| |  | | | Special Feature - Professional Liability * Advantages of Big 'I' Membership * Personal Lines * Back to Basics * Agency Management * Workers' Compensation * Insurance Laws & Statutes/Coverage Resources |
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| | Many experienced business owners are unaware of their need for a Directors & Officers (D&O) liability policy. According to a white paper on this issue developed by Gallagher, a Chubb study found that 25% of private companies surveyed had a D&O claim in the three years surveyed. The average cost of those claims, according to Chubb, was just under $400,000. This article will explain some basics of D&O coverage, private company exposures, and how to help your clients understand their risks. |
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| | Future One, a collaboration of the Big I and leading independent agency companies, has released findings from the 2022 Agency Universe Study. This study is hailed as the most comprehensive of the independent agency system. The study surveys a wealth of issues about independent agencies operating in the U.S. including their numbers, revenue base and sources, number of employees, ownership, mix of business, diversification of products, technology uses, non-insurance income sources, and marketing methods. |
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| | Liability policies, whether the HO, PAP or CGL, respond when the insured is judged to be “legally liable” for the injury or damage. But how is “legal liability” determined? That is the question answered in this short article. |
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| | Your clients may be unaware of the flooding risks they face. A free, online assessment tool pioneered by First Watch Foundation may help your policyholders better recognize their flood risks. |
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| | The National Flood Insurance Program (NFIP) updated its Flood Insurance Manual effective April 1, 2020. Following are links to the updated manual appendices. |
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| | What does it mean when an adjuster reports that your insured is not “legally liable,” so the carrier will deny the claim. This article explains the basics of legal liability so that you can explain it to your clients. |
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| | If you have placed coverage with any Bermuda-based carriers, your agency management team should monitor their financial strength. |
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| | Increasingly inclement weather, civil disobedience, electrical grid failures – all these problems can create a nightmare for insurance agents. Not only will these events impact your clients, but your agency’s staff and its agency management system may be unable to handle the flood of incoming calls and email requests for assistance. Every agency needs a disaster plan, and the Big 'I' offers plenty of resources. |
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| | Following a horrific natural disaster, agents must plan on receiving calls from angry insureds. Knowing the angry calls are coming is the first step toward managing them. Storm victims need to feel some level of control to move through and past the “inventory” / “reaction” stage. Knowledge allows a feeling of control. Provide clients as much information as possible – even if it’s news they may not want to hear. Storm victims follow a known pattern of recovery, know the pattern. |
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| | Constant debate swirls around the difference between independent contractors and employees. It seems that every contractor wants everyone to believe that everyone on the job site is an independent contractor; but we know that’s not true. Use these 17 “tests” to differentiate between a de facto employee and a true independent contractor. |
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| | Traveling employees create workers’ compensation coverage nightmares; but many agents are unaware of these travelling landmines until after the injury. The problems arise at the junction of two key concepts: 1) Extraterritoriality and 2) Reciprocity. If these two concepts don’t align, serious coverage implications – including no coverage – can exist. |
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| | When employees travel, it's important to know the extraterritoriality and reciprocity statutes in the state where that employee is working. This reference document will help you do just that. |
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| | This chart details workers' compensation and undocumented workers statutes by state. |
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