It Is Raining Lawsuits in 2018

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A North Bay Business Insurance Update

We live in a society where there are more lawyers than doctors. It seems that the typical response when someone has been damaged is to hire a lawyer and threaten a lawsuit. Most businesses can’t afford to be in court to defend every action. That is why commercial insurance is so important to your business. Our agency can offer a review of your business insurance coverage and educate you on your risks and how best to protect you. These four risks are at the top of our list and should be on your as well.

Cyber Liability- Cyber liability is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology. It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

Directors & Officers Liability- Covers costs, damages, and defense protection to directors and officers of a company resulting from lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability- Employment Liability provides protection for an employer against claims made by employees, former employees, or potential employees. It can cover discrimination (age, sex, race, disability, etc.), wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability- Insurance that is designed to cover third party claims, damages and claims arising out of providing professional advice. Many firms create legal obligations arising out of a professional’s errors, negligent acts, or omissions during the course of providing services to clients.

As a locally owned and operated insurance agency in Sonoma, California, North Bay Insurance Brokers is committed to providing quality insurance products for individuals and businesses. We combine our strong insurance background and product knowledge to assist both current and future clients in managing and planning for all types of risk.

 

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In Business Insurance Coverage Is King

insurance-salesA North Bay Business Insurance Update

Buying business insurance is like investing in your business.  While you may never have a claim, if you do the resources provided by your insurer can keep your business going.  That is why it is important to have an agent who understands your needs and can help you design a business insurance program that fits your needs.

Where to Start?

Understand the difference between agents.

  • Captive agents can only provide coverage through one insurer.
  • Independent agents can offer many different coverage options through their many appointed insurers.

Understand the Value of Information

It is important that you provide as much information about your business as possible. Your agent can help you determine which information is needed to get the best possible pricing, coverage, and service.

Coverage Is King

Your agent will have a good idea of what you need after they review your risks. Here is an example of some of the coverage you may require.

Property Insurance: Covers your buildings, equipment, machines, and other property from loss or damage.

Commercial Liability Insurance: Provides coverage for bodily injury and property damage you cause to others.

Commercial Auto Insurance: Covers your company vehicles if they are involved in an accident. It can also cover your business if you or an employee uses a personally owned vehicle on behalf of the business.

Cyber Liability Insurance: This insurance can protect your business from a data breach. If your business stores sensitive or non-public information about employees or clients, you are responsible for protecting that information.

Management Liability Insurance: Management Liability can encompass three important business insurance coverage’s; Professional liability, Directors and Officers Liability, and Employment Practice Liability. These are excluded in most business insurance policies.

Our professionals work diligently to understand our client’s risks, goals, culture & vision in order to develop with you a risk management program to support your mission. 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.

If The 49ers Super Bowl Win Was The Last Time You Had Your Business Insurance Reviewed… It’s Been Too Long

bigstock-Shady-image-of-a-business-team-48625103Benefits of a North Bay Business Insurance Review

Every business in the North Bay, at some time, should have their business insurance reviewed by an independent insurance agent like us.  If it has been more than a year since your last review, now may be a good time. We review all our clients’ insurance needs on a regular basis. There are many benefits to an insurance review including:

  • Prices change and a review can determine if you are getting competitive rates on your insurance.
  • Your coverage needs may have changed and your policy should reflect these changes.
  • There may be new insurance companies to which we have access.
  • Laws and regulations are changing and may require a different kind of insurance

Why Review My Business Insurance?

We have identified a number of questions that might indicate your business insurance is out of date.

  • Have you moved?
  • Did you purchase any new equipment?
  • Are you involved in any new partnerships?
  • Have you seen an increase in your claims?
  • Do you ship products to foreign countries?
  • Has your ownership changed?
  • Do your vehicles cross state lines?
  • Has one of the owners recently become divorced?
  • Have you experienced growth?

We live in difficult financial times and making sure we save money wherever we can is very important. Having us preform an insurance review might just be what is needed to protect your assets while putting money back in your pocket.

