Commercial insurance brokers provide one or more of the following services

Commercial insurance brokers provide one or more of the following services :

Risk consulting and technology - investigative, financial, security, intelligence and technology services to law firms, corporations, nonprofits, government agencies, financial institutions and individuals.

Risk and Insurance Services - global risk management, financial solutions, risk consulting, insurance program management services for associations, businesses, public entities, professional services organizations, and private clients and insurance broking.

Human resource consulting - consultation in the field of HR and related financial products, advice and services. Consultation helps clients create and implement employee health care and insured group benefit programs.

Investment management - offering equity and fixed income products to individual and institutional investors that are invested globally and domestically.

Specialty consulting - create and manage strong businesses that ensure “shareholder value growth” including financial services and risk management consulting, working with boards of directors, executives and CEOs to help organize institutions and bring about positive changes, providing information and guiding law firms, corporations, courts and government entities about regulation and finance and helping clients create and manage brands and their corporate identity.

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Don't Let A Liability Insurance Broker Become A Liability For You (Liable Liability Brokers)

Don't Let A Liability Insurance Broker Become A Liability For You (Liable Liability Brokers)


When buying insurance, most of us depend on our insurance broker to choose a suitable policy and properly fill out the insurance application forms. It is very important for you to be familiar with the terms of the insurance policy because you are paying for it.

You should be aware that there have been several cases of insurance fraud in which brokers have gotten kickbacks from insurance companies for deceiving clients into buying a policy from one company rather than a more suitable company or fooling clients into buying an unsuitable policy. These kickbacks result in higher premiums and hidden costs. You should also be aware that buying insurance is never a prerequisite for getting a loan, so do not let any insurance company, bank or broker fool you into buying an insurance policy by promising that if you do, a loan application will be approved.

Sometimes it is cheaper to buy the insurance policy directly from the insurance company rather than going through a broker because the insurance company does not have to pay the broker. However, sometimes buying the policy from a direct insurer proves to be more expensive.

Liability insurance usually covers the drivers of vehicles, people who offer professional services to the public such as nurses, doctors, personal trainers and contractors, people or companies that manufacture products that may be harmful and employers. You should have a public liability insurance, employers’ liability insurance and product liability insurance.

Liability Insurance

Liability insurance provides coverage in case you injure another person or their property in an accident. In order to ensure you get this coverage when you need it, you must read your insurance policy very carefully and do a lot of research to be sure you are getting a fair deal. Compare insurance quotes and read the fine print in the policies. Get the advice of independent insurance agents (those who sell policies of many companies) and captive agents (those who sell policies of one company only).
Find out which insurance service or providers your friends and family have used and what sort of experiences they have had. Use the Consumer Reports Buying Guide or another buying guide to help you decide.

Don't Get Cheated By Your Motor Insurance Broker (Don’t Get Cheated on Motor Insurance)

Don't Get Cheated By Your Motor Insurance Broker (Don’t Get Cheated on Motor Insurance)

Usually, people living in rural areas such as the Shetland Islands are charged much lower premiums because very few people live in those areas and the claims per capita of the population are very few. People living in Inner London and Glasgow are charged the highest premiums because these areas have the greatest population density, larger number of accidents and a higher crime rates.
Fraud

In the UK, the premium amount you have to pay depends on :

The type of car - Is it a car model which is popular with car thieves? Is it a model which is easy to repair in case of an accident? Are the parts easily available and affordable?
The level of insurance coverage chosen – basic or comprehensive.
Claims, conviction, age and experience of the driver.
The district in which the car is kept overnight

There has been quite a bit of fraud going on in the insurance industry. Some brokers have secret agreements with insurance companies to “steer customers” to buy insurance from that company and be paid by the insurance company. The customer ends up paying premiums that are higher because of hidden costs that the insurance company uses to be reimbursed for the money it is paying the broker. For example, the New York State Insurance Department took action against Universal Life Resources, Inc. for violations of state insurance law. The following statements were made about this case : "Today's case demonstrates that the corrupt practices first laid bare in the Marsh suit are present in additional sectors of the industry…secret payoffs and conflicts of interest that infected the market for property and casualty insurance have taken root in the employee benefits market as well."

The costs of ULR's concealed payments were ultimately borne by their customers who did not have any way of knowing about or contesting these illegal practices. So such brokers can add hidden costs in any part of your policy. If you sense that anything is amiss, point it out to your broker. If they still quote unreasonably high premium amounts and do not provide any justification for the high charges, complain to the insurance ombudsman. When you call a brokerage firm or a broker, make sure you note down the name, telephone number and department of the person you spoke to.

In order to protect yourself from auto insurance fraud, you need to do a lot of research to be sure you are getting a fair deal.

Compare insurance quotes and read the fine print in the policies to make sure that you get the coverage you need. Each insurance company calculates credit scores differently, so you need to get quotes from several insurers to find the lowest premium charged. Also, find out what your credit score is because you can ask the insurance company for exceptions if your credit score has been adversely affected by divorce, the death of a family member, job loss or serious medical problems.

