by Richey-Barrett Insurance "Since 1902"
Business & Commercial Insurance

Business & Commercial Insurance

Business and Commercial Insurance by Richey-Barrett Insurance "Since 1902"

Business and Commercial Insurance
Keeping a business or commercial enterprise open and operating profitably can be challenging, even in the best of times. As a business owner or executive you want, in fact need to spend your time on developing new solutions for your customers and growing your business. The last thing you can afford to do is waste your time navigating the tsunami of insurance options available. Because catastrophes can strike at any time contact an independent insurance agent to ensure you and your business are properly protected.

April 01, 2019
Vice President
R

ead about legalized medical marijuana from the standpoint of Ohio employers.

Learn how legalized medical marijuana impacts employers.

February 25, 2019
President
T

he integration of the Internet of Things (IoT), the interconnection from the Internet of computing devices embedded in everyday objects, has started to change how businesses will accomplish things.

December 04, 2018
President
W

ith the holiday season just around the corner, employee dishonesty and theft put your business at a higher risk than normal.

August 28, 2018
Vice President
L

ast week many parts of Cleveland received several rounds of rain showers. Good news for many, bad news for some. The presence of water can be problematic, particularly indoors where it may create an environment of excessive moisture. Today’s blog touches on fungus (plural: fungi), commonly known as mold and includes hypothetical examples of whether or not Commercial Property Insurance would provide coverage.

August 06, 2018
President
W

hen the Trusted Choice Insurance agents at Richey-Barrett think about risk, perils such as fire and theft come to mind. One risk that we can’t afford to overlook is improperly underwriting multiple named insureds or naming a corporation when the trade name or DBA is well known. This is why it is important for clients and prospects to advise us when other trusted advisors change or add new entities to your operation (see the blog of January 2018).

May 07, 2018
President
M

idtown Cleveland is on the map. Already a dynamic community of residents, businesses, and non-profits, it is currently exploding with investment in high-tech companies. A new hotel, new residential development, Dave’s Supermarket, and the recently opened Children’s Museum of Cleveland are additional investments to bring visitors, jobs, and service to the Midtown area. The revitalization of Midtown may have a spillover effect in terms of activity for older businesses in the neighborhood.

March 26, 2018
President
I

t's starting to warm up outside and Festival Season is starting up.From the Geauga County Maple Festival to Laurel Live to the Strongsville City Club Rib Burnoff, each may draw a different crowd, but each has one thing in common. (read more)

February 12, 2018
Vice President
W

e opened the new year of weekly blogs on January 8, 2018, with one which addressed Products/Completed Operations Liability for manufacturers and contractors. To explain the basic concept, I used a hypothetical example including a bicycle manufacturer, a vendor, and a bicycle mechanic all having potential involvement in one lawsuit. This week’s blog adds a new party to the hypothetical product chain, a distributor.

January 08, 2018
Vice President
W

hether your business is large manufacturing or small independent contracting, you have a Products/Completed Operations Liability exposure. This is a risk of doing business, and Commercial General Liability insurance provides protection for this exposure. Perhaps the easiest way to gain an understanding of Products/Completed Operations Liability is by example. Consider a business engaged in the manufacture of a product, such as a bicycle manufacturer. The manufacturer has a legal duty to make bicycles free of defects. In this example, Product Liability is the legal responsibility of the bicycle manufacturer to compensate for injury resulting from defective merchandise that it has provided for sale. If the hand brakes fail and cause a bike rider to have an accident resulting in bodily injury, then the bicycle manufacturer will be liable for damages. Manufacturers need Products Liability insurance to address a risk of this nature.*

November 13, 2017
A

re you just starting up your new business? If so, insurance is probably something you have been thinking about. It can be frustrating trying to educate yourself about business insurance options. Continue reading and let us help you understand some basic aspects of business insurance which will help you make the correct insurance decisions. Each insurance program is uniquely customized for you.

September 18, 2017
Vice President
B

YOB is a success story for businesses all over America. The custom skills and tools, combined with demand for people capable of applying them practically, make for promising careers in the vast field of independent contracting. Whether you are a tree trimmer, builder, plumber, carpenter, electrician, mason, floor installer, painter, or general handyperson, BYOB may be an option that appeals to you.

August 08, 2017
President
W

ith all of the new technology being added to vehicles, you may think losses would be decreasing in commercial auto insurance. But, the trends do not show that. Since 2013 the loss ratio for this class of business has been inching up. Read More

August 01, 2017
B

efore working at Richey-Barrett Insurance Agency, all I really knew about insurance was that it involved premiums and deductibles. I had no idea there would be so much jargon included in the insurance field such as liberalization, retroactive date, and subrogation. 

June 20, 2017
President
B

e prepared. It sounds like such a trite statement; but if you ask our partner’s at Central Mutual Insurance what the meaning of prepared is, they will tell you it is providing uninterrupted service to their thousands of customers.  On Thursday, May 26, 2017 Central’s home office saw approximately 7 inches of rain in a very short period of time. A creek that runs through the picturesque campus started to rise and rise. Five months before this instance, the staff at Central had posted a blog addressing disaster preparedness; suddenly, the Central team players being prepared did not seem so trite. To read the blog that our partner’s published, click here.

May 09, 2017
Vice President
T

here’s reason for Ohio employers, public and private, to be excited this year. All Ohio employers who paid into the State Workers’ Compensation Fund for the most recent policy year will receive a combined $1 billion rebate. That is $1 BILLION with a “B”. 

April 04, 2017
President
W

alnut Wednesday, The Chomp in MidTown, Food Truck Friday at the Free Stamp. It does not matter where they are, Northeast Ohioans love their food trucks! Prep work may be done at a brick and mortar restaurant or a food incubator, but food safety can be tricky for a restaurant operating out of a food truck.

