Coverage Gaps You May Have In Your Commercial Insurance

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A Commercial Insurance Update

If it has been over a year since an agent has reviewed your commercial insurance program, you may have several coverage gaps. A lot has changed in the last 12 to 18 months, and your commercial insurance must keep up with your risks.

Most risk and insurance experts have identified the risks that will impact your business in 2022 and beyond. These are in no particular order. We can offer commercial insurance solutions that will help your business manage risk keep moving forward.

  1. Cyber risk
  2. Supply chain and business interruption
  3. The great resignation
  4. Increase awareness regarding pollution issues
  5. General safety

Cyber Risk

Did you know that the average small business is more likely to experience a cyber breach than a fire? This is correct, and your commercial insurance policy will most likely not cover cyber liability losses.

Technology has made it possible for the average criminal to enter the world of cybercrime. Small businesses are a prime target because most have little or no protection. Criminals can buy programs that can be configured to hack dozens of businesses at the same time. It is important that your company has business insurance, including cyber liability insurance.

Every state has enacted legislation requiring notification of all customers affected by a data breach, regardless of whether their information was used maliciously. In most cases, the notification also requires the customer to choose between one year of credit monitoring services and a new card or account number. Each individual affected by the breach may incur costs of up to $250.

Supply Chain and business interruption

As previously stated, COVID-19 has caused widespread havoc, particularly throughout the supply chain. One recent report suggested supply chain issues could be in place through Christmas, and a computer chip shortage has hindered production in the auto industry for months. These, along with a normal loss, can create business interruption losses. Business Interruption Insurance (BII) is designed to protect businesses from these types of risks. BII is often part of packaged commercial insurance policies or is purchased in conjunction with business property insurance.

One reason for this is that the perils, or causes of loss, are usually the same for property insurance as for business interruption insurance. A variation in BII designed for those enterprises that depend heavily on outside suppliers is called contingent Business interruption insurance. Loss in business income due to the inability of a supplier to provide goods or services can be insured against in many circumstances.

The great resignation

According to the U.S. Bureau of Labor Statistics, 4.5 million Americans quit their jobs of work by July 2022. Resignations peaked in April and have remained unusually high in recent months, with a record-breaking 10.9 million open jobs at the end of July. In the face of such a tidal wave of resignations, how can employers keep their employees?

Two things your business can do to better manage the employment relationship is to;

  1. Offer a variety of employee benefits like; flexible hours, remote work, benefits, Classes, and special programs that enhance employees’ lives and broad health care options.
  2. Make sure your business has employment liability insurance coverage. EPLI protects against many kinds of employee lawsuits, including claims of:
  • Sexual harassment
  • Discrimination
  • Wrongful termination
  • Breach of employment contract
  • Negligent evaluation
  • Failure to employ or promote
  • Wrongful discipline
  • Deprivation of career opportunity
  • Wrongful infliction of emotional distress
  • Mismanagement of employee benefit plans

Pollution Liability

Pollution liability coverage is available to businesses that emit hazardous waste emissions during manufacturing, such as oil, agribusiness, construction, manufacturing, excavation, waste depositories, and asbestos abatement contractors. Policies cover bodily injury and property damage claims, as well as clean-up costs caused by toxic waste contamination. The need for pollution liability insurance is evident for businesses whose operations involve hazardous waste exposure risks, such as asbestos abatement or waste depository. If you own an industrial site that does not generate hazardous waste, pollution liability insurance may still be a good investment.

General Safety

There is no doubt that COVID-19 changed the way we did business. But most people will continue to implement safety protocols, such as. Make certain that your facility is completely clean, disinfected, and equipped with a plan for maintaining safe conditions.

Provide a support system for employees as they return to work and adjust to the new realities and emotional challenges posed by the post COVID-19 pandemic.

Developing a plan for a safe work environment that protects employees and

What’s Trending In Insurance For 2022?

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Changing consumer expectations, employment issues, supply chain issues, political unrest, and remote working will all have an impact on the insurance landscape in the coming year. Let’s look at some of our predictions for the most interesting trends that will emerge in the insurance industry in 2022.

