Tag: general liability

How Do You Insure Your Non-Profit?

Posted on by Mike Stromsoe

Every non-profit is unique. Whether you work with vulnerable populations, rely on volunteers, put on fundraising events, transport the elderly, employ social workers, or other activities, your insurance needs are very specific to your operations.

Non-profit insurance is business insurance designed to accommodate the needs of a not-for-profit organization. Having business insurance for non-profit organizations can be crucial as it can protect against a variety of risks, from car accidents involving business vehicles to a client’s slip and fall in the office.

What Types of Insurance Policies Do Nonprofit Organizations Need?

There’s no master list of the types of insurance policies that non-profit organizations should purchase or what amounts of coverage they should buy. Instead, non-profits must rely on the expertise of local, licensed, experienced insurance agents to help them find the best insurance policies for their needs.

Following is a short list of some of the more common types of policies about which non-profit organizations should ask their insurance agents. They may need fewer policies and they may need different policies to cover different types of exposures and risks.

General Liability

All non-profit organizations should purchase general liability insurance. It covers against claims made by third parties for bodily injury and property damage that occurs in the course of the non-profit’s operations.

Property Insurance

Property insurance covers damage or loss to buildings, office equipment, inventory and any other property the non-profit owns. Fire and theft are common claims. Boards should be aware that not all insurance policies cover against floods and earthquakes.

Auto Insurance

Non-profits may buy auto insurance if their boards or employees use autos for non-profit business. You may purchase liability coverage to cover others and physical damage coverage for owned autos. Non-profits may also consider non-owned auto insurance coverage for volunteers who use their own vehicles for non-profit volunteering. Read more on non-owned auto policies here.

Workers’ Compensation

Workers’ compensation will provide coverage for payrolled employees who get injured on the job. This type of insurance is mandatory in California. This coverage will provide for medical expenses and wages if an employee gets injured while working for the nonprofit.

Directors and Officers Liability

This is another type of insurance that non-profits should not be without. It provides coverage for management decisions that board directors and officers make. D&O insurance protects the organization and individual board members. D&O insurance policies sometimes include insurance coverage for employment practices liability, which extends to volunteers as well as employees. This coverage protects against claims for harassment, discrimination and wrongful termination. Always consult with your local independent insurance agent to be certain of your exact coverage.

Professional Liability

Depending on it’s operational classification, a non-profit may have a professional liability exposure. Professional liability insurance is also referred to as errors and omissions insurance. Always consult with your local independent insurance agent to be certain of your exact coverage.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one Non-Profit Organization that trusts Stromsoe Insurance Agency:

“We are so pleased with your organization; it makes our job so much easier to have people like all of you to work with. I recently shared this with another local business owner, we praise you guys to the hilt”
Dorcas Shaktmas – Assistance League of Temecula Valley – Temecula, CA – Client Since 2012

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Make Insuring Your Restaurant Easy as Apple Pie

Posted on by Mike Stromsoe

Chances are, if you serve any kind of food or drink, you need general liability insurance. Being in the food and beverage business can come with great risks. That’s why it’s important to protect your restaurant with the best kind of coverage.

Who Needs Specialized Restaurant Insurance?

  • Cafes/Coffee Shops
  • Fast Food Restaurants
  • Ice Cream Shops
  • Fine Dining Facilities
  • Full Service Restaurants
  • Caterers
  • Cafeterias
  • Pizza Shops

Why Is Restaurant Business Insurance So Important?

Insurance protects the restaurant business you’ve worked hard to build – and helps keep it moving forward. No matter how hard you try to make sure everything is perfect, problems happen. Insurance is there to help when they do. If you’re in the food and beverage business, its best to start with a business owner’s policy (BOP) or a business insurance package policy.

A BOP combines three general insurance coverages that are important to almost every business: General Liability, Commercial Property, and Business Income. Bundling your policies into a BOP is a great way to lower your rate over purchasing the policies separately. If you have employees, you’ll also be required to have Workers Compensation.

General Liability

General liability insurance provides protection in situations where you could be held liable for injury to other individuals or damage to their property. Commercial property insurance protects your business property from damage or loss. A BOP typically covers:

  • Damage to your business property
  • Customer injuries and property damage
  • Advertising injuries, such as slander

The general liability portion of a business owner’s policy protects against lawsuits related to customer injury or damage to a customer’s property that happened at your business. To be sure of what your policy covers, you should speak with your licensed, local, independent agent protection coach.

