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Protecting Whats Yours Presented by: Mark Baker Susie Rollheiser, - - PowerPoint PPT Presentation
Protecting Whats Yours Presented by: Mark Baker Susie Rollheiser, - - PowerPoint PPT Presentation
Protecting Whats Yours Presented by: Mark Baker Susie Rollheiser, CISR 2 Overview If you dont buy the right insurance, dont buy any! Today's Topics Insurance Terms Business Risk Insurance Products to protect your risk 3
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Overview
If you don’t buy the right insurance, don’t buy any!
Today's Topics
Insurance Terms Business Risk Insurance Products to protect your risk
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Insurance Terms
General Liability Property Insurance Workers
Compensation
Business Auto Umbrella Coinsurance Insured to Value Bi lateral Contract Premium
determination
Endorsement
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Risk
What is Risk How to manage
Avoid Reduce Retain Transfer
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Insurance Tools
General Liability Property Inland Marine Workers Compensation Auto Umbrella Life Health
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General Liability
What is it? Why do I need it? How can it help protect me? What’s an audit?
Pay me now or pay me later!
Classification Care, Custody or Control Exclusion
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General Liability
Classification How to determine premium basis Occurrence Coverage Limits General Aggregate Exclusions Endorsements Audits
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Property
Insured to Value Coinsurance “You cheat, we cheat” Replacement vs Actual Cash Value Market Value
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The UNRELIABLE Eye Your Property as seen by…... Your Lender Yourself
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Your Buyer Your Appraiser
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Your Tax Appraiser
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Inland Marine
Bailee’s Customer Coverage—Protects clients’ property that is left in the care of your business; e.g., if you operate a warehouse or repair shop.
Builder’s Risk—Protects structures and materials during new construction projects or renovations.
Exhibition and Fine Art Coverage—Keeps valuable items protected while on exhibit, in transit or on loan.
Installation Floater—Covers materials from the moment they are loaded onto a truck until they are put to use or installed.
Motor Truck Cargo Coverage—Keeps clients’ goods protected while your business transports and delivers them.
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Workers Compensation
Why do I need it? Who is an employee?
Job Description Subcontractor Officer Included/Excluded
Premium Basis Classification Audit
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Auto
How do you use your vehicle? How is the vehicle titled?
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Auto
Matching the liability limits Driver Other Vehicle Load and Unloading Trailers used in business
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Umbrella
Excess liability coverage above the limits of a
basic business liability insurance policy. It also fills the gaps in coverage under the basic policies.
Example: Basic policy $1,000,000 exhausted
by claims, the umbrella will pay the excess above $1,000,000 up to the limit of the umbrella
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What’s under the Umbrella?
General
Liability
Auto
Workers Compensation
$1,000,000
$1,000,000
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Life Insurance
Whole Life Term Insurance
Return of Premium
Universal Life Buy Sell Key Man
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Health Insurance
Individual Group Supplemental Products Dental Vision
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Where do I buy Insurance
Qualified insurance agent Reputable Knowledgeable Independent Agent
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