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.

Go Where The Pros Go… North Bay Insurance Brokers

A Business Insurance Update

Most businesses purchase general liability insurance to protect the business against certain kinds of claims. These claims could include bodily injury and property damage. Professional Liability insurance, also called Errors and Omissions insurance, protects against a claim from a third party who suffers a financial loss because of services or actions.  Any individual or business in a profession that provides advice, expertise, recommendations, or a professional service to customers, clients, or another party, would benefit from Professional Liability insurance.

Typically, professionals such as doctors, accountants, nurses, insurance agents, lawyers, and architects purchase Professional Liability insurance. However, if you have clients who are in the business of providing advice, opinions, or services, they should consider Professional Liability insurance.  Professionals who provide advice are expected to have knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired according to the standards of conduct in their profession.  Businesses and individuals can be held legally responsible for any financial loss caused.

It’s important to note that almost all Professional Liability insurance policies are sold on a “claims-made” basis. This means that the insurance only covers work performed while the policy is in force, and for claims actually filed during the term of the policy. Professional Liability insurance is offered in many different forms that protect many kinds of firms.

If someone feels he or she has suffered loss or damages due to a professional service, often their next action is a lawsuit.  These kinds of actions can be costly and severely reduce a firm’s resources. Professional Liability insurance can help preserve assets and more importantly help preserve the firm’s reputation.

North Bay Insurance Brokers, Inc. 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, Inc., 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 Have To Pay Our Employees What?

bigstock-Group-of-industrial-workers-I-36357172Many states and cities are enacting new minimum wage laws, and all will feel the impact.  Not only will the cost of goods go up, but also every business will see an increase in workers’ compensation costs.  Those business with a high minimum wage work force will see an even higher premium increase.

In California for example, the wage increase affects 43% of the state’s workforce and makes California’s minimum wage the highest in the country.  Oregon Just passed a statewide minimum wage as well.  Alaska, Arkansas, Colorado, Connecticut, Hawaii, Massachusetts, Michigan, Nebraska, Rhode Island, South Dakota, and Vermont also increased minimum wages in 2016.

Increased wages will mean increased payroll, and your workers’ compensation premiums are based on your payroll.  With increased payroll, come increased benefits, which lead to increased overall claims costs and experience mods.

What is Workers’ Compensation?

Workers’ compensation insurance is insurance that provides lost income, medical benefits, disability benefits, and rehabilitative services for workers injured on the job or while performing work-related duties.

Why Your Business Needs Workers’ Compensation Insurance

When one of your employees gets hurt on the job or has a work-related illness, only workers’ compensation will cover them.  Health insurance benefits will not provide coverage for on the job injuries.

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

North Bay Insurance Brokers, Inc. understands the value of good employees. We know that your day-to-day operations depend on their hard work, expertise, and dedication, and if you supply them with quality benefits and plans, they can work with the peace of mind assurance that they’re properly protected.

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.

 

Don’t Let Your Business Insurance Get Blown With The Wind

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The risk management landscape is changing fast. It is important for business owners and managers to understand how these trends will impact their business insurance programs. Technology, consumer trends, litigation, and regulations all have increased risk.

  • The Changing workplace environment. Employers are having to manage a change in workplace demographics. The baby boomers are retiring and employers will need to figure out how to attract the next generation of workers.
  • Cyber Risk. Every business will need to consider cyber insurance. Most businesses have a greater risk of having a cyber-attack than they do of having a fire. Cyber security was big news last year. Hardly a week went by without a report of a data breach in some industry. In fact, the Identity Theft Resource Center reported a record high of 1,233 data breaches in 2014, which is a 39 percent increase from 2013’s numbers.
  • Employment Laws. Whenever there is political change you can count on new and/or updated employment laws. Employers will need to keep up to date on how these laws will impact their businesses. Every employer should consider Employment Practices Liability Insurance.
  • Connections with Customers. As we continue to increase our reliance on technology, businesses must find the best ways to stay connected with clients. Customers want real time information about the products and services you provide. The road to being connected begins with understanding that consumers want to use technology in their healthcare decisions. They want to be able to email their partners and access services and information through telecommunication devices.
  • Workers’ Compensation. All states will continue to address legislative measures that could have an impact on employers including; drug usage, independent medical exams, medical marijuana, and the misclassification of employees and contractors.

