Troy U Dev Site

Steps to Get General Liability Insurance

If you are a new operator in the oil industry, you will need to secure general liability insurance for your new venture. Here is a guide to the steps you need to take to get general liability oil field insurance in NM.

General Application

When first applying for insurance, you will be asked to complete a general company and management application. The application will ask questions about your company such as its start date, federal tax id number, and resumes or biographical information of the company’s management team. The insurer will place a high level of importance on the knowledge and experience of the management team, so it is important to include as much information about them as possible.

Well Schedule

A well schedule is basically a spreadsheet that includes current and projected work going on with oil well operations, and details production levels on an ongoing basis. It also records wells that have been drilled but are no longer producing. This gives both the company and the insurer a snapshot of company operations at any given time.

Master Service Agreement

The master service agreement is drawn up by the company and the insurer. It is used to show proof of insurance to contractors that will be operating at the company site. It also shows contractors and sub-contractors the insurance requirements to work on the company site.


Securing El Monte Manufacturers Insurance

Manufacturing companies here in El Monte provide products for a lot of industries both locally and across the US. Retailers and wholesale companies rely on you to get their merchandise to them on time. But your company may experience delays for any number of reasons, and when this is the case, you could suffer huge financial losses. You may also face the possibility of losing business from many of the major firms you supply.

A work stoppage can have a serious impact on your bottom line. El Monte Manufacturers Insurance will ensure that your company remains solvent during a business interruption due to equipment breakdown.

Anytime your operations are halted due to a mechanical issue you’ll have difficulty meeting deadlines, plus your “paid” employees won’t have a lot to do in the meantime but they still expect to receive a paycheck. The first issue is how will you be able to deliver your orders, and yet you’ll still have to meet the demands of your payroll.

Mechanical issues can plague a manufacturer

Equipment can break down for any number of reasons. It could be due to a lack of proper maintenance, or it could simply have defects that prevent it from performing its necessary functions. Most companies cannot afford to have backup equipment due to the cost. You may need to find an alternative way to fulfill your obligations, either contacting another manufacturer that can offer you their facilities or you may need rental equipment. This will increase your costs, so you could wind up losing money on the deal.

That’s where having El Monte Manufacturers Insurance can make a huge difference. Clients have deadlines to meet, and they may wind up canceling orders so you’ll likely suffer a loss of revenue, along with damage to your reputation. Having coverage for equipment breakdown is the solution to this issue.

In addition to a piece of equipment causing you headaches, you need to be aware of your exposure to the possibility of a faulty electrical system, which can only further add to your delays. Things like transformers can blow a fuse, making it difficult to get the job done on time. If you value your company and have concerns about an equipment failure you should get the protection you need. Manufacturers insurance that includes equipment breakdown coverage is a viable solution when you need to keep things up and running.


Use a Wholesale Broker to Purchase Your Workers’ Comp Coverage

If you’ve had difficulty locating and purchasing worker’s comp coverage for your small business, you’re not alone. Many small firms find navigating the insurance marketplace a challenge due to carriers become increasingly selective in the clients they will serve. Some family-owned businesses or those with less than 50 employees may have even more difficulties locating a carrier or face exorbitant rates.

However, wholesale workers’ compensation brokers can be indispensable in shopping for coverage. Brokers have the power to access wider markets, giving them more options from which to choose. This access permits them to quickly find carriers and policies ideal for small business owners, and even industry-specific plans. A broker can spare you the time and frustration of conducting these searches on your own. Additionally, brokers can also keep up with state-level regulatory changes much easier than you can, permitting you to focus more on conducting business and less on shopping.

More business have started using wholesale workers’ compensation brokers to obtain the types of coverage they need. However, it’s useful to think of your whole occupational safety picture instead of just focusing on insurance. In addition to catering to your insurance needs, a full-service firm may also be able to help you with safety programs and compliance with Occupational Safety and Health Administration regulations, as well as addressing fraud and abuse.

Small Businesses and Cyber Security Insurance in Carmel

We live in a society totally dependent on the Internet with many small businesses gathering personal and confidential information on a daily basis from their customers. The security of this information is vital, but the odds of a cyber breach can be quite high since hackers are constantly online trying to break through a company’s defenses. At risk is, not only client info, but also includes their own sensitive information regarding personnel, and there is a lot at stake should this data fall into the wrong hands.

Without the proper safeguards in place, businesses under attack are likely to suffer a data breach exposing a lot of sensitive information, disrupting operations, exposing them to reputational damage, and the costs to repair the damages. Without cyber security insurance in Carmel, they will probably suffer significantly, while opening the door to expensive lawsuits to defend against claims.

Cyber security an absolute must for small businesses

The majority of data breaches occurring today happen to many small and mid-sized businesses. Nearly 40% of all attacks are aimed at small businesses, primarily because these smaller firms lack the resources for cyber security. Over 70% of small business owners will admit that they lack confidence in cyber security measures being implemented. While this may be alarming, the fact is that as many as 65% of business owners have not purchased cyber insurance, even though they feel they may be at risk of a data breach.

