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Hedging Against Increasing Business Insurance Rates

2017 November 17 by

Across many sectors of business insurance, companies saw rates rise this year. Premium renewal rates in some areas of commercial auto insurance, for example, raise three percent for the third quarter. Rates are up across the board for various reasons including increased claims and economic factors. For many companies, this is a hard situation to manage.

The fact is, when you are a small to medium-sized business, you need to be able to have affordable insurance to meet each one of your risks. What can you do to reduce rates even as they seem to keep climbing?


Tips for Reducing Business Insurance Cost


First, never choose a reduced level of coverage to drop your premium costs. This is true no matter if you need small business liability insurance or high-end E and O insurance. Rather consider a few methods to reducing your costs otherwise.

  • Recognize your true risk. Work with your insurance agent to determine where your specific areas of risk are. Focus on these areas. Don’t pay for insurance that doesn’t fit your company’s needs.Business Insurance Key To Asset Protection
  • Compare quotes across multiple providers. Even when it comes to commercial insurance, it is still possible to find significantly lower insurance rates from one insurer to the next. A well-qualified agent can help you to navigate each one of your options.
  • Learn where your claims are and find ways to reduce the likelihood that you will have to file claims again. In other words, put in place programs to minimize safety concerns leading to workers compensation claims. Be sure you are operating a safe facility for your customers.


Taking these steps empowers you, as the business owner, to reduce your risks and improve your overall coverage. It is likely that small business liability insurance will rise from year-to-year, but competitors are out there to help you get a lower rate. There is absolutely no downside to switching from carrier to carrier if rates are substantially better. Discuss your specific needs with our agents to determine what you can do to see lower premiums going forward. Call us at 714-258-2800 or 888-725-7776

When Do You Need a Personal Umbrella Policy?

2017 November 9 by

Why Do I Need an Umbrella Policy? 


It’s a comment many insurance agents receive. Tell me, why do I need an umbrella policy? Many individuals don’t recognize the need for this form of additional coverage and that can be a very significant concern. Umbrella insurance works just as its name sounds – it provides an umbrella, a far-reaching level of coverage, for many liability risks that individuals have. It expands most general liability insurance plans further, giving you more peace of mind.


When Do You Need a Personal Umbrella Policy?


A personal umbrella insurance policy gives you more coverage and better peace of mind. But, take a look at when it provides you the additional support you need.

  • Even with the best auto insurance companies providing you with a liability plan, it do you understand your insurance coverageswill have a limit. That is, most liability insurance plans for homes or autos will have a cap on how much coverage it pays out. Unfortunately, the trend is for auto claims from others to be significantly higher than this limit. You could lose your home without enough coverage.
  • It’s inexpensive. Here’s something many people don’t recognize. The investment in this higher end, comprehensive level of coverage is actually quite affordable. It may not make sense to go without it even if you have never filed a claim before.
  • You may need it as your risks increase over your lifetime. Once you have more drivers in the home, for example, you may need to have an enhanced policy to reduce your costs.

It’s also important to know that not everyone needs it. When you work with Peter Green insurance agents you can count on that agent to provide you with the coverage you need – not more than you do. Do you need umbrella insurance, and if so, how much is right for you? Adding a policy for $1, $2, or even $5 million may help reduce some of the risks you face at home and give your family the financial support it needs when a claim occurs. Contact us today at 714-258-2800 or 888-725-7776 for a free quote and no obligation consultation.



The Growing Importance of Cyber Crime Insurance Coverage

2017 November 3 by

Cyber security used to be nothing more than an anti-virus program on a computer. Today, it is far more and presents a much more significant risk to both individuals and business owners. Cyber cGrowing Importance of Cyber Crime Insurance Coverage rime insurance aims to hedge against these risks by providing companies with financial protection from negligent claims of identity theft or other high-level risks. It is one of the newest forms of insurance that even small business owners need to purchase.

Some estimates are very worrisome. IBM says that as many as 75 percent of all companies have experienced some level of data or cyber theft and 83 percent of consumer social security numbers have been hacked at one time or another. Most recently,

What Does Cyber Insurance Cover?


Cyber liability insurance provides financial protection for a business owner when a data breach or another type of cyber crime occurs and expenses individuals or other businesses to risks. It can provide coverage for:

  • Legal defense in cases of cyber crime
  • The cost of notifying customers about the incident
  • Coverage for recovering any data compromised
  • Costs associated with protecting affected customers, such as paying for identity protection or credit California Cyber Website Crimemonitoring
  • Repairing damaged computer systems
  • Aiding with brand reputation loss

Even the largest companies with high-end security systems in place can fall victim to this type of threat. Recently, credit monitoring company Equifax suffered one of the largest data breaches in history when the personal information of 143 million American consumers was accessed. If it can happen to a large company like this which is putting millions into security, it can happen to any business.

