Renee Darata » Business

Small Business Insurance

Renee Darata — Thu, 26 Jan 2012 22:58:54 +0000

Today I stopped by several dental offices. Outwardly, they were very similar. Shining plaques outside the door with the dentist’s name engraved, waiting rooms created by a professional designer, a reception counter where patients checked in, business cards on the counter, a sign regarding cancellation fees in case an appointment couldn’t be kept.

Behind the scenes,however, the dental offices differed. Some were properly insured and had a local agent. Others, hadn’t taken the time to review coverages in some time. Had the Dentists employed more staff? Did they buy new equipment? Did they own an umbrella policy?

Business Liability, Non Owned Auto, Business Personal Property, Electronic Data Equipment, Work Comp coverage and even EPLI, protect the Dentist and his assets.

2012 is a New Year and the perfect time to review the Dentist’s Insurance Package: General Liabilty, Work Comp, Business Income, Non Owned Auto, EPLI.

My office also provides employee benefits.

I am setting appointments now. There is no fee for a review.

Call 801.748.0500

Insurance Carriers Had Record Year For Weather Disasters

Renee Darata — Fri, 06 Jan 2012 18:21:39 +0000

2011 saw twisters,snow, drought, flooding and wildfire disasters in the United States. 12 disasters that exceeded $52 billion dollars in damages. This is more weather catastrophes,(that each caused at least 1 billion dollars of damage),than the entire decade of 1980-1989.

Insurance carriers have paid out an unprecedented dollar amount in 2011 which may lead to rate increases for consumers and businesses in those regions.

We hope that 2012 will be an uneventful year for weather disasters.

Buying General Liability Insurance

Renee Darata — Fri, 02 Dec 2011 12:14:14 +0000

Let’s say you decide to start a business. You shop for office space and get ready to sign a lease. The building owner, or Property Management Company wants you to provide General Liability Insurance. You will need to consult with an insurance agent and provide a copy of the lease requirements as there are diffferent levels of insurance. Also, they will need to add the owner or property management company as an additional insured to the insurance contract. Be prepared to provide a FEIN#, and to complete an application.

Health Professionals-Setting up the Practice

Renee Darata — Tue, 15 Nov 2011 02:35:16 +0000

The busy small business owner setting up their office gives little thought to insurance. They may call around and get a few bids and then make a purchase. (maybe over the phone, with an out of state agency)

Let’s compare this to a consumer with tooth pain. My tooth hurts. I call a Dentist and schedule an appointment. The Dentist charges me for a consultation. Then, gives me a diagnosis. I could visit several Dentists and get several opinions. Very likely, they will all differ on their plan of treatment. The Dentist doesn’t try to diagnose the tooth pain over the phone.

As an Insurance Professional, what I do is similar, except there is no initial charge for my consultation.

I interview the health care professional, look over the premises and business property, and devise an insurance program that will protect the business owner’s assets with liability insurance.

There are many types of coverages and to buy an insurance program over the phone without an on site analysis, is like having the Dentist diagnose my tooth pain over the phone.

If you aren’t sure what these coverages are: tenant improvements, tenant legal liability, non owned auto, EPLI, consult an Insurance Professional.

Small Business Liability-Why do I need it?

Renee Darata — Thu, 28 Apr 2011 23:57:42 +0000

Small Business Liability Insurance protects a business from paying out of pocket on a negligent act. Take this case of insurance fraud. Carla Patterson, from Virginia, allegedly found a rodent in her soup while dining at a Cracker Barrel restaurant. She demanded a $500K business liability payout. While this claim was being investigated, (part of the benefit of owning an insurance policy-experts who investigate and defend you in a lawsuit),it was determined the rodent did not have soup in its lungs, so it cound not have died in the soup. Patterson was convicted of insurance fraud. How common is this? I have had a business owner falsely accused of engine damage after a vehicle was serviced in his repair shop. After an investigation, it was determined there was no negligence. Someone wanted to make a quick buck..
Business Liability Insurance- it helps you sleep at night.

For questions and quotes: Call RENEE DARATA 801.748.0500.

Insurance Rates to Rise by 2012?

Renee Darata — Fri, 04 Mar 2011 23:59:27 +0000

Insurance companies have 2 ways to make money. Through the premiums charged to consumers and businesses and also through the income made on reserves they have on hand to pay out catastrophic claims.

Reserves have declined for some carriers which will require them to raise insurance premiums to rebuild reserves.

Some analysts predict about a 10% increase in 2012. Rates have declined for several years now and insurance companies will tighten up underwriting guidelines, get out of some lines of insurance and raise rates.

Recent Winter Storms can Sideline a Business

Renee Darata — Mon, 14 Feb 2011 17:43:59 +0000

Many business owners look at the bottom line and buy the cheapest insurance. Then Mother Nature throws them a curveball.

Business Owners with business income coverage (without a waiting period) would be able to receive income even though they are temporarily out of business. Businesses without the proper coverage may never reopen.

Many businesses in the midwest suffered damage from the weight of ice and snow on their roofs.

Business Insurance covers these perils and plays an important role in the survival of a small business.

Business Owners are encouraged to meet annually with a licensed insurance agent to review their business insurance.

Please call my office for a free insurance review.

Inventory Record for Insurance Claims

Renee Darata — Mon, 03 May 2010 23:47:38 +0000

Have you ever really thought about replacing everything in your home?

If you suffered a fire, or explosion, chances are you would lose a lot of your “stuff”.

We each own different things, but they have meaning for us and we would want to replace them.

When you file an insurance claim, you will be assigned an insurance adjuster and they will meet with you and ask you for a “list” of what has been damaged, destroyed or lost.

If you have an inventory record of at least your main items, that will be a way to begin the process.

There are different ways to make an inventory record. We have paper booklets that let you write a short description of the item and add serial #’s. We also have digital inventory records that allow you to scan in photo’s, receipts, and other documents that show what you own.

In any case, you want to keep the inventory record stored away from home: in your office, at a relative’s home, etc.

We can help you inventory your personal property or business property.

Choosing a Business for a Home Repair

Renee Darata — Thu, 07 Jan 2010 01:19:27 +0000

It’s a new year and you decided to remodel your kitchen, or replace your deck. You’ve made some phone calls and are trying to decide who to hire for the job.

First- Do they have General Liability Insurance?

What about Work Comp?

If their employee gets hurt on your premises and their employer didn’t provide work comp, they may try and file a claim against your homeowners insurance.

What if they damaged your property when they installed your tile? Broke a water pipe under the floor, or spilled grout on your carpet?

Their business liability insurance would pay for the damages to your property.

Always ask for proof of insurance when hiring a business to do a home repair.

Contact Renee, your Small Business Specialist, with questions-

Why Should I Buy Landlord Insurance?

Renee Darata — Tue, 15 Dec 2009 01:56:02 +0000

Whether you own a single family home or a duplex, you need to insure the property differently than you would an owner occupied home.

A Landlord policy insures the structure, usually includes a minimal amount of personal property coverage, (covering a lawn mower, ladder, or maybe a snow blower you may leave for the tenant to use), and liability coverage. As the owner of the home/duplex/triplex,etc. you may be sued for negligence .

Personal Liability coverage pays for legal services in case you are sued.

To protect your assets, liability insurance is very important.

Make sure your insurance carrier is aware of a vacant home as that can affect how your policy is written. Liability coverage may be difficult to obtain or be priced higher.

Landlord Insurance is fairly easy to purchase. If you have a property with frequent claims, you will need to buy coverage on the standard market. Call your personal insurance agent for information.

RENEE DARATA