Posts

What Kind Of Vehicles Are Covered under A Commercial Auto Policy?

/in , /by

Commercial Auto Insurance

If you own a business that uses vehicles, it’s essential to have a commercial auto policy to protect your company and your employees. Commercial auto policies cover a variety of vehicles used for business purposes, ranging from company cars to heavy-duty trucks. Here are the types of vehicles typically covered under a commercial auto policy:

Cars and vans: Commercial auto policies cover standard cars and vans that your business owns, leases, or rents. These vehicles are typically used for transporting employees, making deliveries, and running errands for the business.

Trucks: Commercial auto policies also cover a variety of trucks, including pickup trucks, box trucks, and tow trucks. These vehicles are commonly used for hauling equipment, transporting goods, and towing other vehicles.

Trailers: If your business uses trailers to transport goods or equipment, they can also be covered under your commercial auto policy. This includes both enclosed and open trailers, as well as flatbeds and other specialized trailers.

Buses: Businesses that transport people, such as shuttle services or tour companies, often use buses. These vehicles can also be covered under a commercial auto policy.

Heavy-duty vehicles: Construction companies, landscapers, and other businesses that use heavy-duty vehicles such as bulldozers, cranes, and excavators can also have them covered under a commercial auto policy.

It’s essential to note that commercial auto policies often have different coverage levels than personal auto policies. For example, a commercial auto policy may have higher liability limits, as businesses typically have more assets to protect. It’s also essential to ensure that all drivers who operate covered vehicles are listed on the policy.

In conclusion, a commercial auto policy covers a wide range of vehicles used for business purposes. It’s crucial to work with an experienced insurance agent to determine the appropriate coverage levels for your business’s needs and ensure that all vehicles and drivers are appropriately covered.

Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that takes care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and commercial auto insurance covers your vehicles.

We know how to develop and maintain insurance and risk management programs that are comprehensive and cost-effective.

Dedicated service and knowledge have kept our clients feeling secure about who is handling their insurance needs. We know that different businesses have different commercial vehicle insurance needs. By offering flexible policies from various insurance carriers, we provide you with the assurance that your policies are the best available in today’s market.

As a business owner, you have enough on your mind without having to worry about your insurance needs. You want to have the confidence that the business you’ve built is covered by a company that understands your business insurance needs.

Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.

How Agents Should Serve Their Customers

/in , , , , /by

In today’s fast-paced business world, providing excellent customer service is more important than ever. With so many options available to consumers, businesses must strive to provide exceptional service to keep their customers happy and loyal. Here are four keys to customer service that can help businesses stand out in a competitive marketplace:

Listen to your customers:

The first key to great customer service is listening to your customers. When customers feel like they are being heard and understood, they are more likely to become loyal customers. Make sure you are actively listening to your customers, whether they are complaining or praising your business. Respond to their concerns and provide solutions to their problems. This will show your customers that you value their feedback and are committed to providing excellent service.

Be responsive:

Customers expect businesses to be responsive to their needs. When customers reach out to your business, whether it’s through email, social media, or phone, respond as quickly as possible. Even if you don’t have an immediate solution to their problem, let them know that you are working on it and will get back to them as soon as possible. Being responsive shows that you care about your customers and are committed to providing excellent service.

Personalize your interactions:

Customers appreciate personalized interactions with businesses. When you personalize your interactions, you show your customers that you care about them as individuals, not just as customers. Use your customers’ names when you communicate with them, and remember their preferences and past interactions with your business. This will help you provide a more personalized experience that will make your customers feel valued and appreciated.

Go above and beyond:

To truly stand out in the marketplace, businesses must go above and beyond to provide excellent customer service. This means anticipating your customers’ needs and providing solutions before they even ask. It also means providing unexpected perks and rewards to show your customers that you value their business. Going above and beyond can help you build strong relationships with your customers and turn them into loyal advocates for your business.

In conclusion, providing excellent customer service is essential for businesses that want to stand out in a competitive marketplace. By listening to your customers, being responsive, personalizing your interactions, and going above and beyond, you can create a customer service experience that will make your customers feel valued and appreciated.

Why Your Business Needs Cyber Liability Insurance

/in /by

Cyber Liability Insurance: Protecting Your Business from Digital Threats

In today’s digital age, businesses of all sizes are increasingly vulnerable to cyber-attacks and data breaches. These incidents can result in significant financial losses, damage to a company’s reputation, and even legal action. That’s why it’s important for businesses to consider cyber liability insurance as part of their overall risk management strategy.

What is Cyber Liability Insurance?

