“ Your Fired” Are You in the Market for a New Insurance Broker?

A Business Insurance Update

There are many ways to select a business insurance agent. Some businesses may use the bidding method, where they call many agents and have them “bid” their business insurance. The problem with this is you really don’t know if you are getting equal products. It is almost impossible to compare products “apple to apple.”  The low bid may have limited, or no, coverage in areas in which your business needs coverage.  The best way to select insurance is to find a qualified and experienced agent who knows and understands your industry.  Then, allow that agency to go into the market on your behalf to find you the best possible price and coverage.

How to select an agent?

A qualified agent should help you identify your risks and help you understand what you should insure.  Then the agent should design a coverage plan, and go to the market to negotiate the best possible combination of coverage, pricing, and service.  Here are a few questions for you to consider using when selecting your agent.

  • “If I had a claim, how would you help me?”
  • “How many years of experience do you have? And your staff?”
  • “When I call the agency with a question, who would I be speaking with?”
  • “May I have three references?”
  • “What ratings do the insurers have that you might use?”
  • “What systems do you have to help manage your business?”
  • “How do you define customer service?”
  • “What is your policy for returning phone calls?”
  • “How long do you usually keep a client?”
  • “What makes you skilled at what you do?”
  • “Do you have any industry awards?”
  • “Will I have to ask for my renewal to be processed?”

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.

 

 

“There is Gold in Them There Policies”

person-110303_640A North Bay Business Insurance Update

Every business needs business insurance.  But business insurance policies are all different. That is why it is always better to use an independent agent who knows and understand your business and industry. The insurance needs for a restaurant are much different than the insurance needs of a manufacturer, and the coverage should reflect that.

If you own or operate a business, you may want to consider these coverages as part of your business insurance package. Our keys to coverage will assume some of the obvious coverage such as property and liability.  We also want to identify some business insurance coverage you may not have considered.

  • Sprinkler leakage insurance–If your sprinkler system leaks and causes a loss to equipment or documents, do you have coverage?
  • Business income insurance–After a covered loss, you may have a period of recovery time when you are closed. Without business income insurance your business may run out of funds.
  • Umbrella Insurance–An umbrella policy provides extra insurance protection over your commercial general and auto liability policies. It is not uncommon for a business to be sued for over $1,000,000.
  • Cyber liability–Cyber breaches are the fastest growing causes for loss for most businesses. Every business needs the protection provided by cyber insurance.
  • Employee dishonesty–This policy protects employers from workplace theft and fraud.

North Bay Insurance Brokers, Inc. 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, Inc. 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, 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.

 

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

Are We Crazy! – Is Earthquake Insurance Really Needed?

Structural DamageMany Sonoma homeowners go without earthquake insurance.  Often people mistakenly think that earthquakes are covered under their homeowner’s policy.  Other people figure the odds are low, and that nothing will happen.  Let us correct you; unless you have added earthquake coverage, it is excluded from your homeowner’s policy.  Some mortgage companies may even require earthquake coverage, depending where you are located.

North Bay Earthquake Insurance

Earthquake insurance covers damage to your home and your possessions. Most earthquake policies also cover costs incurred to minimize further damage after an earthquake, plus costs for additional living expenses.  Deductibles are generally 10-15% of the insured amount. Exterior structures such as pools, irrigation systems, driveways, and detached garages are generally not covered.

We recommend you consider earthquake coverage.  We can help you analyze the cost benefits.  Insurance is all about understanding risks, and many homeowners are at risk for earthquake losses.

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.

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.