Commercial & Business Insurance
Packages - most policies can be packaged to include liability, property and business interruption.
Liability - In many instances, only liability insurance is desired
Property - Rarely, but on occasion only coverage for a building, equipment or contents is desired. Typically, property insurance is written in conjunction with liability insurance. Care must be taken to assure this is appropriate.
Builder’s Risk - For new construction and for renovation projects for either commercial or residential.
Business Interruption & Loss of Rents - You are in business to make money. If a business is rendered inoperable due to a covered cause of loss, this critical coverage can provide compensation.
Worker’s Compensation is a mandatory coverage in California if any employees. Much controversy arises as the employer attempts to define “employee” and if worker’s compensation should be carried. If in doubt as to the legal obligation, please check with E.D.D., or a legal representative.
Employment Practices Liability - No matter how many employees, the employer may still be brought to court as the result of employment practices. Whether the action is groundless, fraudulent or false, employers must bear the cost of defense and, in some instances court judgments. EPL was designed to relieve these costs
Bonds - There are innumerable bond types, unique to situations. Some requiring a short application, and some are complicated bonds requiring collateral.
Professional Liability / Errors & Omissions
Commercial Auto - MCP-65 Filings available
Flood - And don’t forget FLOOD. Flood insurance is not just for personal lines. Businesses can suffer flood damage as easily as a residence.
Specialty Programs for
Liability - In many instances, only liability insurance is desired
Property - Rarely, but on occasion only coverage for a building, equipment or contents is desired. Typically, property insurance is written in conjunction with liability insurance. Care must be taken to assure this is appropriate.
Builder’s Risk - For new construction and for renovation projects for either commercial or residential.
Business Interruption & Loss of Rents - You are in business to make money. If a business is rendered inoperable due to a covered cause of loss, this critical coverage can provide compensation.
Worker’s Compensation is a mandatory coverage in California if any employees. Much controversy arises as the employer attempts to define “employee” and if worker’s compensation should be carried. If in doubt as to the legal obligation, please check with E.D.D., or a legal representative.
Employment Practices Liability - No matter how many employees, the employer may still be brought to court as the result of employment practices. Whether the action is groundless, fraudulent or false, employers must bear the cost of defense and, in some instances court judgments. EPL was designed to relieve these costs
Bonds - There are innumerable bond types, unique to situations. Some requiring a short application, and some are complicated bonds requiring collateral.
Professional Liability / Errors & Omissions
Commercial Auto - MCP-65 Filings available
Flood - And don’t forget FLOOD. Flood insurance is not just for personal lines. Businesses can suffer flood damage as easily as a residence.
Specialty Programs for
- Restaurants & Deli’s
- Janitorial Services
- Swimming Pool Maintenance
- Retail Stores
- Wholesalers
- Auto Sales & Repair
- Self Storage Facilities
- Non Profit Groups
- Professional Offices
Tips & Comments
Worker’s Compensation insurance is frequently a topic of conflict. Many employers attempt to classify a worker as an “independent contractor”. Most of the time, this does not create an exemption from the responsibility of carrying a worker’s compensation policy. If you think you might need worker’s compensation, you probably do. Serious fines and penalties, in addition to compensatory liabilities may be imposed on uninsured employers. Some diligent research should be employed before businesses decide not to carry this coverage. Contact E.D.D. (www.edd.ca.gov), Cal-Osha (http://www.ca-osha.com), or an attorney for help in making a definitive determination.
Businesses are as diverse and unique as individuals. There are times when a business just doesn’t fit neatly into a “slot” or classification. We can typically find a market for these risks, although it may take some time and additional information is generally required to accurately describe the operations to the underwriter
Insurance to Value is a hot topic. Sadly, many risks are underinsured, the consequences for which can be costly. The insurance industry provides building “replacement cost guides” employed by the retail insurance agent to determine a generally recognized value. In addition to the agent’s initial valuation, the insurer will often times send an inspection service to the insured premises to:
1). Determine the values are adequate and
2). Verify that the premises are as represented on the application.
