Rethinking Business Insurance

Common Mistakes Made When Purchasing Business Insurance

Over the years, we have seen well-intentioned insurance and risk products buyers make decisions that, while they may appear to help the organization, actually hurt it in the end.  Here is a list of top mistakes that uninformed insurance buyers often make.  We provide it to you in the hope that you can learn from the errors of others.

Top mistakes made by uninformed insurance buyers:

“Bidding-Out My Insurance Is the Best Way to Get the Best Program.”

False.  Most insurance buyers have the false belief that getting three bids from three different agents is the best way to make sure they are getting the best “deal.”  This is like asking a builder to provide a bid without seeing the building plans.  When talking to your agent about your insurance issues, give the agent the full set of “plans,” including losses and premiums, financial data, and policies.  Utilizing the services of one agent whom you can trust will lead to reducing short-term and long-term costs.  Comparing multiple factors, including terms, conditions, and premiums is crucial, as even the best-priced policy can fall short in areas.

“Two Agents Are Better Than One.”

False.  Your agent can provide valuable services including educating you about what coverage you need and may not need.  Your agent can search the market for the best possible combination of coverage, price, and service.  Having two agents can create gaps or coverage issues.  It is best to allow one agent to understand your business thoroughly and then design a business insurance program specifically for you.

“I Don’t Need to Have a Relationship With My Agent.”

False.  Many buyers have a false belief that the agent’s only function is to place coverage and administer insurance.  Your broker/agent should be offering much more than that.  Your broker should be a trusted adviser who helps you identify risk factors, and develops solutions that help you to manage these issues.

“My Policy Covers All Losses.”

False.  Your business insurance policy is intended to cover unexpected losses and accidents subject to the policy terms.  There are limitations and exclusions in every policy.

“I Don’t Need to Consider Different Kinds of Coverage.”

Every business should consider the following kinds of business insurance products.

-Business income

-Employment practices liability

-Cyber risk

-Key man life

-Commercial umbrella

-Products liability

 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.

Property Insurance For Your Business

A Business Insurance Update

Every business owns property, and you may also own the building in which you run your operations. Property insurance protects the physical assets your nonprofit owns – such as computers, office equipment, buildings, furniture, fixtures, and other property.

Every business should have a property insurance coverage to respond to the many risks associated with property ownership. Property policies offer many unique coverages, some of which we have highlighted:

Building Coverage – allows you to quickly rebuild or repair buildings or other property damaged by fire, theft, natural disaster or other events, allowing you to return to normal operations.
Business Personal Property Coverage – covers costs to replace the contents in your building if they are stolen or destroyed by a covered unforeseen event.
Business Income Coverage – provides for continued income or lost revenues while the building and its contents are being rebuilt and replaced. Business income helps you to cover operating and ordinary payroll expenses needed to keep an organization operating after a loss, usually for a specific time.
Fine Arts Coverage – includes loss or damage to artwork or sculptures housed in your building.
Building Ordinance Coverage – covers the increased cost to comply with building codes, ordinances or laws that have changed after your building was originally constructed. For example, under new building codes, your structure may be required to have a sprinkler system, which will increase construction costs.
Outdoor Signs and Property Coverage – covers costs to replace outdoor fences, signs, trees, shrubs or plants.
Equipment Breakdown Coverage – includes loss due to failure or breakdown of equipment such as boilers, heating systems, and electrical machinery.
Computer Coverage – covers costs to replace or repair damaged hardware, software, data or media vital to your operations.
Back-up of Sewer – covers costs to repair or replace items damaged by back-up or overflow of a sewer or drain.
Earthquake Coverage – provides insurance to repair or replace damaged equipment and buildings resulting from an earthquake. Earthquake coverage is typically excluded under most property policies.

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.

Your Business May Be Exposed

A Business Insurance Update

Insurance coverage is available for almost every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. The right insurance policies will go a long way toward helping you safeguard your earning power and your future. If you are a business owner there are a few insurance products you may not have considered.

