Insurance & Risk Management advice for mid-market companies, financial service firms, manufacturers, wholesale distributors, restaurants, real estate investors, and more!
If Im a luxury real estate photographer and filmmaker, who also does other creative production services, should I get General Liability insurance or E&O? I don't have any employees
This should be explained to ever person who goes to buy WC insurance I cannot fathom how many calls I get asking what the audit is performed for lol auditor here
Hello I am a financial advisor And I want to know exactly what does E&O cover ? 1) does it cover lawyer fees ? 2) if I lose the court case , and I have to compensate my clients , will the policy compensate my clients for the damages or do I have to pay for the damages out of pocket ?
Thank you, the info in this video was very useful for me, I am starting my agency and no had aidea about many things, I will follow you to learn more about this business.
Good content. However, I'd recommend you to add more visuals while you explain an individual topic. This will make it easier for viewers to understand better.
I fell at work because someone left a flat in the walkway and have been in physical therapy for more than 6 months. My employer cut my hours from 32 to 24 and 16 hours per week. No one talked to me after the fall to give me any information on what to do. I’ve missed work due to the injury and I’m almost at my limit for occurrences. I waited 3 weeks to see a doctor hoping the swelling would go down but it didn’t. I finally told the assistant manager I was going to get checked out. What can I do to keep my job and be paid for days I missed? Also is it legal for them to cut my hours so drastically?
That's a very complex question and one that's impossible to answer here. In fact, it sounds like you may need an attorney that specializes in workers comp claims to help you here.
They must pay their customer service reps, who cant do basic math, $15/hr to deal with unhappy customers as they scam their way robbing small businesses. They AGREED they made a mistake and will not refund my money. I have to go to fucking court. They promise one price, they charge another.
As a freelance writer, I recently heard that E and O does not cover claims that happen before or after coverage, even if the piece was written during the time of coverage. If this is the case, how can freelancers ever retire and not pay for E and O anymore if ppl can just make claims after the fact? Thanks.
Good question! It's not just E&O insurance, but all claims-made policy forms. Some policies can be purchased to include "prior acts" and on the retirement part of the question, you can purchase what's known as an Extended Reporting Period or "Tail" to cover you for claims made (for prior acts) after the cancellation date. That tail can be 1,3,5, or 6 years depending on the policy
Thank you for this video. What about home based , family owned bakery business, no employees, but a couple only, that are starting this business and will be selling their products to the local grocery stores? What to consider, type of risks, any licenses required for GL or BOP ?
In terms of licenses I'm not sure they're required to get coverage, but some insurers will not write bakeries out of a home due to lack of inspections by health code enforcers. But for those that will, I think a BOP is your best bet. Hope that helps.
Thanks for the explanation, I guess DA James is saying that, among other things, the insurance doesn't have enough excess funds to pay off the bond if necessary. So, at what point would money actually change hands? If the appeal is lost?
Good question. I think the other issue that the DA has raised is whether the surety has "authority" to issue bonds in NY. Meaning are they licensed. With regard to the appeal being lost, I believe the defendant would need to satisfy the judgment immediately and if he is unable to the bond is called.
I think this is a somewhat dated idea. Cyber insurance and particularly widespread adoption of it has led to threat actors targeting business that are know to be or likely to be well insured. They often work directly with the insurance providers in ransomware scenarios. The problem has escalated somewhat due to the side business of providing expensive policies.
Thank you 😊 I’m in personal lines currently and moving to commercial. I’m excited and ready to take on. It’s a great move for me and will keep me involved.
NEXT insurance customer service is absolutely ridiculous. I got a price hike in my account and when I called was told “The AI determined that you build houses and so your policy changed. There is no way to change it”. I don’t build houses, never have.
I like your information presented. I am looking to know if there is a central data reporting place where all cargo damages, theft, losses are reported by insurance companies for the USA? Your help is greatly appreciated.
Awesome videos. Who determines the replacement value? Is it the responsibility of the agent to include some documentation or alignment of property value?
Good question. For many small business policies, the insurance company's rating system will identify an estimated replacement cost of buildings based on square footage. In other cases the agent may be able to give you an estimate, but the most accurate way to determine replacement value is to hire an appraiser to determine the replacement values.
There are also fraudulent staffing agencies piggybacking, using fake insurance certificates, or other friends business insurance certificates without having real workers comp insurance for their employees, then charging their clients for insurance when they dont have any at all. It's fraud. Check this out: mrspiggydom.blogspot.com/
You should check in with the California Insurance department's website, but in NY, where I'm located, you would need a Property & Casualty Brokers license. Hope that helps.
Thank you, this is so enlightening. However, I would like to know the difference between credit insurance and credit bond insurance. Who is expected to buy each of them and how cover is arranged. Looking forward to hearing from you. Sherif Ganiyu.
As a CIP that is new to commercial insurance, I find this so very valuable. Thank you for putting this post up. Much appreciated from one professional to another.
Thanks for the informative video. Could you speak to the Allocation of defence costs in a settlement for non-covered losses? It seems to me that some wordings are such that the defence costs alone can bankrupt a company who has subscribed to all Sides. Thanks!
