Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.
Every so often, we think it is a good idea to talk about what may be happening regarding insurance and risk management. We review many different insurance publications, insurance company bulletins, and other professional’s opinions, to analyze these trends. This allows customers to make educated and informed decisions about their individual programs.
What Is Going on That May Impact Your Risk Program
Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders, and operations.
Mobile applications are one of the fastest growing areas of insurance. Businesses are able to manage risk programs through technology.
Cyber liability will continue to be a major area of concern for all businesses. The government will continue to require businesses to protect customer’s information. Those businesses that do not will be subject to increased fines.
Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement.
A Personal Insurance Update
Buying insurance for your home, auto, or business is one of the most important decisions you can make. Just ask the people of Houston, Texas. Currently, independent agents are on the ground helping their clients finalize their claims so they can get back to their daily lives.
We understand what is important to consumers when it comes to securing insurance. These are the things people feel are important when it comes to purchasing insurance: *
Ease of obtaining coverage
Speed of obtaining coverage
Peace of mind that everything is covered
Security of personal data
*Source: Adam Bishop
Here is how we help you with each of these
Cost – Independent agents have access to more markets and have better relationships with insurers, thus affording better pricing options for you.
Ease of obtaining coverage—We actually do all the legwork for you. You will not be routed to a call center, placed on hold, and then talk to someone who may not even be licensed.
Speed – It is easy to call or meet with us. We live in your community.
Peace of mind – We make sure that you are covered for what you need to be covered for.
Security – We make sure all your personal information is secure.
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Many homeowners have experienced premium increases. Our agency works very hard to bring our clients the best possible combination of premiums, coverage, and service. Homeowners insurance plays an important role in society. It protects your most important financial asset, your home. Remember, each homeowner’s insurance policy is different, and if you bought your homeowners insurance online, you may not have proper coverage.
What Can We Do to Help?
We have the benefit of being an independent agency. This allows us to search the market for the best possible combination of premiums, coverage and service. We compare insurance companies’ rates and use the competitive market to your advantage. Here are some ways to save on your premiums:
Purchase all your insurance through our agency.
Ask us about additional discounts.
Consider increasing your deductible.
Keep your home well maintained.
Replace your roof, water heater, and other equipment when needed.
Review your policy regularly. You may not need the same kind of coverage you did a few years ago.
Remember to call our office today. We will work hard for you.
Things That Will Impact Your Homeowner’s Insurance
If you own a home or rent, you need the right kind of homeowner’s insurance. Homeowner’s insurance is needed to protect yourself, your family, and your property from loss and/or damage. We can provide you with many homeowner’s or renting insurance options. Let us do the shopping for you.
Do not place your homeowner’s insurance at risk!
Pay your insurance premiums on time. A poor payment history of constant late payments may encourage the insurance company to cancel your coverage.
Do not file an excessive number of claims. No doubt, you buy insurance to pay for covered claims or losses. However, if you nickel and dime the insurance company, they may be apt to not renew your coverage, or offer a policy with a higher deductible or at a much higher premium.
Having a high risk is costly. If you own a pool, have an old home where the wiring or roof has been neglected, or own certain breeds of dogs, you may not get the most competitive rates.
Criminal activity. If you have been convicted of certain crimes, your insurer may not offer a renewal. These activities might include assault, drug convictions, or fraud.
Be completely honest on your application. If it is found that the information on the application is dishonest or intentionally incorrect, you may be subject to a non-renewal.
Workers’ Compensation Defined
Workers’ Compensation is coverage purchased by the employer that provides insurance if employees are injured while on the job. Most states require that employers purchase the insurance on behalf of their employees.
Workers’ compensation costs can make up a large portion of business operating costs. It is beneficial for employers to find methods of reducing both the direct and indirect costs associated with workers’ compensation.
Workers’ Compensation Cost Reduction Methods
Using an independent agent who can help you market your workers’ compensation program is a good way to keep premiums competitive.
Selecting the right carrier. Not all insurance companies are created equal. Does the carrier have experienced loss control and claims professionals? Low rates can mean the insurer does not have quality support; and if the claim goes bad due to lack of supervision, you will end up paying more in the long run.
Does your company have an up to date safety and return to work program? This is critical in the management of the injury and post-accident process. Getting injured workers back to work as soon as medically possible is very important and can reduce indemnity costs.
Provide ongoing staff training. Keeping all employees informed and part of the process will make them feel invested in the long term benefits of your safety program.
The small amount of money you spend on these items will have a positive impact on your overall costs.
The Texas wind just blew your roof off and water is rushing in. You did not plan on this happening, but we hope your first call is to our office. We understand that during stressful times you need a partner and friend, and we are here to help you through the claim process and get your life back to normal.
There are many perks that come with using an independent agent, and we thought we would share a few with you.
Added Perks With Using An Independent Agent
We give you options – We have dozens of markets to select from, and we search them all to bring the best possible combination of price, coverage and service.
Not all markets are equal – We understand that some markets give good discounts to teen drivers, or that others have great rates on ATV and motorcycles. We take the guessing out of purchasing personal insurance.
We are local – Our staff lives and works in your community. Our kids go to school with your kids. We know and understand your needs.
Our agents are trained, licensed professionals – We educate and train our agents on insurance issues in order to keep up on the latest trends and coverage.
We support local nonprofits and community groups – We don’t just live here, we invest our time, money and staff to make our community better.
Unbiased advice is what we give you – We are not employees of any insurance company, which allows us to recommend the best option for you. Our #1 priority is to provide each customer with insurance quotes representing the best value and the protection they need to safeguard their business and personal assets.