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1000 Pine Barren Rd.
Pooler, GA 31322
Phone : 912-330-1265
Email : info@truepointgroup.com
The Commercial General Liability policy leaves several liability exposures for contractors. The General Liability policy doesn’t cover faulty work due to negligence, or to damages to the work of the contractor.
Contractors E&O has been already, but until recently, only limited options existed. Contractors now have access to reasonably priced insurance that closes some very significant gaps.
Insurance is a critical part of any small business. It protects customers, employees and your business when things go awry. Plumbers and other Artisan Contractors use insurance. There are multiple forms of Liability insurance. They can protect employees, clients or others that come in contact with your efforts. Contractors that own buildings or business personal property can utilize Commercial Property Insurance. Several construction-related trades, including plumbers, are subject to state licensing requirements. Part of the licensing process is to provide proof of insurance.
Most contractors, including plumbers, have Commercial General Liability policies. The policy which is often referred to as CGL or GL protects when your actions cause bodily injury or property damage to another. These claims are normally settled by financial restitution to the damaged party. However, when necessary the insurance company may provide legal defense.
Property insurance is another common form of coverage. This would be a recommended coverage for plumbers that own a commercial building. The Commercial Property Policy will also provide protection for business personal property. Covered items
Include office furniture, equipment, machinery, inventories, and more.
Business Income insurance protects you and your business. Following an insured property loss, the coverage provides financial restitution to your business. A portion of the lost income will be covered during the term defined by the policy.
The policies above may come as standalone policies. But most small businesses can package the coverages with significant savings. The packaged policy is referred to as a Business Owners Policy or BOP.
• Commercial auto insurance: Business Vehicles
• Inland marine insurance: Property that moves from one job site to next
• Installation floater insurance: Installed, Fabricated or Erected
• Workers compensation: Covers employees’ medical costs and lost wages
Contractors Errors & Omissions insurance (Contractors E&O) is a form of liability coverage. The coverages can be crucial to many contractors, including plumbers. It is designed to protect from potential liability exposures arising from alleged negligence.
It covers the work of the insured, yours, which is something that would not be covered by the CGL policy, is now covered.
Errors and omission coverage has been around for a long time. However, they have focused on the service sector and health care businesses. Real estate agents, and insurance agencies are examples of professional liability insurance users.
Another example that most have heard of is Medical Malpractice.
It is professional liability insurance for Doctors, Hospital, and other medical sectors.
Professional liability insurance has been around awhile. it has not been widely available to small contractors. That’s due to the relatively low number of insurance companies willing to write the exposures.
With a mature market, there is no longer an excuse for retaining negligence related risk. Quality coverage at affordable premiums makes transferring the risk a relatively simple decision. Now plumbers, electricians, and several other specialty contractors can better manager their Liability exposures.
What will you do if your insurance agent suggests Contractors Errors & Omissions coverage? I would suggest that you listen. Before looking for excuses and justifications for not buying, listen! If you do, there is a very good chance that you will be thanking your agent when you’re done.
Adding Contractors E&O fills a large number of gaps in your General Liability policy. This alone makes the E&O attractive. But don’t forget, we live in a litigious world. We are all one bad day from having your world turned upside by a customer lawsuit.
Today we measure the amount of alcohol used in drinks by the shot. But in colonial America gin and other alcoholic drinks were measured in unit shared by apothecaries. This measurement was known as a Drachma or Dram.
Dram Shop Liability Insurance, more commonly knowns as Liquor Liability Insurance is the insurance vehicle used to transfer liquor-related liability that is a part of serving or selling alcoholic beverages. This coverage provides protection against serving intoxicated individuals or minors.Â
When individuals drink too much they not only pose a risk to themselves, they are also a threat to others. As an owner of a restaurant and bar, you have potential financial exposure if you allow intoxicated patrons to drive.Â
But bars and restaurants aren’t the only places that you will find liability associated with alcohol.  Liquor Liability can show up at casinos, sporting venues, and even the office Christmas party. Individuals are not exempt for this exposure. Graduate parties, reunions, and even your wedding could be marred by the actions of an over-served guest.Â
Liquor liability insurance will help you reduce your exposure should an unfortunate event occur. But your first and best way to reduce your personal exposure is to hire a professional bartender. Pouring drinks is the easy part of bartending, not pouring one to the wrong person is the real job.
It depends! Finding the best business insurance for many small businesses can be a challenge. Most small business owners in Kentucky will see that they have multiple options. Generally, competition leads to lower prices for canny consumers. With that said, commercial insurance is not a commodity and finding the best value may take a little effor.
