Knowledge Corner

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Imagine purchasing products that are deceptively difficult to understand and how much it should actually cost. There is a Latin phrase, “Caveat Emptor” which commonly translates to “let the buyer beware.” In fact, there are many legal disclaimers that are used in contracts to make sure all parties know that it is the responsibility of the “buyer” to do their due diligence before purchasing a product.  

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A wholesale insurance broker is a type of insurance broker who acts as an intermediary between the retail broker and the insurer. Wholesale brokers place business brought to them by retail brokers and have no direct contact with the insured. The retail broker maintains the relationship with the insured.

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Going into the pandemic Commercial Auto insurance was a very “distressed” line of coverage. The industry was operating at 119% loss ratio through the end of calendar year 2019. Since the pandemic, things have continued to worsen. Insurance carriers are continuing to increase rates, underwriting guidelines have become very stringent, and many carriers are pushing additional responsibilities, and costs, onto policyholders in an attempt to reduce claims exposures and related expenses.

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Insurance language is filled with nuance. Often two terms can appear to have the same meaning, but in practice are different. Unfortunately, these differences are enough to potentially cause the insured problems if the wrong policy is purchased.

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There are two ways that you can buy additional insurance limits. One is an Excess Liability policy, and the other is an Umbrella Liability policy.

An Umbrella policy is a type of Excess Liability insurance. Often, people interchange the two and confuse these coverages but there are differences. It is important to know the difference between the two coverages, continue reading for a further breakdown of Umbrella Liability.

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There are dozens of carriers offering a form of environmental or pollution coverage and the most common include Pollution Legal Liability (PLL) and Contractor’s Pollution Liability (CPL).

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Whether you are a General Contractor, Subcontractor, or Property Owner, your business risk is covered by a variety of insurance coverages – Workers’ Compensation, Auto Liability, and General Liability to name a few. Is Builder’s Risk coverage part of your insurance portfolio?

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Deciding the type of insurance plan can be frustrating. Ultimately you want the best coverage, for the most cost-effective price. There are different insurance types or risk financing options you can choose based on your company. One popular option is a Deductible plan.

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Insurance is usually one of the last things companies want to talk about. It’s not fun or exciting, it’s simply a means to transferring risk. The necessity of insurance doesn’t make it any easier when figuring out the best risk financing option for your company. Depending on your trade and the type of risk you are wanting to transfer, will determine the best insurance option for you.

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As a Contractor, you wear a lot of hats – salesperson, customer service, quality control, etc. You understand you cannot be satisfied with the status quo if your business is going to thrive. You must be constantly looking for new jobs, sourcing quality materials, and providing excellent work for clients every day. One hat you need help with is your insurance program. If your Broker is a true business partner, he/she gladly wears that hat.