Some small business owners believe that a data breach shouldn’t be considered a great concern. Many feel that the current protections that they have in place are sufficient, or that the information in their possession isn’t worthy of thieves. In reality, cyber criminals often see small businesses as prime targets. To most hackers, it’s very easy to find a way into these systems and steal data from their files.

If an employee happens to open an email containing a damaging virus, one that spreads itself to everyone on his or her contact list, this will require cyber security insurance in Carmel to help handle the fallout. Your clients deserve to be protected against such invasion of their personal information. As a business owner you need cyber security insurance because it’s the best protection that money can buy.


Time to Dust Off Your Insurance Policies

As you spruce up your home during spring cleaning, don’t forget to air out your insurance policies, too. It’s a good time to dust them off and consider whether you need to make any changes by contacting your Connecticut life insurance company.

What’s New?

The first thing to consider is how your life has changed since you last reviewed your policies. Here are some questions that can help you decide if you need to amend your coverage:

  • Family: Did you get married, have a child or send one to college? Review your life, home and health insurance.
  • Home: Did you move into a new house or apartment? Update your home or renter’s insurance. Did you move from the big city into a rural area or vice versa? Then your coverage needs have changed.
  • Car: Did you buy a new car, sell or donate one? Do you have one that’s not running and won’t be for a while? Consider dropping insurance on a car that’s up on blocks.
  • Possessions: Did you inherit or buy some jewelry or property? Consider insuring them.

Making Adjustments

Those are the big questions and you can see that some areas overlap. Once you start thinking about changes in your life, contact your Connecticut life insurance company, because it’s likely you need to make changes in your insurance, too.

Certain Exposures Require Commercial Property Insurance

As a commercial property owner, you need insurance that will aid you in paying to repair or replace buildings, structures and any other assets that are destroyed or damaged by events or issues covered by your policy. You’ll need this protection if, for example, a fire was to break out and destroy the building and all of the contents, or a storm causes damage to signage, fences and other structures. It could be a water pipe bursting, or high winds or torrential rains, any of which could cause structural damage rendering the building uninhabitable.


A commercial property insurance policy is designed to protect your company from many property and liability exposures, including risks that are commonly excluded from standard policies. As a business owner you need to make sure that the company is properly insured.

You have a lot at stake and not being insured is literally “playing with fire.”


You need coverage for environmental concerns as well


This is an area that is particularly important because, as the property owner, you could be held liable for any number of environmental risks, including mold, lead, asbestos, and other indoor air quality exposures that can cause ailments to those that occupy the building. Having improper or inadequate storage and/or disposal of waste materials can present serious liability issues.


It’s important to consider all of the different types of risks you face based on the region where you have your operations. Different regions are subject to different risks. Companies operating in the state of Florida have major storms that often create quite a large amount of damage and this can result in extended periods of business interruption.


Speak to an agent about the types of commercial property insurance policies available and exposures you will likely want to insure against. Policy terms and premiums vary depending on what kind of business you are in as well as where you are located. Coverage is available to business owners who own, rent or lease the property they operate their business in. No matter what sort of business you are running, or where you are located, there are appropriate commercial property buildings insurance policies suitable for your needs.


Cyber Liability Available From OC Insurance Brokers

Millions of companies employ people that spend countless hours on computers, uploading information pertinent to the business, including personal and confidential information about clients, customers, and co-workers. The ability to communicate and interact instantaneously on a global scale enables businesses to reach their customers directly, which can be a valuable asset to businesses.


However, this creates a certain amount of risk as this information has value to criminals involved in cyber theft and cyber attacks. As businesses navigate this shifting online risk landscape, they face a range of evolving liabilities including privacy, security, and intellectual property liabilities. Cyber insurance through an OC insurance company can help to mitigate these concerns.


Dealing with losses due to cyber attacks


Businesses are now commonly faced with liability issues stemming from their responsibility to consumers to inform them of, and remedy a breach, and also, in the case of a public company, the fiduciary responsibility to shareholders to disclose a cyber incident when it occurs.
News reports of major corporations being victims of cyber theft and security breaches, demonstrates how easy it is to target businesses. These attacks compromise everything, from personal information to private and public businesses records. Cyber liability insurance is designed to provide protection against unauthorized access to company files and records, attacks waged on a company’s firewall or network security, destruction of data or corruption stemming from a virus, and threats of cyber extortion. Insurance also helps with loss of income resulting from cyber attacks.
Amid the number of high profile data breaches, businesses of all sizes need to step up their efforts to help thwart these activities with increased cyber security. In order to maintain public trust, companies need to demonstrate that the information provided by customers and clients is being properly safeguarded online.

Despite the fact that cyber risks and cyber security are widely acknowledged to be a serious threat, there are still many companies today that do not have a cyber liability insurance policy in place. Insurance has a key role to play as companies look to better manage and reduce their potential financial losses from cyber risks moving forward and an oc insurance policy for cyber threats is the place to start.