Whether you are looking for business insurance, home or car insurance you need to have a trusted resource to help you navigate the maize of options in the market today. You can’t turnaround without being bombarded with ads about how a Gecko or Caveman or groovy waitress-looking chicks are telling you that all you have to do is call them and you will save $487. Or switch to xyz insurance company and save 15%. Are all of these ads right? Are they all the lowest cost solutions? How can this be? Who can I believe? Something just isn’t adding up!
Take a peak here to get an insider’s look at the insurance industry Insurance companies price their policies on a multitude of factors ranging from their overall underwriting profit (or combined ratio), their expense ratios, returns on their investment income and the competitive landscape.
It has been our experience in the Austin insurance market that carriers go through cycles in their pricing structure. A big reason for this is their loss history for a given market segment as well as the company overall. If an insurance company experiences lower than normal claims and makes more of an underwriting profit, they typically get more aggressive in the insurance discounts they offer.
One of the keys to managing your business and home insurance programs is to test the waters with other insurance companies at least every other year to make sure you are taking advantage of the carriers who are in an aggressive rate cycle. Yes this sounds like a very time consuming and frustrating process, but if you get with a knowledgeable and reputable independent insurance agent they can do most of the work for you and typically save you significant dollars.
Up-front premiums, however are only one part of the equation in securing an optimal insurance program. Today there are so many different types of carriers and types of insurance coverages that it is literally a full time job understanding all of the issues involved. Don’t assume that since an agent is merely licensed that they are truly qualified.
Make sure your insurance agent has advanced certifications such as a Certified Insurance Counselor (CIC) or a Certified Property & Casualty Underwriter (CPCU). A Certified Insurance Counselor can not only help you find the optimal price, can help you diagnose and then prescribe the proper coverage. Having a lower premium becomes quickly irrelevant if you have an uncovered claim!
Here Is A Brief Synopsis Of Some Of The Types Of Coverage You Need To Evaluate For Your Austin Business Insurance:
Austin General Liability Insurance
A broad commercial policy that covers liability exposures of a business that are not specifically excluded. Coverage typically includes product liability, completed operations, premises and operations, and personal and advertising injury. It is recommended that all businesses operating have general liability coverage in place.
Business Owners Policy
An Austin business insurance policy that combines property, liability and business interruption coverages for small to medium-sized businesses. Coverage is generally cheaper than if purchased through separate insurance policies. A Business Owners policy is typically available to businesses and industries that are typically viewed as having relatively low liability exposures.
Austin Workers Comp & Employers Liability
This coverage pays for medical care and physical rehabilitation of employees injured at work and helps to replace lost wages while they are unable to work. Additionally this coverage protects an employer from being sued by an injured worker in most cases. A commonly overlooked exposure for companies who employ mostly office workers is the potential injury to employees while driving their own vehicles on company business. This could be as simple as an employee driving to a sales call, the bank or office supply store. If you have employees it is critical that you secure this important coverage.
Professional Liability Insurance Austin
E&O insurance covers professionals for negligence and errors or omissions that injure their clients. In addition to covering licensed professionals such as accountants, attorneys, insurance agents, architect and engineers to name a few, technology companies frequently have a professional liability exposure. This typically arises from the fact that the general liability policy excludes damage to data. Technology E&O can protect your company in the event that your negligence, error, or omission causes damage to a third party’s data. It is recommended that all professional and technology companies have E&O coverage. Contact an Agent today for more information business insurance.
Austin Umbrella Insurance
This Cedar Park business insurance policy provides coverage for losses above the limit of an underlying policy or policies such as General Liability, Employers Liability and Automobile Liability. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies. Due to the unpredictable nature of jury awards, it is recommended that your business insurance program have this coverage.
Austin Employment Practices Liability Insurance
Employment Practices Liability Insurance for employers that covers employment related liabilities other than on the job injuries. EPLI will cover legal fees and damages for suits such as wrongful termination, discrimination, sexual harassment, and other alleged violations of employees’ legal rights. Although only three percent of Employment Practices lawsuits go in favor of the plaintiff, the average cost to defend yourself in one of these is well over $200,000.
Austin Commercial Auto Policy
This Texas business insurance policy provides coverage for bodily injury liability and property damage, for injuries/damage the policyholder causes to someone else. Medical payments or Personal Injury Protection (PIP) for treatment of injuries to the driver and passengers of the policyholder’s car are also offered. Optional property coverages for damage to the insureds vehicles are also available in the form of collision, for damage to the policyholder’s car from a collision and comprehensive, for damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft. Uninsured motorists’ coverage, for costs resulting from an accident involving a hit-and-run driver or a driver who does not have insurance is also recommended.
These are just a few of the Cedar Park Insurance coverages for businesses. If you have questions, feel free to contact Inspire Insurance solutions, your one-stop solution for all your Austin Insurance needs.