Common Mistakes Made When Purchasing Business Insurance

Over the years, we have seen well-intentioned insurance and risk products buyers make decisions that, while they may appear to help the organization, actually hurt it in the end.  Here is a list of top mistakes that uninformed insurance buyers often make.  We provide it to you in the hope that you can learn from the errors of others.
Top mistakes made by uninformed insurance buyers:
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“Bidding-Out My Insurance Is the Best Way to Get the Best Program.”
False.  Most insurance buyers have the false belief that getting three bids from three different agents is the best way to make sure they are getting the best “deal.”  This is like asking a builder to provide a bid without seeing the building plans.  When talking to your agent about your insurance issues, give the agent the full set of “plans,” including losses and premiums, financial data, and policies.  Utilizing the services of one agent whom you can trust will lead to reducing short term and long-term costs.  Comparing multiple factors, including terms, conditions, and premiums is crucial, as even the best-priced policy can fall short in areas.

“Two Agents Are Better Than One.”
False.  Your agent can provide valuable services including educating you about what coverage you need and may not need.  Your agent can search the market for the best possible combination of coverage, price, and service.  Having two agents can create gaps or coverage issues.  It is best to allow one agent to understand your business thoroughly and then design a business insurance program specifically for you.

“I Don’t Need to Have a Relationship With My Agent.”
False.  Many buyers have a false belief that the agent’s only function is to place coverage and administer insurance.  Your broker/agent should be offering much more than that.  Your broker should be a trusted adviser who helps you identify risk factors, and develops solutions that help you to manage these issues.

“My Policy Covers All Losses.”
False.  Your business insurance policy is intended to cover unexpected losses and accidents subject to the policy terms.  There are limitations and exclusions in every policy.

“I Don’t Need to Consider Different Kinds of Coverage.”
Every business should consider the following kinds of business insurance products.

• Business income
• Employment practices liability
• Cyber risk
• Key man life
• Commercial umbrella
• Products liability

 
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.
 

A Business Insurance Update
The U.S. Small Business administration tells us that there are over 300,000 new businesses started each month in the United States.  Half of these will not make it through the first year. There are many reasons new businesses fail including lack of planning, money, and uninsured losses.

A Few Tips on Starting a New Business
Develop a business plan that includes a mission statement, description of your products and services, target markets, competition review, how you will market your business, and financials.  Many people overestimate first and second years’ revenues, so be conservative.

Make sure you have adequate business insurance.  Many people do not consider insurance, then a loss occurs, and you start your business with an uninsured loss.  You will need employment practices liability and worker’s compensation if you have employees.

Find resources in your local community that can help you grow your business.  This may include your local chamber or other organizations.
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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.
 

A Texas Business Insurance Update

We understand every business is unique. You serve people first and foremost. Just because you are a small business does not mean you are exempt from litigation. Every business large or small need general liability insurance to protect your organization from unforeseen events.

General liability insurance should be the foundation of your commercial insurance program. general liability insurance provides the following coverage:
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• Bodily Injury- Bodily Injury to a third party.
• Property Damage- Damage to a third parties’ property (equipment building etc.).
• Personal Injury- Injury to the mind or emotions, as opposed to an injury to property.
• Advertising Liability- Damages arising out of advertising, libel, slander and invasion of privacy.
• Products & Completed Operations- Liability arising out of the Nonprofits products or business operations and services conducted, excluding Professional services.
• Premises-Covers liability arising out of injury to third parties while on your premises.
• Medical Payments- A general liability coverage that reimburses others, without regard to the insured's liability for bodily injury while on your premises.

General liability insurance is designed to cover defense costs as well as judgments. It is an important part of your insurance program that we recommend for your organization.

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.

A Texas Business Insurance Update
Insurance coverage is available for almost every conceivable risk your business might face. Cost and amount of coverage of policies vary among insurers. We can advise you on the exact types of insurance you should consider purchasing. The right insurance policies will go a long way toward helping you safeguard your earning power and your future. If you are a business owner there are a few insurance products you may not have considered.
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Business Income or Loss of Rents
Depending on what you do with your building may depend on the specific kind of insurance you need. If you own a building and have tenants you will want to consider loss of rents coverage. Typical the coverage includes reimbursement for loss of rent or rental value in case of fire or other serious incident covered by insurance. Business Income coverage increases a business’ ability to survive a substantial loss. If your business suffers a fire, that stops all operations for three months, the business will want to continue to pay salaries, utilities, rent and other fixed costs necessary for operations. In order for the business to become whole, the business is entitled to reimbursement for net income and operating expenses paid during the recovery period.

