Category Archives: Business Insurance

Mini Storage/Self Storage: Insurance Tip

One of the most overlooked coverage’s on self storage/mini storage companies insurance policies, is also one of the most crucial.

Customer Goods and Sale/Disposal Liability

This coverage is a must for self storage companies to have on their insurance policy. While most proper insurance packages will include this coverage, it is important to consider having higher limits as it may be a great return on your investment.

Recently, we were working with a client that felt they only needed $100K for both customer goods and sale/disposal coverage. We provided two proposals, $1m VS $100K, the difference was less than $100. That is 10X the coverage for only $100!

So, what does it cover?

Definitions courtesy of StorageFirst:
Customers’ goods legal liability coverage provides protection for an insured when they are legally liable (or alleged to have been liable) for damage to storage customers’ goods including property stored in the open.  For mobile self-storage operations, coverage extends to legal liability for customers’ goods off premises or in transit.  Defense costs are outside of the limit. No deductible applies to traditional self-storage accounts.  A $1,000 deductible applies to mobile self-storage and records/document storage operations.
Sale and disposal liability protects an insured for claims arising from negligent acts in connection with the lock-out, sale, removal or disposal of customers’ property. Typically, these claims occur when an insured sells the goods of a customer who is delinquent with regard to payment. The cost of defense is included. A $1,000 deductible per customer applies.

Peak Season Endorsement – Fluctuating Inventory

Hannah’s Retail Store does 70% of their sales from Thanksgiving through Christmas Eve. This means that they must stock up on inventory during the last two months of the year, to prepare for the increased sales. From January through October, they have $50,000 in inventory. November and December, inventory is closer to $150,000.

Should they pay for $150,000 in insurance coverage for the whole year? No. Is there some magical way that they only pay for the increased insurance during the time they need? Yes!

The “Peak Season Limit of Insurance” Endorsement (ISO Form: CP 12 30) increases the policyholders business personal property limit for specified periods to take care of seasonal increases in value.

Peak Season Endorsement - CP 12 30

CP1230 – Peak Season Endorsement

From Bumper to Bumper: Limousine Insurance

by Patrick Ramsay

The importance of having auto insurance when you’re behind the wheel of a regular vehicle is important. That’s something you learn before you can drive, but what happens when you get behind the wheel of something bigger like a limousine?

Limo Tony

insureCAL Advisor “Limo Tony”

You’re going to take that dire need for coverage and stretch it from bumper to bumper. When you’re shopping for limousine coverage there are several important factors to consider. Because you’re business involves the transportation of people in your limo, you need coverage for passengers and your risk for a liability claim. Here are some types of coverage you may need:

 

  1. Personal Injury limousine insurance: Personal injury limousine insurance will cover the costs of accidents where injuries occur involving your limousine. This coverage can include, medical and rehabilitation bills, lost wages, and funeral costs.
  2. Collision and comprehensive coverage: This is a basic straight-forward coverage that will cover the cost if there is an accident. Comprehensive coverage will cover the cost of theft, fire, vandalism and many other types of damages.
  3. Uninsured and underinsured coverage: This provides coverage if you’re in an accident and the other driver is at fault but does not have sufficient coverage to pay the costs. This type of coverage is required in many states.
  4. Employment practices liability: In the case of your company being accused of sexual harassment, wrongful termination, or discrimination, this is the type of coverage that will protect your business.
  5. Property damage liability: Property damage liability, you guessed it, covers any property damage that you or your drivers cause while on the job. This coverage goes towards legal fees up to the limits of your policy if you’re taken to court.

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Riding in a limousine  can be a novelty, but running a successful limousine company is a serious matter. It’s important to ensure your company and your drivers are properly covered. Request a free quote from insureCAL today!

Flood Insurance and Godzilla El Niño

by Patrick Ramsay

You’re familiar with the saying “When it rains it pours,” but there’s a new saying being passed along California: “When Godzilla El Niño rains, it floods.” Though California has been in the midst of a drought for four years, there is no time more vital than now to protect your home with flood insurance. For most California homeowners, floods don’t rank among their highest concerns. Scientists are expecting this year’s El Niño weather cycle to be incredibly strong, potentially even surpassing the El Niño weather cycle of 1997, which was the strongest on record according to the National Weather Service.