2022 Predictions

  • When it comes to where and how to buy insurance, consumers will have more options than ever before.
  • Cyber-attacks will increase for both individuals and businesses in 2022.
  • Remote work will continue to grow in 2022.
  • More people will start home businesses, requiring a review of personal insurance coverage.
  • Advanced Driver Assistance Systems (ADAS) and linked vehicle technologies are on the rise.
  • COVID-19’s disruption of supply networks is expected to last well into 2022. However, with the reinvention of traditional freight and cargo insurance products, the related business disruptions and frustrations may be alleviated.

Recommended Actions

  • Start the renewal process early with your agent.
  • Collect precise information on your risk with your broker. This will help you stand out in the crowd.
  • Use an agent that desires to build a relationship and provide education on your risk and how best to manage it.
  • For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.

Oakwood is involved with numerous local, state and national insurance associations and communities. The agency encourages employees to devote time to these endeavors. Oakwood’s approach is one of total risk management, encompassing the areas of property & liability insurance, automotive insurance, worker’s compensation, professional liability, individual or group accident & health insurance, life insurance, contract surety bonds, and personal insurance. Oakwood provides an in-depth range of insurance products and services to assist in securing our clients’ future. We are an agency committed to excellence, founded on the principle of integrity.

The best way to solve a problem is to first understand it. To understand a problem involves asking questions, reviewing agreements, and visiting the facility or business. We believe that a professional agent must do more that merely issue insurance on the client’s behalf. Besides determining and placing proper coverage with reputable insurance companies, we seek to educate our clients on coverage and to reduce, or transfer risk to the insuring company, and working closely with management team to protect and preserve assets.

How To Get The Most Out of Your Business Insurance

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There are just so many alternatives when it comes to choosing the correct insurance for your company. When it comes to commercial company insurance, one of the most important things to think about is how to get the most out of your policy. Start making the most of your commercial business insurance, consider the following suggestions:

Keep your policy current, review and update it on a regular basis with your agent.

Examine your policy every few months to see whether your business requirements have changed. Talk to your agent about the policy at least once or twice a year. This can assist you in safeguarding your interests.

Take Precautions to Safeguard Your Business

It is critical to ensure that your company is a safe and healthy place to work. Keeping things orderly, wiping up spills, and repairing any damage may go a long way – and could even help you save money on your insurance.

Reduce the chances of a customer being injured in order to cut down on claims.

The less likely consumers are to get injured and file a lawsuit, the safer your store is. Maintain a clean environment for consumers by keeping aisles clear, walkways clean, and spills cleaned up.

Do you want to work from home? Your homeowner’s insurance may not protect you

You probably still need commercial business insurance if you’re one of the millions of Americans who run a          home-based business. Exclusions for home-based companies are common in homeowners insurance plans. Make sure to double-check your coverages and exclusions with your insurance broker.

Work with your agent to find the best commercial insurance for your company.

Your agent is an excellent first line of defense against purchasing incorrect insurance. You’ll want to pay close attention to what they recommend so that you can receive the greatest commercial insurance policy for your company’s needs.

Ensure that the most crucial areas are covered.

Clients may rest assured that all of their major insurance needs will be covered when they choose our agency. Contact one of our representatives today to determine the appropriate level and type of insurance coverage for your company. This would include property, cyber liability, EPLI, liability, and excess liability coverage.

Oakwood Insurance operates as an independent insurance agency, selling an extensive spectrum of insurance to businesses, families, and individuals.  Our competitive advantage comes from the objective and professional service that we provide our access to a wide range of carriers and our extensive knowledge of the insurance marketplace.   This information in to be considered general in nature. All claims will be settled based on your actual policy terms and conditions. 

 

2022 Insurance Planning

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It may be imperative to evaluate your personal insurance program now that 2022 is approaching. Before buying insurance, most consumers don’t take the time to consider their exposures, options, or present financial situation. It’s critical to take stock of your own finances in order to plan for the future. Here are some ideas to get you thinking about your personal insurance. Of course, we always advise that you contact our office for additional information.