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.

Even Steve Jobs Would Be Proud

bigstock-Insurance-Folders-8214377Workers’ Compensation Must Respond To The New Economy

Every business has faced issues related to the new economy. The new economy involves how work gets done in today’s millennial environment. Your workers’ compensation and business insurance programs must be designed and respond to these new risks. Now would be a good time to have your business insurance program reviewed to make sure that you have the best possible combination of coverage, price, and services.

New Age Workers’ Compensation Risks

  • Social media fingers–Employees are constantly sending and receiving text messages and emails from smart deceives. This increase the stress on fingers, neck, and eyes.
  • Work from home–Employees who work from home should be afforded the same equipment as office employees.
  • Pet friendly environments–More employers are allowing pets to enter the workplace, some as accommodations for ADA. Employers must consider the potential for allergies and other similar claims.
  • Work and play–Companies that offer recreation facilities and game rooms create a potential for new kinds of injuries.
  • 24/7 connections–Many employees use laptops or other personal devices as part of their job. Having employees always on demand can create physical and emotional health issues.

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.

 

When The Cats Away The Mice May Play

MF WC 12Workers’ compensation fraud is becoming a major issue for employers and impacting costs for everyone. Experts estimate that workers’ comp fraud costs billions of dollars every year. The national crime bureau estimates that 10% of workers’ comp claims are fraudulent.

Workers Compensation Insurance

Workers’ compensation is an important part of your North Bay business insurance program. It is required by state law that your business has workers’ compensation insurance.

Employees — Workers’ compensation provides injured employees with medical treatment and time loss in the event of a serious injury.

Employers — Workers’ compensation provides employers with the security that insurance will be there to help treat and restore injured workers.

The Top Types Of Workers’ Comp Fraud

  1. Making a false claim. This is where the injury never actually occurred.
  2. Working another job while collecting work comp benefits. Some individuals may be on workers’ comp and have a second job.
  3. The exaggerated claim. An injured worker may have a legal claim but exaggerates the severity in order to collect more money.

What Can Employers Do To Reduce Workers’ Comp Fraud?

  • Investigate every claim.
  • Establish procedures for reporting accidents.
  • Educate your employees about workers’ compensation.
  • Offer a return to work program.
  • Stay in contact with employees for the duration of the time off.
  • Maintain a safety program with active employee involvement.
  • Stay in contact with employees for the duration of the time off.
  • Have a designated workers’ compensation medical provider.

North Bay Insurance Brokers, Inc. understands the value of good employees. We know that your day-to-day operations depend on their hard work, expertise, and dedication, and if you supply them with quality benefits and plans, they can work with the peace of mind assurance that they’re properly protected.

 

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.

Insurance Saves The Day…Again!

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Bay Area Workers’ Compensation Insurance

Workplace accidents occur every day in America. Even if your business has an excellent safety program, people get injured.  Many times people who are injured at work need time to recover. Thankfully there is workers’ compensation insurance to cover the medical and time loss costs.

If an employee is injured on the job, employers are legally liable to the employee. Workers’ compensation will even cover employees who are involved in auto accidents while away from the worksite, if the accident occurred while on the job.

Workers’ Compensation Benefits

Employees– Workers’ compensation provides injured employees with medical treatment and time loss in the event of a serious injury.

Employers– Workers’ compensation provides employers with the security that insurance will be there to help treat and restore injured workers.

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, Inc., we combine premium Insurance with personalized service to give you the best coverage possible. Our insurance specialists will work with you one-on-one to find a policy that keeps you and your drivers protected at all costs – for peace-of-mind driving assurance.