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Risks Associated with Serving Alcohol

If your food service business sells alcohol, you need to purchase liquor liability insurance, which can be added to a business owner’s policy. This coverage protects you in the event of customer injury or property damage caused by someone who consumed too much alcohol at your business.

Temporary Closure

An unexpected closure for restaurants and other food service businesses could result in devastating financial losses. For example, a restaurant may need to close after a fire until restoration is complete. Business interruption insurance shields against lost revenue and other expenses related to closure caused by a covered property loss.

Optional Food Spoilage and Contamination Coverage

Whether it’s caused by a malfunctioning refrigerator or a power outage, damage to your stored food can be a big blow to your business. Food spoilage coverage can help reimburse the cost of replacing spoiled frozen, refrigerated, or shelved perishables.

Food contaminated by a supplier or by improper handling may also need to be thrown away. Food contamination coverage helps with replacement costs, along with associated costs such as cleaning or advertising to restore your reputation. Food spoilage and contamination coverage can both be added to commercial property insurance.

Make Your Restaurant Insurance Work for You

Business owners can tailor their restaurant insurance program to meet their specific needs. In the food service industry, useful add-ons might include liquor liability insurance, business interruption insurance, cyber liability insurance, EPLI or other endorsements. You can also add coverage for risks like cars parked with a valet service or items left at a coat check. To fully understand your policy, speak with your licensed, local, independent agent protection coach.

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Stromsoe Insurance Team is amazing, if every company that I worked with would operate like them, Los Angeles truly would be called city of angels.”
John Melkonyan – Crispy Crust Pizza – Client Since 2005

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

Your Guide to Brewery Insurance

Posted on by Mike Stromsoe

Brewery owners and entrepreneurs in the beer industry have precise needs, and agents who fail to recognize that fact may leave their clients open to business-destroying gaps. Having a custom designed brewery insurance program to fit your business’ needs is the first step to protecting it, but what are your needs? Here are some things to keep in mind when preparing to insure your brewery!

General Liability

General liability will protect you both on the premises, for example in a tasting room, and off the premises, for example at a brew fest or other event. This will also cover personal and advertising injury for situations such as libel and slander.

Other standard liability coverages to include are a fire damage limit and a medical expenses limit.

Product Liability

Product liability will cover anything you sell, this means both beer and merchandise. Some examples of claims that would fall under product liability are:

  • Defectively manufactured products: a beer makes someone sick or there is glass in the bottle
  • Defectively designed products: use of a poisonous ingredient in a recipe
  • Failure to provide sufficient warning or instructions: leaving off an allergy warning label

Liquor Liability

A basic general liability policy excludes liquor liability coverage for businesses who generate a profit from alcohol. Liquor liability insurance is designed to fill this gap in coverage and may either be added as an endorsement to a general liability policy or purchased separately. Keep in mind, liquor liability won’t replace a general liability policy.

Additional Liability Coverages

  • Employee Benefits Liability: protects against administration errors in employee benefit programs
  • Hired and Non-Owned Auto: protects your company from business auto claims for vehicles not owned by the company or rented/borrowed from others
  • Umbrella: adds additional, higher limit protections for when claims exceed your limits
  • Cyber Liability: if you have an email address and a bank account, you have a cyber liability exposure

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Property Coverage

Protecting your physical location and equipment is important for any small business. That’s where business property insurance comes in. This type of business insurance, also known as commercial property insurance, helps protect your business property, whether you own or rent it. It’s important to note that earthquake and flood are ordinarily excluded.

Some standard property coverages include beer products whether raw materials, in process or finished goods as well as, in some cases, property-in-transit.

Whether they’re stolen, damaged or destroyed, business property insurance can help cover the costs to repair or replace your:

  • Personal property located at your business
  • Tools and equipment you use for business
  • Inventory stored at your office or warehouse
  • Furniture, such as couches, desks, chairs and tables
  • Computers you use to run your business
  • Accounts receivable and other important documents
  • Outdoor landscaping, like fences

Equipment Breakdown & Business Income

Equipment breakdown covers the cost to fix or replace equipment that has failed as well as getting equipment working faster to minimize loss. You can also get reimbursed for related goods or loss of materials, such as a spoiled batch of beer due to non-operating equipment.