  • Make Sure That You Are Dealing With A Licensed Insurance Agent – Insurance companies and agents are both required to be licensed by the state, and their information may be found online at the state’s insurance department. Most state insurance departments have resources online to aid you in choosing the correct insurance and ensuring that the person or organization you’re dealing with is an expert in that field.
  • Examine Your Automobile Limits – If your policy limits are less than $100,000, you won’t be able to cover your medical expenditures in the event of a major accident. Anyone with any assets or income to protect should get minimum liability coverage of $500,000 to $1 million or more.
  • Look for Discounts – Many insurance firms offer a 10% or higher discount to customers who have other insurance contracts with them (such as auto or RV insurance). Consider getting an insurance quote from the same company that provides your homes insurance for other forms of insurance. You might be able to save money by bundling.
  • Recognize The Risks And Coverage You Require – Every property is unique and comes with its own set of risks. The type of insurance required will also be determined by whether the property is utilized as a primary residence, a long-term or short-term rental, or a condominium. In general, homeowner’s insurance is intended to protect against dangers beyond the owner’s control, such as rain, wind, fire, vandalism, pipe bursts, falling objects, theft caused by broken glass, and so on.
  • Keep a Home Inventory — Keeping an accurate inventory of your personal belongings will help you recover faster in the event of a loss.
  • Bundle Your Insurance – Save money by combining your vehicle, house, and umbrella policies with one insurer.
  • Choose the Right Deductible – A greater deductible lowers your premium, but you’ll be responsible for more out-of-pocket expenses in the event of an accident. If you have a clean driving record and no accidents, you might choose to take a chance and pay a higher premium. The benefit for taking this risk might be as much as a 40% discount.
  • Consider Identity Theft — One of the fastest-growing crimes in the United States is identity theft.
  • Read Your Policy – I’m not referring to the 1-2 page Declarations Page that serves solely to demonstrate coverage, but rather the 20-30 page insurance Binder or Policy that provides the specifics of the coverage and exclusions. Nobody enjoys reading insurance policies, so don’t be surprised if you don’t comprehend them.
  • Purchase from a financially stable business — Your insurance coverage is only as good as the firm that backs it up. The insurance firm should be rated “A+” or better.
  • Be willing to make changes as your lifestyle and requirements evolve.

Commercial Insurance Myths

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In today’s atmosphere, business insurance is a must, but many owners are unaware of the fundamentals of this sort of policy, such as why it’s important, what it covers, and how to get the correct coverage for yourself and your company. Here are four typical business insurance myths, as well as the myth-busters you should be aware of.

Myth: All you need is a basic policy.

Truth: This may be the case for a few business entrepreneurs. However, every firm is different: some may rely on incredibly valuable equipment or inventory, others may deal in sensitive data, and still, others may be more likely to be sued. It’s critical that you comprehend how typical insurance will or will not function for your own organization and situation. Then, with the help of an independent insurance firm like ours, you can figure out the best ways to fill in the gaps.

Myth: If you or your workers drive their own cars, you can avoid purchasing auto insurance.

Truth: Having a car insurance policy is a must if you or your staff drive for business purposes, whether you have one or numerous designated business vehicles. Accidents or injuries that occur while doing business are unlikely to be covered by your standard auto insurance policy, so don’t overlook this crucial coverage if it applies to what you do.

Myth: If you don’t have staff, you don’t need business insurance.

Truth: Having business insurance is a must for any serious business owner, whether you manage a workforce of 5 or 15, or you’re a one-man or woman show. Many of the hazards that come with running a business are simply not covered by standard homeowner’s insurance. If you’re an independent contractor working in a high-risk field like contracting, you’ll need specialist coverage to protect yourself and your clients.

Myth: Commercial insurance is prohibitively expensive.

Truth: On the contrary, business insurance may be very reasonable, and it’s a little thing to pay to secure your livelihood and the firm you’ve worked so hard to develop. A well-rounded insurance coverage will provide you peace of mind, allowing you to focus on your goals.

Call or email our staff immediately if you have any questions about business insurance.

Remote Workers And Cyber Security Risks

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There are more remote workers in American today than at any time in our recent history. Many employers are embracing this trend, but there are new risks to consider. As a result of this distant work environment, a crucial problem arises in new security threats. In our digital age, businesses have had to improve their cybersecurity, yet cybersecurity dangers have increased significantly due to remote labor. Employees who work from home are at a significantly higher risk than those who work in offices.

Ransomware attacks are also a big concern for more than two-thirds (69%) of IT executives, who anticipate that the hybrid workplace will be a target for ransomware. Targeted organizations faced a threat to their business continuity as a result of these attacks.

