Does Your Business Insurance Travel with You?

Does your business insurance coverage properly protect you and your business for events and other operations away from your primary business premises? As businesses continue to reopen and we are all once again able to fill our networking calendars with events, it’s important to discuss your policies with your protection coach to ensure you are properly protected.

General Liability Insurance

A general liability policy protects your business from financial loss should you be liable for injury or property damage to others caused by your services, business operations or your employees. You should talk to your business insurance coach to ensure that your policy extends to an event away from your business premises to properly protect yourself and your business when attending networking events, tradeshows, mixers and the like.

Workers Compensation

Workers comp protects the employee and the employer for payment of medical bills for covered injuries sustained on the job & loss of earnings resulting from covered injuries sustained on the job. If your business operations will cross any state lines, make sure to discuss the details with your business coach to make sure your business is protected.

Equipment Coverage

This is where coverage talks can get tricky, because equipment coverage will vary from insurance company to insurance company. Equipment coverage for property away from your primary business premises may or may not be included in your policy. It’s best to call your protection coach and have a conversation about your particular needs and situation.

 

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

Phone: 951-600-5751
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:

“Thank you, Thank you, Thank you SIA. My business has rapidly grown, but I couldn’t have managed without you. You take the worry out of my insurance needs and that makes me extremely happy. Your entire staff is very knowledgeable and friendly. I would never go anywhere else for my business insurance.“
Robert Siever – Gasket Pro – Costa Mesa, CA – Client Since 2014

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

How Do You Insure Your Non-Profit?

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

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

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!

Stromsoe Insurance Gives Back To Our Business Community

This is Mike Stromsoe, President and Team Leader at Stromsoe Insurance Agency. Life has changed for all of us, and in these times of uncertainty more than ever, we are dedicated to the core values in our agency, and at the top is a Servant’s Heart: We are dedicated to serving our clients and our communities, especially in times like this.

We want to give back, so Stromsoe Insurance Agency is giving businesses access to our proprietary HR system. You receive the first year at no cost. We’ve used this system for years. It’s top notch and it provides information on a national basis regardless of where your business operations take you.

To learn more give us a call at 951-600-5751 or email us at insure@siaonline.com. Stay safe, stay well and stay healthy!

Want to learn more about SB 1159? Watch the Q&A with Daneen Ashworth from Compass HR.

Looking for other resources for business?

 

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 a business 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 – Hollywood, CA – Client Since 2005

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

What Types of Insurance Do You Need If Your Business Operates Online?

Cyber Liability

Your digital business should secure itself and its information while online. In the event of a data breach, cyber liability insurance will protect your business IF you have the right coverage forms. If information is hacked or leaked, it’s not a pleasant experience when the information is stolen AND there are high costs associated with the aftermath of an information leak. A robust cyber liability insurance policy can protect you and your business. These overages and more should be included:

  • Ransomware expenses
  • All Inclusive Business interruption costs
  • Computer restoration
  • Comprehensive Cyber Crime, including “Cryptojacking”
  • Public relations help
  • Hardware replacement
  • Legal fees
  • No risk management warranties
  • Unlimited first party reinstatement
  • Risk management services included
  • 24/7 Claims hotline with advice from Cyber Specialists
  • $-0 deductible
  • 90 forensic experts and data breach attorneys at your fingertips

Commercial General Liability

Commercial General Liability is comprehensive insurance, making it a must for the owners of online companies. It offers compensation for accidents and damage to property that occur at the premises of the company. Remember, if you’re selling a product and someone gets hurt by it, the manufacturer might be sued, but you likely will also be sued.

And As You Grow, Don’t Forget About:

Employment Practices Liability

You will need to start thinking more about defending yourself and your company as your company expands and you continue to hire more employees. Everybody wants a healthy work environment, but the fact is, there will be issues with employees. Whether or not the concerns are valid, they are important and you should be covered.

