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Social Media and Your Commercial Insurance

April 13, 2020 by Sovereign Risk Solutions · Leave a Comment

As business owners we are constantly bombarded with recurring marketing advice telling us to promote our business and services in as many ways as possible, from word of mouth, to direct mail, electronic mail, websites and social media platforms such as Facebook and LinkedIn.  The theory being that through one of these many channels you will connect with potential clients looking for your services allowing your company the opportunity to gain additional sales.  I founded Sovereign in 2006 and embraced this advice which has allowed us the opportunity to grow substantially while helping our clients navigate the insurance procurement process.  The services we provide are now being impacted, many times negatively, by your good marketing intentions.

Insurance company underwriters are naturally skeptical, requiring evidence of virtually every aspect of your business that they are contemplating insuring. As your intermediary to the insurance companies we work with you to frame your application in the best possible light so that we can obtain the best terms, conditions and pricing for your company.  Historically, that’s where the process started and ended, but not in 2020.  Insurance company underwriters are now required to evaluate all the material we present them, AND compare it to information that is publicly available through whatever means or media they can access.  So here’s the problem, if what you make publicly available on your website or social media is not in concert with what we have created in our application the underwriters will in many cases simply close the file and decline to quote.  In many cases your good marketing intentions of demonstrating a broad array of services to try and motivate new clients to consider your firm in fact motivate the insurance company to either close the file, or question our collective integrity, neither of which are good outcomes.

All businesses need to grow their revenue as all expenses associated with running a business escalate.  While we encourage the utilization of multiple marketing channels to promote your business, we implore you to do so accurately.  Take the time to regularly review what information you are making publicly available to ensure that it is consistent with what services you are actually providing.  To do otherwise will make it more difficult for us to represent your company assertively, and obtain the best terms and insurance pricing on your behalf.  We appreciate your business and look forward to continue building upon our relationship.

John Varner
Founder and President
Sovereign Risk Solutions

Filed Under: Commercial Insurance, General ·

Repost: Smoothing a rough road: Understand the drivers of commercial auto insurance costs

August 18, 2017 by PropertyCasualty360.com · Leave a Comment

This article was originally published on PropertyCasualty360.com.

The road is rough and potentially worse ahead.

Commercial auto premiums increased 2.65% in April over the same period in 2016, according to the IVANS Index. Making matters worse, auto loss costs increased a cumulative 20% between 2012 and 2015, according to the Insurance Services Office.

Risk managers, agents and brokers struggling to control soaring commercial auto insurance costs would do well to understand the factors behind this surge and what they can do to better manage exposure and expenses.

Drivers of poor performance

Six factors fuel the deteriorating performance of the commercial auto line:

  • More traffic – The number of miles driven is at an all-time high, growing 3.3% year-over-year in the first half of 2016, according to the Federal Highway Administration. More vehicles mean more crashes.
  • Distracted drivers – One-quarter of all crashes involve drivers talking or texting on cell phones, according to the National Safety Council.
  • Growing medical costs – Medical inflation is soaring 1.5 times faster than general inflation, according to the Bureau of Labor Statistics.
  • More accidents and more expensive crashes – Both the frequency and severity of accidents are increasing.
  • Inexperienced drivers – There is a shortage of skilled commercial drivers with good driving records, leading to more accidents and compelling some companies to lower standards for their employees who drive.
  • Rising auto repair costs – Record U.S. auto sales mean the roads are full of newer cars that are more expensive to repair. A recent Liberty Mutual study found the cost to repair minor front-end damage to a 2016 entry-level sedan was nearly twice as expensive as fixing the same 2014 model, due largely to more sensors and other new technology.

