P.E.? CPA? PC? Dr.? AI? ABC? What???

You've made it!  You're a part of an elite group of professionals with a designation.  Years of hard work and dedication have paid off, and people consult you for your advice and your opinion.  Your word means something.  In fact, you make money off of your spoken and/or written words. 

YOU NEED PROFESSIONAL LIABILITY/ERRORS AND OMISSIONS INSURANCE!

(The following is from Wikipedia)

E&O is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit. The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are potential causes for legal action that would not be covered by a more general liability insurance policy which addresses more direct forms of harm. Professional liability coverage sometimes also provides for the defence costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not enumerated in the policy, but which may be subject to other forms of insurance. Professional liability insurance is required by law in some areas for certain kinds of professional practice (especially medical and legal), and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
Professional liability insurance may take on different forms and names depending on the profession. For example, in reference to medical professions it is called malpractice insurance, while errors and omissions (E&O) insurance is used by consultants, brokers and lawyers. Other professions that commonly purchase professional liability insurance include accounting and financial services, construction and maintenance (general contractors, plumbers, etc., many of whom are also surety bonded), and transport. Some charities and other nonprofits/NGOs are also professional-liability insured.

Call us today for your professional liability needs.  We've helped everyone from Dr's to Real Estate Brokers, and even insurance agents too!  Stay protected my friends :) 

    915-313-4469      http://www.elpasobusinessinsuranceagent.com/

Rollin' the dice

Rollin the dice.  That's exactly what you're doing if you're in business and don't have insurance. 
If you’re wondering what you’re risking by not obtaining small-business insurance, the answer is simple: everything. One of the most important aspects of protecting the security of your small business, insurance also seems to be the most overlooked. Hard work and creativity are the cornerstones of a successful company, but a simple lawsuit or theft could damage the integrity of your business and attack your personal assets, leaving you in the gutter. Obtaining the right small-business insurance is of utmost importance to the livelihood of your company, and your own livelihood as well.

The Basics of Small-Business Insurance

Getting a grasp on what small-business insurance is and does can be difficult. Simply having any type of insurance is not enough, as various types of insurance come into play in different situations. Most insurance companies offer certain packages that merge protection from chief liability hazards and property risks. These packages are known as BOPs, or a business owner’s policies. As a small-business owner, you would purchase a BOP made for small companies with similar risks. You could then add certain separately sold coverages onto your BOP. Business owner’s policies usually include:

• Liability: This takes care of any legal responsibilities related to injuries to customers at your office, or any property damage that may occur at your client's location.
• Property: This insures the workplace and any assets that the company owns.
• Business interruption: This takes care of anything that might disturb the function of a business, such as fire or other unpredictable events.

You will likely need to add separate coverages onto your BOP. Essential insurance, such as auto, disability, workers’ compensation and professional liability insurance are not included in the business owner's policy, and can be a legal requirement for your business.

Legal Requirements of Owning Small-Business Insurance

Some types of insurance can be a legal requirement for your company, depending on the state in which your business is located. Certain states require workers’ compensation insurance if you hire employees, or have set insurances that must be purchased in order to obtain a business license in that particular state. Look into your state’s legal requirements to ensure that you're not at legal risk.

Evaluate Your Risks

One of the most important first steps in obtaining insurance is to evaluate your risks. Because unpredictable situations occur daily, it is nearly impossible to predict the types of insurance you might need. The insurance agency you choose will help evaluate your risks according to the type of business you are in, and provide you with a general idea of what insurance you should purchase to minimize or eliminate risks you might be taking. 