Prices paid for Kentucky business owners’ insurance may range widely. Commercial insurance rates in Georgia and South Carolina are no different. Chances are, the more unique your business is, the tougher it will be to find a great deal on commercial insurance. Ferreting through the long list of products makes it difficult.Â
Insurance Options
To find the best commercial insurance for you, start by reviewing your options. Insurance companies do not write insurance in all states. It’s not uncommon to see a company provide great rates to business in one state, but for some small businesses, you will find that they don’t have a lot of options. Auto dealerships, certain trucking classes, and roofers are good examples. Regardless, it is important to continue your search. Â
Price
Commercial insurance premiums can be a cause of friction. Would you buy a commercial auto policy if it only provided coverage on Saturday and Sunday?
If you could buy it at 10% of the competitor’s price would you do it?
Of course, you wouldn’t! This ridicules and silly example is used to get a point across. Price is significant! But only after you have determined that the policy is suitable for your business.
Coverage
There are many insurance agents, broke, s and carriers that sell on price alone. Each of them would love for you to believe that insurance is a commodity. Business owners beware. As the business owner or manager, it is your responsibility to make sure any business insurance policy being considered has the coverages that you need. When comparing multiple policies, make sure that they are on par with each other. It is the agent’s job to provide a quote that is comparable to your current coverages. However, it is your business that will bear the brunt.
Great insurance agents don’t sell, they inform and advise. First, they take the steps to understand the prospective business. And hopefully, an understanding of the risk aversion of the prospect. After generating quotes and putting together a proposal. The question of price can now be considered. By interacting with the insured, risk management decisions can be made incorporating both coverage and price information.
Great insurance quotes don’t use deceptive practices to alter the relative value. The following are just a few ways that we’ve seen this attempted in the past:
•
By committing to review your insurance policy when quoting and at renewal time you will also avoid some more adverse outcomes. While the dollar-based deductible change is concerning, beware of any deductible expressed as a percentage. Anymore it’s not uncommon to see 1% or 2% deductibles, especially for the wind/hail deductibles. If the deductible were 1% of the loss, there would be no issue. But it’s not; a 1% deductible is based on the policy limit. So if you have an office with a $600,000 value or limit, the deductible is $6,000 at 1%/ $12,000 at 2%.
Assume you have a 2% wind/hail deductible. A windstorm hits that result in $8,000 in damages. At first blush, a 2% deductible on an $8,000 claim is $160??
WRONG!
Your deductible $12, 0000. You pay for all the repairs.
• Read your application. There are a lot of questions, people make mistakes, and even worse sometimes they assume. By signing the application, you are attesting to the accuracy of the information that is being provided. Down the road, supplying the insurance company with bad information may muddy things up.
• What does your General Liability say about you? Your Commercial General Liability premium is a result of what and how much you do. You should review both for accuracy. Consider the following.
You have the opportunity to be an insurance company. Today you can write a General Liability insurance to one business only. Regardless of your choice, you will receive a premium of $500. Â
The first company you can insure is in the Tree Removal Business. They also do lawn-care, snowplowing, and building demolition. Their current policy indicates that they are in the lawn-care business. The owner argues that this is correct as 50% of their revenues come from mowing lawns.
The second company is a Lawn Care Business? They mow lawns. Period!
Pick one. Remember, the premium will be the same regardless of your choice.
The point is you need to know what type of business your insurance policy says you are. What if you’re the first business?
Do you think he will be covered if a tree falls on a house?
How much? How much business you do is also important. Premiums for Commercial General Liability are primarily a function of what you do. What you do has multiple meanings. For example, the type of work you do, how often you do it, how many people help you, how long you’ve done it and how many losses you’ve had.
What will happen If your application states that you have a payroll of $34,000 when the truth is you have a payroll of $95,000?
Houston we have a problem!
After your policy has been in force for a full year, your insurance company will perform an audit. At this point, they will discover that your payroll is almost three times higher. What happens? They will send you a bill to offset the difference. Hold on. Things are about to get worse. After plugging your true payroll into their system, you will start receiving significantly higher bills. One last carpet bomb; you know have a policy that is costing $2,000 more per year than advertised. In hindsight, you now have to question your decision. What appeared to be a $400 savings appears to have cost much more than the policy with all the bells and whistles. Wow!
But this is not the end of the process; it is ongoing.
It doesn’t matter whether you’re trying to buy Georgia commercial insurance or South Carolina. Great insurance is a two way street between the agent and the business owner. C
There is an answer to what is the best business insurance. Unfortunately, it isn’t as simple as the insurance company or that insurance agent. It is a function of where you live, what you do, and what you need in regards to insurance. The formula should be extended to what insurance companies you can access. The final factor may be the easiest place to get off track. It is critical that you find an agent or broker that is knowledge and transparency.
