This series is aimed to provided a Business Spotlight on local people and businesses in the East Contra Costa County community that are being impacted by the coronavirus (COVID-19) and their response to the virus. ECT will be interviewing 30-businesses in 30-days during April to provide both information and to promote local business.
In today’s business spotlight, Josh Young, a principal at Newfront Insurance, highlights how he has been impacted by the coronavirus pandemic and how they are helping business navigate through the daily changes due to the virus.
Name of Business: Newfront Insurance Principal Josh Young
Phone: (925) 783-2191
Location: Brentwood, CA
What is Newfront Insurance?
At Newfront Insurance, we have empowered insurance and technology to help clients manage risk from personal insurance to coverage’s that meet the most complicated risk. The agency has clients for just about every type of business. They also manage personal, homeowner, vehicle, employee benefits and life insurance.
Why Did You Get Into the Industry?
I waned to have flexibility to service clients in a deeper and meaningful way. Prior to my role in insurance, I was in the banking industry and one day it occurred to me I could provide more substantive and meaningful solutions to clients that were not currently being met by some within the industry. I looked into it, spoke with several people, and I jumped right in. Here I am, seven years later and could not be happier.
What do you love most about the insurance industry?
What I love about the insurance agency is that I get to help clients protect their businesses and legacy that they worked so hard to build. Its very rewarding to see a client who launched a start-up on day one and see how far they have grown over the years. I love ensuring they are protected from anything you could possibly imagine and I have seen many things I would have never expected to see.
How has the coronavirus impacted your business?
The majority of our clients are in the hospitality, service industry as well as construction industry which with the shelter-in-place order, many of them have had to close their doors or reduce service. With the latest order issued yesterday, now the construction industry is really impacted because jobs are delayed or cancelled outright. With this, we are now forced to respond by providing them with policy clarifications, updates, and connecting them with the appropriate insurance carriers while advocating on their behalf.
From a personal standpoint, what I am seeing with businesses across the state, its very sad to see people’s livelihoods being impacted and at a great rate. I hate to admit it, but with businesses closing down, I’ve lost clients and income, so this shows me everyone is impacted both directly and indirectly and I really feel bad for everyone.
How have you responded to coronavirus – how has your business changed
A typical week would be working 3-days in the field and 2-days in San Francisco which I no longer go to San Francisco because of our office closure so I am working from home. We have created and gathered resources from both business and government sectors to condense all the information for our clients in an easy to read format. We are also conducting free policy reviews with anyone who is not a client to help them identify possible coverage’s and potential gaps in coverage’s that they may have.
I would encourage every business to pay attention to county orders on social distancing requirements and make sure you have plan in place by April 3 while also making sure your policy fits your needs and at the very least whether its with me or another broker, have those conversations because it does matter in the fluid situation we are in.
The biggest thing for me is probably that I have been more strategic in how I approach clients or respond to potential policy holders because this situation is so fluid and right now its not about the most expensive policy its about the right policy and the understanding of the coverage. I have great empathy for everyone right now and its difficult times. This also is happening while there is no face to face meetings, its all on the phone or over the web so that comes with other challenges. Right now is all about being flexible and providing a high level of service.
Quick Tips for Business Owners
- Due to the lack of workforce and sales, review your estimated annual sales and make changes if needed.
- Review your employee payrolls and see if reductions are merited
- For those working form home or over the internet for the first time, make sure you have a cyber-liability policy to protect you and your clients.
Disclosure: this series is being done at no cost to local business or individuals as an attempt to provide value to our community. If interested in potentially being included in this series, email [email protected]