by David and Tracy Bell | Apr 13, 2023
Vince Lomardi had a way with words and though he was a genius at strategy, he always took the time to work on the basics. To start out every season, he would gather the players around for the first preseason meeting. There, he would give his famous “This is a Football” speech.
With a football in hand, he walked to the front of the room, held out the pigskin in front of him, and said, “Gentlemen, this is a football.” He did this to remind his players the importance of simple and basic truths about the sport he loved.
As commissions seem to erode and clients seem more interested in finding the cheapest than the best, successful brokers must get back to the basics and be mindful of the fundamentals.
What is the primary goal of an insurance broker? It seems like a simple enough question but surprisingly most brokers can’t find the right words to even explain what they are trying to accomplish. For many brokers, the mission has changed with the circumstances. The broker has been blown off course and is no longer sailing in the right direction.
Is it the goal of the insurance broker to always find the cheapest solution? Isn’t it more important to make certain that products offered to meet the needs of the client? While many clients will say that always take the least expensive solution, their actions don’t always support their words. In theory, a broker could always find the least expensive solution and still never gain new clients.
As brokers, our football, our objective is to gain new clients. Gaining new clients is what pays the bills and supports our families. Commissions follow a commitment to acting in the best interest of the client’s long-term future. If we don’t want to become another price driven commodity we must get back to the basics and remind ourselves of the real mission.
Here are few actions items, a playbook for success:
1) Offer more than just an insurance policy. Consider offering employers safety and loss control recommendations or human resource assistance.
2) Position your agency as a source of information. Don’t just push products. Demonstrate your expertise and understanding of the available options.
3) Create proposals that are geared toward quality vs price. Avoid the temptation to just cut to the chase and throw out a number.
by David and Tracy Bell | Mar 11, 2023
When your agency began doing business with Syndicated Resource Group Holdings, Inc. or created access to the online services, you reviewed and accepted our marketing and user agreements. We are revising the agreements with updated terms and conditions, effective March 15, 2023.
Do you need to do anything?
If you agree with these changes, you don’t need to take any action. Continuing to use the service after the effective date indicates your agreement with these changes. The changes will not impact the commission schedules for our various products and service offerings.
To review the new agreement, please click here.
Broker Portal
Please review the information in your portal. If you need to update or change this information, you may log-in or contact us.
About Us
Did you forget about us? No worries! Our leading technology automation, strategic industry partnerships and comprehensive professional services provide high commissions while growing a broker’s book of business. With access to more markets and program offerings, we provide a broker marketplace for competitive insurance offerings.
A free Syndicated Services account provides insurance brokers with a dashboard of options that provide save time and money. Access our broker portal for:
- Quick policy quotes from a wide array of markets
- Instant access to Appulate ACORD data management portal
- Robust technology to manage and grow your book of business
- Bundled or à la carte staffing options
- Unrestricted payment options using the payroll provider of your client’s choice
- Various HR consulting services to beef up your competitive offerings
by Syndicated Insurance Resources | Jan 15, 2023
Audits are common with general liability, workers’ compensation, liquor liability, commercial and other business insurance policies.
This is because when your commercial insurance policy is drafted, it’s based on an estimated risk exposure based on sales volume, number of employees and contractors, locations and common industrial risks.
In most cases, the premium for your insurance isn’t a final number and fluctuates based on year-end actual numbers. The audit is an important process that determines the final premium.
Most cringe at the thought of an audit, but did you know there are several ways that an audit benefits you and your business? Let’s take a look at why you can look forward to your audit.
Changed mindset
Audits aren’t always spurred by something negative. They don’t have to mean that a business has done anything wrong or that the IRS is asking to dig through your finances. In fact, this is a positive thing in the insurance world! A general liability insurance audit is completed to thoroughly examine your business’s payroll and risk exposure and to check for any changes over the year in how much risk was actually incurred. An audit may also be required for your workers’ compensation and commercial property insurance coverage.
Ensures proper coverage
During the first policy term or at the end of the coverage period, the insurer will request an audit to adjust your premium based on the most accurate sales numbers and earnings. With how much a business can change year to year, this helps to ensure that you have the right amount of coverage as you grow and change. It can also spot gaps in coverage or new exposures that appeared during the year that weren’t seen before, helping to make sure you are covered should the unexpected arise.
It can save you money
The initial insurance premium estimate can be off; remember, the purpose of insurance premium audits is to use your actual sales and operating data to determine the true picture of risk. The audit can save you money, as your premiums can decrease if sales volumes, staffing or other adjustments to predicted exposure change and less coverage is needed. You may also be entitled to a refund or a credit on the overquoted premium at the start of the year.
Best practices already involve accurate record keeping in your operations; this is exactly what will help your insurance audit go smoothly and painlessly. Documentation you’ll need to provide includes payroll and cash summaries, federal and state employment reports, subcontractor and 1099 forms, relevant tax documents and any other items that will help an auditor have a clear understanding of your business state and revenues.
