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
Register now.
Your investment is $49 and includes the MP3 download. The cost of
purchasing the audio at a later date is $75, so even if you can’t make it
tomorrow, consider signing up now and saving.
I hope to have you join us for a teleconference with a potentially huge return on your investment!
I recently had a lengthy conversation with a client regarding certificates of insurance and being named as an additional insured. Here are a few bullet points that came out of our conversation where you might benefit…
- A certificate of insurance isn’t worth very much to the holder. It simply states that the insured had coverage at the limit shown on the day the certificate is dated. That’s it, that’s all. For all the holder knows, the insured canceled their policy the next day. Certificates are nice to have (I guess) for the recipient, but they really are limited in scope and time sensitive. You can’t bank on them.
- If you are an additional insured, the insured’s insurance company is obligated to defend and pay for you in the event of a claim where you are named. You will be notified if the policy cancels or is set up to non-renew. That’s the good news. Make sure any certificate shows you listed as an additional insured.
- Certificate holders can receive a certificate at no cost to the insured. After all, there is no risk. Some insurance companies charge insured’s a fee for adding additional insureds because they are adding risk.
- Additional insureds never increase the limit, so the more additional insureds, the more quickly the limit can be exhausted. In most cases, defense costs are in addition to the limit. If you have a surplus lines company involved, make sure that is the case.
I’m a big believer that if you have a risk exposure (i.e. landlord-tenant, contractor) then you should be named as an additional insured and receive proof that this occurred. Otherwise, being a certificate holder means nothing because it gives you no rights and little information.
Be safe,
I hate to blog back to back on the same subject but…
The Puget Sound Business Journal reported that a Costco auditor was just accused of embezzling $60,000 with bogus travel claims - Read the story.
This is yet another reason to insert best practices when it comes to hiring employees and bookkeeping and auditing functions. This happens to small and big companies alike. Profit and Non-profit. No one is immune. It’s about doing your due diligence consistently.
Learn from these lessons so they don’t happen to you.
Be safe.
Employment Practices Liability is EXCLUDED on your Commercial General Liability policy.
Problem: You walk into your office one morning and find that you’ve been served with a subpoena by an employee who is alleging they were a victim of age discrimination. Why? Because you had to downsize due to the economy and they were one of the casualties. Since they are over 40 (that’s right 40) they are federally protected as a class of employees for Age Discrimination. They claim you only terminated them because of their age. You contact your insurance agent to find that your insurance policy has no coverage.
Solution: Before this occurs, go to your agent and buy Employment Practices Liability (EPL). The premium has come down substantially over the years and quite frankly, you can’t afford to be without it if you employ people. Protect yourself from discrimination lawsuits with EPL.
Be safe.
I just finished a new position paper on insurance for home based business entrepreneurs. It’s free for the asking. Just e-mail me your request and I’ll send you the paper. If you’re a home-based business of any kind, this is information you must have to protect your business.
My e-mail is dan@danweedin.com.
Be safe and be well.
In these tough economic times, every dollar counts, right? Are you spending too much money and time on your insurance?
Here are two recent examples of how I help my clients…
- One just renewed their policy with the same agent they had for years, but this time with competition. They saved 25% overall ($15,000) AND increased their protection. Their premium savings ended up being more than my fee. That doesn’t count the hours of time they saved by not doing the work themselves. Knowing how to negotiate with insurance companies and brokers is part of the value I bring my clients.
- The other client had a gap in their property insurance coverage. After discovering it, we quickly made a $300 adjustment in their policy. Had there been a claim, they could have had $100,000 uncovered. Ouch!
There’s value in being unbiased. You can always call in another agent to give you a second opinion. What do you think that opinion will be? Don’t leave your business’ security and your checkbook to chance. I guarantee my work. Give me a call and let’s make sure your insurance is doing all it’s supposed to.
Bottom line - Insurance is complicated. You don’t know what you don’t know. My clients find that their investment in me is returned in saved premium dollars, saved time, reduced frustration, and increased peace of mind.
P.S. I have a very inexpensive option for business owners to simply take control of their insurance. On June 5th, I am holding a teleseminar titled “Your Insurance Stimulus Package: 7 Ways to Reduce Your Insurance Costs.” For $49, you may be able to save thousands in return. Even if it’s just hundreds, you will walk away with strategies you can use forever. To register today, click here. By the way, you will get an MP3 audio download so even if you can’t make it live you get the information.
(c) 2009 Dan Weedin - All Rights Reserved
Insurance fraud is up in all areas during this Recession according to the Insurance Journal. Excellent article…
Be safe and be well,
Want a great value on how to take control of your insurance costs?
As I go through a re-design and re-brand phase of my business, I find that I still have a limited amount of resources that need updating. The material doesn’t need updating just the packaging. To that end, I’m holding a “clearance sale” on two booklets which will help you gain control of your business and personal insurance costs.
The first is 8 Cool Rules for Better Insurance Buying.” You will walk away with eight simple strategies to make your renewal and first-time purchasing of business insurance easier and more cost-effective. You will also get a glossary of terms that are gibberish for most non-insurance people. The normal value is $25 but your investment now is only $15. I will pay the shipping.
The second isYour Personal Insurance Survival Guide. Are you paying too much for your personal insurance? Do you have the right insurance to protect your family and your assets? How do you know? This book is at a half price reduction from $10 to $5.
Both booklets will give you tremendous value for just a very small investment. What do you have to lose? Maybe your business or your house if you aren’t getting the right insurance.
To take advantage of this opportunity, click here. You will be glad you did. Remember, I have a limited inventory so don’t wait.
Visit my online store…
Be safe.
Is your agent doing all he or she can to improve their skills so as to help your business manage your risk?
I’m preparing tomorrow to give an educational training on commercial property insurance for a group of insurance agents. Good for them that they take their education seriously. Granted, many just need the credit hours, but I’ve found most are anxious for knowledge. That’s good for you. Why?
The more your agent knows about an ever-changing industry, the better served you will be. That means better customer service, better pricing, and better coverage. Your agents knowledge should be of paramount importance to you.
Ask them what they have done lately to improve their knowledge. Are they working on any of the following industry designations…CPCU, CIC, CISR, CRM, CLU, ARM?
I know this looks like a bunch of alphabet soup. You don’t necessarily need to know what they are or what they mean. Your agent should. Challenge them to grow in their business so they can help you with yours.