Why It Is Important to Have Us Review Your Lease Agreements

siness Insurance Update

Most businesses enter into lease agreements from time to time. These agreements might involve equipment, buildings or other products and or services.  Every lease agreement has insurance provisions.  Your commercial insurance may or may not respond to the lease requirement, so it is important for you to understand how your business insurance relates to your lease agreements.

The lease agreements state who is responsible for insuring what. If you are leasing a building and the lease requires you to insure the building, it will need to be added to your business property policy.

There may need to be improvements made to the leased building for which you are also responsible.

Many leases also require some level of commercial liability insurance.  If you do not have the correct terms and limits you could jeopardize the lease.

Certain leases also have care custody and control provisions. Your business insurance may need to be modified to protect all parties.

Typically, all leases have some sort of subrogation clause which puts legal requirement on your insurer.

It is important for businesses of all types to have this important type of coverage in order to protect their financial interests. Without a commercial property insurance policy, businesses are fully responsible for the costs associated with property damage and loss.

Is Your Business Ready For 2020?

The world is changing, and we understand the issues your business faces every day. There is constant competition for your customers, there are challenges in attracting and retaining top employees, and your cost of goods keeps going up. Part of your planning should include an annual commercial insurance review. Your business changes, and so do your exposures. Here are some of the major kinds of coverage found in most commercial insurance programs.

Commercial Insurance for Businesses

Liability Insurance– Covers your business against claims of negligence that resulted in loss or injury to a customer or visitor to your business.

Worker’s Compensation– Protects your business when an employee becomes injured on the job. It is required by law.

Commercial Auto– Covers against loss for your business vehicles and any liability your business incurs as a result of an accident.

Property– Insures against loss for your buildings and equipment.

Employment Liability– Covers your business and managers from claims of harassment, discrimination and other civil rights as afforded under state and federal laws.

Cyber Liability– Protects your liability interests when data or sensitive client information is stolen or accidentally lost by your business.

Professional Liability-Protects your business when a third party accuses your business of being negligent or making a mistake in providing professional services.

An Independent Agent Who Understands Commercial Insurance

When you purchase business insurance through an independent agent you are working with a licensed professional who specializes in the products and services you need. We have access to many insurance companies and know which ones are designed just for your business. Independent agents are local business owners who employee your neighbors to serve your needs.

 

How to Develop a Better Understanding of Business Liability Insurance

How to Develop a Better Understanding of Business Liability Insurance

A Commercial Insurance Update

Your business keeps you running from dawn to dusk. You have many decisions to make every day in order to keep your business profitable. Our job is to be your business insurance resource and to provide you with the best combination of coverage, price, and service.  A commercial liability policy can protect your company from actions by yourself and employees if a third party is damaged or injured.

Basic Questions for a Better understanding of Commercial Liability Insurance

What Does a Commercial Liability Policy Cover?  – This coverage is intended to cover your business and employees from injury or damage to third parties resulting from your negligence.  This might include damage to property or injury to others.  If your products or services cause a loss to a third party, a commercial liability policy will respond.

How Do I Determine What Limits I Need? – How much coverage you need depends on your industry and the size of your company.  We usually recommend at least $1,000,000 in coverage to start with.  If you are in construction or similar industries, we might recommend higher limits.

Is Commercial Liability Insurance Expensive? – Insurance premiums are based on a number of factors including revenues, industry, number of employees and other factors.  For a small business commercial liability premiums are not expensive.

What Is the Best Way to Obtain Commercial Liability Insurance?  –The best way to secure commercial liability insurance is to use an independent agent like us. We would combine your commercial liability along with commercial property coverage to get the best combination of coverage, price, and service.

Cyber Risk Update

Over the last several years, cyber liability coverage has evolved from just insurance for information technology companies to coverage that nearly every class of business should have if they don’t already. From retailers, banks, contractors, distributors, restaurants and medical offices, many businesses are unaware of the great security technology exposure they face. Recent state laws require companies that have experienced a security breach to notify all customers that could be affected by the breach that their information has been compromised, even if the information hasn’t been used. In most cases, the notification also requires an option of one-year credit monitoring services and a new card or account number for the customer. Costs can be as much as $250 per individual breach.