Cyber liability insurance is a type of insurance policy that provides coverage for a range of expenses related to a cyber-attack or data breach. This can include the costs associated with notifying customers of a breach, legal fees, credit monitoring services, public relations expenses, and other related costs. Cyber liability insurance can also cover damages resulting from the loss or theft of sensitive information, such as credit card numbers, social security numbers, and other personally identifiable information.

Why is Cyber Liability Insurance Important?

As cyber threats continue to grow in complexity and frequency, businesses face increasing risks of cyber-attacks and data breaches. These incidents can have significant financial and reputational consequences, particularly for small and medium-sized businesses that may lack the resources to recover from a cyber attack on their own.

Cyber liability insurance can help mitigate these risks by providing coverage for a variety of expenses associated with a cyber incident. This can help businesses recover more quickly from a breach and minimize the potential financial impact of the incident.

What Does Cyber Liability Insurance Cover?

The coverage provided by a cyber liability insurance policy can vary depending on the specific policy and the needs of the business. However, most policies will typically cover the following:

  • Data Breach Notification: Cyber liability insurance can cover the costs associated with notifying customers or clients of a data breach. This can include the cost of printing and mailing letters, setting up call centers, and providing credit monitoring services.
  • Legal Fees: Cyber liability insurance can cover the legal fees associated with defending against claims related to a data breach or cyber attack. This can include lawsuits brought by customers, clients, or regulatory agencies.
  • Public Relations Expenses: Cyber liability insurance can cover the costs associated with managing the public relations fallout from a data breach or cyber attack. This can include hiring a public relations firm to manage media inquiries and create a crisis communications plan.
  • Cyber Extortion: Cyber liability insurance can cover the costs associated with responding to a cyber extortion attempt. This can include payments made to extortionists to prevent the release of sensitive information.
  • Business Interruption: Cyber liability insurance can cover the costs associated with a loss of income due to a cyber incident. This can include lost profits and expenses related to restoring computer systems.
  • Cyber Liability: Cyber liability insurance can cover damages resulting from the loss or theft of sensitive information, such as credit card numbers, social security numbers, and other personally identifiable information. This can include costs associated with identity theft, fraudulent credit card charges, and other related expenses.

How to Choose a Cyber Liability Insurance Policy

When choosing a cyber liability insurance policy, it’s important to consider the specific needs of your business and the potential risks it faces. Some key factors to consider when choosing a policy include:

  • Coverage Limits: Make sure the policy provides sufficient coverage for your business’s needs, including potential costs associated with a cyber incident.
  • Exclusions: Review the policy’s exclusions to ensure that it covers the types of incidents that are most relevant to your business.
  • Deductibles: Consider the deductible amount and how it will affect your ability to recover from a cyber incident.
  • Policy Terms: Review the policy terms and conditions to ensure that they meet your business’s needs and that you understand the coverage provided.

Conclusion

Cyber liability insurance is an important tool for businesses of all sizes in today.

 

2023 Commercial Insurance Outlook

/in , /by

Many businesses have experienced profit reductions due to economic pressures over the past few years. The pandemic and the supply chain problem have exacerbated this unpredictability. Having the right kind of commercial insurance is one method to keep financial losses and risks under control. Business owners and risk managers must thoroughly evaluate their insurance and risk management program in 2023.

Forecast for Commercial Lines in 2023

The market for property and casualty insurance and risk management is expanding as company risks rise. The huge vaccine rollout helped to contain the pandemic after its peak in 2022, but there is still a chance of new outbreaks. There are many excellent insurers ready to help you manage your risk in 2023.

Companies that provide insurance for business risks make up the commercial lines industry. The two primary categories of commercial lines are general liability and commercial property insurance. But others can include cyber, employment, earthquake, directors and officers liability, and more. AM Best, a rating organization, reported that the pandemic’s influence on commercial lines had decreased in late 2022. Even in 2023, the government issued a warning about potential obstacles that could fuel more litigation and inflation. The rating agency described the commercial lines market outlook as “stable” on average.

Since the fourth quarter of 2020, in 2023, it is less expected that interest rates will rise at the same rate they did a few years ago. However, insurance businesses will probably continue to expand their needs due to rising business risks even as rates flatten as a result of more market competition. Due to rising cyber threats, the market for cyber liability insurance is anticipated to expand. The supply chain issues will continue well into 2023.

Consumers of commercial insurance can obtain affordable rates by engaging with brokers who have developed connections with reliable insurance underwriters. Giving customers advice on lowering their risks promotes trust, renewals, and fewer claims. Using an agent that understands your risk is the best way to obtain the best possible combination of coverage and price.

2023 Casualty Renewal Strategy

The US commercial insurance market has seen an increase in underwriting capital of over $150 million since 2020. Get to the market early and have a well-established risk management program. Be able to show underwriters how your risk is the one they should select out of the hundreds they will review over the year.

