F I R M Solutions, LLC

Small Business Insurance

Small business owners are a unique breed, resilient and despite the economic uncertainty that surrounds us all we continue to remain entrepreneurial. In order to keep up with today’s ever changing market place my small business clients are changing their business plans or aggressively changing directions to keep the doors open. Why is this important? As you change your business plan or model, you change your exposure to losses and change your level of risk.

This does not always mean buying some new fancy endorsement or increasing coverage. Thus increasing your insurance premiums. What it does mean is that by staying in touch with your agent, as you change, we can actually keep up with those changes. All too often I get a phone call from prospective clients that are shopping for new insurance package for their business. It’s all about the price, in the beginning. By the time the first conversation is over I usually hear things like no one has ever asked me that. But on my end I have a full understanding of what they do, the company history and more importantly where they are going in the next year and the next five years.

At  F I R M Solutions we stay in touch with our small business clients, and not just at renewal. Maintaining an open dialogue with all our clients helps us make sure that our clients are always covered properly, all the time. I accept that responsibility as part of my job. On the other hand I expect my clients to keep me informed when they want to make changes to their business. It’s a true partnership and it works for both of us.

Home Based Business Insurance

When you start a home-based business, insurance may not be your first priority, but you cannot afford to ignore it either. When the unexpected happens -- and it will -- having insurance coverage may mean the difference between the success and failure of your home-based business. Remember that your homeowners insurance policy will exclude certain if not all commercial coverage. You may not require all types of insurance listed here, but taking some time now to consider your insurance needs can save you money and headaches in the future.

Business property insurance helps protect you against loss of inventory or equipment. If your business equipment or inventory is damaged in a flood, fire, or other disaster, this type of insurance will allow you to recoup your losses.

Comprehensive commercial general liability insurance is necessary for your home-based business if you plan on having clients or customers visit your home. Whether you plan to hold meetings, allow customers to pick up merchandise, or have members of the public enter your home for any other reason, this insurance will protect you if someone is injured while on your property. This insurance will typically pay for your legal defense should you face a lawsuit as the result of a fall or other damage that occurs on your property.

Business interruption insurance will help your business recover from natural disasters. It will cover you for income lost during the disaster, and will pay for operating expenses that continue to accrue, even though your business isn't up and running.

Workers' compensation insurance is vital if you plan on having employees working out of your home. Without workers' comp, you'll be responsible for any medical expenses arising from injuries employees sustain while working for you. Many home-based business owners mistakenly believe that this type of insurance is only required by businesses that have a retail or separate location, but that's not the case.

Health insurance should be a serious consideration. If you have just left your current job to start your own business, you may be eligible for COBRA, which will provide temporary interim coverage, but is often very expensive. This will keep you covered while you search for the best health insurance policy that will fit your new budget.

Disability insurance will guarantee you some income should you suddenly become unable to work because of injury or illness. Having this extra peace of mind may be well worth the extra money you pay.

Life insurance will help ensure that your family has the money it needs should you meet with an untimely death. Some lenders require that you have life insurance before they'll issue a loan; this guarantees that the loan will be repaid if you meet with an untimely end.

Do you have a home based business or home based hobby? The difference is setting your business up professionally making sure you have the right insurance coverage in place. Let FIRM Solutions help you make the right decision when it comes to your business venture. Call 1-888-471-FIRM (3476) 760-471-1312 or info@firmsolutions.net.  

Commercial General Liability: How does it work?

 

In today's litigious society, especially in California, even small mishaps can result in large lawsuits. That's why commercial general liability insurance, along with property and worker's compensation insurance, is essential for small business.

Under a commercial general liability insurance policy, the insurance company is obligated to pay the legal costs of a business in a covered liability claim or lawsuit. Covered liability claims include bodily injury, property damage, personal injury, and advertising injury (damage from slander or false advertising). The insurance company also covers compensatory and general damages. Punitive damages aren't covered under general liability insurance policies because they're considered to be punishment for intentional acts.

Commercial general liability insurance policies will show maximum amount of coverage on the declarations page that the insurance company will pay during the policy period. Usually these policies also list the maximum amount the insurance company will pay per occurrence. For example, if a company has a $1 million per occurrence cap for its liability policy and is successfully sued for $1.5 million, the insurance company would pay $1 million and the business would be responsible for paying $500,000.

