Tag: Business Insurance

Workers’ Compensation Savings For Small Businesses

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How To: Save On Your Workers’ Compensation

As a business owner, you know that workers’ compensation is important. Not only does it protect your workforce—ensuring they get the medical care and lost wages reimbursements they need to maintain their quality of life—but it is also crucial for your business. This coverage helps you take care of your team without compromising your bottom line.

That does not mean you want to pay a pricey premium, though. Here is a quick guide on how to save on your workers’ compensation.

  • Get Grouped: Group rates can help you get significant savings on your workers’ comp coverage. If your business is not large enough to qualify for this type of coverage on its own, consider joining a trade association with at least 300 members or asking a couple of other businesses with similar risks to join with you in securing coverage.
  • Support Safety: California requires you to have a written safety program. Why not show it to your insurer—along with documentation about your regular safety trainings—to let them know how much you prioritize safeguarding your staff. Informing your insurer that you are making strides towards minimizing workplace accidents can help you save.
  • Prepare Programs: Certain programs—like a substance-free workplace program or return-to-work program—can help your employees minimize injury times and injuries themselves. By implementing these types of programs to help your workforce stay safe on the jobsite and protect their health if an injury does occur, you can show your insurer you are actively reducing your risk and their costs, which should lower your premiums.

Want to talk to an insurance expert about how to keep your workers’ compensation as affordable as possible? Contact Stromsoe Insurance Agency today! As California business insurance experts, our dedicated team is standing ready to help you get the best workers’ comp at the best price.

Common Insurance Questions Answered

Posted on by butlervetinsurance

Insurance is one of the most important security tools an individual or business can have, but it is also one of the most commonly misunderstood topics. Whether you have questions regarding your auto insurance, homeowners insurance, or business insurance, we hope this informational sheet of common insurance questions will clear up any misunderstandings:

  • My auto insurance agent just asked if I wanted full glass coverage, is it worth it? This extra protection measure will provide you with coverage when the glass windows of your car experience physical damage. This includes when a pebble hits your window and causes it to crack. This extra insurance will likely exclude coverage for mirrors.
  • My boat is covered under my homeowners insurance, right? Depending on the size of your boat, you may receive limited coverage for your boat under your homeowners’ insurance policy. However, in order to be 100% confident in your boat’s security, it is important that you seek professional advice based on your particular scenario before heading out on the water. You may need a separate boat insurance policy for optimal protection.
  • Umbrella insurance policies are unnecessary, right? Unfortunately, since lawsuits are more common now than ever, umbrella insurance policies can benefit nearly every individual and every business. Whether your dog decides to protect you by biting an aggressive neighbor or your son’s friend slips and falls on your property, your umbrella insurance policy will provide you with optimal protection.
  • What is replacement cost verses actual cash value? These are two unique reimbursement methods that will determine how you are compensated after a covered peril. Replacement cost is typically more expensive because it provides you with the appraised value of the item. In contrast, actual cash value provides you with an amount after the depreciation of the items are calculated.

Contact Stromsoe Insurance Agency in Murrieta for all of your California insurance needs. If you have any remaining questions, feel free to give us a call! We are available around the clock to answer any questions you may have.

Business Insurance Coverage Options

Posted on by butlervetinsurance

Business owners must do everything in their power to protect their organization. In doing so, you must have a comprehensive business insurance policy. With the array of coverage options surrounding business insurance policies, you may be wondering which you actually need and which are just wasteful. Gathered is a list of the basic coverage options your business needs to survive:

  • Business property insurance will provide the structure of your business, its inventory, and all business equipment with protection against a variety of covered perils. If your structure is affected by a damaging fire, your business property insurance policy will kick in to cover your business’ assets.
  • Business liability insurance allows you to receive peace of mind knowing nothing can bring your organization down. If someone claims that your product or service was not provided in the manner promised, your liability coverage will protect you from any lawsuits. Additionally, if a client is injured on your business property, your business liability insurance would provide you with legal defense and the injured client with medical expense coverage.
  • Worker’s compensation provides both employees and employers with a variety of benefits. Employers can rest assured that any injured or ill employees will receive medical expense coverage. This coverage extends to any injuries or illnesses that are caused by work operations.
  • Commercial auto insurance is a required insurance policy for any organizations that depend on the use of work vehicles for business operations. Some small business owners fail to realize that this is required even if your employees operate their own vehicles for work relations.

