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.

 

 

 

 

 

 

 

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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.

 

 

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

 

 

If The 49ers Super Bowl Win Was The Last Time You Had Your Business Insurance Reviewed… It’s Been Too Long

bigstock-Shady-image-of-a-business-team-48625103Benefits of a North Bay Business Insurance Review

Every business in the North Bay, at some time, should have their business insurance reviewed by an independent insurance agent like us.  If it has been more than a year since your last review, now may be a good time. We review all our clients’ insurance needs on a regular basis. There are many benefits to an insurance review including:

  • Prices change and a review can determine if you are getting competitive rates on your insurance.
  • Your coverage needs may have changed and your policy should reflect these changes.
  • There may be new insurance companies to which we have access.
  • Laws and regulations are changing and may require a different kind of insurance

Why Review My Business Insurance?

We have identified a number of questions that might indicate your business insurance is out of date.

  • Have you moved?
  • Did you purchase any new equipment?
  • Are you involved in any new partnerships?
  • Have you seen an increase in your claims?
  • Do you ship products to foreign countries?
  • Has your ownership changed?
  • Do your vehicles cross state lines?
  • Has one of the owners recently become divorced?
  • Have you experienced growth?

We live in difficult financial times and making sure we save money wherever we can is very important. Having us preform an insurance review might just be what is needed to protect your assets while putting money back in your pocket.

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.

How Will Your Business Respond?

businessman-2556923_640A Business Insurance Update

If you think about it, your business faces risks every day.  When you open your doors, you have the risk of having sick or injured employees, customer complainants, and vendors who fail to deliver on their promises.  The world has changed in the past few years and it is important for business owners to make sure their business insurance keeps up.

Recently a large insurer released their annual business risk index. This index identified the top concerns of over 1,000 business owners.  Nearly half of survey respondents believe that the business world is growing riskier, yet just 24 percent said that risk management was a strategic priority for them.

According to the survey, the top seven worries of today’s business owners across all industries are:

  • Medical cost inflation
  • Increasing employee benefits costs
  • Legal liability
  • Broad economic uncertainties
  • Tech and data/cyber risks
  • Complying with laws
  • Attracting and retaining talent

Source: Business News Daily

Let our agency help you understand how to manage and treat the risks.  We offer a wide range of highly rated insurers that can offer the necessary products to help your manage you risks.

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.

 

Is Your Business Prepared For The Future?

stairs-918735_640A North Bay Business Insurance

2017 is coming to a close and 2018 will be here in a few weeks. 2018 is set to be a good year for business. The economy is growing and employment is at one of the highest levels in the past 25 years. There will always be challenges regarding business insurance and risk management.

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Intellectual Property

This is one of the fastest growing areas of litigation. The average defense cost in 2016 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Healthcare Professional Liability

As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2015, litigation against OB/GYN doctors accounted for over $3.9 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.

Cyber attacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no or limited coverage for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 25% of firms have been sued for directors and officers negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

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.

 

 

Is Your Office Holiday Party Like An Episode Of the “Office”

Group of friends cheering with glasses of champagneCompany Holiday Parties Increase Risks

Your company Holiday party was going great, and everyone was having a wonderful time.  Except one of the female employees said that a manager touched her and made un-wanted advances.  Now she is filing an employment liability claim.  This is a scenario that no one wants to happen.

Your business insurance many not cover this lawsuit unless you have employment practices liability insurance.  Call our office for a review of your commercial insurance today.

Office Holiday Party Safety

  1. Limit use of alcohol; offer two drink tickets per person.
  2. Make sure you have food at your party.
  3. During the party, monitor alcohol consumption. Quickly try to diffuse any situations or displays of inappropriate behavior.
  4. Consider having the party at a restaurant. This is a good way to transfer liability.
  5. Make the party optional.
  6. Arrange for cab rides or transportation home for guests who may need it.
  7. Prior to the party, review harassment policies with all employees as a reminder of proper behavior.
  8. Encourager managers to set a good example.
  9. Consider inviting spouses, which is a good way to reduce romantic hook-ups.
  10. Know your state laws.
  11. If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.

As long as you don’t charge for drinks, your business insurance may provide coverage (Always check with our office as each policy is different). North Bay Insurance Brokers 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 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, 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.