I enjoy insured my warehouse for $50,000 against burglary, Right immediately I hold $200,000 worth of stock?
If I get $100,000 worth of merchandise stolen (Just Incase), will I get $50,000 amount from insurance company.Answers: Many commercial policies own a coinsurance clause which requires that you carry insurance equal to 80 to 90% of the the actual expediency. Some business owners policies (BOP) may not have a coinsurance clause so check beside your agent.
If you have a policy next to a coinsurance clause an 80% clause would require you to carry $160,000. to avoid a coinsurance cost. Because you are not carrying insurance to value you automatically become a coinsurer. You would be salaried 32% of your loss or $16,000.
If there is no coinsurance clause contained by your policy you would recover the amount of your loss ($50,000) smaller number any applicable deductible.
If you are insured for $50,000 and you incur a loss of $50,000 or more you will receive no more than you are insured for.
You should b insured for $200,000 if that is the worth of the merchandise that you are storing.
Are you on a reporting form? Is at hand a coinsurance clause? If yes to either of these, are you on the dot? and what's the percentage? Is there a seasonal increase support?
For sure, you're not going to get more than the policy restraint, unless you have an back-up for seasonal increases, or a reporting form basis that's current.
Tom's answer is correct beside regard to the policy provisions and claim handling when you own $50,000 insurance and a $100,000 loss. Very, very few general public understand this and don't know satisfactory to ask. On the surface, it seems if you buy $50,000, they will recompense $50,000 for this loss. Glad you asked so others may learn from it. I assume that your comment something like having $200,000 of stock be just a throw-in that have no relevance to your question. I dream up it would be very clever to review all of your insurance coverages (life, fire, disability, condition, business insurance, etc) to be sure you know what you do and don't have and stamp out surprises.
How much does workmans comp. coverage cost a small business?
If i wanted to start a small (rental property) cleaning business next to only 3 workers, how much would workmans comp coverage cost me and what are the laws beside providing health insurance for my team?Answers: Workers compensation premiums vary by state but the rates will not be unreasonable for your type of business. Final premium will be base on your total payroll so you want to be sure to include that cost when you are calculating proposals for jobs. Check near the agent that will be writing your general liability insurance he/she will know how to give you a rate per hundred of payroll.
Unlike workers compensation here is no legal condition to provide health insurance for your workers.
It depends on your payroll, and the class codes under which you operate.
I don't know in the order of having to provide form insuarance for your employees, but the workers comp cannot be determined until you know the payroll and the rates.
It's base on payroll, and class, with a minimum premium.
You are not required to provide ANY condition insurance.
Workers comp for janitorial class costs 15% of your payroll, subject to a $1700 minimum premium, subject to audit at the end of the year. General liability is going to run you another $2,000. Varies by state, unsurprisingly, so you'll have to acquire REAL quotes from a local agent.
contact a broker, ask about class codes 9096, 9008 or 9015.. Your probably around $1,500 depening on what state u r from...
U dont stipulation to provide health. Not mandatory
What is the best way to get noticed while in the process selling standard property and causality insurance.?
Answers: Have you ever tried using Internet leads? iLeads.com at http://www.ileads.com offers real-time leads for homeowner's, life, and auto insurance with a guaranteed replacement policy for the occasional “bad” lead. Internet leads are great because the consumer has taken the initiative to go online to find answers to their insurance needs, used the search engines, and filled out a form requesting contact. The lead is "scrubbed" for false information before it is sent to your desktop (or PDA) via email literally within seconds of the form being submitted. iLeads is a little different from other companies in that they now enhance their life and homeowner’s insurance leads with property data from First American Financial, so you will have a better handle on the prospect’s home size, value, lender, and other specifics, so you often can prepare a homeowner’s or mortgage protection life insurance quote before you call.
Advertise. Build a network of referrals. Go marketing. Offer incentives...like movie tickets for each referral, or gas cards, etc. Go to mortgage and real estate offices. Go to car dealerships. Put up tons of ads on the internet. Put your ad in the phone book.
And then do a good job at actually handling the insurance. Word of mouth and referrals do a much better job of marketing because it is a personal touch. But...you have to start somewhere.
If you have a carrier that is targeting a certain line of business with rates that are extremely competitive you will be noticed by prospects and other agents very quickly.
Problem is those "hot carriers" come and go. One day you have the hottest market in town the next day you are getting non-renewal notices from that same carrier because their loss ratio is out of control.
