My Business Just Lost Its Income

 

accounting-57284_640Should Your Business Purchase Interruption Insurance?

When a fire destroyed a fifty-unit apartment complex, the owners found themselves in a tough situation. The owners had insurance to cover the repairs and replacement of all the damaged units, and because the agent had done his job the owners had business income, or loss of rents insurance.

Business Income coverage is a property coverage that is designed to pay the loss of income (rent is this case) following a total or partial shutdown of a business. Business Income is designed to replicate the insured’s income stream and covers expenses as if no loss had occurred.

The 50 families that no longer had a place to live won’t pay rent until they have moved back into their repaired units.  Chances are, many will move on to other housing and won’t come back. However, as owners, you still have expenses, including a mortgage that will need to be paid. There can be three major parts to Business Income insurance:

  1. Business income (BI) coverage:Replaces the lost gross earnings during the shut-down resulting from a covered property loss. Loss of rents is considered gross earnings.
  2. Extra expense coverage:Covers the cost to relocate to another location and continue operations. During relocation, businesses typically incur the extra expenses of rent, equipment lease and the cost of restoring databases. All of this is covered by the “extra expenses” portion of the policy.
  3. Ordinary payroll:This optional coverage continues paying your workforce while you have no work for them. It prevents your trained employees from accepting other jobs while waiting for your business to recover. This coverage is optional, but is recommended in many circumstances.

 

We like to ask the following questions to help us understand your risks and provide realistic solutions:

  • How much income do you need to continue operating your business in the event of a shutdown of your premises?
  • How much time will it take to fully recover or rebuild?
  • Will you need additional coverage for extra expenses such as leasing temporary office space, computer equipment or office machines?

Our team of insurance professionals has the knowledge and experience to help you identify your risks and create cost effective solutions.

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.

 

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Wildfires Are A Hazard Worth Planning For

Firemen at work on fireAccording to the Federal Government, almost 90 percent of the wildfires in the United States are caused by humans.  Wildfires can occur in the country and major cities. Wild fires can start in a vacant lot and spread to neighborhood very quickly. From January 1 to March 31, 2017, there were 13,458 wildfires, compared to 9,218 wildfires in the same period in 2016. Source; iii.org

Wildfires And Homeowner’s Insurance

Unlike earthquakes and floods, wildfire damage should not require a completely separate policy, and probably does not even require a high risk policy. It is a good idea, however, to know what your homeowner’s policy does cover.  In many cases wildfires are covered, but it is always good to call your agent for a homeowner’s insurance review.

If your homeowner’s policy covers wildfires it would normally protect the building and contents from a covered loss. In addition, you will need additional living expenses if you must leave your home during re-construction.

Wildfire Prevention

Become familiar with your community’s disaster preparedness plans and create a plan for your family. Identify escape routes from your home and neighborhood and designate an emergency meeting place for your family to reunite if you become separated.

  • Use fire-resistant materials for roof and home construction.
  • Keep wood piles at least 30 feet from your home.
  • Create a 100-foot safety zone around your home.
  • Prune trees within 15 feet of any chimney outlet.
  • Follow local ordinances when burning yard waste. Avoid backyard burning in windy conditions, and keep a shovel, water, and fire retardant nearby to keep fires in check. Remove all flammables from your yard when burning.
  • Make sure that fire vehicles can get to your home. Clearly, mark all driveway entrances and display your name and address.
  • Teach children about fire safety. Keep matches out of their reach.
  • Keep roofs and gutters clean and free from debris.
  • Have a ladder that reaches your roof.
  • Have an extra-long hose.
  • Rake leaves, dead limbs, and twigs. Clear all flammable vegetation.
  • Back as many vehicles as possible into the garage, then close the door. In the event that you evacuate, remember to close the garage door behind you as you leave. If you do not have a garage or if yours is full, park your vehicles heading in the direction of the evacuation route.

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.

We Are Independent, You Benefit

 

light-bulbs-1125016_640There are many reasons why you buy home insurance, auto insurance or business insurance. But the bottom line is that you buy personal insurance to protect your assets and have claims paid fairly and promptly. You also want competitively priced insurance rates.

Why Independent Agencies Are Better

When you purchase insurance through an independent agent like North Bay Insurance Brokers you are working with a licensed professional who specializes in the products and services you need. Independent agents are local business owners who employee your neighbors to serve your needs.

Benefits of Working with an Independent Agent

  1. We represent many different markets. This allows us to bring you the best possible combination of coverage, price and service.
  2. We are there to handle your claims. We will help you through the claims process.
  3. We have the services you need. We offer prompt and professional insurance services. You don’t get a recording or someone in another state. We care about you and will help you solve your problems.
  4.  We are experienced. Our staff completes regular training on all the insurance products you need.
  5. Locally owned. Our agency is locally owned and operated. It is always better to buy local. You can stop in our office anytime and meet the team that services your account.
  6. Working through an independent agent does not increase your premiums.
  7. All your home insurance, auto insurance, RV insurance and business insurance can be handled in one place.

