by David 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 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 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. |
by David Bell | Oct 14, 2021
In our community, we have seen many businesses struggle to keep staff. Some of the restaurants are altering their hours because they don’t have enough workers which means that they are forced to pay overtime and this erodes their profit margins during this critical “jump-start” phase. As we emerge from the restrictions and quarantines, it’s not just restaurant owners facing these frustrating challenges.
We recognize that the pandemic will impact our clients and partners forever. While the risk of infection is diminishing due to vaccinations, many of the workflows in the service sector have been forever changed. Employers will need to carefully navigate through the “new normal”. Without a doubt, flexibility is imperative. Also, technology will continue to play an important role by allowing collaboration without the necessity of face-to-face meetings.
While technology is the tool, the most important asset of businesses will continue to be the human element. Competition for dependable and experienced workers will require a renewed focus on recruiting and employee retention strategies. As a stimulus to employers and direct payments to employees run out, business growth will only be limited by the employee-supported service capacity.
Our strategy, at Syndicated Resource Group, will be to offer products and services to employers which augment their ability to remain flexible and allow growth supported by a reliable workforce.
by Syndicated Insurance Resources | Dec 17, 2020
While everyone has encountered trials during 2020, the concept of expecting the unexpected continues to serve insurance brokers and agents well as we move into the years to come. Why? Because preparing for potential risks in the future is your sweet spot.
It is no secret that substantial challenges have found many small businesses reinventing the way work gets done. Those business leaders who have prepared in advance are positioned for continued growth throughout uncertain risk environments.
Are all of your clients and prospects prepared for what the future may hold? In today’s shifting times, most employers find themselves waiting for the other shoe to drop.
Since the only thing that is certain is death and taxes, use this time to help your clients prepare for the what ifs of tomorrow and the unknowns. Now is the best time for insurance brokers and agents—like you—to help employer clients prepare for tomorrow’s potential risks with a flexible mindset.
Help Employer Clients Succeed
Become a hero they remember by anticipating your existing and prospective employer client needs. Help them transform potential pain into power. Remind them that things aren’t as bad as they seem because they could be worse. Here are four ways you are well-positioned to help them succeed:
Offer Your Expertise. Don’t wait for employers to knock on your door. Proactively reach out to remind them that you’re available to help with risk preparedness for the coming year. The counsel you provide today will help employers remember you when it comes time to renew any of their insurance policies.
Provide Meeting Options. If you haven’t made the shift already, set things up so you’re able to accommodate virtual and in-person meetings. Make yourself accessible in a variety of ways to connect in a way that makes your clients comfortable. Consider options like Zoom, Skype, FaceTime for live meetings. Send free personalized video messages using Loom. When it is possible, offer outdoor coffee meetings for a change of pace.
Offer Payment Plans. With shifting payrolls, paying monthly insurance premiums based on traditional workers’ compensation systems is next to impossible. Eliminate estimates and ensure accurate payments by offering a pay-as-you-go plans. Your clients’ cash flow will improve, and end-year audits will be much easier to conduct. Short-term periods that rely on weeks instead of months will save time and money.
Find Needed Solutions. Meet your customers’ needs right where they are by finding solutions to protect their shifting workforce. With different norms created from temporary positions and short-term commitments, risk management lost control programs are critical. Spend time educating clients about ways to cut costs and share risks.
Access Free Support. Realize you’re not in this new normal alone. Syndicated Insurance Resources is well-equipped to help you find what your clients need. With access to 150+ markets and more than 40 unique customized solutions for small businesses, we specialize in helping you meet small businesses’ needs with seasonal ebbs and flows.
Contact us today to help find what you need: 877-333-8195.
by Syndicated Insurance Resources | Nov 19, 2020
COVID-19 has created many things, so it is no surprise that there is also an increase in entrepreneurial activity. While the pandemic shows large numbers of start-ups and businesses impacted somehow, today’s American workforce remains resilient and creative.
Entrepreneurial businesses have pivoted to meet needs borne from the crisis by creating new goods and services. In turn, the pandemic has created an opportunity for many to start new businesses.
Instead of seeking unemployment or another job, Americans are feeling the freedom to explore entrepreneurial opportunities. New and existing business owners are bringing needed services to today’s shifting marketplace that extends entrepreneurism beyond the norm of high-tech start-ups.
It is encouraging to see September 2020 census data showing a 19 percent year-over-year increase in new business applications throughout the U.S. There has also been a surge in solopreneurs and small businesses hiring employees, part-time workers, and contractors.
Disruption of everyday life has facilitated the rethinking of societal norms while creating space for innovations to meet needs that did not exist before today’s “new normal.” This long-game scenario has created ‘pandemic entrepreneurs’ who are setting up new business ventures and virtual shops throughout the nation.
These in-demand businesses are creating additional revenue streams that need insurance coverage as they build out and grow strong. The business opportunities that have been boosted by the current climate are many, including cleaning services, e-learning, logistics, medical supply/care businesses.
Sell Insurance Options That Entrepreneurs Need
Selling the right mix of goods and services to meet needs is just as important as having the right type of insurance coverage in place. But to do that requires insurance brokers—like you—knowing what ‘pandemic entrepreneurs’ need, finding viable insurance solutions, and offering payment options.
We all know there are options for every type of business need. From business liability (aka general commercial liability) to commercial auto to cyber to business interruption to property to professional liability—the insurance products are endless. The key is offering options that meet each business owner’s unique needs and budget.
The ‘pandemic entrepreneurs’ who need your insurance services are now projecting forward to post-pandemic activities. These prospective employer-clients are in the process of planning, innovating, and in some cases reinventing services to ensure they position themselves for long-term success.
As a broker or agent, you are well-positioned to help them plan and prepare for the future. Why? Because you’re on the ‘front lines’ using digital tools and holding virtual meetings to guide customers through challenging times and prepare for tomorrow.
If you focus on building relationships and genuinely listening to customer needs, you will help bring order into the chaos by offering advice, expertise, and protection. Getting the right type of small business insurance is critical to safeguard from accidents, mishaps, and unforeseen crises.
Find the Options You Need Fast
As an insurance wholesaler with more than 30 years of experience, Syndicated Insurance Resources has a proven track record for finding small business clients options when others cannot. From hard-to-place to high X-Mod, we help you deliver value with customized personalization that offers pay-as-you-go options.
Reach out to us one of four ways, so you deliver the best options for today’s ‘pandemic entrepreneurs’ and small business owners.
- Call us to speak with one of our relationship manager: 877-333-8195
- Use our online Broker Gateway for free. Click here.
- Submit via email at [email protected]
- Use one form to answer 12-quick questions. Click here.