Smoothing the road

Risk managers, however, don’t have to sit back and accept poor commercial auto performance. Far from it. Partnering with their agents, brokers and insurers, they can take nine specific steps to better manage the line:

  • Implement a fleet safety program – Anything measured can be managed. So understand what’s causing accidents, set goals for improving performance and develop a detailed plan for managing fleet safety. Regularly highlight the plan for all employees.
  • Enforce company policy on vehicle use – Clearly define who can use a company vehicle and create a process for approving who can drive their personal car on company business. The use of personal vehicles for company business can open the employer to potential exposure for any resulting accidents or damages and needs to be carefully managed.
  • Hire qualified drivers – Professional drivers are a company’s first line of defense against accidents. A resurgent economy can limit their supply, but lowering hiring standards may have significant safety implications.
  • Consider a company fleet – Minimize the potential exposure of employees using their personal vehicles for company business. Conduct a cost/benefit analysis – based on a full understanding of this exposure – to decide whether a company fleet makes sense.
  • Train drivers – Go beyond making sure drivers understand the company’s equipment and driver management program. Be sure they get the company’s total commitment to safety and its central role as a core corporate strategy never to be compromised.
  • Regularly check driving records – Checking driver records is not a one-and-done process.  Like all important workflows, it is a constant. So set a schedule for checking the driving records of professional drivers, and those employees who regularly use their personal vehicle for company business.
  • Use telematics – Many fleets work with telematics vendors to help manage fuel, delivery routes and maintenance. However, these systems can also play a key role in tracking and improving driver performance.
  • Review all crashes– Unfortunately, accidents happen, even to good drivers and companies fully committed to safety. Those companies with the safest fleets learn from these events. Companies should provide drivers with accident kits that help collect key information immediately following an accident. This information can help defend against potential litigation and improve future driver performance.
  • Explore increasing primary Auto coverage limits – The boundary between primary and excess commercial auto policies has remained relatively constant over the past two decades, at $1 million. During that time, growing medical, legal and repair costs have eroded the protection provided by that limit. Today’s $1 million is insufficient protection. Commercial auto buyers can work with their agents, brokers and insurers to identify the benefits of increasing that primary limit and attaching to the excess policy at a higher level.

The challenges with the commercial auto line are clear. So too is the route to better managing that line to protect employees, the public and a company’s bottom line.

This article was originally published on PropertyCasualty360.com.

Filed Under: General, News, Transportation ·

Real Injuries, Real Expense… But Who is Liable??

March 4, 2015 by John Varner · Leave a Comment

Unfortunately accidents happen and people and property get injured or damaged, but, who is ultimately responsible is many times left up to the judicial system to determine when the parties cannot sort it out on their own. As anyone in business knows, the future cost of your commercial insurance is largely predicated upon your past claims history. Therefore, it’s hugely important to do all that you can to mitigate risk exposures where possible and actively involve yourself in the ongoing settlement of claims in conjunction with your broker and adjuster. The following case highlights just how emblazoned the plaintiff bar becomes when they think a large verdict is possible. While our client and contracted insurance company consider this a “win”, it still cost lots of money to defend and settle.

Van PhotoThe following details a 3-day jury trial we finished last week for a non-emergency provider in rural America. It was an admitted liability case and plaintiff obtained a verdict for $150,000. The week before trial, we offered $150,000 in response to plaintiff’s last demand of $850,000. At trial, plaintiff asked for $1,850,000 based on $650,000 of medical specials.

The case was filed on behalf of an injured transport, a 70+ year-old mentally and physically disabled man with a very nice, affable disposition. He could communicate his needs but is essentially non-verbal. His younger sister filed the action as his conservator. [Read more…]

Filed Under: Commercial Insurance, General, News, Transportation · Tagged: Business Insurance, Claim Scenario, Commercial Insurance, Medical Transportation Insurance, NEMT Insurance, Non Emergency Medical Transportation Insurance, Paratransit Insurance, Sovereign Risk Solutions

10 Fun Things to Do on a Snow Day

February 19, 2015 by Sovereign Risk Solutions · Leave a Comment

Snow Day

With the record snowfall amounts in many cities across the country, many families have ended up stuck inside the house waiting for the snow storms to pass through. When a huge blizzard or winter storm passes through, it’s easy to go stir-crazy being cooped up indoors.

Here are 10 things to do on a snowy day without having to leave the property:   [Read more…]

Filed Under: General, News · Tagged: Blizzard, Cabin Fever, Monopoly, Pass the Time, Record Snowfall, Snow Angels, Snow Day

2014: A Year in Review

February 6, 2015 by Sovereign Risk Solutions · Leave a Comment

From a Ribbon Cutting of our new office to multiple charity walks to an awesome Halloween party, 2014 was a truly memorable year for the Sovereign family!

