Is Your Business Insurance Broken?

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It Is Good To Review Your Business Insurance Program Every Year

Every North Bay business, like a car, needs checkup from time to time.  As your business grows or changes, your business insurance should respond accordingly.  If your business changes, there could be the possibility that you may not have the right business insurance coverage, and that can lead to an uninsured claim.

What A Business Insurance Check-Up Looks Like

We will review your policies and compare them to your operations to make sure that you have the coverage that matches your risk.  We will also review the following questions:

  • Have you added any new locations?
  • Do you now design, sell, or manufacture any new products?
  • Did you update or remodel your facility?
  • Did you make any investments in your business?
  • Have you added transport or delivery services?
  • Have you sold any personal property or equipment?
  • Are you expanding your services and/or your client base?
  • Have there been any changes in ownership?

At North Bay Insurance Brokers Insurance Agency, we know you’ve invested a lot of time and money in your personal property and keepsakes. A flood insurance policy will cover the cost of replacing your valuables from any flood-related damage.

 

 

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How Our Beliefs Impact Our Insurance Buying Decisions

8883568_xxlA Personal Insurance Update

All of us have certain beliefs pertaining to homeowner’s insurance, auto insurance and other personal insurance products.  These beliefs can often cause us to make uneducated, or even poor, decisions regarding our personal insurance.  This was recently confirmed in a study completed by the Insurance Information Institute (I.I.I.) Research publication, “Homeowner’s Insurance: Understanding, Attitudes, and Shopping Practices.”

How Insurance Beliefs Shape Actions

  • Some people think that the internet is the best way to obtain some personal insurance products. When, in fact, the best way to get the right combination of price, coverage, and services is to use an independent agent.
  • Most homeowners believe that sewer back up from outside their home is covered on their homeowner’s policy. However, generally sewage backups are not covered without a rider or separate policy.
  • Your agent can be the best way to educate yourself on your insurance. People should utilize their agent to help them understand how their risks are changing, and how insurance can be designed to meet their individual needs.
  • Less than fifty percent of people use their agent to comparison shop. Your agent has many markets and will comparison-shop for you annually.
  • Many people mistakenly believe that earthquake, flood, and hurricane damage is covered under a standard homeowner’s insurance policy. These are not.  Separate policies need to be purchased.
  • There are many people who think that replacement cost coverage will provide complete replacement if their home is a destroyed in a covered loss. This is not the case, the policy will only provide replacement up to the policy limit. We recommend that together we review your replacement cost valuation annually.

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 An Agent Really Make A Difference?

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Personal And Business Insurance

The modern day customer is looking for value, ease of services, and quick responses.  In an era of impersonal internet companies, slick advertising, and “branding,” it can be hard for consumers to determine where to find the best insurance program for their needs.  To provide the best possible combination of coverage, services, and pricing, you need to look no further than your local independent agent.

Our Approach To Insurance Is Different

The best way to get the insurance that is right for you is to develop a relationship with your insurance agent.  The good news is that this process is not complicated or time consuming.

  • We respond quickly.
  • Insurance protects what is important to you, and we understand that.
  • We gain an understanding of your individual needs.
  • We educate rather than sell.
  • Finding the right insurance coverage is an important purchase, because everyone’s needs are unique.
  • Our professional team is trained and licensed.
  • Insurance is too important to be ordered online like a book.
  • Don’t wait for an un-insured claim to happen before you look for the right agent and coverage.

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.

North Bay Brokers Can Help Employers Manage Workers’ Compensation Costs

risk-1945683_640A Workers’ Compensation Update

There are over 4.1 million workplace injuries in the Unites States each year, according to OSHA.  Employers spend about $155 billion on work related injuries each year.  There is no doubt workers’ compensation is a big expense for employers.

The good news is there are many actions an insurance agent can do to help employers reduce workers’ compensation costs.

  1. Search the market for options and program designs that fit the individual needs of each employer.
  2. Help build a bridge between the insurer and business.
  3. Educate employers about how workers’ compensation works.
  4. Work with employers in the development of a safety program.
  5. Analyze all classifications to make sure they are correct.
  6. Help the company prepare for the workers’ compensation premium audit.
  7. Provide the framework for an early return to work program.
  8. Help the company review accidents and claims to determine trends and then create safety solutions.
  9. Facilitate a claims review with the insurer to make sure all claims are being processed correctly.
  10. Be a resource to the business by bringing in other service providers to solve problems; i.e., attorneys, safety professionals, and third party claims consultants.

Workers’ compensation is an important part of your business insurance program. It is required by state law that your business has workers’ compensation insurance.

As a business owner, you go to great lengths to provide a safe working environment for your employees. Workers’ compensation continues to be a significant cost driver for most employers, and understanding all the factors that can drive your workers’ compensation cost can often be complex and time consuming.

