Many think that operating a small business has little or no risk. The fact is, operating a small business has just about the same risks as any other business.  Employees can still sue you, you can cause injuries to your customers, and your building can burn just like a big business.  General liability risk is very real for small businesses and it is important to have a business insurance program that addresses these issues.

To protect a small business from potential lawsuits, liability insurance is necessary. Policies vary greatly, and they cover different classifications of risks for varying costs.
Commercial General Liability Insurance covers claims from accidents, injuries, or negligence when the business is at fault.  Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.

Product Liability Insurance covers legal fees for litigation involving a faulty product.  It also covers any personal or property damage charges caused by the defective product.
Employment Liability Insurance provides protection for an employer against claims made by employees, former employees, or potential employees.  It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability Insurance pays for damages caused by services.  It is also called errors and omissions coverage. This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.

Cyber Liability Insurance covers the risk posed by conducting business over the Internet, over other networks, or using electronic storage technology.  It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

There are other types of insurance designed for specialty businesses. For example, there are special policies for companies involved only in internet sales.  The nature of the business determines what type of coverage is necessary.

Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 25 years.  We take great pride in finding you the best coverage and backing it up with prompt personal service.  We have been serving the Dallas/Richardson, TX area for over 25 years and  have recently expanded to the Austin, Cedar Park, and Round Rock area. ​
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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. 

Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and the upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.

Every so often we think it is a good idea to talk about what may be happening regarding insurance and risk management. We review many different insurance publications, insurance company bulletins and other professional’s opinions, to analyze these trends. This allows customers to make educated and informed decisions about their individual program.

What Is Going On That May Impact Your Risk Program

1. Increased reliance on technology will lead to better run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policy holders and operations.
2. Mobile applications are one of the fastest growing areas of insurance. Businesses are able to manage risk programs through of technology.
3. Cyber liability will continue to be a major area of concern for all businesses. The government will continue to legally require business to protect customer’s information. Those businesses that don’t will be subject to increase fines.
4. Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing and placement.

We are prepared to help you manage all your business risks.
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
​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.

​What A Trusted Insurance Partner Looks Like
People buy insurance to protect their family and financial assets from a loss. So when a loss occurs, most people expect their insurance to step up and take care of the issue.  Understanding insurance and the process involved in designing a policy can help prevent a standard claim from turning into a disaster.

Difference Between An Insurance Agent And A Trusted Insurance Partner
An insurance agent sells you a policy. A trusted insurance partner is someone who will help you understand how insurance works and helps you to design a personal insurance program design for your individual needs.

There Is More Than Just Coverage
Every insurance policy offers basic coverage like coverage for your home and personal property.  A trusted insurance partner will go beyond this and counsel you on how much coverage limits you may need and the benefits of modifying deductibles based on your financial capabilities.

The Importance Of A Deductible And Limit Review
Your policy has coverage limits and deductible that will apply to each loss or claim. We can help you understand how these work and the value to you of adjusting these based on your individual needs.

For example, if you have a higher net worth, it might make more sense for you to increase your deductible to take advantage of lower premiums. You may be in a financial position to take more to control long term costs. If you have less cash on hand, then having lower deductible can offer the advantage of less out of pocket expense in the event of a loss.

Your agent can build an insurance program that provides sound insurance and risk management that adds value. And in the long run, value is much better than a low price.
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We are prepared to help you manage all your business risks.
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.

Business Insurance Update
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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.

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.
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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.
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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.
 

The EEOC just released the latest numbers relating to employment claims, and they remind us of the need for employment practices liability insurance. 
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• Retaliation was the most frequently filed charge with the EEOC in 2018, followed by race and disability.
• Sexual harassment charges with the EEOC increased by 13.6%, based on preliminary 2018 results.
• Monetary awards recovered for victims of sexual harassment increased by 47.4%.
• The #MeToo movement and resulting publicity have caused visits to the EEOC sexual harassment website page to more than double over last year.

We can offer a very comprehensive and affordable Employment Practices Liability Insurance (EPLI) products available in the industry today.  Coverage can include protection against allegations of discrimination, harassment, wrongful termination, and retaliation. Coverage can be further enhanced to include Wage and Hour and Third Party Wrongful Acts.  Get a quick quote and share with your client today.

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.