💡Insurance Insights💡

𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗖𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗼𝗿𝘀 & 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀: Don’t let chasing the lowest insurance quote put your business at risk—the 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 contractor’s 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 contractor—a 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 ✅ "approved" status, there’s still a high chance your policy could be misclassified. Misclassification can lead to denied claims, uncovered liabilities, and serious financial setbacks—especially if your operations are more complex than what a generic online form can capture.

Other potential consequences include:
• Penalties & fines
• Back pay & unpaid wages
• Lawsuits & legal fees
• Damage to company reputation
• Back taxes
• Operational disruptions

Don’t be just another checkbox! If you want coverage to be a true safety net for your business and a team that ensures proper classifications, let’s connect.

#contractors #riskmanagement #insuranceadvisors

North Star Insurance August: Business Partner Spotlight: Avance Psychiatry & Dr. Ashwin Patkar, MD

🌟 North Star Insurance August: Business Partner Spotlight 🌟
Avance Psychiatry & Dr. Ashwin Patkar, MD
📍 Locations: Chapel Hill & Raleigh, NC
🔍 Specializations: Psychiatry, Addiction Psychiatry, Pain Medicine, Dual Diagnoses, Integrated Medical Care
🌐 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!