What To Do When You Get an E&O Claim

Errors and Omissions claims can be messy and complicated. This is why you need to make sure that your carrier is experienced and reputable. K. L. Owens and Associates LLC has long standing relationships with Insurance Companies and the Underwriting Syndicates at Lloyds of London that allow us to pride our clients with the very best insurance products. We have handled Errors and Omissions in numerous situations and we are always there to see our clients through. But, to make the process as easy and stress free as possible, read our tips on what to do when your business gets hit with an Errors and Omissions claim.

The first thing to recognize about Errors and Omissions claims is that just because your agency is being accused of wrong-doing, does not mean that your agency actually did anything wrong. After you recognize that fact, remember these dos and don’ts:

Errors and Omissions ClaimsDO:
  • Promptly report the claim. Whether you are sure that the situation constitutes a claim or not, report it to your E&O agency. They can help you make the determination.
  • Stay calm. Remember that just because someone is trying to file a claim against you does not automatically mean that you did something wrong.
DON’T:
  • Alter or make any changes to the records involving the claim.
  • Allow any copying or removal of your records without first consulting with your E&O carrier
  • Discuss the matter with anyone other than your E&O carrier. This is confidential information.
  • Make any admission of liability.
  • Make any payments without advice from your E&O carrier. If a good will payment is made, it could be seen as an admission of liability.

Your Errors and Omissions coverage is essential in protecting your business. Make sure you have a carrier that is experienced and knowledgeable so that your claims will be handled correctly and efficiently. If you need Errors and Omissions coverage for your Georgia business, call us at K. L Owens and Associates LLC. We will get you the coverage you need at a price that fits your budget.

Rinks are Risky Business

Skating rinks and family fun centers are risky business. Families love to come have fun skating around your roller skating or ice skating rink until the inevitable happens: someone falls and breaks an arm, twists an ankle, or hits their head. Then, they are looking to you, the rink owner/operator, to cover the damages, holding you and your rink liable. It is in these instances that you need the best liability insurance there is available. K. L. Owens and Associates LLC is there for you when you need us to help you through an insurance claim against your roller skating rink. 

Ice Skating InsuranceWhy The Right Insurance is Essential

In your skating rink or family fun center, there is a wide range of exposures. From falling on the rink, falling while moving around your building on skates, risks involved if you have a cafe, laser tag arena, arcade, and much more, your exposure expands as your list of offerings grows. Without the right insurance coverage, you could be left handling the bill for any damages or awards paid to an injured customer. At that point, many rinks would have to shut their doors, unable to handle the large sum.

Our Skating Rink Insurance Options

K. L. Owens and Associates LLC have been writing Property and Liability Insurance for skating rinks – both roller skating and ice skating – and family fun centers for over 15 years. We understand the unique needs that you have as a rink owner or operator and we will work closely with you to make sure you have all the coverage that you need. If your rink has expanded to a family fun center that includes a climbing wall, laser tag, go-carts, arcade, or other attraction, we can help you too! We even offer wind and hail insurance coverage for those located in coastal areas.

To learn more about what we offer and speak to us directly, give us a call. We look forward to making sure all of your exposures are covered and that you will be protected in the event of a claim.

Img via Flickr. 

3 Things To Consider Before Your Next Commercial Vehicle Insurance Renewal

The renewal date for your commercial vehicle insurance policy is coming up. Before you sign the dotted line, K. L. Owens and Associates LLC has three things that you should consider that could save you big bucks and save you from potential liabilities.

Commercial Car Insurance1. Is Everyone Covered?

You policy should list everyone who regularly drives your company vehicles, but sometimes your other employees may drive them too. Before you sign on for another year of coverage, make sure that temporary drivers are covered on your policy. Ask if temporary drivers are covered as long as they have permission to use the vehicle. If not, make sure  you add the names of all of your potential drivers to your policy.

2. What Coverage Should You Have in the Off-Season?

Does your business slow down according to the seasons? If there is a season of the year that your vehicles stay parked more than they are out on the road, consider dropping your coverage to Comprehensive-only. But, before you make this decision, check with the insurance laws in your state.

3. Are Employee Personal Vehicles Covered if They Have an Accident While On a Business Errand?

If your employees are regularly using their personal vehicles to conduct business errands, check your policy to see if they will be covered in the event of an accident. Often, standard Commercial Auto Policies do not provide this kind of coverage, but your insurance agent can walk you through your options.

Renewal time on your Commercial Automotive insurance policies means more than just signing the same paperwork. Renewal time gives you a chance to renew all of your policies with your insurance agent to be sure that you are getting the best coverage for the best rates. Call us at K. L. Owens and Associates LLC to be sure that all of your exposures are covered!

