Scott’s Rules of Insurance – Rule 5 – To Get Great Rates You Must Be Attractive To Insurers

Getting good rates, in part, depends on you. Put your best face forward to your insurance company (current and potential). Show them you are a quality risk by having policies and procedures in place to control losses and manage claims.Ask your agent what issues are worrisome to insurers? Find out what you can do to minimize those concerns. … [Read more...]

Scott’s Rules of Insurance – Rule 7 – Good Agents Manage Risk

Insurance Rule 7 - Many insurance agents are transaction based - the good ones are focused on managing your riskThere are lots and lots of insurance agents out there. Most are focused on transactions - sell a policy, help with a claim, answer a question, get a payment... The good ones are looking at ways to manage overall risk. They see their … [Read more...]

Scott’s Rules of Insurance – Rule 6 – Your Relationship With Your Agent Is Key

Insurance wiz Howard Candage told me twenty years ago that the most important part of the insurance transaction is an insurance buyer's relationship with his insurance agent.  It must be based on mutual trust and respect.  You should view your agent as a professional, an advisor, a confidant.  If trust and respect are at all missing, it's time to … [Read more...]

Scott’s Rules of Insurance – Rule 4 – Insurance Is A Process, Not An Event

Rule 4 -  Insurance is a process, not an event.Managing your insurance is not just about your policy renewals.  As your business changes, your insurance must change.Your insurance is determined by your exposures.Certainly the renewal process is important.  However, there needs to be a regular chance to review and update coverage during the policy … [Read more...]

Scott’s Rules of Insurance – Rule 3 – Preventing A Loss Is Better Than Being Insured

Rule 3 - Preventing a loss is better than being insured. Limiting a loss is the next best thing to preventing it.I consider any loss as a failure in some system. Build operations and procedures to prevent and limit loss. Place backups. Create stop-gaps and fail-safes. Inspect your electrical systems annually. Install water-usage alarms to … [Read more...]

Scott’s Rules of Insurance – Rule 2 – Insurance Is For The Big Stuff

Rule 2 - Insurance is for the big stuff - you take care of small stuff.Stuff happens. Life and commerce include ups and downs. Bumps in the road should be paid for out of your own pocket. Catastrophes is where insurance comes in.Use deductibles to limit the involvement of the insurance company in minor losses. Look to the other side of a loss … [Read more...]

Scott’s Rules of Insurance – Rule 1 – Insurance Is All Fine Print

Rule 1 - Insurance is all fine print - work to understand it.Insurance policies are written by insurance companies to cover specific risks and exposures.  Every word is carefully placed to clarify, expand, and restrict coverage.  There are no hidden meanings.  There is no subterfuge.  Ambiguity in insurance contracts can be disastrous for the … [Read more...]