๐๐๐๐ฒ๐ป๐๐ถ๐ผ๐ป ๐๐ผ๐ป๐๐ฟ๐ฎ๐ฐ๐๐ผ๐ฟ๐ & ๐ฆ๐บ๐ฎ๐น๐น ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐ข๐๐ป๐ฒ๐ฟ๐: Donโt let chasing the lowest insurance quote put your business at riskโthe cheapest option can often cost you more in the long run!
Navigating the world of #businessinsurance can be challenging, especially when it comes to correctly classifying your business. The reality is, choosing the wrong classification can expose you to significant risks and unexpected costs.
Many online platforms let you select your own #NAICS codes and provide an instant "approved" status, creating a false sense of security. But with over 20,000 unique codes, one simple mistake can leave your business extremely vulnerable. Expecting consumers to accurately classify their business, given the vast number of options and without fully understanding the risks, is a dangerous gamble.
Just last week, our team reviewed a contractorโs policy that was incorrectly classified as an office, resulting in a lower $1,800 premium. In reality, they should have been rated as a plumbing contractorโa higher-risk classification with a premium closer to $18,000. This issue is becoming increasingly common for #contractors and business owners, especially those relying on #insurtech platforms and quick online quotes.
Even if you receive that green โ
"approved" status, thereโs still a high chance your policy could be misclassified. Misclassification can lead to denied claims, uncovered liabilities, and serious financial setbacksโespecially if your operations are more complex than what a generic online form can capture.
Other potential consequences include:
โข Penalties & fines
โข Back pay & unpaid wages
โข Lawsuits & legal fees
โข Damage to company reputation
โข Back taxes
โข Operational disruptions
Donโt be just another checkbox! If you want coverage to be a true safety net for your business and a team that ensures proper classifications, letโs connect.
#contractors #riskmanagement #insuranceadvisors
North Star Insurance August: Business Partner Spotlight: Avance Psychiatry & Dr. Ashwin Patkar, MD
๐ North Star Insurance August: Business Partner Spotlight ๐
Avance Psychiatry & Dr. Ashwin Patkar, MD
๐ Locations: Chapel Hill & Raleigh, NC
๐ Specializations: Psychiatry, Addiction Psychiatry, Pain Medicine, Dual Diagnoses, Integrated Medical Care
๐ Website: avancepsychiatry.com
Thrilled to spotlight Avance Psychiatry and Dr. Ashwin Patkar this month! To say we are immensely honored to insure & partner w/ Avance would be an understatement. With a distinguished career starting from Seth G.S. Medical College, Dr. Patkar has made significant local and global contributions throughout the years. Before Avance Psychiatry and serving as Adjunct Professor at Rush University, Dr. Patkar practiced in the area for decades advancing his profession and was also a key figure at Duke University Med Center as a professor & eventually the Director of the Duke Addictions Program (renowned for its integrated treatment approaches).
Outside work, Dr. Patkar enjoys family time, travel, fishing, yoga, squash, and cricket. Thank you, Dr. Patkar, for your outstanding impact and leadership!
