Insurance Success Tip #3 – Buy High Limits of Liability Insurance

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 … [Read more...]

Insurance Success Tip #2 – Use High Deductibles

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 … [Read more...]

Insurance Success Tip #1 – Bid Regularly

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 … [Read more...]

Do-It-Yourself Insurance Consulting

I know that, in these tough economic times, not every business owner wants to spend the money for an insurance consultant. There still are coverage and premium questions though. I'm in the final stages of my new Insurance Coverage Toolbox. It's a workbook of issues, ideas, and questions that will help you understand your insurance coverage. … [Read more...]

Ten Simple Things You Can Do To Manage Risk and Cut Your Insurance Premiums

1 - Email your agent - tell him that you expect that he will meet with you 120 days before your policies expire and that he will have a renewal quote to you 30 days BEFORE expiration.2 - Test your computer backup system - tell you techies that they will delete a file in front of you and restore from the backup.3 - Every 6 months look at a complete … [Read more...]

What An Insurance Consultant Wants

Here is a letter I wrote that was published in Agent & Broker Magazine in 2005. The points still hold true. Insurance agents need to improve their approach. What an Insurance Consultant Wants I just got an email note from Agent & Broker with suggestions on how to sell insurance with a laptop computer. To agents out there, I'm … [Read more...]

Be A Smart Insurance Buyer

Buying insurance requires taking time to understand what you need and what your policies cover. Follow the advice I received from an early mentor in my career: "The most important part of the insurance transaction is the relationship between the insurance agent and the client."Do you feel comfortable with the information and advice your agent gives … [Read more...]

Extra Extra Liability Protection

Umbrella liability insurance provides protection above and beyond what's offered by your general liability, auto liability, and employer's liability insurance. It's an inexpensive way to increase your level of protection against someone suing you. Premiums can be as low as $750 per $1,000,000 of coverage.Consider $1,000,000 a minimum. Think about … [Read more...]

Monogamy

Having multiple wives may appear to have advantages. The reality is probably different. It's the same with having multiple insurance agents.You'll get a better insurance program if one agent handles your entire insurance account. This is true of both your business and personal insurance. You may even want your business and personal insurance with … [Read more...]

Insurers Go Belly Up

Each year, insurance companies go out of business. In the last ten years 400 insurers became insolvent. Their clients were severely impacted. Claims went unpaid, cash values were lost, and annuity payments were reduced or cut off. Policies had to be replaced in a rush, resulting in lower coverage and higher premiums. Not a fun time.Several … [Read more...]