The insurance industry, as with many other sectors in this digital age, is evolving. Part of the new landscape is a collection of niche-specific marketing techniques to fuel growth in the short term as well as in the future. A valuable tool for agents and companies are inclusive MGA and insurance wholesale lists.
Benefits of Lists
Information-filled lists of Wholesalers, Program Administrators, and Managing General Agents are valuable resources for carriers, agents, and firms who want to extend their reach. These lists can be an important part of a complete marketing strategy, and they offer vital benefits.
MGA and insurance wholesale lists compiled by respected and knowledgeable sources provide an outline of essential services and potential resources in specific markets and niche specialties.
Who Needs These Lists?
Anyone who wants to take their insurance business to the next level benefits from these lists of active, interested insurance industry specialists. Mining such lists help agents develop strong telecommunications campaigns, for example, as well as powerful email marketing efforts.
Internet campaigns have become extremely important to companies of all sizes, from one-person firms to large corporations, and lists filled with valuable industry facts help insurance businesses effectively target audiences and reach those most likely to be interested in their products and services.
Compiled lists of insurance industry insiders are valuable resources for agents who want to bring their businesses into the 21st century and beyond.
Managing a business is like solving a giant puzzle every day. Sometimes the pieces fit together easily, while other times you struggle to find the solution. How employees get to and from job sites is a piece of this puzzle, and the way you fit it together may differ in various situations. One variable that complicates matters is that of subcontractor driving. Here are some pros and cons of this practice.
If you truly need the services of a particular individual but he or she is temporarily without another means of transportation, then you should do what makes the most sense for your company goals. Because they are not covered on your vehicle insurance, you should first ascertain that contractors have their own policies.
You risk liability should a subcontractor injure others or damage their property while driving. Another major downside to allowing subcontractors to drive company vehicles is that the practice blurs the distinction between contractor and employee.
There is no one right answer to the question of whether you should permit a subcontractor to drive a company vehicle, and the benefits depend on the reason behind your allowance of it. By knowing the laws and the details of your insurance policy, you can make an informed decision.
As a business owner, you understand the importance of protecting your company from many types of liability. Not only can clients and customers file claims, but at times employees may decide to sue for a number of reasons. It’s important to talk with your insurance agent about a comprehensive liability protection plan to best protect your investment.
Executive Liability Insurance
If you are looking for an executive protection insurance package, you must consider several types of liability, including:
- Professional Liability Insurance – Also known as errors and omissions (E&O) insurance, this coverage protects against errors made or negligence caused by professional members of your team, such as engineers, accountants and information technology personnel. It can also cover liability from cyber attacks and data breaches.
- Directors and Officers Liability Coverage– D&O coverage protects your management team, including directors and executives, from being held personally responsible for a breach of duty or alleged wrongful acts.
- Employment Practices Liability Insurance – EPLI protects your company against a variety of claims filed by employees. These claims include those alleging discrimination based on race, sex or age. Wrongful termination, harassment and failure to promote are other types of claims that employees file.
- Fiduciary Liability Coverage – This plan protects you from mistakes made during the administration of an employee’s benefit plan.
Make sure your business is prepared for any type of liability claim before an issue arises.
All businesses need strong insurance protection in the event that a claim is filed against them. Aspects of claims settlement that all businesses should be aware of include hammer clauses, which can impact the amount that a business can receive in a settlement.
What is a Hammer Clause?
A hammer clause is a part of an insurance policy that gives the insurer some say in a settlement claim. Under a hammer clause, the insurance company can require the insured company to make a settlement on a claim.
How Can a Hammer Clause be Used?
Hammer clauses are used to cap the amount of money—including legal and other fees—that the insurance company is willing to pay. This can halt the legal process and require the insured business to accept a settlement or pay out of pocket for future expenses related to the claim.
If your business is involved in a claims case, you will likely rely on your insurance company to help pay for fees related to the claim. It is important to be aware of whether your insurer makes use of hammer clauses, as this may affect how you proceed with your case. In all situations, it is important to have good protection and a good relationship with your insurer in order to give you and your business peace of mind.
There are plenty of risks that come along with running a business that employs drivers. This is especially true when you transport cargo across vast distances. The longer a driver is working, the more he or she is at risk for a number of health concerns that the average employer doesn’t need to typically consider. However, failing to take these factors into consideration with your insurance can easily lead to some financial and legal setbacks down the line. Avoid disaster with these suggestions.
Nature and the Elements
After an employee has been behind the wheel for several days on open roads, truck driver sun damage is a very real concern. Though your insurance might be primarily focused around accidents and errors that can happen from the vehicle itself, the elements should always be taken into account. Not only is the skin susceptible to damage after prolonged exposure to sunlight, so are the eyes. Though polarized sunglasses help cut glare that reflects off windshields, it can take a toll. Your insurance plan should always include:
- Health coverage for drivers working long hours
- Insurance for the vehicle itself
- Coverage for cargo and goods
Many Risks To Consider
By taking several angles into consideration with your insurance, you are likely to feel more satisfied with the results. Look into your insurance options and help your drivers stay protected at all times.
Traditional insurance provides you with a lot of coverage options and peace of mind, but it’s not always the best fit for your business. Often, companies in specialized niches or those in small industries that are not well known have risks that large general insurance providers don’t anticipate. As a result, coverage that truly fits your needs can be tough to find. That’s where alternative risk services can provide you with the options you need, by offering you routes to risk management that sidestep traditional insurance policies.
