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4/30/2018

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Rethinking Texas Business Insurance

 
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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.
 
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4/25/2018

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How to Start Your New Business off the Right Way

 
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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.
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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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4/10/2018

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What Does A Commercial General Liability Policy Cover?

 
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A Texas Business Insurance Update

We understand every business is unique. You serve people first and foremost. Just because you are a small business does not mean you are exempt from litigation. Every business large or small need general liability insurance to protect your organization from unforeseen events.

General liability insurance should be the foundation of your commercial insurance program. general liability insurance provides the following coverage:
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  • Bodily Injury- Bodily Injury to a third party.
  • Property Damage- Damage to a third parties’ property (equipment building etc.).
  • Personal Injury- Injury to the mind or emotions, as opposed to an injury to property.
  • Advertising Liability- Damages arising out of advertising, libel, slander and invasion of privacy.
  • Products & Completed Operations- Liability arising out of the Nonprofits products or business operations and services conducted, excluding Professional services.
  • Premises-Covers liability arising out of injury to third parties while on your premises.
  • Medical Payments- A general liability coverage that reimburses others, without regard to the insured's liability for bodily injury while on your premises.
General liability insurance is designed to cover defense costs as well as judgments. It is an important part of your insurance program that we recommend for your organization.

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
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