Should you buy a new car or used car? While buying a used vehicle will save you money in purchase price and help you avoid depreciation costs, it is important to do your research before you purchase one. To avoid purchasing a car with hidden problems, consider the following buying precautions:
Buying Used Vehicles
Excessive wear and tear in the interior, regardless of what the odometer says, is a clue that the car has seen some miles.
Damp, musty odors are indications of leaks in the windshield, weather stripping or heater core.
Cars that ride lower in the front as compared to the back indicate worn springs.
Vehicles that bounce when pushed on indicate worn shocks and struts.
Tires with worn outer edges from the front end represent the need for an alignment.
Clanking noises when the vehicle is in gear point towards a problem with the drive shaft universal joints.
Repainted body panels.
Motor oil that is not full indicates that the engine may be leaking or burning oil.
Knocking and ticking sounds that increase as the engine speed increases represent major problems and costly repairs.
Transmission fluid that is black or brown may indicate internal damage.
Banging, grinding or squeaking noises indicate a damaged or broken transmission mount.
Is the Mileage Right?
Do not be fooled by the mileage on the odometer! To see if the instruments have been tampered with, look for fingerprints or scratches inside the plastic covering. Mile numbers that don’t line up properly on the odometer offer another fraud clue. This may be a crude attempt at getting you to buy a vehicle that has far more miles (and problems) than what the low mileage would suggest. There are many factors when you buy a new or used car.
Avoid Buying Flood Damaged Cars
In the wake of major natural disasters like Hurricane Harvey and Hurricane Irma, the used car market is often inundated with flood-damaged cars and trucks, many of which are cleaned and transported to other parts of the country to be sold to unsuspecting consumers.
What To Look For:
The vehicle may look like it is in good condition from the
outside, but moisture inside can have devastating effects that can lead to
problems with:
Electronics, such as
engine controls or brake signals
Dashboard rotting
Airbags and safety
sensors
Interior upholstery,
carpeting and roof
To lessen your risk of buying a
flood-damaged vehicle, take these buying guidelines into account:
Check the title history of the vehicle.
Inspect the wiring system.
Inspect the interior and engine compartment for any evidence of water.
Be wary of a vehicle that was recently shampooed.
Look for water residue or stains from evaporated water under the floorboard carpet.
Look for rust on the inside of the vehicle and under the carpeting. Inspect the upholstery for fading.
Look out for musty smells in the inside of the vehicle and in the trunk.
Check for rust on screws in the console area where water would not normally reach.
Unlike the purchase of a new vehicle, most states’ lemon laws do not apply for purchases of used vehicles. In addition, many states do not require a grace period on used purchases as well. Therefore, you must thoroughly inspect a used car or truck before deciding to hand over your money and sign on the dotted line.
Should I Buy The Extended Warranty When I Buy My New or Used Car?
Consider the following before purchasing a vehicle service contract:
Is the contract easy to comprehend? Read the contract before purchasing and make sure that you fully understand the scope of the coverage.
Are the coverage terms and limits applicable to your situation?
Do the term and mileage restrictions coincide with how long you plan to own the vehicle?
Are you comfortable with the deductible?
Can you cancel the contract if you sell the vehicle or want to terminate it? If so, what penalties and refunds are applicable?
Which company is providing coverage? Consider providers that deal with reputable insurance companies who are licensed with an “Excellent” rating from A.M. Best Co. (rating agency for the insurance industry). Visit www.ambest.com for more information.
What is the process for receiving coverage benefits? Reputable companies will make the repair process simple for their consumers.
Are there restrictions on where repairs can take place?
How are claims paid?
Before making an extended warranty purchase, make sure you are
fully comfortable with the provider. They should be nationally recognized and
have demonstrated a firm commitment to their customers for many years.
Also, do not get duped by a low price. If it seems too low for the amount of coverage that you will be receiving, the contract is probably too good to be true!
What To Look For In A Safe Vehicle
Whether you want to buy a new or used car, safety is a big concern. Every new car must meet certain federal safety standards, but that doesn’t mean that all cars are equally safe. Many automakers offer safety features beyond the required federal minimums. Find out more about what safety features should be considered when you buy a new or used car.
Consider the following safety features:
Crashworthiness: These features reduce the risk of death or serious injury when a crash occurs. Crashworthiness ratings can be found at: www.iihs.org.
