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.
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.
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:
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.
Leased or Rented Equipment
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:
• 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.
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.