In short, you are the key to determining what the best business insurance for your business is.
TruePoint Insurance Group, LLC
Our Kentucky and Indiana team can be reached at (502) 410-5089
Contact our Georgia and South Carolina commercial insurance team at (912) 330-1265
Spring is knocking at the door and with it the rising risk of insurance claims. The number and severity of storms in Kentucky have grown at an alarming rate. The average number of tornadoes in Kentucky over the last five years is 28.7. The annual average going back to 1950 at 14.6 tornadoes per year is roughly one half of the current experience.
Kentucky’s weather is so out of hand. Some have even suggested that we are now part of the infamous Tornado Alley. A 2018 report by LEX18 News said just that.
In 2018 Kentucky was hit by 604 wind and hail storms. Of these, 41 were tornadoes. That is up 43% from the previous five years and an even more alarming 181% from the period 1950 through 2018.
While we cannot change the weather, we can reduce Kentucky home and auto owner’s exposure to it. Insurance is not a commodity. There are some that would like for you to think it is. Good insurance agents recognize the importance of providing clients with the proper protection. That includes responding to ever changing risks.
Protecting your car from damages related to storms is simple. Make sure you have comprehensive coverage checked. It provides coverage for vehicles damaged by wind, hail or falling objects.
Every auto on the road must have liability insurance. But the wheels of many high-value and antique cars may never touch the road. Do these vehicles need liability insurance? Maybe not, and they may not need collision coverage either. Let’s stop and think about the next move. Removing comprehensive coverage may not be the smartest move. When insurance is dropped on cars that are not driven, owners are still exposed to Mother Nature. Fire, wind, hail and other risk can still damage the vehicle even when it’s garaged. These risks are compounded during the spring.
Comprehensive coverage is relatively inexpensive. Relative to the potential loss, this coverage can be very cost effective.
Each client’s unique needs determine the coverages required. However, there are several considerations that may have
While tornadoes take center stage, it’s the hail storms that lead the way when it comes to losses. While this statement may seem insignificant it has major ramifications on insurance. Total loss or partial loss. Tornado versus hail storm. A good insurance policy needs to work well regardless.
What types of losses will your policy
cover? This is critical. If it is available to you, a special peril or all-risk
policy is what you want. As opposed to a basic form or broad form, the special
option provides superior protection.
You will have the option for Replacement Cost coverage or Actual Cash Value (ACV). All other things being equal, you will receive a higher payment if your policy pays Replacement cost.
Deductibles may seem a bit dull when compared to other areas. You choose $500 or $1,000, big deal.
Not so fast!
Many insurance companies have been forced to alter risk sharing practices. Beware, as some are no longer asking for a set dollar deductible. Instead, you may find that your policy has a deductible that is 1 or 2%. At first blush, it sounds like a pretty good deal for the home team. Again, beware! This 1 or 2% of the total and it’s not the total value of the loss. Your deductible is based on the total value of your home. For example:
A homeowner has wind damaged roof
§ Estimates for the repair work come in at $1,500
§ The home is valued at $600,000
§ There is a 2% wind/hail deductible
The $1,500 loss will be shared by:
§ The homeowner paying $1,200
§ And the insurance company $300
Spring storms bring more than just wind and hail. Heavy rains can lead to various forms of water damage. Be sure to discuss flood insurance and water backup coverage with your insurance broker. Neither of these will be covered by a standard homeowner’s policy.
Spring! It’s a wonderful season and our springs in Kentucky are certainly hard to beat. I think about how much I loved spring as a child. It was by far my favorite season.
As an adult the grandeur has diminished. How wonderful it would be to experience spring through the eyes of child again.
What is keeping me from doing it?
Could it be as simple as the aided stresses of being an adult?
If so, then we should all take the time to review our insurance coverages before the wind starts to blow. This should go a long way in reducing stress.
Take care of the insurance and you’re
Call (502) 410-5089 or use the link below to learn more about TruePoint: TruePoint Insurance, we are insuringky.com
In this part we discuss an important legal responsibility created for homeowners by the winter season.
Creating A Clear Liability
Snow doesn’t show favoritism. Instead of conveniently falling onto unused areas, it covers homes, sidewalks, and driveways. As a responsible homeowner, you should arrange to make travel across your property safe. This calls for clearing your walkways of snow and ice. It is also important to clear your property of items such as rakes, shovels, tools, toys and similar items. Remember that it takes only a small amount of snow to hide items that, during clear conditions, are easily seen and avoided. So take time to move such property and make repairs to uneven or cracked pavement.
