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Agency Management

What Inflation Means for Your Insurance & Business

Swiss Re Corporate Solutions is closely monitoring two types of inflation that may be relevant to your business and E&O insurance: consumer price index inflation and social inflation. In these continually uncertain times, we hope this will help you understand what we are looking at and not only how it affects E&O insurance, but how it affects your clients.

What’s In a Name?

“That which we call a rose by any other name would smell as sweet.”
~Romeo and Juliet by William Shakespeare

From the Email Bag: Employee Benefit Plans 

Due to the dramatic changes in health insurance coverage for small businesses from enactment of the Affordable Care Act (ACA), employers are looking for alternatives to traditional health insurance programs in an effort to save money. Employers have consistently tried to provide for their employees and there are different methods of providing employee benefit plans.

Compliance Is Not a Dirty Word

“Compliance,” like the term “audit,” can strike fear into our hearts. “Compliance” is a term that for many people has a negative connotation. Merriam-Webster defines “compliance” as:

So You’re Thinking About Selling (or Buying) an Agency?

At some point in your insurance career you may have to decide, is it time to sell my agency? Or, if you’re making a transition in your insurance career, the opportunity arises to consider whether you should purchase an agency. In both situations, one of the most overlooked and under-considered aspects is what to do about the E&O policy.

Less is More:  Overpromising on your agency website is bad for business

Much ink—and a lot of webinar time—has been devoted to the topic of agency websites leading to errors & omissions claims in recent years. The message is simple: Our insureds are getting skewered in lawsuits because they make grandiose promises on their websites, which then become “star witnesses” against the agency. Your own words are used against you in devastating fashion, over and over.

I’m going to find out anyway, so you might as well tell me.

Overlooking the error of a high-producing agent, for example, will only delay correction until the next mistake. There needs to be consistency from management – from receptionist to lead producer; all deserve respect, understanding and fairness in this situation. Management needs to be willing to look inward to see if there was something they could have done to prevent the mistake. Was the error due to a lack of training?

Helping Hand: How to support your remote employees and avoid claims against your agency

The COVID-19 pandemic brought a host of issues for everyone, both personally and professionally. For employers, keeping a business operational resented all kinds of challenges. Agencies have had to adapt to government orders and maintain the health and safety of employees. Some restrictions have been lifted, but the business world still hasn’t returned to the way it was before the pandemic. Agency owners recognized the importance of implementing policies and procedures for employees and customers to keep their agencies running smoothly with minimal interruption. With some employees still working from home, employees should have reliable, high-speed internet service; a laptop; an agency cell phone or telephone access through the agency computer.

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WATCH THIS SERIES ON-DEMAND!

1. The Attorney’s Perspective
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2. The Agent’s Perspective
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3. The Association’s Perspective
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4. The Claims Adjusters’ Perspective
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5. The Auditors’ Perspective
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6. Wrap-Up
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