Liability insurance for small business

California business insurance can be expensive and budgeting for it – and any increases you might need in coverage as your business expands – is absolutely essential. Policies should be reviewed annually. Here are a few things that should be taken into consideration during your business policy review:

§  Have your business assets increased in value? If so, is your coverage for damage and theft still sufficient?

§  Have you constructed new buildings or sheds on your premises? You’ll need to recalculate the cost of rebuilding the premises if you have.

§  Do you have machinery that you didn’t have last year? If you’ve purchased new items are they included on the policy? Do you need equipment breakdown coverage?

§  Are you carrying a higher level of stock than you have done previously?

§  Do you have new products or services? If you do, has your risk of being held liable for injury or damage increased?

An annual review of workplace safety is also a good idea. As your business grows, new risks can emerge. It might be the case that your workplace safety procedures need to be updated or expanded.

Check the cost of your premiums against the previous year. If they’ve increased significantly it could be a good time to shop around for better prices.

If you need assistance with your business owners policy review or if it’s time to reduce the cost of your premiums, talk to the Excelsure. We’re experienced in assisting California businesses big and small to manage their insurance needs.

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Understanding Flood Insurance Risks

Flood risk is such a generalized term. But insurers cannot generalize about any risk – it’s their job to be specific. An excellent place to find good information about how flooding and flooding risks are defined is www.floodsmart.gov, the official NationalFlood Insurance Program site.

Granted, flooding can happen almost anywhere, but there are particular areas, which are especially susceptible to raised water troubles. Risk areas can be broken up as follows: high-risk, moderate-to-low risk, and undetermined-risk regions.

High-risk areas have at least a 1% chance of flooding every year. If you do the math, this equals a 26% chance of flooding over the life of a typical 30-year mortgage. In these regions, every homeowner with federally regulated or insured lenders is required to purchase flood insurance.

Moderate-to-low risk regions are outside the 1% annual flood risk floodplain. Flood insurance isn’t required for these places, but it is highly recommended. “Undetermined” risk areas are regions where no flood-hazard analysis has been commissioned.

Perhaps you’re new to the area you live in and don’t really know what to expect when the rains come. The best way to find out the level of your flood risk is to have your insurance agent perform a risk profile.

If you’d like further information about flood insurance or your need coverage, contact a customer service representative for information and a quote.

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