Own a Light/IPL Facility? You need these types of insurance.

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Light and Intense Pulsed Light (IPL) facilities are becoming more and more popular for a variety of cosmetic treatments, including hair removal, wrinkle reduction, and acne treatment. These facilities use specialized equipment to deliver intense pulses of light to target specific areas of the skin. However, with any medical procedure, there are risks involved, and it’s essential to have the right insurance in place to protect your business. Here are five types of insurance that light/IPL facilities should consider:

  1. General Liability Insurance: This type of insurance is essential for any business, and it covers injuries or property damage that may occur on the premises. This coverage can also provide protection if a client sues the facility for negligence.
  2. Professional Liability Insurance: Also known as malpractice insurance, this type of coverage can protect the facility if a client claims that they were harmed as a result of negligence or error on the part of the facility’s staff.
  3. Product Liability Insurance: If the facility offers products for sale, such as skincare products or supplements, this type of coverage can provide protection if a client has a reaction or is harmed by using one of the facility’s products.
  4. Equipment Breakdown Insurance: IPL equipment can be expensive and essential to the functioning of the facility. This type of insurance can cover the cost of repairs or replacement if the equipment is damaged or breaks down.
  5. Cyber Liability Insurance: With the increasing use of technology in the medical field, it is important to have coverage in case of a data breach, hacking or loss of sensitive patient information.

It’s important to note that not all insurance policies are created equal, so it’s a good idea to work with an insurance agent who specializes in the light/IPL industry. They can help you understand your specific risks and find the right coverage to protect your business.

In conclusion, Light and IPL facilities offer a wide range of services that can help individuals enhance their appearance and boost their self-confidence. But as with any business, it is important for Light/IPL facilities to have the proper insurance in place to protect themselves and their clients. It is important to work with an insurance agent who specializes in the light/IPL industry to ensure that you have the coverage you need to protect your business from financial loss.

We offer coverage for a broad array of services including:

Laser/IPL Hair Removal, Tattoo Removal, Light/Energy Skin Rejuvenation, Body Contouring/Cellulite Reduction, Plasma Treatments, Wrinkle, Scar, Age/Sun Spot, Vein, and Fungus Removal/Reduction, Vaginal Rejuvenation, Rosacea, Psoriasis and Vitiligo Treatments, Acne Treatments, LED Teeth Whitening & Hair Stimulation, Energy Wave Therapy, Photo Rejuvenation, Scar Revision, Smoking Cessation, Laser Acupuncture, Weight Loss, Allergy Treatments, Medical Aesthetics

Is California Fair Plan my Only Option?

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Yes, there are alternatives to the California Fair Plan, which is also known as the California FAIR Plan. The California FAIR Plan is a state-run program that provides property insurance to individuals and businesses who are unable to find coverage through the regular insurance market.

Some alternatives to the California FAIR Plan include:

  • Private insurance companies: You can contact a local insurance agent or broker to find out if there are any private insurance companies that are willing to provide coverage in your area.
  • Surplus lines insurance: Surplus lines insurance is provided by companies that are not licensed to do business in the state of California but are able to provide coverage to individuals and businesses that are unable to find coverage through the regular insurance market.
  • Risk Retention Groups: A Risk Retention Group is a type of insurance company that is owned and controlled by its policyholders.

It’s important to note that the availability of these alternatives and their pricing can vary based on your location and type of property you want to insure. It’s always a good idea to shop around and compare the coverage and pricing offered by different providers to find the best option for you.

What to look for in a D&O policy?

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When buying a Directors and Officers (D&O) Liability policy, it’s important to consider the following:

  1. Coverage limits: Make sure the policy provides enough coverage to protect the company and its directors and officers in case of a claim.
  2. Definition of “loss”: Look for a policy that defines “loss” in a way that covers both monetary damages and defense costs.
  3. “Side A” coverage: Make sure the policy includes “Side A” coverage, which provides protection for individual directors and officers in case the company is unable to pay a claim.
  4. “Prior acts” coverage: Confirm that the policy includes “prior acts” coverage, which provides protection for claims that arise from events that occurred before the policy was in effect.
  5. Exclusions: Understand any exclusions in the policy, such as exclusions for fraud or criminal conduct.
  6. Financial ratings of the insurance company: Always check the financial strength of the insurance company before purchasing the policy.
  7. Additional coverage options: Check for additional coverage options, such as cyber liability, employment practices liability, etc.
  8. Get professional advice: Get professional advice from a qualified insurance broker or agent who has experience in D&O liability coverage to make sure you’re getting the right policy for your company’s needs.

