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Archive for the ‘Business insurance’ Category

Is It Raining Lawsuits in 2018?

Saturday, May 12th, 2018

A Chicago Business Insurance Update

We live in a society where there are more lawyers than doctors. It seems that the typical response when someone has been damaged is to hire a lawyer and threaten a lawsuit. Most businesses can’t afford to be in court to defend every action. That is why commercial insurance is so important to your business. Our agency can offer a review of your business insurance coverage and educate you on your risks and how best to protect you. These four risks are at the top of our list and should be on your as well.

Cyber Liability– Cyber liability is 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 & Officers Liability– Covers costs, damages, and defense protection to directors and officers of a company resulting from lawsuits and judgments arising out of poor management decisions, employee dismissals, shareholder grievances, and other such acts committed in good faith.

Employment Liability– Employment Liability 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 that is designed to cover third party claims, damages and claims arising out of providing professional advice.  Many firms create legal obligations arising out of a professional’s errors, negligent acts, or omissions during the course of providing services to clients.

Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

Why Review Your Chicago Business Insurance?

Wednesday, May 9th, 2018

A Chicago Business Insurance Renewal

Your business insurance is an important part of your risk management program. It is important to have the right insurance coverage, competitive pricing and the right insurer. We have found at least five factors that are important to manage when renewing your business insurance program.

Business Insurance

A business insurance program can include commercial property, auto, commercial liability, employment liability, workers’ compensation, professional liability and excess liability.

Insurance Renewal Tips

Provide complete information about your operation. Paint a picture that describes what you do and how well you do it. You have to sell the underwriter on what is different about your operation and how the insurance company needs to insure your risk, because you are above average.

Use an independent agent. We are best equipped to provide you with the best combination of coverage, price and service.

Combine your property, auto and liability with one insurer if possible. You will receive package discounts.

Have a well-managed safety program.

Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

An independent insurance agency, we represent more than thirty top insurance carriers.

 

How Property Insurance Can Repair A Damaged Building?

Friday, April 27th, 2018

A Chicago Commercial Property Update

Most business owners who own a building worry about what might happen if their build is damaged by a fire or some other loss. Your business relays on the experience of the agent to design a commercial property policy that will respond to a claim. For most businesses it is important to understand some of the issues around your property coverage and how it applies to a loss.

Replacement cost insurance alone may not rebuild your building back to its original state. Why? Because more than likely there are new building codes that will affect the construction of your new building. Replacement cost insurance is designed to rebuild or replace your building as it was just prior to the loss. It will not cover the extra costs to make the building better if required under updated building codes. For example, it would not cover the cost of adding a sprinkler system, if the new building code required one.

The ordinances and requirements can originate from many sources, local, state or federal.  A common example of a federal construction code is the American with Disabilities Act (ADA), requiring building owners to build with the proper additions to aid disabled people. However, most of the emphasis is on local codes as the local jurisdictions are charged with enforcing the building codes.

There are three parts to most building ordinance coverage:

Coverage for Loss to the Undamaged Portion of a Building– This coverage responds when a covered loss triggers the application of an ordinance or law, but only a portion of the building is damaged. If the undamaged portion of the building is rendered as unusable or condemned by an ordinance, then it would have to be torn down. Thus a total loss of the building would be incurred.

Cost of Demolition– This coverage pays the cost to demolish the undamaged portion of the partially damaged building. (The property coverage responds to demolition and debris removal of the damaged portion of the building).

Coverage for the Increased Costs of Construction– This coverage includes the recovery of costs related to making the building compliant with current building codes. Examples might be updated windows, ADA compliance, greater fire resistive roofing materials and earthquake retrofitting.

Keep all these in mind when reviewing your business insurance policy. We will be happy to review your business insurance policy.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

 

General Liability For Your Chicago Business

Thursday, April 5th, 2018

 

Chicago Business Insurance

We understand every business is unique. You serve your customer first and foremost. Just because you are a small business does not mean you are exempt from litigation. Small businesses need General Liability Insurance to protect your organization from unforeseen events.

General Liability 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 parties 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. If you own a restaurant, retail or grocery store, dry cleaning shop or other small venture, it’s important to protect your business and your customers. The agents at Lakeview Insurance can help you find the protection you need – no matter how large or small your business is.