March 07, 2017
T

echnology Insurance is a special niche product and thus requires special insurance coverage. It is important for you as a tech professional to have a clear understanding of some of the most common insurance coverage that is available for you and your company to be properly protected.

February 27, 2017
President
E

ach month the agency staff sits down to discuss what we are going to write about in our blog. These meetings are well thought out to address the ever changing issues in the Insurance Industry.  This week I was supposed to write about Technology Errors and Omissions insurance.  (read more)

October 18, 2016
Vice President
A

 claim may arise out of fire caused by spontaneous combustion, or a wind gust knocks over a solid brick wall (that has occurred), or a commercial box truck used for delivery hits a van from the rear. All three of these are potential examples of valid claims an insurance company will pay on behalf of the insured policyholder. <Read more>

August 01, 2016
President
W

ith unrest increasing throughout the world Kidnap and Ransom Insurance may be necessary in everybody’s insurance portfolio. With unrest increasing throughout the world Kidnap and Ransom Insurance (K &R) may be necessary in everybody’s insurance portfolio.  A common insuring agreement for a Kidnap and Ransom states: The Company agrees to indemnify the Insured for loss of Ransom Monies resulting from any of the following;

July 11, 2016
President
I

n many small businesses one of the partners or shareholders may drive the bulk of the revenue to the business.  This does not diminish the importance of the other partners or shareholders but it can create a huge problem if that person becomes disabled.

May 23, 2016
President
W

ould you allow someone with little or no prior experience to operate a 100,000 piece of machinery?   If not, why would you allow someone who has several speeding tickets and a couple at fault accidents in the last three years to drive your new $80,000 truck in heavy urban traffic?

March 21, 2016
O

wning any type of business is a complicated path to navigate.  It becomes challenging to remember everything, especially in our rapidly evolving world. To survive you must be skilled in all aspects of the company, such as financial planning, employee management, quality of goods and services, and most importantly insurance!  Insurance Services Office, or ISO, helps a business and insurance company agree upon a fair insurance premium by determining your property’s risk. ISO is a universal rating system to guide insurance carriers in establishing insurance premiums.

January 18, 2016
President
O

ver the past week, Mother Nature decided to a let it snow, giving Northeast Ohio its first major snow storm of the season. This winter has virtually been a walk in the park, with the above average temperatures we have been experiencing.  While some people love the snow, business owners do not. The horrible conditions drive away potential business. A new question becomes pertinent, as a business owner in Northeast Ohio, am I required to remove the snow from my commercial property?

January 11, 2016
Vice President
Y

ou own an apartment/commercial building that is 60 years old and contains 12 apartment units and four retail storefronts. Each of the 12 apartments and each of the four retail storefronts pay rent of $1,000 a month to you. The entire building is estimated to have a replacement cost value of $1,200,000. That means that in the event of a total loss to the building, the amount necessary to replace it with a brand new building of the same size and construction is estimated to be $1,200,000. All has gone well during the two years you have owned the building … until a grease fire breaks out in one of the apartment units damaging that unit along with damaging the apartment unit next door and one retail storefront below due to water from extinguishing the fire. The fire has resulted in damage to three units in the building. 

December 14, 2015
President
T

he holiday season is a busy time for bars and restaurants, you may be catering to larger groups that are not your usual clientele but do not let your guard down and make sure all of your employees are following your procedures for responsible service, sale and consumption of alcohol.

October 05, 2015
President
E

very business has an exposure to a cyber loss; the only way to assess the exposure is to do a bottom up review to build a policy around your needs.  Online retailers may have different needs than a brick and mortar business; technology companies have different needs than public entities.

August 19, 2015
L

oretta owns her own business, but unlike a typical brick and mortar store, she operates on wheels, delivering goods and services to the consumer directly. One afternoon Loretta is on the way to her next customer when suddenly she is rear ended by the driver behind her. Thankfully the damage is not overwhelmingly terrible and her truck should be repaired within a few days. In the meantime how is Loretta supposed to run her business? Because her mobile business is tailored to her specific needs, she is unable to rent or find any type of truck that will work as a substitute.

The trend towards new ways of conducting business like a mobile business continues to grow exponentially.  Mobile businesses have endless customizable possibilities. Examples of popular mobile businesses include: food trucks, pet groomers, document shredding, ect.

August 03, 2015
A

s summer is reaching its peak, electricity can sometimes be put in overdrive when the temperatures climb into the upper 80’s and 90’s. Power outages are about as predictable as picking the winning lottery numbers. Having a standby generator is a great positive, but as a business owner, you need to ask yourself if it was it installed correctly and  is currently being maintained properly? Any successful business needs to be prepared for any possible situation, to ensure customer safety and protection.

March 23, 2015
President
S

everal weeks ago I wrote about a food processor who had a fire loss and how the extra expense portion of the commercial property business income section came to the aid of the insured.  The next part of the story does not have such a happy ending.

February 03, 2015
President
I

t was a sunny Saturday afternoon when I received the call. It was Joe, a longtime client who just had a catastrophic fire that destroyed his food processing plant. Fortunately no one was injured. The fire was out and Joe was asking what he should do next and how was he going to fill his customers orders. The food processing business is very competitive and if he could not make his deliveries as promised his customers would find another provider and 15 years of hard work building his business could go down the drain.

August 04, 2014
Vice President
J

im’s shop is a thriving retail business that almost wasn’t thriving any more.  Jim received a call from his bank that his business checking account was overdrawn and they were transferring money from his savings account to cover a $4,300.00 overdraft.  Jim never overdraws his account!