 It is critical that every homeowner or business undertakes an annual insurance review. Regular reviews are equally essential to ensuring that your policy continues to be a good fit for your coverage needs and budget.
In a single year, a lot can happen that can have a significant impact on your insurance costs, coverage options, and limitations, among other things. Among these are the following:
Strive Insurance Group, Inc. (formerly Gordon Lund Insurance Agency, Inc) is an independent insurance agency representing many insurance companies. This means that we quote with many different insurance companies to obtain the best rate and coverage for your insurance. We do this at no additional fee or service charge to you. Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 30 years. We take great pride in finding you the best coverage and backing it up with prompt personal service. Give us a call today; we are ready to review your coverage.  Businesses in the life sciences industry constantly develop new ways to deliver products that solve problems. Successful medical technology, pharmaceutical, and digital health enterprises write their prescription for success on the cutting edge of progress. Companies on the cutting edge of innovation, on the other hand, run the risk of anything going wrong.
There is no one-size-fits-all "life science insurance coverage" because each life science firm offers a variety of products or services. There's a chance you'll have special or unique insurance needs. A basic commercial insurance program can be expanded to meet some of the specific demands of your company. You will have limited coverage if you merely acquire basic general liability or errors and omissions insurance, but it will most likely not be the correct coverage. That is where Strive Insurance Group can help. We know and understand your industry and can deliver the specialized insurance products you need. Top Risks For The Life Sciences Industry
Life Sciences Insurance. We can provide risk and insurance solutions to help you manage these and other important risks facing your business.  Businesses in the life sciences industry are always developing new ways to deliver products that solve problems. Successful medical technology, pharmaceutical, and digital health enterprises write their own prescription for success on the cutting edge of progress. Companies on the cutting edge of innovation, on the other hand, run the risk of anything going wrong. All this creates new risks and liabilities for businesses in the life science industry.
Our risk team advises enterprises ranging from drug makers to contract manufacturing organizations to big publicly traded medical companies on all aspects of life sciences risk management and insurance. We create proven solutions and coverages that protect your investment. Your Risks Are Real; Our Solutions Are Proven
We understand the challenges in the Life Sciences industry. There are many moving parts and things can change like the wind. That is why we have partnered with companies that offer industry specific coverages to meet your unique needs. It doesn't matter where you are at in the process right now. Whether it's R&D, clinical trials or maybe you've already developed that game changing medical device or drug, we want to help you with your Life Sciences Insurance. Strive Insurance Group, Inc. (formerly Gordon Lund Insurance Agency, Inc) is an independent insurance agency representing many insurance companies. This means that we quote with many different insurance companies to obtain the best rate and coverage for your insurance. We do this at no additional fee or service charge to you. Our insurance agency's reputation for representing the best insurance companies, providing excellent customer service and competitive pricing to our clients has been earned and proven for over 30 years. We take great pride in finding you the best coverage and backing it up with prompt personal service.  The day-to-day operations and challenges of running a business can often overshadow the importance of reviewing your insurance coverage. Updating your insurance may not be at the top of your priority list, what with work, home, and personal obligations. Have you ever wondered when you should update your insurance policy? We recommend your take the time to review your business insurance program before each renewal.
The length of time it takes to renew your policy is determined by the size of your company, the complexity of your risk, and the insurance carriers you use. However, starting conversations two to four months ahead of time has a significant advantage. We have discovered that it allows you to communicate with your insurance broker about various difficulties and ideas. You can talk about potential company developments as well as the various insurance options. A good market strategy can be condensed to five simple criteria regardless of an organization's size, complexity, or risk profile.
To begin with, how responsive is your insurance agent? Is it common for you to be left hanging or suffering in the dark for weeks while waiting for a response to your insurance details? Of course, top-tier brokers are also quite busy. A little common sense goes a long way. People who want your business, on the other hand, are more likely to work hard for it. Consider the following items when selecting your agent
Some agent like to start 120 out from the renewal date, and other say 90 days is ok. We think the more time you have, the better. This gives you plenty of time to plan your strategy and goals, gather data, create attractive underwriting submissions, engage underwriters to consider your options, and get post-binding papers like ID cards, certificates of insurance, and invoices. The idea is never to give an insurer a reason to deny participation because "there isn't enough time. Review Your Risks In Relations To Your Coverage The process of risk and coverage review can be important to ensure your proposed coverage meets your goals. If you have an uncured loss due to a lack of understanding of your risk is never acceptable. This gives you and your agent an opportunity to thoroughly review your risks and design a program to meet your needs. Recognize That Low Price May Not Be The Best Option Often businesses will look to the lowest cost as the main factor in considering which program to select. This may not be in your best interest. Low-cost insurance can mean that there are coverages missing, restrictive terms, or exclusion you may not want to be included in the quote. There are cost-saving options when purchasing or renewing company insurance coverage to help you save a large amount of money. If you can persuade your insurance that your risk exposure is modest, for example, your premium can be lowered. Be Prepared To Negotiate While a small business doesn't have the same bargaining power as a firm that pays a six-figure premium, there are a few things you can ask for, including:
Yes, the renewal procedure can be time-consuming and complicated, with many loose ends. That does not have to be the case. Not if you follow the correct procedures and have a well-defined strategy. A qualified insurance broker specializing in commercial insurance plans may make things a lot easier and more cost-effective. Commercial business insurance is an important aspect of any business that cannot be ignored, especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you. 3/22/2022 Insurance For Biotechnology Firms Whether you're dealing with chemicals or arranging research studies, you're probably exposed to a variety of risks on a regular basis. We understand that biotech and life science companies face particular problems, which is why we've developed insurance coverages to keep your company safe.