Some Types of Insurance, and Risks They Minimize or Eliminate

Three basic types of insurance will usually come with a BOP: liability, property and business interruption insurance. Here are details about these, and other types of small-business insurance to consider:

• General liability: Also known as casualty insurance, this gives protection from any harm that may come to another person or their property that you are responsible for. If someone is harmed on your property due to equipment or anything of the like, you would be covered.
• Business interruption: One of the most important types of insurance, this is still often overlooked. Business interruption insurance provides coverage against major disasters, such as fires, that render your business non-operational for any amount of time. Therefore, it covers profits you would have received while the business could not operate, as well as utilities, such as gas, water and electric. Insurance agents will guide you on the policy limits for your particular situation.
• Property: Typically, property insurance covers loss or damage to your property and assets contained on the property. Generally, it is divided into two different groups: "building" and "personal property." Building property insurance provides protection against anything that might happen in the workplace. Disasters such as wind, vandalism or fire are covered, but not general wear of the building, earthquakes or hurricanes. Personal property insurance is coverage for assets inside the building. Agents will guide you through the exact assets this covers.
• Professional liability insurance: Purchased as separate coverage, professional liability insurance is one of the most important for a small business. Also known as E&O or errors and omissions coverage, it covers any expensive litigation that might result from negligence or inadequacy claims related to services provided to clients. Such lawsuits occur when you, the professional, do not perform the services agreed upon or do not live up to expectations. Professional liability coverage is required by some states and professions. Either way, it is a good idea to carry it, if it's possible that the service your business provides could cause any sort of damage.
• Workers’ compensation insurance: Purchased as separate coverage, workers’ compensation insurance is just as important as professional liability, property and business interruption insurance. Even if you've made your business as safe as possible, accidents and harm to employees could still occur in the place of business. This is when workers’ compensation comes in handy. Not only does it guard employers from lawsuits stemming from accidents in the workplace, it also covers workers injured on the job, or any work-related impairment or illness. Payments are made to the worker or workers injured, without the need to establish fault. Most of the time, workers’ compensation is required by the state, and each state establishes its own rules as to limits on compensation and related matters.
• Product liability insurance: If your company produces toys, clothing, food or any other type of product that could potentially cause harm to a customer, consider product liability insurance. In reality, any business that offers a product should look at getting product liability. This coverage protects from any harm caused to a customer by your product. Often this is included in the BOP; if not, its omission can put your business at high risk.
• Commercial automobile insurance: When using any sort of vehicle for sole business purposes, it is important to have some sort of commercial auto insurance so that those driving the business vehicles, as well as the vehicles themselves, will be protected should an accident occur. Using a personal vehicle for business purposes is also a viable option, sometimes for a simple extra fee. Good agents will evaluate your situation and give you a quote on commercial use of any vehicle.
• Employment practices liability insurance: This type of insurance will cover you against any claims employees might make about their legal rights being violated. Because these types of claims have been steadily rising, this has become an important type of insurance to consider. Such lawsuits could include discrimination, unjust termination, sexual harassment, unjust authority, emotional distress and many other claims.
• Umbrella insurance: Umbrella insurance is small-business insurance or auto insurance that covers you when limits on your other liability policy have been surpassed. This minimizes your liability risk even more.

Other Things You Can Do to Minimize Disaster (DOWNTOWN EL PASO) PUT ATTENTION HERE

A successful company will not just purchase the right type of small-business insurance, but will plan ahead to bounce back after certain types of disaster. Training your employees for any kind of disaster is important because they are the ones who will be there when it occurs.
Teach all employees about fire safety – especially staff members that are around flammable materials. Keep your electrical system up-to-date, and make sure that your company’s building is fire-resistant and current with building codes.

Put together a post-disaster plan that you and all of your employees know about. This plan could include simple ideas, such as keeping multiple copies of records that you could be legally liable for, or prepping for use of an alternate workplace. Have a list of important contacts, such as customers, contractors, small-business insurance agents, and any other people you might need to contact on a daily basis. Keeping such a list will give you the means to get in touch with those important contacts after a disaster, and help maintain relationships while your business is in transition.
You'll have all the protection you need, as long as you have smart disaster planning and a BOP with additional separate plans, such as professional liability and workers’ compensation. Building an insurance and disaster strategy will not only cover you from losses, but will ultimately boost your company into success.

Non Profit does't mean NO Profit! Keep it that way!!

