June 28 is National Insurance Awareness Day—a day created to remind individuals to review their insurance policies, connect with their agents, and make any necessary adjustments or changes. When this day comes around, how do you know what aspects of your policy to review? To answer this question, we went directly to the source and asked our agents for their insights, recommendations, and more!
Hunter Smith
Commercial Insurance Agent
What type(s) of insurance policies do you handle as an agent?
I provide liability, property, umbrella, workers compensation, and many other ancillary commercial policies for all business types across Central Florida. While I provide my risk management services across a wide spectrum, I specialize in breweries, distributors, and wholesalers.
What suggestions or advice do you have for individuals looking for this type of policy? What should they be on the lookout for?
In today’s market and economic climate, I understand that cost is a driving force in the insurance buyer’s mind...but I remind policyholders that they should highly consider service in addition to cost. No one wants to waste even a dollar on a lemon. At Mulling Insurance, we search for the best policy for your needs and back that policy up with the best service in the industry. We become a trusted advisor, helping you navigate unexpected risks and potential oversights. In the event of something happening to your business where you need to take advantage of your policy, having a trusted advisor to lean on and guide you through the process is priceless. In reality, that’s what you are paying for.
What aspects of this type of policy should they review on an annual basis and why?
I suggest that there is an open communication between the policyholder and their agent. This can be an email every few weeks, a quarterly face-to-face, or both! There can be so many aspects of the policies that can benefit from continual communication. I suggest that revenue & payroll should be a part of a semi-annual, if not quarterly review. Important information such as new employees or drivers, new exposures or operations, new vehicles, newly purchased property, and certificate holders should be communicated weekly, as needed, to your agency's team.
Carlos Roman
Commercial Insurance Agent
What type(s) of insurance policies do you handle as an agent?
While I handle general liability, property, equipment coverage, cargo, workers compensation, contingent liability and more, one of my specialties is trucking & transportation packages!
What suggestions or advice do you have for individuals who are looking for a commercial transportation policy?
Download our Transportation Insurance Checklist to ensure you have the proper coverages you need for an ever-changing industry!
For starters, be sure your truck, trailer, and equipment values are accurate every two years. Also, it's important to ask your agent if there have been any coverage requirement changes or certificate revisions that need to be addressed, as well as any changes if commodities hauled per each respective broker or lease concern.
Kent Longo
Commercial Insurance Agent
I handle commercial insurance for charter schools, restaurants, apartments, condo and homeowner associations, golf courses, and contractors. In general, all of these types of businesses have General Liability, Employment Practices Liability, Professional Liability, Directors & Officers Liability, and more common policies such as property, workers compensation, auto, and umbrella.
The hot topic of insurance for both personal and commercial insurance is property coverage, meaning homeowners insurance on the personal side and commercial property for businesses. These policies insure their buildings, contents, and loss of income or business interruption. For commercial property policies, unless they are written as a Business Owners Policy (BOP), coverage has to be individually added to the property policy. Important coverages are business income, signs, water/sewer backup, off-premises power failure or utility services, as well as building ordinance & law for older buildings. Many carriers are now writing coverage with Actual Cash Value (ACV), rather than Replacement Cost. ACV applies a depreciated value, which means they will not replace the building or covered items. The client can be left holding the bag for the remaining funds needed for repairs or replacement. Underwriters are also putting larger deductibles and higher wind deductible percentages, which creates an even larger out-of-pocket exposure for the client.
For property policies, policyholders should review the values of buildings, contents, and loss of income and increase as needed. Be sure to verify if there has been any change in deductibles or coverage, or any new exclusions or sub-limits added to the policy as well.
Thank you Hunter, Carlos, and Kent for sharing your knowledge and insights. Grab your paperwork and call your agent, it's time to review and prepare for the next half of the year!