Remarkable (watch with audio):
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.
The Occupational Safety and Health Administration (OSHA) wants to assist small- and medium-sized businesses with their compliance and safety initiatives through their On-Site Consultation Service. This program offers confidential advice in all states across the country, with priority given to high-hazard work-sites. Consultation services are totally separate from enforcement and do not result in penalties or citations.
Using a free consultation service largely funded by OSHA, employers can find out about potential hazards at their work-sites, improve their occupational safety and health management systems and even qualify for a one-year exemption from routine OSHA inspections. The service is delivered by state governments using well-trained professional staff. Most consultations take place on-site, though limited services away from the work-site are also available. This safety and health consultation program is completely separate from the OSHA inspection effort presently in place. No citations are issued or penalties proposed during the consultation appointment.
Your name, your firm’s name and any information that you provide about your workplace, plus any unsafe or unhealthful working conditions that the consultant uncovers, will not be reported routinely to the OSHA inspection staff. Your only obligation will be to commit the organization to correcting serious job safety and health hazards; a commitment which you are expected to make prior to the actual visit, and carry out in a timely manner.
Since consultation is a voluntary activity, your organization must contact OSHA to request it. The consultant will discuss your specific needs with you and set up a visit date based on the priority assigned to your request, your work schedule and the time needed for the consultant to adequately prepare to serve you. OSHA encourages a complete review of your firm’s safety and health situation; however, you may limit the visit to one or more specific problems.
For more information on the OSHA On-Site Consultation Program, visit HERE
Benefits of On-Site Consultation
Knowledge of your workplace hazards and ways to eliminate them can only improve your own operations and the management of your firm. Your organization will get professional advice and assistance on the correction of workplace hazards and benefit from on-site training and assistance provided by the consultant to you and your employees. The consultant can help you establish or strengthen an employee safety and health program, making safety and health activities routine considerations rather than crisis-oriented responses. This program provides incentives and support to smaller, high-hazard employers to develop, implement and continuously improve effective safety and health programs at their worksite(s). The program recognizes employers who have demonstrated exemplary achievements in workplace safety and health by receiving a comprehensive safety and health consultation visit, correcting all workplace safety and health hazards, adopting and implementing effective safety and health management systems and agreeing to request further consultative visits if major changes in working conditions or processes occur that may introduce new hazards.
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.
California Senate Bill 198 requires all employers to establish, implement and maintain a written effective Injury and Illness Prevention Program. This program must include the following elements:
- Identify a person or persons with authority and responsibility for implementing the program.
- A system for ensuring that employees comply with safe and healthy work practices, including recognition of employees who follow safe and healthful practices, training and retraining, and disciplinary actions for unsafe actions.
- A system for communicating with employees on matters relating to occupational safety and health. It should include provisions for meetings, training programs, posting written communications, anonymous notification about hazards without reprisal, and labor/management safety and health committees.
- Procedures for identifying and evaluating workplace hazards, including scheduled periodic inspections to identify unsafe conditions and work practices and a system to correct them.
- Procedures for conducting accident investigations.
- Maintenance of records of safety inspections and safety and health training for each employee. These records must be kept for a minimum of one year.
An Injury and Illness Prevention Program development guideline is available from Cal OSHA which provides more detailed information on the elements of the IIPP which are required (See Links ):
If this feels way too overwhelming for you, let me know. Give me a call or send me an email and I can work with you on developing an Injury and Illness Prevention Program for your business.
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.