Every Business Needs These Coverages

Commercial Insurance

Insurance coverage is available for almost every type risk your business might face. Our agency can advise you on the exact types of commercial insurance you should consider purchasing. The right commercial insurance policies will go a long way toward helping you safeguard your earning power and your future. If you are a business owner, here are a few insurance products that you should consider.

Business Income or Loss of Rents

Commercial Property Insurance can cover loss of business income when damage that has occurred to the business premises (by a covered cause of loss), causes a slowdown or suspension of operations. It can include lost net income, continuing expenses, and even relocation expenses. This coverage is not always automatic, and needs to be added with specific limits.

Cyber Liability

If your business stores sensitive or non-public information about employees or clients on your computers, servers or in paper files, you are responsible for protecting that information.  If a breach occurs either electronically or from a paper file, a Data Breach Policy will provide protection against the loss. Cyber breaches have increased over 45% in the last year. 30% of breaches occurred in firms with less than 100 employees. Every state has laws regarding notification of breaches which cost as much as $200 per person per breach.

Commercial Umbrella

If you operate a thriving business, your Commercial Liability Insurance may not be enough to protect yourself in the event of a loss. We recommend you consider adding a Commercial Umbrella Policy to protect yourself. A well designed Commercial Umbrella Insurance Policy is one of the main lines of defense in today’s increasingly litigious society. For a reasonable premium, a Business Umbrella Policy adds another layer of protection to any of several other policies that you might carry including General Liability, Employer’s Liability, and Hired and Non-owned Auto Liability policies.

Errors & Omissions Insurance

Errors and Omissions, also known as Professional Liability Insurance, helps to protect your business from lawsuits and claims which may occur as a result of providing professional services or not delivering on a commitment or promise.  If you provide any kind of “professional” services you need to consider this insurance.

Insurance Problems To Avoid

There are many insurance myths floating around, and most of them have been around for years. We want to respond to these myths with clear information, so that you can make educated decisions about your insurance purchases. Roussel Insurance is here to help you understand your risks and to provide options.

Myth One

Having two agents is better because they keep each other competitive.

Having two agents duplicates effort and can create coverage gaps and/or duplications. For example, there is certain coverage that can be included under a liability policy as well as under an auto policy. If you have two agents, who coordinates coverage? One agent is better able to manage your entire insurance program.

Myth Two

The lowest premium is the best option.

Premiums are determined by a combination of exposures and coverage. If you select the lowest premium you may be missing needed coverage.  For example, the lower premium may not include replacement cost coverage on buildings and equipment.

Myth Three

Buying from a national company is always better.

Don’t be mislead by entertaining advertising. Most national agents only represent one insurance company. They can’t shop your account to determine the best combination of price and coverage. Regional companies often have a better understanding of risks unique to your area. 

Myth Four

The internet is a great place to get insurance deals.

Low cost internet insurance may allow you to select the coverage and limits you think you need, but in most cases you end up with a limited and inadequate program.  Typically, you may only realize these limitations after you have an uninsured claim.

Myth Five

Umbrella insurance is only for high net worth companies or individuals.

A small electrical contractor was at fault for the total loss of a historic property; a loss that exceeded his general liability policy. The contractor’s umbrella policy paid the loss in excess of $7,000,000. Umbrella or excess coverage is some of the least costly insurance you can buy. Don’t risk a big loss for a small expense.

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Myth Six

There isn’t anything I can do to manage my insurance costs except shop price.

There are many things you can do to reduce your premiums; here are a few:

• Consider increasing your deductibles
• Maintain good credit
• Develop a safety program at your work site
• Consider the vehicle when make a purchase, some are more expensive to insure
• Add monitored smoke and security alarms to your home or office
• Ask us about the many different discounts offered by our insurers

Call Roussel Insurance today.

Top Business Insurance Risks

Top Business Insurance Risks

According to insurance experts, here are the top five business risks:

The Allianz Risk Barometer surveyed more than 500 risk managers and corporate insurance experts in 47 countries, to identify the primary challenges facing businesses this year.¹ 

While these are responses from large corporations, we take away many applications for medium and small businesses. Here are some of the risk issues for 2015.

1. Natural Disasters – These issues are always a concern for small and medium business. We can offer flood, earthquake and wind insurance as your needs arise.
2. Cyber Liability– Cyber liability and data theft is one of the hottest topics for businesses, risk managers and insurance companies. 2014 had some of the biggest data thefts that we have seen. But even more interesting, is that small businesses are exposed more than large businesses. In fact, 25% of data breaches affect businesses with less than 50 employees. A small business has a greater chance of having a cyber breach than it does of having a fire.
3. Government mandates and regulations – There continues to be increased oversight from government in healthcare and financial reporting that creates new risk and liability for businesses.
4. Political and Civil Issues – As seen in 2017, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
5. Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation. You may even need to continue payroll for a period of time. Business interruption insurance can provide these resources.