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.

 

 

 

 

The Costs Just keep Going Up!

Do It YourselferFive Spring Home Remodeling Insurance Tips

Many People in the North Bay are planning a home remodeling project for the spring or summer.  These projects may include a new backyard, kitchen or an addition for the expanding family. Whatever your personal project, you will need to protect yourself from the financial risks and hazards associated with a home remodel project.

North Bay Insurance Brokers 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.

If you are thinking or planning on hiring a contractor to help or construction company to help you with your project, keep these tips in mind. Following these guidelines will help reduce your risk and increase your chances for a successful, and hopefully stress-free, project. Always ask for insurance from the contractor or company.

  1. Before you hire a contractor, it is good to ask for references. The Better Business Bureau is an excellent place to start.
  2. Know what you want and have a specific list of products, including the brands. For example, if you want an Air Conditioner, be specific about the type and brand. There are many brands; some good and some not so good.
  3. Always have a written contract with a competition date.
  4. Go visit other homes on which the contractor has worked.
  5. Some contractors may ask for 100% of the payment upfront. Never do this. A small (10% to 15% upfront is normal)

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.

Is Agritourism Risk A Real Thing?

MP900176513Agritourism is any activity that allows members of the general public on your winery, farm property for recreational, entertainment, or educational purposes. Agritourism activities include everything from a bed and breakfast, a corn maze, an educational field trip, a store or wine tasting, to “pick your own” and roadside farm stands. It is important to understand your increased liability, by having visitors on your property.

Here are three issues to remember:

Almost 30 million children visit farms and ranches each year according to the US government.

Most visitors are unfamiliar with the agricultural environment. Owners need to ensure the safety and health of all guests visiting their operations.

Here are a few safety tips for you to consider as part of your Agritourism activities:

  • Develop emergency plans just in case the worst happens. Have procedures in place for major injuries, heart attacks, pet bites, and more.
  • If you serve food make sure you follow all the state food handling policies.
  • Make sure you have traffic control procedures and extra staff if needed.
  • Address the safety issues with all ponds, machinery, and chemicals.
  • Do you use outside vendors? If so, make sure you obtain certificates of insurance.
  • If you have rides of any kind you should require a waiver of liability.
  • Have safety equipment such as fire extinguishers and first aid kits throughout the farm.
  • Use signs to post rules and vehicle speeds.
  • Train your employees on all safety measures.

Implementation of these guidelines is not intended to absolve the farm owner of all liability. They are, however, intended to reduce the risk of a guest being injured and to demonstrate a “good faith” effort to protect guests.

 

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.

 

 

Don’t Start 2019 In A Hole

new-years-day-3683748_1280North Bay Business Insurance Trends For 2019

As we move into 2019, we wanted to provide you with our “business insurance resolution checklist.”  We suggest that you go over this list to verify that you have the best possible coverage for your business. Building a solid company in today’s competitive and fast-moving world takes time, commitment, and foresight. Having solid business insurance can protect your assets, employees, and future.

We can design a commercial insurance program specifically for your business.  There may be some kinds of coverage that your business may not have considered.  Give us a call today.

Key Man Life – Covers the death of key owners and revenue producers. In the event of the key person’s death, the death benefit payout goes to the company and not the key employee’s spouse or children. Key man life insurance policies act to inject liquid funds into the business to protect against a variety of financial losses.

Professional Liability- Covers claims that come from giving advice. Today, almost any business can find itself facing a liability lawsuit.  Many businesses do not even realize they have an exposure to professional loss.  A Management Liability lawsuit can put business and personal assets at risk, including the company’s assets, and even the personal possessions of the owners.  One simple mistake could cause financial devastation, as well as end your professional career.

Employment Practices Liability- Provides your business with coverage for harassment, wrongful termination and other claims brought by employees.

Business Income- This coverage can provide extra funds should your business suffer a covered loss. It can include coverage for extra expenses to set up a temporary location as well.

Cyber Liability– If your business handles customer data, such as credit card or bank account numbers; data breaches pose a serious threat to your financial stability. Cyber Liability Insurance protects against the expenses associated with a data breach, which can run into hundreds of thousands of dollars.

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.

 

 

 

 

 

 

 

Are You A Smart Insurance Buyer?

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A North Bay  Business Insurance Update

Even the best run businesses may have a loss now and then. It is important that every business owner and manager have a comprehensive business insurance program. A well-designed business insurance program will help the business get through a loss. Here are few ideas to help you make sure you have the best possible coverage your business needs.

  1. Make sure you combine your business policies into one “package” You will receive premium discounts for doing this.
  2. Every business should have a commercial umbrella policy with at least $1,000,00 of coverage.
  3. Review your property insurance deductibles, by increasing your deductible you may be able to lower your premium.
  4. Consider the flowing kinds of coverage; cyber liability, employment practices liability, and director and officer’s liability.
  5. Have your agent search the market for the best possible combination of coverage, price, and service.

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.