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Do You Know If You Are Under-Insured or Over-Insured?

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Author: Insurance Ninja

  • Why are insurance premiums going up?

    Posted by: Insurance Ninja on April 25, 2012

    One of our main carriers, West Bend Mutual, just released this white paper on why insurance premiums are moving up. GREAT information for our CEO’s and CFO’s.

    Click Here – to read the document.

    There is never an exact answer as to why we are seeing increases, but this information gives a better perspective from the industry as to why.

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • What is Agreed Value?

    Posted by: Insurance Ninja on April 25, 2012

    Agreed value insurance endorsements eliminate the coinsurance clause found in most standard property insurance contracts. Using this endorsement, the carrier, the client, and the agent all agree that the limits set forth on the “statement of values” are accurate and in lines with either the replacement cost or actual cash value of the buildings and personal property. Commercial Insurance without this endorsement is sometimes called “penalty insurance”.

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • Workers Compensation Rates to increase

    Posted by: Insurance Ninja on April 24, 2012

    Recently the NCCI made a change that could possibly cause an employers experience MOD to increase.

    Attached is a simple one page review

    CLICK HERE

    If you are concerned or would like more information, call us at 800.886.6655 and we can help you understand the possible changes.

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • Do I need workers compensation insurance?

    Posted by: Insurance Ninja on April 23, 2012

    Depending upon your structure, LLC, Corp, Sole Proprietor is a good trigger point for most companies according to most insurance agents. Personally, no matter your business structure, I recommend you carry workers compensation, even if you have NO employees. Why? Most health insurance policies carry exclusionary language that prevents payment for work related injuries. So, if you are a one-man consultant, driving to an appointment and are injured in an accident, there is a chance that your health insurance provider would deny the claim due to it being “work related”. Workers Compensation for most classes is very low cost. Don’t risk it, buy the “comp”.

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • 6:30 pm call

    Posted by: Insurance Ninja on April 22, 2012

    My partner and I were out shopping last night when she gets a text from a client in Michigan asking about a cancellation they just received. She called the client, reviewed the paper work and advised that she would look into it Monday once she got to the office. She advised the client that based upon the information they shared about the notice, it was no reason to be concerned.

    The client indicated that they were not expecting a call back on a Saturday night, but they appreciated the “comfort call” and would sleep better that night.

    24 hours a day, 7 days a week, 365 days a year, we answer the phone, reply to client concerns, and are available to take care of client requests.

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • Who do I call when I have an insurance claim?

    Posted by: Insurance Ninja on April 12, 2012

    When you have an insurance claim, whom do you call?

    Most insurance customers call an 800 number to get a recording that if it’s after 5 Eastern Standard Mountain Pacific time, you’ll have to leave a message and you’ll get a return call in the morning. This same thing holds true with most other professional service providers.

    As the owner of The Thompson Group I think it key that a real live person answers the phone 24 hours a day, 7 days a week. Between the hours of 8 am to 5 pm, our staff mans the phone picking up answering “It’s a great day at The Thompson Group – How can I help you…” After 5:00 pm, the phones are transferred to my personal cell phone and from 5 01 pm to 7:59 am, I answer my cell phone stating “It’s a great day at The Thompson Group – How can I help you…”.

    Imagine if every service provider you did business with how our world might change. We’re often asked in business what is our point of difference, answering the phone 24 hours a day, 7 days a week, we think, is a good start to create a difference between our firm and every other company.

    who do I call

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • False Pretense – Are you covered?

    Posted by: Insurance Ninja on April 11, 2012

    “If insurance covered everything, we couldn’t afford it” so said a wise old agent.

    As an insurance professional I sometimes struggle with claims that are not covered. Recently a client took a credit card charges for $10,000.00 the credit card was stolen and after 30 days, the credit card company “charged back” their account. Upon turning in the claim, the carrier stated that since the insured voluntarily parted with the merchandise, this equaled false pretense, which is not coved by the majority of insurance coverage forms.

    The best way to cover this type of claim is by having rock solid policies and procedures and even then, a company is still not 100% protected.

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • Should I buy the rental car insurance?

    Posted by: Insurance Ninja on April 10, 2012

    One of the top questions we get at our company is from clients who ask, “Should I buy the rental car insurance, or am I covered by my policy”.

    Answer – our recommendation is to always buy the rental car insurance.

    Reasoning:

    If you have an accident and DO NOT buy the insurance, the credit card that you used to secure the card will be immediately maxed out.

    It will become a chargeable accident on your personal auto insurance causing your rates to possibly increase.

    When you return the car wrecked or with ANY slight damage, get out the egg timer…. you’re going to be there awhile.

    Although many times your personal auto policy will provide coverage, it is less painful to pay the difference and drive worry free.

    As a frequent traveler, I always buy the coverage and drive very crazy and scream, I BOUGHT THE INSURANCE!!! (Kidding….)

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

  • How much should Workers Compensation Cost

    Posted by: Insurance Ninja on April 10, 2012

    Workers Compensation is an insurance coverage based upon the payroll of a company or organization. Each company has different exposures and thus different classes and rates that apply.

    The most common class is that of clerical for an office exposure and the rate is approximately .15 cents per hundred dollars of payroll.To figure your cost, simply take your clerical wages divided by 100 times the .15 and boom goes the dynamite, that is your annual cost…for the clerical exposure.

    The higher the risk of the exposure, the higher the rate. Construction classes have a rate of approximately $7.00 per hundred dollars of payroll. Use the same formula above and notice the extreme difference between the costs of construction work comp vs. clerical work comp.

    Why?

    Think about an office exposure and then think about someone building a house. The person building the house if FAR more likely to get injured than the person working in an office setting. Finally, most states have additional charges for injury funds and terrorism. Once you take your payroll x the rate and get all your class premiums, you should add about $500.00 to get a ballpark of your insurance costs.

    Finally, most states allow carriers to file credits to reduce their rates for companies that have good experience. Not all work comp is priced the same!

    Next Steps:

    Let’s talk about how we can review your current insurance needs and see where there are gaps.   Click HERE to schedule a free consultation call with us!

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Home Owner's Insurance
Cyber Liability Insurance
How much should Workers Compensation Cost
How much should Workers Compensation Cost
How much should Workers Compensation Cost
How much should Workers Compensation Cost
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