In Oregon, a private company experienced online bank fraud and lost $75,000 in one day. This new cybercrime is directed to small and medium businesses. The scam is called pushing and involves unsuspecting companies being lured into installing malicious software. This download looks likes it is coming from a bank or other financial institution. The malicious software hides and records everything the person does on their personal/business computer. It records usernames and passwords for every kind of transaction, including wire transfers The software will then forward the stolen data along with digital certificate information to the thief who will promptly use the information to transfer funds out of the organization’s bank account. As of October 2015, U.S. small businesses have had over $100,000,000 in losses.

Most business insurance policies do not cover computer fraud by a third party or the liability arising out of a cyber-attack. The good news is solutions are available. Make sure your crime policy has electronic crime and fraud coverage with appropriate limits.

Cyber Insurance

We can provide your firm with the right combination of pricing and coverage. Cyber insurance is available at very reasonable premiums. Many of our companies offer coverage to help protect your business from loss.

Employment Practices Liability Insurance

If you have employees, you are exposed to potential employment liability claims. Employees know their rights, and it is time for all employers to be more informed about how to protect their companies. There are many reasons why you need to make Employment Practices Liability Insurance (EPLI) part of your commercial insurance program.

EPLI covers the company and board

An EPLI policy covers claims made against directors, officers, employees, the company, and its subsidiaries. The policy can cover a long list of claims including wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment related libel, slander, defamation and invasion of privacy, wrongful failure to employ or promote, and retaliation

Increased claims

It’s becoming harder to ignore the “me culture” which continues to gather momentum. Small and medium sized businesses saw the largest increase in employment practice liability claims in 2013; up 33% according to human resources experts. The average claim cost is over $150,000 and is growing yearly.

Company reputation

A company’s reputation in the marketplace can be severely damaged by employment practice claims. The negative publicity may be followed by potential reluctance of your clients and/or suppliers to trade with your company.

Free legal help

Most EPLI policies provide free legal resources for firms to use. You can call an attorney to help you through a tough issue.

Cost is very competitive

EPLI premiums are not as high as you might think. Premiums can run much less than the cost of defending just one occurrence.

We can design a specialized package according to your property, liability, and casualty needs. We are also proactive in identifying any factors that may increase your premiums or change your risk, and provide consulting and risk management options to protect your business. We are ready to help you better understand your risks. Please call our office today.

 

Commercial Insurance

Are Your Commercial Insurance Costs Too High?

Most commercial insurance experts are predicting lower rates for most businesses across the United States. Commercial insurance buyers should anticipate lower rates and wider choice in coverage terms at upcoming renewals as insurance pricing softness accelerates in most lines.

Commercial or business insurance rate reductions are due to a softening in the market, reduced catastrophic losses, and continued competition among the leading insurers.

Rate vs. Premium

Rate is the cost of insurance per exposure unit, such as revenue or payroll. The premium is based on a formula of rate times exposure. Your rate could go down, but if your revenues are up it could affect a flat premium.

Now is the time to contact us to help you review your risk, design your program and market your commercial business with our top rated market. Your commercial program should include:

Commercial liability

Commercial auto

Property

Workers’ compensation

Cyber liability

Directors & officers & professional liability

Employment liability

Bonds and dishonesty

Umbrella or excess

Put Insurance On Your Restaurants Menu

Put Insurance On Your Restaurants Menu

If you are in search of Commercial Insurance for your restaurant, you may find it difficult to find competitive rates and coverage. We shop your insurance regularly, which enables us to provide the best possible combination of coverage, price, and service.  We offer competitive premiums and quality coverage.

The best strategy for lowering your premium is to find the carriers that specialize in the restaurant industry. These companies usually offer broad coverage and are competitive in pricing.  As an independent agent, we search the market for you, finding the best possible combination of price, coverage, and service. Remember, not all insurance companies are created equal. The more experienced and specialized the agent is, the better the chance you have of finding the best premium and coverage.

Other ways to reduce your restaurant premiums:

Combine all your insurance under a “package.”

Don’t nickel-and-dime your insurance company. If you file claims for every little thing, your rates may increase. Insurance is meant to cover unexpected large losses.