Commercial Insurance 101

We offer a wide variety of insurance coverage for your personal assets and business. Included in these offerings is commercial insurance. But, do you know what commercial insurance is? How do you know if you need it? Today, K. L. Owens and Associates LLC is going to answer those questions for you.

Commercial InsuranceWhat is Commercial Insurance?

Commercial insurance is an umbrella term that covers many types of insurance for your business. These include general liability, umbrella liability, vehicle insurance, Workers Compensation, and more. General liability protects your business against unforeseeable events. This could include an accident at your location that leads to a customer injury and includes coverage if your product or merchandise made a customer sick. Umbrella liability adds an extra layer of coverage and could be very important if your claims exceed the limit of your general liability insurance policy. If your business has its own fleet of vehicles, they will need their own insurance policy too. The coverage will vary depending on how the vehicle is used relative to your business whether you are delivering goods to your customers with your vehicles, or if your vehicles are transporting your customers. Workers Compensation Insurance is required of business owners in order to protect their employees in the case of an on-the-job injury.

Do You Need Commercial Insurance?

If you own a small business, or a business of any type, you know the risk involved. To protect yourself and your assets from potential damages and loss it is important to hold the appropriate insurance policies. Understanding exactly what you need and what you should pay for your coverage can be complicated, but here at K. L. Owens and Associates LLC, our experience and knowledge will help guide you through the process. We look forward to working with you to determine the plans you need to provide sufficient coverage while staying within your budget.

New Members of the NAPW

Our founder, K. L. Owens herself, has recently became a member of the National Association of Professional Women! She is looking forward to all of the great connections that she is going to make through NAPW for K. L. Owens & Associates LLC. 

What is NAPW?bizpeepflag

The National Association of Professional Women is an exclusive network for professional women to interact, exchange ideas, educate, and empower. Joining the Association gives its members a wealth of resources, benefits, and services dedicated to enhancing their lives and promoting their business and careers.

K. L. Owens & Associates LLC and NAPW

Now that we are officially members of the NAPW, we look forward to travelling to their seminars, watching their webinars, and meeting more Professional Women through the organization. We hope that one day we will get an opportunity to speak to our peers in the Association about our experience in the business world, being a company that was started and owned primarily by a working, professional woman in the insurance industry.

We would be happy to provide small business, personal, or professional liability insurance coverage to our peers and their businesses associated through the organization. We hope to make many great connections and lasting friendships through our new membership in the organization!

Are you a member of the NAPW in the Georgia area? Leave a comment below and tell us what your favorite part of being involved in the Association is!

Workers Comp: GA Employer’s Best Practices When Reporting a Claim

Workers’ compensation laws vary across the United States. As an employer in your respective state, it is essential that you know and understand the laws of workers’ compensation in your area. Making sure that you do have the required coverage will save you from potential lawsuits and loss. While having your required coverage is essential, it is not the end of your workers compensation process. You should also know and understand the basic best practices that you must take when a claim is reported against your workers’ compensation insurance. To help our Georgia insurance clients, K. L. Owens & Associates LLC brings you the best practices for the prompt reporting of a workers’ compensation claim in the state of Georgia. Workers' Comp Injury

  • Centralize case management responsibility so everyone knows who, where, when, and why notification is necessary.
  • Make sure a workers’ compensation representative is available to help when the injured employee calls.
  • Provide a 24-hour toll free number to allow convenience of reporting claims and obtaining information.
  • Have supervisors and managers trained to report injuries immediately.
  • Complete form WC-1 within 24 hours of the accident.

Following these basic best practices guidelines will start off your involvement with your workers’ compensation claim on the fast and easy route to settlement. When you use these guidelines to help you through the claim process, it will facilitate timely delivery of benefits, timely investigation of the claim, early involvement of your insurance agency in the claim, better claim medical management, and it will reduce attorney involvement.

K. L. Owens & Associates LLC is your provider for workers’ compensation insurance. Give us a call today to get help on understanding the workers’ compensation requirements for your state!

 

A New Business is Born

K. L. Owens & Associates, LLC works with many types of businesses. From small, one man operations, to commercial contracts, we have the insurance coverage you need. Are you a newly established business, just getting started with securing your insurance policies? We would be happy to talk with you and walk through all of your exposures to make sure that you are appropriately insured.

Business Review

The first step in getting the right type and amount of insurance coverage is to complete a review of all of your business exposures. This would involve reviewing your business operations and understanding where you may find yourself liable for damages to either your employees or clients and insuring against that and other losses or accidents.

