Imperial Insurance Agency

Personal Umbrella InsuranceCoverage for claims like slander, defamation of character and invasion of privacy helps cover defense costs, attorney fees and other charges associated with lawsuits and all this coverage extends to international occurrences too!

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Workers Compensation for Restaurants Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327

Bond Surety bond definition: a legally binding contract that ensures obligations will be met between a principal (whoever needs the bond), an obligee (the one requiring the bond) and a surety (the insurance company guaranteeing the principal can fulfill the obligations). Surety bonds are often misunderstood, as their purpose is different depending on which perspective you are coming from. They are part insurance, part credit and very confusing for most. If you read this artic...le in full, you'll have an understanding of what bonding is and what risks they bring to your company and your personal assets. What Does "Surety Bond" Mean? A Surety Definition Everyone Can Understand The simplest way to define surety bond is insurance for them, paid and backed by you. Surety bonds are an insurance policy for the party requiring the bonds, called the obligee. In most instances, the obligee is a government agency and the bond is in place to protect the government and its citizens. The obligee requires the principal (you) to obtain and pay for the surety bond (performance bond costs are reimbursed when included in the bid). People will sometimes incorrectly refer to surety bonds as an indemnity bond (a specific type of bond related to loans) or a security bond (a mispronunciation of surety bond and not an actual bond type). Surety Bonding Explained: How Does a Surety Bond Work? "What's a Surety Bond?" Surety bonds work as a form of insurance to the obligee, as they are the beneficiary that can file a claim if the bond's promise is not met. It is a form of credit to the principal, as claims must be re-paid by the principal to the surety. When you’re required to get a surety bond you are expected to abide by the terms of the bond (if you don’t, claims occur). When it comes to surety bond claims, you are expected to pay every penny, plus legal costs. The bond is backed by the surety, but the surety will require an indemnity agreement (also known as a general agreement of indemnity) to be signed by your company and all owners personally. Indemnity agreements pledge your corporate and personal assets to reimburse the surety for any claim(s) and legal costs associated with them. Read our guide to learn more about how indemnity agreements work.

Can you afford that new vehicle? 25 most expensive car models to insure Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327...Continue reading

Cyber Liability Insurance Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327... Almost every organization that uses technology for business faces cyber risk. And as technology evolves, so do the threats we face which is why every business and organization needs to be protected with cyber liability insurance. At Imperial Insurance Agency, we understand the complexity of cyber threats and have cyber liability insurance programs available that help protect your business assets. Network Security & Privacy Insurance Covers third party claims arising out of a breach of the insured’s Network Security or other private information. Includes coverage for both online and offline information, virus attacks, denial of service, and failure to prevent transmission of malicious code. Privacy Breach Responses Costs Includes all reasonable legal, public relations, advertising, IT forensic, call center, credit monitoring, identity theft restoration and postage expenses incurred by the insured in response to a privacy breach. Network Asset Protection (including Non-physical Business Interruption) Coverage for all reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased or corrupted. Coverage also includes business interruption and extra expense coverage for income loss as a result of the total or partial interruption of the insured’s computer system Regulatory Defense & Penalties Coverage for defense costs and fines/penalties for violations of privacy regulations, including, but not limited to, HIPAA, Red Flags Rule, and the Hi-Tech Act. Multimedia Insurance Coverage for both online and offline media. Including claims alleging copyright/trademark infringement, libel/slander, advertising, plagiarism, and personal injury. Cyber Extortion Will pay extortion expenses and extortion monies as a direct result of a credible cyber extortion threat. Cyber Terrorism Coverage for income loss and interruption expenses as a result of the total or partial interruption of the insured’s computer system due to a cyber terrorism attack

