Commercial Package Policies – Business Insurance

There are many types of risks that a small business owner might encounter and each requires a separate insurance policy. Buying individual policies for each risk can get confusing. Your agent will be able to offer you commercial package policies to help business owners organize their policies needed to protect their business in one convenient package. These packages may also include discounts to save business owners money as well.

Not every type of commercial insurance is offered in a commercial package policy though. Business owners can create a custom package using any of the following coverage types:

• Property coverage
• General liability
• Employment practices
• Auto
• Inland marine coverage
• Machinery coverage
• Crime coverage
• Boiler coverage
• Farm coverage
• Professional liability coverage

Your individual package may also have declarations, endorsements and conditions specific to you and the needs of your business. For instance:

• Each package will have what is called a common policy declaration spelling out the details of whom and what is covered. It will include the policy holder’s name, coverage dates, a description of the nature of the business covered and the premiums.
• Common policy conditions will spell out the responsibilities and obligations of the primary insured. This ensures that, in the case of a business with multiple owners, one individual owner will be responsible for paying premiums and responding to inquiries. This is also the only individual on the policy with the power to cancel it. In order to do so, he or she must send the request in writing to the insurer. If the primary insured wishes to transfer these responsibilities to another, the request must also be made in writing and must be approved by the insurance company.

With commercial package policies, it’s important to know that your insurer will be permitted to audit your business' books at any time while the policy is in-force and up to three years after it has been canceled.

Call us today at 225-935-8751 for more information about Commercial Package Policies or get a free Baton Rouge business insurance quote.

JG

What is Workers Compensation? - Part 1

Today we present the first Part of an article on Workers Compensation Fraud. Check back soon for Part Two on how to Prevent Workers Compensation Fraud.

Employers everywhere agree that a worker who is injured on the job through no fault of his or her own, has every right to be compensated for those injuries. Unfortunately, there are unscrupulous workers out there who take advantage of these very fair workers compensation laws in order to benefit. Whether they fake an injury (such as a difficult-to-diagnose back injury) or work with a crooked medical service provider to bilk the complicated workers compensation system, workers comp fraudsters are out there, and your company could be a target.

How Workers Comp Fraud Works

Why is workers comp such a tempting target for the less than scrupulous worker or medical professional out there? Simply because most states favor workers when it comes to on-the-job injury and, as a result, have implemented strict laws to protect them. In fact, most states require that employers pay 100% of medical and rehabilitation expenses incurred form work-related injuries, and even that they also pay up to two thirds of the employee’s lost wages while he or she is unable to work. The chance to take a long, paid vacation—or even double dip and work a second job while collecting worker’s compensation—can be too much of a temptation for some people.

Medical service providers have a similar motive for committing workers compensation fraud. For them, falsifying workers comp claims can quickly become a very lucrative cash cow. How do they do it? In the simplest case scenario, they might simply inflate the nature of a real injury when submitting it to the insurance company, costing the company money while the unknowing worker receives normal treatment for his or her injury. In other cases, they might work with an injured employee to exaggerate the severity of the injury.  When this happens, workers get more time off than merited and the doctor submits inflated medical bills to workers compensation insurance providers, netting cash for work they never did. Some so-called medical service providers have taken workers compensation fraud much farther, going so far as to fabricate their credentials, their clinic and the fact that the worker in question was even injured. Some even use cash to recruit workers to fake injuries.

At Bourg Insurance, we believe growing our business is important to our company, but maintaining our strong relationships with our customers is paramount. Call us today for a Baton Rouge Workers Compensation Quote at (225) 490-5678!

How to Make Your Own Personal Property Inventory

If your home and personal property is destroyed by a flood, fire, hurricane or other disaster, it may be more difficult than you think to remember all the items you had in your home before the event. And without an itemized list of the items you lost, you cannot get the recovery you deserve from the insurance company.

One way to avoid this is to make a personal property inventory. You can hire someone to do this for you, but it isn’t difficult to do it yourself.

1. Go room by room: Don’t just try to think about each of the items in your rooms while you are sitting in one place. Instead, go into one room and focus on that space completely while you are in it. Do not start another room until you finish the one that you are in.
2. List every item: As you look around the room, write a comprehensive list of every item in the room as you look at it. This is really the only way to ensure that you make note of every item you own.
3. Add descriptions and serial numbers: Once you’ve gone through every room of your home and classified each of your possessions, go back to the room you began the process in and start noting any distinguishing facts, serial numbers and descriptions next to each of the items you have listed. You should do this after you create the basic list of items because the process can take a while. If you try to do this all at once then you may actually suffer an insurable incident before you even have your basic list complete...

Continue reading "How to Make Your Own Personal Property Inventory" or contact us at (225) 490-5678 to learn more about Baton Rouge home insurance.

