Business Insurance Planing

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Is Your Business Ready For 2020?

The world is changing, and we understand the issues your business faces every day. There is constant competition for your customers, there are challenges in attracting and retaining top employees, and your cost of goods keeps going up. Part of your planning should include an annual commercial insurance review. Your business changes, and so do your exposures. Here are some of the major kinds of coverage found in most commercial insurance programs.

Commercial Insurance for Businesses

Liability Insurance– Covers your business against claims of negligence that resulted in loss or injury to a customer or visitor to your business.

Worker’s Compensation– Protects your business when an employee becomes injured on the job. It is required by law.

Commercial Auto– Covers against loss for your business vehicles and any liability your business incurs as a result of an accident.

Property– Insures against loss for your buildings and equipment.

Employment Liability– Covers your business and managers from claims of harassment, discrimination and other civil rights as afforded under state and federal laws.

Cyber Liability– Protects your liability interests when data or sensitive client information is stolen or accidentally lost by your business.

Professional Liability-Protects your business when a third party accuses your business of being negligent or making a mistake in providing professional services.

An Independent Agent Who Understands Commercial Insurance

When you purchase business insurance through an independent agent you are working with a licensed professional who specializes in the products and services you need. We have access to many insurance companies and know which ones are designed just for your business. Independent agents are local business owners who employee your neighbors to serve your needs.

 

A New Year… Let’s Get Your Insurance Right

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As we move into a new year, I hope that every insurance agent and insurance buyer thinks about how they view their relationships.  Let us get away from the clever insurance advertisement’s attempts to bring our products and services down to the lowest common denominator, price, and commodity.  Insurance products and services are used to build our local economies, we allow people to dream, and we help rebuild in the event of a disaster.

Therefore, here are my resolutions for 2020; I hope other agents and insurance buyers will embrace these as well.

Agents

  • I will always put the needs of my client above mine.
  • I will strive to educate rather than sell.
  • It will be valuable to provide my clients with options.
  • Insurance is a complex transaction, and I need to help my clients understand what they are buying.
  • Risk management should always be part of every conversation. Identify risk, assess the risk, manage the risk, and review again.

Insurance buyers

  • I will select an agent who values relationships.
  • Price is not an indicator of quality.
  • Buying local is like the “farm to table” of insurance.
  • I will seek an agent who is qualified to manage my risks.

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.

Start 2020 With An Insurance Review

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If the last time you had an insurance review was when the Lakers won an NBA Title it is time to have us review your  business and personal insurance. Our team is ready to help you understand how your insurance needs have changed over time.

Here are a few examples of how life changes may impact your insurance.

  • How often do you travel out of the country?
  • Do you have any domestic employees?
  • Have there been any changes in marital status?
  • Are you involved in any nonprofit organizations?
  • Do you own a business and operate from your home?
  • Do you own a second home?
  • Do you drive for Uber?
  • Do you own any unique collections of art, wine, cars, or guns?
  • Are there any children in college?

Your insurance needs to change with your life. We offer a broad range of personal insurance products that are designed to meet your individual needs. We can help you find an insurance        product that suits your individual needs. Don’t wait for another second to ensure your home is adequately insured. Call us today for more info on your options for personal insurance coverage.

Oakwood 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.

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.

 

Don’t Let the Company Holiday Party Turn Into an Employment Claim

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Don’t Let the Company Holiday Party Turn Into an Employment Claim

Your company Holiday party was going great, and everyone was having a wonderful time.  Except one of the female employees said that a manager touched her and made unwanted            advances.  Now she is filing an employment liability claim.  This is a scenario that no one wants to happen.   Your business insurance may not cover this lawsuit unless you have employment practices liability insurance.  Call our office for a review of your commercial insurance today.

  • Limit use of alcohol; offer two drink tickets per person.
  • Make sure you have food at your party.
  • During the party, monitor alcohol consumption. Quickly try to diffuse any situations or displays of inappropriate behavior.
  • Consider having the party at a restaurant. This is a good way to transfer liability.
  • Make the party optional.
  • Arrange for cab rides or transportation home for guests who may need it.
  • Prior to the party, review harassment policies with all employees as a reminder of proper behavior.
  • Encourager managers to set a good example.
  • Consider inviting spouses, which is a good way to reduce romantic hook-ups.
  • Know your state laws.
  • If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.

Oakwood 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.

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.

 

 

How To Protect Your Identity During The 2019 Holiday Season

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Black Friday and Cyber Monday coming, and holiday spending will continue right up to December 24th. According to the Nation Retail Federation, 84% of Americans will use the internet to shop during the holidays. Even during non-holiday times, people are using noncash transactions for the purchases of goods and services.

  • Consider identity theft insurance.
  • When shopping, only take the credit cards you need.
  • Review your bank statements to make sure all transactions are correct.
  • When online shopping, only use sites you have used before or those that are reputable.
  • Make sure your antivirus and anti-spyware software is up to date.
  • Don’t open emails from people you don’t know, even if your name is in the reference line.
  • Don’t shop on unprotected wireless networks. Enjoy your coffee at the coffee shop, but do your shopping at home.
  • Use complex passwords and change them regularly.
  • Keep your Social Security Card and number locked up.
  • Keep your laptop or tablet locked in the trunk.
  • Keep receipts in your purse or wallet, not in the bag.