The following is a great article by Peri Pakroo, non-profit expert.  We insure a few non-profits, but I can't help but wonder the number that go without protection.  I bet it's astounding!  If you're a non-profit, this is a must read!  Enjoy, and stay protected my friends.  As always, you can get yourself protected by visiting www.elpasobusinessinsuranceagent.com. 

by: Peri Pakroo

If your nonprofit is structured as a corporation, then the people who work for it are protected from personal liability for work done on the nonprofit's behalf. But the nonprofit itself can still be held liable (over and above any amount that's covered by insurance). And, whether you ultimately win or lose a case that's brought against your nonprofit, a lot of time and energy will probably be eaten up in the process.
So let's look at some of the best ways to protect your organization from the most common types of lawsuits: contract disputes, employment law claims, and personal injury lawsuits.

Put Agreements in Writing -- But Read Before You Sign

Many of the everyday transactions your nonprofit engages in -- such as hiring a contractor to fix up your facility, buying equipment, and renting space for your office or for a special event -- require more than just an oral agreement. To prevent misunderstandings and disputes, your organization should establish exactly what's being agreed to, and put it in writing. That way, if a dispute arises -- or the other party doesn't do what was promised in the contract -- you'll have written evidence to present in court.
The agreement doesn't have to be written in tortuous legal language. What's important is that both sides understand it. If you're presented with a standard form agreement, don't feel you have to live with it as-is. You can always cross out sections or add to them by writing directly on the document (accompanying the changes with both sides' initials), or add an addendum (an additional page) to the contract.
Consider all the details carefully before signing. For example, if you were hiring a company to design a website for your organization, you'd want to make sure the contract included:

• a general description of the project
• a list of deliverables
• a project schedule with deadlines
• the fee (and circumstances under which additional fees can be charged)
• warranties of the company's work
• the company's promise to pay for any damages that it causes you (called "indemnification")
• the duration of the contract
• the circumstances under which it can be terminated, and
• how the parties will resolve any disputes that arise.

The best rule of thumb to follow may be this: Think about what could possibly go wrong, and make sure you address it in the contract.

Understand and Abide by Relevant Employment Laws

Employment-related claims -- such as sexual harassment, wrongful termination, discrimination, and wage-and-hour disputes -- make up a significant portion of lawsuits against nonprofits (and for-profit businesses, too).
Unfortunately, the very fact that nonprofits are financially strapped often leads them to impose on their employees in ways that are quite illegal. Failing to pay someone overtime or improperly handling their vacation time might be laughed off by a happy employee, but when that person becomes disgruntled or gets laid off, those kinds of employment practices can lead to a lawsuit.
Both federal and state laws govern employment matters, so you'll need to gain some understanding of both. Start out by visiting the HR and Employment Law section of Nolo's website.

Take Steps to Prevent Injuries

Personal injury or "tort" lawsuits are the least likely ones your nonprofit will face. But if one arises, it can be financially devastating. (There's a reason people keep advocating "tort reform.")
Tort claims can stem from a physical injury, property damage, emotional distress, or damage to a person's reputation. In general, whoever (or whatever organization) causes an injury will be financially liable for the damages suffered by the victim, even if the wrongdoer didn't mean any harm; both intentional injuries and those caused by carelessness can result in liability.
For example, if your group is located in an old building with too few electrical outlets and a visitor trips over one of many extension cords and breaks an ankle, that person might file a personal injury claim against your nonprofit, seeking compensation for medical bills plus pain and suffering.
Or, if your nonprofit posts false and damaging information about someone on its website -- say you write an article about the local art scene, accuse a gallery owner of fraudulent activity, and it turns out to be untrue -- the gallery owner could file a personal injury claim against your nonprofit based on damage to reputation.
Evaluate your most likely areas of risk -- for example, an office space that's open to the public, volunteers driving delivery vans of food to housebound people, regular camping or other trips with children, active advocacy work, or special events involving large amounts of money -- and then plan specific ways to minimize those risks and limit your exposure to legal trouble. Good management and supervision can go a long way.
For more information on personal injury law, see the Personal Injury and Accidents section of Nolo's website.