Business Income or Loss of Rents

Depending on what you do with your building, may depend on the specific kind of insurance you need. If you own a building and have tenants you will want to consider loss of rents coverage. This coverage usually includes reimbursement for loss of rent or rental value in case of fire or other serious incidents covered by insurance. Business Income coverage increases a business’ ability to survive a substantial loss. If your business suffers a fire, that stops all operations for three months, the business will want to continue to pay salaries, utilities, rent and other fixed costs necessary for operations. In order for the business to become whole, the business is entitled to reimbursement for net income and operating expenses paid during the recovery period.

Data Breach or 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.

Umbrella

Standard business liability coverage will take care of you in most situations, but when serious situations arise, commercial umbrella insurance will help ensure that your business is protected. Here are two examples:

• You have a serious fire and are involved in multiple lawsuits that exhaust your primary limits.
• Your delivery truck is involved in an accident with multiple deaths or injuries.

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.

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 Business May Be Exposed

A Business Insurance Update

Insurance coverage is available for almost every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. The right insurance policies will go a long way toward helping you safeguard your earning power and your future. If you are a business owner there are a few insurance products you may not have considered.

Business Income or Loss of Rents

Depending on what you do with your building, may depend on the specific kind of insurance you need. If you own a building and have tenants you will want to consider loss of rents coverage. This coverage usually includes reimbursement for loss of rent or rental value in case of fire or other serious incidents covered by insurance. Business Income coverage increases a business’ ability to survive a substantial loss. If your business suffers a fire, that stops all operations for three months, the business will want to continue to pay salaries, utilities, rent and other fixed costs necessary for operations. In order for the business to become whole, the business is entitled to reimbursement for net income and operating expenses paid during the recovery period.

Data Breach or 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.

Umbrella

Standard business liability coverage will take care of you in most situations, but when serious situations arise, commercial umbrella insurance will help ensure that your business is protected. Here are two examples:

• You have a serious fire and are involved in multiple lawsuits that exhaust your primary limits.
• Your delivery truck is involved in an accident with multiple deaths or injuries.

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.

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 Protect Your Business From Fraud

A Business Insurance Update

Businesses have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud. Fraud experts have found that the average fraud loss is around $50,000, (The Association of Certified Fraud Examiners). Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. We offer policies that will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery.

There Are Ways To Help Reduce Your Risk In This Area:

1. Complete background checks on all new employees.
2. Create internal policies and procedures that require checks and balances.
3. Have a third person approve all purchases or checks over a certain amount.
4. Have an outside accounting firm review your records annually.
5. Require all employees to take their scheduled vacations.
6. Have separation of services between check writing, approval and deposits.

Employee fraud is a greater risk than most businesses think. Have us complete a free review of your business insurance program to make sure you have the best possible combination of coverage price and service.

We Provide all of the products and services needed to protect the assets of a business, from General Liability to Commercial Auto. We offer a designated insurance agent that will improve your business insurance plans, so you are covered when those unexpected accidents happen.

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.

Emerging Risks Facing Many Small and Large Businesses

A Business and Risk Update

You buy commercial insurance to protect your business from the unforeseen events that might cause a claim, damage, or loss. Commercial insurance provides the financial resources necessary to help your business recover from a covered loss. As your business grows, so does your risk. As social norms change, your business risks also change. A commercial insurance review can help you better understand your new risks and how best to manage them.

Common Emerging Risks
1. Allowing employees to work from remote locations. However, this can create new liabilities for businesses. Remote workplaces might create risk of cyber breaches, undocumented workers’ compensation claims, and other HR issues.
2. The use of imported products can adversely affect your businesses risk. If you use imported products as part of your manufacturing process, you have an increased risk of that product failing. You may then have difficulty recovering your losses in a foreign country.
3. The shortage of skilled workers can also increase your business risk. Set up a thorough training program to ensure all new employees have an understanding of their job duties and functions.
4. Business interruption losses can close your business down. It is important to have the right kind of business insurance to cover a shutdown. Coverage can include payroll, extra expenses, and lost revenue.
5. Loss of brand reputation can kill your business overnight with the use of social media. Make sure you respond quickly to all client concerns and have a social media policy for your business.

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.

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.

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