Tips to Save Money on Your Business Auto Insurance

Business auto insurance is a must-have for anyone using a vehicle for commercial use. But just because you have to have it, that doesn’t mean that you don’t want to find a way to spend less on your business insurance policy. Here are some tips that could help you save money on your business auto insurance policy without sacrificing your coverage.

• Higher deductibles: It is no secret that with higher deductibles, your premiums will be lower. It is important that you review your budget annually and set deductibles that you can afford to pay. As your revenues increase, it is possible that your deductibles can too. But make sure that you don’t get too aggressive with your deductibles and that you can afford those you set. Otherwise, you could be placing yourself up for more financial damage than an expensive premium would create.
• Lower your limits: Keep track of the value of your fleet and lower your limits accordingly so that you can keep your business auto insurance policy affordable. Your vehicles lose value every year and, if they are driven often, may lose value at a faster rate than a normal automobile. There is no point in having a high limit if your cars aren’t worth that much, unless you are looking for replacement value instead of actual value. When it comes to medical and bodily injury coverage, be sure not to lower your limits too aggressively since these costs tend to increase over the year rather than decrease.
• Review your coverage annually: When you simply renew the same insurance policy every year without reviewing it, you could be missing changes that have happened in your business and that should be reflected in your policy. For example, it is possible that you have too much insurance on company cars that have lost value over the years or, maybe you are covered for incidents that you and your drivers have little risk in encountering. It is important to review all these factors every year so you can stay on top of inefficiencies and streamline both your policy and your premium.
 

Continue reading "Tips to Save Money on Your Business Auto Insurance" or contact us at (225) 490-5678 to learn more about Baton Rouge business auto insurance.

Baton Rouge business insurance: Understanding the Role of Workers Compensation Insurance in Your Small Business

If you have employees, no matter how few, then you need Baton Rouge workers’ compensation insurance. Generally, individual states require businesses with employees to carry it, but even without this legal incentive it is a necessary product.

Workers’ compensation helps to save your bottom line against the claims of employees who are left with medical bills and are unable to continue working after being injured on the job. It is a benefit that is solely provided by the employer and not something that employees can help to fund.

The first thought that springs into the minds of many small business owners is that, since their business is small and internet-based, what injury could possibly befall their employees? But repetitive stress injuries, trips and falls and sprains are not reserved just for large companies. They can strike employees at even the smallest home businesses. 

Beyond providing compensation and medical fees for injured employees, workers’ compensation insurance has other optional protections that can be built-in to your policy and that may save your small business from financial losses. These protections include,

• Legal expense coverage if an employee makes a claim that is invalid or is part of a fraudulent activity.
• Funeral expense coverage for employees who are killed as a result of a workplace accident or injury.
• Financial support for dependents that lose a provider as the result of a work-related injury or accident.

The liabilities that a workers’ compensation policy can cover are flexible, so you can design a policy that makes sense for your business and your risk.  Another great aspect of workers compensation insurance is that the owners of the business have the option of including themselves on the policy. They can opt not to and save money on premiums, or they can decide to cover themselves and get workers’ compensation benefits if they become injured at work while working (this is an important distinction for home-based businesses).

Some states allow certain companies to self-insure their workers’ compensation benefits, but because of the great financial risk involved this is not generally advisable and does carry some stiff financial, income and asset requirements for the business. 

As if all these reasons weren’t enough to compel small business owners with one or more employee to carry workers compensation insurance, the states that require it have also instituted fines for those companies that are out of compliance. So if you choose not to get the coverage, not only will you suffer enough financial exposure to possibly result in the loss of your business, but you also may be fined on top of that.

As an Independent Agency we have access to many companies and products. Through this vast market we are able to offer you the professional protection you need and deserve. Call us today to get a free Baton Rouge business insurance quote at (225) 490-5678.

Baton Rouge Home Insurance for the First-time Homebuyer

Insurance policies can be difficult for any consumer to fully understand, but first-time homebuyers are in a stickier situation than most after all, here you have a plan of insurance designed to protect your largest asset, and it is not only difficult to understand but also has many caveats that, by not understanding them, could leave you dangerously exposed.

Home Insurance Is Not Flood Insurance

The first lesson for a first-time homebuyer is that Baton Rouge home insurance is not the same thing as flood insurance. Flood insurance protects your home against the damage caused by a body of water that rises as a result of snow melt, rain, etc. Home insurance offers no protection to homeowners when this happens. If you live in a flood zone, then your mortgage lender will require you to have flood insurance. If you do not live in a flood zone, the coverage is optional.

Limits and Deductibles

Your policy likely has a deductible—and it may even have more than one. The deductible is the amount of money you must pay out of pocket for an insurable incident. Your insurance policy will offer no benefit payments unless the claim exceeds your deductible.

Limits are the maximum benefits that your insurance company will pay out. Your limits should be reasonable for the value of your home and contents and possible liability claims exposure. If your limits are lower than you’d like, you can consider an umbrella policy to add additional coverage.

