Posts Tagged "houston insurance agency"

Five Tips to Shop for Commercial Insurance

Posted by on Jul 17, 2015 in News | 0 comments

A type of insurance called commercial insurance is a plan designed uniquely for your particular business. There are four main categories of coverage when it comes to commercial insurance, these include: property insurance, general liability insurance, commercial automobile insurance and umbrella insurance. You should know these five tips before you start shopping for commercial insurance for your business: Shop, Shop, Shop and Evaluate Value When it comes to finding the best choice for your commercial coverage, evaluating policy prices is an essential element as long as your decision is based on value and you’re not just focusing on the price. Educate and do Your Homework A one-size-fits-all policy will not magically solve your commercial needs because your coverage requirements depend on a number of variables. Do you own your own property? Do you have customers who come to your work site? How many employees do you have? Do you have vehicles to cover? How many vehicles are over the road? What is the total number of autos you use? What are these vehicles used for? What kind of inventory do you have to carry? Is there any special equipment you have to maintain? Understanding the type of coverage needed will help keep costs down on the policy you choose. It is important to only purchase coverage that best fits your business and industry. Conduct a Risk Management Audit Before you begin shopping or working with an insurance agent, is there something you can do now to lower your current risk? This could help save you money on your premium because the insurer will take note of your efforts of managing risk within your business. Clean Up Your Credit It’s a fact; those with the highest credit score prove to be a lower risk therefore rewarding them with the lowest premiums so pay your bills on time and monitor your total debt load. Beware of Over Insuring If you don’t need it, don’t buy it! How much insurance your purchase depends on the area of risk that you’re seeking to mitigate and sometimes insurance isn’t the best solution. It’s always best to consult with a risk advisor to determine the most valuable and cost-effective solution with the best coverage to protect your...

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So You had a Data Breach – Now What?

Posted by on Jul 9, 2015 in News | 0 comments

When larger organizations face a data breach of their customer or employee information, they often offer free credit monitoring services to affected individuals. If you are faced with a personal data compromise and don’t receive this offer, there are still several options to help you recover from a personally identifiable information (PII) breach, say the experts at Wombat Security Technologies. It’s important to be proactive about minimizing the impact of data breach, whether yours is one of many compromised records or you are the victim of a limited-scope breach. With the latter, if you have the motive and the means to enroll in a credit monitoring service on your own dime, it could be well worth the peace of mind to know that someone is looking out for you. Regardless, the following do-it-yourself activities will help you mitigate some of the damage caused by a data breach — as well as prevent future damage. If you’ve been alerted to an account breach — or you suspect you’ve fallen for a phishing email that prompted you to reveal credentials for a login-protected site like webmail, online banking, or social media — change your password posthaste. If you happen to use that same password on other sites, be sure to update those logins as well. Hackers will often cross-check stolen passwords on multiple sites in hopes of getting a hit. For cases in which you personally discover or suspect a data security breach, contact the help lines for affected accounts right away. Be sure to use trusted customer service channels, such as phone numbers from your credit cards or billing statements. In many cases, it’s not just account numbers that hackers and scammers scoop up. They often grab names, email addresses, and phone numbers to use in follow-up attacks. In these attacks, fraudsters will put together multiple pieces of information they have about individuals to make their messages and calls seem more legitimate and more believable. It’s important to be on high alert once you know your data is already in the hands of hackers. With all the ado about cyber security attacks, it can be easy to become complacent about snail mail. But consider the prior point about email addresses and phone numbers and you’ll see that the leap to a mail-based attack isn’t hard to make. If scammers obtain your name, address, and other identifying information, it can be easy for them to send compelling and seemingly genuine letters, bills, payment notices and other mailers. It’s critical that you verify the validity of unsolicited mail that asks for any type of remittance....

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The Damaging Effects of Lightning Strikes for Businesses

Posted by on Jul 2, 2015 in News | 0 comments

Lightning strikes may seem like a rare occurrence, but they can wreak havoc if they strike your property, says Insurance Institute for Business and Home Safety President and CEO Julie Rochman. “People often underestimate the harm that lightning strikes can cause for their business, but make no mistake–it’s a dangerous force to be reckoned with,” says Rochman. “We encourage business owners to take the necessary precautions to protect their property from the damaging effects of a lightning strike, such as power surges.” For protection from lightning strikes in the general area of your office or an externally produced surge, a “whole-house” surge protector is the best starting point for reducing the risk of damage or a fire. Install additional protection for important or expensive electronic equipment. This should include localized surge protection for power cords to the electronic equipment and any telephone and cable/satellite television lines connecting to the equipment. Make sure all equipment is UL-listed and properly labeled. Lightning protection systems are designed to protect a structure and provide a specified path to harness and safely ground the super-charged current of the lightning bolt. The system neither attracts nor repels a strike, but receives the strike and routes it harmlessly into the earth, thus discharging the dangerous electrical event. Be sure the lightning protection system is designed and installed in accordance with accepted industry standards. Stay off landline/wired telephones and utilize a cell phone if necessary. In your office, do not stand near open windows, doorways or metal piping. Stay away from the television, plumbing, sinks, tubs, radiators and stoves. Avoid contact with small electric appliances such as radios, or toasters....