Contact Stromsoe Insurance Agency in Murrieta for all of your California business insurance needs. We understand that the various insurance options available for business insurance policies are complex and may seem confusing. Allow us to personalize a unique business insurance policy that will meet the exclusive needs of your organization.

Insuring Your Home-Based Business

Posted on by butlervetinsurance

As the commonality of home-based business continue to rise, it is becoming increasingly more important to make sure that your business is adequately protected. Many business professionals that run their business from their home are misinformed and assume their assets will be covered under their existing homeowners’ insurance policy or business insurance policy that applies in the office. However, depending on your line of work, you may need additional coverage in order to receive full protection.

If you answer yes to any of the following questions, you may need to purchase additional coverage:

  • Does your standard homeowners’ insurance policy have a limit in coverage of business equipment?
  • Do you work from home on a regularly basis as opposed to your office at work?
  • Do you ever conduct business in contacts’ homes or allow contacts or employees to visit your home?
  • Is any of your business data stored at home?

Typical Home-Based Business Insurance Policies Include:

  • Rider to a Homeowners/Renters Insurance Policy – This is the least expensive option because it only provides limited additional coverage. If your business is run by a one-man operation system with limited liability exposure, this may be the perfect choice for you.
  • In-Home Business Policy – This will offer you coverage for business liability protection, and replacement of lost income from fire, theft, or any other disaster. This will act as a single policy, eliminating any gaps or duplications in coverage.
  • Business Owner’s Policy (BOP) – This will over you the most comprehensive coverage, protecting you from unexpected business interruption, damage to data or business equipment, and protection from malpractice or professional liability claims.

Stromsoe Insurance Agency is available for all of your California business insurance needs. Contact us today and allow us to provide you with the peace of mind knowing your assets are adequately protected.

Why Your Business Needs Cyber Liability Insurance

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As business owners, you constantly make decisions about which physical assets are necessary to insure. However, do you ever consider cyber insurance to protect the non-physical assets, and most important aspect of your business? Business owners rarely understand just how catastrophic a data loss can be. Technology offers a great deal of conveniences, but also poses a lot of risks. We rely on technology for almost everything nowadays, and need to take the necessary precautions by purchasing cyber insurance.

There has been a steady increase in the number of cyber insurance policy purchases, especially within the last three years. People are starting to realize that hackers will always be a step ahead, and cyber insurance is the only way to protect your business from a data breach. Breaches are becoming increasingly more common, and it only takes a few keystrokes for a hacker to gain access to all of your personal and private information.

However, it is not just hackers who can be responsible for your data loss. Almost two-thirds of data breaches are due to human errors and system glitches. Even if you encrypt your files, you have not done as much as you can to protect your business from a breach. Right now, only about twenty percent of businesses have cyber insurance. In a few years, cyber insurance will become a norm. Keep in mind that just because you do not own a large-scale company, does not mean you have a decreased risk for data breaches or cyber-crimes. The majority of breaches take place at smaller companies with less than 100 employees.

Stromsoe Insurance Agency is ready to help you protect your business, contact them today about commercial insurance. Stromsoe Insurance Agency is sure to meet all of your insurance needs!

Errors and Omissions Explained

Posted on by butlervetinsurance

As a business owner, it’s important to have business insurance coverage that will protect your interests. One of the most vital policies any service provider should carry is Errors and Omissions (E&O) insurance.

What exactly is E&O insurance?

E&O insurance is usually called malpractice or professional liability insurance and provides protection when your client feels that you did not follow through on your promises. It’s one of the most important policies that a business owner can have.

What does it cover?

  • Attorney fees
  • Judgments
  • Settlements

Based on your service and type of business you operate, your premiums may vary. When acquiring this type of insurance, make sure you have your contracts and operating procedures on hand for your underwriter to review.

