How To Protect Your Identity During The 2019 Holiday Season

 

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

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?

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?

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.

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!

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.

Is Insurance Different for Older or Historic Homes?

A Personal Insurance Update

With the cost of homes increasing daily, many people are considering purchasing older or historic homes.  If you have ever owned an older home, you know the issues that come with updating and making repairs.  Restoring a historic home to its original condition can cost considerably more than expected.

That is why it is important to have a homeowner’s insurance policy that is designed to address the needs of older and historic homes.  If your historic home is damaged you will want to keep the design, construction, and integrity of the original architecture.  Most standard homeowner’s insurance policies will not provide the necessary coverage to restore historic or older homes to their original architecture condition.

Most historic or older homes have detailed finish work, hand carved details, unique brickwork, custom tile and flooring, or exotic woods and other features not found in homes today.  A standard homeowner’s insurance policy is intended to replace materials with like kind and quality, but that term can be interpreted in many ways.

You may need historic coverage for your home.  We can provide a quote, so call us today!

Why Is Having a Home Inventory so Important?

If your home and personal property were damaged, would you be able to remember all your belongings?  Consider that you also are in a state of shock due to the loss and/or damage to your home.  It has been our experience that having a home inventory is one of the best ways to help you recover from a devastating loss.

Having a home inventory is the easiest and best way to manage insurance claims after a disaster or loss. This action also expedites the claim process, making it easier to be paid.

How to Start the Inventory Process

To create your home inventory list, go through each room of your house, list, and take photos of its contents.  Be sure to list large and expensive items individually (like appliances, jewelry, and furniture) and group together smaller items in sets (like books, toys, or linens).  Don’t forget to include items stored in your basement, attic, garage, or shed.

If you have a larger home, or many belongings, starting a home inventory list may seem overwhelming.  Try breaking the project into several, smaller tasks.  For example, inventory just one room a day or one category of items (furniture, for example) at a time.

Time Saving Tips

  • Record the serial numbers of your electronics and appliances.
  • Take many photos.
  • Count clothing by category, i.e., pants, shoes, etc.
  • Keep proof of purchases, receipts, and a detailed record of antiques, jewelry, and major appliances.
  • Use a phone app. There are several mobile apps that can help you.
  • Add new purchases as you go.
  • Backup your inventory file on the cloud.

Knowing this information ensures you have an accurate value to insure your home and possessions.  If you have too little coverage, you can’t replace lost property, and if you have too much, you are paying more than you need to on higher premiums.