commercial auto insurance, including this prior post, “California Commercial Auto Insurance – Losses & Costs Rising.”
Business insurance coverage for a commercial operation can include the following and more:
General liability insurance: Covers third party liability claims for injuries to other people.
Professional liability and malpractice insurance: aka Errors & Omissions Insurance (E&O). E&O covers professionals against loss due to negligent professional duty, wrongful acts, and advice and services that lead to another person’s loss or injury.
Product liability insurance: Covers against faulty products and damage, illness, injury or death that may occur from using a faulty product.
Property insurance: Covers loss and damage to your commercial business property due to fires, theft, storms and other causes.
Commercial vehicle insurance: Covers commercial vehicles and drivers for collision, liability, property damage, personal injury and “comprehensive” (now known as “other than collision”).
Workers compensation: Covers your employees if they become ill or injured while working on the job.
Loss of income: Also referred to as Business Income, this covers your business expenses such as rent and employee wages if you can’t operate your business.
Key person insurance: Covers loss of income that may result from the head of the business or other key personnel becoming incapacitated or passing away (also known as key man insurance).
Cyber-crime insurance: Provides protection for risks due to Internet use and online communications.
Each and every business is unique. A food products manufacturer or distributor doesn’t have the same risk exposures as a software developer. As an everyday Joe, you’re expected to know if you need these coverage’s or not for your business. If your head is spinning or you’re feeling overwhelmed, this is why you work with an insurance agent or broker.
Let’s face it, most people really don’t like insurance, they don’t care to read their policies, and they just wish someone else would take care of it for them. I like insurance (don’t judge me), I read policy forms all day long for my clients, and people call me to handle all their business insurance needs so they don’t have to. Pick up the phone and call me today or email me if you have questions about these overage’s and whether your business needs them or not.
Yes, you read that title correctly. A Los Angeles man is suing Krispy Kreme doughnuts claiming they misled the public by naming its doughnuts in a way that led people to believe they contained vitamin-rich fruits, despite them being completely fruit-free.
Read more HERE
If you’re wondering what this has to do with anything, my point is that there are nut jobs all over the world like this who are sue happy and looking for a little extra money, even through a settlement. It’s imperative as a business that you carry commercial general liability insurance with product liability included. By carrying a policy for this, you have defense coverage under the policy to protect your business from even the frivolous claims.
Even though a judge could potentially throw this case out the window, there’s going to be legal fees that need to be paid no matter what. And the headache of dealing with this. Leave it to a commercial general liability policy to handle this for you so you can focus on the important things in running a business. Don’t think that only happens to the big guys like Krispy Kreme either. This can happen to ANY business, especially in litigious Southern California.
Two former FBI agents from Travelers Insurance Investigative Services hack into a typical business website and download sensitive data in a matter of minutes to demonstrate how quickly a cyber attack can happen:
Research shows that cyber criminals and hackers are attacking smaller “Main Street” companies who are often less prepared to prevent and respond to an attack.
Cyber insurance can protect companies before an event takes place by helping supply them with risk management tools and advice and access to other professionals in the data security community that can help with their information security.
Check out the full story: http://travl.rs/1WvPHQq
Have questions about cyber insurance? Interested in learning more about the various coverage’s included within a cyber insurance policy? Want to see what it would cost you to pick up cyber insurance for your business? Contact your insurance broker or me today to talk more.
Yesterday, A 96-foot-tall Christmas tree went up in flames outside the Westin South Coast Plaza hotel in Costa Mesa. The tree was reportedly a $120,000 Evergreen. Fire investigators don’t know how it started.The flames sent up a large plume of black smoke that could be seen from I-405 Monday morning. Here are a couple videos of the Christmas tree fire:
Here was the tree during the real lighting ceremony a few weeks ago:
Essentially, you can say there were two tree lighting ceremonies this year.
Whoops, sorry, kid!
Last night, just after 10pm, a driver suspected of DUI crashed into a client’s business. This is a physical therapy office. Video from the scene showed a black SUV completely inside the building after crashing through the building’s exterior wall (see attached pic). Luckily nobody was hurt and we have the insurance carrier handling the claim now. Property loss and Business Income/Interruption coverage in effect until business is up and running again. On the bright side, this all happened during off hours.
Have a business and want to get insurance coverage with Liberty Mutual Insurance? As an independent commercial insurance broker, I have appointments with numerous insurance carriers in both the standard and surplus lines insurance market. One of our primary carriers is Liberty Mutual Insurance Company.
From commercial property to specialty risk to workers compensation, Liberty Mutual Insurance provides products and services to solve your ever-changing business needs.
Here’s a sample of what Liberty Mutual is writing in California:
- Appliances & Accessories-Install, Servicing or Repair- Commercial
- Beverage Stores – Liquor and Wine
- Car Washes – Other Than Self Service
- Carpentry – Interior
- Coffee or Espresso House – no cooking
- Communication Equipment Installation – Industrial Or Commercial
- Concrete Construction
- Convenience Stores w/o Gas (limited grocery – no fresh meats)
- Delicatessens – no frying on premises
- Distributors – Food Or Drink
- Distributors – No Food Or Drink
- Electrical Work – Within Buildings
- Floor Covering Installation – Not Ceramic Tile Or Stone
- Glass Dealers And Glaziers
- Ice Cream or Yogurt Stores
- Janitorial Services
- Landscape Gardening
- Meat, Fish, Poultry Or Seafood – Distributors
- Medical Offices
- Office Buildings
- Optometrists Office
- Plastic Or Rubber Goods Mfg. – Other Than Household NOC
- Plumbing – Commercial And Industrial
- Real Estate Property Managed
- Tile/Stone/Marble/Mosaic/Terrazzo Work-Interior Construction
Contact me today about insuring your California business with Liberty Mutual Insurance Company.