Coinsurance in property insurance is a penalty clause - a penalty assessed at the time of a loss. Coinsurance never helps the insurance buyer - it only hurts you. Get your agent to remove all coinsurance penalties from your property insurance.
Read more...The most important part of the insurance transaction is the relationship you have with your insurance agent. If you don't have total confidence in your agent, find another agent - now.
Read more...Do not skimp on liability insurance limits. A $1,000,000 umbrella liability policy is a "must-have" for all businesses. For companies over ten employees, my recommendation is at least $3,000,000. For most small businesses $5,000,000 is quite affordable. Best approach: have your agent quote $1 million, $3 million, and $5 million. You will be surprised at how inexpensive the coverage is. Make your decision based on the value of the coverage compared to the premium charged.
Read more...Let the insurance company take the big risks. You pay for small losses. $5,000 is the minimum deductible most businesses should have on property insurance. Same for crime insurance, machinery coverage, and the physical damage portion of your automobile insurance. Most liability insurance policies do not have a deductible. When someone is hurt or you have damaged their property get your insurance company involved soon. The same day the accident occurred is the best approach. Don't play the dollar swapping game with your insurance company.
Read more..."are the costs of betterments required by current building codes, as when glazed safety class must be used to replace standard sheet glass." From "Burnham's Insurance Dictionary" (www.BurnhamSystem.com) Used with permission. After the fire many business owners are surprised to learn that their insurance will only pay to replace the building that was - not the building that should be. Current codes and zoning regulations can increase the cost of reconstruction. Adding protection to pay for the increased cost of construction can save you a great deal of anxiety. -Upgraded sprinkler systems -Americans with Disabilities compliance -Life Safety code improvements -Electrical system upgrades Ask you agent how much coverage you have for increased cost of construction.
Read more...To get the very best premium and the best coverage you must bid your business insurance regularly. The insurance marketplace is now structure so that insurance buyers who do not regularly bid will pay a "Loyalty Tax." Insurers provide the most aggressive pricing when they think they will lose the account. Competition gets you the best coverage at the best price.
Read more...Violations of privacy become a greater issue almost every day.
Customer lists, private information...
Look to your general liability insurance (GL) for some coverage under the personal and advertising injury section.
Most GL policies will specifically include coverage for "oral or written publication, in any manner, of material that violates a person's right of privacy." There is a standard exclusion for "personal and advertising injury caused by or at the direction of the insured with the knowledge that the act would violate the rights of another and would inflict personal and advertising injury."
Beware, some insurers are adding exclusions for damages caused by an invasion of privacy. Review your policy.
Read more...The fourth edition of my most popular white paper is now available. Thousands of copies have been downloaded and shared. I receive comments from all over the world on my ideas included here. Some of the info is similar to past editions. Some stuff is new. I have also added an insurance glossary and my article on how to read an insurance policy. The white paper is 100% free... -You don't need to fill out any forms. -You won't be added to any list. -The 40 page document is absolutely free - no strings attached. Get it Here Comments appreciated and welcome. Insurance Buyers - This document will give you ideas and hints as to issues you should be discussing with your insurance agent. Many insurance buyers have fount tips here that have saved them thousands of dollars. Feel free to pass this on to other business owners, your attorney, and accountant. Insurance Agents - Agents often ask me how to differentiate themselves from competing agents. I counsel agents to increase the value they provide to prospects and clients. Here is a free tool for you to use. Distribute this document to your clients and prospects (naturally, without alteration). Email the document or point people to the webpage. Insurance Company People - Feel free to tell your agents and marketing people about this white paper. Pass it on.
Read more...I am often asked what makes a good insurance agent. Years ago I would go on and on about experience, education, responsiveness, and the like. Sure, those things are important. However, for an insurance buyer, it comes down to one thing: Are you confident in the agent's abilities to help you in a crisis? This question is best answered with a virtually fool-proof test. I call it the acid test. If you knew that your building was going to be destroyed by a conflagration who would you want standing next to you? Your gut will tell you if you have confidence in your insurance agent.
Read more..."Scott was a wonderful resource for me during our recent bid process. I found Scott to be very knowledgeable about school insurance and his expertise was evident as he put the final bid results into a format that was easy to understand for myself and my Board of Directors."
Deborah Holland
MSAD 52, Turner, Maine
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Scott lives in Maine and runs a successful consulting firm. He has worked with over 1,500 businesses in his 30 year career.
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