Employment practices liability covers businesses from things like:

  • Discrimination
  • Wrongful termination
  • Harassment
  • Invasion of privacy
  • Negligent evaluation
  • Mismanagement of employee benefits
  • Miscellaneous employment-related issues

Who are covered by the liability insurance plans for work practices? You, the proprietor of the company, are safe. There are the higher-ranking staff, such as managers or directors. There are also some policies that will protect employees.

 

Workers Compensation

Have you hired employees for your business? If so, you need workers compensation insurance policy. Accidents happen and you want to be prepared for them.

A workers compensation policy protects the workers for injuries and illnesses that occur when they’re on the job. If an employee needs time off to heal, then this is also covered. Workers compensation is also helpful if an employee is taking disciplinary action over an accident related to the work. Any legal costs related to litigation can be protected by the insurance policy for the job.

It’s important to provide and promote a safe working environment, but it’s also important to be covered by insurance when accidents happen.

 

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 owners that trust Stromsoe Insurance Agency:
“SIA has been our insurance partner of choice for more years than I can remember. They take care of everything – our business, rental properties and all of our personal policies. We have always been impressed with the level of customer service and they always go the extra mile to make sure we are well taken care of. The SIA team is always there when we need them the most. Most importantly, we trust them !!       Stefani and James Laszko – Mythos Technology, Temecula, CA  – Client since 1999

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

How To Prepare For Your Insurance Premium Audit

 

An audit of one or more of your business insurance policies is one situation that requires your early and immediate attention.

The scenario with every insurance provider is different. The scenario will be something like this: Your insurance carrier will contact you. They want to conduct a premium audit. You’ve already paid your premiums for the year. Most policies are based on the best estimate of information you can provide at the time your policy is issued or renewed, but that information could change over the course of the policy year. You may end up not paying enough or paying too much for your insurance based on your actual payroll or gross sales or change in business operations.

This is where a premium audit process comes in. Your insurance company will conduct a premium audit after your policy term expires, review your actual business operations, and calculate your final premium. Depending on the size of your operation, an auditor may be able to gather the information they need over the phone, electronically, you may be asked to fill out and return a simple form online or through the mail. For some or larger operations, an auditor may prefer to visit your office and review your records with you. This may take an hour or two of your time depending on the type of business and whether or not there have been changes in your business operations.

The auditor will let you know prior to your appointment exactly what information they will need to review. Having all the requested information ready prior to the meeting will shorten the process. They may ask to review accounting records including payroll, journals, disbursements, invoice reports, sales reports, vendor reports, general ledgers, social security reports, state unemployment forms, or other tax reports. You may also be asked for information about the business entity, ownership, corporate structure, and the business operation. It’s also important to understand any excluded persons from a policy prior to the audit.

Since an audit can encompass such a vast array of data, here are some tips for preparing:

  1. First decide which staff member is best able to work with the auditor. We do not always recommend referring the auditor to a bookkeeper or CPA. No one cares about your business like you do. This should be someone familiar with the work done by all departments and employees and is knowledgeable about the records needed to complete the audit.
  2. Review the appointment letter and prior year’s audit billing statements to familiarize yourself with the data the auditor will be reviewing.
  3. Gather all pertinent accounting records.
  4. Review payroll documents to make sure that they include breakdowns of wages by employee, department, and class code. Breakdowns should also include overtime pay and tips if applicable.
  5. Verify that you have certificates of insurance on file for any subcontractors you may have used. Be sure that the documents show that the subcontractors have their own current workers’ compensation and general liability insurance.
  6. Lastly, ask questions during the audit to clarify anything you do not understand.

Maintaining detailed payroll and sales records for the policy period is the best way to ensure that the audit process goes smoothly. If those records are organized, the audit can be completed with minimal effort. Don’t let a premium audit be a complicated process.

Our goal as your independent insurance agency of choice is to bring awareness and guidance to most situations that may occur with your insurance program. If you have questions regarding the premium audit process and need our assistance before, during or after the audit process, please us know.

Here’s 3 easy ways to reach us:

  1. Call 951-600-5751
  2. Text 951-482-8144
  3. Email insure@siaonline.com

We appreciate this and every opportunity to serve and protect you!

