Archive for November 2011
Insurance Brokers or Agents Working From Home
Are you an insurance producer with an existing book of business? Are you tired of commuting into the office every day? Would you like to work from home and have the same access to carriers and service staff that agents have at large brokerage houses? Call Lemore Insurance Services to discuss the opportunity that we have for you.
Travelers Institute Partners with Small Business California to Advocate for Small Businesses and Identify Solutions to Complex Challenges
At the event, panelists discussed detailed survey findings in which employee benefit matters (61 percent) and cash flow (60 percent) were cited as the top challenges facing small businesses in California. Participants also discussed the Travelers Institute’s white paper, which advocates for greater awareness of small business issues through legislative action to reduce regulatory burdens and offers tips for business continuity and risk management planning.
“Travelers is committed to helping small businesses succeed and influencing public policy leaders to improve the business environment,” said Joan Woodward, Travelers Executive Vice President of Public Policy, who also heads the Travelers Institute. “Small businesses are the backbone of our economy, and we understand it is essential to have state and federal policies that encourage entrepreneurship and fuel job creation in San Francisco and across the country.”
In addition to Woodward, who moderated the panel, program participants included several high-profile San Francisco small business leaders including:
– Christine Baker, Acting Director, California Department of Industrial Relations
– Elizabeth Echols, Regional Administrator, U.S. Small Business Administration
– Regina Dick Endrizzi, Director, San Francisco Office of Small Business
– Scott Hauge, President, Small Business California
– Al Nelson, Regional Vice President, Small Commercial — California Region, Travelers
“Businesses, especially small ones, need encouragement to expand and create jobs, ultimately stimulating the local economy. This requires appropriate access to both resources and capital, and limiting burdensome regulations that stifle growth,” said Scott Hauge, an insurance executive who also runs the entrepreneurial advocacy group Small Business California, which co-hosted the event. “Through its series of small business symposia, the Travelers Institute highlights many of the very obstacles facing entrepreneurs in San Francisco, and we are proud to partner with them to address and solve these challenges.”
At the symposium, panelists discussed the issues of disaster preparedness and business continuity planning as critical to business success. The American Red Cross has data that shows as many as 40 percent of small businesses do not reopen after a disaster, and according to a national Travelers Institute survey conducted in March, more than half of all small business owners surveyed do not have a business continuity plan.*
“As one of the largest insurers of small businesses in the country, we strongly advocate for business continuity planning and risk management,” said Al Nelson, Travelers Regional Vice President of Small Commercial. “We’ve seen firsthand what can happen when entrepreneurs aren’t prepared for disaster.” Nelson added that many business owners consider business continuity planning a competitive advantage, recognizing that an entrepreneur’s reputation and livelihood are at stake if they can’t meet the needs of their customers.
The key findings of the Travelers Institute California survey discussed at the symposium include:
– 71 percent of respondents feel the national, state and local economies are in poor condition. The majority feel it will be the same or worse next year. There is more pessimism among small business owners in California regarding the economy compared to the national sentiment overall, based on a similar national survey conducted by the Travelers Institute.
– Employee benefit matters (61 percent) and cash flow (60 percent) are cited as the top business challenges facing small businesses in California.
– 51 percent cite state/local regulation and 35 percent cite federal regulation as business challenges.
– 50 percent say employment regulations are the most difficult to comply with, followed by health insurance mandates (47 percent).
– The majority (65 percent) feel that small business is more heavily impacted by government regulation than big business.
– More than 4-in-10 feel that government regulation negatively impacts the ability of small businesses to hire new employees and grow business.
Methodology: The survey polled 129 Travelers Institute symposium attendees in conjunction with Small Business California members. The poll was conducted online from 9/20/2011 — 10/7/2011 and respondents included a mix of business owners and principals from small sized firms, as well as policy makers and community leaders in the San Francisco area.
The Travelers Institute has additional forums planned in select markets throughout the remainder of the year to bring stakeholders together to discuss ways to create better operating climates for small businesses. For more information, visit www.travelersinstitute.com .
About the Travelers Institute The Travelers Institute, the public policy division of The Travelers Companies, Inc., engages in discussion and analysis of public policy topics of importance to the insurance marketplace and the financial services industry. The Travelers Institute draws upon the industry expertise of Travelers’ senior management and the technical expertise of many of Travelers’ underwriters, risk managers and other experts to provide information and analysis to public policy makers and regulators. Travelers is a leading provider of property casualty insurance for auto, home and business. For more information, visit www.travelers.com .
About Small Business California Small Business California is a proactive, non-partisan business advocate whose only agenda is the well-being of California’s 3.2 million small businesses. Working for all small businesses for a better business environment, SB-Cal is responsive to the needs of small business owners.
* Based on data collected through a national Travelers Institute survey of small business leaders conducted in early 2011.
