We live in world that is changing by the moment. These changes create risk trends that will impact your business. As you start your business insurance planning for 2016, we thought you might want to consider these. 2016 will provide a perfect storm due to a number of factors including; U.S. elections, the cost of healthcare, changes in employment laws, political unrest throughout the world, and continued tightening of federal laws relating to business operations.
It will be important to evaluate your business insurance program to make sure these and other items are managed properly. Nearly 90% of the executives polled said that they plan to increase their investment in risk management in the next two years, and more than one in four (26%) said they would up their spending by more than 20% in that time. Source: PC360
- Commercial pricing– there may be a softening on the commercial market in 2016. This will allow businesses to consider other coverage such as flood, EPLI or pollution liability.
- Increased reliance on technology will lead to better run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policy holders, and operations.
- Every business will need to consider cyber insurance. Most businesses have a greater risk of a cyber-attacks than n they do of having a fire. Cyber security was big news last year. Hardly a week went by without a report of a data breach in some industry. In fact, the Identity Theft Resource Centerreported a record high of 1,233 data breaches in 2014, which is a 30 percent increase from 2013’s numbers.
- With changes in healthcare, many experts are predicting a shift in workers’ compensation coverage to help off-set increases in healthcare. Medical costs may shift away from health insurance and into workers’ Compensation.
North Bay Insurance Brokers, Inc. provides insurance to businesses in Sonoma, Napa, Marin, Santa Rosa, Petaluma, American Canyon, and surrounding areas.
No matter what business you’re in, each workday is dedicated to doing your job well and providing your customers with the best service possible. North Bay Insurance Brokers, Inc. would like to return the favor by giving you the coverage you need to ensure the security of your business.
Concerns With Online Auto Insurance Coverage
We have all seen the ads on TV, the internet, and radio; “Just 15 minutes can save you thousands.” We live in a world where we want almost everything fast and easy. But just because something is fast and easy, doesn’t mean it is the best. These online companies don’t tell you the entire story. In their attempt to sell you quick, low cost, low coverage, personal insurance, they leave out the fact that you may need more or different coverage. So, you end up with cheap auto insurance that may not cover you in the event of a claim.
Concerns With Purchasing Online Auto Insurance
- It will take you more than 15 minutes to search, compare, and buy insurance online.
- You will definitely need to have some computer skills to navigate the online application process. If you fill out the application incorrectly, you may purchase the wrong auto coverage and/or pay more than you need to pay.
- If you buy online, you have to become an insurance expert, because you won’t have an advocate to help you.
- What happens when you have a claim and they deny your claim? Who do you call?
The auto insurance companies we use may not be flashy or have funny characters, buy they do offer competitive rates, good coverage, and outstanding customer service. When you work with North Bay Insurance Brokers, Inc., you’ll experience the exceptional service and attention to detail that you can only find with an independent insurance agency.
Downton Abbey Has Real Life Insurance Implications
The final season of Downton Abbey started in January 2016. It has been the most successful British TV series in history, and is translated in over 250 languages. It is interesting to consider the many personal and business insurance issues faced by the fictional Grantham family as they operate their property and many businesses. We thought we might look into a few.
North Bay Insurance Brokers, Inc. is your trusted solution for homeowners insurance. We offer coverage options that are both flexible and affordable, and will work with you on an individual basis to find a policy that best suits your needs. Our team is dedicated to providing the assurance that your family and your possessions are secure.
North Bay Personal Insurance
- Insuring your personal property. If you own expensive jewelry, art, collections, or guns, you may need to have these insured under special insurance riders.
- Luxury Equipment. The Grantham’s have many toys including boats and special cars. If you own a boat, ATV, or other toys, you will need to get them insured.
- Service People. If you use a pool maintenance company, a landscaper, or even a maid service, you will need to make sure they are insured. If these people are injured on your property, their medical bills may become your responsibility.
North Bay Business Insurance
The Grantham’s have considerable business interests which create a very large risk.
- Workers’ Compensation. If you have employees, you are required by law to have workers’ compensation insurance.
- New Technology. We saw the Grantham’s install telephones. Your business must be prepared to embrace and use new technology. For example, the use of drones are becoming very popular. Drones must be registered with the FAA, and your business insurance may not provide the needed covered without change.
- Home based businesses. If you run a business from home, you will need business insurance. Your homeowner’s insurance excludes business operations.
Recently, a large insurance company studied the risks of the Grantham’s and determined it would cost $10 million of today’s dollars to insurance their many personal and business risks. At North Bay Insurance Brokers, Inc., we know how hard you’ve worked to turn your house into a home. Since your home is one of the most important financial investments of your lifetime, you’ll need proper coverage in order to keep your investment protected and provide your family with the guarantee that they’ll always be safe and sound.
North Bay Personal Insurance Update
The holidays are behind us, the tree is down, and the gifts are put away. But wait, you may have a problem! In some cases, you may need to update your home insurance or auto insurance in order to maintain the proper coverage. Many of us may have purchased gifts that increase our personal liability, and we thought it might be good to review these items. If you have any of these items, please call your agent today.
Gifts That You Will Need To Add To Your Personal Insurance Program
- ATV’s, motorcycles, boats, and RV’s are not covered for damage or liability without an endorsement to your personal insurance policies.
- If you bought an expensive ring, watch, or other item, it needs to be insured separately for loss and theft.
- Drones are considered aircraft and there are many new laws that could impact your personal liability. Call your agent to review these issues.
- The new car you purchased for your teenager will need to be added to your auto insurance policy.
- Smart home technology. These systems may actually help reduce your homeowner’s insurance, especially if the technology includes alarm systems.
- Guns and art may also need to be added to your policy if they are valued over a certain amount. Each policy is different, so call you agent.
If you added any other personal items of value you may want to review your personal property limits to make sure you are covered correctly. North Bay Insurance Brokers Inc. focuses on delivering quality insurance products with a personalized, hands-on experience that sets us apart in today’s market