How To Reduce Workers’ Compensation Costs Today

Workers’ compensation insurance is state-mandated insurance that provides lost income, medical benefits, disability benefits, and rehabilitative services for workers injured on the job or while performing work-related duties. When an employee gets hurt on the job or has a work-related illness, only workers’ compensation will cover them. Health insurance benefits will not provide coverage for on the job injuries.

Workers’ Compensation Insurance premiums are computed as a direct result of your claims and payroll. The most effective method of reducing or managing Workers’ Compensation claims is to have effective safety program and a “Return to Work Program”.  Here are a few examples of what your safety rules might include:

1. Drug and alcohol rules.
2. Require safety equipment to be worn at all times.
3. Keep work areas clean.
4. Do not wear loose clothing or jewelry around machinery.
5. Where required, you must wear protective equipment such as goggles, safety glasses, masks, gloves, hair nets, etc. appropriate to the task.
6. Safety equipment such as restraints, pull backs, and two-hand devices are designed for your protection. Be sure such equipment is adjusted for you.
7. Develop a system for reporting unsafe practices.
8. Have monthly safety meetings that review safety issues and related topics.
9. Create accident investigation procedures that focus on prevention and change.

Return To Work Program

A Return to Work (RTW) Program is a process used by an employer to help employees who have suffered work related injuries or illnesses return to their vocational status. A RTW should have the following components:

• A modification of work schedule and/or job duties. These need to be approved by the treating physician.
• Modifications will vary depending on type of injury, employee’s condition and skills.
• A plan that allows the employee to gradually return to pre-injury tasks and functions.

Work is therapeutic, and return-to-work programs are effective. The sooner employees reconnect with work associates and perform job responsibilities, the healthier their outlook, and the more favorable your workers’ compensation experience. All in all, a Return to Work Program can be a win-win solution for your employees and company.

Of course, there is more to an effective safety program, than what we have outlined here. Look for more information at a future time.

2020 Business Insurance Planning

It is that time of year to set goals, review your business plans and look forward to a prosperous 2020. Part of your planning should include an annual California business insurance review. Your business changes, and so do your exposures. After you review some of these items, call our office and we will be happy to discuss these and more with you.

Why Complete a Business Insurance Review?

• Your exposures may have changed.
• Laws and regulations may have created new liabilities.
• Your policy may have had small changes that require consideration and adjustment.
• You may have too much coverage or to little coverage.

Items to Consider When Completing a Business Insurance Review

1. Review sales and revenue- Have your company’s annual sales increased or decreased? The more business you do, the greater potential liability you face.
2. Property Values- Have you added any new equipment, purchased or leased a new building?
3. Have you considered the following coverage?
   1. Cyber Liability
   1. Directors & Officers Liability
   1. Employment Liability
   1. Earthquake, Flood or Wind Insurance
   1. Business Income
   1. Workers Compensation
   1. Equipment Breakdown
   1. Umbrella or Excess Liability
4. Did you purchase any new vehicles?
5. Do you have any foreign travel plans in 2014?
6. Do you sell any of your products in foreign countries?
7. Is your safety and loss control program up to date?
8. When was the last time someone reviewed your SIC codes for accuracy?
9. Are you serving any new industries? This might increase your liability.
10. Have you added any new partners? There might be a need for life insurance.

As a business owner, you can ensure that your company is protected by keeping your general liability insurance, workers’ compensation insurance and commercial auto policies updated to reflect changes in your business. Call us today.  We can help you design the right combination of coverage and price.

Why Review Your Personal Insurance?

Most Homeowners insurance companies will send out a reminder for a renewal of your home insurance policy when the end of the year is up for your insurance coverage. Many will also automatically renew your policy unless you call and let them know that you want to change or cancel that policy. This makes it easy for many homeowners to begin sending in the next set of payments for another year without reviewing the policy to make sure it adequately reflects their needs for the year.

Whether you have upgraded or remodeled the home, added a deck onto the back, turned the home into a rental property or realized that you might have problems with flooding in your area, there are several reasons to review your home insurance policy every year to assess whether the coverage still meets your needs.

Even if you have just bought a home insurance coverage policy, it is essential to review the policy as soon as you receive it to make sure the coverage has the correct limits amounts and coverage needs you have asked for. Remember that this policy will be in place for an entire year and will most likely cost between $300-$2000 so be sure that you are getting what you want.

If you asked for personal liability of others in the amount of $100,000 and the policy only shows $50,000 don’t be afraid to call the insurance agent back to have this problem corrected. The problem can simply be solved by issuing a new policy or a policy change.

Once the year time period has expired on your current policy and you are getting ready to renew again, it is always a safe bet to call the insurance agent and ask if the replacement cost value has gone up on your home or on anything in your home.

Remember that the financial market continues to increase, and with these rates of building and replacement tools will go up, so there is no shame in calling to ask if the figures on your policy need to be changed.

If you have done any renovation of the home in the last year, such as replacing countertops or flooring or even added on a deck, it is important to inform the insurance company of these changes. This protects you from being underinsured in case of damage or loss.

