A Recipe For Success

 

bigstock-Restaurant-2501422A Recipe For Success

Hot surfaces, sharp knives, foodborne illnesses, patrons coming and going on a daily basis are some of the risks restaurants face every day.  Restaurant owners face a multitude of risks that are specific to your industry. And that’s in addition to the typical concerns smallest businesses must prepare for like property damage to your premises or loss of important customer, vendor, or employee files and records.

Restaurants accounted for about 45% of the total dollars spent on food, and 45% of adults said restaurants are part of their daily life. This is good news for the restaurant industry because it means that there are a lot of people dining in restaurants.  Unfortunately, this also means that there is an increase in the possibility of claims against restaurants.

Restaurant Insurance

If you own a restaurant, it will be important to have the proper restaurant insurance to keep your restaurant open should the unthinkable happen.  If your restaurant, bakery, catering service, or tavern is going to have staying power, you have to build a plan for managing potential pitfalls, and that includes insurance.

Here are few of the kinds of insurance coverage your hospitality business needs to consider:

  1. Property Insurance
  2. Liquor Liability
  3. General Liability
  4. Worker’s Compensation
  5. Business Income Food Spoilage
  6. Employment Practices Liability
  7. Cyber Liability
  8. Food Borne Illness Coverage

Without insurance, you would have to pay all court costs and fines out of pocket in the event that someone files a lawsuit over an injury they sustained at your establishment.

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.

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Who Is On Your Side?

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A North Bay Insurance Update

Everyone has seen insurance advertisements that feature a lizard, a man who creates trouble, and a wacky woman in white trying to sell you insurance.  These ads may be entertaining, but how in the world can you really tell these companies apart?  What are the differences?  Is one company really better than any other?  Will the coverage, price, and service meet my needs?

There are two distinct kinds of agents in the United States; Independent agents/brokers, and direct writers.  Let’s define these for you.

Independent Agents

An independent agency is a business that is owned and operated by local business professionals.  Some larger agencies may have a board of directors and many partners, but usually the ownership is local and independent.  These agents offer many different insurance products through many different insurance companies.  Independent agents sell the products that most appropriately meet the needs of their clients. Independent agents typically are very well trained and knowledgeable of the complexities of the insurance market and insurance law.

Most independent agents have multiple companies from which to shop your insurance needs.  This makes it more likely that they will find the exact fit for your specific situation. It also allows for greater competition, which benefits their clients.

The goal of the independent agent is to provide their clients with the best possible combination of coverage, price, and service.  For example, independent agents have experience in understanding what services insurance companies provide and are able to match unique services with client needs. Not all insurance companies are alike.

Direct Writers

A direct writer is an agent who distributes policies for only one insurance company.  Direct writers are agents paid by the insurance company and cannot utilize the entire insurance market.

If your roof needed replacement would you go to just one roofer for a quote?  Would you hire a roofer because their ads are funny?  Wouldn’t it make good financial sense to go to more than one roofer to get options and pricing comparisons?

The True Value of Your Agent

The value of the insurance you buy truly is established when, and if, you have a claim.  Independent agents advise and help clients through the claim process. Our job is to find you the best possible combination of coverage, price, and insurance.  Independent agents/brokers work for the customer, direct writers work for the company.  Enough said!

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.

 

Businesses In North Bay May Be In Trouble

bigstock-Risky-Word-Written-On-Cube-Sha-244520626.jpgEvery business has risks, we understand that. But as a business owner or manager, it is your job to manage risk so that your business can continue operating and grow. We can help you identify, treat and manage all your business risks because we know and understand your business. Here are some of the risk issues we have identified.

  1. Natural Disasters – These issues are always a concern for small and medium business. We can offer flood, earthquake and wind insurance as your needs arise.
  2. Cyber Liability- Cyber liability and data theft is one of the hottest topics for businesses, risk managers and insurance 2018 had some of the biggest data thefts that we have seen. But even more interesting, is that small businesses are exposed more than large businesses. In fact, 25% of data breaches affect businesses with less than 50 employees. A small business has a greater chance of having a cyber breach than it does of having a fire.
  3. Government mandates and regulations – There continues to be increased oversight from government in healthcare and financial reporting that creates new risk and liability for businesses.
  4. Political and Civil Issues – As seen in 2018, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
  5. Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation. You may even need to continue payroll for a period of time. Business interruption insurance can provide these resources.

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.

 

 

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.

 

 

I Drive My Car For Company Business… Now What?

White Car Cornering In Mountain Road With Speed Blur

White car cornering in mountain road with speed blur

There are many situations and reasons why employees drive his or her personal auto to perform business related tasks including: travel between work sites, client visits, and transportation of colleagues.  It is important to consider the risk you assume when you drive your car on company business.

There are two different kinds of risks and we will address each. The first risk is what we might call incidental use. The second risk is when a person drives his/her own car every day as part of their job, like a salesperson. This person’s job description actually includes using their own car as part of the day to day job functions.

Situation One – Incidental Use

Generally, in these situations, you would be covered under your personal auto policy. If you find you are driving more than 30-40% of the time on company business, it would be best to contact our office for a review of your coverage. Examples of incidental use would be:

  • Going to a company event
  • Taking the mail to the post office
  • Picking up supplies at the store
  • Going to see a client – occasionally

Situation Two – Drive as Part of the Job

Many personal auto policies have drive-for-business exclusions, requiring individuals to inform their agents that they drive for work and to acquire an endorsement. Without the endorsement, insurers may refuse to cover a claim. Here are some examples of work related situations where you might need to make adjustments to your auto insurance:

  • Outside sales professionals
  • Real-estate agents
  • Driving more than 50% of the time for the company
  • You receive an auto allowance
  • You take a tax deduction for work related driving

If you use your vehicle for delivery or landscaping you might need to consider a commercial auto policy, especially if the vehicle is used 100% for business use.

We are ready to help you with all your auto, home, RV, and motorcycle needs. Call us today. We can combine your insurance under one program and save you hundreds of dollars.