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Most states allow company owners and executives to opt out of (or not opt in to) Workers Compensation insurance. But did you know that if you choose this option your Health insurance policy might well not pick up work-related medical claims? If you carry Health coverage through your company Group plan, you can usually arrange to be covered for work-related injuries under this policy - which then becomes "24-hour" coverage for you. However, many small business owners and managers are insured under the Health Plan of their spouse or parents - which almost always exclude work-related injuries. Let's say that you exempt yourself from Workers Compensation and have coverage under your spouse's Health insurance - and you suffer a serious injury in a work-related, at-fault auto accident. Once you have exhausted the Medical Payments coverage under the company's Commercial Auto policy, the chances are that you'll have to pick up the tab for the rest of your medical bills. You might even have to choose between limiting your treatment options or going bankrupt (unpaid medical bills are the nation's leading cause of bankruptcy). Even if you have "24-hour" insurance under your own Health policy, this coverage will not reimburse you for income lost during your convalescence. So, what's the solution? You might consider buying a Disability income policy - or decide to cover yourself under Workers Compensation, after all. As always, our agency stands ready to offer our professional advice. Just give us a call.

In today's increasingly complex and litigious business environment, your corporate officers and board of directors - the brains of the company - need protection against personal financial liability arising from their corporate activities. These people are highly vulnerable to lawsuits by investors, employees, vendors, competitors, customers, regulators and others, alleging misconduct for a wide variety of activities, such as: Providing inaccurate or unlawful advice. Fraud and malfeasance. Misrepresentation of company assets. Failure to comply with workplace laws. Poor hiring decisions. (A Towers Perrin survey found that 40% of all reported D&O claims involved flawed employment practices.) Directors & Officers Liability (D&O) Insurance will pick up the tab for legal fees, settlements, and other expenses from such litigation. This gives your officers and directors financial peace of mind in carrying out their corporate activities, and provides a valuable incentive for attracting, and keeping quality people who can help grow your business. There's a widespread need for this coverage. One in six company executives (17%) surveyed by Inc. Magazine believe that their business will experience a D&O-related loss within the next year. These policies usually offer two types of coverage known as "sides." Side A protects directors and officers from personal financial liability if the company is unable to indemnify them. (For example, during a bankruptcy or dissolution.) Side B coverage reimburses the company if it indemnifies directors and officers. (For example, when shareholders file suit against them.) A third coverage - sometimes known as Side C - comes into play when both the company and individual officers and directors face lawsuits. To learn more about how D&O Insurance can help minimize the financial risks of litigation for your company and your top people, feel free to get in touch with us at any time.

An insurance company that has been approved by the state’s insurance department is “admitted”. ' The qualifications a carrier must meet to be qualified are the following: The insurance company must comply with all state regulations regarding insurance (which are established and overseen by the National Association of Insurance Commissioners). In the event that the insurance company fails financially, the state will step in to make payments on claims as necessary. From a business owners standpoint this is good for two major reasons: You don’t have to pay various fees and taxes when you purchase a policy because the company’s status makes those expenses unnecessary. If the company fails for some reason (e.g., claims after a natural disaster deplete its reserve of funds), you have a guarantee that the state will step in and cover your claims. As a “non-admitted” insurance carrier, has not been approved by the state’s insurance department. A few things to be aware of: The insurance company does not necessarily comply with state insurance regulations. If the insurance company becomes insolvent, there is no guarantee that your claims will be paid, even if your case is active at the time of the bankruptcy or financial failure. If a policyholder thinks his or her case was handled improperly, he or she cannot appeal to the state insurance department. Although an “admitted” carrier seems like the solid choice between the two, keep in mind the financial stability of the insurance carrier you choose. A “nonadmitted” carrier with a financial rating of (A+) might be a better bet than an “admitted” carrier with a rating of (C).