Data Breach or Cyber Liability
If your business stores sensitive or non-public information about employees or clients on your computers, servers or in paper files you are responsible for protecting that information.  If a breach occurs either electronically or from a paper file a data breach policy will provide protection against the loss.

Umbrella
Standard business liability coverage will take care of you in most situations, but when serious situations arise, commercial umbrella insurance will help ensure that your business is protected. Here are two examples:

• You have a serious fire and are involved in multiple lawsuits that exhaust your primary limits.
• Your delivery truck is involved in an accident with multiple deaths or injuries.

Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984. 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 Strategies From Strive Insurance
Like many organizations, your business may rent or lease equipment from time to time. You may be planning a special event and need a tent to accommodate 250 people as part of a business activity. Or, perhaps you are renting a sound system for a concert, or leasing office equipment such as your copier.  These kinds of events create added risk to the organization.

It is essential to have an understanding of who is responsible for the rented equipment and that your knowledge is consistent with the written agreement. Not all rental arrangements are the same. Some rental contracts will include property damage insurance as part of the rental fee. Other rental contracts may require the business to be responsible for all damage. And finally, some rental contracts may expect you to pay a deductible if there is damage. This can be very confusing especially if you are leasing or renting a high-value item.

There are many important things to remember when considering a rental agreement:

• Leasing companies come in many varieties, including banks, brokers, equipment specialists, independents, and companies of all sizes. Each has different levels of flexibility and requirements.
• Understand what the agreement says regarding repairs, maintenance, and upgrades. This applies more to long-term leases rather than short-term leases.
• It may be in your best interest to insure the equipment separately. It may be more cost effective depending on how the agreement is written.

We offer a number of insurance options if you are involved in renting or leasing equipment. Coverage is available for a wide variety of property while, n your care, custody, and control:

•    Property located on or off-premises
•    Property in transit
•    Equipment held on display in showrooms or at other exhibitions
•    Generally all risk of direct physical loss including earthquake

With our agency, you have the option to customize your coverage, limits, and deductibles. You may even select different deductibles for different coverages.  The bottom line is when you are deciding to lease equipment, be certain you are aware of all costs involved in the transaction. Then, balance the costs against the benefits to make the appropriate choice for you and your organization.

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.

A Texas Personal Insurance Update
We work to ensure that your personal insurance provides the protection you deserve and need.  We understand you may need different coverage like personal umbrella, RV insurance, valuable articles coverage, earthquake, or flood coverage.
Over the years, we have found that homeowners who adhere to the following strategies have a better chance of obtaining the best possible combination of coverage, price, and service.

1. Use an independent agent like us to represent you in the market.  We know and understand personal insurance, and we are much better equipped to help you manage your personal insurance program.  We will stand by you in every claim situation.

2. Only use financially strong insurers.  It is vital that your insurance is there to pay for claims.  Look for insurers with an “A” rating by AM Best.

3. Make sure you have high liability limits.  It is essential that every homeowner have enough liability insurance to cover the unexpected events.  This is especially true if you own an RV, ATV or boat.

4. Consider increasing your deductibles.  Often a slight increase in your deductibles can reduce premiums.  If you are able to manage a larger deductible, you may be better off in the end.
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5. Allow your agent to manage your entire personal insurance needs. Having one source for all your policies will save you time.  Also having one professional handle all your needs gives them the ability to understand your entire needs.

As our name implies, we strive to make your insurance experience positive. We understand you have many options when it comes to getting personal insurance, so we are going to strive to give you first class customer service you deserve.
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.

A Business Insurance Update
Businesses Have many different risks to manage including; cyber risk, employment issues, fire and even insider fraud.  Fraud experts have found that the average fraud loss averages $50,000, (The Association of Certified Fraud Examiners).   Your commercial insurance program should include employee dishonesty or fidelity, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and disappearance and destruction of property. Fidelity policies will cover a business for losses caused by an employee’s dishonest or fraudulent acts. These can provide businesses with the best possibility of recovery.