What Does A Commercial General Liability Policy Cover?

Monday, March 19th, 2018

A Chicago Business Insurance Update

We understand every business is unique. You serve people first and foremost. Just because you are a small business does not mean you are exempt from litigation. Every business large or small needs general liability insurance to protect your organization from unforeseen events.

General liability insurance should be the foundation of your commercial insurance program. general liability insurance provides the following coverage:

  • Bodily Injury– Bodily Injury to a third party.
  • Property Damage– Damage to a third parties’ 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.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

How Will Your Business Respond?

Tuesday, February 27th, 2018

A Business Insurance Update

If you think about it, your business faces risks every day.  When you open your doors, you have the risk of having sick or injured employees, customer complainants, and vendors who fail to deliver on their promises.  The world has changed in the past few years and it is important for business owners to make sure their business insurance keeps up.

Recently a large insurer released their annual business risk index. This index identified the top concerns of over 1,000 business owners.  Nearly half of survey respondents believe that the business world is growing riskier, yet just 24 percent said that risk management was a strategic priority for them.

According to the survey, the top seven worries of today’s business owners across all industries are:

  • Medical cost inflation
  • Increasing employee benefits costs
  • Legal liability
  • Broad economic uncertainties
  • Tech and data/cyber risks
  • Complying with laws
  • Attracting and retaining talent

Source: Business News Daily

Let our agency help you understand how to manage and treat the risks.  We offer a wide range of highly rated insurers that can offer the necessary products to help your manage you risks.

Or, you may be a plant manager, office supervisor or HR manager charged with finding the right insurance for your company and its employees. Either way, Lakeview Insurance Agency is the right independent agent for you.

Emerging Risks Facing Many Small and Large Businesses

Thursday, February 15th, 2018

A Business and Risk Update

You buy commercial insurance to protect your business from the unforeseen events that might cause a claim, damage, or loss.  Commercial insurance provides the financial resources necessary to help your business recover from a covered loss.  As your business grows, so does your risk.  As societal norms change, your business risks also change.  A commercial insurance review can help you better understand your new risks and how best to manage them.

Common Emerging Risks

  1. The connected workplace is allowing employees to work from remote locations. However, this can create new liabilities for businesses.  Remote workplaces create increased risk of cyber breaches, undocumented workers’ compensation claims, and other HR issues.
  2. The use of imported products can adversely affect your businesses risk. If you use imported products as part of your manufacturing process, you have an increased risk of that product failing.  You may then have difficulty recovering your losses in a foreign county.
  3. The shortage of skilled workers can also increase your business risk. Set up a thorough training program to ensure all new employees have an understanding of their job duties and functions.
  4. Business interruption losses can close your business down. It is important to have the right kind of business insurance to cover a shutdown. Coverage can include payroll, extra expenses, and lost revenue.
  5. Loss of brand reputation can kill your business overnight with the use of social media. Make sure you respond quickly to all client concerns and have a social media policy for your business.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family.

We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

Is Your Chicago Business Prepared For The Future?

Monday, January 22nd, 2018

Business Insurance and Risk Management Trends

Every business faces risks of various kinds. If you have employees you have the risk of employee injury. You most likely buy workers’ compensation to protect yourself from this risk. No owner or manager wants to believe that their business is exposed to great risks; however, many situations may expose your company to lawsuits, liability and substantial expenses. An unfortunate number of these situations go unnoticed by many business owners until it is too late.

Comprehensive risk management is important to the overall success of your business. Unaddressed risks may result in uninsured losses that could potentially cost your business thousands of dollars.

A good risk management plan starts with reviewing your potential risks then developing a plan to treat or manage these risks. Commercial insurance is a good tool that can address many of your business risks. However, many business owners often don’t consider the following risks.

Some Important Business Risks to Consider

The risk of being sued by employees – There are many state and federal laws that protect worker’s rights. These include harassment, discrimination, retaliation, and civil rights. We can provide you with a quote for employment practices liability insurance that will address many of your employment risks.

The risk of lost income – If you have a loss or damage to your building you may not be able to resume operations for a period of time. Your business is at risk for lost revenues. Business income insurance can offer protection.

Cyber liability risk –  If your business accepts electronic payments, handles sensitive customer information or stores key information on the internet, you are at risk. Cyber liability insurance protects against these risks, and is an important coverage option to explore for many businesses.