Just in Case: Buy insurance

All the precautions and planning in the world won't keep your nonprofit immune from a lawsuit, so insurance may be your nonprofit's best option. To learn more, see Nolo's article, What Types of Insurance Should a Nonprofit Buy?
A more extensive discussion of nonprofit risk management can be found in Starting & Building a Nonprofit; A Practical Guide, by Peri H. Pakroo, J.D. (Nolo).

by: Peri Pakroo

Own a mall or strip center? READ THIS.

Too often, I've seen one individual get rich off of the misfortune of another.  I've seen countless "slip and fall" claims that were faked or could have been avoided.  In the litigious society that we live in, the only thing out advertises personal injury lawyers are alcohol commercials.  If you have a strip center or mall, DON'T be another statistic!  Get a general liability policy at the bare minimum.  Here's why.

As a general rule, the biggest exposure to loss is the injury of customers. Since there is a risk of a large number of people being severely injured (fire in stores or common areas), very high limits of insurance are recommended. The primary liability coverage is found in the commercial liability insurance policy. If a facility employs security personnel, they have a higher than usual exposure to loss from making physical contact with visitors to the facility. This exposure arises when someone is injured while the security personnel must physically remove someone from the premises for the safety for others. This can be a difficult exposure to insure. Many standard commercial leases require the tenant to secure public liability insurance and name the landlord as an additional insured. While this is a great practice, it cannot eliminate the need for the landlord to obtain his own insurance.


High limits of liability insurance are available under an umbrella liability policy.
Owners often have very valuable buildings and site improvements. The most common approach is to insure the buildings, any contents owned by the landlord and loss of rents (Business Interruption Insurance) on the commercial property insurance policy. Some insurance companies will issue a Businessowners type policy to shopping center owners.  One special area of concern to shopping center owners is the Business Interruption Insurance. The Businessowners policy limits the coverage to a 12 month period. It is likely that a shopping center will not be able to reopen within 2 months after a loss, or that the rents are reduced after a loss, so the 12 month coverage provided by the Businessowners policy may not be enough.

Call us today at 915-313-4469 to discuss your options in detail, and secure the best policy at the best price. 

www.elpasobusinessinsuranceagent.com

It's vacant! Why do I need insurance?

In the last 10 years, there appears to be a real liability risk if someone comes onto your property and injures themselves on the land. Yes, the people on the land are there illegally and are technically trespassing, but there is case law that exists in most states that have favored plaintiffs with large damage awards, even when they were injured on the property of another at no apparent fault of the property owner.

In some cases, liability for the vacant property with no structures can be obtained by extending the liability policy of one's homeowner's insurance policy. Of course, this depends on the situation. One cannot extend liability coverage to 1,000,000 acres in North Dakota from a homeowner's policy in Pennsylvania.

Liability coverage from a vacant land insurance policy typically has no deductible and uses the expanded definition of bodily injury to include mental anguish and emotional distress. Premiums are typically very low because the chance of incidence is low.....but there's still a chance!!!

As always, visit us at www.elpasobusinessinsuranceagent.com

Bond....James Bond. I'll take my blanket building and construction bond shaken, not stirred...

Cheesy, I know.  But it got your attention. The important thing is that you know who to talk to when you need to pull that permit or are wanting to start a construction business in TX.  Namely, El Paso....where an arbitrary number like 25,000 for a bond and 100k for insurance can get you a permit.  Don't ask me how they came up with those numbers.....

Anyhow, give me a call at 915-313-4469 to get your bond today.  Below is information about how to get one and the steps involved.   


Your GOOD CREDIT PRICE for a Texas (City of El Paso) Blanket Building & Construction Bond is $250.

El Paso Municipal Code Chapter 18.02 requires that anyone engaged in construction, including structure and systems, execute a $25,000 Texas (City of El Paso) Blanket Building & Construction Bond before a permit for construction can be issued.