What Kind of Businesses Need Professional Liability Insurance?

/in , /by

If you’re a business owner, you spend most of your time thinking about how to grow your business. But it’s easy to remember one of the fundamental building blocks: professional liability insurance. What is it? Why do you need it? And what does it cover?

Why Does Your Business Professional Liability Insurance?

  • You may be sued.
  • You may be held responsible for your actions or the actions of someone who works for you.
  • If you give advice to customers, you might be sued.
  • You may be held responsible for the actions of other people on your property or in your building/office space. 

What Does Professional Liability Insurance Cover?

Professional Liability Insurance can help protect you against claims of negligence. It covers legal costs in the event that a lawsuit is brought against you and can even cover damages or injury to third parties. It also helps pay for legal fees, and it will pay for your defense if you are found not guilty of any charges. Professional liability insurance can cover the costs of lawsuits over:

  • Work errors or oversights
  • Undelivered services
  • Missed deadlines
  • Budget overruns
  • Incomplete work
  • Breach of contract
  • Accusations of negligence 

Who Needs Professional Liability Insurance?

Professional Liability Insurance protects professionals from claims and lawsuits. If your advice or work injures someone, or if they believe their property has been damaged by something you did, a claim can be made against you. Professional liability insurance helps protect you from these claims and ensures that your business stays protected. Firms like these should have professional liability insurance.

  • Accountants
  • Lawyers
  • Contractors
  • Consulting agencies
  • Real estate firms
  • Architects, designers, and engineers
  • Real estate brokers
  • Financial consultants
  • Accountants and bookkeepers
  • IT professionals and programmers
  • Marketing and advertising professionals

 Conclusion

When you’re starting a business or running a current business, it can be tempting to focus on marketing and sales. However, there are many other aspects of the business that you should be equally concerned about. Professional liability insurance is one of those aspects that need careful consideration because it will protect your business against lawsuits and claims of negligence.

Don’t Let Your Holiday Party Turn Into A Lawsuit

/in , , /by

A Business Insurance Update

It is the holiday season, a great time for charity events and company parties. These events are a great time and place to gather together to increase employee morale and say thanks, they also can lead to increased liability and risk.

Your commercial or business insurance may provide coverage but if you have any question, it is best to call our office for a review of your business insurance program.

The biggest issue involves the use of alcohol. When business owners host a holiday party and serve alcohol as part of the festivities, liquor liability can be covered by their commercial insurance policy. However, it is always best to check with your insurance agent.

Holiday Party Risk Management

  • Limit use of alcohol; offer two drink tickets per person.
  • Remind employees via email about your company’s code of conduct and substance abuse policy prior to the party.
  • Reinforce the company’s harassment policies prior to the party. Emphasize the company has a zero-tolerance policy for any sort of harassment, including both physical and verbal forms.
  • Make sure you have food at your party.
  • During the party, monitor alcohol consumption.
  • 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.
  • Encourager managers to set a good example.
  • Consider inviting spouses, which is a good way to reduce romantic hook-ups.

Personal service combined with depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your goals.

The Value of Giving Back In Business

/in , /by

The truth of being a business owner is that juggling day-to-day operations with long-term objectives consumes the majority of your time and energy. It’s easy to let giving back fall by the wayside if you don’t have a solid plan in place to truly incorporate it into your business strategy. Do you recall your first experience sharing as a child? Most parents educate their children that they must share their toys if they want others to play with them. This is a crucial lesson that we often overlook as adults, and it applies to a wide range of situations.

There are so many ways to incorporate this idea into your business. It does not have to be giving a lot of money. Often giving of your experience or expertise can add significant value to others.

Here are a few ideas

  • Find ways to offer your services pro bono. Maybe as an agent, you can offer to review a local business’s insurance without any obligation on the business’s part.
  • Be willing to speak at the local Chamber or other nonprofit.
  • Engage your team. Creating a giving culture at work has its advantages regarding employee engagement. It also gives employees a greater sense of ownership in the organization they work for.
  • Join a nonprofit board. Nonprofits are continuously looking for successful executives to join their boards of directors. A position like this allows you to control the organization’s course while also allowing you to leverage your network to collect funding for it.

The potential to make a difference is the most basic benefit of donating or setting aside money for community welfare. There’s nothing like seeing your neighborhood or community improve to make it a better place to live. Communities that can improve their lives will be able to make a good contribution to the economy as a whole.