Business Insurance Review

During your review, we will also look into the specific insurance laws of your state or county and make sure that you meet all of your local requirements. At this point, if you have any other employees, a review of your payroll would determine your need for workers comp or a business services bond. We will also take into consideration your contractors cost – if you contract out any work – and determine your needs for bonds or insurance to cover you against their mistakes, accidents, or their potential to not finish a job as promised.

K. L. Owens & Associates, LLC provides insurance for many industries including construction, developers, home builders, printers, retail, technology, and much more. Whether you are just establishing your company, or if you are looking to lower your insurance costs and make sure that all of your exposures are protected, the team at K. L. Owens & Associates LLC will get you the insurance you need.

Does Your Personal Line Insurance Have an Umbrella?

If your personal coverage is under the same policy as your commercial insurance coverage, you should know exactly where each coverage begins and ends, and understand the gaps in between. As great as an insurance policy as you may have, there are often major gaps left that can lead to you being personally held responsible for liability and damages which could lead to a severe financial burden. To protect yourself against this risk, make sure that you add on a personal umbrella to your coverage with us at K. L. Owens & Associates LLC. 

What is a Personal Umbrella?Personal Umbrella Insurance Img

An umbrella policy protects the holder’s assets and future income in addition to his or her primary policies. Unlike excess insurance, umbrella policies are able to fill  in the gaps between underlying policies to make sure that the insured is covered on all of their exposures.

What do Personal Umbrellas Cover?

Personal umbrella policies  usually are purely liability coverage are typically sold in increments of $1 million that add on to your other insurance policies. For example, if you already hold an automotive liability policy with a limit of $200,000, with a $1 million umbrella, your limit becomes $1,200,000. Personal umbrella policies can also fill in the gaps of coverage that your other homeowners or automobile coverage don’t such as libel, slander, or invasion of privacy.

K. L. Owens & Associates recommends personal umbrella coverage for everyone. You never know when a devastating accident may occur and everything you own and all of your future income could be at risk. Protect yourself and all of your assets with the right policy.

 

 

Do I Need a Surety Bond?

K. L. Owens & Associates, LLC. provides all types of insurance for contractors and small businesses. If you are a contractor or provide a professional service, you may need to think about getting a surety bond. Surety bonds are a contract that guarantees that the provider of the service will complete their promised work, and provides coverage if the service provider causes damage or loss to a client.

When Would You Need a Surety Bond? Surety Bond Img

Whether or not you need a surety bond depends on the type of work you do. Typically, contractors, manufacturers, and suppliers hold surety bonds.

Types of Surety Bonds:

Contract: If you are a contractor, you may be required to hold a surety bond as part of your bidding process. This way, if you fail to complete your promised job, or you cause damages, the surety bond will pay your client to repair the damages or cover the cost of another contractor completing the job.

Business Services (Fidelity): These types of bonds cover you if you have employees working on client premises. For example, if one of your employees steals from your client, the bond would pay to have the stolen item replaced or reimbursed.

Fidelity Bond for Pension Plans: If your business has a defined benefit (pension) plan, you are required to hold a fidelity bond equal to at least 10% of the assets, up to $500,000 (of $1 million if the plan holds employer securities). These types of bonds protect against the dishonesty of those handing the pension plan.

For more information on surety bonds, check out the US Small Business Administration website. Or, simply give us a call at K. L. Owens & Associates, LLC. and we will help you decipher if and what type of surety bond you need to protect you and your clients.

 

Does Your E&O Policy Cover What You Need It To?

Errors and Omissions is an essential insurance policy. It keeps your business protected in the event of inadequate work or negligent actions. K. L. Owens & Associates urges you to know exactly what your E&O policy does and does not cover, so that you are not caught unawares when a claim comes in that is not covered.

Typical Errors and Omissions CoverageInsurance Definition

Errors and Omissions policies usually cover the actual business entity and the serving Officers, Directors, and Partners. Employees and former employees are also covered, but this is where consistency among E&O policies turns into a grey area.

Grey Areas of E&O

While current and former employees are covered, if your company uses leased or temporary workers, your policy may not cover them. And, while the policy will cover Officers, it may leave you liable for errors caused by stockholders. One of the most inconsistent areas in E&O coverage is concerning Independent Contractors. While some carriers cover them, others determine that the contractors be listed by name in the Who is an Insured section. If you are looking to switch E&O coverage, make sure that the Who is an Insured section is one that you scrutinize. When it comes time to deal with a loss, it is better to find out who is and isn’t insured before the issue arises.

K. L. Owens and Associates and ASAP provides all of the insurance your small business needs. Give us a call today and we would be happy to help write a plan that keeps you covered in all aspects of your business.