California Insurance Blog - Time and Money Saving Tips for Insurance
WHAT KINDS OF BUSINESSES NEED PRIVACY COVERAGE?
All industries that use electronic information have a data security exposure. In the event of a breach your business may be required to provide notification to affected individuals, alert regulatory agencies, provide credit restoration or credit monitoring services to affected individuals, etc. In addition, your business will be tasked with public relations communications to protect your reputation, and IT expenses to conduct forensic examination of the breach source and determine what information was compromised. The 3rd party exposure includes regulatory fines and penalties, class action suits, cyber extortion, restitution to individuals after identity theft, expenses to remedy credit card industry standards, and defense from suits from clients or competitors.
Relying on a general liability policy to offer indemnification may result in your uninsured or under-insured loss as these types of claims are most likely not covered by a standard commercial general liability policy.
Not all carriers offer the same coverage, and depending on your industry, coverage would be tailored to your needs.
Cyber Liability 1 page quick indication appl
NEED PAYROLL SERVICES???
WE ARE NOW AFFILIATED WITH A PAYROLL SERVICE CALLED OVATION PAYROLL. THEY ARE COMPETITIVE WITH PAYCHEX AND ADP, ARE NATIONWIDE, AND OFFER MANY SERVICES FREE THAT THE OTHERS CHARGE FOR. EXAMPLE, AN EMPLOYER WOULD HAVE ACCESS TO:
- No down payment
- Improved cash flow
- No checks to write
- Premium calculated on actual payroll
- Minimized year end audits
Ovation Payroll Includes:
- Complete tax service and direct deposit
- Access to our HR Service site (a FREE portal with access to employee handbooks, compliance requirements in your state and other resources). Others charge for this.
- An optional additional service offered is to access an HR Generalist, a specialist who can help with the legalities of Human Resource issues for $20 a month, and no commitment for ongoing service. If you prefer to do the HR duties yourself, the Free HR portal is substantial.
- Assigned award winning account managers
- 42 types of reports such as “job costing” and more
- 24/7 access to reports and employee information
While our relationship with Ovation is new, we have reviewed many testimonials and have many satisfied clients with them. It’s a terrific and affordable option that we can now offer our clients.
If you do NOT wish to know more, that’s just fine, I understand.
However, if you do wish to know more about the payroll services option, please call me at 877-257-1652 or email email@example.com
California state law requires an employer to purchase workers compensation even if you only have one part time employee. “Do you need to purchase workers comp when someone works as an independent contractor?” you ask? Determining employee status can be difficult, but California courts, state agencies and insurance carriers use a series of “tests” or questions to be asked in order to determine employee status. You can find a list at http://www.statefundca.com/news/FeatureArticles2010/070210-ContractorVsEE.asp
Ok, so you have an employee and they get hurt on the job. You’d send your employee to the doctors approved by the insurance carrier and file a report. When this happens, there might be investigation by a claims representative in order to confirm that the illness or injury was caused by their employment. Once the case is opened, a claims representative would follow the active case until closed. There are two parts to every claim, the medical costs (doctors visits, ambulance ride etc), and the loss of wages during the period of time an employee is unable to return to work. The case isn’t closed until both parts are complete.
It is important to insurance companies that their business owners maintain safe work places and follow a written safety program (safe practices for your line of work) in order to avoid potential claims.
If you’re considering hiring employees, feel free to contact me for your workers compensation quote at 877-257-1652 or email me at firstname.lastname@example.org
- Data Breach is the fastest growing crime in America
- The average cost to mitigate damages is approximately $120-$300 per compromised record!
- Public relations costs to help in recovery from this type of crime are rarely considered until after the fact
- Customers and employees may require ongoing credit monitoring as peace of mind that they are safe
- A notification mailing will be required
- A breach can cause an interruption in business, the requirement to assess liability, obtain legal defense, potential monetary settlements, and a need for crisis management
- Because data breach occurrences are becoming more common, there are now regulatory requirements that need to be satisfied when a breach occurs. The cost to satisfy these requirements can be significant to any business owner. The Hartford feels so strongly about the small business owner’s responsibility to their employees and customers, that they have developed data breach coverage like no other I have seen so far. For those business owners who take their employee and customer relationships seriously, you may be interested in the coverage that The Hartford offers. If your line of business is within The Hartford’s underwriting appetite, with their Data Breach coverage you could have: • The peace of mind of knowing you have the insurance coverage needed to help pay for certain response expenses necessary to comply with notification regulations and to help avoid potential lawsuits that might be brought against you as the result of a breach; and • The confidence that services are available to help mitigate any damage to your business’ reputation and help quickly restore any loss of customer, patient or employee trust.
THE HARTFORD DATA BREACH COVERAGE OFFERS COVERAGE FOR:
First Party Response expenses including but not limited to:
Legal & Forensic Services
Crisis Management/Public Relations
Good Faith Advertising Expenses
Third Party Defense & Liability expenses (including defense costs)
In addition, with The Hartford’s Data Breach coverage, you will have access to a proprietary breach preparedness web site. This site, powered by Identity Theft 911®, a leader in identity management and theft resolution services, offers a host of pre and post-breach services and resources.To purchase insurance with data breach coverage, contact me at 877-257-1652 OR email@example.com to discuss. To learn more about data breach and the importance for insurance coverage, here are some valuable links: About identity theft and data breaches http://www.privacyrights.org/Identity-Theft-Data-Breaches Identity theft info for The Hartford policy holders http://www.idt911.com/ The Hartford’s video link http://hartford.http.internapcdn.net/hartford_vitalstream_com/OHC%20Video/ohc_3.html
Did Your Bond Renewal Price Go Up This Year?
Yes, that’s what we’re hearing from so many of our contractor clients. Many contractors are taking jobs just to stay “alive and working” and are not necessarily making money on the job. For those of you in the contracting business for some time, you know that maintaining a good credit history is crucial to maintaining a great bond price. Because the bond is a requirement of the Contractors State License Board in order to operate as a contractor, you aren’t left with a choice on whether to be bonded like some other business types. Unless you have an extra $12,500 you can tie up for years and years in an account specifically for the purpose of surety bonding, you will need to purchase a bond.Read the rest of this entry »
Most caterers start out with a dream ….a dream born from the love of cooking and baking, and their desire to share their delicious dishes with more than just friends and family. Ultimately many have eventual intensions of opening a restaurant, but some are happiest operating a catering service or lunch truck.
Caterers liability insurance(s) can be simple or complicated.Read the rest of this entry »
What do the business insurance coverages mean?
Well, obviously entire textbooks are devoted to these very questions, but in order to give you a better (and quicker) understanding I’ve put together some basic information that I think will be of help. As mentioned in other posts, it’s nearly impossible to compare a policy apples to apples based on coverage limits and price alone since every carrier imposes their own limitations and exclusions. Some carriers use ISO (International Standards Organization) coverage forms, others use their own proprietary coverage forms.Read the rest of this entry »