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.

Your Private Business Is Exposed to Directors and Officers Claims

Directors and Officers (D & O) Liability Update

Every business, no matter what the size, has a D & O exposure.  Some people may mistakenly think that D & O risks are just for large firms, but actual court cases tell a different story.  D & O claims come about because of decisions made by the firm’s officers and employees.  Claims can come from employees, competitors, investors, and the government.  Most of these kinds of claims are not covered under a standard commercial insurance policy.

Here are some interesting facts brought to you by the Insurance Information Institute:

• Over 53% of privately held firms have had D & O related claims.

• Twenty-five percent of companies have had an employment related claim.
• The average defense cost for a D & O claim is around $75,000.
• Firms with less than 50 employees have the same percentage of claims as larger firms.

Here are some of the kinds of claims to which your business is exposed:

Misrepresentation

If you misrepresent your company’s services, financials or other information, third parties may sue you for your actions.  This can include services you say you provide on your webpage or financial information you provide to a lender.

Breach of Duty

Your firm’s officers and employees are required to carry out their duties with a standard of honesty and professionalism.  If these legal duties are breached, you are subject to litigation by the injured party.

Employment Issues

Your employees can sue the business for a variety of employment issues that can be covered under a D & O or employment practices liability policy.

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 Latest From The Equal Employment Opportunity Commission (EEOC)

The Latest From The Equal Employment Opportunity Commission (EEOC)

The EEOC just released the latest numbers relating to employment claims, and they remind us of the need for employment practices liability insurance.

• Retaliation was the most frequently filed charge with the EEOC in 2018, followed by race and disability.
• Sexual harassment charges with the EEOC increased by 13.6%, based on preliminary 2018 results.
• Monetary awards recovered for victims of sexual harassment increased by 47.4%.
• The #MeToo movement and resulting publicity have caused visits to the EEOC sexual harassment website page to more than double over last year.

We can offer a very comprehensive and affordable Employment Practices Liability Insurance (EPLI) products available in the industry today.  Coverage can include protection against allegations of discrimination, harassment, wrongful termination, and retaliation. Coverage can be further enhanced to include Wage and Hour and Third Party Wrongful Acts. 

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.

2019 Business Predictions

A Business Insurance Update

2019 is set to be a very good year for businesses.  We can count on many business-friendly policies and administrative rules that will help businesses. In addition, many communities are promoting local businesses. Finally, there will be many large retailers closing their doors in 2019, and this might be a good thing for local businesses.  Finally, the economy is still strong, meaning more people are buying goods and services.

One of the biggest risks faced by businesses is the unintentional violation of laws and regulations. If you violate a law or create a legal issue with another person or business, your business insurance may or may not respond.  We recommend that allow us to complete a review of your business insurance to make sure that you have the proper business insurance.

We also recommend that you develop a social media policy for your company.  It may be better to hire an outside firm to manage this risk.  Employees should be aware of the effect their actions may have on their images, as well as the company’s image.  The information that employees post or publish may be public information for a long time.

Every business is at risk for a cyber breach. Even the White House recently experienced a cyber breach. Cyber breaches are now a fact of life, and every state now has mandatory requirements for data breach notification. Statistics show that 39% of all cyber incidents affect businesses with fewer than 100 employees.  If you store data, including private information on computers, use e-mail, generate revenue online, or use your computer to control production, manufacturing, or inventory, your company is at risk!

Today, almost any business can find itself facing a liability lawsuit.  Many businesses do not even realize they have an exposure to professional loss.  A Management Liability lawsuit can put business and personal assets at risk, including the company’s assets, and even the personal possessions of the owners.  One simple mistake could cause financial devastation, as well as end your professional career.

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.

Are You Starting A New Business?

We know choosing the right insurance for your new business is an important decision. Roussel Insurance has the experience to market your insurance and provide you with options for your business. Whether you’re a store owner, distributor, office professional, or wholesaler, you need insurance to protect you against the unique risks and exposures you face so you can tend to your new business and be rest assured that it is protected. Here are the types of insurance you should consider when selecting and designing your business insurance:

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

Example: A customer slips on your driveway, trips on your steps, or injures himself on your premises, or customer is injured as a result of your product or service.

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

Example: A fire destroys your entire building and equipment.

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

Example: An employee steals money from your company.

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.

Example: You own a delivery company, and an employee is injured while making a delivery.

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

Example: You’re a beverage distributor making a delivery in the company van when another vehicle runs a stop sign and hits you.

Non-Owned Auto Coverage: Protects the company for vehicles owned or used by others (such as an employee) that are used in the business of the company.

