COVID-19 And Your Business

COVID-19 And Your Business

Most of us are doing our best to comply with the COVID-19 stay at home order.  However, there are also many of us who still must go to our place of work.  Here are some things you can do to help maintain safety and financial health for your business, employees, and clients in the workplace during this time of uncertainty.

We recommend you check with your City, County, State, OSHA, Department of Health, and other agencies for provided employer guidelines, as during this COVID-19 event, policies can change daily.

COVID-19 Workplace Safety Tips

  • Do not leave any valuables clearly visible or accessible.
  • Mandate all employees wash hands frequently and provide antibacterial supplies.
  • Develop an Infectious Disease Preparedness and Response Plan.
  • Restaurants that offer takeout services should remove all tables and chairs.
  • Provide gloves for staff to use when cleaning, and frequently clean rooms and any areas to which people have access.
  • Limit food sharing.
  • Disinfect surfaces like doorknobs, tables, desks, and handrails regularly.
  • Use videoconferencing for meetings when possible. When not possible, hold meetings in open,       well-ventilated spaces.
  • Add COVID-19 information and updates on your webpage and social media sites.
  • Consider regular health checks including temperature and respiratory symptom screening, of staff and visitors entering buildings (if feasible).
  • Require workers who are ill to stay home.
  • Consider posting “NO TRESPASSING” signage.

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.

 

Small Business Insurance

As a small business owner, you wear many hats, including owner, manager, human resource manager, sales manager—and even window washer.  Because there is so much to do, you may not spend time thinking about your business insurance, but you should.  Recent studies by the Insurance Information Institute found that over 50% of small businesses never reopen after a severe loss.

Commercial General Liability & Auto Insurance covers claims from accidents, injuries, or negligence when the business is at fault.  Small businesses can face a wide array of  damage charges like personal injury, property damage, libel, and slander.

Cyber Liability Insurance covers the risk posed by conducting business over the Internet, over other networks, or using electronic storage technology.  It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information.

Directors and Officers Liability covers costs, damages, and defense protection for directors and officers of a company for lawsuits and judgments arising out of poor management decisions, employee dismissals,    shareholder grievances, and other such acts committed in good faith.

Employment Liability Insurance provides protection for an employer against claims made by employees, former employees, or potential employees.  It can cover discrimination (age, sex, race, disability, etc.),  wrongful termination of employment, sexual harassment, and other employment-related allegations.

Professional Liability Insurance is designed to cover third party claims and damages arising out of providing professional advice.

Workers’ compensation insurance is usually required by law for small businesses with employees.  This insurance provides benefits for employees who are injured or die from job-related causes.

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.

 

Business Insurance Planing

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

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

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

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

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.

 

Even Small Businesses Need Commercial

Liability Insurance Coverage

 To protect a small business from potential lawsuits, liability insurance is necessary. Policies vary greatly, and they cover different classifications of risks for varying costs. Before shopping for a policy, it is important to educate yourself about liability insurance.

Commercial General Liability, which is also called CGL, is a very broad insurance product. It covers claims from accidents, injuries, or negligence when the business is at fault.  Small businesses may face a wide array of damage charges. Personal injuries, property damage, libel, and slander are just a few examples.

Product Liability insurance covers legal fees for litigation involving a faulty product.  It also covers any personal or property damage charges caused by the defective product.

Professional Liability coverage pays for damages caused by services.  It is also called “errors and omissions” coverage.  This is for companies that market a service instead of a product. For example, professionals in medical clinics must have medical malpractice coverage.

An Employment Practice Liability Insurance policy offers insurance protection against claims and lawsuits that are brought against a business, its officers or directors, or its employees and managers, against harassment, wrongful termination, breach of employment contract, discrimination, invasion of privacy, compensation issues, and employee benefits administration.

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?

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.

Hit The Road With Better RV insurance

Hit The Road With Better RV insurance

You probably bought your motor home or travel trailer because it offers the best of both worlds: the ability to explore the world we live in and the convenience of your home each night when you pull over. Motor homes and travel trailers offer a freedom and joy that’s unique regardless of the size of coach or fifth wheel you explore with.

Comprehensive RV insurance needs to also protect you when you have stopped and camped. That means you need insurance closer to what you find in a homeowner’s policy that includes features such as:

Personal liability

Protection in case someone is injured in or around your RV

 Personal property

Enhanced property insurance that will protect the contents of your RV in case of theft or damage.

 Additional Living Expenses

Protection that helps pay for your cost of living if you are displaced from your motor home.

Attached Accessories

Another layer of protection that covers your awning, TV antennas or other accessories that might be damaged. Getting the right recreational vehicle insurance doesn’t have to be expensive or difficult with an insurance expert on your side.

Some policies include Roadside Assistance, which has you covered 24/7 in the event of a breakdown or accident. Some will even allow you to upgrade the coverage to include lodging, transportation, and meal coverage if needed.

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.

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.