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Category: Business Insurance

Sevierville Agency Ownby Insurance Service Celebrates 70 Years

Posted on by Ownby-Client-Login

June 21, 2022

Sevierville, Tenn. – Sevierville independent insurance agency Ownby Insurance Service, Inc. is celebrating their 70th year in business this June. Founded in 1952 by Clyde Ownby, the agency had humble beginnings as Clyde sought to insure the individuals and businesses that call East Tennessee home. The agency has grown substantially over time, but their mission is still the same – make customers the top priority and provide them with honest and fair service to help them protect themselves, their loved ones, and their businesses that make the community what it is today.

Seventy years later, the agency is still proud to be a family-owned business. Clyde’s son, Mike Ownby, and grandson, Kevin Ownby, continue the tradition as owners of the company.

In celebration of the 70th year milestone, the agency has made a commitment to donate to numerous community organizations throughout the remainder of 2022. The first donation will be in support of the local Sevier County Fire Chief’s Association, in partnership with VFIS, an insurance company that provides coverage for emergency organizations in recognition of their tireless efforts to protect the public in Sevier County.

Ownby Insurance Service will be announcing the additional community organizations throughout the year as they continue to give back and celebrate 70 years in business.

You Need Boutique Insurance for Your Boutique Business

Posted on by Ownby-Client-Login

It is estimated that there are over 150,000 clothing boutiques in the U.S.1, and that numbered has remained steady since an initial surge of closures in the early stages of the COVID pandemic. However, many in the industry feel there will be a wave of openings in the Summer of 2022. Whether you or a new or established boutique, and whether you have a storefront or operate online only – there are risks that you need to be aware of and protecting your business against.

Most boutiques owners understand the main risks of their business, protecting their inventory and their income. If they own or rent a physical space, they know there is risk involved there that must be insured. But what about the additional concerns that may not be as apparent? Let’s look at some of those and how they might impact your boutique.

Cyber Liability – Whether your shop is online, physical, or both, there are definite risks for cybersecurity. Processing credit card data, storing customer names and info, and frequent correspondence online open a potentially large window for issues. It’s also likely you’ve seen boutiques with large notebooks where customers have written down their name, email, and maybe even date of birth. All of this data needs to be protected, but you also need a plan in place in case an incident occurs. Part of that pan for response should include cyber liability insurance. Without it, the costs of response could put you out of business for good.

Workers’ Compensation – If you have employees, chances are that they are frequently performing physical activities. Lifting boxes, moving stacks of clothes, and other daily tasks can potentially lead to injuries. Should an injury occur during the course of work, you’ll want to have that employee – and your business – protected. Workers’ comp policies are designed to respond when these injuries take place.

Commercial Auto – Do you or your employees make deliveries, and/or take boxes for shipping? Are there inventory pickups or supply runs as part of the job? If so, consider that your personal auto policy may not provide the coverage you need if an accident occurs during these work-related trips.

Inventory – If your boutique is run from your home, is your inventory properly covered? If it is run from a storefront, do you have enough coverage for peak months or special shipments? Keep in mind the actual coverage and limits in your policy may not be enough for a worst-case scenario of property loss.

Do you have the right coverage in place for your boutique? We can help you walk through the policies you have or discuss new options. Contact Brandon Patterson at 865.453.1414 or brandon@ownbyinsurance.com for more information.

1-According to IBIS World

Don’t Let Lack of Insurance Put the “Pest” in Pest Control

Posted on by Ownby-Client-Login

Your pest control company may have plenty of risks that seem obvious. If you have employees, they have risks in the course of their duties, and workers’ compensation is a clear answer for how to cover some of those risks. If you have vehicles, you could certainly put together that you need commercial auto insurance. But what about the risks that may not be as obvious? Let’s look at a few that could be a major pest for your company.

Job Site Pollution
Your team probably works with a lot of chemicals as part of your services. These chemicals need to be carefully managed and controlled, especially on the job site when they’re in use. If an incident occurs and the chemicals spill, get oversprayed, applied in the wrong area(s), etc. – your company may be held liable for any damages and clean-up. Since there are regulations about the clean-up process, the total cost can add up quickly. Will your insurance policy respond? Not unless you have the right coverages in place.

In Transport Pollution
In addition to the job site, your company also faces risk when transporting chemicals to their intended location. If your vehicle is in an accident, has a container that is not properly secured, or has a similar issue that results in the spilling or loss of hazardous chemicals, you may be held liable. Again, without the right insurance policy in place, the costs for control and clean-up may fall completely on you.

