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Archive for the ‘Insurance Companies’ Category

Customer Service Week Highlight: The Accounting Team

Thursday, October 5th, 2017

Every business has a “bottom line”. The last individual CommercialInsurance.net team we’ll showcase for Customer Service Week is our Accounting/Processing Team–the group that makes sure our books are balanced, and that we’re on track, financially, both for our benefit and that of our customers.

Whether it’s recording transactions, managing accounts and bond/policy paperwork, or coordinating benefits, payroll and licensing requirements for agents and other staff, the Accounting/Processing Team provides the behind-the-scenes structure at CommercialInsurance.net. While their duties aren’t customer-facing, the jobs performed by Accounting/Processing are crucial to the operations of our company, and they enable those in more visible service positions to focus on customer service, by making sure that the underpinning of what we do is functioning at its optimum level.

They’re the support behind customer service, and an integral part of the framework that allows us to assist our clientele the way we do.

Customer Service Week Highlight: The Service Team

Wednesday, October 4th, 2017

Our tour of CommercialInsurance.net now turns to the group of people that puts the “Service” into “Customer Service”…the Service Team.

All of the data entry for your policy, after it’s purchased, as well as requests for certificates, your welcome letter and other pertinent documents, are handled by our Service Team.

If there’s a challenge you’re facing with your policy or need service that goes beyond basics, the Service Team is who you’ll talk to–their job is to facilitate the ongoing relationship we have with you, as a valued customer.

The CommercialInsurance.net Service Team also acts as a liaison between you, our client, and the carriers and finance companies that implement your policy. After terms have been settled, the Service Team is the group that makes sure you’re getting what you need.

Call us today at 1-877-907-5267. We’d love the chance to earn your business with our rates…and keep it with the stellar service that our teams provide.

Demolition Insurance

Saturday, September 10th, 2011

Insurance companies are no longer running away from the wrecking ball.  At least not on buildings of 3 story or less.  That is due to the fact explosives are not use in these type operations therefore the risk is less.   There are main stream companies now entering this market who previously shied away from these risks.

 

Because more main stream competitors are entering the market, rates are decreasing and competition is increasing.  Traditionally, these operations are less risky as previously thought, but companies have become aware this has been a long under-served market and have developed specialty products and rates placing them under their “program markets” allowing agents to address the industry’s special needs and access a company’s expertise.  If you have questions regarding your insurance, please talk with your agent or one of ours.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Terrorism Insurance

Friday, September 9th, 2011

As we approach the 10th anniversary of the 9/11 attacks many reflections have surfaced.  We can all remember where we were and what we were doing then, but I have to ask myself, “Has it really made a difference in how we do business?”  The immediate answer is to those who travel, yes.  At that time, my job required me to travel by air 2-3 weeks out of a month.  I had to make many changes regarding how I packed and my arrival time at airports.  Most importantly, I made a change to my life insurance which I had not thought about in a very long time.  I do not travel anymore so now I am wondering about the rest of us who only travel from work to home, then back again only to repeat it all over the next day.  I am asking what changes have been made in how 9/11 has affected most business coverage.  For the most part, little thought to terrorism is given when selecting insurance coverage.

 

Terrorism coverage is offered by most insurance companies, if not all.  However, very few business owners have selected any amount and much less, even adequate amounts.  Most small business owners believe they are not at risk of terrorist attack.  Yet many businesses suffered a major loss even though miles from The World Trade Center.  Homeland Security consistently reminds us the threats are increasing.  Because I was in Oklahoma at the time of the 1995 bombing, I am acutely aware how vast the damage can be and how devastating months a business can not longer operate due to ordinances and property damage.  Threats of terrorism may come in many forms.  If you have questions about your insurance, please contact your agent or one of ours.

 

 Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Certificates Of Insurance

Thursday, September 8th, 2011

Certificates of Insurance have long been a sort of discord for agents and companies.  Certificates used to be a quick way a company could verify a contractor in possession of a liability policy.  In short, it listed the carrier, policy number and dates.  However, as years went on and companies became more demanding of certain coverage, the naming of additional insureds, and hold harmless clauses, it became increasingly difficult for agents to supply certificates.  Some companies even delegated certificate authority to agents.  This has created an even more confusing issue regarding certificates because of lack of communication between client, agent and company.  No longer can client, agent or company rely upon a certificate to reflect insurance coverage.

 

A more accurate disclosure of coverage comes direct from the insurance company.  Only an insurance company has the power and authority to make changes within their own policy.  Agents may request a change, but does not guarantee the change.  It is my belief insurance companies will soon issue an evidence of insurance that reflects coverages an insured has purchased.  The internet and technology is in place for these to issued in a 24/7 time frame.  Because these come direct from the insurance company, these will reflect the most accurate, timely information possible.  As always, please contact your agent for questions regarding your insurance policy or one of ours.

 

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Bed Bugs And General Liability Insurance

Monday, August 29th, 2011

When growing up in a small, rural, Southern Plains town, my grandmother would come for a visit in the summer.  She had a strange saying to us when it was time for us to go to bed.  It was “sleep tight and don’t let the bed bugs bite” and she would chuckle.  I suppose because I did not know what that meant.  As I got older and putting my own children in bed I would always remember that phrase even though I never said it.  Today, however, because these critters are in the news, I now know what she really meant. 