Identity Theft insurance

Identity Theft Protection assists with the costs of restoring and repairing a consumer’s identity and credit history. Call our office for a quote.

Oakwood 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.

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.

Employment Practices Liability Insurance

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Employment Practices Liability Insurance

The number of lawsuits filed by employees against their employers has been rising. While most suits are filed against large corporations, no Missoula EPLI Insurance company is immune to such lawsuits. Recognizing that smaller companies now need this kind of protection, we provide this coverage as an endorsement to our Business owners Policy (BOP).

EPLI provides protection 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

The cost of EPLI coverage depends on your type of business, the number of employees you have and various risk factors such as whether your company has been sued over employment practices in the past. The policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. The policy covers legal costs, whether your company wins or loses the suit. Policies also typically do not pay for punitive damages or civil or criminal fines.  iabilities covered by other insurance policies such as workers’ compensation are excluded from EPLI policies.

Oakwood 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.

 

Do You Need A Scheduled Article Floater?

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Do You Need A Scheduled Article Floater?

Almost all of your personal property is insured under your homeowner’s policy; however, most valuables have sublimit that leave might you severely underinsured. We are talking about; jewelry, guns, cameras, silverware, chins, sporting equipment, art, coin collections, wine, and other expensive items. The best way to protect your valuables is through a scheduled articles floater.

A scheduled articles floater is either a separate policy or a rider added to your homeowner’s policy, depending on your carrier. A scheduled articles floater itemizes valuable items on your homeowner’s policy and extends the policy’s coverage to the items.

Why You Need The Coverage?

Typically, your homeowner’s policy will cover your valuable items anywhere from $500 to $2500 and may include a deductible without any schedule; depending on the insurer. With a scheduled articles floater you can obtain coverage up to the replacement value of the item. Insurers will ask for a bill of sale or appraisal to verify the replacement value.

The primary reason why you should choose to purchase a scheduled articles floater is that it offers additional coverage not provided in your “normal” coverage. Accidental loss or damage is a           coverage included under the personal articles floater. A missing stone in an engagement dropped down the drain or lost at the beach, would be typically be covered under a personal articles floater.

Oakwood 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.

 

Is It Time For An Insurance Check-Up?

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Your insurance needs change over time, so it is important to review your policies periodically to make sure they are up-to-date. Tragically, many people are not insured after devastating natural disasters. It’s never too late to do a homeowner’s insurance checkup before the next threat heads your way. This article highlights some important insurance coverage you should consider such as:

  • Earthquake Insurance
  • Flood Insurance
  • Wind Insurance

Steps To Help Secure The Right Coverage

  1. Make sure your homes information is up to date. Your agent should shave to right square footage and replacement value.
  2. Research the replacement cost for new construction in your area.
  3. Have our agency provide you with coverage options for competitive insurance products.

Consider getting a “floater” to your home insurance policy. If you own valuable furs, jewelry, guns, collections, silverware, or artwork, a “floater” can cover the full value of those items. Consider adding building code or ordinance or law endorsement, which will help pay the higher cost of bringing plumbing, wiring, or other key systems up to current codes when rebuilding.

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What Is Trending In Risk Management

Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and the upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.

What Is Going On That May Impact Your Risk Program

Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders and operations.

Cyber liability will continue to be a major area of concern for all businesses. The government will continue to legally require a business to protect customer’s information. Those businesses that don’t will be subject to increase fines.

Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement.

Oakwood 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.

 

Property Insurance… Coverage Is King!

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Most every business owns business property, and may also own the building in which you run your operations. Property insurance protects the physical assets your nonprofit owns – such as computers, office equipment, buildings, furniture, fixtures, and other property.

Every business should have a comprehensive property insurance portfolio to respond to the many risks associated with property ownership. Property policies offer many unique kinds of coverage, some of which we have highlighted:

  • Building Coverage – allows you to quickly rebuild or repair buildings or other property damaged by fire, theft, natural disaster or other events, allowing you to return to normal operations.
  • Business Personal Property Coverage – covers costs to replace the contents in your building if they are stolen or destroyed by a covered unforeseen event.
  • Business Income Coverage – provides for continued income or lost revenues while the building and its contents are being rebuilt and replaced.  Business income helps you to cover operating and normal payroll expenses needed to keep an organization operating after a loss, usually for a specific time period.
  • Fine Arts Coverage – covers loss or damage to artwork or sculptures housed in your building.
  • Building Ordinance Coverage – covers the increased cost to comply with building codes, ordinances or laws that have changed after your building was originally constructed. For example, under revised building codes you may now be required to install sprinklers which would increase the value of construction.
  • Outdoor Signs and Property Coverage – covers costs to replace outdoor fences, signs, trees, shrubs or plants.
  • Equipment Breakdown Coverage – covers loss due to failure or breakdown of equipment such as boilers, heating systems, and electrical equipment.
  • Computer Coverage – covers costs to replace or repair damaged hardware, software, data or media vital to your operations.
  • Back-up of Sewer – covers costs to repair or replace items damaged by back-up or overflow of a sewer or drain.
  • Earthquake Coverage – provides insurance to repair or replace damaged equipment and/or buildings resulting from an earthquake. Earthquake coverage is typically excluded under most property policies.

Oakwood Insurance Agency 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.