Vehicle structural design: A good structural design has a strong occupant compartment, known as the safety cage, as well as front and rear ends designed to buckle and bend in a crash to absorb the force of the crash.
Vehicle size and weight: The laws of physics dictate that larger and heavier cars are safer than lighter and smaller ones.
Anti-lock brakes:
Anti-lock brakes pump brakes automatically
many times a second to prevent lockup and allow you to keep control of the car.
Daytime running lights: These lights automatically turn on with your car. By
increasing the contrast between a vehicle and its backgrounds and making the
vehicles more visible to oncoming drivers, these lights can prevent daytime
accidents.
On-the-road
experience: Other design characteristics
can influence injury risk on the road. Some SUVs are prone to rolling over.
“High performance” cars typically have higher-than-average death
rates because drivers are tempted to use excessive speed.
Safety First
Belts, airbags and head restraints all work together with a vehicle’s structure to protect people in serious crashes. Lap/shoulder belts hold you in place, reducing the chance you’ll slam into something hard or get ejected from the crashing vehicle. If you aren’t belted, you’ll continue moving forward until something suddenly stops you – often a hard interior surface that will cause injuries. Consider the vehicle’s safety belt, airbag and head restraint features when shopping with safety in mind.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more. We understand when you buy a new or used car there are many insurance questions. Feel free to contact us 209-634-2929 when it comes to your auto insurance and costs.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive auto insurance quote!
Owning and operating a small business can be a fulfilling experience. Years of hard work, risk-taking and financial investments have allowed you to turn your dreams of opening a business of your own into a reality. However, many business owners don’t realize how many exposures they must address to keep their business operating smoothly.
Depending on the specific type of business you manage, there are a number of exposures to consider, including risks related to property and merchandise damage, general and product liability, crime and business continuity. The list below provides an overview of these retail industry risks and more—helping you identify potential blind spots in your risk management and small business insurance programs.
Protect All of Your Business Property
As a business owner, you’ve invested your own money into your building, signage, merchandise and equipment. Just one incident involving any of this property can significantly impact your business’s chances for survival. In fact,property exposures in retail operations can come from many sources, including natural disasters and extreme weather (e.g., lightning and torrential rain), customers, employees and vandalism.
Keep All of Your Business Equipment Maintained
Retail stores depend on functioning equipment to service their customers effectively. In the face of an equipment breakdown (e.g., a power outage occurs or your point of sale system goes down), retail operations can experience business interruptions or even prolonged closures. Specifically, a business owner’s computer, mechanical, electrical and HVAC systems all have the potential to break down, causing major disruptions that can impact your reputation and bottom line.
The Challenge of Crime
Crime can be a challenge for small business, especially as they are the target for a variety of different types of scams. Business owners can have product stolen or damaged by shoplifters. In addition, criminals can easily steal money through robberies, money fraud (e.g., using illegal methods to pay for goods), checkout fraud (e.g., swapping bar codes), refund fraud (e.g., returning a stolen item for cash or credit) and online scams.
Keep Your Business Safe From Falls and Injuries
Because of the high number of individuals entering and exiting your small business, property liability exposures are significant and, when injuries occur at your business, you could be held responsible. Accidents related to slips, trips, falls, equipment and unauthorized access to your building are common and major sources of concern. Something as simple as a wet floor or an uneven surface can lead to costly insurance claims following an incident.
Any time one of your employees is injured on the job, your business could be subjected to expensive workers’ compensation claims. Common sources of on-the-job accidents for retail operations include slips, trips, falls, musculoskeletal injuries caused by repetitive tasks, sprains and strains. Normal, everyday tasks related to stocking shelves, unloading product and climbing ladders can all lead to accidents and, in turn, increased costs for your business.
What You Sell Matters
Your customers expect you to have safe and reliable products, and failing to meet these expectations can lead to huge financial losses. If one of the products you sell harms a customer in any way, they can sue your business, leading to costly legal fees and settlements. These costs can easily reach six figures, making product liability a major concern for retail owners. While you may do everything in your power to ensure your products (e.g., goods, medicines and foods) are safe, mishaps can still occur without warning.
Keep Your Business Open
Continuity is critical in business, and there are few things more important than continuous revenue and cash flow, particularly for small to medium-sized organizations. In fact, just one brief business interruption can be incredibly costly for a retail store, often leading to serious reputational damages or long-term closures. Common interruptions for retail operations can include natural disasters, fires, product recalls, cyber events, staff shortages and supplier issues.