Personal Property or Contents

In addition to offering financial reimbursement for losses and damages to your home, home insurance also protects the value of your contents or personal property. This includes your furniture, electronics, intangible software and music purchases, clothes and more. For jewelry, art or antiques, you may need additional coverage.

Liability Coverage

If someone is injured in your home or on your property, you may be responsible for paying damages, medical expenses and lost income, even if the injury was not a result of your purposeful negligence. Home insurance protects you from these liabilities so that you can actually enjoy having people over without worrying that it will later result in a huge liability.

Bed Bugs and Mold

It is a good idea to read your home insurance policy and see what types of incidents are considered insurable and actually offer recompense. In most policies, bed bugs, termites, mold and other home invaders are not considered insurable incidents, so you must pay out of pocket for their removal.

As an Independent Agency we have access to many companies and products. Through this vast market we are able to offer you the professional protection you need and deserve. Call us today to get a free Baton Rouge home insurance quote at (225) 490-5678.

Defend Yourself against Automobile Break-ins

Having coverage to provide assistance once your vehicle is taken is wonderful, but do you realize what is even more comforting? Not having your vehicle stolen. Not only can a claim for a hijacked auto likely increase your auto insurance rates, it is time intensive and annoying. So rather than leaving it to blind luck, lessen your liability by using some of these auto theft prevention suggestions:

1. Buy an alarm for your vehicle: Alarms are effective devices to defend against auto theft. The ruckus they make draws attention to your vehicle when someone gets too close or tries to vandalize it. Even though auto alarms blend into our modern landscape, people still notice when they go off.
2. Secure automobile entry: It seems so simple, but locking your doors is a big defense against auto theft. The more time it takes for someone to break into your vehicle, the less probable it is they're actually going to steal it. Unlocked doors send an invitation to thieves you may regret.

Bear in mind, an ounce of prevention is worth a pound of cure and to steer clear of all the paperwork, phone calls, and claims that comes along with a automobile theft, this saying has never been more true. Read more about how to defend yourself against auto theft.

As an Independent Agency we have access to many companies and products. Through this vast market we are able to offer you the professional protection you need and deserve. Call us today to get a free Baton Rouge auto insurance quote at (225) 490-5678.

Baton Rouge Auto Insurance

Why do you need auto insurance?

It's really all about protecting yourself financially.

• If you're in an accident or your car is stolen, it costs money, often a lot of money, to fix or replace it.
• If you or any passengers are injured in an accident, medical costs can be extremely expensive.
• If you or your car is responsible for damage or injury to others, you may be sued for much more than you're worth.
• Not only is having insurance a prudent financial decision, many states require you to have at least some coverage.

Questions to ask your agent
Your Independent Agent is an advocate for finding auto insurance that meets your specific needs. Here are a few things to consider as you prepare for the discussion:

• How much can you afford to pay if you get in an accident? (To keep premiums low you may want to have a higher deductible and be willing to pay more for repairs.)
• What is the insurance company's level of service and ability to pay claims?
• What discounts are available? (Ask about good driver, multiple policy and student discounts.)
• What's the procedure for filing and settling a claim? (Ask who to call and what happens after you file a claim.)

History and Politics

The city of Baton Rouge was named nearly 300 years ago when on March 17, 1699, Pierre Le Moyne, Sieur d'Iberville, led an expedition along the Mississippi River.

The city's earliest written records are found in the diaries of these explorers which tell the tale of a pole stained with blood of fish and animals that served as the dividing line between the Bayougoula and Houmas Indians. It is from this "red stick" that Iberville christened our city "le Baton Rouge."

The Indian mounds on the campus of LSU were built 450 years before the construction of the great Egyptian pyramids.

Baton Rouge was named the state capital in 1846, and the Old State House was completed in 1850. Louisiana seceded from the Union in 1861, and in August 1862, Baton Rouge fell to the Union forces. The federal government of Louisiana was moved to New Orleans. It was 1882 before Baton Rouge again became the capital of the state.

Louisiana State University came to Baton Rouge in 1869. The campus was located downtown prior to its move in 1926 to its present location.

In 1927, Huey P. Long was elected governor and served from 1928-1932, when he became a United States Senator. One of the most famous "populist" politicians, Long provided "free textbooks" for public schools.

During Long's term, the skyscraper new State Capitol was erected. It cost $5 million and took only 14 months to complete. It stands nearly 450 feet tall with 34 stories. It was here that Long was assassinated in 1935. Long is buried on the grounds of the State Capitol.

Almost a century later, Baton Rouge is moving forward to become America's Next Great City.
(Photo and Source: VisitBatonRouge.com)

As an Independent Agency Bourg Insurance has access to many companies and products. Through this vast market they are able to offer you the professional protection you need and deserve. Call (225) 490-5678 today for a free Baton Rouge auto insurance quote.