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Three Most Common Types of Surety Bonds

Posted by on Jun 25, 2015 in News | 0 comments

In the face of a set of particular risks, surety bonds are designed to guarantee performance so each surety bond must be uniquely tailored to meet specific needs. So what is a surety bond? It is an agreement under which one party, the surety, guarantees to another party, the obligee, the performance of an obligation by a third party, the principal. There are three most common types of surety bonds: Contract Surety The owner of a construction project or a government project may require a contractor to obtain one of these bonds which include: Bid Bond – This affords protection to a project owner (obligee) in the event a successful bidder will not enter a contract and will not provide the required surety bonds or other security. Performance Bond – This provides protection to the obligee if the contractor defaults on its obligations under the bonded contract. Payment Bond – This guarantees that the contractor will pay subcontractor, labor and material bills associated with the construction project. Special Risk This includes coverages for the Securities Industry Commercial Surety This type of bond is required of individuals or businesses by the government, legislation or by other entities.  Most insurers provide the following types of commercial surety bonds: License and permit bonds: required by state, municipal or federal ordinance or regulation. These bonds may be required as a condition for engaging in a particular business or exercising a particular privilege. Examples include performance and payment bonds, customs bonds, tax bonds and warehouse bonds. Court bonds, including: Judicial bonds, required of either a plaintiff or defendant in judicial proceedings, to reserve the rights of the opposing litigant or other interested parties Fiduciary bonds, required of those who administer a trust under court supervision. Public official bonds: required by statute for certain holders of public office, to protect the public from malfeasance by an official or from an official’s failure to faithfully perform duties. Miscellaneous bonds: do not fit into any of the other categories above. Source:...

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It Just Takes One Accident to Place Your Entire Business at Risk

Posted by on Jun 4, 2015 in News | 0 comments

The threat of a lawsuit is around every corner and the unfortunate reality is that it is inherent with every employee you hire, customer you serve, or client you sign.  There is some part of your business that leaves you exposed to a lawsuit bankrupting both you and the company no matter how small your business is. With that being said, I wanted to provide reasons why every business needs to protect itself against risk with the proper types of insurance – here are seven: It Just Takes One All it takes is one accident – a broken contract – a disgruntled worker – to place your entire business at risk. Let’s say your company gets sued for negligence – even if you win, it can easily put you out of business simply because the cost it will take to mount your defense. Personal Injury Happens You are open to personal injury liability claims every minute of every day if you own property where customers come to do business. If they happen to fall on your business premises and you’re not insured, you are liable for medical bills, lost wages, pain and suffering and other expenses that will come out of your own pocket. A Flimsy Corporate Shield Many small business owners use a “corporate shield” thinking that they have protected their personal assets from any business liability claims or judgments. This is far from the truth and there are circumstances where that protection doesn’t stand up in court. Without business insurance, you could literally lose everything you own. Thinking Exclusions Apply Any employment liability claims may be excluded from a general liability policy. Property loss may be excluded if you have a commercial liability policy. And it is unlikely that your business assets are covered if you are a home-based business owner with homeowner’s insurance. Losses beyond Your Control Would you be able to replace them today and get back to business if you walked in tomorrow to find your office had been robbed and every computer was gone?  If you don’t have insurance to help replace what is lost, losses from theft, natural disaster, and other accidents could bankrupt your business. Reckless Driving Accidents Happen Most business owners believe that the auto insurance policy that covers their personal auto will cover them if they are driving their car on company business.  You could find yourself paying for someone else’s pain and suffering out of your own pocket for the rest of your life if this isn’t true and you are in an accident where you’re at fault. Depending on Other People’s Insurance Let’s say that another person causes an accident which ends with a car coming through the front window of your storefront and destroying your merchandise. Their auto policy – if they have one – might cover some of the damage and replace products but it might not cover or provide enough coverage to compensate you for lost income while the shop has to be closed for repairs. Waiting until something happens or procrastinating while you figure out whether or not you can afford to purchase business insurance is never a good option – the real question is – can you afford not to insure your business? Contact me today for a free...

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