Keep in mind that clearing walkways (including stairs) is an invitation for pedestrians to use the path. So, once you clear an area, it has to be kept clear and safe, especially from ice. Also, avoid creating piles of snow that can block either a driver’s or a pedestrian’s view. Finally, be sure that your property is safe for children who are enjoying winter. Don’t allow children to slide around without being aware of pedestrians or motorized traffic and don’t let anyone throw snow or ice balls at cars (you could be sued for any accident caused by careless play) related from the use of your property or premises.
Don’t forget the inside of your home. Visitors should be kept safe from harm. Be sure to keep interior stairs and floors clear of the watery remains of melted snow. Keep things dry and consider using mats that provide good traction and an area where folks can clear snow and ice from their shoes or boots.
As always, an insurance professional is a valuable source of safety and insurance information. Don’t hesitate to contact an agent to discuss your questions. If you haven’t had the chance, please be sure to read parts one and three of “Is Your Home Winter Ready” which discusses other winter concerns.
Return to Section 1 Advance to Section 3
COPYRIGHT: Insurance Publishing Plus, Inc. 2017 All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
At times most of us leave personal belongs under the temporary control or custody of others. These individuals or entities are referred to as a Bailee. Cleaners, jewelers, and parking valets are good examples of Bailees.
Hotel insurance needs in some ways are similar to most other businesses. Commercial Property, Business Auto, Commercial General Liability and Workers Compensation coverages are likely to be somewhat comparable to most others.
Insurance for motels and hotels must also address some more unique exposures. When traveling, we may leave property in the care, custody, and control of lodging or other hospitality-related organizations. Hotels, motels, and B&B’s are required by law to have in place coverage for customer belongs. Insurance for the lodging guest can be acquired via an Innkeepers Legal Liability or similar coverage.
If your business has never had to turn in an insurance claim many will tell you to consider yourself lucky. Others may tell you to give yourself a pat on the back. At TruePoint, we will tell you that it is highly likely that both are true.
No one enjoys turning in an insurance claim. Once we get past the fact that no one is injured, an explosion of thoughts race through our minds. How much is this going to cost? What’s my deductible? How much will my insurance premium go up? Will I get canceled?
The one thought that is seldom considered is, “will my insurance company deny the claim?” Most small businesses seldom consider needing anything more than a General Liability policy. If you are a contractor that has had a past claim denied, then you most likely know where we are headed.
General Liability Insurance or GL covers a boatload. Even if you are not liable, it will pay claims made against you by a third party. Most legal fees, settlement costs, damages to property, bodily injury and more are covered. Your general liability policy should also pay claims related to slander or libel. It will also pay for some construction-related claims as long as they fall under the completed products coverage.
Most claims not covered by the general liability coverage policy are logical. First off we can exclude every claim not related to damages that we’ve caused to others. Buildings and other property must be covered by a property form. Some liability related losses are not covered by the commercial general liability (CGL) policy. The following are some of the most obvious examples:
•   Property Damage and Body Injury resulting while operating a vehicle Commercial Auto     Policy
•   Injuries to employees while at work Workers Compensation
•   Liability coverage for Doctors, Lawyers, etc. Professional Liability
Professional liability insurance is sometimes referred to as errors and omissions insurance or E&O. Warning to the wise, take care to review all policies. Professional Liability and Errors & Omission coverages differ. While E&O is more applicable to most contractors, it’s crucial that you make sure that the product you are buying provides the coverages you need.
Why is it that certain professions need E&O insurance and other need General Liability?
First of all, I don’t think this is a simple as flipping a switch. Up for GL and down for E&O. The two are entirely different and independent coverages, and many businesses are apt to need both to be adequately insured.
We mentioned earlier that General Liability insurance doesn’t cover certain losses. We already identified a couple of the more obvious types. You should also be aware that negligence, failure to offer a service, failure to act in good faith, misrepresentation are a few additional examples of exposures not covered by a CGL policy.
Do the gaps in General Liability coverages mean that contractors and other construction-related industries need Errors and Omission coverage? Possibly, each case is different. But if you’re not considering it, then you may need to find an agent that will work through the issues and provide enough insight into the question for you to make the right decision.