It’s no secret that things happen and there will be times when you cannot make every client happy. Making sure you protect your business from these types of unfortunate situations can make the difference between continuing to thrive and closing your doors.

For more information on business insurance and how you can keep your organization safe, contact Stromsoe Insurance Agency.

Can I Get a Policy that Combines Different Types of Insurance?

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Selecting the perfect insurance policy can take some research and understanding of which policies are best for your needs. Depending on your insurance needs, it may be possible to combine different policies under a single policy, saving you money on costly premiums.

In many situations, business owners are able to create a business owner’s policy (BOP), which includes the different types of coverage needed for the business. The BOP can include property, casualty, business interruption and liability all in a single policy. Or if the homeowner has a business, a “business pursuits” endorsement on their homeowner’s policy can be added, combining business insurance with the homeowner’s policy.

Homeowners might be able to include their car insurance with their homeowner’s policy. Combining insurance will help save on monthly car and homeowner’s insurance premiums.

It is best to speak directly with an insurance agent to help understand which policies can and cannot be combined and which policies work best for your insurance needs.

For more information about the different types of insurance policies available and how to combine different policies in California, contact the Stromsoe Insurance Agency.

Everybody seems to be suing everybody else these days. What if someone sues my business?

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Operating a business is hard enough without having to worry about the cost of defending your company against lawsuits. Suing a business is not at all an unusual occurrence. Every day, thousands of customers slip and fall in grocery stores. People get food poisoning when they are served tainted food in restaurants. Objects fall off tall shelves and hit people on the head. 

As a business, you never know when someone is going to get hurt and decide to sue. In order to protect against the very real possibility of lawsuits, every business that does not want to assume the financial risk, must have business insurance. 

Liability insurance, whether purchased under a separate Commercial General Liability policy or as part of a standard business owners policy, covers personal bodily injury, property damage, and advertising injury. In order for a plaintiff to be able to collect on a lawsuit, he or she must have been injured, in some manner, as the result of an act, or failure to act by the defendant (business).  

Business insurance will pay-out legitimate claims and also pay the costs to defend a business against lawsuits. Even frivolous lawsuits can be costly. To find out more about what kind of business insurance you might need, please contact Stromsoe Insurance Agency.

I don’t have any major business assets. Why do I need insurance?

Posted on by butlervetinsurance

As a business owner, the first thought is finding insurance. Companies with millions of dollars in assets, such as inventory or machinery, need a specific policy to cover those items. Even if a business has no major assets, insurance is still needed, but for different reasons. 

Not all companies carry inventory. Instead, they offer a service. Individuals who operate a service oriented company need protection against various situations. For example, a plumber is working on a pipe in a person’s home and accidently breaks something else. This represents a liability for the businesses.

No matter what type of business a person has, liability business insurance protects them against loss when accidents and injuries to others may incur while on their property. This type of insurance also covers accidents and injuries related to the company business when an employee is on the clock but away from the office.

Business owners can contact Stromsoe Insurance Agency through their website or any of their social media contacts (Facebook, Twitter, LinkedIn, etc.), if they have questions regarding different types of insurance they may benefit from.

What Types of Business Insurance Are Available

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If you own your own business, there are quite a few insurance products you can use to protect yourself against possible loss and damage. A comprehensive insurance plan will include all of these insurance policies, and there may be discounts available for bundling multiple insurance options together.

Workers’ compensation insurance is required by most states for full-time employees. It will protect you against claims if your employees are injured on the job. Life and disability insurance and health insurance are additional employee benefits that are often offered. Health insurance will become mandatory for many employees starting January 1, 2014.

Commercial auto insurance is a necessity for those that require their employees to drive while on the job, and general liability insurance can protect businesses from injuries that happen on their premises or due to the negligence of their staff. Product liability insurance is vital for those that manufacture products such as consumer goods.

Property and casualty insurance is one of the most common types of insurance and will protect against property damage, while business interruption insurance will insure your company against the potential of lost revenue due to unforeseen events.

For more information about business insurance and your insurance needs contact the commercial insurance experts at Stromsoe Insurance Agency.