Does Your Business Use Independent Contractors Instead of Eployees?

 

Are you aware of the new law that has gone into effect on January 1, 2020?

This new law changes the definition of an independent contractor in California. This may effect your business if you use independent contractors instead of employees.

The California law (Assembly Bill 5) makes it harder for companies to treat workers as independent contractors takes effect next week, forcing small businesses in and outside the state to rethink their staffing.  The law puts tough restrictions on who can be independent contractors or freelancers rather than employees.  Company owners with independent contractors must now decide whether to hire them as employees or look for help in other states.

If you have any questions on how this might affect your business insurance program or your Workers Compensation insurance, please give Ann Pederson a call at 951 600 5751 or email ann@siaonline.com today.

Thank you for the opportunity to protect you, your loved ones and everything you worked so hard for!

 

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 people that trust Stromsoe Insurance Agency:
“SIA has helped my husband and I find the lowest rates for our car, home and business insurance. We are very happy with the service that SIA provides us. We would like to thank Cherie Wachel, but specially Shauna Smith who is always very helpful and very nice, she always has the perfect answer for all of our questions. Thanks.”
Luz Ma Silver – Silver Cleaning – Client since 2005

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

How To: Create the Right Safety Management Plan

A safety management plans is an essential tool for all businesses.

One of the most important parts of owning a business is making sure that your employees are safe at work every day. Creating a safety management plan is the best way to reach this goal. Use these tips to help you create a safety management plan that will work best for your company.

  • Show management involvement – your management has to lead by example. Visibly demonstrating that you care about the safety of your company’s employees can go a long way in creating a safe culture.
  • Communicate clearly – if your employees don’t know what your safety management plan is, they won’t be able to follow it. Regularly give employees updates of your plan and keep them informed on any changes that have been made.
  • Create involvement – when employees are actively involved, your safety program can be much more successful.
  • Provide proper training – all employees should know exactly what they can do to stay safe at work each day. Provide all essential safety equipment to employees as needed.
  • Make improvements – your first safety plan is bound to have flaws. Taking the time to review and revise your plan will help to ensure that everything is being done to help your employees stay safe.
  • Thoroughly investigate all incidents – accidents happen, even with the most comprehensive safety plan. All injuries need to be investigated and documented to help you find ways to improve your safety plan so the same accidents don’t happen twice.

Not only will having a strong safety management plan in place work to keep your employees safe, it can also help you save on your workers’ compensation coverage. For all of your business insurance needs to give you the peace of mind that you deserve as a California business owner, contact the independent insurance experts at Stromsoe Insurance Agency.

Workers’ Compensation Savings For Small Businesses

How To: Save On Your Workers’ Compensation

As a business owner, you know that workers’ compensation is important. Not only does it protect your workforce—ensuring they get the medical care and lost wages reimbursements they need to maintain their quality of life—but it is also crucial for your business. This coverage helps you take care of your team without compromising your bottom line.

That does not mean you want to pay a pricey premium, though. Here is a quick guide on how to save on your workers’ compensation.

  • Get Grouped: Group rates can help you get significant savings on your workers’ comp coverage. If your business is not large enough to qualify for this type of coverage on its own, consider joining a trade association with at least 300 members or asking a couple of other businesses with similar risks to join with you in securing coverage.
  • Support Safety: California requires you to have a written safety program. Why not show it to your insurer—along with documentation about your regular safety trainings—to let them know how much you prioritize safeguarding your staff. Informing your insurer that you are making strides towards minimizing workplace accidents can help you save.
  • Prepare Programs: Certain programs—like a substance-free workplace program or return-to-work program—can help your employees minimize injury times and injuries themselves. By implementing these types of programs to help your workforce stay safe on the jobsite and protect their health if an injury does occur, you can show your insurer you are actively reducing your risk and their costs, which should lower your premiums.

Want to talk to an insurance expert about how to keep your workers’ compensation as affordable as possible? Contact Stromsoe Insurance Agency today! As California business insurance experts, our dedicated team is standing ready to help you get the best workers’ comp at the best price.