To cover these types of situations, many companies purchase umbrella liability insurance, which picks up where their general liability coverage ends. Umbrella liability covers payments that exceed their other policy's limits, and provides additional coverage for liabilities not covered in a standard liability insurance policy.

Most insurance companies require their policyholders to proactively participate in risk control. In the event of a loss the insurance company may then require the business owner to document the situation, forward all summonses and legal notices, and cooperate fully in any investigations.

All businesses can take certain steps to lower the chance of a liability insurance claim:

• Set a high standard for product quality control;
• Make sure all company records are complete and up-to-date;
• Be sure employees are properly trained;
• Get safety tips for your type of business from your insurance company.

The most important decision a business owner can make is choosing the right insurance broker. Make sure they will take the time to understand your business. Understand what your liabilities are and help you choose the right package for your business. Getting a quote is easy but did anyone take the time to learn what you do, and what’s important to you and your business. This is what we do at FIRM Solutions. Give us a call to fine out how we can help you. 1-888-471-FIRM (3476) or 1-760-471-1312 or email us at info@firmsolutions.net

Small Business Insurance Property Coverage

Today most business owner policies (BOPs) we write at FIRM Solutions, LLC provide coverage for property, this can be the source of some confusion. Property or the actual structure of your business. Under a BOP, generally, the structure of your business is protected by the named covered perils in the policy (i.e. fire, smoke,vandalism or weather-related damage).

What’s a covered peril? Look under the exclusions and see what’s not covered, it’s a lot faster to find out specifically what’s not covered, than to try and figure out what ‘s exactly covered sometimes.  What about your furniture, computers, and equipment in your building? Who will cover the cost of replacing that new outdoor sign?

This is where Commercial Property Insurance comes in. A typical Commercial Property Insurance policy will cover the property of your business that a simple BOP may not. FIRM Solutions, LLC can put together  a Commercial Property Insurance package that will include coverage for:

• Structure (building) of your business
• Furniture
• Equipment
• Lost inventory
• Landscaping
• Outdoor signs
• Damage to the property of others
• And more…

Commercial Property Insurance is customizable in most cases, allowing you to provide more coverage for the things that truly matter to your business, and less coverage to the things that do not. Don’t think you need Commercial Property coverage? Consider this: if a fire erupts in the building of your business and you lose your entire inventory, are you positive that your BOP provides enough coverage to replace it all? If someone breaks into your business and steals expensive equipment, are you positive your BOP provides enough coverage to replace it in full?

If not give FIRM Solutions, LLC a call and let us put together a package that fits your businesses needs specifically. Insurance is all about information and relationships. The better we do our job the better coverage you will have for your business and it all starts with getting the right information. Don’t get forced into a program that one size fits all, because they don’t!

Contact us for quote today 1-888-471-FIRM (3476) - 760-471-1312 or info@firmsolutions.net

Workers Compensation Basics

Employers need workers compensation insurance. It's required in every state but Texas, and covers your employees' medical expenses and lost wages if they're hurt on the job.

Workers comp is a compromise: Benefits are paid regardless of who is to blame for the accident or injury. This "no-fault" status is key to workers comp — the employer does not admit liability for the injury or illness, and the employee recoups workers comp benefits without having to sue. There's no room for horseplay, drunken stumbling, or illegal drugs, though — if any of those lead to an injury, workers comp insurance won't pay. The same goes for self-inflicted injuries, and for injuries incurred while a worker is off the job, committing a crime, or violating company policy.

California mandates how much coverage the employer must buy, and what percentage of the employee's salary you'll pay if he or she misses work due to a work-related injury.

Just to make things more confusing, not all states require all employees to be covered under workers comp insurance: Frequently excluded workers include business owners, independent contractors, domestic employees in private homes, farm workers, maritime workers, railroad employees, and unpaid volunteers.

Because requirements are clearly defined by each state, workers comp insurance packages themselves are fairly standardized, with little variation among different companies' basic policies. Basic workers comp coverage includes medical treatment, rehabilitation costs, and lost-wage replacement, covering up to two-thirds of an employee's regular salary while he or she is out of work. Most workers comp policies also include liability coverage, which kicks in if a worker's family sues you for damages stemming from a workers comp claim.