Termite Treatment and Inspection
If your company is used for inspecting for termites, a situation might arise where an employee misses active termites. If you treat for termites, you may have a scenario where the treatment is not effective or complete. If one of these issues occurs, it’s possible that your company will be held liable. Without the right insurance policy, your general liability coverage may not respond in these cases – or if it does – the limits may be too low to adequately cover your expense.

Tools & Equipment
In addition to your company’s tools and equipment, some of your jobs may require items that are borrowed, rented, or leased. If these items are damaged or stolen, will they be covered? They may not be unless your policy extends coverage for them.

As you can see from the examples above, pest control insurance is best suited for policies that are tailored for your company’s risks. We can help you discuss a program that best fits your coverage needs. Contact Brandon Patterson at 865.453.1414 or  brandon@ownbyinsurance.com for more information.

Understanding Replacement Cost on Property Insurance Policies

Posted on by Ownby-Client-Login

Unfortunately, many people in our community were again impacted by wildfires in the recent weeks. While not everyone’s property was damaged, it has many people thinking about their insurance should a claim occur. We’ve had many calls from our insureds who wanted to have a better understanding about “Replacement Costs” and what is – or isn’t – included on their current policies. Let’s take a look at what replacement cost, extended replacement cost and guaranteed replacement cost really mean for insureds.

Replacement Cost
If you have damage or possibly even a total loss of your home, vacation home, cabin rental property, etc., you’ll face costs to rebuild. If your insurance policy pays for these claims based on “Actual Cash Value” then there will be a deduction for depreciation of value in the amount paid to you. Replacement Cost will pay to replace the items you lost to a covered peril (what caused the claim) at a similar quality up to the stated policy limit. So, if it is personal property like a TV, a similar model or quality would be paid for to replace it. If it is the structure itself, similar building materials would be covered up to the stated policy limit.

Extended Replacement Cost
With incidents that or more widespread – like wildfires – the cost of replacing items can be higher than normal. It may also be difficult to find materials, labor, etc. – resulting in increased costs that are out of your control. Extended Replacement Cost can be added to most policies to give you additional coverage for the dwelling structure. Typically, this can be added in increments of 10% to 25% (and in some cases as much as 100%) of the “Coverage A” limit on your policy. This can give you a “cushion” in case you face a loss that results in the rebuild costing more than the dwelling limit of the policy.

Guaranteed Replacement Cost
Guaranteed is obviously the word to focus on here. If you have Guaranteed Replacement Cost on your policy, the insurance company is agreeing to pay the actual costs to rebuild your property back to its original condition. This is obviously a more expensive option, and not all insurers offer it. However, if available for your property, this would be the way to ensure that you can completely rebuild after a loss with the quality and materials of the original structure no matter the external circumstances impacting those costs.

As you can imagine, there are caveats to these coverages including availability, costs, and policy language. We’d love to help you walk through your current policy or discuss options for a new one. Please contact us at info@ownbyinsurance.com or 865.453.1414 for more information.

Professional Offices – Your Exposures May Surprise You

Posted on by Ownby-Client-Login

If you own and/or operate a professional office that offers services like accounting, chiropractic work, dental labwork, etc., you may think that your exposure to claims is more limited than a workplace with frequent physical labor. But in reality, your insurable exposures are just different. Sure, having Businessowners Policy seems obvious, but here are a few coverages you may not realize could impact your business setting.

Professional Liability
Also known as Errors & Omissions (E&O) coverage, this insurance could help protect your business in case you are sued for a professional mistake. For example, if a medical lab makes a mistake in labeling test results and a physician’s office or patient sues as a result. Or, if an accountant gives “poor” financial advice that leads to client litigation. With proper E&O coverage in place, you may have financial protection from legal actions and financial losses that can occur when a client sues your company.

Workers’ Compensation
Accidents can happen, even in professional office settings. Maybe your staff is using lab equipment, moving file boxes, or helping a client with an injured back – one slip can cause a major medical issue. With lost wages and medical care, those issues can add up quickly. In some cases, legal expenses or even third-party lawsuits may be involved in these claims, and having the right coverage is critical.

Employment Practices Liability
In today’s world, how you operate your business is under a lot of scrutiny. If you find yourself in an instance where wrongful termination, discrimination, harassment, contract breach, or other employee lawsuits occur, you may wish you had coverage to help with legal fees, settlements, and/or judgements. If you have properly configured your risk management with Employment Practices Liability Insurance (EPL), you may have that assistance.

