I hope you’ll catch my radio interview hosted by Candy Messer of Affordable Bookkeeping & Payroll. We discuss all things Business Insurance and Risk Management. From General Liability for a home based business to Cyber Liability and Employment Practices Liability for small to middle market companies. You can catch our interview HERE. Also, link included below.
Topics include: General Liability Insurance, Errors & Omissions Insurance, Cyber Liability Insurance, Businssowners Insurance policies, Employment Practices Liability, Workers Compensation, Risk Management.
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.
As seen in this Youtube video, “in a Russian liquor warehouse, a forklift driver hits the gas in reverse and plows into a warehouse rack filled with liquor, causing a domino effect that brings down half the warehouse. There was over a hundred thousand dollars in damage. The driver survived. No report if he is still employed.”
All joking aside, an accident like this can have a vast impact on your business operations such as Property Damage with the destroyed product. Think about the extensive clean up and reorganization; the suspense of business operations/ business income/interruption exposure. Also, from a Workers Compensation and Employee Disability standpoint, there are injured employees which means lost time, recovery, employee shortage, and training costs for other employees to fill the void. This can have a devastating impact on your bottom line.
Here are some Safety Tips For Forklift Drivers:
- Each day, check that the forklift is ready for the day’s work and perform any necessary maintenance before operating.
- Report any malfunction or poor performance to your supervisor immediately.
- Use reverse when going down inclines and go forward up inclines.
- Do not travel with the load elevated, and keep the load stable and as close to the floor as possible.
- Avoid raising or lowering a load while the forklift is moving.
- Always keep the load tilted back towards the carriage while raising and lowering.
- Make sure the load is balanced and is within the capacity of the truck.
- Never use the forks as a personnel elevator unless properly equipped.
- Always make sure your driving path is clear.
- Slow down for corners, blind spots and doorways.
- Drive defensively by always being aware of your surroundings and watching for the unexpected.
- Be aware of ground conditions and always take the smoothest possible path.
- Never try to turn on an incline.
- Cross tracks diagonally and slow down for uneven surfaces.
- Keeps legs, arms, feet, hands and head inside the forklift.
- Be aware of others around the job site, in case they do not see you.
- Always give those on foot the right of way.
- Stay out from under forks and loads.
- Never show off or use the machine for anything other than your specified job tasks.
- Never give anyone a ride or allow anyone who is untrained to operate the forklift.
Finally, here’s a Sample Performance Test for Forklift Operators for reference to monitor your employee forklift drivers.
Minimize, monitor, and control the probability and/or impact of unfortunate events before they happen. That’s what Risk Management is all about.
As 2013 comes winding down to a close, I’ve been thinking long and hard of new ways and ideas to market myself as a reputable business insurance agent/broker. How about a sign waving mannequin in front of the agency?
This commands respect! I’m sure the neighbors in Torrance and Palos Verdes would love seeing this on their sidewalks. And business owners will be lining up to talk about their insurance needs.
Back to the drawing board…
Small Business Saturday is a nationally recognized day celebrated on November 30th when millions of consumers spend billions of dollars at independent neighborhood shops and restaurants. In anticipation of the upcoming holiday season, find out what every Main Street business owner needs to know and do to stay safe, grounded and be ready for the busy holiday season provided by Travelers Insurance Company.
Here are some nice resources provided by Travelers Insurance Company touching on the following risk management topics. Be sure to click on the links for each of these topics to learn more:
You can contact me for additional information or if I can help you in developing risk management plans for your business.
I spent some time this Saturday morning working up some insurance quotes and options for a new men’s clothing retail store opening this Fall in Laguna Beach (CA). We’re looking into property, general liability, and workers’ compensation insurance coverage for the store.
Property exposures are limited, but if a fire should occur, the clothing provides a combustible fire load and is highly susceptible to water and smoke damage. Theft may be a concern if any of the items sold have high value. Appropriate security measures should be in place.
Crime exposures are from Employee Dishonesty and Theft of Money and Securities either from holdup or safe burglary. Employee dishonesty is controlled through inventory monitoring, control of the cash register, disciplined controls and division of duties. Theft prevention requires controls of monies kept in the cash drawers and regular bank drops.
Premises liability is always a concern in a retail exposure where the public comes to the premises. Floor covering must be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Sufficient exits must be provided and be well-marked, with backup systems in case of power failure. Dressing rooms must be well maintained and privacy carefully guarded. Shoplifting procedures must be fully understood and utilized by all employees.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slip and fall. If the business is open after dark, adequate lighting and appropriate security for the area must be present.
Products liability for this type of operation is normally low. Direct importing of clothes and tailoring can add to the exposure.
Workers compensation exposure is from lifting, which can cause back injury, hernia, sprain, and strain. What kind of training do employees receive, and what types of material lifting or conveying devices are used? If tailoring services are offered, injuries due to sewing and cutting injuries are possible.
Minimum recommended coverage:
Business Personal Property, Business Income, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, General Liability, Employee Benefits, Umbrella, Hired and Nonownership Auto, Workers Compensation. Many of these coverage’s can be included within a single Businessowners insurance policy.
Other coverages to consider:
Building, Leasehold Interest, Real Property Legal Liability, Forgery, Computer Fraud, Bailees Customers, Fine Arts, Employment Related Practices, Business Auto Liability and Physical Damage.
Have a retail clothing store and need some guidance on your insurance? You can contact me anytime to discuss. I’d be happy to help you out.
Source: Rough Notes, Inc
The way an insurance policy is rated determines how the policy premium is developed. Rating factors vary based on the line of insurance you are purchasing.
If you are purchasing commercial property insurance, the building rating formula is based on factors including square footage, type of construction, sprinklered or non-sprinklered, the fire protection classification, etc.
If you are purchasing general liability insurance, the rating formula can be based on square footage, payroll, or gross sales depending on the general liability classification codes used. These are known as rating exposures.
Once the rating exposures are identified and the deductibles selected (usually from information you have provided on the application), the premium is calculated by a simple formula: rate x exposure = premium. The deductible amount you choose will be calculated in the rate. The higher the deductible (the amount you choose to self-insure) the lower the rate. By utilizing higher deductibles, you can bring your premium cost down; however, you do not want to jeopardize your company’s financial future by choosing overly large deductibles.
Speak with your broker-agent for the deductible options available to you when purchasing commercial insurance.
The basic rating equation most often utilizes other modification factors, which can include experience modifications, schedule rating, or judgment rating. Because rating formulas can range from simple to complex, depending on the line of insurance, it is important to discuss how your policy is rated and how the policy premium is calculated with your broker-agent.
- It’s more CONVENIENT to call one office…..don’t waste your time calling several brokers to see who handles a service or claims issue.
- It’s LESS EXPENSIVE: think about multi-policy discounts and avoid buying the same coverage twice from separate brokers.
- It’s SIMPLER with combined billing statements
- It provides SECURITY to know your Account Manager has reviewed and coordinated all your policies to avoid “gaps” in your insurance protection.
- Feel COMFORTABLE knowing your insurance agent knows you personally
- It enhances CLAIMS VALUE by charging one deductible or consolidating claims with one adjuster if multiple policies are involved.
Working as a broker, I work with a lot of different carriers on behalf of my clients to place their business insurance. One of the major carriers that I work with is The Hartford, an AM Best A (Excellent) XV ($2B or Greater Financial Size) rated carrier. The Hartford’s a great carrier to work with if you have a small business.
Interested in what they have to offer? Contact me anytime to discuss. Maybe we can find you something competitive backed by great coverage.
Here’s a new video featuring their focus on small businesses insurance.