Currently browsing;Insurance Tips
- Working with a specialist.
Have you ever had a job done by someone who claimed to know the intricate details of a special task, but turned out to be a total charlatan (fraud) and only had a basic understanding of the task required. The Insurance Profession is not different than any other industry, many so called specialist are really just [...] - Does your insurance agent understand your business?
Insurance agents typically use a standardized application form when requesting quotes from insurers. The form has boxes that are checked yes or no, blanks for policy limits, sales figures etc. and a small area for describing the nature of your business. This is used to provide the underwriters with the specifications of your business insurance [...] - Protect your leased commercial or small office building
You keep your property in tip-top shape. You do what needs to be done to make your commercial tenants happy. You know that they appreciate you most when they need you most. Your ability to quickly fix, recover and sustain the viability of your leased property is essential to continuing and keeping those relationships. [...] - Ways to save Money
Recently I received my own homeowners renewal policy and noticed the Building limit or coverage A amount had increased to a level much higher than the current replacement value would be. I had one of my staff run a cost estimator for our area and it came out to be $59,000 higher than actual replacement [...] - Saving Money on Auto Insurance
Saving Money on Auto Insurance Commercial auto insurance has many factors that come into play when determining a premium. Are you aware of the different classifications of commercial auto insurance? Has your agent reviewed these with you to make sure you are being charged appropriately? The Henkes Welsh Agency can help. There are four classifications [...] - Choosing a Broker
Choosing a Knowledgeable Agent or Broker: An effective way of reducing insurance costs is by choosing an independent agent or broker who knows your businesses’ needs. That individual’s firm is tasked with representing your business to the insurance industry, process millions of dollars of insurance premiums, create a plan on how to help protect a [...] - Professional Liability Insurance/Errors and Ommissions
Professional Liability Insurance is designed to protect traditional Professionals(e.g Lawyers, Physicians, Engineers) against liability incurred as a result of errors and omissions in performing professional services. Most professional liability polices cover economic losses suffered by third parties, as opposed to bodily injury and property damage ( which is typically covered under commercial general liability policies). [...] - Replacement cost versus market value.
We were recently requested to lower the replacement cost limit on an insureds building since they felt the market had declined so much that they were over insured. Market value is the price a willing buyer will pay a willing seller. Market value has almost nothing to do with replacement cost. Replacement cost can be thought [...] - Total Cost of Risk
Do you know your total cost of risk? The Henkes Welsh Agency can help you determine yours. There are several factors that must be included in the equation including the cost of deductibles, safety programs, claims management, legal fees etc. An insurance program should focus on reducing the total cost of risk, not just the insurance [...]
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