The Abe Peinado Insurance Group offers a Texas (City of El Paso) Blanket Building & Construction Bond with a 99% approval rate.

 

A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part ofyou, the Principal. The Texas (City of El Paso) Blanket Building & Construction Bond holds you accountable for your business decisions.

By possessing a Texas (City of El Paso) Blanket Building & Construction Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.

Our Free Quote Procedure

How to cut down the approval process and keep your cost low:

1. Our applications are all that's usually needed to get you a price.

2. Occasionally, more information is needed. If so, we will contact you within 24 hours.

3. If you have credit issues, approvals might need an additional day.

4. We never require an application fee. All quotes are 100% free.

5. Bond approvals, like loans, are based on personal credit, financial strength of the owner, bond amount and type of bond. The more information you provide, the better chance you have of getting the lowest available price and a faster approval.

I've fallen and I can't get up!!!!!!!!!

An employers worst nightmare.  An employee gets hurt on the job and you don't have a Work Comp.  AND, if you're an El Paso business, chances are you DON'T HAVE WORK COMP.  How do I know?  Because over 70 percent of El Paso businesses don't have it. 

Why don't they have work comp?  Price.  Plain and simple.  In  a weak economy, it becomes survival of the fittest.  What many business owners don't know is that there are programs available that provide benefits similar to Work Comp, but don't come with the price tag.  They also don't come with the all the bells and whistles either.  If you don't have Work Comp, you're what's known as a Non-Subscriber.

What is a Non-Subscriber?
Texas employers who elect not to purchase workers' compensation insurance are referred to as non-subscribers. On the other hand, Texas employers who do elect to purchase workers' compensation are referred to as subscribers. Simply put, Texas businesses have more than one option when it comes to providing benefits for on the job workplace injuries.

Why Does An Employer Become Non-Subscriber?
There are many reasons why a Texas employer decides to exercise their option to opt out of workers' compensation. Some of the primary reasons are because the premiums are too high with traditional workers' compensation insurance or they are fed up with fraud and the way medical claims are being handled.

What are Non-Subscriber Insurance Programs?
A responsible non-subscriber can implement a comprehensive program that provides occupational injury benefits to their employees. There are many insurance programs to choose from in today's market place that provide medical benefits, wage replacement benefits, disability benefits and death benefits. Many of the occupational accident plans also provide additional coverage for legal costs, damage awards, duty to defend and more. Quotes for occupational accident programs we offer are available to our agents by request.

What are Other Components to Consider?
In addition to purchasing an occupational accident insurance plan, which provides workplace injury benefits, a responsible non-subscriber also needs to consider workplace safety. This very important element is a must for any employer who elects to become a non-subscriber. It is also important to file the proper forms with the TWCC and post the proper signs that are required when a employer becomes a non-subscriber. These forms are simple to do and are available by request.

Only In TEXAS!
Texas is the only state in the Union where the majority of Texas businesses can elect to non-subscribe. Thanks to our historical fore fathers, this option has been available since 1913. However, there were not many employers who were interested in this option, or even knew about it until around the mid 1980's when workers' compensation cost in Texas escalated to some of the highest in the nation. Today approximately 44 percent of Texas businesses operate as non-subscribers. These employers can be found in almost every segment of today's business community and have employees that range in size from one employee up to thousands.

As always, I'd love to talk to you about Work Comp or other options for you to choose from.  Stay protected my friends!!!

DEATH AND TAXES

There are only 2 certain things in life: Death and taxes.  We can't prevent them.  They're inevitable.  And to be honest, I'm more upset at paying taxes than the thought of death.  Go figure.

But the thought of death has created a paradigm shift in my thinking.  Have you ever seen that shirt that says "Live fast, die young, and have a good looking corpse"?  I had a buddy that wore that shirt.  He's a skydiver, adrenaline junkie, and all around risk taker.  He's a good guy.  Now that we're all in our late 20's and 30's, starting families, our priorities have obviously changed.  That same guy is about to have a baby and is a successful investment advisor.  Has he toned it down??  Na, probably not.  But he is prepared. 