Consider your deductibles. By increasing your deductible, you may save money.

One of the best forms of protection is routine maintenance. A well-maintained property is less likely to have mechanical failures or losses.

Offer safety training to employees.

Start a safety committee to help reduce work comp losses.

Place all your insurance with one insurance company.

Seek advice from a qualified independent agent like Partners Insurance Services.

Investigate premium-reduction strategies such as inspections and security systems.

At least once a year, review your coverage for duplications or unnecessary coverage.

We are experts in the hospitality industry, and specifically restaurants. We have access to many qualified highly rated insurance companies. Call us today.

Competitive Contractors Insurance

Competitive Contractors Insurance

­­­­­­Contractors insurance provides insurance and risk services to the construction industry. Insurance can play an important role in; on time and on budget projects.  If your insurance coverage is not written correctly, your business may not survive financially.  Your success depends on proper planning, whether you’re estimating a project, hiring good people, protecting your business with comprehensive commercial insurance, or selecting your insurance agent.

You can depend on our team of construction professionals to design, build, negotiate, and implement an insurance program that fits your individual needs.  As your insurance partner, we will create and deliver insurance solutions today to keep you in business tomorrow.

Our insurance agency has created and developed strategic partnerships with many highly rated insurance companies.  Our goal is to create the right combination of coverage, price, and service that exceed your expectations.

Over the years our construction professionals have worked with many different kinds of construction firms, including:

General contractors

Restoration contractors

Environmental contractors

Electrical contractors

Painting contractors

Paving contractors

Excavation contractors

Masonry contractors

HVAC contractors

Plumbing contractors

Roofing contractors

Artisan contractors

Landscaping contractors

Specialty contractors

Having the right insurance coverage and the right agent is an important part of managing construction risks.  As a contractor, your insurance needs can change quickly.  You need an insurance agency partnering with you to make sure your company’s unique needs are addressed.

Business Insurance Has Risks

We Help You Understand the Risk vs. Reward

We understand that your business is unique.  You serve people first, and foremost.  Just because you are a small business does not mean you are exempt from litigation.  Commercial Liability Insurance from Jewell Insurance offers protection to your businesses.  It covers claims from property damage and/or bodily injury to a third party caused by your business operations, or from your premises.  This general liability coverage may also provide for the legal defense of the insured.

General Liability Insurance should be the foundation of your insurance program.  General Liability Insurance provides the following coverage:

Bodily Injury – Bodily Injury to a third party.

Property Damage – Damage to a third party’s property (equipment building etc.).

Personal Injury – Injury to the mind or emotions, as opposed to an injury to property.

Advertising Liability – Damages arising out of advertising, libel, slander, or invasion of privacy.

Products and Completed Operations – Liability arising out of products or business operations and services conducted, excluding professional services.

Premises – Covers liability arising out of injury to third parties while on your premises.

Medical Payments – A general liability coverage that reimburses others, without regard to the insured’s liability, for bodily injury while on your premises.

General Liability Insurance is designed to cover defense costs as well as judgments.  It is an important part of your recommended insurance program.

 

Civil Disobedience Is Newer Civil

A Risk Management Update

There seems to be a growing number of protects and civil disobedience these days. For whatever the reason for the protests, it does create a risk for your business. Your business insurance is designed to protect your business from unknown claims or accidents. Our job is to be your business insurance resource and to provide you with the best combination of coverage, price, and service. A commercial liability policy can protect your company from actions by yourself and employees if a third party is damaged or injured.

Are Riots A Covered Loss?

Generally speaking, damage to your building and other property due a riot is a covered peril. This would include fire, theft, and vandalism. If you were forced to close your business by civil authority but had no building damage you may be able to collect for lost revenue, depending on how your policy is written. Remember, each policy is unique, so call our office for a review.

What If The Fire Department Refuses To Put Out The Fire?

Insurance companies generally will not deny a claim because the fire department pulled back for safety reasons. If civil authorities limit or restrict access to a burning building, your insurance will not be jeopardized.

Final Thoughts

Business insurance is designed to protect your business from accidents and other unforeseen events. Many of the damaged businesses had insurance, and those that did not will most likely have to close their doors.