An insurance broker is an intermediary between the insured and the insurance companies, or carriers, providing the insurance. However, what distinguishes a retail broker from a wholesale broker? In addition, what are the advantages and disadvantages involved in using a wholesale broker? Below, we will answer these questions in order to understand the role of a wholesale insurance broker within the broader property and casualty insurance industry.
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If you own a for-profit business, ordinary and necessary business expenses can be deducted from your taxes, and that includes the cost of insurance. An ordinary business expense in this context is one that is common within your industry. A necessary business expense, as defined by the IRS, is both “helpful and appropriate” for running the business.
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Small businesses are the foundation for future economic success; they bring forth the innovation to increase efficiency in our evolving world. However, insurance companies make it difficult to figure out when to get your first commercial insurance policy and what policy is the best fit for your company. There are many different types of policies and types of insurance for different aspects of your business. Therefore, there are a few things to keep in mind when initially considering shopping for insurance for your small business.
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Subcontractors, or artisan contractors, are a profession that is held to extremely strict insurance requirements. This is primarily because this profession typically involves risks that can cause significant injury to people or extensive damage to property. For example, when a professional in the construction or artisan contractor industry is ready to perform their job duties, they are required to show proof of insurance before any work can be performed and before they are allowed on any job site. So, let’s take a look at the types of business insurance subcontractors and artisan contractors should make sure they have in place.
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A recent study conducted by the global consulting agency Accenture estimates that by the year 2020, 40% of America’s total workforce will consist of sole proprietor independent contractors. What this will equate to is more than one hundred million new “companies” with only one employee and each of one will be required to have the same type of business insurance as larger businesses do. So, if you’re thinking about leaving the grid of your day job to pursue a career as an independent contractor, if you’re already running a sole proprietorship, or if you own a company that ever hires independent contractors, then the information that follows will help you understand the types of insurance policies that sole proprietors should have in place to operate protected.
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Insurance can be a challenging product and requires a significant ongoing commitment by all parties involved. This includes the customer, the broker, and the carrier that ultimately provides coverage. The carrier is often on the hook for a lot more money than it collects and is subject to complex regulations in each state it operates. At the end of the day, everyone involved in the insurance industry is trying to make a profit just like any other industry. Inevitably, the pursuit of profit will lead to carriers cancelling coverage for certain customers. However, the carriers can typically only cancel coverage when the customer isn’t holding up their end of the deal. So lets dig a little deeper and learn exactly how insurance cancellations work.
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Have you ever received a letter in the mail from your credit card company letting you know that they’re issuing you a replacement card because of a potential compromise of your account? Now imagine the impact if someone was actually able to steal not only your credit card number but your entire identity. This is a stressful and frustrating scenario that millions of Americans experience each and every year and it results in the time consuming and expensive process that is recovering an identity, reversing fraudulent charges, and cleaning or repairing an incorrect credit history. Continue Reading “What is Identity Recovery Insurance?”
Insurance brokers are a very important part of the commercial property and casualty insurance industry. They work directly with company executives providing guidance and advice around exposures and potential risks a particular business might face. These insurance professionals not only develop a comprehensive insurance strategy for their customers, but they often also negotiate the procurement of the appropriate insurance policies from the insurance carriers.
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Even with the technological advancement of tools like virtual meetings, business travel is more common than ever before and shows no signs of slowing down. With more employees traveling comes increased exposure for the companies they work for. Business travel insurance is designed for people who travel, primarily internationally, for business purposes. Whether for trade shows or to meet with a prospective client or supplier, travel mishaps not only interfere with the business being conducted but they can cost a company thousands of dollars. The good news is that most of today’s business credit cards provide adequate travel insurance as a card benefit for small businesses. However, for companies with employees who take more than five international trips per year to less established or industrialized nations, the benefits offered by credit cards might not be enough. Continue Reading “What is Business Travel Insurance?”
Business interruption insurance, sometimes called business income insurance, is a type of insurance coverage that can be added to existing property policies or a packaged policy like a business owner’s policy (BOP). This policy covers the loss of income that a business might suffer after experiencing a catastrophic event like a fire or natural disaster. Continue Reading “What is Business Interruption Insurance?”
If you are a business owner, you probably already know that you need general liability insurance for your business or that you also need coverage for your property. However, may not be aware that if you have employees, you also need employment practices liability insurance. In fact, you might not even know what this type of insurance is. Continue Reading “What is Employment Practices Insurance?”