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3 weeks ago · by · 0 comments

Review Your Business Insurance Annually

Every business goes through different cycles of profit and loss. This means that your risks and potential exposures are being affected similarly. At the same time, Commercial insurance coverage is also evolving and changing. Nothing in either your business or the insurance industry remains static. This is why you should re-evaluate your insurance coverage at least once a year. A regular insurance audit will help you plug any coverage holes that might impact your bottom-line severely should an unexpected loss occur.
Ask yourself: How much risk are we prepared to accept for our business? Essentially, anything that you are not prepared to take on needs to be covered by suitable insurance coverage. To measure the amount of risk in evaluating the insurance needs of your company, there are a number of key areas you need to examine — in conjunction with one of our knowledgeable insurance agents. The primary areas you should re-evaluate annually are:

General Liability. How much liability protection does your company currently require? The amount of coverage you had purchased previously was probably adequate at the time, but remember: Your business has changed since then and so has your liability exposure. What was suitable for your needs last year might no longer be sufficient if your company has grown and expanded. The larger your growth, the more you become exposed to potential, increased, and significant liability.

Property Insurance. Business property evaluations go up and down as commercial real estate values fluctuate. You could now be paying too little or too much for the necessary coverage. The same applies to your equipment, machinery, and your inventory. Adding or subtracting in these three areas, while factoring in appreciation or depreciation, can affect not only the premiums you pay, but also your overall Property insurance coverage in the event of a significant loss, such as a fire or natural disaster.

Workers Compensation. The premium you pay is largely dependent on the roles of each and every employee — from the shop floor to your managerial staff. If the roles of your personnel have changed relative to how your business has grown, shrunk, or evolved, then you need to re-evaluate these changes relative to the premium rate you pay for each worker. The premium cost changes and/or differences can be substantial.

Business Interruption Insurance. You might have enough insurance to get your business re-built and your equipment replaced in the event of a disaster, but did you also factor in your business operating expenses? Many companies neglect that part of the equation and fail to develop a disaster recovery plan. Even if your company has a plan, what about the vendors that are key to the survival of your business? Your own business might be fine, but in some other part of the state or country, a key manufacturer or supplier could get nailed. Did you know that you could extend your coverage to cover this circumstance, too?

Insurance Protection of Executives. The size of your company doesn’t matter. If you have employees, you can face claims for sexual harassment or wrongful dismissal. You might not have considered the need to purchase Employment Practices Liability insurance before, but if your company has grown, that expansion has increased your risk to potential claims. Similarly, if you sponsor a 401(k) plan for your employees, and its performance has not met expectations or an employee feels the investment was mismanaged, do you have adequate Directors & Officers Liability to handle such claims?

Summary. To safeguard your business from potential risk, an annual insurance audit is a must. You might discover that changes in your business might have exposed you to new risks. Likewise, insurance premiums are a significant expense, and you might find that you are paying too much or covering exposures that are no longer relevant.

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4 months ago · by · 0 comments

When To Contact Your Commercial Insurance Agent

Your commercial insurance policies protect your business, making your insurance agent an essential resource for your company. While you may not have your agent on speed dial, you will want to contact him or her in several circumstances.

Verify Coverage Details

You can purchase a variety of different policies for your business, and need to understand your exact coverage. Contact your insurance agent to verify which types of coverage you have and your policy limits.

Update Your Policy

When you add a vehicle to your commercial fleet, sell a piece of equipment, move to a new location, or make other changes to your business operations, call your insurance agent. These updates could affect your insurance needs, policy and premium.

File A Claim

If you need to file an insurance claim, contact your agent immediately. You may call the agent’s office, send an email or text, or fill out an online claim form on the company’s website. Remember to submit pictures, too, as you get your claim process started.

Ask Questions About a Claim

After you file an insurance claim, you may have questions about the adjuster’s findings or the settlement timeline. Feel free to contact your agent and ask any questions you may have.

Discuss Your Bill

Whether you pay your insurance bill annually, semi-annually or quarterly, you may inspect your bill and realize that you have questions about one of the charges or fees. Most insurance agents remain transparent about billing, and they can explain anything you don’t understand about your insurance charges, fees or payment date.

Pay Your Bill

If you experience any issues when you pay your insurance bill, call your agent. You may also ask for a change in the policy due date or a change in payment frequency.

Initiate an Annual Review

You should receive a notice a few weeks before your commercial insurance policy’s renewal date. Ask your agent for a meeting to renew your coverage. During this meeting, discuss details about your business and the types of insurance you need, including coverage limits and cost, as you verify that you have the right insurance for your needs.

Request a New Quote

Based on your insurance policies you purchase and your loyalty to your commercial insurance company, you may qualify for discounts or a more competitive rate. Your agent can rework your coverage limits, check for discounts and give you a new quote that meets your budget.

Throughout the year, you may wish to contact your commercial insurance agent for several reasons. Always feel free to reach out and discuss your needs as you purchase the right coverage for your business.

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1 year ago · by · 0 comments

Protect Against Risks With an Umbrella Policy

In the event that someone is injured on your property and you are found legally responsible, you could be faced with a costly financial burden. In fact, without a personal umbrella liability insurance policy, any expenses beyond the limits of your standard policy are your responsibility. This applies to your homeowners, renters, automobile and watercraft insurance policies.

Personal umbrella liability insurance provides an extra layer of protection over your personal assets for when your standard liability coverage is exhausted.

Personal umbrella liability insurance provides an extra layer of protection over your personal assets for when your standard liability coverage is exhausted.

Engaging in everyday activities can put you at risk for a lawsuit. Simple things like having a swimming pool or entertaining guests in your home can increase the chance that someone will get injured and sue you. To minimize your risk, consider a personal umbrella liability policy.

Why is a personal umbrella liability policy important?

It works to fill the gaps in your coverage and provides the following benefits:

  • When litigation ensues, it’s typically for a large amount. If you get into a car accident and injure several people, you could be sued for millions of dollars; well beyond the limits of your automobile policy. You can also be held responsible if your dog bites someone, if your child injures another kid in a fight at school or if a handyman hurts himself at your home.
  • Umbrella policies cover legal fees because the insurance company assumes the risk, not you.
  • Coverage is inexpensive and easy to obtain. Just give us a call to add it on to your current policy.
  • You’ll have peace of mind knowing that you are covered in case of a fluke occurrence.

How much coverage do you need?

Take into consideration your total personal assets and your potential for personal risks when determining how much coverage you need.

A wide range of factors, such as whether you have hired help, if you have teen drivers at home or if you operate your business out of your home, will determine how much coverage is appropriate for your circumstances.

What are the policy limits?

A $1 million limit is typical and higher limits are available.

Contact us today to determine how much coverage is right for you.

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Company information

Scurich Insurance Services
Phone: (831) 661-5697
Fax: (831) 661-5741

Physical:
783 Rio Del Mar Blvd., Suite7,
Aptos, Ca 95003-4700

Mailing:
PO Box 1170
Watsonville, CA 95077-1170

Contact details

E-mail address:
Info@ScurichInsurance.com

(831) 661-5697

Available 8:30am - 5:00pm