Step 2: Identify Gaps in Coverage and Review Loss History

No business owner wants to waste their time working on putting together insurance quotes and then not have an objective. We have the same concern as well and that is why your Southern Agency producer must review expiring coverage to ascertain whether the business has any room for improvement — if there is not, we will tell you. While we do not need to see the expiring premiums, it will be helpful to include this if you desire for us to negotiate schedule credits based on previous loss history. Besides, the expiring premium is just that – expiring.

There is an old saying about contracts; “What the big print giveth, the small print taketh away.”  This particularly holds true in insurance.  Insurance is a product that is purchased and usually not thought about until needed. This leads to disappointment when coverage does not do what the policyholder expects. This particularly holds true in commercial insurance where, for example, a policyholder may not have coverage for their largest assets and liabilities.

There are many reasons why there are limitations and exclusions in an insurance policy.  Insurance policies are written with exclusions and limitations — not to penalize the policyholder, but to make clear to the policyholder what the insurance company intends to do, or not do, in the event of an occurrence. Indeed, the premiums are priced for what is covered as well as what isn’t.

Your business needs The Southern Agency experts because commercial insurance is riddled with misunderstandings and we are students of these policies and actually have coverage class weekly for our staff. Take for example, the Workers Compensation policy, Part One of this coverage, does not actually have an Exclusion, because the policy covers whatever the state law states that is covered – no more – no less. So what if you didn’t have any coverage at all (but you paid for it)? Your Southern Agency producer and account manager is going to assist your business in discovering how to improve your coverage and the only way to discover what needs to be worked on is by our team reviewing the expiring policies.

Your Southern Agency producer will also need access to the business’ 3 to 5 year’s loss history as well. If your policy portfolio includes Workers’ Compensation, our experts will review your Experience Modification worksheets as well. Many people do not know this, but it is not uncommon to see significant mistakes on these factors. There are many reasons, including claims reserving or it could be as simple as a mistake in the keypunching.

We want to be the most competitive agency but that is not always possible if there are coverages that are missing in a business’ program. This is where our process is important to you and your business. We differentiate The Southern Agency in this unique way because it is our highest obligation, to apply our knowledge to the exposures.

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