SOURCE: The Travelers Companies, Inc.
Need assistance with contractors insurance or business insurance ? Get a Tavelers quote today. Call us at 818-348-6106
Are Your Subcontractors Insured Under Your General Liability Insurance Policy?
Most businesses and consumers assume that subcontractors that are hired on behalf of a business are covered under that business’s general liability and workers compensation policies. This is most often not the case.
Most general liability policies contain a subcontractor exclusion. The subcontractor exclusion clause excludes coverage that is caused by a subcontractor. In such cases the business that is hiring the subcontractor must protect itself from damages that can be caused by the subcontractor that was hired to do the work. The best way for a business to protect itself from damages caused by a subcontractor is to make sure that the subcontractor has adequet coverage. There are two steps that must be taken. First, the company must request to become an additional insured on the subcontractors general liability policy. The second step is to request a copy of the subcontractors policy to make sure that the terms, conditions and exclusions of the subcontractors policy are acceptable to the business that is subbing the work out. After all, what good is it to be an additional insured on a policy that carries every exclusion under the sun? The terms, conditions and exclusions of a policy are not disclosed on the additional insured certificate and the business that subbed the work out will not know this information untill there is an uncoved claim. By this time, its too late.
Don’t let this happen to you. Check your policy to make sure you and your customers are properly protected against damage or injury.
Need assistance with contractors insurance or business insurance ? Call us at 818-348-6106
Don’t Hire An Unlicensed And Uninsured Contractor
SACRAMENTO —The Contractors State License Board (CSLB) wants consumers in smaller communities and rural areas of the state to know that they’re especially vulnerable to becoming victimized by unlicensed contractors. Last week CSLB’s Statewide Investigative Fraud Team (SWIFT) investigators teamed with the Kern County Sheriffs and District Attorney Offices, and the Department of Homeland Security’s Immigration and Customs Enforcement to conduct a sting in the city of Ridgecrest.
The operation, conducted on February 3, 2011, led to the arrest of eight suspected unlicensed operators. CSLB investigators posed as homeowners and invited suspected phony contractors to a newly constructed home near Pearson Park. Investigators asked for bids that included landscaping, fencing, and painting. If the bid totaled more than $500 in labor and materials and the suspect was not state-licensed, they were arrested. Eight were given a Notice to Appear (NTA) in court to face misdemeanor charges of contracting without a license; some also face charges of illegal advertising, and soliciting an excessive down payment, also misdemeanors. All eight will face a charge of failing to secure workers’ compensation insurance for employees. They are scheduled to appear in Kern County Superior Court in Ridgecrest on March 29, 2011.
“This sting is a perfect example of why homeowners need to make sure the contractor they hire is properly licensed and insured. It only takes a minute to check information on the CSLB website at www.cslb.ca.gov or www.CheckTheLicenseFirst.com,” said CSLB Registrar Steve Sands. “If someone working on your property is injured and is not covered by workers’ compensation insurance, they could turn around and sue you for their medical bills.”
By law, anyone performing home improvement services that total more than $500 in material and labor must be licensed by the state of California. Contractors must include their CSLB license number in all advertisements and contracts. Those who are not licensed can only perform jobs valued at $500 or less. Their ad must state that they are not licensed.
CSLB received critical support for this operation from one of its legitimate licensed contractors. Four of the eight arrested during last week’s sting operation were the result of leads from that licensee.
Licensees face the difficult task of competing against those who break the law by operating in the multi-billion dollar underground economy. In addition, the loss of tax revenue takes money away from schools and law enforcement.
“Homeowners should also know that they have little recourse against an unlicensed operator if something goes wrong with a project,” added Sands. “That’s especially true if you give them a big down payment and they never show up to start the job.” CSLB offers a variety of free services, including mediation and arbitration, for consumers who have a problem with their licensed contractor.
CSLB urges all California consumers to follow these tips before hiring a home improvement contractor:
• Be especially hesitant when approached by someone offering home improvement services door-to-door.
• Verify the contractor’s license online at www.cslb.ca.gov or www.CheckTheLicenseFirst.com, or via CSLB’s automated phone system at 1-800-321-CSLB (2752).
• Ask to see a photo identification to verify the contractor’s identity.
• Don’t pay more than 10% down or $1,000, whichever is less. There is an exception to this rule for about two dozen contractors who purchase special bonds and are noted on CSLB’s website.
• Don’t pay in cash, and don’t let the payments get ahead of the work.
• Get at least three bids and insist on a written contract before your project begins.
The Contractors State License Board operates under the umbrella of the California Department of Consumer Affairs. More information and publications about hiring contractors are available on the CSLB website or by calling 800-321-CSLB (2752).
Contractors, need assistance with contractors insurance or business insurance for any industry? Call us at 818-348-6106