Innovative Insurance Solutions From Roussel Insurance

A Business Insurance Update

We live in a changing world, and your business insurance needs to be changing as well.  In order to keep your commercial insurance up-to-date, you need to have the ability to change and update your insurance program on a regular basis.  The insurance industry has developed a number of innovative coverage’s that your business may just need.

• Business Interruption Insurance covers the loss of income that a business suffers after a covered loss (fire, windstorm, etc.), while its facility is shut down or in the process of being rebuilt.
• Tenant’s Insurance is needed if a commercial lease requires tenants to carry a certain amount of insurance.  A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
• Directors and Officers Insurance is needed even if you are a privately held business.  Directors and officer’s liability Insurance protects your business, owners, executives, and managers if individuals, competitors, third parties, or government regulators make claim for damages.
• Cyber Liability is a risk that every business has. According to the Insurance Information Institute, businesses have a greater chance of having a cyber breach than they do of having a fire.  Most businesses should consider cyber liability insurance, which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements.
• Faulty Workmanship is a new and unique endorsement that provides a specific limit to protect against claims arising out of faulty workmanship, materials or products. These claims would otherwise be excluded by the “business risk” exclusions found in every standard ISO Commercial General Liability policy.
• Equipment Breakdown coverage offers extra protection for electrical, mechanical, or digital equipment used by your business, including heating, cooling, and refrigeration systems, computers and communication equipment, and more.  It can pay for the cost to repair or replace the damaged equipment in the case that there is physical damage, as well as cover the cost of service interruption.
• Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc.  For example, if a fire burns your building to the ground, before you can start rebuilding, the remains of the old building have to be removed.  Your property insurance will cover the costs of rebuilding, but not of removing the debris.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

What’s Trending in Risk Management?

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Intellectual Property

This is one of the fastest growing areas of litigation. The average defense cost in 2016 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Healthcare Professional Liability

As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2015, litigation against OB/GYN doctors accounted for over $3.9 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.

Cyber attacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no or limited coverage for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 25% of firms have been sued for directors and officer’s negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs

What Is Trending In Risk Management?

2017 is coming to a close and 2018 will be here in a few weeks. 2018 is set to be a good year for business. The economy is growing and employment is at one of the highest levels in the past 25 years. There will always be challenges regarding business insurance and risk management.

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Intellectual Property

This is one of the fastest growing areas of litigation. The average defense cost in 2016 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Healthcare Professional Liability

As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2015, litigation against OB/GYN doctors accounted for over $3.9 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.

Cyber attacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no or limited coverage for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 25% of firms have been sued for directors and officer’s negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

How To Keep Your Holiday Party Safe For All

Company Holiday Parties Increase Risks

In the next few weeks your business will celebrate the season with a party. The party may include alcohol, food, a hotel, dancing and more. Holiday party’s area prime place for improper activity.

As your business prepares for the annual company holiday party, remember that these activities can increase your risk. While your business insurance would most likely response to claims, we have a number of tips to help reduce the likelihood of litigation. It is worth noting that employers are responsible for the conduct of their employees at all work related events.

Office Holiday Party Safety

1. Limit use of alcohol; offer two drink tickets per person.
2. Make sure you have food at your party.
3. During the party, monitor alcohol consumption.  Quickly try to diffuse any situations or displays of inappropriate behavior.
4. Consider having the party at a restaurant.  This is a good way to transfer liability.
5. Make the party optional.
6. Arrange for cab rides or transportation home for guests who may need it.
7. Review harassment policies with all employees as a reminder of proper behavior.
8. Encourager managers to set a good example.
9. Consider inviting spouses, which is a good way to reduce romantic hook-ups.
10. Know your state laws.
11. If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.
12. If something inappropriate does occur, respond to the issue quickly.

As long as you don’t charge for drinks, your business insurance may provide coverage (Always check with our office as each policy is different).

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Company Holiday Parties Increase Risks

Company Holiday Parties Increase Risks

In the next few weeks your business will celebrate the season with a party. The party may include alcohol, food, a hotel, dancing and more. Holiday party’s area prime place for improper activity.

As your business prepares for the annual company holiday party, remember that these activities can increase your risk. While your business insurance would most likely response to claims, we have a number of tips to help reduce the likelihood of litigation. It is worth noting that employers are responsible for the conduct of their employees at all work related events.

