Category Insurance Marketing

Why You Need Additional Insurance for Your Coastal Home

Living near the ocean is a dream for many. Too often, that dream becomes a nightmare for homeowners when they realize they are underinsured after a damaging storm. Don’t let this be you! Here are some important reasons why you need additional coverage for your coastal home.

Standard Policies Won’t Cover Everything

If you live near the ocean, you’re certainly no stranger to the threat of damaging coastal storms. Most standard homeowner’s policies don’t cover things like damage from hurricanes, flooding and high winds. Because insurance companies know you’re likely to encounter these things if you live near the beach, you may even have a tough time obtaining a coastal home insurance policy. For this reason, it’s important to find the right agent to help you navigate the insurance world.

You Deserve Peace of Mind

Living on the coast offers much more than beaches and sunshine. It can provide a peacefulness that is hard to find anywhere else. If you don’t have adequate coverage on your coastal home, all of that can go away in an instant. Obtaining thorough coverage can help you stay calm when a storm comes knocking at your door.

You need to ensure your home has the proper insurance coverage to protect your investment and peace of mind. Don’t wait until it’s too late to get covered.

How the Insurance Industry May Benefit From Using Data Analysis Tools Regularly

As an insurance professional, you may have noticed the increased use of data analysis tools in your field over time. From helping companies to set competitive prices to aiding in marketing efforts and more, there are several benefits to the use of data analytics in the insurance industry. Here are some of the main ones you may come across in your everyday work.

It Could Lead To Better Measures of Customer Satisfaction

Analyzing consumer data can help insurance companies measure their customers’ satisfaction and adjust their policies accordingly. Effective analysis could provide:

  • Insight into effective lead generation methods
  • Data on packages and policies that have the highest customer satisfaction ratings
  • Address customer complaints and concerns more efficiently and effectively

It May Help Insurers Set Competitive Premiums and Design Thorough Packages

Many insurance companies use data analysis as a way to conduct effective market research. With analytical tools, you may be able to:

  • Predict competitors’ future price changes
  • Assemble thorough and attractive insurance packages
  • Set highly competitive premiums that match policyholder desires

If your firm has started to use data analysis tools more frequently, there are several potential benefits you could experience. From helping to measure customer satisfaction to aiding in designing competitive insurance packages and more, there are numerous upsides to using data analytics in the insurance industry. Now that you know about the benefits, you can implement these tools immediately.

Directors and Officers Insurance for Nonprofit Organizations

nonprofit organizations

Board members and executives who work for nonprofit organizations could face significant individual liability in the event of a claim against the organization. Nonprofits need to protect their board and executives with an insurance policy that will address their individual risk exposure.

Coverage Inclusions

One of the most important non profit D&O considerations is whether to elect a standalone policy or whether the coverage limits will be aggregated with other types of liability protections in a package policy. If it’s aggregated, all of the coverage for directors could be depleted by other types of claims against the organization. A standalone policy will provide a single amount of the organization’s choosing that will apply specifically to claims made against directors and officers.

Amounts of Protection

The amount of protection that you need may depend on your organization’s assets and activities. You could choose a standard policy in the amount of $1,000,000 up to $5,000,000.

Litigation Costs

One of the most expensive implications of a claim against an organization or its directors and officers is the legal cost of defending a claim. Typically, an insurance carrier that offers comprehensive protection will pay all of the legal costs as soon as the claim is initiated.

Sufficient directors and officers’ insurance is an integral part of a nonprofit’s insurance package. Being able to protect board members and organizational officers from liability is essential for both board recruitment and staff engagement.

How Monitoring Insurance Trends Keeps Your Prepared

insurance-trends

The insurance needs of your business are far from stagnant. While several policy options can protect you in a general way, you also need to stay aware of regulation changes and other industry shifts that might impact your coverage. To achieve this, you need to take matters into your own hand and do your part to stay aware of trends related to insurance in your field. Keeping your ear to the ground in this way can have long-term benefits for your company.

Understand New Regulations

By focusing on the latest breaks in insurance news, you will be immediately aware of discussions related to your industry. Should policymakers pass a law that determines your type of organization requires enhanced coverage, you will be able to take action as early as possible. This can make a huge difference when it comes to budgeting for these future changes and finding a provider who can meet the changing demands. Other reasons to stay aware of the latest news related to insurance include:

  • Changes that offer benefits or discounts
  • Adjustments that impact annual taxes
  • Alternatives to traditional sources of insurance

Be Informed at All Times

Staying abreast of the latest changes in your industry is important for many reasons. Focus your attention on insurance from time to time to enhance your company’s protection and stay informed.

Using Single-Parent Insurance To Boost Your Business

single parent captive

To keep your company protected against the many threats that exist in your industry, you require a comprehensive insurance policy. Of course, this is not always easy to obtain. Traditional insurance can create plenty of gaps in your protection, leaving you open to a number of commonplace threats. To avoid this, alternatives like a pure captive insurance option might be a good fit. Also called a single-parent policy, this is insurance provided and controlled by a third-party private insurer. There are several advantages to this arrangement.

Basic Benefits of Pure Policy

One of the largest benefits reported by experts who utilize a single parent captive policy is the cost. When compared to traditional fees related to insurance like underwriting, this alternative offers a more affordable solution. This, in turn, leads to more control over your company’s cash flow and an ability to use part of your income to invest in the future of your enterprise.  These policies often include more flexibility and can help you minimize your risks through this level of control. Additional benefits can include:

  • Incentives for loss control
  • Data analysis and forecasting for growth
  • Time-tested option with tangible results
  • Increased coverage options

Evaluating Your Company

A pure policy can be advantageous for companies operating in a number of different industries. Review the basics of this type of arrangement and learn more about how it works. Evaluate your business and determine if this is right for you.