Cyber Crime is Hard on Small Business
Retail operations are a common target for cyber criminals, as these businesses often process a high volume of credit and debit card information. In addition, employees who are improperly trained on computer and data safety could put your organization at risk to ransomware, viruses, phishing scams and malware.
Depending on the services your store offers, employees may be required to operate a vehicle on behalf of your business, creating automobile exposures in the process. While important for daily operations, the improper use of a vehicle can lead to potential accidents and major insurance claims.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive small business insurance quote!
On Jan. 25, 2019, the Occupational Safety and Health
Administration (OSHA) issued a final
rule formalizing changes to its electronic reporting requirements.
Previously, establishments with 250 or more employees were going to be required
to electronically submit data from their OSHA Forms 300 and 301 every year, in
addition to data from Form 300A.
These requirements were originally part of OSHA’s 2016 final rule on electronic reporting but have never been enforced. OSHA first announced its intent to remove them in May 2018 and, in the meantime, has accepted electronic data from Form 300A only. The new final rule confirms that OSHA will not require electronic data from Forms 300 and 301 in the future.
OSHA Electronic Reporting Due By March 2
Each year, employers that are subject to the Occupational Safety
and Health Administration’s (OSHA) electronic
reporting requirements must submit data from their OSHA
Form 300A (“Summary of Work-Related Injuries and Illnesses”) from the
previous calendar year, using OSHA’s Injury Tracking Application
(ITA). For 2018 information, OSHA started accepting electronic submissions as
of Jan. 2, 2019.
Employers have until March 2, 2019, to complete their 2018 electronic reports. These requirements apply to:
Covered establishments in a high-risk industry with 20-249 employees; and
Covered establishments with 250 or more employees.
This is the first year that electronic reports are due on March 2.
2017 data was due by July 1, 2018, because OSHA’s 2016 final rule phased-in its deadlines until 2019.
Electronic reports will continue to be due on March 2 for future years.
OSHA is not accepting electronic data from Forms 300 and 301.
ACTION STEPS
Employers subject to OSHA electronic reporting should begin entering data from their 2018 OSHA Forms 300A into OSHA’s ITA and ensure that all of the information is correctly entered and submitted by March 2, 2019.
OSHA Electronic Reporting
On May 12, 2016, OSHA issued a final rule that requires
certain establishments to electronically submit information about work-related
injuries, illnesses and incidents through the agency’s ITA website every year.
The electronic reporting requirements apply to:
Establishments
that have between 20 and 249 employees and belong to a high-risk
industry.
The electronic reporting rule also applies to establishments
that receive a specific request from OSHA to create, maintain and submit electronic
records, even if they would otherwise be exempt from OSHA recordkeeping
requirements.
Under the 2016 rule, all
covered establishments must electronically submit information from their
OSHA Forms 300A every year. The rule
also required covered establishments with 250 or more employees to electronically
submit information from their OSHA Forms 300 and 301. Due to concerns about
employee privacy, however, OSHA delayed its enforcement of the electronic
reporting requirements for these two forms. In July 2018, the agency proposed
removing them from the final rule altogether and announced that it would not
enforce the final rule’s deadlines for Forms 300 and 301 without further
notice.
New Final OSHA Electronic Reporting Rule
OSHA’s new final rule, issued on Jan. 25, 2019, makes it
official – OSHA will not require electronic submission of information from Forms 300 and 301. The change affects establishments with 250 or more employees
only, since these were the only employers that would have been required to
provide information from those forms under the 2016 final rule. However, these
establishments, along with all other establishments subject to the electronic
reporting rule, must still
electronically submit 2018 information from Form 300A using OSHA’s ITA website.
In addition, all establishments subject to OSHA’s routine
recordkeeping requirements must still
record and keep information on Forms 300 and 301. The routine recordkeeping
requirements apply to employers that are not in a partially
exempt industry and have more than 10 employees.
Finally, OSHA’s new final rule also amended the 2016 electronic reporting rule to require covered employers to submit their Employer Identification Number (EIN) electronically along with their injury and illness data submission. According to OSHA, this new requirement will facilitate the agency’s use of the electronically submitted data, and may help reduce duplicative employer reporting.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive business insurance quote!
