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Your Peace of Mind and the Competence of Your Agent

There is no substitute for a good dialogue between the business owner and his or her insurance agent. These blogs do not have all of the answers, but hopefully, it will enlighten you to look at your own situation and evaluate the proper insurance coverage with your insurance agent. This evaluation may reduce an exposure [...]

2021-05-22T15:22:32-05:00October 11th, 2021|General|

Did You Know the Government Works Hand-and-Hand with Your Insurance Company?

Importance of the Government to the Insurance Industry Travel through virtually any county or parish in America and observe that one of the most prominent structures is the courthouse. Note the many law offices nearby.  In state capitols, the legislative buildings are normally the most prominent. Courts, legislatures, state departments of insurance, and the legal [...]

2021-05-22T15:18:24-05:00September 27th, 2021|General|

Insurance Companies Even Have Insurance!

Reinsurance It has always been interesting to business owners when buying insurance to learn that insurance companies also buy insurance. It is the same concept of a contractor transferring his liability to an insurance company. Insurance companies secure “reinsurance” because of major catastrophes and large single losses. This “risk transfer” technique simply keeps the insurance [...]

2021-05-22T15:15:16-05:00September 13th, 2021|General|

The Ratings and Operations of Insurance Companies – Part Two

In the last blog, I wrote about the importance and the stability of insurance company operations.  This is so important to the consumer because if the insurance company is not profitable and financially strong, they might have problems paying claims (and you don’t want that problem to be on your claim).  If you did not [...]

2021-05-22T15:03:59-05:00August 23rd, 2021|General|

The Ratings and Operations of Insurance Companies – Part One

A policyholder should desire only to be insured with an insurance company that is financially responsible and strong. Insurance companies are rated based on their financial strength, reputation in claim handling, competence of management, and the caliber of their agency force.  The most common rating agency is A. M. Best®. Best’s rating system currently ranges [...]

2021-05-22T15:38:16-05:00July 19th, 2021|General|

The Standardization of Policies

Years ago, progress was made to standardize insurance policy language.  Most insurance carriers have since modified their policy language to conform to the standard language. These efforts created the organizations of Insurance Service Office (ISO), the National Council on Compensation Insurance (NCCI), the American Association of Insurance Services (AAIS), and others. These organizations are recognized [...]

2021-05-22T14:54:25-05:00June 28th, 2021|General|

Standards of Insurance

A college textbook on insurance published in 1954 contains the same fundamental principles as those in today’s industry.  Building codes change. Vehicles and machinery are re-designed. Insurance coverages are modified or enhanced.  Methods and procedures change; however, the fundamental principles of insurance will remain unchanged for generations to come. Trust is Essential The most important [...]

2021-05-22T14:43:15-05:00June 14th, 2021|General|

Insurance Premium Swings

External Factors Affect Premiums There are so many factors that will affect how much a business owner will pay for premium.  She or he should be aware of is that certain external factors can and will affect the cost for insurance. The external factors that drive how much premiums are include: How well the insurance [...]

2021-05-22T14:36:55-05:00June 8th, 2021|General|

Spend Time With Your Agent Understanding Your Policies

Each of our blogs are going to be covering specific types of insurance that a business owner needs to consider.  In some cases we will breakdown the “Anatomy of” a policy.  These sections of the blog will be intended to describe the policies in a layman’s way and help the business owner understand his or [...]

2021-05-22T14:20:50-05:00June 1st, 2021|General|
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