California Mudslide Claims Top $421M Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327... Insurers have received more than 2,000 insurance claims totaling more than $421 million in losses from the deadly Montecito, Calif. mudslide that destroyed or damaged more than 400 homes and businesses and killed 21 people, the California Department of Insurance reported. The total number of claims included more than $387 million in residential property losses, more than $27.2 million in commercial property, and roughly $2.5 million in personal and commercial auto. Over $421 million in insured losses represents more than property lost-behind these numbers are the tragic deaths of 21 people and thousands of residents traumatized by unfathomable loss, Insurance Commissioner Dave Jones said in a statement. Recovering and rebuilding lives, homes and neighborhoods will take time-and it will be difficult. Jones in January issued a formal notice to all property/casualty insurance companies reminding them of their duty to cover damages from the mudslides and debris flows if it is determined that the destruction of the hillsides and vegetation by the Thomas and other fires was the efficient proximate cause of the mudslides. Jones also stated in his notice that there was substantial evidence that the fires were the efficient proximate cause of the mudslides. The department issued a questionnaire in which all the insurers stated that they are recognizing the proximate cause doctrine. The department has not received reports of any denials of these claims due to exclusion for mudslides.

California Says Insurers Must Pass Tax Savings on to Policyholders Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327... Insurance companies writing in California were sent a notice by the California Department of Insurance reminding them that under Proposition 103 their rates must not be excessive, inadequate, or unfairly discriminatory. The recent revision to the Federal Tax Schedule for 2018 reduced the corporate tax rate from 35 percent to 21 percent. As a result some insurers, whose rates were based on the 35 percent corporate tax rate, may now be charging excessive rates, according to the CDI. In California the prior approval process that applies to property and casualty insurance rates limits insurer profits and rates. The notice reminds insurers they are obligated to file a rate change application with the department to ensure they are complying with Proposition 103. I am working to make sure insurance companies are not taking advantage of their policyholders, Insurance Commissioner Dave Jones said in a statement. In California insurer profits are limited under Proposition 103, therefore the savings they realize from the tax reductions should result in those savings being passed on to policyholders through lower premiums. In January, Jones directed the department to commence a regulatory review of insurers’ rates due to the federal corporate tax rate cuts. The commissioner also modified the Prior-Approval Rate Making Regulations to reflect the change in tax savings from the corporate tax rate cuts.

Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327

Why YOU Need Employment Practices Liability (EPL) Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327... Claims of alleged acts of discrimination, harassment, retaliation, wrongful termination, wage-and- hour violations are at an all time high. Wage and hour litigation from present and past employees has quadrupled in recent years due to layoffs, downsizing, salary freezes and benefit reductions. Here are some facts that may help you determine how important Employment Practices Liability coverage is to your company. EPL FACTS & STATISTICS 3 out of 5 employers are sued by former employees every year. Over 40% of EPL claims are against firms with fewer than 100 employees. Businesses are 3X more likely to be sued by an employee than experience a fire. States leading in EPL suits: California, Texas, New York and Illinois. The Equal Employment Opportunity Commission (EEOC) recorded nearly 100,000 charges in 2012 and obtained more than $365 million in settlements for claimants. The average defense cost is $150,000. The median award to plaintiffs is $325,000. Timeline for resolution: 18-24 months. Claims can be filed by federal, state, city regulators as well as the private plaintiff’s bar. General Liability policies do not include EPL coverage. KEY Coverage FEATURES: Third Party Coverage Duty to Defend Form Worldwide Coverage Broad definition of Wrongful Employment Act with coverage for Discrimination, Harassment, Retaliation, Wrongful Termination, Workplace Torts and Negligent Violations of certain employment laws. Broad definition of employees to include: Leased or Contracted Individuals, Independent Contractors and Applicants for Employment. Multiple year run off and discovery period options offered at time of quote. Sub-limit for Wage & Hour/Alleged FLSA Violation Claim Defense Expenses. Access to free HR hotline with unlimited number of calls and no time limits plus discounted HR services such as background checks and online HR training modules (available from select carriers).