Sharing a computer and using it for personal purposes are two different things. It may seem self-evident, but sharing a business computer with family or roommates can be a security concern. This should be avoided at all costs, especially if your work result contains sensitive customer information.

Cyber Tips For Remote Workers

  • Keep devices patched and up-to-date.
  • Accommodate the increase of remote VPN workers.
  • Proved employee training.
  • Require passwords to be updated regularly, use PW managers.
  • Use cloud software for file management.
  • Use only secure Wi-Fi.
  • Have good backup systems

Have a good cyber liability insurance plan in place. Cyber liability insurance is a type of insurance that offers a variety of coverage choices to help organizations protect themselves from data breaches and other cyber security risks. It’s not a question of whether, but when your company will be hacked. Policyholders with cyber insurance can also use tools and services to manage and minimize cyber risk both before and after a breach.

For remote employees, cybersecurity necessitates ongoing monitoring. Give us a call if you’re concerned about your present remote security practices. We’ll examine and put safeguards in place that will allow your remote workers to work securely and productively.

Winter Weather Insurance Tips

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Winter is a critical season for insurance. Weather-related damage is more common during the winter months, thanks to lovely snow and ice storms, as well as less-than-pleasant hail. Insurance is one of those things that must be planned for in advance. Winter weather puts homes in a lot of danger. Property damage can be caused by snow, water, ice, and even the cold itself. To make matters worse, some of the damage isn’t covered by a standard homeowners’ policy.

Inspect Your Home Before Winter Storms Come

  • Clean gutters to prevent ice dams
  • Trim trees and bushes
  • Wrap pipes to prevent freezing
  • Check foundation
  • Check around windows and doors for air leaks
  • Inspect your furnace

Make Sure Your Homeowner’s Insurance is Up to Date

There’s a lot that may go wrong with your house, car, and other possessions when the temperature outside drops below zero. You want to make sure you have enough coverage in case of a claim. Examine your insurance policies to see what is and isn’t covered, and double-check your limits to ensure you have enough coverage.

Winterize Your Boat

If you’ve put your boat away for the winter, give it a once-over every few weeks to make sure it’s still in good shape. You’ll want to address any issues as soon as possible. Make careful to winterize your boat and drain it or use antifreeze before storing it. Check to see that your boat is still properly wrapped and protected from the weather if you wrapped it for the winter season.

Be Prepared To File A Claim

Because the claims process differs from one insurer to the next, it’s critical to have the correct information when filing. For each of your policies, you’ll need the current policy numbers and service numbers.

Make sure you understand what your policy covers before the cold weather arrives. Have a professional assess your home and do any suggested maintenance before the winter weather arrives as an added precaution.

For your protection and well-being, Oakwood Insurance Agency offers nearly every sort of personal insurance policy you may require. Please find a short but not exhaustive selection of our most frequent personal property, health, and life policies below. An Oakwood Insurance agent will explain our full range of insurance products and services during a personal consultation and create a tailored insurance plan with the right policies for your lifestyle, personal circumstances, and comfort level.

Type of Commercial Insurance Your Business Might Need

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We live in a constantly changing world, and your business’s insurance coverage must adapt to keep up. To maintain your commercial insurance up to date, you must be able to change and update your insurance program on a regular basis. Your organization may require a number of cutting-edge insurance products developed by the insurance industry.

The type of business insurance you need is decided by the type of business you operate. A roofing company, for example, that works at dangerous heights, has a larger risk than an accounting firm with mostly desk-bound staff.

A Business Owners Policy or BOP covers property and general liability coverage are combined in a business owner’s insurance. It is often less expensive than purchasing each type of coverage separately, and it may be tailored to a company’s specific needs.  Businesses that face the same type and degree of risk are given a package policy. One sort of BOP is available for mid-sized firms, while another is available for small businesses.

Commercial Auto Insurance cover the automobiles owned by a business are covered by commercial auto insurance. Vehicles that transport employees, products, or equipment can be protected. You can protect your work cars, SUVs, vans, and trucks from damage and collisions with business auto insurance.

Cyber Liability is a risk that every business has. According to the Insurance Information Institute, businesses have a greater chance of having a cyber breach than they do of having a fire. Most businesses should consider cyber liability insurance, which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements.