Common Risk Management Alternatives
For some industries, professional bonds provide a backbone service that also functions as an alternative risk management strategy. If your industry doesn’t tend to use bonds, the most common types of alternative option are captive insurers and self-insurance plans. In both cases, you essentially fund your own insurance policy, so you can control the coverage and make it suit your actual risks. Captive insurers are often easier to fund as a small company, because you can partner with other businesses to split costs, but self-insurance plans offer more control.
Adjustable Premium Plans
Some insurers also offer loss-based plans that allow you adjust your premiums based on your actual losses during an insurance period. With these options in hand, it gets a lot easier to make sure you are fully covered against foreseeable risks to your business.
Insurance can make or break your business. Taking out an adequate plan that covers your needs is great, but paying too much can lead to a loss of capital. Thankfully, you can easily see better results from your insurance by learning more about your options. Your experience modification factor, or x-mod, can help you find better rates when it comes to areas like Workers’ Compensation. Before you can take advantage of this, you need to learn a few basic points about how it all works.
What Is an X-Mod and How Does It Work?
To understand what is an insurance x mod factor, you need to understand how it is determined. Essentially, the Workers’ Compensation Insurance Rating Bureau of California will compare the annual losses of your business with the average rate within the industry. By using the last three years of your insurance history as a guide, the WCIRBC will assign your business a rating that dictates your overall insurance rates. Unfortunately, some businesses will have high x-mod factors, which can make costs difficult to manage. By working with the right insurance agency, you can:
- Lower your x-mod rate
- Determine accuracy of information reported to WCIRBC
- Thoroughly review history of claims
Use Your X-Mod To Your Advantage
Taking control of your x-mod factor allows you to get more out of your insurance plan. Reach out to experts in the insurance industry to learn more about how you can start managing your x-mod in a more mindful way.
Are you feeling overwhelmed at the prospect of finding the right insurance solution for your needs? You’re not alone. A quick check of insurance companies in San Pedro reveals a broad array of insurance coverage types. Most people are familiar with the more common types of insurance, such as life, health, auto, homeowners, and renters coverage. However, there are far more offerings of insurance plans to be found.
It’s Not Personal, It’s Business
Business insurance can cover nearly every aspect of a company’s operations:
- Workers’ compensation insurance
- Commercial property insurance
- General liability insurance
- Key staff insurance
It’s Not Business, It’s Personal
If you’re interested in covering aspects of your personal life, there are insurance products for that as well:
- Disability insurance
- Long term care insurance
- Funeral or final expense insurance
It Isn’t Personal or Business — It’s Special
In addition to the types of insurance listed above, companies offer insurance products for a wide variety of specific needs, such as those identified below:
- Insurance for vehicles used in TV shows
- Insurance against being abducted by aliens
- Insurance for various body parts
There are dozens of scenarios in which the appropriate insurance coverage can provide peace of mind and financial protection. Insurance companies can help you in your search for the right product.
Business owners who find ways to reduce the environmental impacts of their operations appeal to the growing number of consumers who make decisions on where to spend their money based, at least in part, on how sustainable a company is. While it might seem challenging for laundromats to slide into this niche, there are several steps you can take to improve your ecological footprint.
Creating a Greener Laundering Service
There are three primary challenges to creating a greener laundry service:
- Chemical usage
- Energy consumption
- Water use
Experts indicate that making changes in these three areas can reduce the environmental impact of a laundromat.
Taking the First Steps
Chemical usage is one of the greatest concerns for environmental safety in laundering facilities. Dryer sheets, detergents, and dry-cleaning agents all pose threats to water and air quality, as well as human and ecosystem health. Offering or using products that do not contain these toxic chemicals is one step you can take. Fortunately, these products are becoming more widely available.
The types of machines used in laundry facilities are primarily responsible for high water consumption and energy use. Making changes to your equipment can significantly improve your environmental footprint. Modern washing machines are available in models that require less water and power, yet get the job done just as well as those that are less efficient.
Taking just a few measures can greatly improve the sustainability of your laundry facility. You can do your part to take care of the environment while attracting more customers and saving money over the long term.
Everyday business relationships and management activities carry the same amount of risk as running a heavy piece of machinery or large construction vehicle. The nature of the risk is different, but there is an inherent risk just the same. Corporations, along with the directors and officers, often secure multiple insurance policies to help offset the costs of the liabilities these numerous risks pose. Management liability is the comprehensive term used to describe the variety of policies generally included in a corporate-need insurance package.
Directors and Officers Liability
With D&O insurance, the directors and officers of a corporation are personally protected from financial loss that could arise from litigation against the individuals. Should a client allege a wrongful act against a member of the board or stemming from the actions of the board, the insurance policy covers the cost of the defense and potential settlement awards. The finances of the individuals (s) accused aren’t personally jeopardized.
Any kind of supervision over an employee benefit plan and investment accounts is open to accusations related to fiduciary liability. Claims over negligence or wrongdoing with regard to disability benefits, profit sharing, medical or life insurance, and retirement plans can be taken care of through fiduciary coverage.
These two areas are key risks for corporations and overseeing management. Insurance coverage provides some financial protection, but risk management strategies should be in place to further reduce liability.