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In high-risk flood areas, there is a one in four chance that someone with a 30-year mortgage will experience flooding. Even homeowners in medium-to-low risk areas can be financially vulnerable to flooding. According to FEMA (Federal Emergency Management Agency), people outside of mapped high-risk areas file over 20-percent of all National Flood Insurance Program flood insurance claims and receive one-third of Federal Disaster Assistance for flooding. FEMA also emphasizes that flooding can occur anywhere that it rains. No matter where you live, a few inches of water can cause thousands of dollars of damage. Just like every other type of insurance, it is vital to understand what is and isn’t covered. From the insured building and its foundation to furs, artwork, and curtains, flood insurance will provide coverage. For a full list of what’s covered by flood insurance, click the following link: www.floodsmart.gov/whats_covered.

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Be proactive about protecting your family, your home, and your belongings. There is typically a 30-day waiting period from the date of your purchase before your policy will go into effect, so do not wait to get coverage. Contact insureCAL today to learn more about their flood insurance programs before it’s too late.

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Flood Insurance: Does Your Homeowners Insurance Cover It?

Imagine, you are standing on your front porch and there is water up to your ankles, flowing into your house. You are thinking, “at least I have homeowners insurance to cover stuff like this”. Wrong. Flood and Earthquake perils are not covered on any Homeowners Insurance policies in California. These policies must be purchased separately and usually have a 30 day wait period before coverage is effective.

A recent study says Ventura and Oxnard California are at greater risk for tsunami than previously thought. A computer simulation shows that a wave 23 feet high could crash more than a mile inland.

On top of that scary thought, meteorologists are predicting an El Niño season with heavy rainfall and possible mudslides in Southern California washing homes and properties away.

Your current homeowners insurance does NOT cover flood. So what do you do before this winter hits to protect your property? Get a flood insurance policy!!

Any questions or for a flood insurance proposal, please, get in touch with an expert before it is too late.

(209)250.0269

info@insurecal.com

turlockinsurance.com

How A Santa Clara Building Owner Saved $1600 On Their Insurance

What if I told you, I could SAVE you money, all while getting you BETTER coverage, on your commercial property insurance? No, this is not another one of those too good to be true insurance solicitations.

A local building owner on Victor St., recently called me to quote their commercial property insurance. Not only were they missing crucial coverage but they saved over $1600 a year!! After seeing the benefits I was able to offer this client I knew I could help out more local building owners.

Could you use an extra $1600 a year? What about a coverage evaluation that may save you hundreds of thousands of dollars in the event of a claim that your current insurance doesn’t cover?

Take 10-15 minutes out of your day to call or email me with your commercial building information: Colbie McRae – (209)765-0819 or colbie@insureCAL.com

How Important Is Business Interruption Coverage For Your Business?

66% of small businesses do not have or lack business interruption insurance coverage (AKA business income), according to a Nationwide Insurance sponsored survey. Small business want to save money wherever they can but small businesses are the ones that need this coverage more than ever.

What is it?

Business income coverage consists of two factors:

  1. The Net Income that would have been earned or incurred
  2. AND continuing normal operating expenses (including payroll)

This coverage is similar to additional living expense on a homeowners insurance policy or loss of rent on a home rental policy. This coverage helps pay for what you are missing out on because of the claim you incurred,

Why does my business it?

More than half of the respondents from the Nationwide sponsored survey said it would take them at least three months to recover from a disaster. 44% said they don’t have access to a generator if disaster hit.

How much more is it? 

Business interruption coverage is a small increase in premium to be added onto a policy. It all depends on the type of business and the amount of coverage but is a great thing to at least talk with your insurance advisor about.

What Businesses Can Learn From AshleyMadison.com 

A group of hackers released the email addresses associated with accounts on an extramarital affairs dating website. The AshleyMadison.com hack has gained a lot of publicity, not only because the type of service the dating site offers but also because the long list of celebrities and politicians who were members of the site.

What does this have to do with insurance?

There have been and will continue to be a number of lawsuits against AshleyMadison.com and having the right coverage in this situation is crucial. Cyber Liability Insurance has become a fast growing market, especially because of the large number of Internet based businesses that store their clients personal and private information.

What does Cyber Liability Insurance cover?
Most notably, but not exclusively, cyber and privacy policies cover a business’ liability for a data breach in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic network. The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.

In addition, the policies cover liability arising from website media content, as well as property exposures from: (a) business interruption, (b) data loss/destruction, (c) computer fraud, (d) funds transfer loss, and (e) cyber extortion.

For more info please visit our website: turlockinsurance.com

 

Source: http://www.irmi.com/online/insurance-glossary/terms/c/cyber-and-privacy-insurance.aspx