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...rty and liability exposures. If investment or business property is involved, a...iligence can help reduce the frequency and severity of E&O claims as well ...

... that you don't want to lose, set up a suspense date to resolicit it. Not doing anything after losing a valued piece of business is just bad business. Many agencies are in a state of transition today through mergers and acquisitions. Get the most from your investment by creating a strategy to service, retain, and grow this customer base. People want to trust their insurance agent. We need to give them a reason to do so. Emily Huling, CIC, CMC, helps the insurance industry achieve excellence in customer ... " said Jan. "I was fuming. Who is this agent? She doesn't even know us and she's making decisions like this for us!" Jan and Bob quickly worked to move their business. They knew an agent from their church whom they liked and trusted. After a meeting and account review with this agent, Jan and Bob moved their account. Bob told me that they haven't heard from their prior agent even after they cancelled their policies. STORY #2 My Aunt Judy had been doing business with the same ... advisement letter, have the newly assigned CSR call the customer. Even leaving an introductory message on an answering machine is better than no personal contact at all. Update account information. Purchased businesses have been renewed automatically for years. Not only does this create a huge Errors and Omissions exposure, but the new agent is also missing new business opportunities. Never move an account to another carrier without talking with the insured. It might be the correct decision — or the only decision — but the insured has a right to know how ...

... Tax rate changes have raised maximum federal ordinary income tax rates to $39.6%, while leaving the maximum capital gains rate at 28% . Existing plans for agency sales should be re-examined to see how they are affected by these changes. Deferring tax, and diversifying investments, are often important considerations in selling or otherwise transferring a production agency. A merger or other corporate reorganization, a rollover form an ESOP purchase of stock, or a charitable remainder trust, may be used to defer taxes. Inheritance of the agency by a ... who will take over ownership can be done at substantially lower tax cost with advance planning. The agency can be passed to children through normal estate planning devices, such as lifetime gifts, or wills or trusts that take advantage of tax saving opportunities in the death tax laws. Another device is to channel a child's personal new production through that child's separate business. This outline is designed to help an agency principal plan ahead. It is intended to raise important questions, and suggest some possible answers. It is not intended to be ... owner's death or departure will be handled. I feel that all agencies and producers should have such contracts for everyone's protection. Litigation exposure can be reduced if the agent understands how the risks arise, and makes plans to avoid them. Major areas of litigation exposure are errors & omissions, and protection of expirations. Proper insurance can reduce but not eliminate exposure. Alternate dispute resolution if properly used may reduce litigation risks and cost. A producer who is aware of his legal rights is in a better position to protect them without litigation ...

...sitions. Get the most from your investment by creating a strategy to service, retain, and grow this customer base. People want t...excellence in customer service, sales, and leadership. Her new book, Selling f...

...Deferring tax, and diversifying investments, are often important consideration...se. On complex matters such as mergers and reorganizations, it can only sugges...

...r of commission Return on investment Collections (aged accounts re... management, automation, clustering, errors and omissions, evaluations, mergers, and producer compensation. You may E-ma...

...cially sound. If you have had any Errors and Omissions losses, step up to the issue...be good for the customer, the company, and your agency.

...rket rates without the lump-sum investment usually involved. Double inde... and cuts down on the probability of errors. investment portfolio in case of catastrophic l...ary E. Jacobson, JD can be reached at Vander Wel, Jacobson, Bishop & Magnusson...