Archive for the ‘General Insurance Tips’ Category

To quote a California Business Safety website www.ca-safety.com “If an inspector showed up at your door today and asked for your training records, injury and illness records, written Injury and Illness Prevention Program (IIPP), hazard assessments, and inspection records, could you produce them?”

For most small businesses, your policy coverage form is going to be an Occurrence policy, but for Contractors, Some Consultants, and others, you may be offered coverage on a Claims Made or Manifestation form. At first it sounds confusing, but in layman’s terms these forms allow an insurance carrier to offer quotes they may not have offered by restricting the occurrence form to a more specific coverage trigger. By offering these options, they’re able to keep the premium for the policy much lower than if it were a full occurrence form policy.

For Starters, What is an Occurrence Policy?

Many consumers are confused by what it means for their insurance company to be non-admitted in the State of California. It is commonly thought that this means that a carrier isn’t licensed in the state. This is far from the truth! Of course they have to be licensed to sell insurance in your state, but Admitted companies have gone through the stringent regulatory processes of the state, and they must comply with the governance of the California Department of Insurance (DOI). The admitted carrier’s financials are reviewed by the State, and their rates and policy forms must be approved by the state Insurance Commissioner. They comply with this by becoming a member of the California Insurance Guarantee Association (CIGA). In becoming admitted this allows their insureds to be protected should they go belly-up, but only up to certain limits.