What is an Aggregate Limit in a Liability Policy? In many liability insurance policy forms, you will see the word aggregate limit and wonder what that really means. Let’s break it down. To start, let’s look at the commercial general liability policy or GL policy. If you look at a policy or get a certificate of … Read More
Why are Commercial Insurance Rates Increasing in 2021? Over the past several years, you may have noticed the cost of your business insurance increase, and in 2021 you may have seen or will see an even greater increase in those costs. So what’s going on with insurance rates for businesses in 2021? What we have seen … Read More
Workplace Violence Insurance – What are the Costs? Today we’re going to focus on the costs of a workplace violence incident or event. Let’s start with the fact that not all workplace violence takes the form of an active shooter situation. There are varying degrees of violence that take place in the workplace environment. Bullying, fist fighting, … Read More
The Business Insurance Review Process – Keeping You Out of the Danger Zone Having reviewed thousands of business insurance programs as both a practicing broker and as a consultant to the private equity industry for firms large and small, I can say with confidence that there’s a whole lot of mistake made in business insurance programs. … Read More
What is a Broker of Record Letter? In the insurance business, a broker of record letter or agent of record letter is basically a letter of authorization that you, as the insured can use to fire your existing agent and hire a new agent to handle your business insurance with the insurance company you currently … Read More
Shopping, Bidding, Quoting, Introducing Competition. These are all phrases to describe the same thing. The introduction of multiple brokers to go out into the insurance marketplace to get quotes for you and see if competitive pressure in the market can lower your costs and get better business insurance. In this post, I challenge this traditional … Read More
Small Business Insurance Tips You’ve probably invested tons of time, your personal capital, and your life into your business. Protecting your business then, is really about protecting you. Having the wrong insurance can lead to wretched problems that will jeopardize your personal wealth. That’s why we’ve written this small business insurance tips page. Business insurance … Read More
Common Problem #1 – Named Insureds Today I’m going to kick off a multi-part series on the most common mistakes we see on business insurance policies when we perform coverage reviews. I hope this is educational and helpful not only for business owners but also for their advisors. This illustrates the point that having insurance … Read More
What does my business insurance cover when it comes to the Coronavirus? Coronavirus is causing widespread disruption in the daily lives of people across the globe, and many business owners are looking to their insurance policies to see if there is any potential reimbursement for losses that may occur due to the virus. We produced … Read More
Business Insurance in New York isn’t always easy. And today it’s becoming more challenging. Rates are increasing for some classes of business. Underwriting rules are becoming more stringent, and more changes seem to be coming. Having been through several market changes, I can tell that this is the beginning of a hard market. A … Read More
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