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.

 

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.

 

 

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.

 

Should Your Business Purchase Interruption Insurance?

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When a fire destroyed a fifty-unit apartment complex, the owners found themselves in a tough situation. The owners had insurance to cover the repairs and replacement of all the damaged units, and because the agent had done his job the owners had business income or loss of rents insurance.

Business Income coverage is a property coverage that is designed to pay the loss of income (rent is this case) following a total or partial shutdown of business. Business Income is designed to replicate the insured’s income stream and covers expenses as if no loss had occurred.

The 50 families that no longer had a place to live won’t pay rent until they have moved back into their repaired units.  Chances are, many will move on to other housing and won’t come back. However, as owners, you still have expenses, including a mortgage that will need to be paid. There can be three major parts to Business Income insurance:

  1. Business income (BI) coverage: Replaces the lost gross earnings during the shut-down resulting from a covered property loss. Loss of rents is considered gross earnings.
  2. Extra expense coverage: Covers the cost to relocate to another location and continue operations. During relocation, businesses typically incur the extra expenses of rent, equipment lease and the cost of restoring databases. All of this is covered by the “extra expenses” portion of the policy.
  3. Ordinary payroll: This optional coverage continues paying your workforce while you have no work for them. It prevents your trained employees from accepting other jobs while waiting for your business to recover. This coverage is optional but is recommended in many circumstances.

We like to ask the following questions to help us understand your risks and provide realistic solutions:

  • How much income do you need to continue operating your business in the event of a shutdown of your premises?
  • How much time will it take to fully recover or rebuild?
  • Will you need additional coverage for extra expenses such as leasing temporary office space, computer equipment or office machines?

Our team of insurance professionals has the knowledge and experience to help you identify your risks and create cost-effective solutions.

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.

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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.