Insurance ServicesThe Chamber Resource Group can insure that you are not overpaying for your insurance. Each and every advisor is an expert in their field and is dedicated to a specific area of coverage.
The success of a business, whether it's a tiny enterprise run out of a basement or a large corporation, is largely dependent on hard work and ingenuity. However, no matter how industrious you are, one disaster can wipe out all of your profits and even destroy your business.
Below you will find some brief descriptions of the most common business insurance coverages that you need to consider as a business owner:
Liability Insurance
General Liability Insurance Policy
Protects you against claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operation of machinery, as well as professional services.
Fire Legal Liability
This is most often mandatory if you lease your premises. This protects you in the event your negligence results in damage or loss to your landlord's property.
Health Insurance
Providing affordable health care coverage continues to be one of the greatest challenges for today's families and for employers. Offering health insurance benefits can also help you attract and retain key employees.
The most common health insurance options are:
Preferred Provider Organizations (PPOs)
A Preferred Provider Organization (PPO) provides a list of contracted "preferred" providers from which you can choose.
Health Maintenance Organizations (HMOs or Managed Care)
Membership in a Health Maintenance Organization (HMO) requires plan members to obtain their health care services from doctors and hospitals affiliated with the HMO. California HMOs are required to cover medically necessary emergency services even when outside of their coverage area.
Group Health Insurance versus Individual Health Insurance
Group health insurance offers certain advantages over individual health insurance policies. The waiting period for preexisting conditions is six months, not one year as with individual policies. Medical underwriting rules for small group health insurance (2-50 employees) differs from large group and individual health insurance policies. Regardless of any preexisting condition, you must be offered coverage under a small group policy on a guaranteed issue basis. However, the small group insurance company can utilize the six-month waiting period for preexisting conditions.
Workers Compensation
As a California employer you are required under California Labor Code Section 3700 to provide Workers Compensation benefits for your employees.
When an employee suffers a work related injury or illness, Workers Compensation insurance steps in to provide benefits based on the type of illness or injury sustained. Workers Compensation is based on a no-fault system, which means that an injured employee does not need to prove that the injury or illness was someone else's fault in order to receive workers compensation benefits for an on-the-job injury or illness.
Classification and Rating
Classification of workers compensation insurance is based upon the specific duties that your employees perform in the course of their employment with your company. These classifications are developed and assigned by the Workers Compensation Insurance Rating Bureau (WCIRB) Each classification is assigned a specific rate by the insurance company, which helps determine the overall premium for your policy.
Business Property Insurance
Property insurance should include a broad form of coverage to protect you from a wide variety of losses which should include:
Buildings:
Coverage would be required here if you own the building your business occupies. In the event you lease premises, your landlord should provide this coverage.
Business Personal Property Coverage
Includes your tables, desks, chairs and equipment. Also, you will want to include the tenant's improvements you might make to leased premises. An example would be a room divider you add, or a display case, or a custom built counter that forms part of reception area for your clients. Another component within your policy can be a loss of income rider that will compensate you a portion of your income that was lost as a result of the property damage.
Employment Practices Liability Coverage
Insurance Practice LiabilityWhile employment practice liabilities are rarely encountered in a small operation, the threat of wrongful termination or sexual harassment lawsuits, which are excluded under most business policies, becomes more prevalent as the size of your organization grows.
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