Are You Classified Properly???

Answer yourself one question: What exactly does your business do?  Are you a manufacturer and your insurance policy classifies you as a wholesaler?  Are you a general contractor and your policy is classifying you as a subcontractor?  Are you a retail operation and your insurance policy states you're distributor?  Sadly, companies are classified improperly WAY too often.   

Cheating on Your Audit and How it Doesn't Pay Off

Insurance carriers are surely cracking down on clients withholding payroll or gross revenue information.  One of the most repeated complaints I hear from prospects or new clients is that they always get a pesky audit bill at the end of the insurance term.  And, let's be honest.  It's never a good time to pay a large chunk of money to an insurance company.  But if you lie when reporting your revenue or payroll, be prepared to get caught. 

Worst Passwords of 2011

The Insurance Journal did a piece not too long ago on the worst passwords of 2011.  As we are inching our way closer into 2012, maybe it's time to review the top 25 worst passwords and see if any match up with your current passwords.  A good password is the first defense to a cyber attack.  If any of your passwords hit upon this list, it's time to make a change - pronto! 

Do I Really Have to Report Every Workers Compensation Claim?!?!

This past week I did a presentation on what a reportable claim is and how first aid differs from a reportable claim.  After the presentation I quickly realized that many people in the room, let alone my current clients, probably had no idea they had an option when it comes to reporting workplace injuries.  So in the next few minutes, I'll attempt to explain what a first aid vs. reportable claim summary situation actually is.

Shopping Around - Is It Worth It?

Towards the end of the year it seems like I get a wave of panic from clients and potential clients.  As many insured's renew around the first of the year, they all are wondering if they are getting the best deal or if there's anything else they should be looking at.  If I owned my own business, I would be doing the same thing.  I would want to know I was getting the best deal with the best coverage.  And, if you have an ethical broker, they should be marketing your renewal out annually.

Gene Simmons Insured His TONGUE?!

Some celebrities have some amazing "assets" and have specifically decided to insure certain body parts.  Being in the insurance industry for quite some time, I have heard the rumors of J Lo's bum being insured and Mariah Carey's legs, as well.  But were those rumors really true???  Turns out, they are.  And many times it's a sponsor or advertising partner that has put up the cash for these crazy policies.  Here are some of my favorites from the outrageous list.


$317,000 Mustache, MERV HUGHES, Cricket Player

So What Do You Think This Will Cost Me?

I've been flooded with a slue of submissions lately and some companies are start-ups or fairly new in business.  After my initial meeting with the insured and getting to know their company a bit, the ultimate question is posed: "So what do you think this will cost me?".  If only I had a magic wand!  I would wave that wand and poof, an accurate number would appear.

9/11 is My Generation's Pearl Harbor

Yesterday marked the 10 year anniversary of 9/11.  Pictures, memories and stories came flooding back as I remembered exactly what I was doing, exactly where I was, the morning these unfortunate events happened.  Everyone has their story.  But for me, I was sleeping in my college dorm.  I was in the midst of my collegiate soccer days and our team was scheduled to fly to play an opponent the following day.

Thanks but No Thanks

One of the difficult parts of my job is learning when to say no to a client.  It's in my nature to want to help everyone and if I can't help them, point them in the direction where they are able to get help.  But the other day, I had a law firm call on me and they were interested in receiving a quote for their professional liability.  I started asking the usual questions: how many lawyers, any claims I need to be aware of, how much does the firm gross, etc.  Then the firm let me know that they have two other brokers looking at their renewal. 

Top 10 Most Stolen Vehicles in U.S.

According to the The National Insurance Crime Bureau, Honda's were busy in 2010...busy being jacked!  As reported in the Insurance Journal, "The National Insurance Crime Bureau examined vehicle theft data submitted by law enforcement to the National Crime Information Center (NCIC) and determined the vehicle make, model, and model year most reported stolen in 2010."

What is the Difference Between a Deductible and a SIR?

Many people that have liability insurance for their business may not even know the difference between a deductible or self insured retention.   For the most part, they serve the same purpose.  They can offer a cost savings to an insured who anticipates small and infrequent losses, and they can reduce an insurer’s reluctance to write an account with a loss frequency problem.

Why am I Paying State Taxes & Fees for my Insurance Policy?

When I am working on placing insurance on behalf of a business, I first assess which "markets" will be the best place for this risk. There are two types of insurance markets: Admitted Insurance Carriers and Non-admitted Insurance Carriers (otherwise known as Excess & Surplus lines carriers). I've done a brief outline of the two sides below.