Renee Darata » Liability Insurance

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.

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-

Does a home based business need a small business insurance policy?

Renee Darata — Thu, 10 Dec 2009 01:00:16 +0000

Most people do not understand the difference between personal insurance and business insurance. A homeowners policy would not generally cover home-based business losses. If you have a business with inventory, you are especially at risk for an uninsured loss. A home based business should have a policy covering business property, professional liability, personal injury, loss of business data, crime and theft..

A small business owner who has a home based business needs to consult with a insurance agent to determine their insurance needs.

RENEE DARATA

When Catastrophe Strikes, Will Your Business Insurance Be Enough?

Renee Darata — Wed, 18 Nov 2009 21:38:54 +0000

There are many coverages on a business policy. Here we will take a look at a few of them:

Business Income-reimbursement for lost income if you can’t operate your business due to a covered loss.

Example: a 4 alarm fire rips through your office building wiping out your office. You have no physical office to see “clients”, no files, etc. While you are restoring your business, business income expense would reimburse you for your loss of income.

Tenant Improvements and Betterments-these are the alterations you make to the space you occupy. They need to be insured if you wnat your store/office to look the same after the fire (or other event). The Owner/Landlord does not usually insure the improvements.

Business Personal Property-supplies, inventory, office furniture,etc. Many business owners never update their policy after they begin their business and are woefully underinsured.

Completed Products and Operations Liability- this applies to businesses such as :

Auto Repair or Contractors

You bring your vehicle in for an oil change and after you leave the shop the vehicle begins to smoke and breaks down. The vehicle is towed to a repair shop where it is discovered that the oil was not replaced during the oil change. The repair shops liability coverage will cover the damages to your vehicle.

The plumber installs a new dishwasher and 2 weeks later you discover there is water leaking and your hardwood floor is ruined. Upon inspection it is discovered that a water line was installed improperly. A claim would be filed against the plumber’s insurance policy for damages.

The small business owner needs to make sure they have enough coverage for a large loss.

How to buy small business liability insurance

Renee Darata — Wed, 18 Nov 2009 21:06:14 +0000

When a tenant signs a lease for office/retail space, there is an immediate need for general liability insurance as the landlord requires it in their lease.

Many new small business owners have never purchased business liability insurance before.

There are many types of liability insurance, we will discuss general liability insurance coverages.

General liability insurance covers :

slip and falls

damage to another’s property

The landlord wants any damages to their property to be covered by your liability policy.

To purchase a small business liabilty policy you should consult with a personal agent at your business site as the policy usually includes other coverages such as business property. You want the agent to see the space to insure the policy is written correctly.

The small business owner protects their business assets with proper insurance coverage. If there is inadequate coverage, there may be a lawsuit.

To summarize: small business owners need general liability insurance and the best way to purchase this coverage is through an insurance agent who meets with you in person to assess your insurance needs.

RENEE DARATA