​A Texas Business Insurance Update
​Most businesses purchase general liability insurance to protect the business against certain kinds of claims. These claims could include bodily injury and property damage. Professional Liability insurance, also called Errors and Omissions insurance, protects against a claim from a third party who suffers a financial loss because of services or actions.  Any individual or business in a profession that provides advice, expertise, recommendations, or a professional service to customers, clients, or another party, would benefit from Professional Liability insurance.

Typically, professionals such as doctors, accountants, nurses, insurance agents, lawyers, and architects purchase Professional Liability insurance. However, if you have clients who are in the business of providing advice, opinions, or services, they should consider Professional Liability insurance.  Professionals who provide advice are expected to have knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired according to the standards of conduct in their profession.  Businesses and individuals can be held legally responsible for any financial loss caused.

It’s important to note that almost all Professional Liability insurance policies are sold on a “claims-made” basis. This means that the insurance only covers work performed while the policy is in force, and for claims actually filed during the term of the policy. Professional Liability insurance is offered in many different forms that protect many kinds of firms.

If someone feels he or she has suffered loss or damages due to a professional service, often their next action is a lawsuit.  These kinds of actions can be costly and severely reduce a firm’s resources. Professional Liability insurance can help preserve assets and more importantly help preserve the firm’s reputation.

Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service.

We represent, and have established a strategic alliance, with only the highest quality insurance carriers. In doing so, we can provide you with the service and protection to meet your dynamic needs. As your needs change, we can review and collaborate to decide which insurance company or companies are best suited to your situation.

A Flood Insurance Update
​Winter will soon be over, and the arrival of spring rain can lead to major flooding.  In the past 5 years, all 50 states have experienced floods or flash floods.  Flood insurance cannot be purchased during a flood.  There is a 30 day waiting period once the application is processed. Therefore, it is a good idea to start thinking about flood insurance right now.

According to FloodSmart.gov, the official site of the National Flood Insurance Program, at least 25% of businesses that shut down after a flood never re-open. According to the same source, only a very small percentage of homeowners buy flood insurance.

Many business owners and homeowners are under the mistaken impression that their insurance policies cover them for damages arising from floods. While your personal insurance and/or business insurance policy may cover water damage, flood coverage is excluded.  Just like homeowner’s flood insurance, commercial flood coverage must be purchased separately in a dedicated policy.

Flood insurance policies cover physical damage to your property and possessions.  You can refer to the Summary of Coverage to help you better understand your policy and coverage.  (Read More)

Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service.


​

Business Insurance Update
​
There is nothing more important than having the right commercial insurance for your business. Let’s face it, one uninsured loss could be devastating to your business. According to the Small Business Administration, 30% of businesses never recover from a large loss. Your business insurance can be designed to fit your individual needs. Here are a few business insurance coverages that some business may overlook.

Cyber Liability Insurance: This insurance can protect your business from a data breach. If your business stores sensitive or non-public information about employees or clients, you are responsible for protecting that information. 

Umbrella Liability: Almost every business, large or small, needs some level of added protection afforded by a commercial umbrella insurance policy.  A commercial umbrella policy provides a layer of coverage over and above a primary business and auto policy.  There are at least five important lessons, or facts, to be aware of when considering commercial umbrella insurance.

Employment Practices Liability: An Employment Practices Liability (EPLI) policy covers claims made against directors, officers, employees, the company, and its subsidiaries.  The policy can cover wrongful dismissal/termination, sexual/racial/disability harassment, sexual/racial/disability/religious discrimination, employment related libel, slander, defamation and invasion of privacy, wrongful failure to employ or promote, and retaliation.

Business Income Extra Expense: This covers the loss of income that a business suffers, after a covered loss, while its facility is either closed because of the loss/claim or in the process of being rebuilt. Extra expense insurance covers some of the reasonable and necessary costs a business incurs such as the costs of setting up business in a temporary location while its damaged facility is being restored.

Errors and Omissions Insurance: Errors and Omissions, also known as Professional Liability Insurance, helps to protect your business from lawsuits and claims, which may occur because of providing professional services or not delivering on a commitment or promise.  If you provide any kind of “professional” services, you need to consider this insurance.

