Search CompleteMarkets

...ative. Case law is full of E&O events involving non-owned autos that could... and taking appropriate action will prevent an E&O, but doing nothing is c...

...ss to the agency's insureds in the event of the agent's termination. Each prod...ent of his or her business. But the insurance records of each account and the ...

...keting efforts such as networking events, seminars, and trade shows, where ag...ilored business loans, Singapore’s insurance agents are better equipped to th...

...sions for injunctive relief in the event of a breach, and specify a specific d...otal to the accounts payable due to insurance companies, including pre-bill an...

...s are those who have the option to eventually become an owner-producer. Meani...R THE MONEY Part of the image the insurance industry has conveyed to P/C cu...

...S views the process as a two-stage event, even if you see it differently. As ...prove an asset sale. An experienced planner can mix and match them to generat...

... working in the same industry after leaving an employer. Don't mention geographic boundaries in the contract, since nonpiracy (or nonsolicitation) applies to specific customers. The contract could be nullified if restricted accounts are located outside stated boundaries. Include provisions for injunctive relief in the event of a breach, and specify a specific dollar amount or a well-defined formula for liquidated damages. If the agreement allows the producer to receive deferred compensation related to the book of business, tie non-piracy to that clause. Consider an option for the producer to buy ... , the Internet and mega-brokers aren't enough, accountants are getting commissions for Life insurance sales and they may begin selling other lines. The American Bar Association (ABA) is considering a proposal to allow lawyers to work more directly with accountants, insurance agents, and financial planners. There are more than 160,000 CPAs and almost a million ABA members in the United States. Compare that to about 35,000 independent insurance agencies with an average of 3.8 producers each. HIRED GUNS With all the changes in the insurance market, ... & Links Categories Popular Recent All Back Defensive Agency Management 4/30/2013 10:36:15 PM by CompleteMarkets Editor , Carol Hammes This content has not been rated yet. DEFENSIVE AGENCY MANAGEMENT by Carol Hammes Even in the best of times, managing an insurance agency isn't easy. The past decade has brought about rapid changes in technology, created more sales opportunities, and presented new operational challenges. In this article, we'll look at how new trends are affecting management, relationships, distinctions between exempt and nonexempt employees, ...

... is willing to provide it. The point is that if the agency doesn't ask the right questions, they'll have an E&O exposure. Don't wait for the client to tell the important details - take the initiative. Case law is full of E&O events involving non-owned autos that could have been avoided if the agency had addressed the issue before the loss occurred. EMPLOYMENT PRACTICES Any business that has employees has Employment Practices Liability exposures, and the use of computers and the Internet has opened up all kinds of new ones ... and make sure their own insurance policies recognize both property and liability exposures. If investment or business property is involved, any Business insurance policies should be amended, too. The matter gets complicated because there are many types of trusts and ownership transfers, and most estate planners don't address Personal Lines insurance issues. So do Personal Lines agents have to know about trusts and property ownership transfers? This is where due diligence comes in. Due diligence in this kind of situation means advising all insureds to notify the agency if they make a ... Popular Recent All Back Emerging E&O Loss Exposures 4/30/2013 12:00:00 AM by CompleteMarkets Editor , Ken Buehler This content has not been rated yet. With so many new concepts, new types of business, and changes in existing insurance products, insurance agents need to be more diligent than ever in analyzing their Errors and Omissions risks and exposures. Some of the areas that open up agency E&O exposures are trusts, cyber risk, Non-Ownership Auto exposures (Personal and Business Auto), ...

... it the right way, you can reduce these taxes significantly. TYPICAL AGENCY SALE Seller: The vast majority of agencies are sold as an "asset sale." A "C " corporation asset sale is taxed twice. The IRS views the process as a two-stage event, even if you see it differently. As you might expect, the IRS wants a big piece of each stage. First, the corporation sells everything, including the book of business. This generates enormous income at the corporate level, all of which is ... 10,000 per year for 15 years. Oddly enough, most people don't get excited about deductions they can take 15 years from now. PLANNING ALTERNATIVES: HOW TO SAVE BIG BUCKS! There are a number of tools to improve an asset sale. An experienced planner can mix and match them to generate substantial savings. Non-compete agreement: If the seller were free to solicit all the clients in the book of business just sold, the sale would be worth much less. This essential protection for the buyer can be assigned a ... Network, Bellevue, WA), Phone (425) 957-4754, Fax (425) 603-9149, or e-mail [email protected] . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when you use our directory of carriers, wholesalers and service providers. Negotiate lucrative contracts with carriers and wholesalers. Net result. More revenue for ...

... of your car to someone who has read a book on car repair, or to someone who's a car repair specialist? A bad brake job can cost you your life or those of your loved ones. A bad plan can cost you time, frustration when desired events don't occur, the respect of your employees, lost growth and profits, and, in the worst-case scenario, your agency. Most agents who use professional planners to get them started find that they can operate and manage their own planning within a few years. ... , many continue using consultants to provide new insights on methods of achieving their goals. THE PLANNING PROCESS Implementing plans within an agency is certainly not unheard of and often works as well as the planning and organizational skills of the agency owner allow. Whether you use a consultant or do it yourself, the steps are the same: 1. Create Mission and Vision Statements. The owners and key managers gather to discuss what they would like the agency to be in five years. The discussions lead to two written statements: A Mission ... as well as the planning and organizational skills of the agency owner allow. Whether you use a consultant or do it yourself, Al Diamond provides the steps you'll need to take. The end of a calendar year also marks the end of the fiscal year for many insurance businesses. Those agencies that plan ahead are deep into analysis of the current year and the creation of budgets, objectives, and plans for next year and into the future. Those agents who haven't yet formalized their plans are once again asking themselves, their friends ...