Tag Archive | General Liability Insurance

Commercial Building Insurance – 2401 N. Palm Ave.

Congratulations to a client who closed escrow on this fine 8,250 square foot commercial building in Signal Hill on Wednesday. We wrapped up the Property, General Liability, and Commercial Umbrella insurance for the building so it’s time to move in now.

@JimKinmartin

-JK

Insurance For Condo Homeowners Association in Harbor City

Effective 8/9, I finalized insurance for this Condo Homeowners Association in Harbor City. This is an 18-unit, 25,850 total square feet dual building property. Coverage’s include Commercial Property insurance for the structures, General Liability, and Director’s & Officer’s Liability to help protect the association board. The expiring policy didn’t include the D&O. I was able to add this coverage and still save premium dollars compared to the renewal terms the association received from the incumbent broker.

HOA 1-JK

Insurance For Medical Office Towers In Torrance

Just wrapped up the insurance renewals for these two medical office towers in Torrance. 140,000 Square feet

  • Property Insurance
  • General Liability Insurance
  • Umbrella / Excess Liability Insurance
  • Earthquake Insurance
  • Workers’ Compensation Insurance

Medical Office Towers (618x800)

-JK

Travelers Insurance: Insuring Technology Companies

Travelers Insurance Company has joined the ranks of other major carriers such as The Hartford in writing coverage for technology companies. Travelers Global Technology President Ronda Wescott and Chief Underwriting Officer Mike Thoma provide their perspective:

If you have a Life Science or Software and Information Technology Company and would like a review of your current insurance portfolio, feel free to contact me anytime. I can help market your coverage’s with all the major carriers specializing in this sector.

Some of the most common insurance coverage’s important to the Life Science or Software and Information Technology industry are:

  • Property
  • Commercial General Liability
  • Professional Liability (Errors & Omissions)
  • Workers’ Compensation
  • Commercial Automobile
  • Commercial Umbrella/ Excess Liability
  • Cyber Liability & First Party Data Privacy Expense
  • Directors and Officers Liability (D&O)
  • Employment Practices Liability
  • Fiduciary Liability
  • Crime
  • Kidnap and Ransom
  • Group Medical Insurance
  • Group Life and Disability

-JK

The Ins and Outs of Small Business Insurance

Being an entrepreneur makes you the boss, but along with getting to choose your own hours, location, and business plan, it also means that you’re responsible for a lot of other things like commercial/business insurance. There’s a lot more to business insurance than getting the lowest business insurance quotes. It means understanding your business’s unique needs and the potential hazards that can threaten its success.

This brief video from the Insurance Information Institute touches on the ins and outs of small business insurance, including coverage for:

Credit: Insurance Information Institute

-JK

How Are Commercial Insurance Premiums Determined?

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.

CalculatorIf 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.

Source: California Department of Insurance

-JK

What To Do In the Event of An Insurance Claim

When you deal with an incident that gives rise to an insurance claim, it’s usually a pretty crappy situation. It can be stressful, terrifying, frightening, and alarming in many cases. First things first, try not to panic. Hopefully it’s an incident you carry insurance for to be protected.

Your insurance contract requires that you report all claims promptly. Contact your insurance carrier or broker as possible after a property, liability, worker’s comp or automobile claim. An insurance company claims adjuster will be assigned to handle your claim. You should then be able to deal directly with the adjuster to settle your claim, but your broker can be there with you to assist you along the way.

Here’s step-by-step suggestions on how you should handle property, liability, workers compensation, and auto insurance claims.

Property Claims

In the event of damage to your building or contents:

  1. Protect the property from further damage:
    • Call the proper authorities and utilities (gas, electric, telephone).
    • Take photos of the damage before having emergency repairs made, such as boarding up windows or covering holes in the roof.
  2. Call your insurance broker or carrier to report the loss.
  3. Call a contractor to estimate the building damages.
  4. Separate damaged contents from undamaged contents. Do not discard any items until the claims adjuster gives you the authority to do so.
  5. Keep records of expenses if you are forced to temporarily relocate your business.
  6. Do not authorize repairs until the claims adjuster has given you the authority to do so.

After the claim is reported to the insurance company, the claims adjuster will:

  1. Contact you by phone or mail to discuss the loss
  2. Arrange for an appraiser to inspect extensively damaged property
  3. Assist you with your choice of contractors to make the repairs
  4. Contact you for a settlement

Liability Claims

In the event of injuries or damage to property of others which you allegedly caused:

  1. Call your insurance broker or carrier to report the claim.
  2. Forward any correspondence, including a summons from an attorney representing the other party.
  3. Do not discuss the claim with the other party or their attorney. Refer them to your insurance company’s claims adjuster or to us.

After the claim is reported to the insurance company, the claims adjuster will:

  1. Contact you to discuss the incident that allegedly caused the injury or damage to the property
  2. Deal directly with the other party and/or attorney to handle the claim

Workers’ Compensation Claims

In the event an employee is injured on the job:

  1. Complete the Employer’s First Report of Injury or Disease form for all claims. Either use the “call in” reporting system or fax the original form to the insurance company.
  2. Forward a copy of the First Report to your broker in the event of a disabling injury or death claim. They should follow-up with the insurance company for their prompt handling of the claim.
  3. Contact the insurance company to question the status of a claim. If you experience delays or have questions, contact your broker for assistance.

After you report the claim to the insurance company, the claims adjuster will:

  1. Contact the injured employee to discuss the accident
  2. Request copies of bills and doctors’ reports for medical treatment administered
  3. Contact you, the employer, if there is any lost time from work as a result of the injury

Auto Insurance Claims

In the event of an automobile accident:

  1. Report the accident to the police.
  2. Obtain information about the other people involved in the accident such as:
    1. Names, addresses and phone numbers
    2. Insurance company
    3. Type of vehicle
    4. Auto and driver’s license numbers.
  3. Have your vehicle towed to the nearest repair shop if the vehicle is not drivable. Do not authorize repairs until the claims adjuster gives you the authority to do so.
  4. Call your insurance broker or carrier to report the accident.

In the event of a windshield, vandalism or theft loss:

  1. Report the vandalism loss or theft to the police.
  2. Call us to report a loss.

After the claim is reported to the insurance company, the claims adjuster will:

  1. Contact you to request details of the accident and repair estimates
  2. Arrange for an appraiser to inspect the damages of vehicles that are not drivable or extensively damaged
    1. Contact you for a settlement
    2. Deal directly with the others involved in the accident

You should not talk to others involved in the accident, but refer them to your claims adjuster.

-JK

Source: Zywave, Inc.

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