Why work with independent agents like WHINS Insurance Agency

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When it comes to purchasing insurance, many consumers are faced with the decision of whether to work with an independent insurance agent (WHINS) or a captive insurance agent (State Farm, Farmers, Allstate). While both types of agents can provide insurance products and services, there are several key reasons why working with an independent insurance agent is often the better choice.

First and foremost, independent insurance agents are able to offer a wide range of insurance options from multiple insurance companies. This allows them to tailor coverage to the unique needs of each individual or business, and to compare policies and prices to find the best fit. In contrast, captive agents are limited to offering insurance products from a single company, which can limit the options available to their clients.

Additionally, independent insurance agents are typically more experienced and knowledgeable about the insurance industry as a whole. Because they work with multiple companies, they are able to keep up with changes in the market and understand the nuances of different policies. This can be especially valuable when it comes to complex insurance products such as business liability or employee benefits.

Another key advantage of working with an independent insurance agent is that they are typically more responsive and accessible to their clients. As a small business owner, working with an independent agent can provide a level of service and personal attention that is not always possible with larger, captive insurance companies. They are also more flexible and willing to work with clients to find a policy that fits their needs and budget.

Finally, it’s important to note that independent insurance agents are not tied to any one company and thus, they can help you compare policies and prices across different insurance companies, which can help you find the most cost-effective coverage.

In conclusion, while both independent and captive insurance agents can provide insurance products and services, working with an independent agent offers many benefits such as a wide range of insurance options, experienced and knowledgeable advice, personal service, and cost-effective coverage. It is always advisable to consider working with an independent insurance agent when looking for coverage.

Technology Startup? Insurance to Consider

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As a technology startup, it’s important to have the right insurance in place to protect your business from potential risks. Whether it’s protecting your company’s intellectual property, covering liability for your products and services, or ensuring the safety of your employees, there are several types of insurance that should be considered.

First and foremost, technology startups should have general liability insurance, which can protect against claims of bodily injury or property damage that may occur on your premises or as a result of your products or services. This is essential for any business, but particularly important for technology startups who may be developing and testing new products or services.

Another important type of insurance for technology startups is professional liability insurance, also known as errors and omissions insurance. This can protect your company against claims of negligence or misconduct in the performance of your professional services. As a technology startup, this can be especially important if you are providing consulting or development services to other businesses.

Another key insurance for technology startups is cyber liability insurance. As technology startups are more likely to store sensitive data like customer information, personal details and financial data, they are also at a greater risk of cyber-attacks and data breaches. Cyber liability insurance can protect your business from the financial losses that can result from a data breach, and also help with the costs of notifying and assisting affected customers.

In addition to these three main types of insurance, technology startups may also want to consider workers’ compensation insurance, employment practices liability insurance, and even product liability insurance, depending on the nature of their business.

In conclusion, as a technology startup, it’s important to have the right insurance in place to protect your business from potential risks. From general liability insurance to cyber liability insurance, there are several types of insurance that should be considered to ensure the safety and well-being of your business. It’s always recommended to speak with a insurance professional to determine what insurance coverage best fits your business needs.

Selling a product? You need Stock Throughput.

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Stock throughput insurance is a crucial type of insurance for companies that sell products, as it provides financial protection for goods in transit and in storage. This type of insurance covers the cost of damages or loss of goods while they are being transported, stored, or handled before they reach the final consumer.

For companies that sell products, stock throughput insurance can be especially important, as it can help protect against unexpected losses that can have a significant impact on the bottom line. Whether it is due to damage during transportation, a warehouse fire, or theft, stock throughput insurance can help cover the cost of replacing or repairing the lost or damaged goods.

In addition to the financial protection it provides, stock throughput insurance can also give companies peace of mind knowing that they are protected against potential losses. This can allow companies to focus on growing their business, rather than worrying about potential losses.

One of the key benefits of stock throughput insurance is that it can be tailored to meet the specific needs of a company. This can include coverage for specific types of goods, such as perishable items or high-value items. It can also include coverage for specific types of risks, such as natural disasters or theft.

In conclusion, for companies that sell products, stock throughput insurance is an essential part of risk management strategy. It provides financial protection for goods in transit and in storage and gives companies peace of mind knowing that they are protected against potential losses. It is important to consult with an insurance agent to find the best coverage that will meet your company’s specific needs and budget.