Personal service combined with the depth of knowledge in the insurance marketplace, and access to a wide range of carriers is the combination of factors that sets Oakwood Insurance apart from its competitors. We not only work in the north metro, but it’s also our home. We strive to support the vibrancy and growth of this community. We want it to thrive, and we want you to thrive. We will review your insurance coverage and help you understand what you have and ensure that it’s the best fit for your go

 

Proven Ways To Build Strong Insurance Relationships

/in , , , /by

The partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs.

The independent agent and broker are the industry’s backbone. They are the primary channel of distribution for commercial property and casualty insurance.

How To Build And Maintain Strong Relationships

Don’t base your relationship on technology

Technology is good and effective tool for both the agent and their clients. But don’t make technology so important that any personal communication is lost.

Follow Through

Agents should build strong relationships with their clients by following through on their commitments and being communicative in the event that something changes, in addition to offering services and advice that help insureds avoid losses. If you say you’re going to do something, you must do it. If you can’t do it, you say, ‘I’m not going to be able to meet the commitment,’ and then you set a new expectation.

Focus on more than just pricing

When it comes to building a strong relationship with insurance agents, one thing that stands out above all else is the need to add value that goes beyond offering competitive insurance prices. When comparing options today, insureds should look for an agent who will not only provide the coverages they require but will also serve as a risk management partner.

Be Consistent

Consistency is essential in all aspects of communication and service. It establishes a pattern that customers can expect, which helps to highlight your value proposition and enhance the customer experience. Simply personalize interactions by framing conversations and messaging in less “scripted” ways. According to one survey, most marketers fail to personalize communication beyond digital channels. Get more customer-specific the next time you pick up the phone. It should contribute to the relationship’s strengthening.

The customer, regardless of the insurance company, ultimately looks to you, the agent, for advice, service, and responsiveness. Regardless of the shifting strategies and focuses in today’s insurance markets, remember to prioritize your customer relationships first, and you’ll find yourself building a book of business that will last for a long time.

 

Commercial Auto Insurance

/in , , , , /by

Commercial auto insurance can cover various vehicle types (trucks, cars), drivers, and motorized equipment. It covers bodily injury liability and property damage when driving a work car, as well as medical payments or Personal Injury Protection (PIP) for the policyholder’s driver and passengers.

Auto Liability (hired/non-owned)

Do your staff drive their own automobiles, or do you rent them? This coverage protects your business against certain liabilities stemming from the usage of a rented or leased vehicle (hired) or a non-owned vehicle (employee using their own vehicle on company business). This coverage is frequently affordable when added to a company auto policy or, in certain situations, a general liability policy.

When Your Business Vehicle Is Also Your Personal Vehicle

Sometimes employees or executives of a company or other persons who are supplied with a vehicle owned by the company have only that vehicle. They do not own a personal vehicle nor do they obtain personal automobile coverage. The BACF does not cover personal use of the vehicle in this situation. To close this coverage gap, you need to add the Drive Other Car Coverage Endorsement to your BACF. This provides insurance while the named individual or a member of his or her family is driving a car borrowed from a third party.

Keeping Premiums Down

The best way to keep your business auto premiums down is to avoid accidents. Driving safety should be emphasized. Drivers should not be so pressured to produce that they feel compelled to drive unsafely. All vehicles should be well maintained.

Ask your agent whether your insurance company has business auto safety resources that you can use to help your organization be accident-free. For more information on reducing the risk of auto accidents.

When you own or run a business, you have a lot at 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.

Business Owners Policies

/in , , , /by

For small to medium-sized firms, a business owner’s policy, or BOP, is an excellent insurance option. This type of policy is popular since it combines the most frequent coverages into a single policy with a single payment rather than paying for individual policies. This package is totally customizable and, in most cases, less expensive than purchasing individual policies.

If your company employs less than 100 people and generates less than $1 million in annual revenue, you may be eligible. For home-based business owners, this is also a popular option. Property and liability coverage is included, as well as your choice of the following alternatives (with some insurers offering extra options):

Property insurance protects a company’s physical assets, such as its buildings, furniture, equipment, and inventory.

Loss of income insurance pays out for income lost due to a covered business interruption, such as profits and expenses like rent and wages.

Third-party bodily harm or property damage while on your business’s property is covered by liability insurance.

Equipment breakdown insurance covers equipment that fails or is damaged as a result of a covered incident, such as computers and phone systems.

Third-party medical expenses incurred as a result of a liability claim are covered by medical payments insurance.

Most BOPs do not include worker’s compensation or commercial auto insurance, which must be acquired separately if they are needed.

Data breach insurance protects digital assets like databases and customer records from hackers, data spills, identity theft, and other disasters.

Employment practices liability insurance: Covers your company’s liability charges in the event that discrimination, harassment, wrongful termination, or other law violation-related claim is made.

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.