If you have acquired any major purchases of personal property, it is also important to contact the insurance company about changing the coverage amount on your interior belongings. This could include major electronics equipment like a television, a personal computer or laptop, an expensive piece of jewelry or fur coat, or even new furniture or a new piece of artwork.

It is also important to review your insurance coverage policy every year to determine if you have adequate coverage and liability insurance. Although some basic policies cover certain types of natural disasters and others cover personal liability, you may want to consider adding on specific insurance clauses for flooding, earthquakes, or wind if you live in a high-risk area.

There are many things that might cause injury to third parties. This could include injury to construction workers who are remodeling a kitchen or bathroom or even a babysitter or housekeeper. You will also want to change your policy if your children are starting to get older and invite over friends to play in the yard or to spend the night. Personal liability insurance will cover any accidents that happen while others are in your home.

One final reason to review your insurance policy each year is to assess discounts or possible price quote deductions that you may be able to receive. When you purchased the home, it may not have had a security system installed, fire sprinklers, or been equipped with up to date smoke and carbon monoxide detectors.

But if you have installed this equipment over the past year, it is a good idea to call and inform the insurance company to see if this makes you eligible for a discount. You may also be able to receive a discount if you started receiving car insurance from the same company, turned a certain age, or began a membership to a particular club or organization that the insurance company recognizes and gives discounts to regularly.

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.

Reasons You Need A Personal Umbrella Policy

You have worked hard to earn your lifestyle. One accident or claim can ruin all your financial planning. A Personal Umbrella Liability coverage added to your other policies can protect you, your spouse, and any relatives living in your home.

Umbrella Insurance provides extra protection or limits above the liability insurance you currently have. Just as an umbrella protects you from heavy rain, an umbrella insurance policy protects you from losing the entirety of your wealth and assets in the event of a claim. Umbrella insurance can provide limits above your business insurance, personal auto, and home policies.

Umbrella insurance provides broad insurance beyond traditional insurance. It provides additional liability coverage above the limits of your primary insurance policies. It can also provide coverage for claims that may be excluded by the primary policies

Actual Claim Examples

A babysitter left a 5-month-old infant unattended in a walker. The infant toppled the walker, struck her head on the floor, and suffered brain damage. The parents of the infant sued the teenage babysitter and her parents. The court awarded the infant’s parents $11,000,000.

A teenager, who was destined for greatness as a softball player, filed a $700,000 lawsuit against her former coach, alleging his “incorrect” teaching style ruined her chances for an athletic scholarship.

A 28-year old engineer dove into a friends above ground swimming pool struck his head on the bottom and, as a result, became a quadriplegic. He sued both the homeowner and the pool manufacturer. The court found the homeowner to be 60 percent responsible and the pool manufacturer to be 40 percent responsible and awarded $10,000,000.

The insured permitted several of her children and their friends to play paintball in her large back yard. The children were experienced and advised of all the safety rules, including the use of headgear at all times. A participant removed her headgear as she was leaving the field in order to hear better someone calling her name. The minor claimant was hit in the eye reselling in a $475,000 settlement.

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. To learn more about us and what we offer, make sure you browse through our personal and business services. Lastly, do not miss our blog page! All our blogs are informative, so we can help make insurance more understandable.

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.

New Areas Of Employment Litigation

Whether you are a large corporation or a small business, the employer/employee relationship has changed. In today’s world, employers can no longer assume all employment relationships will go smoothly. Employment claims can be distracting and emotional for business owners. They may feel betrayed by employees they’ve known and trusted.

Finding a suitable Employment Practices Liability Insurance (EPLI) program has become one of the single most important things owners and managers can do.

There are two new areas of Employment Practices Liability (EPL) concerns of which you need to be aware:

Improper Employee Evaluation

This is a one of the fastest growing kinds of EPLI claims. Employers who do not have any sort of performance review process, or do not have a thorough process can be sued.  An employee may make a claim of negligent evaluation if the employer does not conduct fair and accurate reviews. An employee may also claim failure to promote if he or she is inaccurately evaluated or unfairly passed up for a promotion; often this is related to sex, age and race.

Improper Hiring

It may be hard to believe, but people who you don’t hire can sue you for not hiring them, if they believe the hiring process is not legal. Employers can face employment practices liability over the way they post the job or conduct the interview. Employers need to manage the hiring process to eliminate any discrimination in the language, application, and interviews.

Employment Practice Liability Insurance

Employment Practices Liability Insurance (EPLI) is designed to help employers respond to growing EPL exposures. Although coverage varies greatly, most EPLI policies cover claims for sexual harassment, discrimination, and wrongful termination.

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.

A Business Guide to Earthquake Insurance

Earthquakes occur almost every day in Los Angeles, San Francisco, Seattle, and Portland. Most are not large enough to cause damage, but sooner or later a big one will hit. The resulting damage, loss of life, and the impact on our economy could be devastating. Many businesses may not even give earthquake insurance much thought, but if you are in the process of business planning or working through your renewal, earthquake insurance may be wise to consider.

