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Posts tagged with carriers - carriers

Will Buying Commercial Insurance Direct Impact Independent Insurance Agencies?

Author PhillipFloresCM , 12/10/2014

I recently received a piece of direct mail from my personal insurance provider, which is a major carrier, trying to solicit my business insurance. After some digging I found that most carriers are now targeting consumers to buy commercial insurance direct and online—eliminating the independent insurance agents all together. Some of the big carriers offer quotes on their website while others refer you to one of their agents or a call center.

I got curious, how many business owners would actually consider purchasing their commercial insurance coverage direct and why?

After some research I found a study done by Deloitte in July 2013.

Of 751 respondents:
  • 51% said they are very likely or somewhat likely going to purchase business insurance online directly from the insurer.
  • 49% of respondents said they were not likely going to buy online or direct from the carrier.
  • Of the 51% that would purchase direct and online, ¼ of the individuals would expect a discount of 10% or less and 1/3 of the individuals would expect a discount between 11% and 15%.
  • The most popular line of service to be purchased online, of the respondents, is 67% general liability.

With the sudden interest in purchasing commercial insurance direct and online what are your thoughts for the industry? Will it affect independent insurance agents? Will consumers purchase online?

Below is the letter I received in the mail.


Have you Heard? Walmart is in the Insurance Business

Author ErinCarlson , 5/8/2014
The retail giant, Walmart, has expanded yet again. Walmart has teamed up with Autoinsurance.com and Tranzutary Insurance Solutions to offer “everyday low prices,” for auto insurance. 

Announcing Company Profiles! Drive more customers to your Agency.

Author AdrianHolloway , 3/19/2014
Claim your company now! If you own an agency/business, or are responsible for your company's public image (facing customers, prospects or peers), then you will love this new feature we just rolled out - a full blown microsite for your company (Company Profile). It will help with SEO, credibility, branding, leads, team collaboration and much more.

Riots, and Pirates, and Mayors, Oh My.

Author JasonJohnson , 8/21/2013
Riots in Egypt, Pirates in Somalia, and city officials in San Diego all with unusual risks that need underwriting.  Although this is less than 1% of the industry that needs to be shopping for insurance, it does raise the question, “Where do you go to find your clients hard to find coverages?”

A recent headline from www.businessinsurance.com titled “Egypt: Authorities in talks over expanding insurance cover against riots” discusses the role of insurance carriers insuring in an area struck by recent political instability and riots.  The article points out that only 3% of those affected are covered for this type of loss.  Maritime organizations have also felt the pressure of piracy on the high seas.  Most carry tradition cargo insurance but now what about hostage insurance?  And finally, the beleaguered mayor from San Diego. Bob Filner.  For the 18th time an accuser has spoken out against the mayor’s alleged harassment while still in office.  Many companies have a policy for sexual harassment but how many carry insurance for it?

As the agent, you have to be prepared for any type of risk that your clients may need.  From your day to day policy to the unique.  CompleteMarkets has for years been known as the leading source for niche insurance carriers.  Today, CompleteMarkets is so much more than that.  It is still the leading internet site for niche insurance, but now you can also search our extensive library of premium content, connect with peers, and market your agency’s specialized business lines.

To ensure you are in the loop on all CompleteMarkets news and updates subscribe to our blog today.

Non-Emergency Medical Transportation Insurance

Author EdwardMurayama , 12/28/2012
 
All Risks is able to write Automobile Liability for Non-Emergency Medical Operations with multiple "A" rated carriers. Let All Risks offer para-transit insurance for your upcoming renewal.

Archery Club insurance available through ArcheryInsurance.com

Author mmcdaniel , 9/10/2012
 
Sturgis, SD (9/4/12) – Insurance for archery clubs and ranges can be expensive and difficult to find in today’s market.  Leavitt Recreation & Hospitality Insurance (LRHI) announces a new program designed specifically for this market.  As part of this new program, LRHI has launched ArcheryInsurance.com to fill the need for quality, low-cost insurance for ranges and clubs.
 
“We have worked in niche insurance for over 25 years and have developed exclusive programs for our other recreation and hospitality clients, so this was right up our alley,” said Chris Hipple, vice president of LRHI.  “The program offers general liability, property, equipment, commercial auto, worker’s compensation, and umbrella policies.”
 
Policies for archery clubs and ranges are often filled with unique exclusions and written with insurance companies considered “markets of last resort” in the industry.  Through the Leavitt Group, the 2nd largest privately-held brokerage in the United States, clients receive greater insurance market access and a wide-range of insurance programs.
 
“We looked into the existing market and found that it was filled with cobbled-together offerings from surplus lines insurance companies,” said Hipple.  “The prices available seemed fairly high for the actual risk, and we took a hard look at archery ranges and the risks involved.”
 
LRHI has extensive experience insuring RV parks and campgrounds and is one of the largest agencies serving this sector in the nation.  With this focus, the agency has achieved an elite status with the insurance companies they represent. LRHI maintains open communication with their carriers to modify coverage and to respond to the changing insurance needs of their clients.
 
LRHI is affiliated with the Leavitt Group, an organization of independent insurance agencies with 115 offices across the United States.  Clients look to the Leavitt Group for property and casualty risk management, employee benefits solutions, and individual insurance policies. Clients also benefit from the consultative approach to risk management found within the culture of each office and the unique flexibility that comes with local, on-the-ground agency owners.
 

More information can be found at www.archeryinsurance.com.



Please visit our CompleteMarkets storefront: Archery Ranges, Shooting Ranges

Jumping Pillow Insurance for RV Parks/Campgrounds still available through LRHI

Author mmcdaniel , 8/31/2012

“Jumping Pillow” Insurance Available Through

Leavitt Recreation & Hospitality Insurance

 

Sturgis, SD (8/30/12) – Leavitt Recreation & Hospitality Insurance (LRHI) announced they will continue to provide policies without a “jumping pillow” exclusion. This commitment comes after a major insurance carrier in the RV park and campground industry recently communicated that “jumping pillows” will be excluded on their renewal policy, through conditional renewal, due to a high incidence of claims coupled with some severe claims. LRHI has access to other insurance companies who are not including the exclusion.
 
"As the market continues to tighten, we expect to see other carriers restricting coverage, increasing premiums, or tightening underwriting requirements,” said Chris Hipple, vice president of LRHI.
 
LRHI has specialized in the RV Park and Campground industry for over 25 years and will continue to work with carriers to ensure stable and high quality insurance solutions.
 
LRHI is affiliated with the Leavitt Group, an organization of independent insurance agencies with 115 offices across the United States.  Clients look to the Leavitt Group for property and casualty risk management, employee benefits solutions, and individual insurance policies. Clients also benefit from the consultative approach to risk management found within the culture of each office and the unique flexibility that comes with local, on-the-ground agency owners.
 
More information can be found at www.leavitt.com or www.lhrinsurance.com .

 

 


Restaurant Workers Compensation Insurance

Author EdwardMurayama , 7/10/2012
Restaurant Workers Compensation Insurance

We offer Restaurant Workers Compensation for all types of food service organizations as well as gentleman's clubs and entertainment venues.  With access to over 20 "A" rated carriers. Guaranteed cost  general workers compensation insurance for most general classes of business currently having insurance coverage and having been in business for a minimum of two years. * New ventures and risks with lapse of coverage acceptable ...

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