Building Business Relationships With an MGA

Independent insurance brokers looking to weather cyclical market storms can query managing general agents. These specialized insurance agents receive authorization from insurers to appraise the risk of property, casualty, or other coverage opportunities as well as assess fees by proxy without prior insurer approval. This simplified and symbiotic underwriting process is one of the benefits of working with an MGA.

Insurer Benefits of Working With an MGA

MGAs spend hours learning to be indispensable to their insurance company affiliations. Objectively, agents study the end-to-end office functions that efficiently bring business to the carrier. They then perform said tasks, including but not limited to the preparation and fulfillment of insurance quotes, claims, and clearances, significantly offsetting the workload of the insurance carrier. A localized MGA also presents a gift for the insurer in the form of expanded suscriber reach into new geographies.

Agent Benefits of Working With an MGA

Producers can use the MGA/Insurer relationship to their benefit. Clients concerned with future compensation of their valuables need only wait a brief while before the MGA confirms an accurate quote. How? A general agent’s databases of coverage plans are conveniently digitized, and quotes need not pass through too many hands, delivering value for a retail broker. The aggregated plans also allow the agent to reduce prices by comparing competing rates.

Once they earn enough trust to underwrite risks on behalf of an insurer, MGAs return the favor by prioritizing the financial equity of the insurer and dutifully serving their stakeholders.

The Essential Coverage All Truckers Should Maintain in Case of Physical Damages

Category : Auto Insurance

If you’re a trucker or the owner of a trucking business, there are several key reasons why you need to maintain physical damage coverage at all times. This critical insurance can help provide an important safety net in the event of accidents and more. Take a look at the key trucking insurance you may require.

Keep a General Policy in Place in Case of Accidents and More

Having a general policy in place is one of the top ways you can prevent serious legal and financial damages in the event of trucking accidents and more. A general liability policy could provide trucking companies key protections in case of:

  • Auto accidents
  • Vandalism
  • Natural disasters
  • Other sources of property damage

Maintain More Expansive Insurance Protections To Cover All Your Bases

If you want to ensure you have enough insurance coverage for all eventualities, you can cover your bases with more expansive protections. For example, you might consider getting:

  • Trucking crime insurance
  • Physical damage insurance
  • Truck liability insurance
  • Workers’ compensation insurance
  • Commercial equipment insurance
  • Motor truck cargo insurance
  • Trucking pollution insurance

For any trucking professional or business owner, having appropriate physical damage coverage and other key types of trucking-specific insurance is indispensable in the event of an accident, crime, injuries and more. To make sure you’re protected in the event of physical damages, make sure you keep adequate trucking coverage in place at all times.

Getting What You Pay for With Trucking Insurance

Category : Truck Insurance

Insurance, regardless of what industry or coverage type, is often priced according to a number of influencing factors. Commercial truck insurance is generally a requirement of the Federal Motor Carrier Safety Administration for certain trucking operations, with a minimum in liability coverage set at $750,000. The cost of this coverage can vary across company and driver.

What It Includes

Commercial truck insurance is used for businesses that rely on trucks and truck drivers, though it can be used for specific vehicles acting for a business purpose. The driver listed on the policy will impact the overall costs, as the driving record is an important consideration. When looking for trucking insurance quotes, the following terms commonly arise:

  • Coverage- which defines the incidents, damage and expenses that will be covered
  • Deductible- the amount a company must pay on a claim before the policy takes effect
  • Monthly premium- the cost the policyholder must pay to keep a policy active
  • Policy limit- the maximum payout the insurer will pay on a policy claim

These are all the factors an insurance company will define for the policyholder, and in return for payment on the policy, the insurer will provide compensation for damages, medical expenses, repair or replacement in the event of a covered incident.

Maintaining the minimum liability limits of the FMCSA may not fully address the costs of an accident or incident. Paying for what is needed is the best strategy when choosing how to narrow down between insurance quotes.

