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... of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Are You Offering Employment Practices Liability Insurance?4/30/2013 10:44:07 PM by CompleteMarkets Editor , Curtis Pearsall This content has not been rated yet. ARE YOU OFFERING EMPLOYMENT PRACTICES LIABILITY INSURANCE? by Curtis Pearsall Claims alleging wrongful employment practices have undoubtedly increased significantly ... the last decade. According to USA Today, an estimated 450 employment lawsuits are filed every day. One survey reported that half of all firms sued spend more than $50,000 (and one-third spend more than $100,000) defending against these claims, in addition to the actual cost of the settlements or verdicts. The average plaintiff's damages in employment lawsuits exceed $250,000, and 15% of all verdicts top $1 million. Because of this market need, Employment Practices Liability (EPL) coverage ... created in the late 1980s. This product was designed to cover EPL claims, which fall into four broad categories of conduct: discrimination wrongful termination sexual harassment a variety of other workplace torts A large number of companies now offer this coverage, and sales are certainly on the rise. Yet, many commercial clients still have not purchased EPL. The cost may be one reason, although that has come down drastically. Is it possible that many of these clients go unprotected because no one has offered them a proposal? Let's assume that ...

...t upon possible termination of employment/agreement or sale of agency. Review of employment agreements. Who has them and what ...vable aging and general collection practices. Review of Erro...

... outstanding notes or agreements still exist. Review of buy/sell agreement or other internal perpetuation documents. Review of deferred compensation, non-compete, or other vesting agreements. Current ownership of expirations, brokerage arrangements, etc., including details of settlement upon possible termination of employment/agreement or sale of agency. Review of employment agreements. Who has them and what do they say? Average number of employees and revenues per employee and compensation per employee. Compare to industry averages. Biographies and impressions of key people (not necessarily limited ... and expenses broken out by category and compared with industry composite ratios. Review of balance sheet for the past fiscal year. Compute current ratio, receivable ratio, trust ratio, existing debt load, and tangible net worth. Review of accounts receivable aging and general collection practices. Review of Errors and Omissions policy limits and claim history. Is the current policy claims made? If several agencies are thinking about combining (in either a merger or cluster) all of the agencies should compile and share the checklist information. To the extent ... older one. To expand a niche agency's market beyond its immediate geographic region by buying another agency as a branch office. To reduce a niche agency's vulnerability to a single market by buying an operation with another specialty. For example, an agency specializing in Attorneys Legal Liability might acquire a shop that sells and services Accountants Professional Liability. To nullify the competition. In smaller communities there might only be enough business to support one medium-sized independent agency. If two smaller operations are spending most of their time trading the existing accounts, it ...

...an more easily deduct all their employment-related fringe benefits, particular...on Network, Inc. Arlington, WA; (866) 475-9992; (360) 435-7098; e-mail: btnmor...

... them on the phone, and evaluated their selling skills (as they tried to "sell you" themselves) . Now you need to obtain all the background information you would obtain on any job candidate and evaluate your candidates' personal appearance. Find information about past employment, references, and so on-and follow up. And take a look at whom you're hiring; even though these people will be working on the phone all day, they should still present a professional appearance. Salary vs. Commission vs. Bonus: Which Is ... . 6. CALL DURING CONVENIENT HOURS: early evening or Saturday morning are best for Personal Lines prospects. 7. BEFORE CALLING, LIST ALL NAMES AND PHONE NUMBERS. The telemarketers will be able to make more calls and have records of their results. 8. PRACTICE READING THE SCRIPT, and role-play with each other, producers, CSRs, and anyone who has contact with clients/prospects and is familiar with common responses. 9. WHEN TRYING TO REACH A DECISION-MAKER, use only first names, give only the information that ... Which would be better? SAMPLE COMMERCIAL LINES X-DATING SCRIPT-PROSPECT Have your telemarketers use this script to solicit X-dates from Commercial Lines prospects. [PROSPECT NAME], this is [NAME] calling from [AGENCY NAME] . We specialize in business insurance such as Fire, Liability, and Workers Compensation. Is this a convenient time for you to talk? [PROSPECT NAME], I have no reason to believe you are in the market for business insurance at this time. But I would like to call you back for an appointment ...

...ce. Find information about past employment, references, and so on-and follow u...ation Annual revenue, number of employees Purchasing and payment histo...