Predictions For Small Businesses

A Business Insurance Update

2017 is set to be a very good year for small businesses. Many communities are promoting local businesses. Finally, there will be a number of large retailers closing their doors in 2017, and this might be a good thing for local businesses.

Security should be a central theme for your business in 2017.  Small businesses are a target for cyber criminals, as small businesses tend to have less sophisticated security systems.  AVG Technologies, a provider of security solutions, states that some of the biggest threats businesses must contend with this year include hacking of mobile devices, gadgets from the Internet, and cloud computing assets.

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 allowing us to complete a review of your business insurance to make sure that you have the proper business insurance.

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.  Yet, 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 an end to your professional career.

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.

Even Small Businesses Need Broad Commercial Liability Insurance Coverage

To protect a small business from potential lawsuits, liability insurance is necessary. Policies vary greatly, and they cover different classifications of risks for varying costs. Before shopping for a policy, it is important to educate yourself about liability insurance.

Business Liability Insurance Is Available in Many Different Forms

Commercial General Liability, which is also called CGL, is a very broad insurance product. It covers claims from accidents, injuries, or negligence when the business is at fault.  Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.

Product Liability insurance covers legal fees for litigation involving a faulty product.  It also covers any personal or property damage charges caused by the defective product.

Professional Liability coverage pays for damages caused by services.  It is also called “errors and omissions” coverage.  This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.

An Employment Practice Liability Insurance policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers, against harassment, wrongful termination, breach of employment contract, discrimination, invasion of privacy, compensation issues, and employee benefits administration.

There are other types of insurance designed for specialty businesses.  The nature of the business determines what type of coverage is necessary.

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. 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.

Directors & Officers Insurance

Directors and officer’s liability insurance helps protect your business, owners, executives and managers if individuals, competitors, third parties or government regulators make claims. A lawsuit against directors and officers most commonly occurs when shareholders (private or public), clients, competitors or others feel they suffered a loss in the value of their shares because of actions that the board or senior management took or didn’t take.  In case you thought smaller private firms are immune from litigation, here are some claim examples.

Claim Examples:

1. A director of medical supply company was sued, along with his company, for allegedly misappropriating trade secrets. $200,000 was spent on defense costs and the case was settled for $400,000.
2. The estate of a recently passed director (president) sued the other directors for recent company poor performance. Claim settled for $750,000.
3. A company recruited a top sales person from a competitor who had an employment contract. The competitor sued for damages after losing its top producer. Defense costs were $250,000 and case was settled for $560,000.

Risk management, or loss control, is a concept well-known to corporate management. Most businesses large and small take precautionary measures to minimize the risks associated with fire, theft, product liability, work-related injury, and other common business exposures. Proactive management of D&O exposures can improve a company’s ability to recruit talented management, enhance the quality of corporate decision-making, and contain the cost of D&O liability insurance premiums.

What You Should Do:

• Consider Directors and Officer Liability Insurance
• Determine if there are any conflicts of interests among the directors. Directors and officers should avoid situations where their personal interest may, or appears to, conflict with the best interest of the company
• Directors need to be educated in the following:
  • Antitrust, political contributions, harassment, and confidentiality
• There should be regular scheduled board meeting, including proper notice. Meeting minutes should be retained forever
• Utilize a qualified attorney, insurance agent, and accountant to help you manage your risk.
• Consider Employment Practices Liability Insurance. Employment-related claims represent a high-visibility, fast-growing area of D&O liability
• Establish internal controls for accounting and financial reporting

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. 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.

Have You Considered Professional Liability Insurance?

Most businesses purchase general liability insurance to protect their businesses against certain kinds of claims. These claims could include bodily injury and property damage. It is very important for businesses to understand the difference between professional liability and general liability.

Professional Liability insurance, also called “Errors & Omissions” insurance, protects against a claim from a third party who suffers a financial loss as a result of your services or actions.

If someone feels they have suffered a loss or damages due to a professional service, often their next action is a lawsuit. These kinds of actions can be costly and severely reduce a firm’s resources. Professional Liability insurance can help preserve assets and more importantly, help preserve the firm’s reputation.

If you perform any of these services, you may need professional liability insurance:

• Provide any construction management, which could include changing design plans, hiring sub-contractors and or overseeing construction projects
• Provide advice to clients
• Perform professional services
• Advise client on how to save money
• Provide advice on how to install equipment
• Recommend any building code changes

Industries that typically need Professional Liability Insurance include:

• Lawyers
• Real estate professionals
• Churches
• Non Profits
• Travel agents
• Medical professionals
• Funeral directors

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 Prepared For A Major Illness?

Supplemental Plans Offer Needed Benefits

Most Californians don’t like to think about death, accidents or illness, but these are on the top of the list of most of our life concerns. Healthcare reform has caused a shift toward individual awareness and responsibility regarding our health insurance. Healthcare costs are going to increase in the next three years. This will cause many employers to rethink group plans, and therefore may lead individuals to look for healthcare alternatives.

Out-of-pocket costs are increasing at an alarming rate. The national average out-of-pocket cost for a major illness was over $4,000 in 2013. Many individuals also incur lost income during a major illness. There is no question that a major illness also can take an emotional toll on the individual and their family.