 

Enjoy our short Year in Review video:

2014 in Review from Sovereign Risk on Vimeo.

Filed Under: Commercial Insurance, General, News, Personal Insurance, Staff Bios, Transportation ·

Money for our Friends

January 14, 2015 by Sovereign Risk Solutions · Leave a Comment

Social Media Followers Campaign Flyer

We’re not asking you to post a picture of your favorite soy latte and #sovereign, we just want to become friends.

…Friends that put money in your pocket.

 

One Month.  Two $100 Winners.

How to enter?  It’s easy, just “Like” us on Facebook and “Follow” us on LinkedIn.  That’s it, really.

Our folks share some pretty interesting information and articles on social media.  We do our best to keep our friends informed with changes and updates in the industry, insurance trends, and we sometimes throw in a little humor, too.

You only have a few short weeks before this money goes out in the mail, so let’s connect soon.

Questions?  See the Official Rules or send us an email.  Good luck!!

 

Filed Under: General, News · Tagged: Facebook, Followers, Friends, Likes, LinkedIn, Social Media, Winners

New OSHA Reporting Requirements Effective January 1

December 19, 2014 by Sovereign Risk Solutions · Leave a Comment

Effective January 1, 2015, all employers under the jurisdiction of OSHA will be required to report all work fatalities within 8 hours and all in-patient hospitalizations, amputations and losses of an eye within 24 hours of notification of the incident.

OSHA stipulates that even those employers who are exempt from OSHA record keeping due to company size, such as companies with 10 or fewer employees who do not routinely have to maintain such records, or industry must comply with the new reporting guidelines.

Exemptions:

  • Only fatalities occurring within 30 days of a work related incident must be reported.
  • In-patient hospitalization, amputation of loss of an eye must be reported only if they occur within 24 hours of a work related incident.
  • If an injury resulted from a motor vehicle accident on a public thoroughfare.
  • If an injury occurred on public transportation.
  • If in-patient hospitalization was for observation or diagnostics except admission for a heart attack or suspected heart attack occurring while at the workplace or from a work related incident.

[Read more…]

Filed Under: General, News · Tagged: OSHA Reporting, PROTECTION, Safety, Small Business

Condo Insurance? Yes, you need it, and here’s why:

October 13, 2014 by Sovereign Risk Solutions · Leave a Comment

Typically, as a condo owner, you’ll receive some level of insurance under the condominium’s Master Insurance Policy, however, the level or degree of insurance can vary drastically from one building/complex to another.

Condo Insurance Atlanta GeorgiaMaster Insurance Policies cover the common areas such as the structure, lobby, elevators, and even swimming pools, but do not provide coverage for any building additions or alterations (upgrades or changes from the original build) made to an individual unit or the personal belongings inside of it.

A unit owner can be held liable for damage to the building or to other units caused from plumbing issues, water, fire, and many other acts, which highlights the need for adequate liability coverage under the Condo Insurance policy. Also, when there is a major claim and the Master Policy limits are exhausted, any additional coverage needed for indemnification will be passed along to the unit owner. This coverage is otherwise known as “Loss Assessment” and is included on an HO-6 or Unit Owners policy and variable limits are available.    [Read more…]

Filed Under: General, News, Personal Insurance · Tagged: Condo Insurance, Condominium, Cyber Liability Insurance, Loss Assessment, Unit Owners Policy

CAUTION: If you are an UBER driver, you may NOT be protected!

September 16, 2014 by John Varner · Leave a Comment

Uber, Technology, Insurance`UBER has taken America by storm!

At a time when technology is advancing our lives in every imaginable way, UBER has single handedly transformed passenger transportation unlike any other single entity since Ford Motor Company!  UBER’s software application allows a person desiring transportation to almost immediately electronically hail a vehicle from many locations in North America, and countries around the world.  The primary reasons for UBER’s success is SIMPLICITY and CONVENIENCE, especially as compared to the old school methodology of calling a taxi dispatch company, waiting from someone to answer, waiting an unknown period of time for the car to arrive, and facing an unknown fare for the trip.  UBER solves these inconveniences by communicating immediately with the passenger relative to the transport vehicle’s arrival time, trip cost, which is electronically billed to the passenger’s credit card, and in some cases including a photo of the driver.  What could possibly be better?