Umbrella Insurance provides additional financial protection for liability claims that exceed the limits of existing policies. These plans include commercial, car, and an employer’s liability insurance.  If you’re considering purchasing an umbrella policy, seek guidance from an insurance representative. It’s possible that it’ll be more expensive than the next form of insurance coverage we’ll look at.

Workers’ Compensation Coverage covers employees 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.

It’s thrilling and satisfying to run your own small business, but it’s also hazardous. Commercial insurance allows you to focus on your business instead of worrying about the risks it faces.

When you own or run a business, you have a lot to at-risk and much to protect, and having the right business insurance coverage can be crucial to your long-term success. When it comes to protecting your business, fortunately, there are a variety of coverages to choose from. We represent a variety of carriers and are dedicated to assisting you in protecting your company from damage and liability. When you work with the team at the Oakwood Insurance Agency, you will receive personalized advice from an experienced agent who will assist you in developing a plan that includes all of the coverage you may require.

Remote Workers And Cyber Security Risks

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There are more remote workers in American today than at any time in our recent history. Many employers are embracing this trend, but there are new risks to consider. As a result of this distant work environment, a crucial problem arises in new security threats. In our digital age, businesses have had to improve their cybersecurity, yet cybersecurity dangers have increased significantly due to remote labor. Employees who work from home are at a significantly higher risk than those who work in offices.

Ransomware attacks are also a big concern for more than two-thirds (69%) of IT executives, who anticipate that the hybrid workplace will be a target for ransomware. Targeted organizations faced a threat to their business continuity as a result of these attacks.

Sharing a computer and using it for personal purposes are two different things. It may seem self-evident, but sharing a business computer with family or roommates can be a security concern. This should be avoided at all costs, especially if your work result contains sensitive customer information.

Cyber Tips For Remote Workers

  • Keep devices patched and up-to-date.
  • Accommodate the increase of remote VPN workers.
  • Proved employee training.
  • Require passwords to be updated regularly, use PW managers.
  • Use cloud software for file management.
  • Use only secure Wi-Fi.
  • Have good backup systems

Have a good cyber liability insurance plan in place. Cyber liability insurance is a type of insurance that offers a variety of coverage choices to help organizations protect themselves from data breaches and other cyber security risks. It’s not a question of whether, but when your company will be hacked. Policyholders with cyber insurance can also use tools and services to manage and minimize cyber risk both before and after a breach.

For remote employees, cybersecurity necessitates ongoing monitoring. Give us a call if you’re concerned about your present remote security practices. We’ll examine and put safeguards in place that will allow your remote workers to work securely and productively.

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.

Commercial Liability Insurance

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We understand all businesses are unique. Just because you are a small or medium-sized business does not mean you are exempt from litigation. All businesses need General Liability Business Insurance to protect your organization from unforeseen events. General Liability Business Insurance should be the foundation of your insurance program.

General Liability Insurance provides the following coverage:

  • Bodily Injury– Bodily Injury to a third party.
  • Property Damage– Damage to a third party’s property (equipment building etc.).
  • Personal Injury– Injury to the mind or emotions, as opposed to an injury to property.
  • Advertising Liability– Damages arising out of advertising, libel, slander and invasion of privacy.
  • Products & Completed Operations– Liability arising out of the Nonprofits products or business operations and services conducted, excluding Professional services.
  • Premises-Covers liability arising out of injury to third parties while on your premises.
  • Medical Payments- A general liability coverage that reimburses others, without regard to the insured’s liability for bodily injury while on your premises.

General Liability Insurance is designed to cover defense costs as well as judgments. It is an important part of your insurance program that we recommend for your organization.

Call us today for more information on a complete business insurance program. We know there are as many unique insurance needs as we have neighbors who live here! To talk with one of our helpful team members about your insurance needs, contact us today.

In 1989, Oakwood’s founder, Bruce L. Sogn, set out to establish a business that would give him the opportunity to serve the community and to fulfill a need in the marketplace. Today as an independent insurance agency, Oakwood does just that.

After researching the insurance industry, he found that by becoming an independent insurance agent, he could offer a comprehensive range of insurance products and services to his clients. By maintaining a focus on competitive products, Oakwood has kept its commitment to service, professionalism, and the highest integrity.