There's a pretty good book out there about marketing (in general) titled "Guerilla Marketing" by Jay Conrad Levinson or How to Drive Your Competition Crazy by Guy Kawasaki.
Both are pretty good and give you some pretty good ideas.
Focus on what you want to target first. If it is home insurance, then begin networking with mortgage companies, mortgage brokers, realtors, and title companies. Let them know what your criterias are for the best rates (i.e. 1996 Block home not along the coastal areas)
If it is auto, then begin focusing on your local region first and target families of 2 cars or more. If it is commercial, visit the companies and the people who make the decisions. Do these one at a time and develop them well. Trying to do them all at once leads into a disorganized mess and does not help you become an absolute expert at any one of them becuase of the scattered focus.
Customer CARE weighs far more than anything else. Come across as an agent to the people and you care about their lives, their livelihood, and their future. Know the tricks of the trade. What does it take to give good quotes on insurance? Set yourself apart from the pack.
Here are examples of what I do for my industry.
1. I understand how banks and lenders function with mortgages and their requirements needed on an insurance policy. This makes a lender ecstatic and the homeowner is grateful that I am able to navigate some of their lender's issues regarding insurance notice letters from them. I play the "interpreter" even though it is not my job to understand mortgages, but I bothered so I am considered a "hero"
2. I explain all things in layman's terms. Comprehensive - things not related to collision. Dwelling is pick up the house and hang it upside. Loose stuff on the ground is Contents, all other things nailed in, glued in, screwed in or somehow attached is Dwelling
3. Tell funny true stories to the coverage definitions. I say about animal liability is more than animal biting. Come visit my house, the black streak racing towards the door is my cat. Let it in first as I don't want you tripping over him. It took me 10 yrs of cat ownership to get trained that I as the owner am not first. I no longer dislocate my hips or back. Also, don't pet my fish, I hate to hear we are amputating your hand because of infection from the bacteria in the water because I still haven't posted the sign on my tank, "Don't Pet The Fish" as my ding bat friend was doing exactly that. Also, don't visit me with your $2,000 Gucci purse as my Goofy dog who still doesn't act Pluto like will say in his brain, "I have never tasted $2,000 cow leather! Is it better tasting than the $10 shoes I steal?" BTW, all of these are true stories actual events in claims . True stories of hold more weight and people remember the crazy stories applied to the definition of coverages
Using real life scenarios whether funny or not helps people relate to what it is you are talking about, but the giggles makes them like you more. It humanizes you.
4. I dress not over the top business that it appears I am unapproachable but I don't dress too casual that I am not taken seriously. After all, we are professionals.
5. I tell all my clients I am policy number phobic. I prefer names. If I ask for a policy number, it is because the dumb system is being its usual electronic uncooperative self.
As to their names? I keep a list of all my clients on a master sheet. It shows last name, first names of all named insured's, address, phone number, and insurance carrier names. This way, when someone calls? I do a quick find on my Excel sheet by any search parameter (I have unnamed insureds who sometimes cannot tell you the named policy holder, but at least they can give me the address), bring their policy up, and I know everything about them and it makes them feel good. I bluff well. Actually, I do remember about 2/3 of my clientele in my head and I know the history of their property and family. The other 1/3, the excel does wonders for me.
So, because of my one on one take with everyone, my willingness to take time and layman's terms explain the policies and applications, and my time to know them and their family, I get more mouth to mouth referrals than I don't spend on advertising. I am simply in the yellow pages for easy location for my customers to contact me. Also, I leave lollipops (tootsie rolls or dum dums - no off brand) in the office lobby or some other goody reminiscent of childhood as a show of customer appreciation (the lollies does wonders, reminds adults of being a kid), once a year calendar magnet with agency name and phone number (I tell them so they can find Kim easy without figuring where my darn card is at), and the periodic phone call campaign of am I doing a good job and do you have any questions. I usually say, "this is a courtesy call to let you know I am still breathing and how are you? Am I doing a good job and do you have any questions that you thought about at 2 am in the morning but forgot to call me later because as you know, I am not in the office at 2 am!."
My clients are used to my quirky style and love it. I didn't want to come across as a droll person who only knows insurance language jargon. So insurance carriers are "dum dums or ding dings" and their requirements are "hurdles we must meet to give them warm fuzzies". This way I come across as being sympathetic with the pain in the butts things they must face as I am a consumer too.
Good luck