Cyber Liability Insurance Almost every organization that uses technology for business faces cyber risk. And as technology evolves, so do the threats we face which is why every business and organization needs to be protected with cyber liability insurance. At Imperial Insurance Agency, we understand the complexity of cyber threats and have cyber liability insurance programs available that help protect your business assets. Network Security & Privacy Insurance Covers third... party claims arising out of a breach of the insured’s Network Security or other private information. Includes coverage for both online and offline information, virus attacks, denial of service, and failure to prevent transmission of malicious code. Privacy Breach Responses Costs Includes all reasonable legal, public relations, advertising, IT forensic, call center, credit monitoring, identity theft restoration and postage expenses incurred by the insured in response to a privacy breach. Network Asset Protection (including Non-physical Business Interruption) Coverage for all reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased or corrupted. Coverage also includes business interruption and extra expense coverage for income loss as a result of the total or partial interruption of the insured’s computer system. Regulatory Defense & Penalties Coverage for defense costs and fines/penalties for violations of privacy regulations, including, but not limited to, HIPAA, Red Flags Rule, and the Hi-Tech Act. Multimedia Insurance Coverage for both online and offline media. Including claims alleging copyright/trademark infringement, libel/slander, advertising, plagiarism, and personal injury. Cyber Extortion Will pay extortion expenses and extortion monies as a direct result of a credible cyber extortion threat. Cyber Terrorism Coverage for income loss and interruption expenses as a result of the total or partial interruption of the insured’s computer system due to a cyber terrorism attack

A personal umbrella policy is the best form of protection against many other types of losses. Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327... Umbrella insurance can provide: An extra $1M to $10M of liability coverage which can help protect assets like your home, auto, boat, wages, and investments such as your retirement Coverage for claims like libel, slander, defamation of character and invasion of privacy Helps cover defense costs, attorney fees and other charges associated with lawsuits And all this coverage extends to international occurrences too! Coverage that goes above and beyondwithout the huge price tag Umbrella insurance is much more affordable than you may think. And in today's world, anyone can get hit with a lawsuit. That's why it's more important than ever to consider an added layer of protection for your assets-and your peace of mind. Umbrella - Small Business Statistics show that less than half of small business owners feel they have adequate liability limits1. An Umbrella policy can add an additional layer of protection to help safeguard your assets if a catastrophic loss should occur. So what happens if your business is sued and the settlement amount exceeds the liability limits of your primary insurance policy, or you have multiple claims and the limits are exhausted? Not having adequate coverage for catastrophic losses can leave your business exposed. Commercial Umbrella The coverage provided by your primary general liability, automobile liability or employers’ liability policies should protect you in most situations. However, if a catastrophic event impacts your business, the coverage limits provided by your primary insurance policy may not cover the entire loss. An affordable second line of defense to protect your business beyond your primary insurance. Provides higher limits of liability for automobile, general liability, and employers liability. Can cover exposure gaps by kicking in where your primary insurance ends. Not just for large companies - limits up to $25 million may be available for all small business types. Even seemingly minor accidents can leave your business vulnerable to a major lawsuit. Consider these liability risks... A customer is injured when falling down slippery steps, causing injuries that require long-term care. An employee in a company vehicle rushes through a traffic light, resulting in an accident that causes severe injury and property damage. During the course of a workday, one of your employees causes an accident that severely injures a vendor. To determine if you may need a personal umbrella policy, a Imperial Insurance Agency representative can help you complete an asset protection worksheet free of charge.

USGS: Pair of Quakes Rattled Central California The U.S. Geological Survey confirmed that a pair of minor earthquakes just a few hours apart rattled the San Jose area in central California. The Mercury News of San Jose, citing the USGS, reported a 3.1 magnitude quake hit an area northeast of San Martin at 7:19 p.m. Tuesday. A stronger 3.9 magnitude quake hit at 10:32 p.m. northeast of Alum Rock.... Have questions? Call Imperial Insurance Agency (800) 645-8884 CA license number 0B04327 There were no immediate reports of injuries or damage. Los Gatos resident Sanjay Khandelwal told the newspaper the quake was a good shaker and that her daughter felt her bunk bed move.