We Offer a Fresh Perspective to Your Business Risks

As part of our service we can review and examine your business operations and help you identify the important business risks. Then we will design a risk and insurance program tailored to meet your needs. The goal of risk management is to protect your business from being vulnerable. Many business risk management and insurance programs focus on keeping the company viable and reducing financial risks.

To ensure that you enjoy protection no matter how your business grows or shifts positions, be sure to check with your insurance agent if you make any changes. Putting a little effort into your business insurance renewal can reap rewards in the form of better coverage and lower premiums. Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart.

How Your Business Can Recover From a Natural Disaster

Wednesday, October 11th, 2017

A Chicago Business Insurance Update

Hurricane Harvey’s impact will be felt for the next three to five years, or even longer.  Many affected businesses may not survive.  It is our hope that all the people and businesses impacted by Harvey will recover as soon as possible.  For those businesses that had flood insurance, the recovery will be helped through the insurance resources.  There are other kinds of disasters, or losses, which can cause your business to be shut down.  Now is the time to have us complete a business insurance review. We can offer many coverage and pricing options for your business.

Disaster Planning for Your Business

  • Review your commercial insurance. Being proactive can help in the end.  We can help you determine what coverage is best suited for your individual business needs.
  • Put together a crisis team and a plan. Design a plan for the kinds of disasters you are likely to have.  Have contingency plans for continued operations. This may mean developing agreements with other businesses for use of their facilities or locations for a short term.
  • Meet with your insurer as soon as possible. Developing a relationship with your claims adjuster is critical.  Be willing to provide all information required.
  • Request an upfront partial payment. This will help you fund your recovery.
  • Be prepared to document all expenses. It might even help to hire an accountant to help you with post loss expenses and documentation.

Established in 1976, Lakeview Insurance Agency serves individuals, families and businesses in Illinois, Wisconsin, Indiana and Michigan. Located in Chicago’s Lakeview neighborhood, our company is led by its founder Charles (Chuck) Stewart. An independent insurance agency, we represent more than thirty top insurance carriers.

 

 

7 Deadly Sins Of Insurance Buying

Wednesday, September 27th, 2017

Personal and business insurance buyers–don’t make these mistakes

Everyone who buys insurance often runs into what we call the 7 deadly sins of buying insurance. These apply to both personal insurance and business insurance. Read these to see if you can relate to any of them.

Your deductibles are too low. The lower the deductible the higher the premium. Consider increase auto physical damage deductible on older vehicles.

You have more than one agent. Having two agents it not wise. Select one agent whom you believe will be best for you. Two agents can trip over each other, and you could end up un-insured.

You don’t consider the insurance cost when buying a car. The make and model of the car you purchase will have an impact on the insurance costs.

Your replacement cost value is not correct. It is very important to keep your replacement cost up to date. Replacement cost coverage will replace or rebuild your property with like kind and quality of materials.

Failure to develop a property inventory. Having an accurate inventory of your personal property can reduce stress at the time of a loss and help insure you receive 100% of what you lost.

You have coverage you do not need. There are many different types of insurance you can buy but not all are needed. For example, travel insurance, pet insurance, extended warranties and mortgage life insurance is not always needed. We have other options and recommendations, call us today.

Cancer insurance. Marketed by specialty-insurance companies, these plans supplement health insurance for cancer-care costs. Annual premiums range between $400 to $2,000 dollars. Despite their high cost, the policies may not cover outpatient care. Chances are that your existing health insurance already covers cancer expenses.

At Lakeview Insurance Agency, we pride ourselves on our great customer service. We are an independent, individually owned insurance business that treats our clients like family. We understand that claims, changes, emergencies and accidents happen – and we’re dedicated to helping you deal with them. Our agents and customer-service representatives are ready, willing and very able to help you. Any questions or problems? Please call us at (773) 871-8000 or drop us a note:

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Office Contacts
Ph: 773-871-8000 Fax: 773-871-8062
lakeviewins@lakeviewins.com

Lakeview Insurance Agency of Illinois, Ltd.
3438 N. Southport Ave.
Chicago, IL 60657 map

After-Hours Emergency Claims
Ph: 773-502-8888
lakeviewins@msn.com