Employees can benefit from voluntary insurance benefits solutions offered through their employer.   According to Met life.com, “The benefits landscape is changing significantly due to economic challenges, rising health care costs and health care reform. As a result, employers are adding voluntary benefits to their benefits programs in a big way – with 47% planning to add more voluntary benefits in the next two years.”

Voluntary Benefits Can Include:

• Life
• Dental
• Disability
• Accident & Health

Here are a few thoughts on how to implement voluntary benefits insurance:

• Make sure you offer a variety of benefits.
• Have a written outline and information about enrollment.
• Educate employees about the difference between regular health benefits and voluntary benefits.
• Discuss the financial impact of critical care and long term illness.

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.

Many of the products used are listed in Personal Services.

Does Your Business Need Inland Marine Insurance?

Business Insurance update
Your business insurance covers your personal property, stock, goods, and products while they are at your insured locations. However, if you take that business property offsite, it may need special insurance to be covered. Most modern businesses are highly mobile and frequently interact offsite with goods, products, and supplies from all over the world.
If your business delivers goods to customers or other parties, you want your equipment and products insured while away from your premises. Some examples might include:

1. A manufacture who delivers finished products to customers.
2. A cleaning company that has a van full of equipment.
3. Florists with vans full of flowers for delivery.
4. Contractors who have trucks with specialized equipment

Inland marine insurance can be added to your business insurance policy to cover such risks. It’s designed to cover products in transit, those held over at interim shipping points or various other fixed locations, and other movable properties that are transported from one place to another.

The benefits of our service is to guide you, so can choose the insurance package that best fits your lifestyle. For individuals it might be as simple as getting medical insurance and life insurance for your family. Businesses are a bit more complected when insuring. We can customize business insurance plans to help attract new employees while retaining your current employees.

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 30 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.

Best Practices for Property Losses

Business Insurance Update

Most every business owns business property, which may include the building in which you run your operations.  Property insurance protects the physical assets your business owns – such as computers, office equipment, buildings, furniture, fixtures, and other property.  Every business should have a comprehensive property insurance portfolio to respond to the many risks associated with property ownership.

We hope to help you indemnify a proactive plan in the event of a fire, theft, storm, or some other kind of damage that might involve your business insurance policy.  There are a number of actions you can do to help get the best possible settlement from the insurance company.

Pre-Loss Practices

• Maintain vital records
• Have photos of all buildings, major equipment, etc
• Blueprints- keep complete sets
• Property inventories
• Financial records
• Appoint key individuals as communicators
• Have emergency response plan
• Secondary locations identified

During The Loss

• Notify the insurer
• Protect the property
• Track claim costs
• Separate budget line items
• Keep records of all internal and external costs
• Make temporary repairs
• Communicate with insurer as to the use of any consultants
• Meet regularly with the agent and Insurer
• List and address key issues and concerns
• Note any changes from original design
• Will you rebuild or not?
• What might cause delays?

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.

Recent Study Shows Consumers Prefer to Work with an Independent Agent

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A recent study by Assurant Health has revealed that consumers who previously went direct to the health insurance market are returning to agents.  The study found that 60% of consumers, who once bought direct from the market, have gone back to agents for help.  Consumers have determined that their costs do not change, and having an independent agent offers greater value.

Here are some of the advantages sited:

• Independent agents offer a great knowledge of the market and products.
• There is a single point of contact.
• Agency staff are much more qualified.
• Consumers were able to gain a better understanding of their coverage.
• Consumers prefer to develop a relationship that involves trust.
• Dealing with people is less stressful and less of a hassle than trying to complete the process online or over voicemail.
• Consumers who purchased through an agent were significantly more satisfied about how easy it was to understand their options and choose a plan that gave them the best coverage tailored to their needs, than those who purchased online.
• Overall, consumers seem to prefer having the guidance of an experienced agent available to them.

Source: Insurancenews.net

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.

Does Your California Business Need A Checkup?

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.

California Workers’ Compensation Helps Employers & Employees

California Workers’ Compensation Insurance

Workplace accidents occur every day in America. Even if your business has an excellent safety program, people get injured.  Many times people who are injured at work need time to recover. Thankfully there is workers’ compensation insurance to cover the medical and time loss costs.

If an employee is injured on the job, employers are legally liable to the employee. Workers’ compensation will even cover employees who are involved in auto accidents while away from the worksite, if the accident occurred while on the job.

Workers’ Compensation Benefits

Employees– Workers’ compensation provides injured employees with medical treatment and time loss in the event of a serious injury.

Employers– Workers’ compensation provides employers with the security that insurance will be there to help treat and restore injured workers.

Workers’ compensation is an important part of your business insurance program. It is required by state law that your business has workers’ compensation insurance.

As a business owner, you go to great lengths to provide a safe working environment for your employees. Workers’ compensation continues to be a significant cost driver for most employers, and understanding all the factors that can drive your workers’ compensation cost can often be complex and time consuming. Let us help you!

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 company and personal assets are properly safeguarded.

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.