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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

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

Buy – Sell Agreements Funded By Life Insurance

There is considerable planning that goes into running a business. This is especially true if there is more than one partner involved in the business. It is important to have a clear understanding and agreement if something should happen to one of the owners. According to David N. Barkhausen, “Buy-sell agreements among co-owners or present and future owners of a closely-held business are intended to assure the smooth future transition of its ownership. They provide the mechanism, and, if properly funded, the means, to effect a change in control and a transfer of interests upon the occurrence of a number of events, beginning with death, disability and retirement.”

Here are some of the benefits of a buy-sell agreement:

-Provides recovery for partners and heirs

-Tax advantages

-Provides for transfer of ownership and wealth

-Creates fair and market value exchange of ownership

What can be a trigger for a buy-sell agreement?

-Death, disability, retirement, divorce, loss of license, termination, and voluntary transfer of ownership.

How is a buy-sell agreement funded?

Any buy-sell agreement requires a decision regarding the type of insurance policy to purchase. The initial choice is between term and whole life insurance. The ability to maintain life insurance throughout a shareholder’s life is important. Of course there are other methods of funding including; cash, borrowing, and stock, but the most common is insurance.

We recommend you consult with an attorney and tax professional as part of your planning process.

Roussel Insurance & Financial Services is a recognized leader in the insurance industry. We offer highly competitive insurance rates for both business owners and individual services. With 32 years of experience, we continue to offer our clients exceptional service.

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.

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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 Importance of Educating Employees about Healthcare

There is no question that healthcare costs are one of the largest expenses an employer has. Employers are looking for ways to keep the escalating healthcare premiums in check, and employees are looking for healthcare options. Having a comprehensive healthcare program can be one of the best ways to retain and attract the best employees. That is why it is important to have a communication plan in place and make sure all employees know and understand your commitment to their health.

A recent study by a major health insurer, MetLife, found that:

• 54% of employees claim they need more help understanding how their benefits work
• 40% of employees say having a wide selection of benefits would make them feel more loyal to their employer

Keys to healthcare communication

1. Offer quarterly healthcare 101 classes during a lunch hour. Bring in your agent or healthcare provider to explain benefits.
2. Educate employees about the different plan options available to them.
3. Create monthly healthcare email updates.
4. Ask your employees what is important to them; then provide information they care about.
5. Do not wait until open enrollment to address healthcare.
6. Suggested topics can include: Out of pocket expenses, Wellness care, Cost of healthcare to employer, Flexible spending accounts, Employer responsibilities and employee responsibilities.

7.  Explore voluntary benefits to help employees have other options

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.

Hospital Indemnity

Testimonials

Testimonials:
The team members at Roussel Insurance are always there to help me with my insurance questions and administrative needs. This is a wonderful experience to have in these times of automated phones and slow replies. Additionally they are creative with their Company Insurance Plan recommendations which benefits all our employees. Nash Roussel is my main contact and I recommend him highly as he understands what good business is all about! C.T

Knowledgeable, available and caring. Set a time, we had a call with John and are so pleased to understand and know that in the maze of Medicare options from PPO’s to HMO’s to a multitude of Advantage plans we have what is our best option.. Thank you all. Really nice to have you on our team. R.G

They do have excellent customer service! We do recommend this Insurance Company! We’ll be back! Y.P
We would love to know what you think,
Call us today! (818)848-3331
Roussel Insurance | Insurance & Financial Services

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.

Consider Employment Liability Insurance Today

Five Reasons Why Your Business Needs Employment Practices Liability Insurance (EPLI)

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 business. An EPLI policy covers claims made against directors, officers, employees, the company and its subsidiaries. The policy can cover 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.

Reasons To Secure EPLI

1. Harassment & Emotional Distress Claims. A manager at a company party made racial remarks to a co-worker. Other managers did nothing to assist the employee. These remarks continued for over a 10 minute period of time. The employee filed a demand in the amount of $250,000 for emotional distress resulting from harassment.
2. Pregnancy Discrimination Claims. A top sales leader announced her pregnancy. A few weeks later she was not invited to a golf outing with clients and prospects to which she had previously attended, and management reassigned her top prospects to a junior sales rep. When she inquired about this, management replied that they assumed, due to her pregnancy, she would not be interested attending this event. After she received a much smaller bonus than in previous years, the associate filed a claim for pregnancydiscrimination with the EEOC. The claim was settled for $125,000.
3. Hostile Work Environment Claims. A married manager of a heating company had an affair with one of his administrative assistants. The assistant ended the affair and was terminated a month later. The assistant then filed an EEOC charge against the firm and the manager, alleging a hostile work environment and retaliation. The case was settled for $325,000.
4. Many Insurers Offer Free Legal Help. You can call an attorney to help you through a tough issue.
5. 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 the company.

Insurance coverage for EPLI is completive and available through many markets. Call us today for a free quote.

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.

Commercial Insurance for Every Business

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

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

• Commercial Liability
• 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 and invasion of privacy.
• Products & Completed Operations– Liability arising out of products you sell or business operations and services conducted, excluding professional services.
• Premises-Covers liability arising out of injury to third parties while on your premises.
• Management Liability – This might include cyber, employment, and professional liability coverage. Directors and officers liability also might fall under this category.
• Umbrella- Provides excess liability over primary auto and commercial liability policies.
• Pollution- Coverage for accidental release of pollutants. 

Business Auto

• Covers vehicles owned by the company for business use
• Can include comprehensive and collision 

Commercial Property

• Buildings & Equipment –This covers most property on or near the business premises that is used in the business. This would include such things as machinery, computers, raw materials or inventory.
• Business Income & Extra Expense- If your main business premises are destroyed along with much of the property you used to operate, business income will provide funds to cover lost revenue. Extra Expense provides the cost of a temporary location and other related expenses.

Risk is a factor for whatever business you are in. We provide business insurance solutions to help you manage your risk, which keeps you in business.

This information is not intended to be a complete review of all available coverage. Please call our office and we will be happy to provide a review of your insurance program.