For all the conveniences UBER has presented, there is a wake of destruction being created when something goes wrong for both the UBER driver AND passenger.   [Read more…]

Filed Under: Commercial Insurance, General, News, Personal Insurance, Transportation · Tagged: Business Insurance, Commercial Insurance, Passenger Transportation, Technology, UBER

Higher deductible lower premium or lower deductible higher premium?

July 22, 2014 by Chris Whitmire · Leave a Comment

We all have to pay our insurance bill every month – it’s certainly not the most pleasant bill to pay, but we can all agree it’s necessary.

What makes paying this particular bill more unpleasant than any other bill we pay is that our insurance bill consists of money we pay out that we do not see a direct and immediate benefit from.  Other goods and/or services we routinely pay for such as our groceries, electricity, mortgage or rent, we get a direct and immediate benefit from.

Deductible AnalysisWe all know that the best way to keep our insurance costs down is to have as few claims as possible for as long as possible.  Another simple way to lower your insurance bill is to raise your deductible.  As an insurance agent this is a conversation I inevitably have with all of my clients at some point in time.  So, the question is: higher deductible and lower premium, or lower deductible higher premium?

The purpose of insurance is to ensure that you will be restored financially given an accident or catastrophic event.  [Read more…]

Filed Under: Commercial Insurance, General, News, Personal Insurance · Tagged: Accident, Deductible, Insurance Premiums, Personal Lines

Restaurant Safety Series: Part One – Easy Workers Comp Claims Analysis

July 11, 2014 by Sovereign Risk Solutions · Leave a Comment

Several years ago I learned how to use a pivot table to analyze data. Little did I know at the time how using a pivot table to present and analyze data would shape not only the progression of my career but also transform my view of data as it relates to restaurant safety.

No, the topic of this blog is not as an instructional on how to use Excel spreadsheets or create pivot tables. Part one of this series focuses on the simplicity of utilizing workers compensation claims data to better understand accident trends and therefore take actionable steps to prevent losses. The information that is readily available from your workers compensation insurance policy loss run is fairly straight forward and doesn’t even require the deployment of complex technology for a basic analysis.

Restaurant InsuranceWork place accidents are usually a chain reaction of events that either happen suddenly and unexpectedly or occur as a result of a defect that becomes a hazard over the course of a few days. In many cases accidents are the result of a few conditions that degrade and worsen enough to expose your business operation to “the perfect storm,” which then leads to an employee accident and subsequent workers compensation claim.

Loss run reports are available to you as the insured upon request. [Read more…]

Filed Under: Commercial Insurance, General, News ·

Do you know who’s really in your home?

July 2, 2014 by Sovereign Risk Solutions · Leave a Comment

EPLI InsuranceWe all entrust individuals to help take care of our family, including our home and our financial well being.

These individuals could be nannies, carpenters or even financial planners. The access we give these individuals into our lives expose us to a wide range of risks, and too many people have become victims by not thoroughly researching the individuals they’re bringing into their homes. Many people rely on friends’ recommendations or resumes, which doesn’t always provide the details needed to asses an individual.

A thorough background check is an essential tool in determining the trustworthiness, financial stability, and the safety of your family when employing these individuals. [Read more…]

Filed Under: General, News, Personal Insurance · Tagged: Background Check, Credit Reports, Driving Record, Employment Practices Liability Insurance, EPLI, Family Protection, Financial Stability, MVR Screening, Personal Lines

Next Page »

READ OUR BLOG

  • The Importance of Documenting All Evidence at the Scene of an Accident in the Covid World
  • Cleaning and Disinfection for Non-Emergency Transport Vehicles
  • Social Media and Your Commercial Insurance
  • Navigating the COVID-19 Waters
  • Automobile Physical Damage Coverage – “Stated Value” vs. “Actual Cash Value”

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