Frequently, clients will consider the entire building is not likely to burn, so they desire to purchase only a fraction of the insurance needed. Insurance carriers will NOT intentionally underinsure a building with replacement coverage. Co-insurance penalties are to be considered when purchasing insurance, as they apply not only in the event of a total loss, but in partial losses.
Policy Warrants: California insurance has seen many changes through the years, particularly involving the construction trades. Many insurers writing contractors and artisans in California do so ONLY under certain circumstances. Typically, the insurer will issue their policies with certain “warrants” or guarantees that the insured will conduct their business in a certain way, and will NOT do certain things.
For instance, a contractor’s policy may warrant that any and all sub-contractors will provide certificates of insurance naming the contractor as additional insured with limits of liability equal to the contractor’s own policy. Simply put, the onus is on the contractor to make sure that any and all of his subs comply. Failure to do so will impair the contractor’s policy and all the premium monies he has paid for his insurance policy may be wasted. These are very powerful documents and easily overlooked. It is critical that insured’s review their policies and contact their insurance representative with any questions that may arise.
Policy Review, as stated above is critical. Insurance policies are contracts and as much as we are loathe to sit and read through the dry verbiage of a policy, we all know the devil is in the details. In particular, one should review exclusions; any warrants, guarantees or any special conditions.
Look at the:
-Premium base
Premiums based on payroll are typically subject to annual “audit”. This could mean an additional premium at the end of the policy term if actual payroll exceeds the projected payroll. The same is true of receipts or sales driven policies.
-Amount of insurance, make sure adequate limits apply
-Deductibles.
Remember, the higher the deductible, the lower the premium.
-Items covered under the policy.
Does the policy include all buildings, contents and portable or mobile equipment? If not, adjustments to the policy should be made.
-Regularly review needs and exposures with an insurance professional. Please feel free to contact our office ANY TIME for information.
Businesses are as diverse and unique as individuals. There are times when a business just doesn’t fit neatly into a “slot” or classification. We can typically find a market for these risks, although it may take some time and additional information is generally required to accurately describe the operations to the underwriter
Insurance to Value is a hot topic. Sadly, many risks are underinsured, the consequences for which can be costly. The insurance industry provides building “replacement cost guides” employed by the retail insurance agent to determine a generally recognized value. In addition to the agent’s initial valuation, the insurer will often times send an inspection service to the insured premises to:
1). Determine the values are adequate and
2). Verify that the premises are as represented on the application.
Frequently, clients will consider the entire building is not likely to burn, so they desire to purchase only a fraction of the insurance needed. Insurance carriers will NOT intentionally underinsure a building with replacement coverage. Co-insurance penalties are to be considered when purchasing insurance, as they apply not only in the event of a total loss, but in partial losses.
Policy Warrants: California insurance has seen many changes through the years, particularly involving the construction trades. Many insurers writing contractors and artisans in California do so ONLY under certain circumstances. Typically, the insurer will issue their policies with certain “warrants” or guarantees that the insured will conduct their business in a certain way, and will NOT do certain things.
For instance, a contractor’s policy may warrant that any and all sub-contractors will provide certificates of insurance naming the contractor as additional insured with limits of liability equal to the contractor’s own policy. Simply put, the onus is on the contractor to make sure that any and all of his subs comply. Failure to do so will impair the contractor’s policy and all the premium monies he has paid for his insurance policy may be wasted. These are very powerful documents and easily overlooked. It is critical that insured’s review their policies and contact their insurance representative with any questions that may arise.
Policy Review, as stated above is critical. Insurance policies are contracts and as much as we are loathe to sit and read through the dry verbiage of a policy, we all know the devil is in the details. In particular, one should review exclusions; any warrants, guarantees or any special conditions.
Look at the:
-Premium base
Premiums based on payroll are typically subject to annual “audit”. This could mean an additional premium at the end of the policy term if actual payroll exceeds the projected payroll. The same is true of receipts or sales driven policies.
-Amount of insurance, make sure adequate limits apply
-Deductibles.
Remember, the higher the deductible, the lower the premium.
-Items covered under the policy.
Does the policy include all buildings, contents and portable or mobile equipment? If not, adjustments to the policy should be made.
-Regularly review needs and exposures with an insurance professional. Please feel free to contact our office ANY TIME for information.
