Mind Numbing Endorsements

Two years ago Business Insurance magazine published my letter to the editor commenting on the issue of prolific endorsements to insurance policies.For example, a 12 page policy with 30 pages of endorsements changing every aspect of the original contract.Read it here.No change. I recently received a liability policy where every page of the original … [Read more...]

Small Property Insurance Policies

My own business insurance policy is tiny. It's just me here with my computer, my books and some furniture. The renewal of my policy just came up. My insurance company decided to increase their policy minimum premium. I was going to pay more for the same coverage.As I was paying the premium anyway, I asked the agent to increase my property … [Read more...]

Proactive Insurance Management

I just got off the phone with a reporter. We were talking about business insurance renewals.Major Point:It is best to start working on your renewal about 5 months before expiration. In that way you can move deliberately and proactively rather than re-actively.Scott Simmonds, CPCU, ARM, CMCProviding Insurance Assurance … [Read more...]

Claim Check – Work Comp Experience Mod

Check Loss Reserves at the Policy Five-Month Point Your workers' compensation experience modification is calculated based on three years of experience (payrolls and losses). Your modification for 2009 is based upon payrolls and losses in 2005, 2006, and 2007. The calculation is based on losses at, approximately, the halfway (six month) point in the … [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...]

Your Business Insurance Renewals

For the past two years or so the insurance marketplace has offered great deals to those who push their insurance company and agent with the threat of competition at policy renewal.Having two agents quote your insurance in a fair bid process has proven to be the only way to absolutely control your insurance costs.The good times will be ending soon. … [Read more...]

Check Your Insurer’s Financial Ratings

Each year insurance companies go out of business. Each year insurers go insolvent. Their clients are severely impacted. Claims go unpaid, cash values are lost, and annuity payments are reduced or cut off. Policies have to be replaced in a rush, resulting in lower coverage and higher premiums. Not a fun time.Several organizations analyze insurance … [Read more...]