That’s why it’s important to have a broker who is willing to take the time to understand your business. Take the time to find the right company by maximizing available credits and discounts. Talking to underwriters and making sure proper loss control is in place. Let FIRM Solutions help you with your workers compensation insurance needs. Give us a call at 1-888-471-FIRM (3476) - 1-760-471-1312 or info@firmsolutions.net

Commercial Insurance Products and Completed Operatons Coverage

Products liability may be included in the basic general liability coverage form, or be written on its own. It protects insured against exposure to lawsuits by people who may have been injured or suffered other losses because of their product. It provides coverage for the policyholder against claims stemming from products sold, manufactured or distributed.

Completed operations protects you from bodily injury or property damage claims that occur after the completion of a job, project or resulting from the negligence of the work performed. For example, if a contractor were to build a deck, and fail to secure the railing property, and someone were to lean on the railing and suffer bodily injury, the completed operations portion of the general liability policy would come into play. It is important to note however, that this does not cover the faulty work itself, just the resulting bodily injury and or property damage.

FOR IMMEDIATE QUOTES CALL 888-471-FIRM (3476) - 760-471-1312 or Info@Firmsolutions.net

Business Life Insurance

As a business owner, you have insurance needs as diverse as the businesses you operate. Yet, I seldom write coverage beyond the loss of physical assets. Why is that? In fact, there are losses that could take a greater toll than a fire ever would – and more likely to happen. How would your business survive your death? Or the loss of a key employee? Chances are, you haven’t considered the very coverage you need most.

Review the short questionnaire (17 questions) listed below. Copy and paste into your word processor and fax over to 760-471-1371 or email to info@firmsolutions.net Then call me for a copy of your business blueprint.

F I R M Solutions,LLC is your Business Solution. If it’s leaving a legacy or making sure your business provides for your family even in the event of a death or disability.

As a business owner you're busy. It's easy to fall into the trap of thinking it will never happen to you, but it does, everyday. That's right, everyday it happens to someone.

Small Business Questionnaire

Years in business:

Number of owners:

Does the business have significant debt?

Yes
No

What percentage of the debt is covered by Life insurance on the owners?

None

Less than 1/3

1/3 to 2/3

2/3 or more

Is there a formal retirement plan?

Yes
No

How is the program funded if there is a program?

Accumulation
Insurance
Other
Hasn't been determined

Number of family members active in the business:

Number of employees:

Which of the following employee benefits do you offer?

Medical
Prescription Drug
Dental
Life Insurance
Disability

Number of key employees?

None
1-4 employees
5-10 employee
More than 10 employees

Does the business insure against the loss (death) of key employees?

Yes
No

Are there any supplemental retirement benefits for key employees?

Yes
No

Are there any incentive plans for key employees?

Yes
No

Written business buy-out or transfer plan:

Yes
No

Annual business growth goal:

Less than 10%
10% or more
Hasn't been established

Which if any, are initial goals for you and the business?

Build a family business plan
Sell and retire early
Above everything grow the business
Achieve stability
Remain active in the business even after normal retirement age

Which of the following coverage does your business have?

Business Liability
Worker's Compensation
Theft
Fire
Auto/Truck
Product/Professional Liability
Officer Liability
Business Interrruption
Surety Bonds
Fidelity (Employee) bonds

YOUR AUTO INSURANCE AND SMALL BUSINESS EXPERTS SINCE 1992

IMMEDIATE QUOTES CALL 888-471-FIRM (3476)

WE ARE AVAILABLE EVENINGS, WEEKENDS AND HOLIDAYS info@firmsolutions.net

 

What is FIRM Solutions? Financial Insurance Risk Management, We find solutions for all your Auto, Business, Life, Health and Personal Insurance needs.

Specializing in Auto insurance for clients with International licenses. No license, Suspended or Youthful Drivers. We have good programs for you with the largest A rated insurance companies. 

Small and Home Based Business, Commercial General Liability, Workers Comp, Medical Office, Professional Liability – E & O and Gargagekeepers coverage experts.

Mobile detailers program, FIRM Solutions has the best program available. Check out the Mobile Detailers catagory listed on the right side for more information.

We work with the home based businesse or self-employed individual, who in order to compete in today's aggressive business environment must maintain comprehensive insurance packages, but cannot afford to spend the entire bottom line just to get their foot in the door. This is what we do best!

Let FIRM Solutions, LLC, help you manage your risk by providing you with the coverage you need, at the best price. We write with the industries top rated carriers and through our excellent reputation have earned preferred underwriting status giving us the extra support necessary to make sure you the customer get what you need.

California State insurance license Numbers 0B07388 0G00824