Environmental Liability: Your business insurance does not cover any claims for pollution or environmental related accidents. There are pollution exclusions in commercial general liability, automobile, and property policies.  To fill this gap, Environmental or Pollution Liability is needed for firms that have an exposure.

How To Celebrate July Fourth Safely
Fireworks during the Fourth of July are as American as apple-pie, but did you know that two out of five fires reported on that day are started by fireworks, more than for any other cause? So you think it cannot happen to you? Here are a few facts:
​
In 2018 over 9,800 people went to the emergency room as a result of fireworks related injuries. There were an estimated 15,700 reported fires started by fireworks. These fires resulted in an estimated eight reported deaths, and $32 million in direct property damage. This is why it is a good idea to have a free home insurance review and quote, call us today!
 
Fireworks Safety Tips
 

• Buy fireworks only from licensed vendors
• Never combine fireworks
• Obey all local laws
• Never have any portion of your body directly over a firework while lighting
• Follow directions
• Never relight a firework
• Don’t smoke or drink while lighting fireworks
• Soak used fireworks in water before placing in trash 
• Make sure there is parental supervision
• Never experiment with homemade fireworks
• Use fireworks outdoors, in a safe area away from dry grass and buildings
• Keep a fire extinguisher, bucket of water, wet towels and a garden hose nearby
• Light one firework at a time - then move back quickly!
• Never shoot fireworks from metal or glass containers
• Never carry fireworks in your pocket
• Never point or throw fireworks at people or animals
• Clean up all used fireworks including debris

 “Fireworks and celebrations go together, especially during the Fourth of July and year end celebrations. Remember, fireworks can be dangerous, causing serious burn and eye injuries. You can help us prevent fireworks-related injuries and deaths” Consumer Products Safety Commission.

Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984 (formerly Gordon Lund Insurance). Don't worry, nothing has changed, but our name. In addition to having a presence in the Dallas and North Texas area, we have also expanded to Austin and Central Texas with agent representation and the same professional service.

We represent, and have established a strategic alliance, with only the highest quality insurance carriers. In doing so, we can provide you with the service and protection to meet your dynamic needs. As your needs change, we can review and collaborate to decide which insurance company or companies are best suited to your situation.
Enjoy the holiday; we live in a great country, happy birthday America!

We are moving into Hurricane season and we to remind you of how important it is to have the right kind of insurance and to be prepared.
​
Hurricanes bring two big problems: water and wind. Depending on where you live, you may need to buy these separate policies in order to cover hurricane damage:

• Flood insurance: No homeowner’s insurance policy will cover floods, including water from a storm surge. To get coverage, you’ll need flood insurance.
• Windstorm insurance: Homeowners insurance policies in some hurricane-prone states won’t pay for windstorm damage. If you live in one of these states and want coverage, buy a separate windstorm insurance policy.

Here are some basic emergency preparedness suggestions to include in your planning process.

• Create a family communication plan for children and adults to have. Put copies in children's backpack and in your wallet or purse.
• Flood insurance is not covered under your homeowner’s policy. While hurricanes are generally covered, if a flood ensues later, it may not be covered. You will need a separate flood policy.
• Install hurricane shutters.
• Prune all trees around your home.
• Keep a mobile emergency kit in your car.
• Monitor radio and local TV stations for evacuation orders. Act without delay to avoid traffic.
• Assemble/replenish disaster supplies kit: FEMA recommends three days of food and water for each member of the household, including pets. You can assemble a kit yourself, or purchase a pre-assembled kit online or from many local stores.  Store items in your household designated safe location.
• Discuss with your family the safe locations for shelter in the places you are likely to spend time: home, school, work, place of worship, etc.
• Find out your vulnerability to flooding, wind, and storm surges, and whether you live in a mandatory evacuation zone. Visit the FloodSmart.gov website to see updated flood maps.

