Please Don’t Sue Me

angry-2191104_640Today, almost any business can find itself facing a liability lawsuit. A Professional Liability lawsuit can put owner’s and other executive’s personal assets at risk including homes, cars, and other possessions. One simple mistake could cause financial devastation, as well as end your professional career. Many businesses don’t think they have an exposure to professional loss. Here are some examples of industries that need Professional Liability Insurance.

  • Medical professionals
  • Lawyers
  • Real Estate Agents
  • Contractors that provide management services
  • Banking
  • Accountants
  • Technology
  • Non- Profits
  • Architects

Professional Liability Insurance is sometimes called Errors and Omissions (E&O) coverage. Claims come from errors or omissions in the performance of professional services. Companies that perform professional services for a fee are exposed to E & O claims.

Here are a few actual claim examples:

  • A Marketing Consultant failed to send email advertising in a timely manner and the client had lost revenue of $150.000. The claim was settled for $125,000.
  • A Head Hunter placed an executive with a firm, but failed to complete due diligence regarding a non-compete agreement. The non-compete limited the executive’s ability to perform job duties. The new employer sued the head hunter for failure to disclose and won a $50,000 award.

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

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

March Madness – North Bay Style!

bfvvvvA 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

  1. 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.
  2. 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.
  3. 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.
  4. Many people don’t consider these coverage’s but they should
    1. Identity theft is the fastest growing crime in the United States. Every homeowner should consider identity theft coverage.
    2. A personal umbrella can offer additional protection for those who own a home or have personal assets worth protecting.
    3. 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.

Is Your North Bay Business Prepared For A Loss?

photo_84253_20170213A Sonoma Business Insurance Update

Your business insurance can respond to many kinds of risks and losses.  Protecting your business from loss can mean the difference between having a great year, and having to close your doors.  According to the Insurance Information Institute, 30% of businesses that have a fire never re-open.  Therefore, it pays to have the right business insurance and to manage your tops risks.  However, do you know the most common risks faced by most businesses?

Business Risks

  • Cyber breach – Your small business has a greater chance of having a data breach than it does of having a fire. Make sure you have a cyber liability insurance policy.  Don’t save passwords on your computer, use the latest security software, train your employees on cyber security, and never use an open network.
  • Customer trip and fall – Make sure you keep your business entry clean and clear of clutter.
  • Flood – Your business insurance excludes flood damage. If you are close to water, make sure you consider flood insurance.
  • Fire – Every business is subject to fire. Install automatic alarms to ensure proper notification, disconnect equipment when not in use, and never overload sockets with plugs.
  • Theft – Develop a system for end of day closure procedures. Keep a light on at night. Burglars are less inclined to break in if they think someone is there.

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.

We Offer Insurance For Wineries That is a Good as The 1988 Pinot Noir

grapes-1611089_640As a winery or vineyard owner, you know there is much more to making fine wines than simply growing grapes. You work hard to grow, blend and produce the best possible quality you can. Large or small, the unique risks confronted by vintners requires customized winery insurance solutions.  North Bay Insurance Brokers is well-versed in the unique needs of wineries, vineyard owners and vineyard managers and can provide you with the expertise required to meet your needs.

Most traditional insurance products don’t respond the needs of farm, winery, and ranch operations. These can include; special farm equipment, manufacturing equipment, stable liability, dairy exposure, cattle and other livestock mortality exposures, high valued homes, livestock breeder’s floater to name just a few. Farms are exposed to unique additional exposures including, pollution and agritourism.

The Risks Of Wine Operations

  • Loss of crop due to weather
  • Varietals are accidently blended during the winemaking process
  • Wine is spilled during transferring or transportation
  • Visitor slips and falls in the tasting room
  • Insecticides applied in the vineyard on a windy day drift onto neighboring property.

Whether you’re a local grower or a large cultivator, we understand the value of insuring your greatest asset. At North Bay Insurance Brokers, Inc., we’re dedicated to providing the agricultural coverage and services you need to keep your farm or ranch protected – so you can focus on maintaining a smooth operation.