A security guard’s duties change every single day, and it is important for their employer to be able to supply them with the insurance that they need in order to stay protected during any serious medical or legal ordeal. While the private security sector continues to grow and remains a lucrative industry, each of these companies will need a comprehensive and affordable insurance plan in order to stay protected throughout the years. The agents at BSGIns.com are ready to work closely alongside you and your company to safeguard your bottom line with a custom-built policy created around your own unique needs.

Summer is right around the corner, and with it comes a parade of graduations, barbecues, holidays and other gatherings with family and friends. Although summer parties are a source of excitement for most people, these get-togethers can also raise the risk of expensive liability claims.  Whether you are throwing a birthday party or hosting a Father's Day picnic at your home, you never know when an accident could occur. As more people enter your home, the risk of someone sustaining an injury on your property increases dramatically. For example, if you are operating a grill during a summer barbecue, your guests could be burnt accidentally. Likewise, if you own a pool, guests could injure themselves diving in, or they could slip and fall on the wet ground next to the pool. If someone sustains an injury on your property, they may file a lawsuit against you in order to recover medical expenses and/or lost wages related to the injury. If you don't have enough homeowners insurance coverage to pay the damages awarded to the individual in court, you will be forced to come up with the money on your own, which can lead to serious financial problems. In some cases, a large liability settlement could even require you to file bankruptcy or sell your home and other valuable assets in order to pay the amount you owe. If you are planning to host any parties this summer, review your homeowners insurance policy before you send out the invitations to ensure that you have the proper amount of liability coverage. If you discover that your coverage is lacking, consider investing in additional coverage to protect yourself against loss. If you aren't sure whether your policy provides sufficient coverage, consult our office for guidance.

A security officer’s duties change every single day, and it is important for their employer to be able to supply them with the insurance that they need in order to stay protected during any serious medical or legal ordeal. While the private security sector continues to grow and remains a lucrative industry, each of these companies will need a comprehensive and affordable insurance plan in order to stay protected throughout the years. The agents here at BSGIns.com are ready to work closely alongside you and your company to safeguard your bottom line with a custom-built policy created around your own unique needs. Insurance for private security companies isn’t one-size fits all Finding a robust insurance policy for any business can be a potentially time-consuming and expensive task that very few want to deal with. Unfortunately, these policies remain one of the most important components of a business and they could mean the difference between success and bankruptcy in the future. No matter how careful a company, its management, and its employees may be, accidents can take place at any point, and that is why we are here to help you find coverage ranging from general liability insurance to specialized policies to cover any gaps with your current provider. Local & Federal Insurance Laws One of the first places for a security company to look is local and federal laws that will dictate the absolute minimum coverage that any company needs. These basic policies will protect your company, its employees, and any other parties in the event of minor accidents and injuries. This liability coverage will quickly supply funds for medical bills that come as a result of injuries over the course of duty, accidents on the company’s property, and even collisions. Accidents can quickly move into the range of thousands of dollars, and these expenses never need to be assumed by the company alone. Protect your company from legal issues Your private security company insurance will also protect you in the event of any serious legal issues that could devastate your company’s resources. In today’s litigious climate, even the most cautious companies may need to deal with a civil trial, criminal trial, or out-of-court mediations that could tie up thousands of dollars in just a few weeks’ time. Any insurance agency can offer a policy to a private security business, but it takes a company that truly understands the industry in order to get the absolute best premiums while still maintaining the coverage that you need. BSGIns.com understands exactly how these companies work and the countless details that will affect your policy. This includes the amount of man hours worked per week, whether your guards are armed, how many individuals are on your payroll, the state in which you are working, if any vehicles are being used, and a number of other variables. With BSGI, you never need to worry that the company you have worked so hard to build could be at risk. Feel free to contact one of our experienced agents today for assistance with any number of policies including liability insurance, group health insurance, bonding, umbrella insurance, and much more.

UPA is partnered with an A-rated carrier to bring you one of the most competitive markets for your manufacturing clients.

This is blog was created to help the security guard professional better understand their insurance options.