Being prepared is having life insurance.  We can't prevent the inevitable, but we can make it easier for our families to deal with when our time is up.   I can't tell you how difficult it was for my family after the passing of a relative.  Not only were they grieving, but they each had to fork out major cash for a plot and funeral expenses.  There are countless stories about that.  How many car washes and fundraisers have you seen just to pay for funeral expenses?  It seems like I see one just about every week. 

Life insurance is very affordable.  Being caught without it is costly for your family.   Make it  a priority to get a policy.  They range from pennies a day to whatever you want to spend.  And, I would be honored to talk to you about getting a policy.  Stay protected my friends.

Where are we gonna have lunch??

I remember this cafe that served oysters a while back.  It was a popular place.  A patron ate a bad oyster and you know the rest of the story.  Ever since, that place has been jinxed!  EVERY restaurant that has opened up in its place hasn't lasted a year. 

How many of us know stories like that?  How many times has a hot plate been dropped on someone and the restaurant owner doesn't have insurance so they have to close down and sell to defend the suit or pay a settlement. 

Uninsured businesses are worse than uninsured drivers.  The likelihood of something happening in a restaurant or bar is pretty high, yet the number of uninsured restaurants and bars is pretty high.  DON'T LET THAT BE YOU!!!!!!!!!!!

Owning and running a restaurant comes with plenty of headaches. Restauranteurs should never let their commercial restaurant insurance be one of them. Having a good commercial restaurant insurance policy in place will reduce stress and worry down the road.

Commercial restaurant insurance covers restaurants, bars, doughnut and coffee shops, pubs, bistros, delicatessens, and more. A good commercial restaurant insurance policy should cover employees, buildings and equipment, loss of income, liquor liability and general liability.

A restaurant insurance policy needs to provide coverage for a variety of risks. The policy should cover employment practices liability, valet liability and liquor liability. There are a number of coverage options with varying limits and deductibles.

As always, you should talk to your licensed commercial insurance professional to review what is available.

It is important to insure if alcohol is served that liquor liability is included. This insurance will protect the business if a customer gets intoxicated and causes damage or injury to themselves or others.

In addition to these unique coverage options, your restaurant insurance should cover workers compensation, property, and general liability. Other specialty coverage that is available includes plate glass and signage. If you have fine art displayed, there is coverage available as well as parking lot and valet insurance. The commercial restaurant insurance policy should also cover food-borne illness. Business income insurance is also an option to be considered by a restaurant owner.

The restaurant business is a complex business. Make sure you discuss the distinct aspects of your business with your licensed insurance professional so they can help you determine the appropriate coverage.

Milk, Eggs, Gas, AND..........Insurance going up too???

Yup, that's absolutely right.   If you haven't seen it yet, you sure will.  2011 was the worst year ever for insurance claims due to mother nature.  But before you cringe, here are some tips you can use for keeping those costs manageable:

• Before speaking with an insurance representative, write down a clear statement of your expectations.

• Do not withhold any important information from your insurance representative about your business and its exposure to loss. Treat the individual as a professional helper.

• Get at least three competitive bids using brokers, direct agents and independent agents. Note the interest that the representative takes in loss prevention and suggestions for specialty coverage.

• Avoid duplication and overlap in policies; you will be paying for insurance you do not need.

• Ask your insurance firm if it's an "admitted insurance company." If so, it should have a solvency fund should a catastrophe put the insurance company in danger of going under. An unadmitted carrier has no such solvency fund.

• The small businessperson should not consider any form of self-insurance. The pool of funds necessary to safely insure losses is extraordinarily large.

• Get your insurance coverage reassessed on an annual basis. As your firm grows, so do your needs and potential liabilities. Underinsurance ranks as a major problem with expanding firms. Get an independent appraiser to value your property; if it has been more than five years since it was last appraised, chance are you're in for a surprise.

• Keep complete records of your insurance policies, premiums paid, itemized losses and loss recoveries. This information will help you get better coverage at lower costs in the future.