There Are Ways To Help Reduce Your Risk In This Area

1. Complete background checks on all new employees
2. Create internal policies and procedures that require checks and balances
3. Have a third person approve all purchases or checks over a certain amount
4. Have an outside accounting firm review your records annually
5. Require all employees to take their scheduled vacations
6. Have separation of services between check writing, approval and deposits

Employee fraud is a greater risk than most businesses think. Have us complete a free review of your business insurance program to make sure you have the best possible combination of coverage price and service.
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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.

A Business Insurance Update
If you think about it, your business faces risks every day.  When you open your doors, you have the risk of having sick or injured employees, customer complainants, and vendors who fail to deliver on their promises.  The world has changed in the past few years and it is important for business owners to make sure their business insurance keeps up.

Recently a large insurer released their annual business risk index. This index identified the top concerns of over 1,000 business owners.  Nearly half of survey respondents believe that the business world is growing riskier, yet just 24 percent said that risk management was a strategic priority for them.

According to the survey, the top seven worries of today's business owners across all industries are:

• Medical cost inflation
• Increasing employee benefits costs
• Legal liability
• Broad economic uncertainties
• Tech and data/cyber risks
• Complying with laws
• Attracting and retaining talent

Source: Business News Daily
Let our agency help you understand how to manage and treat the risks.  We offer a wide range of highly rated insurers that can offer the necessary products to help you manage you risks.
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Strive Insurance Group, Inc. is a full-service independent insurance agency that has been serving the insurance needs of the Dallas area since 1984. In addition to having a presence in the Dallas and North Texas area, we have also 

Homeowner’s Insurance Update
How many of you have actually read your homeowner’s insurance policy? We guess not too many. We do recommend that you read your policy to help you understand what coverage you have. Most homeowners are familiar with the basic coverage found their homeowner’s insurance policy; including coverage for the home itself, personal property and liability associated with owning a home.

Are There Other Coverages?
There is often other coverage found in your homeowner’s insurance policy that you may not know you have. Remember, each policy is different, so these coverage examples are general in nature.  This “hidden” coverage may have specific limits and terms of which you need to be aware, but here are some examples of coverage found in most homeowner’s insurance policies.
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• Liability coverage away from your home. You have coverage if you cause injury to a third party away from your premises.
• Damage to your neighbor’s property. If you are at a party and cause damage to your neighbor’s property, chances are it would be covered.
• Legal expenses. Should you be sued for an accident that occurred in your home, chances are legal costs would be covered under your homeowner’s insurance policy.
• Additional living expenses. Your policy can pay the additional costs of living away from home if you cannot live there due to damage from an insured loss. It covers hotel bills, restaurant meals and other costs, over and above your usual living expenses, incurred while your home is being rebuilt.
• Money. Many homeowners’ policies provide a small amount of coverage for stolen money.
• Property of your college student. If your dependent child is a full-time college student living on campus, their property is covered by your homeowner’s insurance policy

It is important to note that not all homeowner’s policies are created equal, and what one company offers may not be the same as another company. Also keep in mind, if you bought your policy online, who really knows what coverage you have?

As our name implies, we strive to make your insurance experience positive. We understand you have many options when it comes to getting personal insurance, so we are going to strive to give you first class customer service you deserve.

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.
 

A Texas Home Insurance Update

Having your home invaded by a burglar cannot only cost you monetarily, but it can cause stress and a loss of security.  Over 60% of homes are at risk of having a burglary according to a national insurer. This number includes renters and owners of condominiums as well.

Top Ways Thieves Get in Your Home

• Un-locked door or window
• Key left outside
• An open garage door

How to Reduce the Chances of a Home Burglary

• Having lights on
• Security system
• Outside lights on timers
• Neighbor watch programs
• Keeping all doors and windows closed and locked
• Limit the amount of shrubs around windows

If you have the right kind of homeowners insurance, a loss like this should be covered.  However, we always recommend you call our team to have a review of your personal insurance program.
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As our name implies, we strive to make your insurance experience positive. We understand you have many options when it comes to getting personal insurance, so we are going to strive to give you first class customer service you deserve.