In wake of the #MeToo movement, awareness of sexual harassment has increased, but not necessarily at small businesses. Unlike their larger counterparts, small business and sexual harassment claims have increased because they’re less likely to have formal workplace policies in place.
According to the CNBC/SurveyMonkey Small Business Survey of more than 2,000 small business owners, only half of businesses with 5-49 employees had formal sexual harassment policies in place. That number decreased to 39 percent at businesses with less than five employees. That’s a stark contrast to businesses with 50 or more employees, as 85 percent said they had formal sexual harassment policies in place.
Eleven percent of the businesses surveyed said they issued company wide reminders of their sexual harassment policies and reporting procedures as a result of the #MeToo movement and other high-profile sexual harassment accusations. Nine percent said they’ve reviewed policies regarding diversity and gender equality. Seven percent have required new or additional training, and 4 percent have issued new reporting procedures. However, 61 percent of all businesses surveyed did not take any of the above precautions.
Role of HR in Small Business and Sexual Harassment Claims
Complicating matters for small businesses is that two-thirds of those surveyed lacked an official human resources professional, meaning that the business owner was responsible for handling any harassment claims. Only 3 percent said it was the job of human resources personnel to handle harassment issues and 10 percent said they had no specified way to handle harassment at all. Without a designated, unbiased person to speak to about harassment, employees may be afraid to report it for fear of retaliation.
Harassment can take many shapes. Understanding the different situations that qualify as harassment and explicitly spelling them out in your HR policies can help your employees feel safer since they’ll have a clear way to report things.
What You Should Look For That Could Indicate Sexual Harassment
There are a few signs that your small business should look for that could indicate sexual harassment:
An employee touches another employee: An employee, especially a person in a management position, touches and massages another employee’s arms and shoulders. Without having a sexual harassment policy in place, this business could be liable for sexual harassment
Women quit more frequently than men: This could indicate that there is a culture of fear. If you lose women employees as they move up the ranks, you may want to investigate. Track turnover patterns and see if you notice any trends.
Fire a pregnant employee: Pregnancy can become a mark of discrimination for women. The best solution is not to put your small business in a situation where an illness or pregnancy could wreck short term issues on the business side. Outsourcing maybe be needed or additional staff to help cover your business. Make sure you plan ahead to protect your small business.
Protect Your Small Business From Sexual Harassment Claims
A lack of a formal employee handbook with policies and procedures for handling sexual harassment in the workplace doesn’t mean that a business owner is exempt from liability. Although federal law exempts small businesses with less than 15 employees from the requirement to have a sexual harassment policy, it’s in their best interest to establish one.
Other than the fact that state laws may have smaller thresholds for requiring a formal policy, the financial and reputational costs are too high to risk running a business without one.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more. We offer the state of California Mandatory Sexual Harassment training at no cost for our clients.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive small business insurance quote!
Understanding California Commercial Property Coinsurance
Coinsurance is one of the most complicated and misunderstood terms in insurance. This concept is commonly included in a number of different policies, including property, health and directors and officers. However, coinsurance works differently for each type of coverage, and businesses that don’t understand how it applies to property insurance may find their claims lowered unexpectedly.
Coinsurance is a common aspect of many commercial property insurance policies. These clauses are essentially penalties that carriers use as an incentive for policyholders to purchase coverage close to the full value of their properties. And, if businesses don’t get an accurate estimate of their property’s value or purchase enough coverage, they may not have enough funds to pay for damage after any type claim.
Why Penalize Policyholders?
You can think of
coinsurance as a type of smaller insurance coverage that’s included in your policy,
but carriers are the ones that are protected.
During the
underwriting process, insurance carriers use a property’s value to determine
your policy’s details, such as premiums, limits and the deductible. As a result,
inaccurate property values can change how much funding carriers have after a
loss, putting them at financial risk. Essentially, the penalties from
coinsurance transfer some of this risk back onto policyholders.
Insurance
carriers also want to discourage businesses from buying smaller amounts of
coverage. Property insurance is generally intended to cover extreme losses,
including those that cost up to the full value of a property. However, most
losses are relatively minor when compared to the total destruction of a
building. For example, a small fire at your business may require high clean up
and repair costs, but not nearly as much as the complete collapse of the entire
structure.
