Upcoming Insurance Go2Guy Teleconference:
Friday, January 8, 2010 11:00 AM Pacific / 2:00 PM Eastern
All Teleconferences are recorded and an MP3 audio download will be e-mailed.
Risky Business: How to minimize risk and maximize profit
This one-hour teleconference will provide you with:
- Five steps to save money on your insurance today
- Questions you should be asking your insurance agent
- Strategies to avoid the traps when purchasing insurance
- Risk management strategies that are simple to implement
- Ways to avoid the BIG mistakes that cost you money and time
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Start your new year off by protecting your business while saving time, money, and frustration on your insurance.
Register now
What should you consider when looking for the right homeowners insurance? Here are some thoughts off the top of my head…
Homeowners face a number of personal liability risks such as:
- Slip and falls (premises), including their own sidewalk if icy or wet
- Liquor liability if guests leave their home after a dinner or party having consumed alcohol
- Liability caused by children (mischief or accident) and animals (dog bites)
- Damage to neighbors house by trees from your property falling
- Injuring someone (ex. wayward golf ball)
- Liability from work on a non-profit board of directors
Umbrella policies are essential for most people. No longer do you need to be a high-income person to have exposure to high damages. The cost of umbrella insurance for just $1,000,000 will range between $150-300 per year based on property and number of vehicles and drivers. Umbrella policies normally require an “underlying personal liability limit” on the homeowners policy of $500,000. The umbrella normally sits first dollar over that underlying limit to cover both your personal and auto liability. People who have higher income levels and more properties and autos to insure should consider higher umbrella limits.
Homeowners should look for policies from A-rated companies (financially strong) that offer discounts for multiple policies (i.e. Auto), good claims history, and increasing deductibles. They should be competitively priced (note I didn’t say cheapest) and have local claims representation.
Bottom line - Don’t leave the task of procuring homeowners insurance to chance. Make sure you find a competent agent with upstanding companies to transfer this risk from you!
I’m working on a manual for business owners, risk managers, and professionals on liability associated with social media marketing. One of the chapters is slated to be “Questions from Readers.” To that end, I’m in need of questions. That’s where you come in.
Please send me your questions on anything dealing with social media - your concerns, challenges, privacy issues, best practices, etc. I will do my best to answer them on whatever forum you ask, and use them in my manual which will be published (no names - just questions). Perhaps you have clients that have questions.
You can ask me questions via e-mail (dan@danweedin.com), Facebook, Twitter, or Linked In, or on this blog. Your help is greatly appreciated!
I’m helping a client with his personal insurance portfolio and the topic of earthquake insurance came up. His question, “Should I buy it?” My answer, “It depends.” “It depends” goes for you as well when considering earthquake coverage. Here are a few questions you should ask yourself to find the answer…
1 - Earthquake usually comes with a significant deductible (10% of loss). Are you able to tolerate that?
2 - Is your home in an area that is susceptible to a quake?
3 - Is your home on a cliff or hillside?
4 - Is your home’s replacement value in excess of $500,000? The reason is that the higher valued the home, the more you may be able to afford the deductible AND the more damage you might sustain.
5 - Does this peril proverbially “keep you up at night?”
6 - What’s the construction type (frame, masonry, brick) of your home? Frame is less expensive because it responds better to an earthquake.
Bottom line - talk with an insurance professional. Discuss your options and weigh the cost of not doing anything.
Be safe,
© 2009 Dan Weedin - All Rights Reserved
Five items you can do to do to make sure your audit goes smoothly:
1 - Make sure you know the class codes that are being used to rate you for liability. They will be a description of your operation. You will find them on the General Liability section of your insurance policy. Ascertain if they are correct and complete.
2 - Make sure you know what your rating basis is for liability. The options will be gross sales, payroll, cost of materials, or area (sq. feet). Determine if the correct basis amount was chosen. If it’s too low, you will owe money at the end of the policy period. If it’s too high, you are paying too much and can improve your cash flow. Depending on the policy, you might not even get it back!
3 - If you’re a contractor, understand the maximum limit you can be rated for on payroll. It may vary per state. In Washington State, it’s $600/week or $31,200/year maximum for any laborer. Ask your agent if you don’t know.
4 - Ask your agent or consultant to attend an audit meeting with you. If it’s done by mail, ask them to help you complete the forms.
5 - If in doubt about your rates at any time, ask! It’s better than being surprised.
Be safe…
According to a report by the Kitsap Business Journal this morning, if you are in the State of Washington, your workers compensation rates are going up.
Read the article
Best,
A recent accident at Cowboys Stadium in Dallas left workers injured. They fell from an icy part of the roof. Luckily, nobody dies. Reports are that proper fall protection wasn’t used. Ouch! Make sure you train and monitor your employees constantly!
Read the story.
Be safe,