Database, which contains details of every insured vehicle in the country. Third P Insurance is a legal requirement in the UK. All motorists have to be insured against their liability for injuries to passengers in their car and those driving another vehicle, sitting in another vehicle or crossing the road and for damage to another persons' property resulting from the use of their vehicle on a public road or in other public places.

You should also be aware that, in the UK, The Motor Insurers Bureau compensates the victims of road accidents caused by untraced or uninsured motorists. The also manages the Motor Insurance

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What Your Car Insurance Broker Should Be Able To Do For You ?

What Your Car Insurance Broker Should Be Able To Do For You ?


The premium an auto insurance company will charge you depends on how old your car is, the engine power, size and theft rate. You car insurance broker should be aware of this and should get you the best quote possible keeping all these factors in mind.

Your car insurance broker should also advise you to reconsider you insurance policy if:

You buy a new car
You get married
You’re becoming old- some insurance companies offer a discount to senior citizens
Move to another part of the country

Based on these factors, he/she may advise you to change your insurance policy. In case of an accident, you car insurance broker will guide you about how you can make a claim on your policy and will help you with the paper work.

So basically, you car insurance broker will try and save your money, and this is how he/she will go about it:

If you took a loan from a bank to buy your car, your car insurance policy should have a “gap cover” on it so that in case your car is completely destroyed in a crash and has no resale value, the amount of money that the insurance company pays you can be used to pay off your auto loan. If your car is only partially damaged, the gap cover amount will be able to cover the loss4s you suffered i.e. the difference between how much the car originally cost you and how much it is worth after the crash. Your broker should be able to calculate how much gap cover you need.
Your broker will go through all the auto policies being offered in the market and will find you the best possible quote.
Your broker should try and get you discounts from the insurance company. You can get discounts for the following reasons:
You bought home insurance from the same insurance company- in this case you can opt for multi line insurance
If your average mileage is usually less than 40 miles per day you will be eligible for low mileage discounts
Installing car alarms and tracking systems, which reduce the chances of theft
If you haven’t received a ticket or had an accident for a long time you may be eligible for a “Good Driver Discount”.

You don’t drive all that often
You are a active or retired member of the military
If you want to pay the least amount of money to the insurance company per month, you’ll have to opt for a higher deductible. Your broker should be able to calculate how high the deductible should be.
Your broker should discuss with you the pros and cons of paying your premium on a monthly or quarterly basis or in a lump sum- paying off the premium in one go may get you a discount.
Your broker should guide you about whether or not you should opt for auto policy add-ons such as roadside assistance. Such add-ons might increase your premium.

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Why Not To Go For An Independent Insurance Broker

Why Not To Go For An Independent Insurance Broker


Since an independent insurance broker sells policies of several different insurance companies and is not restricted to selling the policies of one insurance company only, he or she will be able to find you a policy that meets your needs most closely and charges the lowest premium.

However, there is one major problem. An independent broker is usually an expert in a limited number of insurance types. On the other hand, when you seek the services of a commercial insurance broker who works for a professional company, they can guide you about a large variety of policies and discuss many different types of coverage available. In addition, these large companies are offered special discounts by insurance companies in an attempt to attract more clients. Commercial insurance brokers working for professional companies can provide you with the following services:

Risk and Insurance Services such as global risk management, financial solutions, risk consulting, insurance program management services for associations, businesses, public entities, professional services organizations, and private clients and insurance broking.
Risk consulting and technology i.e. investigative, financial, security, intelligence and technology services to law firms, corporations, nonprofits, government agencies, financial institutions and individuals.
Human resource consulting i.e. consultation in the field of HR and related financial products, advice and services. Consultation helps clients create and implement employee health care and insured group benefit programs.
Investment management. This involves offering equity and fixed income products to individual and institutional investors that are invested globally and domestically.

These services are ideal for businesses and corporations. Professional companies ensure that their brokers are up to date and get rigorous training. These brokers have access to a huge database of insurance companies and as a result, the can find the most suitable policies for you. A commercial insurance broker will prepare reports, maintain records and in case you suffer a loss, he/she will help your company settle your insurance claims. Some brokers also offer financial analysis or advice about how to minimize risk, as mentioned above.

On the other hand, an insurance broker offers paid advice to clients and represents that client rather than an insurance company. In some instances, the broker also receives commission from the carrier for placement of a policy, he points out. This increases the chances of fraud because some insurance companies actually offer illegal kickbacks to brokers in exchange for ‘steering’ clients to buy their policies.

These increased the cost of coverage for customers and made the premium go up. So if you opt to use the services of an insurance agent who represents a reliable insurance company, you will receive free advice and you won’t need to spend a penny. In addition to this, many insurance companies offer you a discount if you buy a policy directly from them rather than going through an independent broker because then they save on paying commission to the broke.

You obviously need the backing of a large professional organization with a lot of resources to provide such services. There is a major difference between insurance agents and brokers. Insurance agents do not get paid by the client i.e. the person who is planning on purchasing insurance.

