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.

​How Your Texas Business Can Better Protect Itself
A Texas Business Insurance Update
Even the best run businesses may have a loss now and then. It is important that every business owner and manager have a comprehensive business insurance program. A well-designed business insurance program will help the business get through a loss. Here are few ideas to help you make sure you have the best possible coverage your business needs.

• Make sure you combine your business policies into one “package” You will receive premium discounts for doing this.
• Every business should have a commercial umbrella policy with at least $1,000,00 of coverage.
• Review your property insurance deductibles, by increasing your deductible you may be able to lower your premium.
• Consider the flowing kinds of coverage; cyber liability, employment practices liability, and director and officer’s liability.
• Have your agent search the market for the best possible combination of coverage, price, and service.

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.

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.
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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.

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

• With more companies beginning to store information on the “cloud” there will be more universal breaches causing greater losses.
• Cyber Liability insurance is a real option providing value added coverage and services.
• Industries most exposed are; healthcare, medical, retail, financial institutions, technology and hospitality,
• Cyber recovery costs are rising, even with new technology.
• Individual states will be beefing up mandatory reporting laws and imposing fines for lack of reporting.
• New technologies will allow cyber-attacks to come through smart phones and tablets.
• Small businesses may be the most prone, as they have the least protection.

Cyber liability coverage (for data breaches) has evolved from just insurance for information technology companies to coverage that nearly every kind of business should have - if they don't already. From retailers, banks, contractors, distributors, restaurants and medical offices, many businesses are unaware of the severe data breach exposure they face. In short, any business not making an effort to protect personal private information is seriously out of step with the emerging landscape of privacy law. We can provide your firm with the right combination of pricing and coverage.

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.

Many businesses today offer college students the opportunity to hold a summer intern position. These can be rewarding for the college student as well as provide some help to the business. Offering paid or non-paid internships can create risk for your business. We wanted to highlight some of the business risks associated with having interns. Before you bring that person on board, make sure your business is well prepared.

• You should have a written plan. It should include a job description, hours, and line of authority.
• Check to see if there are any state regulations that might be impacted.
• If you offer a paid internship, you will need to treat the intern like any other employee. We suggest having a formal agreement indemnifying the terms of the agreement, including the time period of the internship.​
• If the internship is a paid position, don’t forget about workers’ compensation.
• Make sure you comply with Healthcare Reform relating to employee benefits.
• Make sure the intern understands they are not entitled to “regular” company benefits, i.e.  retirement, insurance, vacation, etc.
• The internship must provide similar training that would be given in an educational environment.
• There must be a “true” benefit for the intern.
• The internship cannot be for the sole benefit of the company.
• The intern must not replace regular employees, and should work under the close supervision of existing staff.
• Unpaid internships for for-profit companies are subject to the U.S. Department of Labor’s Fair Labor Standards Act. There are provisions if you offer educational credit. Here is a link to the U.S. Department of Labor.

We recommend you check with the department of labor to make sure your program meets all of the requirements. There have been many businesses who have been sued as a result of improper internship programs. 
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​We believe in supporting local businesses and being involved in the community. Whether it’s raising money for bikes for special needs children or delivering meals for Meals & Wheels, we understand that helping out within the community is going to make the community a better place for all of us to enjoy. 
Dallas Area Location 
972.238.8174  
​Austin Area Location
512.582.2424   

A Business Insurance Update
If you are in the business of designing, manufacturing, servicing, selling, and distributing any product there are risks involved. When the product you represent causes injury or damage to a another person or business, you need insurance protection. Depending on the insurance coverage you have, you may not be adequately protected from a product liability claim arising out of your actions. Many “standard” insurance policies have limitations for product liability claims. For example, a contractor installed windows in a custom home, and 9 months later the windows leaked, causing thousands of dollars of damage. The window manufacturer said their windows are fine; it was the installation that was done incorrectly. The contractor may be held responsible for the damage. Product liability insurance would provide protection in this case.

Our experienced and licensed staff will work with you to help find the right commercial insurance and solutions for your business. Our team can work with most business; we know and understand your industry.

What is product liability insurance?
Product liability insurance can provide protection from damages, injury, claims, and other liability arising out of the selling, distributing, manufacturing, servicing and design of products. Damages can include bodily injury, property damage, and even death.

An essential feature of product liability insurance is the legal defense coverage. The cost to defend an allegation can create a strain on your firm’s resources.
Claims can come from any of the following:

• Poor workmanship
• Breach of warranty
• Failure to warn
• A defect in design or manufacturing
• Material defect
• Failure to provide adequate instructions

Classes of businesses we work with:

• Contractors
• Artisan Contractors
• Manufacturing
• Restaurants
• Distributors
• Food Processors
• Wood Products
• Automotive
• Sporting Goods
• And More

We have a number of highly rated insurance companies to select from. Call us today for more information. 

Striving for High Levels of Service:
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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 insurance, so we are going to strive to give you first class customer service you deserve.

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:

• Over 53% of privately held firms have had D & O related claims.
• Twenty-five percent of companies have had an employment related claim.
• The average defense cost for a D & O claim is around $75,000.
• Firms with less than 50 employees have the same percentage of claims as larger firms.

Here are some of the kinds of claims to which your business is exposed:

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.
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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.
 

A Texas Business Insurance Update
We live in a society where there are more lawyers than doctors. It seems that the typical response when someone has been damaged is to hire a lawyer and threaten a lawsuit. Most businesses can’t afford to be in court to defend every action. That is why commercial insurance is so important to your business. Our agency can offer a review of your business insurance coverage and educate you on your risks and how best to protect you. These four risks are at the top of our list and should be on yours as well.

Cyber Liability- Cyber liability is 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.

Directors & Officers Liability- Covers costs, damages, and defense protection to directors and officers of a company resulting from lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability- Employment Liability 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 that is designed to cover third party claims, damages and claims arising out of providing professional advice.  Many firms create legal obligations arising out of a professional's errors, negligent acts, or omissions during the course of providing services to clients.

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.

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.