Personal Insurance Update
​
This time of year, many recent high school graduates are preparing for their next phase of life.  Their plans may include heading off to college in another city or state.  One of the most important things they will need at school is something that doesn’t have to be packed at all – the right insurance coverage. Here is a list of some of the items you should consider before your child heads off to the University.

Insurance Coverage for College Students

Personal property - Depending on the value, items like clothes and computers should be covered under your homeowner’s policy.  However, if your student has an expensive computer, smart phone, tablet, jewelry, or other items, you might not be covered.  Most homeowner’s policies have limitations on items valued at over $1,200.  This will depend on your individual policy, so we recommend contacting your independent agent.

Auto – If your student is taking a car to college, make sure your agent knows of the address change.  This can actually save you money depending on the location.  As a full-time student, your child may qualify for a Good Student Discount (if he maintains a grade point average of 3.0 or higher).

Health insurance - Children can remain on your health policy until the age of 26.  Many colleges will offer student health insurance at a very reasonable cost.

Persona Liability - This coverage is provided anywhere the student goes, inside the U.S.A.  Your student would be covered under your current homeowner’s policy, or even a renter’s policy, if one is in place.

Contractors insurance policies range significantly in terms of what they offer. Most will have a business owner's policy (BOP) that will provide:

• General liability insurance
• Property Insurance

You can purchase auto and workers’ compensation coverage separately.
​
Why Do I Need Liability Insurance?

Good liability risk management can reduce the chances that your business will be sued, but it can never eliminate the risk entirely. You or a member of your organization can make a mistake that injures someone or damages property. Your mistake could harm the reputation or interfere with the privacy of a customer, client, competitor or member of the general public. When such injuries occur, you may be legally liable to pay damages to someone who suffers a loss due to your actions or inaction.

Everyone in society has a duty to take reasonable care that his or her actions do not injure others. The same rule applies to business entities. Not repairing a pothole in a parking lot, not lighting a dark stairway, failing to train workers how to do their jobs safely and legally or failing to provide directions for the safe use of a product can constitute negligence if a client, customer or member of the general public is injured as a result. The legal meaning of negligence is failure to exercise reasonable care.

The law of the state where the lawsuit is filed sets the rules for the determination of liability and damages. The amount of damages imposed in any particular case is, of course, in part a function of the economic losses the plaintiff can prove he or she has endured due to the defendant’s negligence
What Kind Of Liability Policy Should I Get?

For small businesses the most efficient and least expensive way to purchase liability insurance is usually as part of the Business owners Policy (BOP) which combines property and liability insurance in one contract. Alternatively, a business may purchase a Commercial General coverage separately if needed.

Your liability insurer will pay damages that you are legally obligated to pay as a result of “bodily injury,” “property damage” or “personal and advertising injury,” up to the policy limits and subject to your deductible. Punitive damages are generally not covered, although there may be some exceptions.

Bodily injury means injury, sickness, disease or death; it may include injuries that are emotional or mental, such as post-traumatic stress syndrome or humiliation.

Personal and advertising injury includes libel, slander or any defamatory or disparaging material or a publication or utterance in violation of an individual's right of privacy; infringing the privacy or copyright rights of another in your advertisement; wrongful entry or eviction, or other invasion of the right of private occupancy; and false arrest or wrongful detention.

Who Is Insured?

BOP liability coverage insures a sole proprietor, partners or partners named in the policy "Declarations," but only with respect to their duties on behalf of the business. The spouses of sole proprietors or partners are also covered. If your organization has officers and directors, they are insured, as are your stockholders, but, once again, and this applies to all parties, only with respect to their duties or liabilities in connection with the business. Employees and volunteer workers are insured for acts committed within the scope of their employment in your business.

The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no EPLI Insurance company is immune to such lawsuits. Recognizing that smaller companies now need this kind of protection, we provide this coverage as an endorsement to our Business owners Policy (BOP).

