Monthly ArchiveNovember 2019

Program Business

Ways To Stay Current on Insurance Industry Trends and Best Practices

Like many professional sectors, the insurance industry is constantly changing. To keep your agency afloat now as well as set it up for long-term viability, you have to know what is going on in this specialized field. Here are ways to stay current on trends and best practices to give your agency the best chance for success.

Study Blogs and Web Sites

Blogs can often be good sources of current news and information. However, you need to vet what you read. Scrutinize analytics and cross-check material with other sources you find. Web sites with news relating to the insurance industry, including Your Money Your Life (YMYL) sites are great ways to keep your finger on the sector’s pulse.

Use Relevant Databases and Platforms

To stay up-to-date on industry trends, search for insurance articles using a credible platform. You can get more research done quickly and easily when the entire insurance industry is delivered to you. Source: Program Business

Communicate

Although much of today’s world is digitally driven, ultimately nothing is better than personal communication. Networking with colleagues and talking to customers both yield insights and information you just cannot get from digital sources.

Part of success as an insurance agent is knowing what is of-the-moment in your industry. There are multiple ways of doing this. Certainly, take advantage of the digital tools now available, but remember that personal communication is just as valuable. When you know what is on-trend, you set yourself for long-term success.

daniels insurance inc

Staying Safe in the Construction Industry

If you work in the construction industry, you know that you face many risks and dangers on a day-to-day basis. Basic safety precautions are absolutely necessary for this line of work. To keep you and your workers safe on your construction site, follow these guidelines.

Wear the Proper Equipment

Your workers can’t do their jobs effectively if they’re aren’t equipped with Personal Protective Equipment (PPE). Whenever you step onto the construction site, confirm that your workers are wearing the following items:

  • Hard hats
  • Safety goggles
  • Full face shields
  • Gloves
  • Earplugs or earmuffs
  • Respirators

It’s also crucial to take the conditions of your site into account to make sure that your equipment is tailored to them. As seen on www.danielsinsuranceinc.com, the appropriate gear can prevent accidents from occurring and keep your workers protected from various health risks.

Understand the Benefits of Liability Insurance

In addition to recognizing the importance of PPE, it’s vital to consider the benefits of having the right liability insurance. A liability policy can include coverage for customer injury, property damage and slander or libel. Be sure to look into the aspects of your insurance policy to ensure that it caters to the specific needs of your business.

Staying safe in the construction industry is a matter of using the right equipment and having the proper coverage. When you put in the work and preparation that you need to succeed, your business can thrive in many ways.

What is a Risk Retention Group?

You may have heard the term risk retention group or RRP and wondered what it means. A risk retention group is a term used to define a type of insurance company that is owned by its members. Members are usually from similar types of businesses, which means they share a similar type of risk and liability. A risk retention group exists to assume liability and spread it between its members.

Are There State or Federal Regulations?

As a whole, insurance is regulated at the state level. This is true for everything except RRG’s. In 1986, The Federal Liability Risk Retention Act was put in place to provide affordable liability insurance options, which were lacking in the 80s. It remains in place today and is still the only insurance regulation on the federal level. Risk-retention groups are federally chartered but still require state licensure. Once an RRG is licensed in the state where it is domiciled, it can do business across state lines without further state licensing.

What Are The Advantages of Using an RRG?

Insurance companies like Caitlin Morgan Insurance Services provide direction for companies that want to be a part of a risk retention group. They can explain some of the advantages that come with a membership that includes the following:

  • not having to worry about multiple state licensing and regulations
  • custom benefits and rate structures
  • more member risk control 
  • removing market residuals
usrisk

The Unique Insurance Needs of Professional Employer Organizations

Running a staffing agency or professional employer organization can offer some unique challenges. When you are responsible for more than 150,000 individuals at any given time, it can add a lot of stress to your life. It can be particularly difficult to determine the best fit for your needs in regard to insurance. In order for your PEOS to thrive, you need to think about the basic coverage options presented to you and which will help your company avoid financial issues.

Coverage Options

As mentioned by the experts at www.usrisk.com, there are certain considerations your professional employer organization should take when selecting insurance. Due to the nature of your business, you may need very specific plans in order to cover the demands placed on your clients or employees. Common coverage options to consider include:

  • General liability
  • Errors & omissions insurance
  • Employment practices liability

Additional Policy Considerations

There are also some additional policies you may wish to consider. Auto, crime, and property options are typically available to companies that require this coverage. Weigh out your options and determine which policy will help protect you in the broadest range of scenarios.

Getting the most out of your insurance policy takes time. Help your professional employer organization see the success it deserves by researching a coverage option that works best for your future.