Most contractors have enough exposure that they could benefit by adding E&O coverage to their existing policy. The approach TruePoint takes in exploring whether Errors and Omissions should be added is no different than the way we treat any other coverage that is required. We start defining the types of risk that are being considered. In the case of contractors E&O we would ask questions similar to those below:
1.   Does your General Liability insurance protect you against claims for faulty work?
o   You’re correct if you answered NO! Advance to #2.
o   General Liability does not provide coverage for defective work. Call (502) 410-5089 or go to www.insuringky.com to learn more if you answered question 1 in the affirmative.
2.   Does your General Liability cover your work and products?
o   Again you are correct if you answered NO! Advance to #3.
o   General Liability does not cover your work or products. If you answered YES visit our site www.insuringky.com to learn more about TruePoint Insurance.
Contractors can have significant gaps in coverage that can be eliminated or reduced by adding Contractors’ E&O. The next step that we advise is to determine your exposure. We begin by developing a risk profile which at a very basic level answers the following:
•   your potential loss exposure (both a median or average potential loss as well as a max loss)
•   the expected frequency of the type loss being considered
The final step is to help you decide if the cost of the added coverage is reasonable relative to the reduced exposure:
•   We determine the cost to transfer the risk (in this case, how much will you pay for the E&O Policy)
•   And we then compare the cost to insure versus the exposures identified in the risk profile.
TruePoint works with commercial accounts in Kentucky and Southern Indiana to help them better understand their business insurance needs. Our focus is on how we can help you to most effectively develop and execute a strategy for your commercial insurance needs.
Businesses that have been successful for decades are usually ones that also consistently take care of their property. While maximizing the use of every asset, it also raises a coverage issue. Aging equipment may have reached the point where it:
Such property can be difficult to insure since a typical commercial property policy considers obsolete items to be worthless. However, a commercial property policy can be modified with a form that may make coverage more practical. One form, called “Functional Personal Property Valuation,” changes a policy so that the regular policy conditions on valuing a loss and coinsurance don’t apply.
Functional valuation recognizes that the insured firm’s priority is to repair damaged, older equipment or to find an equivalent substitute. A policy with a functional valuation provision is likely to offer the additional option of paying an amount equal to the damaged or destroyed property’s market value that it held just before their loss. Other features are requirements that any repairs be done quickly and that any replacement property is at the same site and for the same use of the property that was lost or destroyed. A coverage modification is also likely to add terms with special definitions, such as “replacement” or “functional equivalent,” or “market value.”
A policy that has been altered in order to use a functional settlement basis should result in smoother claims handling and a better loss to post-loss transition. Arranging for such coverage may also spur a buyer to identify possible sources for replacing his vulnerable, older property.
If your concern is one that may be dependent on older equipment, it may be past the time that you discuss your particular coverage need with a knowledgeable insurance professional.
COPYRIGHT: Insurance Publishing Plus, Inc. 2015
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
We’re born, we live and we die, and how we’re treated in death is surrounded by ritual and ceremony. For those who have suffered a loss, emotions rule and there’s a tremendous reliance on others to help commemorate the passing of a loved one. Funeral directors and morticians have a critical role and, because of their position, are vulnerable to lawsuits should plans go 
wrong.
Like any other businessperson, funeral directors and morticians need to have general liability protection to handle losses related to routine circumstances that could happen as easily at a gas station, grocery store, dance studio or tax office. But “general” coverage does NOT handle losses that are directly connected to their professional duties. Professional Liability coverage will differ according to the insurance company providing the protection because coverage is not standardized. Regardless, most policies will likely handle the following:
Bodily Injury – Coverage applies for any professional malpractice error or mistake in the embalming, handling, disposition, burial, disinterment or removal of any deceased human body or any conduct of any memorial service by the insured. Injuries involving burial rights as well as mental anguish are also covered.
Property Damage – may cover damage to or destruction of urns, caskets, linings or fittings, casket eases, crypts, mausoleums or similar facilities. Protection is also available for claims connected to loss of damage to property that is in the care (possession) of a funeral director and staff, such as a body as well as personal effects.
Defense – provides protection for the costs of providing a legal defense against claims and lawsuits. Care has to be taken about this 
coverage. It makes a huge difference whether these costs are provided as separate protection or if payments are deducted from the amount of policy limits purchased.
Exclusions – typically, such policies will not protect against intentional acts (fraud, misrepresentation and deliberately violating laws or regulations), contractual liability, losses involving motorized or animal-drawn vehicles, losses to property owned by the funeral operation, losses involving medical wastes and chemicals and other sources of loss that are meant to be covered by other types of policies.
Funeral directors and the people who work for them have many, important responsibilities, including the need to contact an insurance professional to make sure they have protection for mistakes that they may make.
COPYRIGHT: Insurance Publishing Plus, Inc.2017
All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.
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