Please Don’t Sue Me

angry-2191104_640Today, almost any business can find itself facing a liability lawsuit. A Professional Liability lawsuit can put owner’s and other executive’s personal assets at risk including homes, cars, and other possessions. One simple mistake could cause financial devastation, as well as end your professional career. Many businesses don’t think they have an exposure to professional loss. Here are some examples of industries that need Professional Liability Insurance.

  • Medical professionals
  • Lawyers
  • Real Estate Agents
  • Contractors that provide management services
  • Banking
  • Accountants
  • Technology
  • Non- Profits
  • Architects

Professional Liability Insurance is sometimes called Errors and Omissions (E&O) coverage. Claims come from errors or omissions in the performance of professional services. Companies that perform professional services for a fee are exposed to E & O claims.

Here are a few actual claim examples:

  • A Marketing Consultant failed to send email advertising in a timely manner and the client had lost revenue of $150.000. The claim was settled for $125,000.
  • A Head Hunter placed an executive with a firm, but failed to complete due diligence regarding a non-compete agreement. The non-compete limited the executive’s ability to perform job duties. The new employer sued the head hunter for failure to disclose and won a $50,000 award.

At North Bay Insurance Brokers, we understand that mistakes happen. That’s why we’re committed to helping you create a Professional Liability policy that keeps your day-to-day operations protected should your business be held legally liable

Fake News, Not At North Bay Insurance Brokers

fake-news-2127597_640A business insurance update

Fake news has been around for some time.  We have all been fooled by headlines and news reports that turn out to be fake. Fake news is defined as a completely made up story designed to manipulate the readers and to attract attention and advertising revenue.

William Atak, CEO of SafeOnNet, an insurer specializing in online reputational risk, said the potential for reputational harm increased significantly in recent years. Along with it, the potential for millions in lost profits.  “Fake news has always existed.  Only now, the perpetrators have the tools and knowledge to create stories at just the right moment and exploit social media and its algorithms,” he said.

Can fake news hurt your business?

Fake news has the potential to harm your businesses reputation, and even cause you to shut down.  Here is a link to an article about how fake news affects business.  Link to article

Reputation insurance

There is a solution to this growing issue, and that is reputation insurance.  There is no question that a great deal of your firms’ value is derived directly from your reputation.  This kind of insurance reimburses the company for the cost of crisis management expert fees up to a set amount, usually between $50,000 and $200,000.

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.

Was Mr. Ed Right? Wilber Needs Insurance

grapes-1611089_640A business risk update

Farms, ranches, and wineries are facing several emerging risks that if not managed might have catastrophic results.  There are many unique risks facing farm and ranch owners. Some of these could be covered under your existing commercial policy, while others may require additional coverage.

As the owner and operator of an independent farm or ranch, you’ve made a number of investments into your agribusiness, equipment, machinery, and crops. Livestock is also a big investment for farmers and ranchers alike, and like any financial asset, you’ll want to ensure a high-level of security and protection – so your animals will stay covered.

Here are some top emerging risks for the agribusiness

  • Agritourism activities include everything from bed and breakfasts, corn mazes, educational field trips, hosting weddings and events, store or wine tastings, to “pick your own” and roadside farm stands. It is important to understand your increased liability by having visitors on your property.
  • Environmental risks are increasing due to continued government oversight and control. Many agribusinesses may need to turn to nontraditional chemicals.
  • Technology, which includes drones and robotic equipment, adds considerable value to your operation. However, there are new risks of privacy and costs to insure high valued equipment.
  • Weather continues to be a concern due to continued climate shifts and changes.

At North Bay Insurance Brokers, Inc., 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

 

Was Mr. Ed Right? Wilber Needs Insurance

horse-1006558_640 (1)A business risk update

Farms, ranches, and wineries are facing several emerging risks that if not managed might have catastrophic results.  There are many unique risks facing farm and ranch owners. Some of these could be covered under your existing commercial policy, while others may require additional coverage.

As the owner and operator of an independent farm or ranch, you’ve made a number of investments into your agribusiness, equipment, machinery, and crops. Livestock is also a big investment for farmers and ranchers alike, and like any financial asset, you’ll want to ensure a high-level of security and protection – so your animals will stay covered.

Here are some top emerging risks for the agribusiness

  • Agritourism activities include everything from bed and breakfasts, corn mazes, educational field trips, hosting weddings and events, store or wine tastings, to “pick your own” and roadside farm stands. It is important to understand your increased liability by having visitors on your property.
  • Environmental risks are increasing due to continued government oversight and control. Many agribusinesses may need to turn to nontraditional chemicals.
  • Technology, which includes drones and robotic equipment, adds considerable value to your operation. However, there are new risks of privacy and costs to insure high valued equipment.
  • Weather continues to be a concern due to continued climate shifts and changes.