Cyber
In professional offices of all kinds, data is a key piece of your day-to-day world. You likely protect that data with IT precautions and staff training. But even with measures in place, breaches, viruses, and ransomware can still infiltrate your systems. In addition to the potential data corruption, breach, or access restriction, you likely will have costs to notify your clients. Much of this could fall under coverage provided by a Cyber Insurance Policy. And although some cyber protection my be included in your other business insurance policies, often a standalone policy is best for this coverage.

With these exposures and coverages in mind, how confident do you feel with your current policies? Get in touch with us today to review what you have in place and discuss the options you have for your business. Please contact Brandon Patterson at brandon@ownbyinsurance.com or call 865.453.1414 to get started.

Business Coverages You May Have Overlooked

Posted on by Ownby-Client-Login

You’ve worked hard to make your business successful, and you want to make sure it’s protected. Things like property, liability, and workers’ compensation coverages may seem obviously important – but what about the lesser-known risks?

Contingent Business Interruption Coverage
You’ve likely heard of business interruption coverage over the past couple of years, but what about contingent coverage? If your business’s activities are impacted by shutdowns of your suppliers or other third parties, having this coverage in place can help protect you if these impacts lead to revenue losses.

Cyber Liability Coverage
You’ve probably heard of Cyber Insurance, and you’ve probably seen some of the many breaches at large companies that have made the news. But companies of all sizes have cyber liability, and the more data your company stores, the greater the risks. Don’t store much data at your business? Don’t forget about ransomware and other attacks that you still need to have a plan for combating and responding.

Insurance for Signs and Murals
Spent good money on that electric street sign with an LED display? What if a driver runs into it or someone vandalizes it? What if a storm knocks it down? Signs that are detached from your business’s main building may not be covered by a commercial property policy or a business owners policy. Murals also cost money, and some may be very expensive depending on the size, location, and artist. While most policies won’t cover vandalism to murals, there may be specialty policies or endorsements that can better protect your artistic investment.

Professional Liability Coverage
This coverage can help protect your business in cases where you are sued for negligence, errors, copyright infringement, and more. Even if you think your business will never be in this situation, mistakes can and do happen.

Your business is special, and likely has unique risks. Let us help you determine the coverages you may need and may not have considered. Contact us at 865.453.1414 and let’s get started!

A Guide to Preventing Slips and Falls Around Your Business

Posted on by Ownby Insurance Service

Whether you actually hurt yourself or just suffer from a bruised ego, slipping and falling is always a nasty shock. At home, you can usually just dust yourself off and forget about it, but if you own a business, slips and falls suddenly become much more serious. Maintaining a safe business property for your employees and customers becomes paramount, both to give them a great experience, and to prevent any big insurance claims from knocking at your door.

Reduce your business’s potential for hazardous slips and falls by implementing these safety tips:

Secure Stairways and Ramps

Stay up to date with your city’s local building codes, and install the proper handrails along every stairway and ramp. Even tiny platforms comprised of 1 or 2 steps should have some kind of banister in place. This gives stability to your pedestrians and helps protect you if someone falls in those areas and decides to pursue legal action against you. Also consider lining your stairs and ramps with a non-slip material.

Maintain Walkways and Lawn Areas

Remove obstructions from any walking paths that your employees or customers have to use. It is also important to repair uneven, broken, or bumpy surfaces in the parking lot or on the sidewalk. In the winter, make sure your sprinkler systems are turned off and drained to prevent leaks and icy patches around your establishment.

Keep Safety in Mind All the Time

Aside from covering the basics to keep your business up to code, just make it a habit to look for potential slipping/falling hazards located all around your business.

  • Maintain adequate lighting in all areas where pedestrians will be walking.
  • Keep “Wet Floor” signs in areas where your employees can conveniently access them to warn people away from spills.
  • Repair torn carpet, loose or missing floor tiles, and other flooring materials as soon as you can after they are damaged.
  • If you live in an area with heavy snowfall, establish a snow removal plan for parking lots, sidewalks, and dumpster areas.
  • Keep emergency phone numbers posted in areas where people can see them easily.
  • Stay stocked up on first-aid kits and keep them in plain site. These emergency resources help you and your staff minimize the damage of a bad fall.

When an employee or a customer takes a fall at your business, the consequences have the potential to be dire. Prevent them as much as you can by keeping the area clean and maintained. People will be safer and your business will look better for your efforts! Overall, make sure you are protected by a solid insurance policy that will cover your company if someone gets hurt anyway. You can never be too secure!