Business Insurance Trends From Strive Insurance The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.Business Insurance Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers. Also the type of business you are in also impacts cost and coverage. You should discuss your specific business risks and the types of insurance available for your business with us. Future Business Insurance Risks Intellectual Property This is one of the fastest growing areas of litigation. The average defense cost in 2013 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company's operation. Healthcare Professional Liability As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2012, litigation against OB/GYN doctors accounted for over $3.5 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients. Cyber attacks Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no cover for cyber risks” although there still may be a duty to defend until such time as coverage is determined. Social Media Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service. Directors & Officers Liability Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 20% of firms have been sued for directors and officers negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors. 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.
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 If your business suffered a property loss, are you confident that your building would be restored to its pre-loss condition—including any changes in building codes? It is a sobering fact that over 30% of businesses that suffer a total loss never resume operations. If these businesses had purchased the right insurance, they might have been able to continue operation.
One of the often-misunderstood kinds of insurance is called “building ordinance and law coverage.” This kind of insurance provides an additional amount of coverage for the enforcement of building codes that have been updated since your building was first constructed. Structures that have been damaged may need upgraded electrical, heating, ventilating, and air-conditioning (HVAC), roofing materials, fences, and plumbing based on city codes. Here are some examples of how ordinance and law coverage has helped a business:
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. 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 Trends From Strive Insurance
The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow. Business Insurance Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers. Also the type of business you are in also impacts cost and coverage. You should discuss your specific business risks and the types of insurance available for your business with us. Future Business Insurance Risks Intellectual Property This is one of the fastest growing areas of litigation. The average defense cost in 2013 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company's operation. Healthcare Professional Liability As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2012, litigation against OB/GYN doctors accounted for over $3.5 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients. Cyber attacks Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no cover for cyber risks” although there still may be a duty to defend until such time as coverage is determined. Social Media Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service. Directors & Officers Liability Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 20% of firms have been sued for directors and officers negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors. 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 and Risk
Every business faces risks of various kinds. If you have employees you have the risk of employee injury. You most likely buy workers’ compensation to protect yourself from this risk. No owner or manager wants to believe that their business is exposed to great risks; however, many situations may expose your company to lawsuits, liability and substantial expenses. An unfortunate number of these situations go unnoticed by many business owners until it is too late. Comprehensive risk management is important to the overall success of your business. Unaddressed risks may result in uninsured losses that could potentially cost your business thousands of dollars. Some Important Business Risks to Consider The risk of being sued by employees - There are many state and federal laws that protect worker’s rights. These include harassment, discrimination, retaliation, and civil rights. We can provide you with a quote for employment practices liability insurance that will address many of your employment risks. The risk of lost income - If you have a loss or damage to your building you may not be able to resume operations for a period of time. Your business is at risk for lost revenues. Business income insurance can offer protection. Cyber liability risk - If your business accepts electronic payments, handles sensitive customer information or stores key information on the internet, you are at risk. Cyber liability insurance protects against these risks, and is an important coverage option to explore for many businesses. We Offer a Fresh Perspective to Your Business Risks As part of our service we can review and examine your business operations and help you identify the important business risks. Then we will design a risk and insurance program tailored to meet your needs. The goal of risk management is to protect your business from being vulnerable. Many business risk management and insurance programs focus on keeping the company viable and reducing financial 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.  Most business owners buy commercial insurance to cover fire, theft, and certain liability risks. However, did you know there are many unique insurance products that can also protect your business? Your business insurance should be able to respond to almost all the activities in which you are involved, but if you are not properly insured, it may not. Therefore, we thought we would explain several business coverage’s you may not have considered.
Unique Kinds of Business Insurance Political Risk Insurance--The world is becoming a very dangerous place, so there is coverage for business owners and executives who travel to foreign countries. Kidnap and ransom coverage can protect your executives in case of an unforeseen event. Giving Advice--Do you or your employees give advice to your customers? If so, you may need Professional Liability Insurance. Foreign Liability--If you export products to a foreign county, your business is at risk of a product liability claim if the products cause an injury or loss. Loss of Value--If you rely on your voice or other talent to produce income, you can buy insurance to cover yourself in the event you are unable to perform. Environmental--Environmental insurance is there to protect humans and physical assets from the effects of pollution exposure, so you can carry on running your business without worrying about major oil spills or other catastrophic events. Chicken insurance--Many people insure their pets, but you can also buy coverage to insure your chickens or other animals. Tax opinion insurance--Acquisitions, reorganizations, mergers, or other changes of ownership can present complicated tax problems. Tax insurance protects the business in the event the transaction produces a larger than expected tax liability. 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.  Cyber Liability continues to be a major issue for businesses in 2018. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show 39% of all cyber incidents affect businesses with fewer than 100 employees. With the recent breaches in the financial and hospital industries, many businesses are considering cyber insurance.
Emerging Cyber Trends
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.  Directors and Officers (D & O) Liability Update
Every business, no matter what the size, has a D & O exposure. Some people may mistakenly think that D & O risks are just for large firms, but actual court cases tell a different story. D & O claims come about because of decisions made by the firm’s officers and employees. Claims can come from employees, competitors, investors, and the government. Most of these kinds of claims are not covered under a standard commercial insurance policy. Here are some interesting facts brought to you by the Insurance Information Institute:
Misrepresentation If you misrepresent your company’s services, financials or other information, third parties may sue you for your actions. This can include services you say you provide on your webpage or financial information you provide to a lender. Breach of Duty Your firm’s officers and employees are required to carry out their duties with a standard of honesty and professionalism. If these legal duties are breached, you are subject to litigation by the injured party. Employment Issues Your employees can sue the business for a variety of employment issues that can be covered under a D & O or employment practices liability policy. Unbelievably many small businesses do not have the right commercial insurance. Having the right business insurance does not have to cost you any more money. The key is having an agent who understands your risks and is willing to help you design a business insurance plan that meets your needs. 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.  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: “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.
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 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:
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Strive Insurance Group, Inc. | 701 N. Central Expressway Bldg 1|Richardson | Texas | 75080 | 866.538.8174