Is Your Business Prepared For The Future?

stairs-918735_640A North Bay Business Insurance

2017 is coming to a close and 2018 will be here in a few weeks. 2018 is set to be a good year for business. The economy is growing and employment is at one of the highest levels in the past 25 years. There will always be challenges regarding business insurance and risk management.

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Intellectual Property

This is one of the fastest growing areas of litigation. The average defense cost in 2016 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Healthcare Professional Liability

As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2015, litigation against OB/GYN doctors accounted for over $3.9 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.

Cyber attacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no or limited coverage for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 25% of firms have been sued for directors and officers negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

Santa Rosa, Petaluma, American Canyon, and surrounding areas.

Every industry has specific needs when it comes to insurance. Industry-specific risks make it impossible for insurance companies to lump together one insurance plan for every business. At North Bay Insurance Brokers, we understand that being unique is what makes your business successful across the board. That’s why we provide industry-specific insurance options for businesses of all types.

 

 

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2018 Personal Insurance Resolutions

design-2711676_640When was the last time you reviewed your personal insurance coverage? The New Year is a great time to review your personal insurance. Most of us know that major life events can make it necessary to update our insurance coverage. But did you know that even subtle changes can have an impact on your financial needs and plans?  Call our office today, and we can help you find the right combination of personal insurance coverage and price.

Personal Insurance

  • Review my insurance to make sure I have the right coverage
  • Take the time to read my insurance policies
  • Does my independent agent have all my correct information, including new phone number, address, and newly purchased property?
  • Make sure I have identity theft insurance
  • Do I have enough life insurance?
  • Do I need life insurance for my spouse?

Other Items To Consider (you may need insurance for some of these)

  • Bought a new car or sold a car
  • Changed your marital status
  • Bought a boat, RV or ATV
  • Change of address
  • Welcomed a new baby into the family
  • Major inheritance
  • Have a new teen driver in the family
  • Child headed off to college
  • Purchased second home
  • Plan foreign travel
  • Started a home based business
  • I now drive my personal car for work

North Bay Insurance Brokers is your trusted solution for homeowner’s 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.

Your Holiday Insurance Shopping List

christmas-2597789_640North Bay Homeowner’s Insurance

You buy home insurance to protect your most important asset.  There are many items to consider and we can help you through the process of finding the right coverage for you and your family. Remember not all homeowner’s insurance policies are considered equal.

There are many factors that go into determining your homeowner’s insurance premiums.  We thought it might be fun to address our “top ten list” of things every homeowner should know before purchasing insurance.  As your agent we can help you identify the best possible combination of coverage, price and service.

  1. You are a statistic. To an insurer, you are a set of risks. An insurer bases its premium (or its decision to insure you at all) on your “risk factors” including your occupation, who you are, what you own, and where you live. To us, you are a person and we value our relationship with you.
  2. Know your home’s value. Before you buy a policy, it is important to know your home’s replacement cost.
  3. Insurers differ. As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping, we can do that for you.
  4. Don’t just look at price. A low price is no bargain if you don’t have the right coverage.
  5. Go beyond the basics. A basic homeowner’s policy may not promise to entirely replace your home.
  6. Look for discounts. Insurers provide discounts to reward behavior that reduces risk.
  7. Be sure that you have the proper documentation if you have a claim. Your idea of fair compensation may not match that of your insurer. Your insurer’s job is to restore you financially. Your job is to prove your losses so you get what you need.
  8. Know your policy. Keep your policy updated, and reread it before you file a claim so there are no surprises.
  9. Check you deductibles. It may benefit you to increase your deductible, especially if you have a good claims experience.
  10. Your policy excludes Quake and Flood. Check with us and we will provide you with a quote.

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.

 

Does Santa Claus Need Insurance?

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Imagine that your entire business was focused on just one day out of the whole year?  You have to spend 364 days preparing for one single product distribution.  Do you think there might be just a little bit of stress—say around December 20?  If we attempted to present Santa with a business insurance proposal, he might say, “Who would sue Santa?”  If Santa were concerned about being sued, he might stop delivering gifts to attorney’s homes!

You might get that special gift this year, it could be a new car, art, jewelry, or even an ATV. If so, Santa suggests you call us to make sure it gets insured. Your homeowner’s insurance can be updated to reflects any new purchases.

Santa might be advised to consider an accident policy and a good health plan.  Here are some interesting facts about Christmas that you may not have known.

  • All letters addressed to Santa in the United States go to Santa Claus, Indiana.
  • It is estimated that the song “White Christmas” by Irving Berlin is the bestselling single in history with over 100 million copies sold.
  • Each year more than 3 billion Christmas cards are sent in the U.S. alone.
  • $447 billion and 12.9 billion hours…Money and Time Americans are expected to spend shopping, wrapping and returning gifts.
  • During the Christmas season, nearly 28 sets of LEGO are sold every second.
  • All the gifts in the Twelve Days of Christmas would equal 364 gifts.
  • Christmas trees have been sold in the U.S. since the year 1850.
  • There are approximately 21,000 Christmas tree farms in the United States.

If you have the right kind of homeowner’s insurance, a loss like this should be covered.  However, we always recommend you call our team to have a review of your personal insurance program.

At North Bay Insurance Brokers, 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.