Why you Should you Review your Commercial Insurance Policy Each Year.

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Why you should you review your commercial insurance policy each year.

Taking the time to review to your review your commercial insurance is something you think you don’t have time for, have no interest in doing and seem like a pain. However, if you just let it update automatically each year and don’t have a comprehensive review with your agent, you could be over paying, under insured, and place your business in a state of unforeseen financial risk that you may not be able to come back from.

Filing a claim is the worst time to find out you do not have enough coverage on your commercial insurance policy. So you need to know: WHEN YOUR BUSINESS CHANGES, SO DOES YOUR RISK.

There are many examples of how your commercial insurance policy grows as your company grows. Examples would be:

Increasing/Decreasing the number of employees you have.

Changes in staff means that’s your workers compensation insurance would need to be adjusted. If you are downsizing, you may be moving into a smaller space or growing and moving into a larger space you will need your commercial property insurance adjusted.

Purchasing new commercial vehicles.

When you first started you most likely had just one vehicle that doubled as a work truck and for personal use. But as your grow and hired more employees driving, new vehicles were purchased and those would need to be insured through commercial auto policies for the vehicles. You should of added those vehicles to your policy when purchased but if it’s been awhile and your drivers have good records you could be eligible for new discounts.

Business has grown at a good rate.

The more work you do, the more your risks increase. Increase your liability coverage so you don’t pay more out of pocket in the event of someone suing your company or an injury happens on your property.

Major changes in ownership.

If you are bringing in a new partner, a partner quits or passes away, or when ownership changes in any way there needs to be changes to the policy to remove/add names to have proper association on the policy so that no one is hit with unforeseen liability.

You have started using subcontractors.

It is important to be aware of your legal liabilities to them and in the case of any injury you could be at risk. Make sure that the subcontractors you use have their own insurance policy so that they are responsible for any injury and/or damage that may happen and your not responsible for the costs.

We know dealing with insurance can feel like a chore and something you never look forward to. But just know that doing at least a review of your commercial insurance policies annually can help you save money in the long run in the event of claims due to the added/adjusted protection it provides. Additionally, as your business changes, you may start qualifying for larger discounts and help your bottom line that way.

If you haven’t done a full review of your commercial insurance this year. Please give us a call at 614-863-0455 or email at info@arnoldinsuranceagency.com and our agents would be happy to set a time up to see where we can better protect your business.

6 Types of Risks for ANY Construction Job

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It’s hard to find a profession in the world as complex and unique as construction and contracting jobs. The same can be said for the risks you face every day. While thinking about it can be overwhelming and cause you to lose sleep, there are numerous ways to counter and prepare. (Partnering with Arnold Insurance Agency for your insurance needs and help to evaluate your risks is a great start) Here is a list of 6 types of risks that every contractor needs to be aware of.

Occupational Risks:

  • Injury (fatal and non-fatal) that could be attributed to:

    • Worker behavior

    • Improper methods utilized

    • Technology used

    • Weather-related incidents

Financial Risks:

  • Increase in supply costs

  • Unmanaged growth

  • Lacking sales

  • Interest rate increases

  • Universal economic problems

Contractual Risks:

  • Financial penalties from not completing a job on time.

  • Risk to company’s reputation for breach of contract.

Project Risks:

  • Inadequate project management practices

  • Company policies that are below standard and lacking applications of such policies,

  • Error in determining the amount of time needed or the resources required for a job.

Natural Risks:

Any natural occurring event that can slow down work at any rate such as:

  • Rain

  • Floods

  • Snow

  • Ice

  • Earthquakes

  • Etc.

Competitive Risks:

  • Losing a job to another company

  • Straining your resources and profit margin to ensure a lower bid over another company

  • Losing talented workers to someone else due to:

    • Income

    • Benefits

    • Quality of life

    • Better training and growth opportunities, etc.

Switching your insurance to a commercial insurance agency that specializes in contractors like the The Arnold Insurance Agency is a good idea. Managing and preparing risk seems like a full time job, but with proper help from us, OSHA, and others, you can develop a strategy that keeps your workers safe, jobs operating on budget and on schedule, and ensures the growth and future of your organization.

 

What you need to know about OSHA's Electronic Reporting Rule

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OSHA's Electronic Reporting Rule

What is it?

OSHA is taking information that employers are already required to collect and using these data to help keep workers safer and make employers, the public, and the government better informed about workplace hazards. Releasing the data in standard, open formats will:

  • Encourage employers to increase their efforts to prevent worker injuries and illnesses, and, compelled by their competitive spirit, to race to the top in terms of worker safety.

  • Enable researchers to examine these data in innovative ways that may help employers make their workplaces safer and healthier and may also help to identify new workplace safety hazards before they become widespread.

https://www.osha.gov/recordkeeping/finalrule/index.html

Who needs to report and how?

  • Organizations that are already required to create and maintain OSHA injury and illness records and have 250 or more employees. Forms, 300A, 300, 301

  • Have between 20 and 249 employees and belong to a high-risk industry , Forms 300A

  • Receive a specific request from OSHA to create, maintain and submit electronic records, even if they would otherwise be exempt from OSHA record keeping requirements.

Who doesn't need to report?

Organization who have under under 20 employees guidelines are as of now, not required to report to OSHA at the July 1st deadline. But be sure to keep up to date with all OSHA updates because they change all the time. https://www.osha.gov/

Be sure to follow Arnold Insurance on social media for updates on future OSHA requirements and other safety tips throughout the year! Make sure to follow us on Facebook and Twitter for up to date information that could help your business from future penalties.

What is an Independent Insurance Agent?

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What is an independent insurance agent?

The first thing to consider is that they are not just an "salesperson" trying to sell you an expensive policy but more of a producer who represents the insurance companies and works with you to guarantee that you are getting the best available option in terms of coverage at the right price. Think of them as a personal shopper who goes out to the store and picks out the groceries (policies and coverage's) that fits your budget and your needs. 

They are trained and licensed experts:

Our agent have years of experience working to understand the complexities of the insurance industry so that they are able to explain to you what you are purchasing is easy to understand terms. This knowledge also gives them to ability to know exactly what to look for in getting you the best policy that fits your needs. 

They create a one-stop shop:

By now we know that our agents can shop dozens of policies across dozens of companies all at once for you to guarantee you are getting the best option available, but did you know they can take care of all your insurance needs all at once as well? If you own a small business, you can secure commercial insurance coverage from Arnold Insurance Agency along with insuring your car and home too!

They are with you every step of the way: 

While you can buy insurance online yourself, too many people either buy too much coverage or not enough while paying way too much. Having an agent walk you through a tailored policy ensures that you have the right coverage and do the work for you in finding the right price. When the unexpected happens and you need to file a claim or need to change your coverage, your agent can be your advocate, working with the insurance company on your behalf.

Independent insurance agents save you time, save you money and build a relationship with you that can last a life time to ensure you always have peace of mind while buying the best policies. Arnold Insurances goal is to protect you and your family from those unexpected events by finding the right coverage at an affordable rate. Give us a call today 614-863-0455!