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

 

 

Agents And Insurance Policies Are Not Created Equal

Insurance - Protect the Important Things words on business cards

Insurance – Protect the Important Things words on business cards in a holder for a sales person or agent selling policies and coverage for auto, life, homeowner or medical

An Insurance Update

Many people think that all insurance policies are alike and there is no need to understand the different kinds of coverage afforded by different types of policies.  As professional agents, our job is to help our clients understand how the coverage we recommend can affect their risks and actually help them in the event of a loss.

We take the time to educate ourselves on your individual risks, and then design an insurance program to meet your needs.  Here are examples of four insurance coverage options that you should consider.  This coverage can apply to your home or business.

Business Income and Extra Expense (called loss of use on homes)

Business income insurance covers the loss of income that a business suffers after a covered loss, (fire, etc.), while its facility is shut down or in the process of being rebuilt.

Extra expense covers the additional costs, in excess of normal operating expenses, that an organization incurs to continue operations while its property is being repaired or replaced after having been damaged by a covered cause of loss.

For homeowners, the coverage will provide funds for temporary housing while your damaged home is under repair.

Equipment Breakdown (not often available for homes)

Equipment breakdown covers loss due to a mechanical or electrical breakdown of equipment, machinery, including photocopiers and computers.  Coverage applies to the cost to repair or replace the equipment and any other property damaged by the equipment breakdown.

Water/Sewer Backup

Most homeowner’s and business insurance policies do not cover sewer backup unless specific sewer backup coverage is added to the policy, according to the Insurance Information Institute.  A sewer backup can be caused by many factors (not including flood).  Sewer backup can happen from any number of sources:

  • plumbing or appliances
  • severe weather or storms
  • accidents
  • infiltration

 

Building Ordinance and Law

Building ordinance and law covers losses caused by enforcement of ordinances or laws regulating construction and repair of damaged buildings.  Many communities have building ordinances requiring that a building that has been damaged be rebuilt in accordance with current building codes rather than simply repaired.  This can cause considerable additional expenses to a loss.

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 Can That Be Stolen?

We have all heard of identity theft as it relates to individuals. Most of us have some form of identity theft protection just in case. However, businesses are now facing the same kind of risk, only as it relates to their business. The emerging risk includes; business tax fraud, trademark issues, website hacks, and credit card fraud.

Experts are telling us that criminals are combining stolen data and creating tax returns in the name of the business. According to the IRS, the total losses in 2017 were $270 million.

We recommend that you have our agency complete a business insurance and risk review to determine your exposure and create a plan of action. Our solutions might include the following.

Cyber Risk Insurance

Cyber insurance can cover your businesses cyber exposure through a cyber breach. This could include a data breach, loss of client’s information and the costs associated with reporting and restoration. Cyber risk insurance can also cover.

  • Media Liability
  • Error & Omission Insurance
  • Regulatory Defense & Penalties
  • Extortion & Ransomware coverage
  • Data Breach Response Costs
  • Business Interruption
  • Network Security Coverage

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.

You Break It You Buy It Works Only On T.V.

egg-943413_1920A North Bay Business Insurance Update

If you are in the business of designing, manufacturing, servicing, selling, and distributing any product there are risks involved. When the product you represent causes injury or damage to a another person or business, you need insurance protection. Depending on the insurance coverage you have, you may not be adequately protected from a product liability claim arising out of your actions. Many “standard” insurance policies have limitations for product liability claims. For example, a contractor installed windows in a custom home, and 9 months later the windows leaked, causing thousands of dollars of damage. The window manufacturer said their windows are fine; it was the installation that was done incorrectly. The contractor may be held responsible for the damage. Product liability insurance would provide protection in this case.

Our experienced and licensed staff will work with you to help find the right commercial insurance and solutions for your business. Our team can work with most business; we know and understand your industry.

What is product liability insurance?

Product liability insurance can provide protection from damages, injury, claims, and other liability arising out of the selling, distributing, manufacturing, servicing and design of products. Damages can include bodily injury, property damage, and even death.

An essential feature of product liability insurance is the legal defense coverage. The cost to defend an allegation can create a strain on your firm’s resources.

Claims can come from any of the following:

  • Poor workmanship
  • Breach of warranty
  • Failure to warn
  • A defect in design or manufacturing
  • Material defect
  • Failure to provide adequate instructions

Classes of businesses we work with:

  • Contractors
  • Artisan Contractors
  • Manufacturing
  • Restaurants
  • Distributors
  • Food Processors
  • Wood Products
  • Automotive
  • Sporting Goods
  • And More

We have a number of highly rated insurance companies to select from. Call us today for more information.

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.