It may be
tempting to save on premiums by only purchasing coverage for these smaller
claims, but this puts your business at significant risk. In the event of a
total loss, your policy wouldn’t provide you with the funds you need to rebuild
your business. Additionally, the gap between your policy’s limits and your
property’s value affects the amount you get for every claim you make.
Calculating Penalties
Coinsurance
clauses are included in many property insurance policies that offer
reimbursement based on a replacement cost (the funds needed to reconstruct or
repair a building with similar materials) or actual cash value (the replacement
cost, minus any depreciation). These clauses specify a minimum amount of
coverage—usually 80 percent of a property’s value. If you submit a claim and an
inspection finds that the amount of coverage doesn’t meet the minimum limit,
insurers will reduce the claims paid.
It’s
important to note that insurance carriers base your property’s value on the
appraisal that takes place after a claim
and not any figures you provide during the underwriting process. Any estimates
of your property’s value may be inaccurate or change over time, and insurance
carriers need to use a figure that’s based on the time of a loss and your
unique policy.
A coinsurance
penalty will reduce the final payout for all property claims based on the gap
between the amount of coverage purchased and the minimum limit that’s stated in
the policy. Here are some examples that show how coinsurance can affect your
property insurance claims:
Example 1: No Coinsurance
Penalty
After
conducting an appraisal, a business purchases a commercial property policy that
provides $900,000 in coverage. The policy also includes a coinsurance clause
that requires coverage for at least 80 percent of the property’s value. After a
fire causes $200,000 in damage, an inspection by the insurer finds that the
property’s value is actually $1 million. However, because the policy’s limit
($900,000) is over the 80 percent minimum of the property value (in this case,
$800,000), the insurer pays the full $200,000 for the claim.
Example 2: Coinsurance Lowers
the Payout
The
business mentioned in the previous example purchases a property policy with the
same coinsurance clause. However, this time they don’t conduct an appraisal and
only obtain $600,000 in coverage. Because the policy doesn’t meet the required
$800,000, the insurer will lower all payouts by the percentage between the
amount of coverage and the coinsurance clause. In this example, the 25 percent
gap between the $600,000 of available coverage and $800,000 required by the
policy would lower the $200,000 fire damage claim to $150,000.
Removing Coinsurance Clauses
Because
coinsurance can only hurt policyholders, many businesses try to remove them
when negotiating with carriers. There are two common ways to do this:
Agreed value—During the underwriting process, you and an insurer
can negotiate on a set value for your property. This figure is then used during
the claims process instead of a new value that’s determined after a loss.
However, the agreed value only applies to the policy’s term, and you need to
update this figure when renewing a policy.
Value reporting—You can report figures such a property’s
inventories, sales figures and operating costs to your insurer on a regular
basis. These reports will give the insurer information on the property’s value,
and are especially useful for businesses that operate seasonally.
Getting Claims Paid in Full
Coinsurance penalties can greatly limit your ability to respond to a loss, especially if an inspection finds that your property’s value is higher than you thought. Call 209-634-2929 today to ensure that your property insurance will protect you from any loss.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive Business Property insurance quote!
California Retail Business Risk Management Program
Whether it’s computing injury claims costs or “inventory shrink” due to employee theft, the cost of both pure and speculative risk affects the price of your wholesale or retail business risk management program. That’s why GDI Insurance Agency, Inc. takes a total cost of risk approach by tailoring your retail business risk management program to look to the end game – your price. To reach that goal, we help you:
Analyze your
exposures
Implement control
measures to those exposures
Determine risk transfer
or financing options
Manage current and
future exposures
Identifying Exposures for Your Retail Business Risk Management
As part of our retail business risk management interview process, we look to confirm that your risk management approach supports your overall business objectives. As a retail business owner, what keeps you up at night? If that concern happened, how would your income or cash flow be affected if there were unforeseen depletions of capital or a shutdown in production or supply? Discussing the qualitative aspects of your business provides the important details needed to solidify the game plan to your end game—price. Exposures are both qualitative and quantitative. Analyses into both offer the foundation for developing forward-thinking approaches to those exposures.
What is your viewpoint on risk?
Is your retail business risk-averse?
Is it in a financial position to take on more risk versus transferring that risk to another party or contractually to a carrier?
