Small Businesses Are Opening Faster Than They Are Closing
Yesterday, the Small Business Administration (SBA) Office of Advocacy published a fact sheet by research economist Daniel Wilmoth that indicates more small businesses are opening than closing. In 2017, the number of businesses in the U.S. increased by about 118,000 with various levels of growth depending on the region. In all, 975,000 new businesses had opened by the end of 2017. The number of businesses that closed fell from 859,000 in 2016 to 857,000 in 2017. Business openings have exceeded business closings for 28 consecutive quarters, Wilmoth noted. California accounts for nearly one-third of the net increase of businesses in 2017, with 38,000.
Source: Long Beach Business Journal
-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.
-JK
Access Your UV Index With This Online Tool
Did you know that you can access your UV index, which provides a forecast of the risk of overexposure to UV rays? This is a helpful tool for employers with outdoor workers.
Protect your outdoor employees from UV rays; check your UV index here: http://www2.epa.gov/sunwise/uv-index
As we speak, the temperature in long beach is 91+ degrees right now. The UV Index is 11 which is extreme:
At 11, protection against sun damage is needed. If you need to be outside during midday hours between 10 a.m. and 4 p.m., take steps to reduce sun exposure. A shirt, hat and sunscreen are a must, and be sure you seek shade. Beach-goers should know that white sand and other bright surfaces reflect UV and can double UV exposure.
Check your UV index for yourself and be sure to keep outdoor employees protected from the sun.
-JK
Employers Rethink Benefits
According to the new Aflac Workforces Report, 49% of employers agree that controlling costs is the top business issue facing companies today. In 2013, as a result of Affordable Care Act (ACA) implementation and rising costs, businesses:
- Eliminated or delayed raises (32%)
- Eliminated or cut back on benefits (22%)
- Changed some full-time workers to part-time workers (21%)
- Reduced the number of major medical plan options (14%)
Credit: iamagazine.com
-JK
Download OSHA’s Heat Safety Tool To Keep Workers Safe
When you’re working in the heat, safety comes first. With the OSHA Heat Safety Tool, you have vital safety information available whenever and wherever you need it—right on your mobile phone.
The app allows workers and supervisors to calculate the heat index for their work site, and, based on the heat index, displays a risk level to outdoor workers. Then, with a simple click, you can get reminders about the protective measures that should be taken at that risk level to protect workers from heat-related illness.
For more information about safety while working in the heat, see OSHA’s heat illness Web page, including new online guidance about using the heat index to protect workers. Download the app directly from OSHA’s website.
Photo by: CAL-OSHA
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:
- Property loss
- Business disruption
- Theft
- General liability (including product liability)
- Professional liability (also known as “Errors & omissions,” or “E&O”)
- Employment Practices Liability
- Workers’ Compensation
Credit: Insurance Information Institute
-JK
Smart Phone Captures the Poinsettia Fire Burning in Carlsbad
WARNING: GRAPHIC LANGUAGE
In Carlsbad, officials said at a news briefing that 22 housing structures were destroyed: four single-family homes and an 18-unit apartment building, along with two commercial buildings. The loss was estimated at $22.5 million according to the L.A. Times.
-JK
California Is Riskiest State for Employee Lawsuits
A new study by Hiscox revealed that, on average, a United States-based business with at least 10 employees has a 12.5% chance of having an employment liability charge filed against them. However, California has the most frequent incidences of Employment Practices Liability charges in the country and businesses in the state have a 42% higher chance of being sued by an employee than the national average! Not surprising!
Behind California, #2 is Illinois, #3 – Alabama, #4 – Arizona & Mississippi. and #5 is Georgia.
The Hiscox survey reveals that lower-risk states for Employment Practices Liability charges include Massachusetts, Michigan, Kentucky, Washington and West Virginia.
One way to help mitigate loss from an employee, potential employee, or former employee suing your business for an employment related claim is to purchase an Employment Practices Liability Insurance policy. Workers Compensation Insurance does NOT cover Employment Practices Liability related claims!
-JK
Source – PropertyCasualty360
Dramatic Rescue of Construction Worker From Blaze
A construction worker is rescued from a giant fire at AIG campus in Houston, Texas, on Tuesday. The amateur footage, filmed by onlooker Karen Jones, shows a man trapped on a top-floor balcony of an apartment complex that had been under construction. He manages to escape as fire destroys the building. No injuries were reported as a result of the blaze. It is still unclear what caused the fire. You’ll get some sweaty palms watching this one! Especially when the construction worker swings down to the lower level balcony!
-JK
Forklift Operator Knocks Over $100,000 Worth of Liquor
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:
Maintenance
- 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.
Loading
- 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.
Driving
- 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.
-JK
About Me
I grew up in Fullerton, CA and graduated from Servite High School in Anaheim. I have my Bachelors degree from Loyola Marymount University in Los Angeles. I currently live in Tustin, CA.
Please contact me if you need help with any of the following lines of insurance for your business:
-Businessowners
-Property
-Commercial General Liability
-Product Liability
-Workers Compensation
-Group Medical
-Commercial Auto
-Umbrella/Excess Liability
-Errors & Omissions/ Professional Liability
-Employment Practices Liability
-Directors & Officers
-Life & Disability Insurance
Jimmy Kinmartin, CPCU 