Our professionals work diligently to understand our client’s risks, goals, culture & vision in order to develop with you a risk management program to support your mission. 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.

How Will Your Business Respond?

businessman-2556923_640A Business Insurance Update

If you think about it, your business faces risks every day.  When you open your doors, you have the risk of having sick or injured employees, customer complainants, and vendors who fail to deliver on their promises.  The world has changed in the past few years and it is important for business owners to make sure their business insurance keeps up.

Recently a large insurer released their annual business risk index. This index identified the top concerns of over 1,000 business owners.  Nearly half of survey respondents believe that the business world is growing riskier, yet just 24 percent said that risk management was a strategic priority for them.

According to the survey, the top seven worries of today’s business owners across all industries are:

  • Medical cost inflation
  • Increasing employee benefits costs
  • Legal liability
  • Broad economic uncertainties
  • Tech and data/cyber risks
  • Complying with laws
  • Attracting and retaining talent

Source: Business News Daily

Let our agency help you understand how to manage and treat the risks.  We offer a wide range of highly rated insurers that can offer the necessary products to help your manage you risks.

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.

 

Be Afraid… Be Very Afraid

banner-958944_1920A North Bay Business Insurance Update

In a recent study conducted by the Business Continuity Institute, the threat of cyber-attack is one of the biggest fears of large companies.  However, did you know that according to the Insurance Information Institute, small businesses actually have a greater chance of having a cyber-attack than they do of having a fire?  It is very important that your business insurance program have cyber coverage.  If you are not sure you have this coverage, call our office today.

Other Business Concerns

Our clients often share current business concerns with us, and together we help find solutions.  Some of these include:

  • Business Interruption – Business Interruption Insurance keeps you financially stable if you are forced to vacate your business premises. You can continue to provide your employees with pay and manage bills during the period in which the business cannot operate.
  • Attract top Talent – Getting the top people has always been an important part of business planning. It is important to keep your employees engaged and energized in the business process and planning.
  • Social Media Activity – Social media can be a good tool to enhance your businesses brand and reputation. The downside is that social media can also be inflammatory.  We recommend that you have a social media policy that outlines what employees can and cannot post regarding your business.
  • Regulatory Risk –The regulatory climate is always changing for businesses. Almost every month there is some new law, regulation, or statue with which your business must now comply.  Remember, your business insurance generally does not cover fines or penalties imposed by Local, State, or the Federal Government.

North Bay Insurance Brokers provides industry-specific insurance to businesses in Sonoma, Napa, Marin, 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.

 

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.

 

 

Is Your Office Holiday Party Like An Episode Of the “Office”

Group of friends cheering with glasses of champagneCompany Holiday Parties Increase Risks

Your company Holiday party was going great, and everyone was having a wonderful time.  Except one of the female employees said that a manager touched her and made un-wanted advances.  Now she is filing an employment liability claim.  This is a scenario that no one wants to happen.

Your business insurance many not cover this lawsuit unless you have employment practices liability insurance.  Call our office for a review of your commercial insurance today.

Office Holiday Party Safety

  1. Limit use of alcohol; offer two drink tickets per person.
  2. Make sure you have food at your party.
  3. During the party, monitor alcohol consumption. Quickly try to diffuse any situations or displays of inappropriate behavior.
  4. Consider having the party at a restaurant. This is a good way to transfer liability.
  5. Make the party optional.
  6. Arrange for cab rides or transportation home for guests who may need it.
  7. Prior to the party, review harassment policies with all employees as a reminder of proper behavior.
  8. Encourager managers to set a good example.
  9. Consider inviting spouses, which is a good way to reduce romantic hook-ups.
  10. Know your state laws.
  11. If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.

As long as you don’t charge for drinks, your business insurance may provide coverage (Always check with our office as each policy is different). North Bay Insurance Brokers 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 would like to return the favor by giving you the coverage you need to ensure the security of your business.

At North Bay Insurance Brokers, we’re committed to keeping your business protected – so you can focus on your day-to-day operations. And with the right insurance plan, your business will be covered from top to bottom.