- Get your DOT number even if you’re not ready to get your CDL yet, insurance companies are nervous about ensuring new authorities or new ventures.
- Check the insurance rating, not all insurance companies are created equal, check the rating of the insurance company on ambest.com.
- Get the right liability insurance amount, the FMCSA requires you to get $750,000 in liability insurance, but brokers have their own requirements for insurance, 99% of brokers require $1 million in liability insurance, $100,000 in cargo and reefer breakdown insurance.
- Don’t overlook the radius of operation, new companies will go out get an amazing insurance quote without realizing that they’re limited to a 250 mile radius.
- Get your insurance when you’re ready, but don’t wait too long or you will pay more for it, as the longer you wait, the more expensive it will be.
- EPLI stands for Employment Practices Liability Insurance and is a hot topic in the business world. It can cover claims against your business for harassment, wrongful termination and discrimination.
- The MeToo movement of 2017 and the COVID-19 pandemic have both led to an increase in EPLI claims.
- The median EPLI award in 2020 reached $173,960, largely due to social inflation.
- Carriers such as Hartford, Liberty Mutual, and Travelers have started to restrict the amount of EPLI coverage they provide.
- Guard, a Berkshire Hathaway company, previously provided clients with $500,000 EPLI limits with a $500 deductible, but has dropped the limit to $10,000.
- When standard carriers are no longer an option, businesses can turn to the surplus lines market (also known as non-admitted carriers).
- EPLI insurance in the surplus lines market is typically sold as a standalone product, not as part of a package.
- Policy forms and coverage offered by non-admitted carriers can vary, so it’s important to understand them and work with a broker who understands the market.
- Self-insured retention (SIR) is often used in EPLI policies from surplus lines carriers instead of a deductible.
- SIR or Self Insured Retention amounts can range from $10,000 to $1,000,000.
Workers’ compensation insurance is mandatory in California, but that doesn’t mean you can’t take steps to lower your premium. Here are five tips to help you save money on your workers’ compensation insurance in California:
- Implement a safety program: One of the best ways to lower your workers’ compensation premium is to reduce the risk of accidents and injuries on the job. This can be achieved by implementing a comprehensive safety program that includes regular training, safety inspections, and accident reporting. By showing that you have a strong commitment to safety, you can help lower your premium.
- Monitor and manage claims: Another way to lower your premium is to monitor and manage claims effectively. This includes promptly reporting claims to your insurance carrier, working with a third-party administrator to manage claims, and implementing a return-to-work program. By managing claims effectively, you can help lower your overall claim costs and in turn, lower your premium.
- Shop around for the best deal: It’s important to shop around and compare quotes from multiple insurance providers to find the best deal on your workers’ compensation insurance. Make sure to compare not only the premium but also the coverage and exclusions offered by each policy.
- Understand your x mod rating: Your experience modification (x mod) rating is a number assigned by the workers’ compensation insurance rating bureau that takes into account your company’s past claims history, payroll, and industry classification. A high x mod rating can indicate a higher risk of future claims and make it more difficult to find affordable coverage. By understanding your x mod rating and taking steps to improve it, you can help lower your premium.
- Consider self-insurance: Self-insurance means setting aside funds to pay for any potential claims yourself, rather than paying premiums to an insurance company. The California Self-Insurers Security Fund (SISF) provides an option for self-insurance for businesses in California.
In conclusion, by implementing a safety program, monitoring and managing claims, shopping around for the best deal, understanding your x mod rating, and considering self-insurance, you can take steps to lower your workers’ compensation premium in California.
If you’re a business owner in California and have a high experience modification (x mod) rating, obtaining a workers’ compensation insurance policy can be a bit of a challenge. An x mod is a number assigned by the workers’ compensation insurance rating bureau that takes into account a company’s past claims history, payroll, and industry classification. A high x mod rating can indicate a higher risk of future claims, which can make it difficult to find affordable coverage.
However, it’s important to remember that workers’ compensation insurance is mandatory in California, so even if you have a high x mod rating, you still need to have coverage in place to protect your business and employees.
One option for obtaining coverage with a high x mod rating is to work with a specialty insurance broker who has experience working with businesses that have a higher risk of claims. These brokers can help you find coverage from insurance companies that specialize in high x mod risks and may be able to negotiate more favorable terms and rates.
Another option is to consider self-insurance. This means setting aside funds to pay for any potential claims yourself, rather than paying premiums to an insurance company. The California Self-Insurers Security Fund (SISF) provides an option for self-insurance for businesses in California. The SISF is a state-mandated program that provides coverage for employers who are unable to obtain workers’ compensation insurance in the voluntary market.
It’s also important to note that you can work on reducing your x mod rating over time by implementing safety measures and training programs, implementing a return-to-work program, and promptly reporting and managing claims.
In conclusion, obtaining a workers’ compensation insurance policy with a high x mod rating in California can be a challenge, but there are options available to help you find coverage that meets your needs. Specialty insurance brokers and self-insurance programs are both viable options to explore. Additionally, implementing safety measures and training programs, implementing a return-to-work program, and promptly reporting and managing claims can help reduce your x mod rating over time.
Our work comp insurance progams can consider the following industries
- Asbestos removal
- Carpentry, framing & roofing
- Fabrication & manufacturing
- Garbage & refuse collection
- Home health care & assisted living
- Oil and gas drilling and pipeline work
- Tree trimming
- Telephone, cable, fire alarm
- And more…
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:
- 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.
- 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.
- 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.
- 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.
- 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
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.
When buying a Directors and Officers (D&O) Liability policy, it’s important to consider the following:
- Coverage limits: Make sure the policy provides enough coverage to protect the company and its directors and officers in case of a claim.
- Definition of “loss”: Look for a policy that defines “loss” in a way that covers both monetary damages and defense costs.
- “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.
- “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.
- Exclusions: Understand any exclusions in the policy, such as exclusions for fraud or criminal conduct.
- Financial ratings of the insurance company: Always check the financial strength of the insurance company before purchasing the policy.
- Additional coverage options: Check for additional coverage options, such as cyber liability, employment practices liability, etc.
- 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.
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.
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.
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.