 

Bed bugs were essentially extinct while I was growing up, but because of more extensive travel both in the U.S. and abroad, there is a resurgence of infestation even in the most exclusive locations.  Now the reason I am speaking of this is insurance companies are in a quandary as to how they should respond to the claims against the Commercial General Liability policy rising out of this hazard.   Regarding a 1st party (our insured ) claim, the policy specifically excludes damages to property from an infestation of insects or rodents.  However, the liability to a 3rd party is not so clear.  There is a duty to defend and maybe indemnify a 3rd party and there have been some very sizable awards from the courts. 

 

I recently watched a documentary about dogs being trained to sniff out these little creatures, and properly trained, are quite successful.  But this takes time, and training is expensive.  In the meantime, insurance companies are looking for ways to help insureds contain exposure.  If you have questions regarding your coverage, please talk with your agent or one of ours.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

 

Catastrophe Claims

Saturday, August 27th, 2011

The insurance industry, as a whole learned a great number of lessons from Katrina and believe we are much better prepared to handle catastrophe claims.  When these occur, most insurance companies do not employ the number of staff adjusters and look to outside adjusting agencies.  Many of the agencies employ what is called “storm troopers”.  They are adjusters, usually independent adjusters, who are called upon to enter a storm ravaged area to settle claims for a particular company quickly and efficiently on an overflow basis.  Obviously every company would prefer to handle claims themselves, but due to number and severity of claims, it sometimes is not possible so outside claims adjusting companies are called in to bid on these jobs.

 

The bidding is where some adjusting agencies took a beating in Katrina.  To obtain the contract these companies may have over estimated their ability and skills of staff.  To fill numbers of adjusters, many were employed without sufficient claim experience.  Even today, insurance companies find themselves re-opening claims closed over 5 years due to inadequate estimates.  In addition, insurance companies sometimes failed to adequately project the possible number of potential claims, adding to the problem.

 

Today, companies have the technology in place and foresight to project the possibility in numbers of potential claims, and have the ability to forecast several scenarios.  Adjusting workloads, training programs, level of experience are also programs put into place and managed.  Systems have been implemented to aid immediate claims response.  These programs are all designed with customer service in mind.  If you have questions about you insurance policy, please ask your local agent or one of ours.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Small Business Professional Liability

Wednesday, August 24th, 2011

Many small business owners have typically not worried about professional liability claims.  However, due to the past few years economy, those worries are now increasing.  We are seeing small business sued who in particular rely on web services.  As our technology increases, so do our exposures.  Most business owners are turning to automation to increase their productivity and expand their marketing for business development.  However in doing so, there are increased risks often overlooked.

 

The risks of which I speak include hackers, viruses and other cyber attacks.  Failing to prevent these attacks are costly and time consuming for the business, but also expose their customers to breach of private information.  Business owners are now turning to insurers to help recover some of the money lost due to these conditions only to find it not to be a covered cause of loss under the Business Owner Package policy.  Many professional liability insurance companies exclude certain items also so each policy must be examined closely.  If you have questions regarding your insurance policy, please talk with your agent or one of ours.

 

 Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

 

General Liability Property Damage Payment

Tuesday, August 16th, 2011

The Commercial General Liability policy covers bodily injury and property damage claims arriving out of business operations.  Bodily injury claims are not difficult to determine payment but there is some confusion as to how payments are determined for property damage to others.  Damages to property means damages the business has caused to property of others including property under the business care, custody and control.

 

The confusion comes from the consideration of whether the General Liability policy pays replacement or actual cash value for the damages to property of others.  The injured party believes damages should be paid at replacement value, while the policy intends to pay at actual cash value.  If the property can be repaired, then the policy will pay for necessary repairs.  However, if there is a contract for property under an insured’s care, custody or control, then the Commercial General Liability policy will pay for damage which the insured is “legally obligated”.  So in many cases, the policy pays replacement value.  Please consult your agent or one of ours if you have questions regarding your coverage.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

General Liability And Completed Operations

Monday, August 8th, 2011

Most clients feel insurance policies are confusing in language.  I feel that way about my taxes.  However, this is the reason I employ professionals to file for me.  I understand insurance most of the time, because it makes good business sense.  Occasionally, there is an exception to that rule because the policy may include endorsements that either add or take away coverage.  This is the case of the part under general liability policy called “products and completed operations” for contractors.

 

The policy completed operations part intended coverage for property damage caused by the sub-contractors work but not for the contractor’s work.  However, in an effort to clarify intention, endorsements were added to define “your work”.  It has been my experience within the industry, when there are definitions added to a policy, coverage for those items are limited.  Because of the intent enormous claims began to arise, and insurance companies became compelled to define this coverage even further.  Two endorsements were made available:  Exclusion – Damage to Work Performed By Subcontractors on Your Behalf or Exclusion – Damage to Work By Subcontractors On Your Behalf – Designated Sites or Operations.  The latter is scheduled and not used frequently.  As you can imagine, these are confusing as to intent within the policy and many are still awaiting courthouse decisions.  If you have questions regarding your General Liability policy and Products and Completed Operations portion of your policy, please contact your agent or one of ours. 

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.