The good news is cyber crime insurance is available, and it can provide significant financial protection for most business owners. The key here is to ensure you have coverage, you have the right type and amount of it, and that you’ve put in place measures to safeguard your customer and employee data from these types of risks. Work closely with our business insurance agents to improve the level of security present in your business. Call 714-258-2800 or 888-725-7776 and start your protecting your business against cyber crime.


Why Increasing Professional Liability Insurance Coverage Has Become So Valuable

2017 October 26 by

Small to medium-sized companies remain at a high risk for liability claims. Unfortunately, no matter what steps you take, you may find yourself simply unable to avoid all accidents and all liability claims. That’s why professional liability insurance is so valuable. It works to extend your insurance protection further, giving you far more coverage and peace of mind.

Should you Increase Your Business Liability Insurance?


Putting your industry aside for a moment, consider the type and amount of commercial liability insurance you have. Is it enough? In most cases, general liability insurance is not enough for most companies. It professional libility insuranceprovides for some level of financial protection from customer and visitor accidents or product failures. However, it only can provide a basic layer of coverage.

A single lawsuit, on the other hand, can amount to millions of dollars in loss. Small business liability insurance needs to go further than general liability insurance can offer. That’s why extending your coverage with professional liability insurance (or a more comprehensive commercial liability plan) can give you support. If you operate in a professional capacity, which means you provide advice and guidance to others or provide a professional level of service, you need to extend your protection.

Profession’s That Need Professional Liability Insurance*

  • Technology Insurance
    IT Consulting; Development-Website, Software; Designers-Project, Systems; Support-Security, Hardware/Software Install, Medical Devices.
  • Consulting Insurance
    Business, Management, Education, Life Coaches, Event Planners, Marketing, Research, Public Relations, and Labs.
  • Real Estate Insurance
    Agent, Broker, Property Management, Auctioneer’s, Consultants, Project Managers, and Appraisers.
  • Creative Insurance
    Graphics, Photography, Design, Advertising, Branding, Authors, Producers, and Promoters.
  • Profession’s
    Architects, Engineers, Lawyers, Tax Preparers, Interior Design, Inspectors, Transportation, Instructors, and Financial, Agents.
    *Partial List

Here’s the Good News

Most of the time, you can extend your coverage significantly without having to worry about the cost. Further coverage to $1 million or even higher to $5 million can help you avoid a significant claim. Depending on your industry, you’ll need to carefully consider the level of risk you are exposed to. Specifically, you need an agent that can give you solid advice.

When you work with our California business insurance agents, we’ll answer each one of your questions. We’ll gather information about your business, your risks, and your claim history. Then, we can give you the very best price possible on the level and amount of coverage you need specifically. Don’t put your business on the line. Let us help you avoid this risk.



Updating Your Business Insurance For The Upcoming Year

2017 October 20 by

Now is an excellent time to start thinking about updating your business insurance for the upcoming year. Many companies need to focus specifically on workers compensation coverage. Some businesses are facing a near 100 percent modification on their premiums from one year to the next. Your company cannot afford to overpay. There’s no need to. Instead of choosing the same organization, it may be time to take a closer look at those agencies that can better represent your needs.

Why a Specialized Business Insurance Agent Matters

A key way to save money on workers compensation insurance – as well as all other forms such as general liability business insurance and even E and O insurance – is to choose a company that specializesupdating your business insurance for the upcoming year in these business insurance programs.

What does this mean?

Some agents specialize in a specific form of coverage. This may indicate they have more specialized policies and insurer options to offer to you. An agent that specializes in workers compensation insurance understands the industry well and knows where to find a policy that’s best fitting to your industry. The benefit here is that the carrier this agent can offer to you is one that wants your business. They understand it, specialize in it, and offer comprehensive plans that meet your unique needs.

All of this translates into savings for your organization. The agent you work with should have plenty of choices for you to select from when buying any type of commercial insurance. And, when you align your company with the right insurance company, it creates a direct benefit and cost savings for your business. This isn’t a small amount. In many cases, the savings can create a measurable improvement to your company’s bottom line. If you haven’t yet, turn to Peter Green Insurance. We are committed to helping you achieve this goal.