You may be asking, “what if I’m leasing my equipment?” Although you may not be responsible for the fixes that your broken equipment will need, equipment breakdown insurance is still very necessary. During the time that your equipment is broken your business will likely be losing income due to lack of production. The equipment supplier will fix your equipment, but will not reimburse you for lost income during this time, which is greater than the cost of repairs in a lot of cases.

Brewery Specific and Other Property Coverages

  • Off-Site Utilities: direct damage and loss of income
  • Leakage: beer spilling or draining from tanks or other containers
  • Contamination: cleaning fluids, stray bacteria, yeast etc.
  • Selling Price Endorsements: to protect your profit, you should have your endorsement start as early in the manufacturing process as possible
  • Business Auto: typically provides for higher policy limits and more complete protection than personal auto
  • Workers Compensation: helps protect businesses and their employees from financial loss when an employee is hurt on the job or gets sick from a work-related cause
  • Employment Practices Liability: provides coverage to employers against claims made by employees alleging situations like discrimination, wrongful termination or harassment
  • Directors & Officers: protects the directors and officers of the company from lawsuits from employees, investors, lenders and others

 

Questions? Want to learn more? Here’s 4 easy ways to reach us:

Phone: 877-994-6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:

“Dedicated to helping small businesses during these hard times. Great customer service and extremely knowledgeable in their products. Would highly recommend.”
Doris Hess – Relentless Brewing & Spirits – Los Angeles, CA – Client Since 2020

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!

What is Business Insurance?

Posted on by Mike Stromsoe

If you only take away one thing from this post, let it be that you should make sure your coverage is the right fit for you and your business before disaster strikes.

The purpose of business insurance is to minimize the financial risk that comes with running a business. Whether you’re running a company on your own or building a seven-figure or more empire with hundreds of employees, your business carries certain risks.

When it comes to commercial insurance, there are six key, main categories:

  1. General Liability Insurance – this will protect your business for anything it’s legally obligated to pay for due it’s business operations
  2. Product Liability Insurance – this would help with a financial loss due to a defect in product
  3. Professional Liability Insurance – negligence, malpractice or errors when providing your service would be covered by this
  4. Commercial Property Insurance – inventory. equipment, tools, machinery or buildings owned by your company would need this
  5. Workers Comp Insurance – provides wage replacement and medical benefits to employees injured in the course of employment
  6. Commercial Auto Insurance – Vehicle insurance providing liability, uninsured motorists bodily injury, medical payments, comp and collision coverage, rental benefit, hired and non-owned auto liability and physical damage and more….all designed to protect your business

If you run a business, it’s safe to say that you will need business insurance. This may seem like just another cost, but you might find it’s not as much of a dig in your budget as you might expect. If you are a client of Stromsoe Insurance Agency, you’ve already made one huge step towards savings! The beauty of using an independent insurance agency, is that we do the shopping around for you.

Here are some of the claim scenarios businesses have been sued over from our industry claim journals:

  • At Oktoberfest, an intoxicated person did the chicken dance on a table. He fell off, broke his arm, and sued the city! He won an undisclosed amount. Now you know where to get your next “accidental” injury!
  • Convenience stores are a target. During a drive-by shooting, a person pumping gas was shot and sued the store.
  • People fighting in a parking lot get injured and sued the store. Talk about misplaced anger.
  • One winter, there was an icy parking lot. A man slipped, fell, and injured himself. He then sued the store for not clearing the ice, despite winter weather warnings nationwide. Convenience stores don’t have it easy!
  • In a correctional facility, a day visitor and an inmate were getting cozy on a picnic table. The table broke, injuries were sustained, and the prison was sued.
  • A consumer bought frozen raspberries and laid them on her kitchen counter to thaw. The package leaked and her countertop got stained. She then sued the food packaging company and ended up with all-new kitchen counters!

Bottom line: Make sure to partner with your local, independent insurance agents who cares about you to make sure you understand how to insure your business so you leave nothing to chance —  raspberry stains and all.

Questions? Want to learn more?

Here’s 4 easy ways to reach us:

Phone: 877.994.6787
Email: insure@siaonline.com
Text: 951-482-8144
Web: www.siaonline.com

PS Here’s a few words from one business owner that trusts Stromsoe Insurance Agency:

“AMAZING Staff, Service and Protection! I wouldn’t trust my business insurance to anyone else! Thank you for always looking out for me!”
Dione Moser – Co-Working Connection and Impact Marketing – Murrieta, CA – Client Since 2013

PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!