Example: One of your deliverymen is driving his personal automobile to make a delivery and hits another vehicle.  This results in a lawsuit against your company.

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.

Example: You are an architect and one of your buildings has developed a mold issue due to poor roof design.

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.

Example: A major storm hits and your restaurant is completely flooded. You have to close for a month to repair all of the damage.

Equipment Breakdown Insurance: Provides coverage for the accidental breakdown of equipment.

Example: A power surge damages your computer network.

Each company has its own circumstances which dictate what would be needed to safeguard the years of hard work in building a successful enterprise. We will guide you through different scenarios to see what effects it would have on your business and what solutions are available. It may be as simple as a Key-Man Policy or funding a Buy-Sell Agreement with Life and Disability Insurance.

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.

California Business Insurance

It is a good idea to review your business insurance program every year

Every business, like a person, needs checkup from time to time.  As your business grows or changes, your business insurance should too.  If your business changes, there could be the possibility that you may not have the right business insurance coverage, and that can lead to an uninsured claim.

What does a business insurance check-up look like?

We will review your policies and compare them to your operations to make sure that you have the coverage that matches your risk.  We will also review the following questions:

• Have you added any new locations?
• Do you design, sell, or manufacture any new products?
• Did you update or remodel your facility?
• Did you make any investments in your business?
• Have you added transport or delivery services?
• Have you sold any personal property or equipment?
• Are you expanding your services and/or your client base?
• Have there been any changes in ownership?

Established by company president John Roussel in 1985. Roussel Insurance & Financial Services was founded to assist business owners and professionals in their insurance and employee benefit programs. Our mission is to give you the peace of mind that your business and personal assets are properly safeguarded. Each business and individual has its own circumstances which dictate that would be needed to safeguard years of hard work.

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.

We Can Help You Control Your Business Risks

We Can Help You Control Your Business Risks

There is no question that operating a business comes with certain risks. But there are also many benefits. The range of business threats is evolving rapidly but your organization can thrive and gain a competitive advantage if you know how to manage your risk. Here are a few simple ways to manage risk:

Follow insurance company loss control recommendations. These are designed to reduce the probability of a loss and to reduce the severity if a loss occurs.

Develop an employee handbook. Having a set of procedures involving roles and responsibilities will help reduce employment issues in the long term.

Evaluate your facilities. Unused equipment, obsolete security systems and lack of attention to risks on the site present significant potential for loss.  Insurance companies encourage all business owners to maintain clean and safe premises for the health and safety of employees, vendors and customers.

Make safety a priority. Having a safety program can not only reduce your costs but will improve employee productivity.

Train your staff. Employees perform better if they have an understanding of what their roles and responsibilities are. Make safety part of every job description.

Keep employees healthy. A local company, for example, has instituted a comprehensive wellness program that includes disease management for afflictions such as asthma and diabetes, as well as offering flu shots, cancer screenings, smoking-cessation sessions and a round-the-clock phone line staffed by nurses. The company found that for every dollar it invested, it saved $4.23.

If your business changes, your insurance should too.  Meet annually with us to determine whether your business has changed in significant ways that require modifying or adding coverage.

Raise your deductible. Raising the deductible on your insurance usually lowers your premiums. Even if you end up having to pay the deductible, it’s likely to be less than the amount you save.

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.

We Can Help you Control Your Business Risks

We Can Help you Control Your Business Risks

There is no question that operating a business comes with certain risks. But there are also many benefits. The range of business threats is evolving rapidly but your organization can thrive and gain a competitive advantage if you know how to manage your risk. Here are a few simple ways to manage risk:

Follow insurance company loss control recommendations. These are designed to reduce the probability of a loss and to reduce the severity if a loss occurs.

Develop an employee handbook. Having a set of procedures involving roles and responsibilities will help reduce employment issues in the long term.

Evaluate your facilities. Unused equipment, obsolete security systems and lack of attention to risks on the site present significant potential for loss.  Insurance companies encourage all business owners to maintain clean and safe premises for the health and safety of employees, vendors and customers.

Make safety a priority. Having a safety program can not only reduce your costs but will improve employee productivity.

Train your staff. Employees perform better if they have an understanding of what their roles and responsibilities are. Make safety part of every job description.

Keep employees healthy. A local company, for example, has instituted a comprehensive wellness program that includes disease management for afflictions such as asthma and diabetes, as well as offering flu shots, cancer screenings, smoking-cessation sessions and a round-the-clock phone line staffed by nurses. The company found that for every dollar it invested, it saved $4.23.

If your business changes, your insurance should too.  Meet annually with us to determine whether your business has changed in significant ways that require modifying or adding coverage.

Raise your deductible. Raising the deductible on your insurance usually lowers your premiums. Even if you end up having to pay the deductible, it’s likely to be less than the amount you save.

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.