There are complicated issues and potential gaps in coverage when dealing with leases. Do you know that a lease may require the tenant to provide insurance for the landlord’s building, contents, betterments and improvements if necessary? Consider these examples where the lease requires the tenant to be responsible for the building items: (more…)
A common mistake an employer can make is to buy workers compensation insurance in one state while having employees working and/or living in another state. This creates a liability exposure in which the policy you purchased may not have coverage for claims generated by these employees.
One reason for this potential gap in coverage is that an employee is entitled to select the jurisdiction they wish to file their claims based on these three basic principles: (more…)
Artisan contractors are experts at what they do and expect to complete their projects without mistakes. But customers can be quick to allege negligence in a contractor’s work, and narrow margins expose contractors to costly errors. Contractors’ Errors & Omissions (E&O) is a specialized liability coverage to protect for potential exposures resulting from faulty workmanship claims. Consider these real-life scenarios: (more…)
Mistakes happen. But when it involves vehicles, mistakes can be costly! Consider these real-life scenarios: (more…)
A high level of knowledge and understanding regarding industry-specific safety issues and loss trends makes a big difference in reducing workers compensation losses.
In this video, Rhonda McCreedy of DeRosa Corporation, Wauwatosa, Wis., and Chris Halverson of M3 Insurance Solutions, Waukesha, Wis., discuss Society Insurance’s proactive approach to risk control and loss prevention in the restaurant and bar business. (more…)
Most businessowners policies protect outdoor property with a standard limit of $2,500 for five specific perils: fire, lightning, explosion, riot or civil commotion, and aircraft. While this offers some protection for your outdoor investments, how likely are these events to occur? And if they do, will $2,500 be enough to cover your loss(es) associated with outdoor fences, antennas, light poles, signs not attached to buildings, and tree and shrub damage, including debris removal?
Consider these common claims situations not covered by a typical policy: (more…)
The sky is dark as a storm system moves through your community. Overhead power lines have been damaged by strong winds, causing a blackout at your business. You are suddenly without power and unable to conduct business. How will this affect your business income? (more…)
Society Insurance recently had a significant fire loss in Wisconsin. We insured a general contractor who was building a condominium structure that caught on fire. Unfortunately, the fire resulted in the total loss of the condominium building, the loss of construction equipment, and significant damage to the siding of adjacent homes in the area.
Due to the size and scope of the fire, a considerable amount of time and money was spent trying to determine the cause of the fire. Investigators were able to rule out several possibilities, including electrical, as the cause but they were unable to determine the actual cause of the fire. (more…)
This is my 25th year in the insurance business. Most of those years have been spent in the sales and marketing department for an insurance carrier. I have seen many producers come and go whose focus is on chasing a sale. Chasing a sale is good, but the issue is that they sometimes become lost and discouraged. I have seen countless new agents spend more time trying to place a high-risk brokered account than working on honing their craft. Eventually their confidence is shattered and the sale is given to a person with more experience.
I truly believe the most successful insurance agents are experts within a sector of our economy. Successful agencies are experts at something — hospitality, construction, manufacturing, and the list continues.
Would you go to a family doctor for heart surgery? No, you would go to a heart doctor. Every industry specializes in today’s world. Heart doctors make more money than a family doctor. Why? They are experts within their craft. When it comes to insurance, it’s no different. If you put in the time to be a niche insurance expert, you can expect five things to happen: (more…)