Office Holiday Party Safety

1. Limit use of alcohol; offer two drink tickets per person.
2. Make sure you have food at your party.
3. During the party, monitor alcohol consumption.  Quickly try to diffuse any situations or displays of inappropriate behavior.
4. Consider having the party at a restaurant.  This is a good way to transfer liability.
5. Make the party optional.
6. Arrange for cab rides or transportation home for guests who may need it.
7. Review harassment policies with all employees as a reminder of proper behavior.
8. Encourager managers to set a good example.
9. Consider inviting spouses, which is a good way to reduce romantic hook-ups.
10. Know your state laws.
11. If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.
12. If something inappropriate does occur, respond to the issue quickly.

As long as you don’t charge for drinks, your business insurance may provide coverage (Always check with our office as each policy is different).

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs

Tips on How to Select an Agent That Is Right for You

Do not be fooled by advertisements that tell you that you do not need an agent to help you secure the best insurance for your needs. Insurance should not be something you purchase as you would groceries, because having the wrong kind insurance can cost you thousands. Your home and business are valuable assets and you really do not want to cut corners when deciding on your insurance.

We believe that the best way to buy insurance is to select a qualified and experienced agent. Allow the agent to understand your needs, and then design a policy that works best for you. It is in your best interest to have an agent who represents many insurers and who is willing to take the time to get to know you. Independent agents can then market your risk with many different insurers to find you the best possible coverage.

To put this in insurance terms, a company that manufacturers auto parts needs different coverage than a restaurant. A restaurant needs coverage like food spoilage, liquor liability and food poisoning coverage. A manufacture will need product liability insurance, special coverage on equipment, and possibly foreign products liability coverage.

Consider the following items when selecting your agent

• How many insurers do they represent?
• Are they experienced?
• Look for an agent with whom you can develop a good rapport. If you have an effective working relationship with your provider, you will likely have a better experience purchasing comprehensive coverage.
• Do they have an experienced staff?
• Choose local over national. Local providers know both the market and risks; they are typically better able to serve your company and family.

The best thing you can do for your business, or family, is to select an experienced agent who is committed to developing a personal relationship with you and finding you the best options based on your needs. Remember, not all insurance policies are equal. What goes into the policy will determine how claims are settled. You are not buying a product; you are managing your risk. Remember, Insurance is not a product, it’s a promise and a trusted relationship.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

How to Design a Business Insurance Policy

A California Commercial Insurance Update

There are many insurance companies that are willing to offer you business commercial insurance coverage.  However, how can you tell them apart, other than by their logo or advertising?  That is why you hire us, to help you review your risk, then design a program that fits your needs, and finally go to the marketplace and bring back the best options.  Not all insurance companies are the same.  They all offer different kinds of business insurance and services.  Here are some of the different kinds of coverage that you might consider when designing a commercial insurance program.  Each of these liability types offers protection from business-related losses.  Purchasing several, or even all, of these policies may be necessary to fully protect your company from lawsuits.

-Directors and Officers Insurance

-Commercial Auto

-Commercial Liability

-Commercial Crime Liability

-Property Insurance

-Business Income and Extra Expense

-A Commercial Umbrella Policy

-Errors and Omissions Insurance

-Fiduciary Liability

-Employee Practices Liability

-Privacy and Network Security Insurance

One way to make sure you get the best possible combination of coverage, price, and service is to have us help you identify the top insurers in your industry.  Other things to consider are your deductibles and limits purchased.  When selecting an insurance company allow your agent to do most of the heavy lifting.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

How Your Business Can Recover From a Natural Disaster

A Business Insurance Update

Hurricane Harvey’s and Irms’s impact will be felt for the next three to five years, or even longer.  Many affected businesses may not survive.  It is our hope that all the people and businesses impacted by Harvey will recover as soon as possible.  For those businesses that had flood insurance, the recovery will be helped through the insurance resources.  There are other kinds of disasters, or losses, which can cause your business to be shut down.  Now is the time to have us complete a business insurance review. We can offer many coverage and pricing options for your business.

Disaster Planning for Your Business:

-Review your commercial insurance. Being proactive can help in the end.  We can help you determine what coverage is best suited for your individual business needs.

-Put together a crisis team and a plan. Design a plan for the kinds of disasters you are likely to have.  Have contingency plans for continued operations. This may mean developing agreements with other businesses for use of their facilities or locations for a short term.

-Meet with your insurer as soon as possible. Developing a relationship with your claims adjuster is critical.  Be willing to provide all information required.

-Request an upfront partial payment. This will help you fund your recovery.

