Risk Channels

In today's podcast, we delve into the importance of cultivating a side hustle in today's fast-paced world and explore the various avenues available to generate passive income. Additionally, we shed light on the crucial aspect of having insurance coverage for your side hustle, ensuring its protection and longevity.

NO, we are not Nike but get out and JUST DO IT!!!.  Make it happen. What I mean by this is that I too often hear and read that we need to stay neck and neck with the our competitors such as Lemonade, Geico, etc. We need to provide the same level of ease of procuring and doing business leveraging technology in replacement of the actual face to face appointments or phone calls. While there is some validity to this, the fact of the matter is we cannot spend an overwhelming amount of time in developing process, procedures and technology especially in the infant stages of our business or while are business is stagnating in growth thinking this is going to be the saving grace. If we believe mimicking an already existent model of our competition is going to put our business on the map, we have already lost.   Instead, we need to maintain a steady balance of ways to project on the customer we have all the same capabilities but more importantly a personalized in your face touch. Simply put, we are hear for you not a c

Cyber insurance can help restore employee and customer identities, recover compromised data and repair damaged computers and networks, whether your business is the victim of a data breach, password attack, ransomware or phishing attack. You could be at risk for a cyber attack. A staggering number of small and medium-sized organizations get attacked each year — many without the support of cyber insurance coverage. And if your systems or data are compromised, it can put you out of business or cause a significant financial loss. Any business that stores data on a network is at risk for a cyber attack. Data privacy attacks now occur every 40 seconds in the U.S. Without cyber insurance, you could be on the hook for state and federal fines and penalties, a forensic investigation, breach notification costs and even a class action or third-party lawsuit down the road — all hits on your balance sheet. Cyber insurance covers the following first-party and post-breach expenses: Privacy attorney IT forensic investigation

With an auto policy, it doesn’t matter if it’s a $5 increase or a $500 increase—“if it’s an increase, people are complaining,”. “It’s just the way the world is nowadays. It’s very rare to run into a clean risk, where the individual or the household doesn’t have something on their record, and it’s hard for a homeowners premium to offset these things so the carrier can still make money.” In 2018, personal auto carriers non-renew insureds far more frequently than they did in the past. “They could be looking at it on a small-picture basis, where a risk might qualify underwriting-wise, but the person’s only been a client for two years,”. “They’re thinking, ‘For a $1,200 premium, we’ve already spent $25,000 in claims—it’ll take 20 years to catch us back up.’” And if the personal auto insurance market is tough, commercial auto paints an even gloomier picture. What’s responsible for rate hikes on both sides? Will the market continue to harden? And how can you solidify your role as a trusted adviser in a line that’s r

If you are a tow truck and wrecker business, you know exactly what we are talking about when we say that tow truck insurance rates have gone up a lot. It’s getting harder and harder for small tow truck companies to keep their doors open with rising commercial auto insurance rates. What happened and why have tow truck premiums gone up overnight? It all started with Progressive Insurance leaving the market. Then things got really ugly in the world of tow truck insurance. Soon, Atlantic Specialty, Merkel, and others began to pull out. Today, only a precious few carriers will write coverage for tow truck operators. And they know it, so the prices have gone sky high. That means tow truck business owners got the short end of the stick. Why did this happen to begin with? Many of you share that you’re angry at the insurance companies and that’s certainly understandable. However, we don’t have to tell you how dangerous your line of business is. Dozens of good men and women die every year while working on the US state

While most states have a requirement for formal workplace sexual harassment prevention policies, October 9, 2018 was the deadline for all New York State employers to formally adopt a their workplace sexual harassment prevention policy. In this episode, we will discuss why having Employment Practices Liability Insurance (EPLI) is so important and how it works in tandem with the NYS regulation.   OVERVIEW Employment Practices Liability Insurance (EPLI) can cover lawsuit expenses when an employee sues over discrimination, harassment, wrongful termination, and similar issues. These lawsuits are increasingly common, so Employment Practices Liability Insurance is essential for many small businesses. Laws like the Americans with Disabilities Act and the Family Medical Leave Act outline standards employers have to meet. When employers break these rules, even without meaning to, they may face a lawsuit. Employment practices coverage helps businesses handle the cost of these suits. Employee lawsuits can be expensive. A

Quick conversation on the difficulties of insurance and what making it so difficult to sell as a broker/agent and understand as a consumer.     REFERENCES https://blog.selmanco.com/blog/why-is-buying-insurance-so-hard-blame-your-brain  https://www.covermagazine.co.uk/cover/news/2146627/insurance-industry-difficult-understand-research  https://www.lemonade.com/policy-two/?utm_source=medium&utm_medium=referral&utm_campaign=policy_two 

Discussion focused on small business's - How and why they are often inadequatley insured and what we need to do to change this trend. 

Over the past few years, the importance of digital transformation has surged throughout the insurance industry.     - Utilizing Technology to engage prospects and servicing clients

Discussion on Directors and Officers liability and why privately held companies should consider purchasing the coverage.    

Tips for insurance agents and brokers on how to utilize technology to their advantage to differentiate your business.    - Leveraging Technology to both grown and maintain (from engaging prospects to servicing clients)    

Discussion on cyber liability and the corresponding development, impact and challenges for carriers and insureds.  Big Question: How do insured's determine the risks and limits they need, when carriers are still attempting to understand exposures and pricing models.  - First party vs. Third Party Coverage Examples and exclusions  Carriers Mentioned: AIG, XL Catlin, Chubb, Travelers, Beazley, CNA, Liberty Mutual, BCS Insurance, Axis, Allied World, Starr International & Markel - Market Size Space and risk modeling (data, comparisons and more) and various unknowns due to infancy   

Discussion on hurdles facing today’s insurance carriers, insureds and agents / brokers. This episode will focus primarily on underwriting construction risks in the tri-state. - Underwriting Hurdles ranging from portfolio diversity and returns to risk tolerance and and exposures. For example NY Labor Laws and the offseting of exposures via Facultative insurance (reinsurance) and pricing.