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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 A business Insurance Update If your business has sales increased during the holiday you are most likely in the market for part time workers. For the most part, you will not need to modify your business insurance, but if you add new classifications or payroll, it may affect your workers’ compensation insurance. Now might be a good time to have us complete a review of all your business insurance policies. Here are few tips to help you manage seasonal employees
 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.  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.
 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.  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. |
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Strive Insurance Group, Inc. | 701 N. Central Expressway Bldg 1|Richardson | Texas | 75080 | 866.538.8174