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What You Should Expect from an Insurance Agent

Whether you use the term agent, broker or consultant, all refer to a licensed insurance professional. It goes without saying that your agent should provide necessary certificates of insurance, return phone calls promptly and begin the renewal process at least 60-90 days in advance so changes to your company’s operations, exposures and payroll can be discussed.

In addition, your insurance consultant should be devoted to providing personalized service that is unique to your business and beneficial to your bottom-line. Beyond the bare necessities, look for an agent who provides additional services, such as:

Liability and Workers Compensation Audits: Your agent should…


Warning: Insurance Agent Tactics

When we’re deciding between two similar items, it is wise to compare their costs and benefits side by side to make the best choice. Unfortunately, some people falsify information or misrepresent their product or service to make it look or sound better than the other. I think we’ve all purchased services or items that weren’t what they initially appeared.

Regrettably, this is also true in the world of insurance. Some insurance agents may use tactics in an effort to block their competition, protect their own interest or paint a false picture. Below are some tactics you should be aware of…


Get the Facts About Employment Practices Liability

What to Consider
Employment practices liability insurance (EPLI) provides coverage to employers against claims made by employees alleging discrimination (based on sex, race, age or disability, for example), wrongful termination, harassment and other employment-related issues, such as failure to promote. Most insurance carriers can provide EPLI coverage as either part of a general liability policy or as a stand-alone coverage; however coverage and conditions within each of these policies can vary greatly.

Third-Party Coverage
Third-party EPLI refers to claims made by non-employees, usually customers, clients, vendors and suppliers who allege that an employee engaged in wrongful conduct, typically sexual harassment or…


Who is Your Insurance Agent Protecting?

As discussed in a previous blog, shopping your insurance has many benefits. To fully maximize these benefits and avoid some of the common pitfalls, it is recommended to follow a thought-out strategy. Once your strategy determines it’s time to shop insurance, how do you really know if your agent is looking out for your best interest and not just their own?

Competition Is Your Friend

As Merriam-Webster explains, competition is the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. I think we can all agree…


How Late Insurance Payments Can Affect Your Business

Paying bills is something we all do as a part of life. Whether it’s personal or business, we have expenses that must be paid. I must admit, I’ve overlooked a bill in the past. For most of us, missing a payment can lead to a service being disconnected temporarily which is an inconvenience, but it doesn’t have a major long-term impact. However, missing an insurance payment is very different – it can result in having your policy canceled and leaving your business uninsured. Missing payments can also have major effects on how much you will pay for insurance premiums…


Is Your Business Protected? Property Coverage Insight

A business often has several different types of property to insure such as buildings, equipment, automobiles, cargo, inventory, and even customer’s property. Insurance policies all contain coverage forms that specify the details, limitations and exclusions governing each policy. Included in those forms is a valuation clause that determines how an insured’s property is valued at the time of a loss/claim.

Understanding these valuation details is critical to ensure you have the proper coverage to replace the damaged/missing property while avoiding unfriendly co-insurance penalties. Below is a list of the commonly used terms in property policies with which you should be…


Declaration Pages – Why They’re Not That Important

I was recently at an event talking with a local business owner. We were discussing the last book she read and how much she enjoyed it. Obviously she was a reader, so I asked her if she also read her entire insurance policy. Like most business owners, she hadn’t because she thought reviewing the declarations pages was sufficient. However, this is a big risk because commercial insurance policies are not created equal. While declaration pages all appear the same, the coverages can be vastly different.

A declaration page is like the cover letter of a fax transmission. It states the…


Insurance – Shopping, Strategy & Sabotage

It is important to shop commercial insurance and there are many reasons to do so, the most common being to control expenses and improve coverages. However, it is necessary to develop a strategy in advance to avoid pitfalls. Planning your approach will help ensure you are maximizing your efforts, meeting your objectives and are not sabotaged by an agent. Here are guidelines to create your plan.

When to Shop: Shopping your insurance policies is not something that should be viewed as an annual routine, but rather as part of a larger strategy. Your strategy should be focused on maximizing your…


Does Your Business Qualify for PA Construction Credit?

The Pennsylvania Construction Classification Credit is a program that provides a workers compensation premium credit (discount) for up to one year. This credit is in addition to your current workers compensation rates and should not be mistaken for a safety credit. A company that contains one or more construction classifications is eligible to apply for the credit. The best part, it only takes a few minutes to complete the forms and it is free to apply.

The program was first designed to give a credit to union contractors/company’s due to their higher payroll exposure, and the higher workers compensation premiums…


Don’t Shop Business Insurance Too Often

Operating any business involves balancing income and expenses. Shopping insurance rates is one of the common strategies used to balance expenses. There are obvious benefits to shopping your insurance, however, there are also pitfalls if done too frequently. Insurance companies are for-profit entities and, like many other businesses, they desire long-term customers which can be used to your benefit.

An insurance company’s pricing can change for many reasons. When the market is strong, companies can decrease pricing and increase coverages to be more competitive. When the market is weak, companies can increase prices and decrease coverages. These market swings can…

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