How Septic Insurance Protects Your Business

Working in the sewage and septic business is not always the most glamorous work. Jobs can be dirty, and a number of potential risks are omnipresent — including risks around pollution, employee injury, and more.

For these reasons and other, comprehensive septic insurance is essential in the industry. A thorough insurance policy will ensure your business is well-protected, your workers are safe, and your clients are in good hands.

What Does Septic Insurance Cover?

Specifics of a given septic insurance policy will vary from company to company. Nevertheless, in most cases they should cover standard operations for a septic business. This may include the following:

  • General liability and professional liability coverage
  • Pollution coverage
  • Commercial automobile coverage
  • Relevant equipment coverage
  • Workers compensation coverage

Other policies — like cyber crime coverage, as well as various excess insurance policies — may be applicable, depending on the specific nature of your business. Your insurer may also be able to assist in reviewing your operations, to help institute better risk management and safety procedures.

Ultimately, whether your business is installing septic tanks, cleaning grease traps, doing wastewater remediation, or similar work, septic and other relevant insurance are essential to keeping your business healthy. Working with an experienced insurer, you can design a policy that sufficiently covers your operations.

How Companies Can Nurture Healthy Relationships With Their Volunteer Workers

If your company regularly relies on volunteers to support the business and keep essential functions going, you may want to learn more about the iron hug method. This unique approach allows you to nurture healthy relationships with your volunteers and let them know they’re appreciated. Here’s why it matters.

When in Doubt, Put the IRON Principle Into Play

If you’re not sure how you can reach out to your volunteers to make them feel welcomed and appreciated, simply follow the IRON rule of thumb. This acronym invites companies to:

  • Include formal and clear-cut expectations in your volunteer policies
  • Resolve volunteer conflicts quickly, diplomatically and efficiently
  • Openly discuss corporate processes to help volunteers learn the ropes
  • Never reject volunteer suggestions out of hand before first hearing them out

Make Your Volunteers Feel Like a Valued Part of Your Company

The key to establishing long-lasting and healthy volunteer relationships is to make sure all volunteers feel truly valued. You can make your volunteers feel like part of the company if you:

  • Ensure volunteers feel comfortable communicating their experiences, discussing their needs and providing essential feedback
  • Maintain a positive attitude towards volunteers and help welcome them into the company culture
  • Thank your volunteers for their efforts and recognize their achievements

For any company that relies on volunteer labor, implementing the iron hug can make a major difference in establishing and maintaining healthy volunteer relationships. Consider putting this approach to use right away.

A Short Guide To Commercial Fleet Insurance

Category : Auto Insurance

Many businesses utilize vehicles in order to better provide their services to customers. In some cases, businesses have an entire fleet of vehicles at their disposal. If this is your business, you may want to consider obtaining commercial fleet insurance to make sure you are covered in case anything unexpectedly goes wrong.

What Is Commercial Fleet Insurance?

Commercial fleet insurance is a type of insurance coverage that is designed to protect a whole fleet of vehicles from common risks. It can pay for things like repair bills, medical bills, and even replacement vehicles.  

Fleet insurance is a great way to insure your business vehicles because it allows you to insure multiple vehicles under one policy, saving you both time and money when compared to the long and expensive process of insuring each business vehicle individually.

How Much Does Commercial Fleet Insurance Cost?

Unfortunately, there is no one set price for commercial fleet insurance. Every business typically pays a unique amount that is determined by a few factors.  Some of these factors are:

  • Your location
  • Your claim history
  • The size of your fleet

Utilizing vehicles can help your business run better. However, this does open you up to a certain amount of risk. Commercial fleet insurance can help keep everything running smoothly.

A New Concept for Dealing With Workplace Injuries

As a business leader you recognize that, despite all the precautions your company can take, accidents happen. In their training, supervisors and employees are all made aware of the routines to follow when an injury occurs. Now experts are taking an enhanced look at the transition between the moment of an injury and an employee’s return to the work floor. New concepts are making the process work better for all involved.

