Discover real value independent insurance agents add to commercial businesses.
Read why commercial businesses should connect with independent insurance agents.
No business is an island, as each one depends on vital connections. Independent insurance agents are a reliable and reachable connection for the needs of many commercial insureds. We are Independent for you, giving you choices. Value is the key additive independent insurance agents provide to customers.
While cost is a primary concern for every business, lowest cost is not equal to good value. For commercial businesses that prioritize good value, the working knowledge independent insurance agents have of insurable risk and insurance coverage available is extremely meaningful and helpful. Richey-Barrett Insurance strives to add real value to our commercial business customers in the following three main areas:
- Experience.
We are an established independent insurance agency located in Westlake, Ohio, broadly serving small- to medium-sized commercial insureds throughout Ohio, mainly in Northeast Ohio
- Expertise.
We are committed to continuing education and aim to apply our insurance knowledge to real world, in-the-trenches exposures.
Five examples follow below.With respect to property insurance, many businesses misunderstand the differences among actual cash value, market value, and replacement cost value. The differences are highly consequential in the event of an insured loss. We make an effort to carefully explain before a loss occurs the dire outcome of an insured choosing an inadequate valuation method.
Liability coverage is required for any size or type of business. For those businesses that have unique liability exposures, we review them with the customer so that for insurance purposes the proper rating classification is applied. There is a big difference in risk rating classification between a manufacturer of automobile parts and a manufacturer of nails. Depending on the size and/or type of business, excess or umbrella liability limits are strongly recommended.
Business Interruption Insurance is the silent savior or silent killer, depending on whether or not your business has it, and has the right amount of it. It is silent in the context that it only comes into play if the business becomes inoperable due to direct loss as defined in the policy. Practically speaking, the trigger for business interruption insurance is a major disaster, a possibility of which some insureds are willing to dismiss to save money. We strongly recommend businesses reasonably balance the extra cost of Business Interruption Insurance with the piece of mind and continuity it provides when needed. Without adequate Business Interruption Insurance, a major fire loss could either severely threaten the business’ ability to continue or shut it down completely.
Professional Liability is needed by any insured engaged in a profession. We currently place Dentists’ Professional Liability for several dentists in Northeast Ohio.
Cyber Security Insurance is a changing market with significant concentration on cyber loss prevention protocols. Any business with electronic records has cyber risk, which is just about every business imaginable. Each individual business should consider what level of Cyber Security Insurance meets its needs and budget.
- Communication.
We encourage our customers to pick up the phone and call us to discuss insurance concerns and keep us abreast of changes in their business operations. Changes in structure, growth or reduction, locations, vehicles, etc. need to be communicated timely to the agent in order to ensure that appropriate insurance coverage is in place. We are glad to visit on site to walk through and review business operations.We maintain an emergency line that is monitored during non-business hours. If customers experience a loss and contact us directly, we assist them in the claims handling process.
Your Trusted Choice Independent Insurance Agents at Richey-Barrett Insurance are a valuable connection for small- to medium-sized commercial insureds. Contact us today to discuss your account.
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