Only a Rich Man Can Afford Cheap Tools

Humans have been using tools for millions of years and in our modern era there are now tools for every conceivable task. Given this tremendous range of selection, from the common cordless drill to a plumber’s specialized power pipe cleaner, how do insurance claim adjusters get a handle on pricing?  Continue reading

Don’t Take It Personal, but Commercial is Not Just About the Stuff

blog-image_2015-01-07It’s Tuesday before Thanksgiving and a request comes in via our website. We’re needed on-site for a new commercial loss. Sewage back-up, retail store; not clear as to the extent of the damage. A quick search on-line and we realize what we have here — a luxury children’s boutique in a high-end area that just got hit with dirty water, right at the heart of the holiday season. This is the policyholder’s busiest season and most crucial time of the year for their business.

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Agents and Brokers – Help Your Commercial Customers Reassess Their Coverage

Now more than ever, businesses need to assess their insurance policies to ensure they have adequate coverage – especially in light of the recent natural disasters that have been plaguing businesses and homes worldwide.

Reassessment offers carriers, agents and brokers the opportunity to educate their commercial customers about new products and services as well as exposure to risks they may not have considered before. Carriers should assess all the risk factors involved – location, type of building, etc. – and recommend the type of coverage that would be most beneficial to the insured. Should they be worried about their business flooding? Are they in a tornado zone? Will hurricanes affect them? What type of land is their business built on? All these questions need to be taken into consideration and reviewed periodically in order to provide the insured with the information they need to choose the right level of coverage for their business.

Contents is an important part of the reassessment conversation. Most businesses rent or lease the office space they occupy and it’s the physical and intellectual property that define the business and are at the center of its operations and success. For these reasons and many others, contents coverage is crucial to commercial enterprises. The insured should be aware of how much contents coverage they have within their policy – and if it adequately covers all aspects of their business, including any and all special equipment and IT assets. As Tom Kirkpatrick outlined in a recent post on the EnservioSelect blog, contents claims for commercial enterprises require specialist knowledge and domain expertise. The insured should be made aware of these aspects of commercial contents claims.

Going through all the risk factors provides the insured with the most value. It’s a win-win for both the insured and the carrier. The insured can make the best decision about their insurance policy and the carrier will have a better image in the eyes of the insured, as the insured knows that their carrier cares about them – the customer.

Spurring Local Economic Recovery with More Efficient Commercial Claims

There are plenty of lessons to be learned in the aftermath of natural disasters. The recent tornadoes in Western Massachusetts remind us that these events can happen almost anywhere at anytime. One aspect that often gets overlooked in the news coverage, however, is that residential areas and structures aren’t the only ones that get damaged. Commercial buildings and property also get damaged or destroyed, which can have a significant impact on our every day lives, especially when it comes to rebuilding the local economy. Continue reading