To help determine your risk aversion, it helps to assess your company history. For example, if you are a start-up company, cash flow and funds are typically tight, so you are more likely to be adverse to risk to protect the financial viability of your start-up organization. Conversely, if your company has a 20-plus year history, there are also risks, including becoming obsolete, stagnant or too conservative with your business plan.
Additionally, we
consider your industry, market position and competition in positioning your
risk management solution to the changing needs of your business.
Quantitative analysis supports the qualitative interview. We look at the “hard numbers” and prior losses to identify trends in your performance. We also analyze top loss drivers to illuminate areas of concern, such as:
Average incurred
costs per loss
Total incurred trends
Locations with high
frequency issues
Fraud behaviors
Reporting lag time
Frequency vs.
severity ratios
OSHA recordable
incidents
The results of
our in-depth analysis will reveal opportunities to approach the critical areas
driving your total cost of risk. We will isolate the root causes of these
problematic areas and look to implement control measures to mitigate this
exposure.
Implementing Control Measures for Your Retail Business
Identifying
exposures directs us to focus our resources on delivering the best control
measures. An estimated 75 percent of commercial insurance expenses are
claims-driven. We look to control and reduce this percentage through pre- and
post-loss control measures.
A comprehensive loss control evaluation uncovers your strengths and weaknesses. One may have strong management leadership behind his or her initiatives but have no employee buy-in or participation. GDI Insurance Agency, Inc. has the solutions to establish a safety committee, delivering a comprehensive employee safety education campaign to address your exposures.
There are also
many post-loss or cost containment strategies. A proactive and effective return
to work program is one strategy that positively affects your bottom line:
offering a bank of modified duty jobs for employees and informing the doctor
there is modified work available are other examples of positive loss control
measures. Also, establish a relationship with a local occupational medicine
clinic. Interview the staff to learn about their services and tour their
facilities or invite the physicians into your business to get a first-hand look
and understanding of your operations. By providing them with the details of
your operations, they can accurately evaluate reported injuries to confirm if
they are work-related.
Fraudulent claim
behavior can drive the cost of risk out of control. Anti-fraud tactics include
educating employees on the effects of insurance fraud through payroll stuffers
and worksite posters, and offering safety incentives for solid performance.
An active loss control
program and post-loss procedures are elemental to cost containment. Our agency
offers comprehensive resources to employ the most appropriate strategies for
your business.
Risk Transfer/Financing for Your Retail Business
Once we have
identified exposures and created control measures, we can focus on the
remaining exposures to transfer and/or finance. You will want to address
questions such as:
How much risk can I
afford to assume in-house?
How can GDI
Insurance Agency, Inc. assist in contractually transferring that risk to a
third party?
What portion of the
exposures do I want to finance through an insurance policy?
Addressing these questions offers a direction as to how to approach the financing of your risk. Think about current cash flow needs. Are account receivables current? If there is a lag, how long is it, and are there resources to correct it?
Considerations
involve self-insured retentions if you have a mature loss control program and
the financial reserves to cover those shock losses that occur. Therefore, a combination
of insurance and non-insurance strategies should be considered.
Managing Your Retail Business Exposures
Roughly 25
percent of businesses that sustain a major catastrophe are no longer in
business within a year’s time. If there is an interruption in your warehousing
or retail operations, are you prepared?
We have the
resource for you to develop a comprehensive business continuity plan. This
involves backing up your policies and procedures. Through , we offer 24/7 Web
access to your critical risk management information, employee education
resources and tools to drive down your cost of regulatory compliance; all are
ID- and password-enabled for your protection.
Our Cost of Retail Business Risk Management Resources
To develop the most appropriate retail business risk management program for your organization, GDI Insurance Agency, Inc. approaches insurance through a variety of strategies, such as:
Identification
processes (qualitative and quantitative)
Loss analysis tools
to uncover exposures
implementation of
pre- or post-loss initiatives that Address cost containment
Business
continuation planning/disaster recovery
Risk financing
options, retained losses or transferred
Regulatory
compliance issues
We work with you to develop a strategic action plan, assist in the execution of the designed retail business risk management programs and are committed to the monitoring and support of these initiatives. If you are interested in reviewing your risk management strategies, contact GDI Insurance Agency, Inc. today at 209-634-2929 to speak with one of our insurance experts.
California’s Leader in Insurance and Risk Management
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive retail business insurance quote!
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