5 Rules Every Landlord Should Live By

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I’m pretty confident that if you asked anyone who has ever owned a rental property you would get an overwhelming response that it’s not as lucrative or easy as they thought it would be. In fact, owning a rental property can be a major pain, and end up costing you a ton of money!

I certainly don’t mean to be a “Debbie Downer”, and I know that if it’s done right it can be lucrative, but from an insurance agent’s perspective, I don’t see a lot of people doing it right.

So you’re probably thinking, “Well Chris, you are an insurance agent. What do you know about real estate or rental properties? Why should I take advice from you?”

I’m not a real estate agent, and I don’t own a rental property. However, several of my friends/family/clients/co-workers own rentals, and because I insure a bunch of their properties, I’ve had a first hand account of the process, and I’ve learned what to do, and what not to do.

Continue reading →

Will my credit rating change my insurance rates?

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I was recently asked this question by one of our WHINS Insurance Agency clients, and thought I would share the answer here for our readers.

There are a lot of things that go into homeowners and auto insurance rates, one of them being credit. I’ve heard a lot of complaints from people who don’t like the fact that insurance companies use credit in their underwriting.

Some people have absolutely no idea that it’s used in the rate at all.

At the end of the day, there’s not much we can do about it though. Insurance companies have been using credit in their rates for decades, and that’s not likely to change.

By the way, insurance companies don’t pull your credit like a mortgage company or credit card company does. There is no negative impact on your credit as a result of an insurance company looking at it.

When I say “pull” what I mean is that the insurance company is doing what’s called a soft inquiry, which is not the same thing as having your credit pulled (hard inquiry).

When does credit play a role in insurance rates?
It’s important to understand that insurance companies don’t continuously check or monitor your credit. Usually, they only check it when you first get a quote and/or sign up with them in the very beginning.

This means that if your credit score increases (or decreases) your insurance company does not automatically know about it.

So, to my customers question of whether or not his increased credit score will lower his rates, the answer is not automatically.

What has to be done on our side as the agent is contact the carrier the insurance and ask them to do what’s commonly referred to as a “re-score”. This is when the insurance company can re-run the person’s credit (soft inquiry) to see if there is any positive bearing on the rate.

This isn’t something that the insurance company is going to let the agency do every single year, so it’s not worth even asking unless there has been a significant change in your credit score, and only you as the customer would know if that was the case.

If you’d like to get a better handle on your credit rating, it could be helpful to setup credit monitoring. We hope this was helpful! As always, leave us comment below if you have any questions.

Why Do My Auto Insurance Rates Keep Going Up Even Though My Car Keeps Getting Older?

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Why do my auto insurance rates keep going up even though my car is getting older?  At WHINS Insurance Agency, many of our clients ask this question so I would like to address it from a couple of angles.

First things first, even though it’s called car/auto insurance, it covers more than just your car. It should technically be called “auto-owners” insurance, similarly to how home insurance is actually called “home owners insurance”.

It’s important to understand that there are a lot of variables that go into insurance premiums, and with auto insurance, it’s no different.

The insurance company is much more concerned with you crashing into someone and causing them (or yourself) bodily harm, or death, than they are about your car. A car is a material possession which can be replaced.

A human life is not.

When is the last time you looked at your auto insurance policy?
If you look at it you’ll notice there are a lot of different coverages on your auto policy.

Bodily injury
Property damage
Un-insured motorist
Under-insured motorist
Medical Payments
Loss of Income
Funeral Expense
Loss of use
Rental Reimbursement

These are all things that you are covered for on your auto policy. How many of them have to do with your car?

None.

How many of them have a price next to them on your policy?

All of them.

Your car isn’t the only thing you’re being charged for on your policy
That’s because auto insurance covers far more important things than your car as mentioned above.

Let me re-phrase that: your car insurance rate isn’t just based on your car.

You’re not the only one…
It’s also important to understand that you are not the only person your insurance company insures. You are one fish in an ocean of other fish, sharks, and sea creatures, all who have different characteristics and risk profiles.

Insurance is all about spreading costs over a large number (risk pool) of people, which each person paying their fare share. That risk pool is constantly changing, and is impacted by a ton of different things, including the overall economic climate.

This means that you are sharing in the cost of millions of other people, many of whom may have poor loss history and/or credit.

That’s what insurance is though — sharing in the cost.

The next time your auto insurance rates go up, take a look at the big picture. Make sure you’re looking at ALL of the coverages, and corresponding rates.

Hope this helps!  If you would like to know more about Car Insurance be sure to visit our page dedicated to it.