The insurance agent receives compensation from the insurance company from which the client ultimately buys a policy. The compensation is usually a commission and this is disclosed by insurance companies to state insurance regulators as part of insurance companies’ rate filings. The agents rarely receive compensation from the clients.

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Special event liability insurance: What this all about

Special event liability insurance: What this all about ?


As evident from the name itself, special event liability insurance policy is a special kind of insurance policy whose main objective is to protect your family from liability associated to certain kinds of accidents that might happen during the event and may cause property damage or bodily injury.

Special event liability insurance policy can also come in real handy during wedding reception. According to media reports, lots of wedding reception centers now need couples to carry special event liability insurance protection. The best part about special event liability insurance policy is that it also includes the option to name your reception venue as additional insureds without any extra cost. To get best possible special event liability insurance policy deal, you need to shop around in the market.
Coverage level

The coverage level of special event liability insurance is mentioned below.
The general aggregate of level 1 protection is in the range of $ 1,000,000.
Per person limit is in the range of $ 1,000,000.
Third-party property damage is in the range of $ 250,000.
You need to pay a one-time premium of $195.

What does special liability insurance policy cover ?

Property damage
Alcohol related accidents.
Personal injuries.
Bodily injury.
You can buy special event liability insurance policy as early as one year prior to your main event, but it should not be later than 24 hours before your event date. In an ideal scenario, you should buy policy at least 15 days prior to your event so that you get decent enough time to look closely at your coverage documents. Read the terms and conditions of your insurance policy carefully before signing it. If you are not happy with any clause, talk to your insurance company immediately. Once you have sign the agreement paper of insurance policy, you will not be able to modify the terms and conditions.

There is no deductible for general liability coverage in the special event liability insurance policy but yes for a third-party property damage claims, there is a $1,000.00 deductible applicable.
When should you get special event liability insurance policy ?

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Small Business Liability Insurance

Small Business Liability Insurance


For small businesses, liability insurance is quite important as it protects them from claims that can cost them plenty of money. In some cases, firm can go bankrupt too because usually small business firms operate on very small capital. Before buying small business liability insurance, one must take into consideration some important points.

First and foremost, make sure that you buy small business liability insurance from reputed insurance company. The best part about these companies is that their application procedure is quite straightforward. Even better, you will get considerable amount of discount in rates too from these companies. Apart from insurance companies, there are number of trade associations in UK that gives their members an opportunity to buy insurance at group rates. When buying insurance policy for your small business, make sure that it covers all your business size.

When buying small business liability insurance, you should always look out for a package insurance deal instead of buying individual deals from number of insurance companies. When you take individual deals from different companies, you need to pay high premiums. For a small business firm, Business Owners Policy is the best insurance policy, as it serves a dual purpose. Apart from giving detailed coverage, rates of Business Owners Policy are also quite low. Business Owners Policy does not cover errors and omissions coverage. As there are number of hidden risks associated with small business, it is quite important that you take the services of an experienced insurance broker. The role of insurance broker is to assist you in identifying small business risks.

Doing detailed research before buying an insurance policy is invaluable. Before signing agreement paper of small business liability insurance, you must review the details of the policy properly. When you do this, you will get to know what is included in the policy and what is not. If you want to include something in your policy, have a talk with your insurance company. Study your business first before buying an insurance policy. This is important because by studying your business, you will get a clear picture of what kind of coverage is ideally suited for you. In some cases, your family members and friends can also help you immensely in this regard.


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General Contractor Liability Insurance

General Contractor Liability Insurance


Generally speaking, it is quite tough for general contractors to work without any sort of general insurance. With the help of general contractor liability insurance, owners and operators of firms can get a protection from claims that may come from a wide array of sources.

The cost of general contractor liability insurance depends on the liabilities you have opted for. Quite identical to car insurance, you need to make a down payment first in general contractor liability insurance. After that you need to pay installments. Take quotes from at least ten insurance companies before buying general contractor liability insurance. When you do this, you increase your chances of getting insurance at easy terms and conditions. It’s the responsibility of general contractor to ensure that the individuals working under him are covered by general contractor liability insurance. For example, if an individual, who is not working in the project, gets injured, the lawyer of that particular person can target everyone that is participating in the project in court. It is worth mentioning in this regard that when more people are involved, the possibility of a successful lawsuit increases.

Despite that, it is recommended that you buy general contractor liability insurance for subcontractors. This is because of the fact that even if there is no mistake on your part, subcontractors always have a choice of filing lawsuit against you. In case if subcontractor manage to hire a good experienced lawyer, your problem can increase further because he can come up with an argument that can prove the innocence of subcontractor in the court. Taking this into account, one can safely say that liability insurance is an absolute must for everyone that is participating in the project as a team.

As a general contractor you need to ensure that all your subcontractors are equipped with general liability insurance. If your subcontractors possess the required insurance, the insurance rate and liability exposure will drop significantly. Point to be noted here is that the subcontractor is not classified as an employee. In other words, subcontractor is treated as an independent worker. Therefore, as a contractor you are not liable for the errors committed by subcontractor.

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