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.

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.

Top Risk Managers Provide Workers Compensation Insights For North Bay Businesses

North Bay Insurance Brokers Risk Management Update

Some of the nation’s top risk managers often share their secrets with the world through published articles and on social media. We have been tracking these tips over the past year and thought we might share a few of them with you.

  • Trip and fall injuries from Disney – With the millions of people and employees walking around their parks, Disney protects itself by making sure all walkways are clean and clear of hazards. Having well lit parking and sidewalks can also cut down on accidents.
  • Home Depot prevents back injuries – Most Home Depot employees use a flex back type of product that provides support for employees while lifting and stretching. Offering safety equipment to employees that need it can reduce sprains and strains.
  • Safe driving from FedEx – FedEx delivers millions of packages every day and uses over 90,000 vehicles to do it. The best way to prevent auto accidents is education and training. Every driver should be trained in the following areas; driving in adverse weather, distracted driving, vehicle inspections, driver wellness, and hazardous materials safety.

Having the right Workers Compensation plan from North Bay Insurance Brokers, Inc. can allow your business to ensure payments and cover expenses if an employee is injured from a work-related accident. Injuries can range from car accidents and back injuries to equipment malfunctions and, in some unfortunate cases, death.

If your business does not offer Workers Compensation, serious injuries that occur on the job could lead to an employee suing your company for damages. That’s why it’s important to discuss your options with a specialist at North Bay Insurance Brokers, Inc. who can help you find the right coverage options for all your business needs.

North Bay Insurance Brokers Looks Into Their Crystal Ball

glass-ball-1547291_640Insurance Trends For 2017

2017 is here and insurance companies are changing how they manage your policies.  This means that pricing and services for business insurance and personal insurance is changing, mostly for the better. We have compiled a list of trends that you may find interesting.  These trends will also influence how claims are handled, what kind of coverage is offered, and how the insurer services your account.

Trends That Will Impact Business and Personal Insurance

  • Use of Drones – Drones may be used to collect information on your building and will be used to collect real time information on large losses.
  • Google and Zillow – Underwriters will use information on these sites to verify information on personal lines applications.
  • Social Media — Social media data provides real-time information about claims severity and localization and helps prevent fraud.
  • Homeowner’s Insurance – Coastal claims will continue to add pressure to increase rates in many areas.
  • Real Time Sensors — Factory and home sensors and telematics systems on cars and trucks will increase and add value to the underwriting process. This will give the better risks more discounts. For example, having vehicle sensors will allow personal lines insurers to offer discounts to drivers who follow traffic laws.
  • Digital Engagement – There will be greater opportunity to manage your business insurance or personal insurance online 24/7.

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.

 

 

We Help Build A Better Mouse Trap

bigstock-Construction-Worker-Building-T-13918322North Bay Contractors Insurance Update

If you are a contractor you may have some coverage issues that you need to review. Many contractors’ insurance policies have limitations or exclusions that could cause un-insured losses.

Contractors Insurance Concerns

Contractual Liability

The ISO Commercial General Liability Coverage form excludes damages or loss for which the contractor is obligated to pay by reason of having assumed liability under a contract.  However, some coverage is given back in this exclusion for an “insured contract”.  We can add back the coverage through endorsements which changes the definition of an insured contract.

Designated Work or Designated Ongoing Operations Exclusion

Some insurance companies may offer a contractors policy, but exclude specific type of work. For example, a general contractor may be primarily involved in framing but may on occasion perform charitable work. Some insurers may exclude the charity work. Some carriers are willing to include incidental classes on the policy on an “if any” basis.

Independent Contractors Exclusion

As a contractor do you sub out any work? You do not want this exclusion on your policy. The exclusion removes coverage for claims arising from the acts of independent contractors.

North Bay Insurance Brokers, Inc. provides insurance to construction businesses in Sonoma, Napa, Marin, Santa Rosa, Petaluma, American Canyon, and surrounding areas.

Do You Consider Yourself A Professional Contractor?

bigstock-Construction-Worker-Building-T-13918322

According to the International Risk Management Institute North Bay contractors, project owners, and project professionals have increased risk of Professional liability claims. Yet, less than half of all contractors in need of the coverage are buying it. Insurance can play an important role in “on time and on budget” projects. If your contractor’s Insurance coverage is not written properly, your business may not survive financially.

Contractors Professional Liability coverage has become just as important to a contractor as it is to an architect or engineer. New methods of service delivery have created risks and exposures that need to be understood by agents and contractors.

Contractors have a professional liability exposure when they perform or subcontract design, modify plans, change a manufacturer’s specifications, or provide professional construction management services to a project owner.

Critical Issues Involving Contractors Professional Liability Insurance

  • We offer quality admitted and non-admitted markets
  • Professional exposures excluded under most GL policies
  • Even well written contracts can be challenged causing legal expenses for contractor
  • Design build projects increase contractors risk
  • Some everyday work like; dewatering and shoring may involve design services excluded under the GL policy

Many contractors don’t even consider professional liability insurance, even while it is available at reasonable rates. Many project managers and/or owners believe it is covered under the contractors GL policy. This leads to complications at the time of a loss.

At North Bay Insurance Brokers, Inc., 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