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
Vacation Home and Income Property Insurance
More and more people are using services like VRBO and Airbnb to find vacation rentals. As a result, many people are using their homes to develop rental income. A standard homeowner’s policy will not cover losses incurred while your home is rented out. You may require a more specialized insurance policy.
Key Homeowner’s Insurance Concerns with Rental Property
- Your homeowner’s insurance will not cover rental property.
- Landlord policies generally cost about 25 percent more than a standard homeowner’s policy to pay for increased protections. source
- You need landlord insurance when you do not occupy the same residence as your tenant. You will also need landlord insurance if you are renting out your own home temporarily, or sharing accommodations such as your basement level, with a renter.
- You will need liability coverage in the event your renter is injured on your premises.
- Your policy will not cover wear and tear due to increased use.
- VRBO, Airbnb and other rental sites may require proof of insurance.
There are only a few insurance carriers willing to write an Airbnb liability insurance policy. We have experience with insurers who handle this kind of risk. Because of the variety of options available, an insurance specialist at North Bay Insurance Brokers is available to make sure you have the right amount of coverage for your rental property at a price that meets your budget. With the benefits of a Landlords Insurance policy, you can rent to tenants with the confidence of knowing your investment is secure.
Many people believe that they have little or no control over their homeowner’s insurance. Often, people think that premiums are determined by some “secret formula.” It is true that every company has rates for their homeowner’s insurance premiums, but there are many factors that help make up your homeowner’s premiums.
Factors that help determine your homeowner’s premiums
- Age of home
- Age of roof
- The replacement cost
- Distance to fire station
Get the best possible homeowner’s premiums
- Install deadbolt locks.
- Increase your deductible.
- Some insurers offer occupational discounts for teachers, police, firefighters, government employees, etc.
- Install a central station security system.
- Your agent can help you evaluate the different policies and companies so you can make the choice this is right for you.
- Ask for other discounts offered by your insurer.
- Make sure your replacement cost is up to date.
- Do you have replacement cost or actual cash value (ACV) coverage? We recommend replacement cost.
- Do you need loss of use coverage? Most homeowners and renters do.
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.
A 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
- 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.
- 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.
- 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.
- Many people don’t consider these coverage’s but they should
- Identity theft is the fastest growing crime in the United States. Every homeowner should consider identity theft coverage.
- A personal umbrella can offer additional protection for those who own a home or have personal assets worth protecting.
- 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.
Many 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.
What 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.
A 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.