We can walk you through the process and answer any questions you may have. Call or email us today, and let’s discuss your premium basis and risk exposure and what that could mean for an upcoming audit. Let’s help you prepare so that your audit can feel more like a walk in the park.
by David and Tracy Bell | May 16, 2022
A business owner’s policy (BOP) combines two types of insurance (property and general liability) into one policy, helping you efficiently manage claims resulting from disasters, theft, fires, bodily injury and more.
Who needs a BOP?
A BOP can help your business if you have a physical location, regardless of the type (a home, a rented or owned office, a storefront or even a garage), because those locations are subject to damage.
A BOP can also help your business if you have assets that could get stolen or damaged. These can include physical assets, such as equipment, furniture and inventory. But they can also include digital assets. If someone steals or loses customer data, for example, a BOP can help pay expenses involved in notifying clients.
You could also benefit from a BOP if there is any chance that you could be sued. Say a customer slips and falls in your retail storefront or office. Without the proper coverage, you could face significant medical expenses.
Why consider a BOP?
A BOP is more affordable than buying separate business property and liability policies. You can also tailor a BOP to help meet your business’s specialized needs by adding optional coverages, such as data breaches and business income loss. A BOP policy can also be customized to certain industries.
How can you get a BOP?
Proper insurance coverage is an important part of being prepared. Call or email us today to review your policies and determine if a BOP is a good fit for you.
by David and Tracy Bell | Feb 21, 2022
Insurance is the backbone of every established business’s operation plan, offering reassurance of financial stability should the worst-case scenario come to fruition. But understanding the elements of an insurance contract can seem daunting when it applies to a business versus a person. Below is a brief guide to the components of an insurance contract that make it legally binding for both parties.
Offer and Acceptance. When you seek an insurance policy, you fill out an application that is legally known as an offer. Acceptance occurs when the insurance company formally issues the policy.
Legal Consideration. This refers to the dollar value of the premiums you agree to pay and the dollar limit of the coverage the insurance company provides in return.
Competent Parties. Insurance contracts are only valid if both parties are of sound mind and body, both parties are at least the legal age of majority and the insurance company is licensed in your state.
Free Consent. Both parties in any insurance contract must enter into the contract of their own volition, with no fraud, misrepresentation, intimidation or coercion involved.
Legal Purpose. The insurance contract must adhere to all state-specific laws that apply to the contract and cover only legal activities.
Insurable Interest. You have an insurable interest when you benefit financially from whatever is being insured (and you cannot get coverage for something in which you have no insurable interest).
Utmost Good Faith. This means that both parties have acted without any type of deception, omission or misrepresentation.
Material Facts. Material facts are those things the insurance company needs to know in order to insure your business.
Full and True Disclosure. Both parties are required to completely disclose all material facts pertinent to the insurance policy.
Principle of Indemnity. The insurance company will compensate you with a cash settlement if a covered loss occurs.
Doctrine of Subrogation. This says that the insurance company can pursue reimbursement from a third party that caused the covered insurance loss.
Warranties. Warranties are the promises specified in an insurance contract, such as conditions that can trigger a claim and the actions that will be taken by the insurance company as a result of the claim.
Conditions. Conditions determine whether a claim will be paid. They include you paying the policy premiums, notifying the insurance company in a timely manner and such.
Limitations. Limitations are the parameters of the insurance coverage, such as maximum amounts that will be paid for a specific type of loss.
As you might have gathered, insurance contracts are complex legal documents, and it’s best to have assistance when entering into one. Please call or email us today to get help with your commercial insurance coverage.
by David and Tracy Bell | Dec 20, 2021
| A Guide on How to Achieve Big Dreams |
| Ever made a New Year’s resolution that you then worry is unrealistic? The good news is there’s no such thing. Here are five steps for following the dreams you really want to achieve.
Picture your dream clearly. Focus on what your dream is. Picture it as fully and vividly as possible, and then write down exactly what you see and how you see it. Research from Dominican University’s Dr. Gail Matthews has shown people who write their goals down are 42% more likely to achieve them.
Ignore any negativity coming your way. A marathon runner is far more likely to take advice from someone who’s run a marathon than an armchair-dwelling naysayer. Take feedback from those who want you to achieve your dreams, not those who’d rather shoot you down.
Surround yourself with positive influences. Now that you’ve filtered out the negative ideas and people who’d seek to hold you back, it’s time to fill your headspace with stories and people who have achieved supposedly “unrealistic” dreams. Finding strong role models for yourself is a powerful way to break away from any limiting beliefs you may have previously had.
Spend a moment in your future self’s shoes. Think about what kind of life you’d like to look back on when you’re nearing the end. Do you want to have stories to tell, or would you rather have the regrets of not having tried? Even knowing that you did your best will leave you with a much more positive outlook.
Take action! A bodybuilder doesn’t gain muscle by just thinking about lifting weights or reading weightlifting magazines. Once you know what you want, put the tangible work in to start achieving. |