Creating Lead-Generating Websites for Insurance Companies

agency tsunami

As an insurance company, you need to draw consumers away from competitors and towards your business. To do that, you need a website that is designed with consumers in mind. In fact, there are certain elements that make the insurance company website stand out and draw customers in.

Elements Your Website Needs To Attract Consumers

An insurance company’s website needs to reflect the brand. However, it also needs to generate leads. You can do that by creating a website that has the following elements:

  • Consumer usability: Visitors to your website should be able to find the information or services they need easily. They should also be able to seamlessly move between pages.
  • Download speed: If your website doesn’t download quickly, consumers will click away and go somewhere else.
  • Mobile friendly: Many people shop right from their phone, so your website should be able to be used across mobile platforms. In fact, the information at http://www.agencytsunami.com states that of the companies that made their websites mobile-friendly, 62% of them increased their total sales.
  • Targeted keywords: Search engine optimization is also part of website design and helps you implement keywords your target audience find important so you can attract customers.

Make Your Website Attract Customers

Insurance company websites rely on an understanding of the industry and the audience to create an attractive online presence. Keep the elements listed above in mind when you design or re-design your website.

Extending Your Coverage When Others are at Fault

contingent liability insurance

Extending Your Coverage When Others are at Fault

As the information on https://www.usrisk.com/ reveals, a business owner can be held liable for personal injury, property damage, bodily injury caused by a party or partner the business has a contractual relationship with. This is considered a contingent liability, or indirect liability, and it falls under the general liability exposures of business operations.

What is Protected?

Just as a general liability policy is able to protect a company from several areas of property damage, or bodily injury occurring to patrons or individuals on the business premises, contingent liability insurance works to protect instances where subcontractors, employees, agents, or contracts are responsible for the damaging incident. For example, if a grocery store hires a contractor to repaint its exterior sign and a paint bucket falls on a customer, the grocery store can be held liable for the incident. However, a standard liability policy might have this incident listed an exclusion, therefore carrying a supplemental contingency policy is wise.

Adequately Covers Risks

Every business has some risk of the contingent liability, although the amount and extent of coverage will vary according to your business’s operations. Your policy advisor will be able to tell you how effective your current plan is when facing these additional risks, and you may be able to include a rider or endorsement for these potentially uncommon areas of exposure.

4 Ways to Increase Property Security and Lower Risks

commercial property

Increased security measures can decrease the commercial property liability your business faces. There are a few key ways to help increase security and decrease risk.

Security Systems

Much like your home, you can guard your business with a security system. These come in a variety of options from online access to cameras tonight sensors. Advertise your system to deter criminals looking for an easy target.

Risk Assessment

The experts at https://www.thayerinnes.com/ recommend covering your exposures with a comprehensive commercial property policy. However, you don’t know what those exposures are unless you do a risk assessment. The assessment can help you find ways to increase your security measures and lower that risk.

Safeguard Equipment

Technological equipment is valuable and often easy to steal. Leaving out laptops and tablets makes them easy targets for someone looking for an easy lift. Secure all equipment out of sight when not in use.

Entry Points

One way to prevent unwanted theft is by watching who comes and goes through the building. Depending on your business, you may want to consider hiring a guard or installing keycard access in addition to your security system.

Securing your business helps lower commercial property liability. If you still happen to experience vandalism or theft, the insurance is there to protect the financial assets of the company.

Managing Your Laundromat

Irving weber associates

If you are managing a laundromat, you know that in order for your business to be successful, you’ll need consistent customers. One of the best ways to get these customers is through marketing. Perhaps you are wondering what kind of laundromat promotions you can run to help your business grow. Here are some ideas to encourage new growth.

Market Your Company Online

Having an online presence goes a long way in gaining new customers. You can achieve this by having a website, using social media, or both. You might even try to simply establish your business using review sites, like Yelp or Google. Many potential customers check here first before they decide if they will visit an establishment or not.

Don’t Underestimate Older Methods

Don’t forget about older methods, such as using flyers, advertising on the radio, according to Irving weber associates, inc. These are usually cost-effective ways of getting the word out about your company, which can encourage newer customers to come to you. Eventually, word-of-mouth can be used along with advertising methods when looking for other effective ways of managing laundromat promotions.

There are many different ways that you can encourage laundromat promotions without spending a lot of money. Looking toward tried-and-true methods that are low-cost, like flyers, combined with social media can provide you the best return on your investment.

Keeping Your Production Financially Safe With Insurance

entertainment insurance

Whether you are a local theatre production or a large concert venue, your event deserves the right insurance protection. You simply never know when an emergency or accident can happen that disrupts your special production. Thankfully, there is a growing number of agencies that provide entertainment insurance for a whole spectrum of events in the industry. These agencies and brokers can look at your special case and advise you on what kinds of risks your event runs.

Who Can This Insurance Benefit?

Anyone project that is in the creative field can benefit from the types of protection this insurance entails. For example, commercial shoots, tv shows, movies, theatrical productions, producers, musical tours, festivals and venues should consider entertainment insurance.

What Policies Can it Include?

An entertainment insurance package can cover much of the aspects involved in a particular event. These policies include equipment breakdown or theft, weather delays, cancellation insurance, liquor liability, crisis containment, motor and trailer insurance, legal liability and studio insurance. It is important to consult with a specialized broker or agent to see what kinds of coverage you should invest in and to understand what is available under their services.

While an entertainment event or production can feel like a thrill ride, you should not be underprepared in case of a real-life incident. Contact professionals who can handle your specific needs today!