As Spring begins, we wanted to start a new blog series to help our community make great decisions on their insurance and risk management.  Because of the vast variations of insurance coverage among the hundreds of insurance companies, the information in the blog content is not designed to interpret the actual policy of insurance a business owner secures.  It is important that each business owner consult with a licensed insurance agent to determine his exposures to a loss and arrive at an educated decision on what coverages to secure. 

Each state has a varied and ever-changing legal environment.  Many factors determine the nature of the insurance coverage including underwriting standards of insurance companies, insurance councils, local and/or state laws, etc.  It is the responsibility of a policyholder to comply with laws, industry standards or any other requirements.  The reader should consult with an attorney to get legal advice regarding laws, contracts, agreements, etc.

Now for the legal stuff.  The Southern Agency blog is a work of nonfiction.  Some names and identifying details have been changed to avoid a focus on anyone.  Many situations portrayed in these blogs are subject to different interpretations of insurance law and court rulings.  Many examples are presented to evoke thought and a logical conclusion.  Coverage outcome is “fact specific” and can not be determined by a “what if” illustration.

An admonition and disclaimer:

  1. Confer with an attorney skilled in your business’ industry regarding contracts, etc.
  2. Select a knowledgeable insurance agent with utmost character.
  3. RYDP! Which means “Read Your Dang Policy!” It is the business owner’s responsibility to understand what their insurance covers and what it does not.

The intent of this blog is solely to provide assistance on insurance matters. It is not to provide advice on legal, taxation, accounting, or other professional services.  The blog is designed to provide insurance information as of the date it is posted; however, insurance is not static. The continuity of absolute exactness of all information is not guaranteed.       

There are several reasons that this blog is written.  Business owners need a reference on insurance as a “go to” for research on this highly confusing subject. There are too few publications on insurance topics, especially on a subject that is so widely misunderstood as business insurance. 

Through the years, as insurance coverages were discussed with my clients, I was encouraged to write a book on the subject.  When the book became 1,000,000 words, it just became too much!  Even though it was good stuff (at least I thought it was) it needed to drill down to the stuff the business owner needs to know but did not know to ask.  I have now converted some of the content I wrote in the 1,000,000-word book, into this blog series… just “plain” and “simple talk.”  The goal of this blog is to be the very best source of insurance information.

Writing a blog on the topic of insurance has many challenges. Talking about insurance is much easier than writing about insurance. If a thirty-year plus veteran of the insurance business had challenges writing this content, how can a business owner be expected to understand insuring his own company properly? One of my clients read an excerpt of the book while I was writing my book on these subjects and he said, “I recognize now what I did not realize.” It is my hope that you too will discover what you did not know and secure the right coverage, at the right premium, with the right insurance agent and the right insurance company.  We hope you will select The Southern Agency as well!

Through phases of my career, there were significant construction and business cycles.  It seemed that in some years, builders could not “build‘em” fast enough… My developer and builder clients sold building lots and took orders for homes behind bulldozers as fast as the building sites were cleared.  As I wrote some of my original thoughts in my insurance books, the United States economy had begun to slow down into a recession, and contractors became hardened graduates in “The Construction School of Hard Knocks.”  I began to think about what business owners needed from me during tough economic times; they needed for me to be a pro-active insurance agent with a cost-conscious mind-set.  Fortunately, today, our economy is doing decent, at least in our area.  The Corona virus has certainly not killed the economy but has affected it.

Often, business owners say, “Insurance is eating me up,” or “I am insurance poor,” (as though they have spent all of their hard-earned dollars on insurance) or even, “A man can’t make any money in this business because he has to spend so much on insurance.”  Insurance is a large expense, but with proper planning and understanding, insurance should be a budgeted expense, like any other product that improves your business.

The cost of insurance should be built into the cost of operations and factored into every job, product, sale, development, business plan, or budget.  When purchasing insurance a business owner must know the cost, understand the cost, absorb the cost into the operation budget, and do so stress-free and without surprises.  Let’s let the start of this next quarter off to a great start.  Call us and let’s do some insurance planning together!

If you’d like to review your business or personal insurance, please call us at 423-763-1111.  We hope to answer your questions and serve you!  We represent great insurance companies, including, Cincinnati Insurance Companies, ERIE Insurance Company, Auto-Owners Insurance Company, Liberty Mutual Insurance Company, Berkshire Hathaway GUARD Insurance Company, West Bend Mutual Insurance Company, Accident Fund Insurance Company, The Hartford Insurance Company, Mid-Continent Insurance Company, Philadelphia Insurance Company, Progressive Insurance Company, United Heartland Insurance Company, RLI, Vault Insurance Company and Summit – Bridgefield. Let us provide you a proposal with one of these fine insurance companies today!