Archive | Insurance Coverage

Grow Something

Looking to start a new business?

Here’s what you need to get started.

Perhaps a hobby has planted a seed. You have knowledge and passion about something, and you can see a gap in the marketplace where your idea would fit in perfectly. You want to turn this into a business. 

Where do you start? Here’s a quick step-by-step guide.

1. Refine your idea. Do a quick search for existing companies in your industry of choice. Learn more following those that are doing well. How can you improve on their ideas? You’ll need to do it better or faster or a little differently that would attract consumers. This is the start of your business plan.

2. The business plan. Ask yourself the right questions? Who are you selling to? What is the intended result? Really look at your demographics and get as much insight as you can. The business plan is directional, and you can find templates on line that helps you start.

3. Money. Assessing finances is key. Every product or service has a price and you need to figure out what that price will be and how you will pay for it. Are you planning on leaving your current job? Most business fail due to lack of resources. Simply put, businesses run out of money before they turn a profit. There are a variety of ways to fund, from a traditional bank loan to crowd-funding. Reviewing your numbers with a CPA is a good idea.

4. Determine your legal business structure. The legal structure of your company will determine how you file your taxes to defining your personal liability if something goes wrong. 

Ultimately, it is up to you, the owner, to access your current needs and future goals. Review the different structures and consult your CPA and insurance broker for added information.

5. Get insurance. Having the right insurance is an important step before you officially launch. Difficulties can occur on day one, including property damage, theft or even a customer lawsuit. If you plan on having employees, you will, at minimum need worker’s compensation and unemployment insurance. Depending on your location an industry other types of coverage may be needed, but most small businesses are advised to purchase general liability (GL) insurance or a business owner’s policy. GL will cover property damage, bodily injury and personal injury to yourself or a third party.

Feel like sowing the seeds? Let’s get started and next month we’ll cover the next five steps, including registration; building your team, choosing vendors, branding/advertising, and the launch.

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Will the NFL’s Downfall Be Losing Insurance Coverage?

There’s been a lot in the news over the last few years about traumatic brain injuries caused by playing football, and even a motion picture where Will Smith played the accomplished pathologist Dr. Bennet Omalu who uncovered the link between the sport and head trauma.

So, how does this relate to insurance, you must be wondering. Just like any other industry, the National Football League (NFL) needs general liability and workers’ compensation insurance coverage to function. And right now, the insurance companies are just a little bit concerned about the costs that may be incurred for covering the NFL, Pop Warner and other youth football leagues.

Make that “really concerned”. In fact, the insurers are very worried that the potential for traumatic brain injury claims are going to be like asbestos claims, and cost them potentially billions over decades.

“Basically, the world has left the marketplace,” the man behind the story, Alex Fairly, CEO of the Fairly Group, told ESPN’S Outside the Lines. “If you’re football, hockey or soccer, the insurance business doesn’t want you.”

And Fairly is a man who has some experience in this department. In addition to the NFL, Fairly’s risk management firm The Fairly Group, based in Amarillo, Texas, has a list of clients that includes Major League Baseball, Major League Basketball, Major League Soccer, the National Hockey League, U.S. National Men’s and Women’s Soccer, various U.S. Olympic Committee governing bodies and more than 1,000 collegiate athletic departments.

Plus, The Fairly Group has a construction division where they have provided risk consultancy and brokerage for the development of nine new professional sports stadiums.

That’s a lot of sports.

And it’s why Fairly realizes that the real trick (and the real challenge) for the NFL and other professional sports leagues is not about insurance, it’s about risk management. In regards to the NFL specifically, Fairly cites the insurers’ concern about the “general unknown” associated with exposure related to head trauma, as it is not easy to predict, measure, and therefore, price.

Right now, the NFL doesn’t have general liability insurance covering head trauma, and just one carrier is willing to take on their workers’ compensation coverage. Eventually, the insurance companies’ refusal to insure the NFL has created a new economics of football and is squeezing and potentially killing off programs faced with higher costs and scarcity of coverage.

It’s so bad, even football helmet manufacturers only have one choice when it comes to insurance companies.

