Month: June 2018

Reasons to Have Tail Insurance

tail policy

An Extended Reporting Coverage (ECR) policy also referred to as tail insurance coverage, may be a useful plan for your agency to have. A tail policy can extend the time frame in which an incident covered by your errors and omissions policy may be reported. Here are a few reasons you may want to consider tail insurance for your company.

The Agency is Being Sold or Changing Hands

If you are in the process of moving away from your agency whether due to sale or retirement, you may no longer be covered by your errors and omissions policy. However, tail coverage can extend your reporting date so that you can still submit claims that occur prior to the coverage laps.

You are Changing the Insurance Options You Offer

In some cases your agency may be in the process of changing the policies you offer your clients. A tail policy can help ensure that you are covered in the event that a client makes a claim of negligence as a result. These claims are often considered personal and not covered by errors and omissions policies in some cases.

Having a tail policy in place can help insure that you don’t run out of time to report an incident. Maintaining tail insurance may also help in the event that your business is changing hands, or the policies your company offers change. If you have further questions a professional may be able to help.

Types of Insurance Your Business Cant do Without

insurance in Torrance, CA

Just like your home, you need to protect your business and professional interests with reliable insurance plans. When you’re looking for insurance in Torrance, CA, consider choosing several types of coverage so you can have peace of mind. The best agencies offer a wide variety of packages.

Workers Compensation

This type of coverage is essential if you operate a business where injuries and mishaps are more common. Still, no matter what type of industry you operate, workers compensation is vital to protect you and your employees if there is an-on-the-job mishap.

Commercial Auto

If you have a vehicle fleet at work, you need to choose auto insurance in Torrance, CA, for your business. This is crucial coverage for the same reason you need it on your own cars. If your fleet vehicle is involved in an accident, whether or not youre at fault, this insurance coverage can compensate you for the cost of repairing damages. It will also cover liability.


If a customer, employee or other business associate sues you for a mistake or neglect, you could face tremendous financial costs. However, when you pick liability insurance, you can have confidence in this safeguard.

These are just a sample of the many insurance plans you can choose for your business. Consult an agent today and decide which is right for you.

What is Insurance for Civil Monetary Penalties?

coverage for civil monetary penalties

There are a number of insurance options available for financial institutions to protect them from loss. Crime liability insurance can help cover losses when the company is the target of criminal activity. Cyber and network security insurance can provide coverage for losses incurred due to a cyber security breach. There’s even insurance for directors and officers but coverage for civil monetary penalties isn’t included. So what makes this kind of loss different and why isn’t it included under company insurance policies?

Civil monetary penalties are one of several kinds of actions regulatory agencies can take against financial institutions in response to alleged wrongdoing. Rather than being the responsibilities of the company itself, these penalties must be paid by the director or officer against whom they are levied. This can be a significant burden to an individuals personal assets.

Financial institutions are restricted by regulations from including coverage for civil monetary penalties under company insurance policies. However, directors and officers can purchase separate insurance that specifically covers these kinds of penalties.

When a financial institution is investigated for alleged wrongdoing, severe monetary penalties can be levied not only against the company, but against individuals serving in leadership positions. Rather than risk personal financial loss, directors and officers can protect themselves with civil monetary penalties insurance.

A PEO Can Help to Establish Smoother Operations

peo insurance

Companies bogged down by necessary employee paperwork, which includes payroll and other pertinent daily tasks, many of which can make human resources (HR) challenges a real hindrance to the growth of a business, often look to outsourcing as a solution. Constantly dealing with HR issues which, lets face it, in addition to being a huge distraction, can also make it easy to overlook some key revenue-generating opportunities.

A professional employer organization (PEO) can work with your company and provide comprehensive and affordable payroll and benefits services as a human resource department through a business-to-business relationship called co-employment. Because issues could develop that result in claims against your company you should purchase peo insurance to address these types of concerns.

Advantages of working with a PEO

Through the co-employment relationship, a PEO takes on many of your employee-related employer responsibilities while you continue to manage and run your business. What that actually means for your business is that your company remains the primary employer, so you’ll maintain control over managing your employees daily and core job functions, as well as overseeing your organizational structure.

As the co-employer, its the duty of the PEO to take on specific employer obligations, which you can set forth in your service agreement. This arrangement allows the PEO to handle key functions, such as payroll, benefits, tax remittance and related government filings.

Because it acts as an employer for those purposes, the PEO is given the ability to assume a greater amount of responsibility than, for example, a general payroll company. This arrangement helps employees as well. Typically, with any benefit plans sponsored by a PEO, your employees will be given access to a wider variety of benefits than your company could likely obtain on its own.

This includes better medical, dental and vision coverage, a health care flexible spending account, a retirement plan, life insurance and personal accident insurance, short-term and long-term disability insurance, adoption assistance, commuter benefits and educational assistance.

Payroll processing remains a vital service for your employees, including managing the regular compensation of your employees, along with payroll record maintenance and management, payroll compliance, online pay-stubs and W-2s, payroll management reports, garnishment and deduction administration and PTO accruals. Costly errors could cause huge concerns, so peo insurance will help re-mediate any errors or mistakes that could occur.

Working With a Transportation Insurance Broker

auto liability insurance broker

In order to run a trucking business, you need both liability insurance and physical damage insurance to protect your fleet. An auto liability insurance broker can work with you to obtain the coverage you need at the best price.

What Does an Insurance Broker Do?

An insurance broker is a licensed professional who works as your representative in the insurance market. The broker’s duties include doing the legwork that you would typically have to do yourself, such as researching insurance companies, policies, and prices. An insurance broker will gather that information for you and explain your options to help you choose the policy that’s best for you.

What Is the Difference Between a Broker and an Insurance Agent?

An insurance agent is a sales representative who represents a specific insurance company. In other words, insurance agents will only sell you policies offered by the company that they work for. Unlike an insurance broker, an agent will not shop around to all the different companies and help you find the best price.

Why Should You Work With an Insurance Broker?

Running a trucking business entails special risks unique to the industry. Therefore, it may be difficult to find a traditional policy that will cover your safety-critical risks. An insurance broker will be able to work with a wholesaler to obtain the specialized coverage that you can’t find elsewhere.

At a minimum, commercial trucks are required to have liability insurance by law. Working with an auto liability insurance broker is the best way to obtain this coverage at a favorable price.

Production Insurance

production insurance

It may seem cliche to say that everything in the production industry must work together like little cogs in a big machine, but it is true. The complexity of running a production is even more challenging than running any other business because there is no uniform production line. There are few predictable elements, with so many other organizations and individuals involved to make your production successful, and you need production insurance that can accommodate that.

Each production is unique whether you are involved in television, movie or DICE productions. You have to plan for any kinks and you need an insurer that understands your needs. It doesn’t help when few insurance companies even understand your questions when you call but there are insurance companies that specialize in coverage for a wide variety of productions. What should you look for in an insurer?

Your production is highly specialized and you need a highly specialized insurer. You’re not going to get production insurance from the company that insures your home or your car. Look for a company that has experience providing insurance for events of all types: sports, entertainment, live events, non-live events. From their specialized experience, they understand how small things, like traffic or equipment breakage, can lead to big delays. The right company will not have a drop-down menu of event risks and will be able to work with non-traditional risks associated with your unique production.