Insurance Insights

Last year, the Los Angeles Police Department and the National Insurance Crime Bureau issued a warning for consumers to beware of tow truck scams. Unauthorized tow truck operators also commonly referred to as bandit tow operators, has become a pressing issue in recent months.  These deceptive towing companies prey on drivers at their most vulnerable moment.

Around the world, to avoid the next data breach, retailers are hustling around trying to put together systems and processes. Although there have been some great strides made with cyber security, this threat continues to increase and businesses are still very vulnerable.

A business owners policy, otherwise known as BOP, is a particularly popular type of business insurance for small as well as medium-sized businesses. A business owner’s policy combines coverage from a number of individual insurance policies into one simplified package policy. Small businesses are thrilled with the simplified policy, while insurance companies love the efficiency of the BOP. Because a BOP combines both property and liability coverage rolled into one, insurance companies can sometimes offer lower premiums. It’s a win-win situation for both the small business owner and the insurance company.

It seems that many of the small business owners who tend ask if they need business insurance are the ones who are not truly familiar with what it really does to protect their business and themselves. For anyone who has been in business for very long, however, they know the question is not “do I need insurance” but rather “how much risk am I willing to take” and “am I adequately covered?” A small business owner struggles with a number of financial realities: slow business, rising taxes and a competitive market. Most realize that not having business insurance or not enough coverage may be the single thing standing between them and potential failure of their business and dreams if an incident was to happen.
What Kind of Small Business Insurance Do Your Need?
A Business Owners Policy (BOP) including General Liability Insurance offers a small business protection from suffering financial loss due to injuries and claims of negligence. These types of claims are not theoretical but are in fact all too common. A customer slips on ice at the front door and claims he can no longer work as a result of the insuring injury. A female employee is mugged in an unlit parking lot and claims she has complained frequently about the lack of safety offered to employees.
Business Property Insurance is also included in the BOP and protects the physical assets of the small business such as the building, the outdoor sign, and the inventory in the event of an incident whether the small business owner owns the building, leases their workspace, or even works at their home.
Workers’ Compensation Insurance: This provides medical and disability coverage for employees for work-related illness or injury. Many independent contractors do not realize they can also take out Workers Comp on themselves. Even though they may have traditional medical coverage it will only go so far in compensating them for time lost should they get injured on the job.
Professional Liability Insurance: This protects a small business if a customer claims to have suffered financial loss because of an error or an omission in the Professional services provided by that business. Suppose a computer consultant programs a business’ computer and the company loses customers records as a result. Such insurance protects the consultant from possible law suits.
Auto Liability Insurance: It is wise for a small business to carry separate coverage on all vehicles used to conduct business. This includes additional coverage for employee vehicles used to conduct business, or autos rented by the insured. There is no way to eliminate all risks when running a small business. But, small business insurance allows a business owner to transfer that risk to the insurance company. The end result is that proper insurance coverage allows the owner to concentrate on what is most important – doing business.

Many business owners of small to medium sized businesses are incorporating a commercial package policy as part of their total business insurance. A commercial package policy, often referred to as a CPP, is a type of business insurance package that bundles together coverage for a number of things including, but not limited to, liability insurance, crime, property, machinery and professional liability. The small business owner who purchases a commercial package policy realizes flexibility and customized coverage specifically chosen to suit his particular needs.

Multiple Peril Insurance, also known as multi-peril insurance, or even sometimes referred to as all-risk insurance, is a comprehensive insurance package for commercial and small businesses that incorporates two or more types of property and liability coverages into a single package. The basis behind this comprehensive coverage is to protect the business owner and his business against multiple types of property and liability risks that may potentially occur without having to purchase multiple policies individually.
Why would a business owner want to purchase such coverage? As an example, many business owners may only have flood protection to protect their business against flood damage. But if they were to experience damage to their business property caused by strong winds, they would not be completely covered or compensated for their financial losses caused by that wind damage because of the specific policies and coverages they hold. Purchasing multiple coverages lowers the potential risk to the owner of the small business and transfers that risk over to the insurer.
If a business owner was to purchase multiple peril insurance they could have one insurance package that would cover a wide range of potential liability and property damages based on their desired coverages within their package, and in some cases might also see a reduced premium for the combination.
Additional coverage that can be purchased as part of a multiple peril insurance package can include but are not limited to crime coverage, glass coverage, and inland-marine coverage—although there are many more types available based upon the needs of the particular business , it’s location, and other factors.
Want more information on multiple peril insurance? Talk to a bolt representative about a multiple peril insurance package that is right for your unique business and needs.

