Update: Coronavirus and Business Interruption Coverage
While it was just under a month ago, when I wrote my last blog, it feels like it has been over a decade. Our world has changed so drastically, in just a short period of time. We all find ourselves in unchartered waters. None of us have any experience dealing with anything remotely like this. […]
Coronavirus and Business Coverage
I just returned from a meeting with 30 other insurance agents, insurance company reps and coverage experts. While this meeting was scheduled months ago, before the Coronavirus Covid-19 situation was on anybody’s radar, the Coronavirus and its impact on our clients became a major discussion between us. Many of our clients are watching their revenues […]
17 “Tests” to Decide: Employee or Independent Contractor
Client: “I don’t have any employees; they are all independent contractors.” Agent: “What makes them independent contractors?” Client: “I pay them using a 1099.” OK, so most readers know that the reality of an “independent contractor” is not dependent on how the person is being paid – even if they are paid in mustard. The […]
De-Mystifying “Co-Insurance”
In my years as an insurance agent, I have found one insurance concept to be a mystery. Sometimes, even the most seasoned insurance professionals find themselves confused. Co-Insurance. How do I explain this term to my commercial clients? In a commercial insurance scenario, the purpose of coinsurance is to incent the insured to insure their […]
Business Items in Storage? How insurance works
Often, I am asked by clients why I recommend that we extend our Property Insurance Policy to cover their inventory/materials/tradeshow booth/dies/equipment that is in the Care, Custody or Control of another. A few examples of clients with this situation: Food manufacturer might have all of their packaging stored at their printers, to be delivered to […]
Why do I need an Insurance Agent?
Just recently, I came across a few situations that reminded me of a dangerous trend we are all experiencing. The trend is “Insurance as a Commodity” meaning… you don’t need an insurance agent. Insurance companies and some high tech agencies are spending billions of dollars (yes, billions with a “B”) on advertising to convince people […]