Finding Better Ways to Deal With Job-Related Health Issues

One productive new idea to deal with jobsite health concerns is a Telephonic Nurse Triage Program. In a nutshell, when an injury occurs, rather than sending an employee home or to a clinic, the injured person phones the triage nurse who can assess the situation and immediately determine the best treatment options. The program has proven to have several benefits:

  • It cuts down on lost workdays as well a worker’s comp claims
  • It automatically steers employees to the proper medical provider
  • It offers prompt, proper medical advice for clinic or in-home care

Keeping Your Workforce Healthy Is a Necessity

For the sake of productivity and worker morale, maintaining good healthcare practices is always essential. Considering the incredibly tight labor market, which is forecast to continue throughout the remainder of the decade, it is all the more important to keep employees healthy.

The Importance of Nightclub Insurance

Nightclub owners obviously want to provide exciting and worthwhile experiences for their guests. However, when doing so, they should always take nightclub health and safety into account. In the past, owners have faced expensive lawsuits because they neglected to heed specific safety measures. Thankfully, nightclub insurers exist and have helped many owners maintain their businesses.

People-Related Liabilities

A nightclub setting can be fun but unpredictable. People may choose to engage in dangerous actions, such as climbing on top of furniture or jumping off balconies and stairs. There have been cases where guests got into altercations with one another because they were severely intoxicated. Owners should know that they can be held responsible for the actions of their patrons if they failed to take certain precautions, such as hiring an adequate amount of security or setting specific ground rules.

Food-Related Liabilities

Many nightclub owners choose to serve food products in their establishments. Such items could pose a risk if they are not handled properly. Owners need to ensure that their employees stick to certain guidelines when preparing food. Cases of food poisoning can be avoided if workers store food correctly, adhere to strict hygiene standards, and purchase goods from trusted merchants. 

Running a nightclub is no easy task. Owners should seek assistance wherever possible.

The Importance of Social Media for Insurance Agencies

Category : Online Marketing

Social media has become one of the most, if not the most, effective communication tools in modern society. Insurance officials must take advantage of it. They should disseminate insurance social media posts as often as they can.

Share Information

Insurers can use social media to share information with their followers and subscribers. They could post statistics that will show their audience members why insurance is vital in certain situations. They could post anecdotal information from customers whom they assisted. Discounts and campaign programs are very popular, so insurers should disseminate details about them whenever possible. Many also like it when insurers share tips that can aid them in keeping their rates low.

Answer Questions

One of the benefits of social media is that insurers can use it to talk directly with their customers. They can answer any questions their customers have about new initiatives, coverage options, state requirements, and deductibles. Employees within an agency may respond to questions in the comment section of a photo-sharing platform. They may create a question-and-answer video and post it on a video-sharing platform. They may utilize a micro-blogging platform to share answers to frequently asked questions. 

Many insurance officials understand the power of social media. They will likely use it for years to come.

The Extra Protection Your Business Needs

Congratulations on realizing the dream of owning your own business. Your vision, together with hard work and careful planning, has come true, and you are the captain of your own destiny. To protect your dream of a bright future, make sure and safeguard your business with professional liability coverage, otherwise known as errors and omissions insurance.  

Who Should Get This Coverage?

Certainly, those who are required by law to do so should invest in professional liability insurance. Others who could benefit from coverage include:

  • Individuals in some form of trust relationship with clients
  • Professionals whose advice and services could financially impact clients
  • Those who cannot afford to be financially burdened with claims and court fees

Why Is It Necessary?

This insurance coverage offers a number of protections to business owners:

  • It guards against financial loss and protects business assets.
  • It covers court costs from negligent claims.
  • It goes beyond basic coverage and into the less-defined territory of oversights and mistakes.

The right coverage does more than protect you; it provides peace of mind and frees you to focus on solutions rather than problems. Plus, as a business owner, professional liability coverage could help you to reduce risks while easing concerns of financial loss. Think of it as placing a hedge around your future while guarding your vision of creating a successful legacy.