At North Bay Insurance Brokers, Inc., 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

March Madness – North Bay Style!

bfvvvvA North Bay Insurance Review

March is over and we spent the while month watching 64 college basketball teams play to the final four, then to the championship game.  Congratulations to North Carolina! The entire thing reminded us of some insurance madness. We thought we would share with you our “insurance madness final four.” These can impact your business insurance and personal insurance programs.

Insurance Madness Final Four

  1. Always use an independent agent. Independent agents will search the market for the best possible insurance designed for your family or business. Independents agent do not work for an insurance company, they represent you and look out after your interests first.
  2. Never buy insurance online. When you buy insurance online you never know if you are getting the best combination of coverage, price, and service. However, you do find out when you have an uninsured claim.
  3. Always consider deductible options. A simple way to save money is to consider increasing your deductible on your auto insurance, home insurance, or even your business insurance.
  4. Many people don’t consider these coverage’s but they should
    1. Identity theft is the fastest growing crime in the United States. Every homeowner should consider identity theft coverage.
    2. A personal umbrella can offer additional protection for those who own a home or have personal assets worth protecting.
    3. Your business might be at risk if you do not have cyber liability or employment practices liability.

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.

Believe It Or Not…Employers Do Get Sued By Employees

trend-1202992_640What You Need To Know About Discrimination Claims

Your employees can be, and should be, your most important asset. Often, they are the front line of customer services. They solve problems, sell your products and services, and represent your business to your customers and prospects. Managing employees can be rewarding and challenging at the same time. Employees are very aware of their rights and your responsibilities; which should lead you to be professional, kind and follow the law as you relate to your employees.

Employment Practice Liability Insurance is a product that many businesses buy to protect themselves from litigation. A recent article in the Insurance Journal points out that while employment claims are down; claims involving retaliation are at an all-time high.

The following are the top 10 categories of charges filed with the EEOC:

  • Retaliation under all statutes: 37,955 (42.8 percent of all charges filed)
  • Race (including racial harassment): 31,073 (35 percent)
  • Sex (including pregnancy and sexual harassment): 26,027 (29.3 percent)
  • Disability: 25,369 (28.6 percent)
  • Age: 20,588 (23.2 percent)
  • National Origin: 9,579 (10.8 percent)
  • Religion: 3,549 (4.0 percent)
  • Color: 2,756 (3.1 percent)
  • Equal Pay Act: 938 (1.1 percent) But note that sex-based wage discrimination can also be charged under Title VII’s sex discrimination provision
  • Genetic Information Non-Discrimination Act: 333 (0.4 percent)

How To Reduce The Possibility Of Employment Claims

This is not a complete list, but is considered a start to developing solid human resource policies.

  • Create an employee handbook
  • Have a clear anti-discrimination policy
  • Document conversations
  • Complete annual employee reviews

At North Bay Insurance Brokers, we understand that mistakes happen. That’s why we’re committed to helping you create a Professional Liability policy that keeps your day-to-day operations protected should your business be held legally liable.

You Think I should Do What? …. What is Personal “Self Insurance?”

change-1080462_640A North Bay Personal Insurance Update

The whole concept of insurance revolves around protecting the assets of an individual from financial loss due to an unpredictable event. The reason that we purchase personal insurance is to protect ourselves from financial disasters. We rely upon the insurance company to take on the risk in exchange for the premiums that we pay.  The average consumer spends very little time thinking about insurance purchases. The insurance professional is expected to do most of the thinking for us and advise us on what is best.

There is a simple principle that can be applied to almost all your property and casualty insurance purchases that will save you premium dollars. Self-insuring is that principle. The smart insurance shopper eventually grasps the concept of self-insurance. The whole idea around self-insurance is using deductible options and eliminating unnecessary coverage. The days of the $100 collision deductible for an auto insurance claim is fading fast–and it should.  A higher deductible saves you premium dollars.  That is what we call “self-insuring.”  When you change your deductible from $100 to $500 you are taking on the risk for the first $500 of physical damage. You can do the same thing with your homeowner’s policy, and you will lower your premium and still be covered for any major loss.

You will save a lot of money in the long run by not paying the insurance company money for services they may never perform.  You will save thousands of dollars by keeping your deductibles $500 or higher.

There are many optional coverage’s in auto and homeowner’s insurance policies that you may want to eliminate to save money.  We can perform a personal insurance review to determine if you are over-insured.

North Bay Insurance Brokers focuses on delivering quality insurance products with a personalized, hands-on experience that sets us apart in today’s market. Our trusted insurance professionals are here to help you with every step of the insurance process and can design a personal or commercial insurance policy to fit your needs. One of the insurance professionals at North Bay Insurance Brokers, Inc. will work closely with you to ensure that you receive individualized attention you deserve.