Dr. Julian Bailes, Pop Warner’s medical director and a member of the NFL’s Head, Neck and Spine Committee, told Outside the Lines “insurance coverage is arguably the biggest threat to the sport.”

In fact, it’s possible that more school administrations will decide to eliminate football to eliminate any potential risk.

Would you let your children play football? Please leave your thoughts in the comments below.

BMR Insurance Agency cares about its community and its customers. Don’t forget we’re here for you if you have questions about your policy or coverage: Call us at 714-838-1911 or send us an email: Don’t forget to follow us on LinkedIn for all the latest and best information and advice on all insurance matters.

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Why You Should Call Your Insurance Agent in Early 2019

December has been quite a busy one, and not a great one for some. Let’s take a minute to remember those affected by the Camp and Woolsey fires, many of whom didn’t have a home to celebrate the holidays in. And with New Year’s Eve celebrations around the corner, the month’s activities are still in full swing. So why are we telling you to call your insurance agent in the new year? There are many reasons, but here are the top four for you—you’ve got nothing to lose, and so much to gain. In fact, you might lose out if you don’t call and have us review your policies! Here’s why: Continue Reading →

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Should Businesses Allow Pets at Work?

Dog lying in home office with man in background

Various workplace traditions have shown to be beneficial to employer and employees alike– casual Fridays, bring your kid to work day and so on. But what about bringing your pet to work? As a small business owner, this kind of decision depends on your particular ambient and workplace policy. Welcoming pets into the workplace has proven in many cases to lower the stress of employees, and encourage a healthier, more active lifestyle. Continue Reading →

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Insurance Tips for January

Young brunette woman driving a car

We’re going to let you in on a little insurance secret. There is an innumerable amount of ways to save money on your insurance. Believe it or not, insurance companies want you to save money, and to be rewarded for the things you’re doing right healthwise, financially, and as drivers and homeowners. Take note of the discounts which may apply to you: Continue Reading →

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Did You Insure Your Holiday Gifts?

Gold and diamond bracelets

One of the best parts of the post-holiday time is putting away all the new gifts, trying everything out, settling them into your daily life. Whether a diamond necklace, or new sporting equipment, the last thing you want is to have something happen to them, to end up paying out of pocket or telling your mother-in-law the gift is gone forever. Continue Reading →

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Should You Offer Employees a Company Car?

company car

A suave lawyer leaps out of the firm’s company town car to close a case; a woman in an debonair suit meets a prospective client, saying, “we can just take the company car”. Yes, it seems glamorous and overdone on daytime television, but you have to admit– company cars offer another level of prestige. As a small business, it may seem an extravagance, and often is. But, if within the company budget, a company car can yield great results in regard to customer perception and employee retention.

But where does one start? The Company Car one-stop-shop? Not exactly. There are numerous elements to consider when on the market for a company car: from buying to handling policies of company car use. Continue Reading →

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Co-Working Spaces in Orange County: Is It Right For You?

shared workspace

Collaboration has become a buzzword across the professional landscape; why should it not become the central feature of the new workplace we have begun to see across the country? Imagine a space in which organizations work side by side, serving as resources and collaborative partners while saving money on rent. There are now over 400 co-working spaces, mostly for non-profits and social service organizations, including the Real Office Spaces (ROC) of Santa Monica, CA and The Village at 17th St in Santa Ana, CA. The proprietor of The Village, William Podlich, retired co-founder of Pimco, hopes this is only the beginning of this “real estate with a shared purpose.” Continue Reading →

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Flood Insurance For El Nino–Was It Worth the Money?

el nino waves

El Niño may have brought big waves, but no rain for drought-ravaged Southern California.

Whatever happened to the promised El Niño? It’s already the end of May (and no April showers)– did we just miss it on its way through? Unfortunately, no. El Niño seems to have passed right over the dry and thirsty dusts of California. The looming threat of the 2016 El Niño had been predicted to reach levels such as the storms in 1997 and ‘98 which left Californians with $883 million damages statewide. Not only frustrating to our drought-stricken state, many residents of California spent their winter scrambling in preparation for the big storms– purchasing everything from rain boots to flood insurance. Now, we stand with our rain boots dry and in-hand, with a flood insurance policy we don’t seem to need. Continue Reading →

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