-Be prepared to document all expenses. It might even help to hire an accountant to help you with post loss expenses and documentation.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

How Cyber Liability Insurance Can Help Your Business Recover From A Breach

Almost every business has a cyber liability exposure, and most businesses are securing some form of coverage to protect them from these types of threats.  A recent report by a leading insurance firm said that purchases of cyber insurance grew over 30% in the last year.  Did you know that an average business has a greater chance of having a cyber breach than it does of having a fire?  It is true, and your basic business insurance policy most likely will not cover cyber liability losses.

It has become clear that even a good information technology (IT) department cannot solve or prevent all cyber risks.

Every business should have a cyber preparedness plan that includes effective security, managed backup, and cyber liability insurance.  Forty-eight states have enacted legislation that requires businesses to notify individuals of security breaches of information involving personally identifiable information—even if the information has not been used.  In most cases, the notification must also include a one-year credit monitoring service offer along with a new card or account number for each customer.  Costs can be as much as $250 per customer per individual breach.

More than 40 percent of small businesses do not have an adequate IT security budget, according to a November 2016 survey by the Ponemon Institute.  In addition, a 2016 study by the National Cyber Security Alliance suggests that 50% of small businesses close their doors within six months of a data breach.  A data or cyber breach can not only cost a business money, but also their reputation.

Cyber Liability Insurance

According to the International Risk Management Institute, cyber insurance covers liability associated with the exposure or theft of customer personal information, such as Social Security or credit card numbers, resulting from unauthorized access of the electronic network.  Cyber policies cover a variety of expenses associated with data breaches, including notification costs, credit monitoring services, costs to defend claims by state regulators, fines, penalties, and loss resulting from identity theft.

Cyber policies also cover liability arising from website media content as well as breach related property losses such as: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.

Our office can provide your business with the right combination of coverages suited for your company.  Cyber risk insurance is available at very reasonable premiums and helps protect your business from the losses associated with cyber liability.

For more information on cyber liability insurance click here

Examples of Cyber Breaches

• A manufacturer received a call and email from someone whom they believed represented their bank, asking for a verification of funds request. The CFO provided the information and $75,000 was removed from their account.  The cyber thief was able to take $75,000 from the manufacturer.
• A small business was hacked by a local teenager who stole social security numbers and bank account data from customer files. The business incurred notification and credit monitoring costs as well as the legal expenses and damages from potential lawsuits.  The result of the loss was more than $200,000.
• A restaurant had 200 credit card records stolen. The hacker was able to charge $120,000 on the credit cards. The restaurant incurred notification costs and direct damage costs of over $250,000.
• An employee of a healthcare provider lost a laptop while traveling.  The laptop contained names, addresses, birth dates, and social security numbers for 150 patients.  The company paid for one year of credit report monitoring to affected patients to mitigate future issues. The total cost was $25,000.
• A cybercriminal hacked into a small business’s internal processing system. Names, addresses, and credit card information for over 5,000 clients were captured out of the system.  The results caused the small business to close its doors due to the cost of notification and liability claims.
• A charity with offices in several cities suffered a major data breach involving thousands of donors. As a result, the Attorney General in that State brought regulatory action against the charity.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 32 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs.

For more claim examples click here

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

How Risk Management Helps Your Business

Business Insurance and Risk

Every business faces risks of various kinds. If you have employees you have the risk of employee injury. You most likely buy workers’ compensation to protect yourself from this risk. No owner or manager wants to believe that their business is exposed to great risks; however, many situations may expose your company to lawsuits, liability and substantial expenses. An unfortunate number of these situations go unnoticed by many business owners until it is too late.

Comprehensive risk management is important to the overall success of your business. Unaddressed risks may result in uninsured losses that could potentially cost your business thousands of dollars.

Some Important Business Risks to Consider

The risk of being sued by employees – There are many state and federal laws that protect worker’s rights. These include harassment, discrimination, retaliation, and civil rights. We can provide you with a quote for employment practices liability insurance that will address many of your employment risks.

The risk of lost income – If you have a loss or damage to your building you may not be able to resume operations for a period of time. Your business is at risk for lost revenues. Business income insurance can offer protection.

Cyber liability risk –  If your business accepts electronic payments, handles sensitive customer information or stores key information on the internet, you are at risk. Cyber liability insurance protects against these risks, and is an important coverage option to explore for many businesses.

We Offer a Fresh Perspective to Your Business Risks

As part of our service we can review and examine your business operations and help you identify the important business risks. The goal of risk management is to protect your business from being vulnerable. Many business risk management and insurance programs focus on keeping the company viable and reducing financial risks.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.