Category

Commercial Lines

Employment Practices Liability Insurance

By | Commercial Lines, Coverages, Insurance Insights | No Comments
Employment Practices Liability Insurance (EPLI) is something that you may want to consider as you look at the coverages on your current policy. It turns out that sixty to seventy percent of companies do not have EPLI or think that their current policy covers them when it really does not. Our goal today is to promote awareness in regard to this important coverage to help you make an informed decision as you review your policy with your agent.
APLI covers your business in case you face a lawsuit in regard to your employees. For instance, it might be an issue related to hiring malpractice, inappropriate background checks, wrongful termination, harassment, discrimination, or other similar matters. The lawsuits related to these kinds of matters are rising by approximately 400% ins one years. Many companies believe that this type of liability is covered under their General Liability policy, but that is often not the case.
It is so important that, at Brooker Insurance, we are talking about EPLI with each and every commercial client we meet for an insurance review. We encourage you to talk to your trusted agent or broker about it as well.

“Sixty to seventy percent of companies do not have EPLI!”

Target Premium

By | Commercial Lines, Insurance Insights, Premium | No Comments
When working with an insurance underwriter in regard to your insurance, your insurance broker may provide a target premium amount. That amount may be related to a number you provide or it may be determined by the broker in accordance with what would be best for you, the customer. At other times, it may simply be that the broker asks the underwriter at the insurance carrier to provide the very best rate possible.
The takeaway point is that it is in the insured’s best interest to have a target. That is why, if you are shopping for insurance, your new broker may ask you what you have been paying in the past. This allows him or her to help determine a good target to pass along to the carrier. It maximizes the possibility that the carrier will provide aggressive and favorable pricing back to you.
In the end, you want a target that is not too high or not too low. Something that is too low may simply mean that the underwriter walks away and does not provide a quote. That is why an experienced broker can be your best advocate in gaining the best coverage at the right price.

“The takeaway point is that it is in the insured’s best interest to have a target.”

Looking for Profitability

By | Commercial Lines, Employee Benefits, Profit | No Comments
Bill Brooker, Commercial Account Executive, discusses his interactions with a commercial customer in regard to an insurance review of the coverage on one of their large office buildings. The review resulted in the realization that the business contents, which was currently being insured by the business policy, was being double-covered by their building policy. In only about ten minutes time, Bill was able to recommend changes which would result in approximately a $10,000 premium savings each year.
The main point is one of profitability. At Brooker Insurance, our goal is to help you manage your risk in a way that not only maximizes your coverage, but also considers your long-term profitability. We highly encourage you to take the time to have a review of your insurance policies and the associated coverages at least every three to five years. As an independent agent, we value the opportunity to shop on behalf of our clients in order to keep their insurance costs as low as possible, while still maintaining proper coverage.
Employee benefits is another place to evaluate costs and look for options to help keep your bottom line healthy. The ever-changing landscape of healthcare regulations and benefits systems means that frequent reviews are always valuable.
At the end of the day, one of our main goals as an insurance agency is to help your company remain strong and profitable!

“Our goal is to help you manage your risk in a way that not only maximizes your coverage, but also considers your long-term profitability.”