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.

Commercial Excess Liability, A Key Coverage For Your Business

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In 2000, it was uncommon for companies to be sued for more than a million dollars. In 2021, it is not uncommon for a company to have several large claims going on at the same time. A large judgment against your company could damage your reputation and it might even put you out of business. Whether you believe you are at fault or not, you are at risk of being sued and having to defend yourself.

An Umbrella or Excess Liability policy provides additional insurance protection for your business.  Umbrella or Excess Liability coverage applies in excess or above your Primary, Automobile Liability and General Liability coverage, and can also go over Worker’s  Compensation, Professional Liability and Directors & Officers Liability coverage.  Umbrella or Excess Liability Insurance kicks in when your primary limits have been exhausted.

Actual Claim Examples:

A delivery van failed to stop at a red light, and ran into a vehicle. The result was a $3.5 million dollar judgment for brain damage to the injured party.

A man suffered severe food poisoning at a restaurant after eating food that was spoiled. The restaurant was sued for injuries. The award was for $1.8 million dollars.

There is a distinct difference between an Umbrella and an Excess Liability policy:

Umbrella Liability not only provides excess limits of liability above your underlying policies, but may also provide protection when there is no underlying insurance. It also can broaden your commercial insurance to help eliminate gaps in coverage.

Excess Liability Insurance provides you with additional limits of liability above your underlying policies shown in the schedule. This type of policy is more restrictive than an Umbrella Liability policy.

The Excess or Umbrella Insurance policies we provide can be written for most every industry including, but not limited to:

  • Nonprofits
  • Medical and Health Industries
  • Churches
  • Construction
  • Manufacturing
  • Distribution
  • Technology
  • Financial Services
  • Retail & Hospitality
  • Arts & Entertainment

One thing to remember is that an Umbrella or Excess Liability Insurance policy will not cover everything; there are exclusions just as in any other insurance policy. However, it still represents an excellent method to help protect your business from catastrophic claims. Contact us to discuss securing this valuable form of liability coverage. It could help preserve your business.

 

How Insurance Protects Your Financial Future

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Insurance is designed to provide the financial resources you need in the event of an un-expected loos.  This could be form an auto accident, home fire, disability or even a loss of the primary bread winner.

There are many personal insurance solutions and products that can provide the protection you need to help you manage your future financial wellbeing. Your current premiums are intended to help cover you in the future. What if your home was lost in a natural disaster? Will you be able to afford substantial repairs or a full rebuild? The cost of dealing with this catastrophe will be more than you can handle, as well as more than you have charged in insurance premiums.

What Kind of Insurance Do You Need To Protect Your Future?

Life Insurance – Life insurance provides real security for those you care about. Life benefits can provide financial security and resources for your family or loved ones after you are gone. Life insurance can provide funds to; pay off debt, un-paid medical expenses, funeral expenses, future living expenses, college, and more.

Home Insurance – Homeowners insurance is a form of insurance that covers losses and damages to an individual’s residence, along with furnishings and other assets in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

Health insurance – Health insurance is important to have, no matter what your situation is. If you don’t have affordable health insurance through your work, you might be able to qualify for a tax credit to make it affordable on the health insurance exchange.

Auto Insurance – Car or truck insurance is needed if you drive a vehicle. Almost every state mandates some kind of insurance. However, if your vehicle is inexpensive or you are confident in your ability to replace it, you can only need liability coverage.

 

How To Reduce Your Business Insurance Cost

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Saving money on business insurance is not always an easy thing many companies to do. You have many options regarding insurance agents and insurance companies that at times can be confusing. We specialized in the entertainment industry that is all we do. We have a proven track record of providing the right combination of pricing and coverage, along with experience and responsive service.

There are a number of ways to reduce your business insurance cost without jeopardizing coverage. Here are a few

1. Use a broker who knows and understands your industry. Having an understanding of the risks, and what markets best are suited for your risks, can result in lower costs. Have us shop your insurance. We have access to many insurers, this allows us to offer many options.
2. Provide driver’s training- having educated and trained drivers can reduce your business auto insurance cost up to 5%.
3. Have proper safety equipment.
4. Use special markets. There are insurers that specialize in your industry. .
5. Increase deductibles. Insurers often will provide good credits if you increase your deductibles on property or auto physical damage.
6. Reduce your risk, Talk with your insurance agent about how you can help prevent insurance losses. You may be able to reduce your exposure to fires, work-related accidents, disasters or lawsuits. Reducing these risks may lead to fewer claims, which may lower your insurance premium.
7. Keep up to date with current liability trends; liability claims tend to be the most significant claim with most aspects of insurance.

Having insurance premiums reduced by cutting corners is not the ideal way to deal with high insurance premiums. That’s a case of addressing the symptom – not the problem. Lowering premiums by reducing the risks posed and faced by your business is a far healthier solution.