EPLI provides protection against many kinds of employee lawsuits, including claims of:

• Sexual harassment
• Discrimination
• Wrongful termination
• Breach of employment contract
• Negligent evaluation
• Failure to employ or promote
• Wrongful discipline
• Deprivation of career opportunity
• Wrongful infliction of emotional distress
• Mismanagement of employee benefit plans

The cost of EPLI coverage depends on your type of business, the number of employees you have and various risk factors such as whether your company has been sued over employment practices in the past. The policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. The policy covers legal costs, whether your company wins or loses the suit. Policies also typically do not pay for punitive damages or civil or criminal fines. Liabilities covered by other insurance policies such as workers’ compensation are excluded from EPLI policies.

​To prevent employee lawsuits, educate your managers and employees so that you minimize problems in the first place:

• Create effective hiring and screening programs to avoid discrimination in hiring.
• Post corporate policies throughout the workplace and place them in employee handbooks so policies are clear to everyone.
• Show employees what steps to take if they are the object of sexual harassment or discrimination by a supervisor. Make sure supervisors know where the company stands on what behaviors are not permissible.
• Document everything that occurs and the steps your company is taking to prevent and solve employee disputes.

​Business interruption insurance can be as vital to your survival as a business as fire insurance.  Most people would never consider opening a business without buying insurance to cover damage due to fire and windstorms.  But too many small business owners fail to think about how they would manage if a fire or other disaster damaged their Business Interruption Insurance business premises so that they were temporarily unusable.  Business interruption coverage is not sold separately. It is added to a property insurance policy or included in a package policy.
​
A business that has to close down completely while the premises are being repaired may lose out to competitors.  A quick resumption of business after a disaster is essential.

Business interruption insurance compensates you for lost income if your company has to vacate the premises due to disaster-related damage that is covered under your property insurance policy, such as a fire.  Business interruption insurance covers the revenue you would have earned, based on your financial records, had the disaster not occurred.  The policy also covers operating expenses, like electricity, that continue even though business activities have come to a temporary halt.

Make sure the policy limits are sufficient to cover your company for more than a few days. After a major disaster, it can take more time than many people anticipate to get the business back on track.  There is generally a 48-hour waiting period before business interruption coverage kicks in.

The price of the policy is related to the risk of a fire or other disaster damaging your premises.  All other things being equal, the price would probably be higher for a restaurant than a real estate agency, for example, because of the greater risk of fire. Also, a real estate agency can more easily operate out of another location.

Extra Expense Insurance

Extra expense insurance reimburses your company for a reasonable sum of money that it spends, over and above normal operating expenses, to avoid having to shut down during the restoration period. Usually, extra expenses will be paid if they help to decrease business interruption costs.  In some instances, extra expense insurance alone may provide sufficient coverage, without the purchase of business interruption insurance.

A Professional Liability Update
Architects and engineers have unique exposures.  If they don’t perform to a set of standards they are at risk of being sued and have the possibility of loss of reputation. This is where Architects and Engineers (A&E) errors and omission insurance can help.
A&E Insurance covers liability for alleged or actual damages that result from the performance of professional services.  All design professionals including residential and commercial architects, design/build architects, engineers, landscape designers, and specialty construction consultants, should consider professional liability insurance.

Here are a few actual claims
An architect firm was hired to design an HVAC system in a school.  The design was discovered to have a flaw that caused exhaust to be brought back into the building.  The resulting damages and legal fees totaled over $1,500,000.

An A&E firm designed a 55-unit apartment complex. Three months after completion there was water damage to 25 units totaling $90,000.  It was determined the A&E firm’s window frame design was incorrect and the firm was held responsible for all damages. The A&E firm incurred over $110,000 of expenses in replacing windows and related damage.

There are things A&E firms can do to minimize risks including:

• Communicate all change orders in writing.
• Use AIA forms whenever possible.
• Meet with your client regularly.
• Recognize the warning signs of a lawsuit; no communication, work stops, or the clients are making accusations.
• Educate your team.
• If you see an unsafe condition at the work site, report it.

​As an Independent Insurance Agency we represent many insurance companies to fit your businesses dynamic needs.  Whether you're a new business or a small business, we can help. Being an Independent Agent means we are not only your agent, but we are your insurance broker as well.  We understand every business and industry is unique, so we will work with you to find the best business insurance coverage at the lowest rate. Contact us today for a free quote.