You may rely on our products, services, and financial strength throughout the life cycle of your organization, from start-ups with a single promising molecule to clients bringing several therapeutic targets through worldwide clinical trials. Common Risks Companies in the life sciences and biotechnology industries use sophisticated equipment and materials, which exposes you to hazards such as:
A Business Owner's Policy can help biotech companies and other businesses in the life sciences industry (BOP). This policy combines three types of company insurance into one simple package:
 Not only is the Life Sciences Industry one of the fastest expanding in the United States, but it is also one of the most vital from a societal standpoint. Biotech work frequently results in significant and inventive discoveries that introduce new procedures and products to the medical and agricultural industries and have a considerable impact on many of the most vital spheres of our lives, most notably our health.
Potential equipment failures, spoilage risks, staff, and public health hazards, supply shortages, and the probability of having to recall products that do not work as intended are just a few of the significant risks that all biotech companies must carefully consider when developing a risk management program that will provide them with the protection they require to remain on the cutting edge of technology and science while continuing down their chosen path of innovation. Why Is Insurance Important? As your biotech company grows and requires additional capital, it is critical to guarantee that daily operations continue to run smoothly and legally. The availability of your goods to the general public dramatically raises your risk, and this risk becomes even more severe as your business grows. Additionally, insurance for biotechnology companies enables you to interact efficiently with the FDA and other regulatory agencies. Key Coverage
 Why is it important for biotech and life science companies to have insurance? Businesses in the life sciences and biotechnology industries use costly equipment and materials, which exposes you to dangers such as:
A Business Owner's Policy can help biotech companies and other businesses in the life sciences industry (BOP). This policy combines three types of company insurance into one simple package:
 When it comes to protecting your financial assets like your home or auto, you can't trust just anyone with your investment. Finding a trustworthy and trained insurance agent/broker could mean the difference between having enough coverage for your property following a catastrophic loss and being stuck with a large repair bill. An insurance agent/broker is a specialist who works on behalf of clients to find the best policy or insurance provider for their needs.
Consider the overall fit not just the price, as price can be deceptive. Be careful of someone who sells on low cost, generally it means poor coverage. The same method you used to choose a doctor or dentist can be applied to choose an insurance broker. You want someone with a pleasant "bedside manner," as it were. Understand the differences in agents Direct Writers vs. Independent Agents: There are two ways to obtain insurance coverage from a company. Direct writers are insurance companies that hire their own salespeople to write exclusively for them; they work for the company that employs them. Independent agents work for the insured rather than the insurance company. They do, however, have contracts with multiple insurance companies and can usually provide you with more options. Signs It Is Time To Find A New Agent
Testimonials: Yelp, LinkedIn, Facebook, and other social media platforms can help you determine whether or not a business provides good service. These websites can be useful, but meeting with an agent or broker in person is one of the greatest methods to determine whether or not they will take good care of you. Personal Recommendations: Consult with your coworkers, people you trust, and your circle of friends. Asking a complete stranger is preferable to relying on advertisements or the yellow pages. People are more likely to refer others with whom they have had a good encounter. Ask Questions Consider this like an interview, where you are selecting a person and agency to represent you.
 Contractors insurance policies range significantly in terms of what they offer. Most will have a business owner's policy (BPO) that will provide:
Why Do I Need Liability Insurance? Good liability risk management can reduce the chances that your business will be sued, but it can never eliminate the risk entirely. You or a member of your organization can make a mistake that injures someone or damages property. Your mistake could harm the reputation or interfere with the privacy of a customer, client, competitor or member of the general public. When such injuries occur, you may be legally liable to pay damages to someone who suffers a loss due to your actions or inaction. Everyone in society has a duty to take reasonable care that his or her actions do not injure others. The same rule applies to business entities. Not repairing a pothole in a parking lot, not lighting a dark stairway, failing to train workers how to do their jobs safely and legally or failing to provide directions for the safe use of a product can constitute negligence if a client, customer or member of the general public is injured as a result. The legal meaning of negligence is failure to exercise reasonable care. The law of the state where the lawsuit is filed sets the rules for the determination of liability and damages. The amount of damages imposed in any particular case is, of course, in part a function of the economic losses the plaintiff can prove he or she has endured due to the defendant’s negligence. In some states plaintiffs may also be awarded damages for. What Kind Of Liability Policy Should I Get? For small businesses the most efficient and least expensive way to purchase liability insurance is usually as part of the Business owners Policy (BOP) which combines property and liability insurance in one contract. Your liability insurer will pay damages that you are legally obligated to pay as a result of “bodily injury,” “property damage” or “personal and advertising injury,” up to the policy limits and subject to your deductible. Punitive damages are generally not covered, although there may be some exceptions. Bodily injury means injury, sickness, disease or death; it may include injuries that are emotional or mental, such as post-traumatic stress syndrome or humiliation. Personal and advertising injury includes libel, slander or any defamatory or disparaging material or a publication or utterance in violation of an individual's right of privacy; infringing the privacy or copyright rights of another in your advertisement; wrongful entry or eviction, or other invasion of the right of private occupancy; and false arrest or wrongful detention. Who Is Insured? BOP liability coverage insures a sole proprietor, partners or partners named in the policy "Declarations," but only with respect to their duties on behalf of the business. The spouses of sole proprietors or partners are also covered. If your organization has officers and directors, they are insured, as are your stockholders, but, once again, and this applies to all parties, only with respect to their duties or liabilities in connection with the business. Employees and volunteer workers are insured for acts committed within the scope of their employment in your business. 7/13/2021 Is YOur Business Ready? Recent surveys by human resource managers have identified a number of workplace issues facing employers and employees. These problems affect the work being done, employee morale, and overall company performance. Take a look at the top five workplace issues and see if your company faces any of these.
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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