Errors & Omissions insurance, otherwise known as E&O insurance, is a type of business insurance that protects a small business owner from claims in the event that a client holds him or his company responsible for errors or for the failure to perform work as specified in a contract. In the medical world, errors and omissions insurance is coined malpractice insurance while for professionals, it’s often called professional liability insurance.
Why is errors & omissions insurance a must for the small business owner? Because an omission or error can occur in practically any transaction or profession, that’s why. Basically, if you’re an individual or business providing service to clients for a fee, you open yourself up to errors and omissions exposure. More importantly, a lawsuit for an error or omission can bankrupt an individual or small business that doesn’t have insurance.
Who can benefit from E&O insurance? Insurance agents, attorneys, real estate agents, real estate brokers, accountants, financial advisers, dentists, chiropractors, advertising agencies, web hosting companies, wedding planners, architects, engineers and a host of other business professionals are subject to mistakes in their practice, some of which may cause financial harm, loss of good will or a damaged reputation to another person or company.
E&O insurance protects an individual or their company from having to bear the full cost of the error or omission. This type of business insurance covers defense, judgment and settlement costs for lawsuits as well as related costs of property or lives lost resulting from an error or omission when providing covered professional services. Even if the lawsuit if found to be groundless and you are found to be innocent, there still may be legal costs involved, which may be too steep for the small business owner or business professional to afford.
Even the best business, with the best employees, with the best risk management practices in place can make mistakes and become subject to lawsuits. For example, what happens if you ship a critical customer order to the wrong location? Perhaps, you’re a wedding planner and provided the wrong date to the cake maker. Without insurance, not only will the wedding planner have to incur the loss, which could be up to $12 per wedding cake slice, but what about the emotional toil to the bride, groom, family and friends.
As you can see, even the slightest mistake can have a huge impact, financially or otherwise. Protect yourself today with errors & omissions insurance.

As a business consultant, your skills and expertise are used to help other businesses achieve greater performance, be it in solving existing problems, or in the development of plans for advancement of their business towards desired goals.  But in the course of your job, the businesses you are consulting with are relying on improvements. Many times consultants will get blamed for performance issues, outcomes, or damages that are not entirely related to what they have done, but rather the businesses’ own actions. Along with other possible risks related to the business consultant industry, it’s wise to protect yourself against valid and invalid claims or lawsuits against you with the proper business consultant insurance coverages.

Every small business person knows there are a few realities to doing business that simply cannot be avoided. Bills have to be paid, employees have to be managed, customers have to be satisfied and the alternative to being properly insured is no alternative at all. Most small businesses operate on narrow profit margins and are heavily invested just to stay afloat. The last thing they can afford is the financial consequences that would accompany an accident, fire, or some other disaster for which there was no insurance.
One such insurance package, whether you own your property or lease, that is a necessity is Commercial Property Insurance. Such insurance for commercial properties enables a business to repair or replace both buildings and contents that are either damaged or destroyed in natural occurrences such as fires or tornadoes or through criminal activity such as vandalism, theft, or arson. Commercial Property Insurance is equally important for businesses that rent their property as those that own. The contents of a small business (including merchandise and equipment) are not covered by the building owner’s policy. And, tenant coverage is generally a great deal less expensive that building coverage.
There are two major types of commercial property insurance every small business owner cannot afford to be without:
General Liability Insurance: This insurance for commercial properties provides a small business protection from suffering financial loss due to injuries that occur on the property and other claims of negligence. While the building owner may have liability insurance, you as the renter and business owner, can also be held liable for accidents that may happen on the premises.
Business Property Insurance: This kind of coverage is usually defined by what is insured and what events that might cause loss are covered. Because this kind of insurance tends to be a package of general and specific coverages, it is important to consult with your insurance representative as to what kind of Business Property Insurance you need. With that said, Business Property Insurance generally protects a business’ contents, buildings, equipment, and other personal property.
Most policies will cover lightning and windstorm damage, fire, explosions, vandalism, and damage caused by vehicles and aircraft. Flood and earthquake coverage are often separate policies so, as always, consult your agent to make sure you have the coverage you need to protect your business and peace of mind.

As the owner of a deli, you face several types of risks in your day-to-day business. With the proper type of deli insurance you can help to limit these risks. For instance, you have customers entering the physical location of your delicatessen, you serve customers food, you probably have employees working, and you have kitchen equipment and food storage devices that are essential to your business. Any number of things could potentially happen on any given day that could result in a claim or lawsuit against your business, not to mention additional risks such as fire, flood, theft or robbery.
A basic Business Owners Policy provides the proper basic deli insurance coverage for your delicatessen because it will include what we call “slip and fall” coverage in the event someone suffers an injury at your place of business, as well as your Business Personal Property. Business Personal Property coverage would cover all your property used to run your deli, such as your booths, tables and chairs, as well as your kitchen equipment and will also include coverage for your inventory, which is food, so you would have special coverage for spoilage. You would also have additional insurance for many types of exposures that are included in a policy specifically designed for food service, such as your books and records, and other built-in coverage for property such as outdoor signs, which is important if you have damage and need to replace your sign immediately.
Another policy you need to purchase if you have employees working at your deli is Workers Compensation coverage. This policy will provide coverage for your employees if they suffer a loss while they are working for you. In almost all States you are required to carry this coverage and it is not an option. This is especially important in your deli business due to the nature of food preparation and the tools involved. A simple cut on a finger requiring stitches could be very costly if you had to pay out of pocket for the hospital or clinic and also for the lost wages the cook would incur from taking off time to let the injury heal. As another example, an employee could suffer a back injury if they are not properly trained in lifting techniques and are unloading boxes of frozen food, for instance. There are requirements for Workers Compensation coverage and many of the requirements will be easily attained with free training from an organization called OSHA. With the Occupational Safety and Health Act of 1970, Congress created the Occupational Safety and Health Administration (OSHA) to ensure safe and healthful working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education and assistance.
Many of these coverage’s are included in package policies designed specifically for your business. And with the proper deli insurance package you can be more prepared in the likely event that something will happen during the course of owning your business, whether it’s a legitimate claim against you or not, or damage due to circumstances outside of your control.
Talk to a bolt insurance agent today about the right deli insurance package for your delicatessen.