New car? Don’t forget Gap Insurance!

What is Gap Insurance? G- Guaranteed A-Asset P- Protection Guaranteed Asset Protection (GAP) Insurance is an optional, add-on car insurance coverage that can help certain drivers cover the “gap” between the amount they owe on their car and the car's actual cash value in the event of an accident. Why is this an important coverage? Here's an example: Your client Jim has just purchased or leased a new vehicle and has contacted you to make sure he has the insurance coverage he needs in case of an accident. You help the insured add the new car to his current auto insurance policy. Will that policy provide him  with enough coverage in the event of a total loss? Unfortunately, Jim totals his brand new car after a few months of owning it.  He needs to find a replacement.  Will the auto insurance payment from his carrier cover the cost of the outstanding loan? Well, if he has a standard policy, he likely will not be covered for the difference in the value of the vehicle and the outstanding loan. According to Edmunds.com, during the first nine months of 2016, 32 percent of all cars traded [...]

2019-01-22T18:21:47-06:00Property & Casualty|
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General Liability vs. Professional Liability

General Liability Insurance and Professional Liability Insurance are both important components of Small Business Insurance. But which policy addresses the risks your clients face? Here's how you can tell the difference. General Liability covers a Physical Incident It protects your client's business against a few general lawsuits that any business could face. Essentially, it kicks in when a third party (anyone who doesn't work for the business) sues for: Bodily or personal injury on company property Damage your client's company caused to their property Advertising injuries Slander and Libel- spoken or written defamatory statements Misappropriation- unauthorized use of information Copyright infringement Examples: Third Party Bodily Injury If a person is injured on business property, they may make a bodily injury claim against the business. For example, a package delivery man trips on loose carpeting in your client's accounting office, falls and breaks his wrist. General Liability Insurance can help cover the costs of the bodily injury claim he makes against your client's business for this accident. Third Party Property Damage If your client or someone on their payroll damages a third party’s property, they may face a property [...]

2019-01-08T15:49:40-06:00Property & Casualty|
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Workers Compensation

Help business owners protect their most valuable asset- their people. As you are visiting small business owners for open enrollment, it is a great opportunity to make sure they are fully covered in all aspects of their business. Consider asking how their workers compensation plan is working for them. Offering solutions in workers compensation and reminding them that you can come up with custom solutions for their coverage will help ensure they are protected. Running a business can come with many important decisions to make. Help make getting workers compensation insurance an easy one. Workers Compensation works on two levels: To protect employees... Medical expense benefits Lost wages benefits Over 2,000 workers compensation claim professionals to simplify the claims process 500+ in-house nurses and medical professionals to ensure a timely return and smooth transition back to work when medically appropriate To protect business… May limit a business owner's liability if sued by an injured employee Safety resources and expertise available to reduce workplace accidents Investigative team for claims Sales Approach: Why should you write worker's compensation for your small business clients?  All business owners know that they need workers compensation when [...]

2018-10-30T14:21:52-05:00Property & Casualty|
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Travelers: Tips for Cross Selling

One Household. More Policies. Lots of Wins. When you sell more policies per household, everyone can benefit. You may see an increase in customer loyalty, agency efficiency and revenue. And, it will be easier for your customers with one bill to pay, one contact point for all their claims and one website to manage their Travelers policies. Why cross sell? Increase Customer Loyalty Increase Agency Efficiency 87% of new business cancellations are monoline. More policies per household saves time that would have been spent to capture lost policies. Increase Revenue and Profitability Profits can increase more than 25% by increasing customer retention by as little as 5% according to research done by Frederick Reichheld of Bain & Company (the inventor of the net promoter score). Take a Look At Umbrella Policies A Travelers PLUS® umbrella policy can provide extra protection starting at $1,000,000 of additional personal liability coverage.  Umbrella coverage can include court costs and attorney fees, and it may protect you against various liability hazards not typically covered under home and auto policies. It may also extend protection for other personal liability losses, including: libel slander defamation [...]

2018-10-18T19:47:50-05:00Marketing & Sales Ideas, Property & Casualty|
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Philadelphia Insurance Companies Introduce Cyber Security Liability

Cyber Security Liability for Businesses An insurance that helps you protect what you connect. The average cost of a data breach is $204 per lost record, with more than half of such costs due to lost customers and the associated public relations expenses to rebuild an organization’s reputation. Don't let your clients be unprotected! • Healthcare • Hospitality • Insurance Agency • Manufacturer • Non-Profit Organization • Private School • Professional Service • Religious Organization • Retail • Many more! • Adult Content • College/University • Data Warehousing/Data Broker • Casino/Gambling • Lottery • Mortgage Lender • Municipality • Public School District Key Features • Limits available up to $20M for select risks • Both First and Third Party coverages available • Complimentary access to eRisk Hub™ cyber risk management portal • Excess Cyber is available for clients requiring high limits • Availability of complementary coverages to provide broader risk management solutions including Directors & Officers, Employment Practices, Fiduciary, and Crime • Quick turnaround times for proposals and policy issuance *disclaimer: coverage can change without notice Loss of Digital Assets [...]

2018-09-05T17:08:48-05:00Marketing & Sales Ideas, Property & Casualty|
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Boating Season is About to Start

With winter slowly moving to spring, people start looking forward to warm weather and boating.   MIBS agents can assist their clients in finding the right coverage for that new boat with Safeco Insurance and Travelers. Watercraft Rating Categories spacer Safeco’s Watercraft Program Safeco’s Watercraft Program is open to most types of watercraft used for recreational purposes.  They offer a selection of coverages designed to provide protection to the insured operator and the watercraft. Program Advantages / Selling Tips:  Competitive Advantages Coverage for pets, personal property, and equipment such as water skis and marine electronics Standalone watercraft are accepted Agreed-value policy Eligible watercraft up to $300,000 and 40 feet Total price protection available for boats 2 years old and newer Roadside Assistance is available Emergency Assistance (on-water towing) Liability coverage only is available Towing and labor expenses Fuel spill and wreckage removal Optional fishing equipment coverage up to $20,000 Additional Interest/Marina Additional Insured is available spacer Safeco also offers the Captain’s Package Option for boats of all ages The Captain’s Package provides a valuable optional coverage. It can be added to new or existing policies for [...]

2018-10-30T14:15:38-05:00Marketing & Sales Ideas, Patty's Perspective, Property & Casualty|
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Hear Yes More Often

Karen Milazzo (P&C Manager),   Perry Camodeca (Vice President MIBS) and Kelly Pottle (PHLY Marketing Rep.) Philadelphia Insurance Companies New Carrier, New Market, New Opportunity We couldn’t believe how many times Kelly Pottle said “yes” at our Philadelphia Insurance Companies’ event July 20th here at MIBS.  There was an occasional “no”, but once you see their appetite list, you will understand how it could really expand your business opportunities. “Do you accept daycares or schools?”    Yes “How about a craft brewery?”                 Yes “Will you consider Fuel dealers?”            Yes “What about home healthcare?”            Yes The PHLY event was presented by Kelly Pottle, a marketing representative from Philadelphia Insurance Companies who described herself as a PHLY baby.  Since her father is a long time employee of PHLY, Kelly attended their events as a young child, interned there during her college years and ended up working there after college. Benefits from working with PHLY: Dedicated local team 120+ niche products Financial stability: A++ A.M. Best rating Able to quote off of competitor’s applications Award winning Customer Service Department Quick response Access to user friendly website at www.phly.com [...]

2018-10-29T21:17:01-05:00Patty's Perspective, Property & Casualty|
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