Why you need earthquake insurance

• Your business policy does not cover damage caused by earthquakes. You must either purchase an earthquake coverage endorsement or purchase a separate policy for earthquake insurance.
• You can’t count on the federal government to help.

What earthquake insurance can insure

• Buildings
• Business personal property
• Loss of Business Income
• Earthquake Sprinkler Leakage
• Betterment or Repairs required by local ordinance or law

We recommend every business complete a short risk assessment that can include the following questions:

1. Do you operate in a high risk area?
2. What would your potential loss be?
3. Do you have resources to repair or re-build if there is damage?
4. Can you minimize the loss through building retrofits or additional construction?
5. What is the cost of insurance?

If you do purchase earthquake insurance, you’ll probably want to buy enough to cover the costs of rebuilding your building and replacing damaged personal property. That means the amount of insurance you buy generally should be based on replacement or reconstruction costs and not the current market value.

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.

Personal Insurance Products

A Personal Insurance Update

Insurance is designed to help families recover from unknown or unexpected losses.  Insurance offers many solutions that can protect your financial future.  Having a well-designed personal insurance program can be your best defense from the unknown risks that can cause financial harm to your family.  Call our office today, so we can provide you with the best possible combination of coverage, price, and service.

Life insurance

Life insurance is not just for the primary breadwinner.  If you have a spouse who provides income to the family, you should consider life insurance for that person as well.  Term life insurance rates are at all-time lows and obtaining coverage has never been simpler.

Identity Theft

Millions of people are victims of identity theft each year.  Identity theft coverage can help restore your credit and identity.

Disability Insurance

Many people do not have disability insurance.  What would happen if the primary breadwinner were injured and unable to work for 6 months or longer?  The loss of income could be devastating to your family.  Disability income insurance replaces about 60% of the lost income due to a disability.

Personal Umbrella Insurance

A personal umbrella policy can offer higher limits over your auto, motorcycle, RV, and homeowner’s coverage.  For very little premium, you can have the added protection of an additional $1,000,000 worth of coverage.

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.

The Liabilities Of A Fiduciary

The Liabilities Of A Fiduciary

If you are an owner, director or officer of a private or public company you have a fiduciary liability exposure. You may be responsible for the selection of retirement or benefit providers or plans and these decisions can create personal liability for you.

What is a fiduciary?

Under ERISA, fiduciaries can be held personally liable for losses to a benefit plan incurred as a result of their alleged errors, omissions, or breach of their fiduciary duties.

Who are fiduciaries?

Fiduciaries can be plan trustees, investment committee members, even owners of companies who contract with third party providers.

Here are examples of the most frequent kinds of claims

1. Denial or change of benefits
2. Incorrect benefit calculation
3. Improper advice or counsel
4. Misleading representation
5. Failure to properly fund the plan
6. Lack of investment diversity
7. Conflict of interest
8. Selection of advisors

How to limit your liability

• Have annual plan review
• Communicate with employees regularly
• Use professional consulting firms and review their insurance
• Have the plan audited by outside accountant

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.

Why Update Your Business Insurance?

Let’s face it, your business changes almost every day.  You add new employees, equipment and vehicles, and you change and update in every way needed to remain competitive. To ensure your business is protected with the right business insurance, you need to structure your program to respond when needed.

These changes can impact your business risks, and you will need to adjust your business insurance accordingly:

1. New employees can create additional workers’ compensation and benefits risks.
2. The purchase of new vehicles adds auto liability exposure.
3. Part time employees may increase employment, benefits and workers’ compensation risks.
4. Have you relocated your business? Your location can affect your property insurance premiums.
5. Have revenues changed? Your business liability insurance is based off of revenues, so any changes can impact your premiums.
6. Do you offer any new goods or services? If so, we will want to review your policy to make sure your exposure is covered.
7. If you have changed your company’s legal status or added new partners, your insurance needs will be different.

To ensure that you enjoy protection no matter how your business grows or shifts positions, be sure to check with your insurance agent if you make any changes.

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 Insure Your Small Business

How To Insure Your Small Business

Small businesses have unique needs and it is important to work with an agent who understands your needs. When it comes to reducing your liability risks as a small business owner, you must secure the right business insurance policy.

Small Business Insurance Needs

Commercial General Liability: Covers third party liability claims, namely claims against you from a customer or visitor on your premises, or from someone who may be injured by your business activity or product.

Commercial Business Property Insurance: Insures your building and contents both on and off your premises.

Business Interruption Insurance: Provides protection from loss of income and extra expense if your business suffered a loss and you were unable to operate for a period of time.

Employee Dishonesty Coverage: Protects your company from financial loss resulting from employee theft of money, securities, or property.

Workers Compensation: Provides compensation for your employees for medical care in the event they are injured on the job; including medical benefits, income benefits, death benefits, and rehabilitation benefits.

Business Auto Insurance: Provides insurance coverage for your company’s cars, trucks, trailers, vans, or other vehicles.

Professional Liability: Covers you for the failure to perform professional services. If you design something or perform work which does not meet standards or expectations, you could be sued for the cost of the contract, damages, or lost business revenues by your customer.

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.