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Waiver of Subrogation Explained: A Client Guide
Coverage Article
How to Explain an Experience Modification Rate to a Client Insurance professionals often meet clients who struggle to understand their experience modification rate and its significant impact on their workers’ compensation premiums. This detailed guide offers practical methods for clarifying this challenging topic while strengthening client relationships through proper education. What is an Experience Modification […]
Insurance Agency Valuation: How to Calculate and Increase Your Value
Agency Owner Articles
Why Operational Efficiency Is the Hidden Driver of Your Insurance Agency’s True Value Getting an accurate insurance agency valuation isn’t just about crunching numbers—it’s about understanding what makes your business truly valuable to potential buyers. Whether you’re thinking about retirement, considering a sale, or want to know where you stand, knowing your agency’s worth requires […]
8 Ways to Boost Insurance Agent Productivity
Agency Owner Articles
Why Insurance Agent Productivity Is the Key to Sustainable Agency Growth The success of any insurance agency hinges on one critical factor: how to increase insurance agent productivity. When your team operates at peak efficiency, everything else falls into place—resulting in higher revenue, better client relationships, and smoother operations. The question isn’t whether you need […]
The Role of a Third Party Administrator in Commercial Insurance
Agency Staff Articles
Introduction to the Third Party Administrator’s Role The commercial insurance landscape continues to evolve in complexity, with businesses facing increasing pressure to control expenses while maintaining adequate coverage. Insurance professionals are increasingly relying on specialized service providers to manage administrative functions that exceed traditional carrier capabilities. Third-party administrators (TPAs) serve as essential intermediaries, filling the gaps between […]
5 Common Misconceptions About the Extended Reporting Period Debunked
Agency Staff Articles
Why Extended Reporting Periods Are Often Misunderstood—and Why That Matters The extended reporting period (ERP), also known as tail coverage, stands as one of the most misunderstood components in professional liability insurance, with misconceptions potentially costing insurance professionals credibility and their clients significant financial exposure. As claims-made policies dominate the professional liability landscape, understanding ERP […]
Incurred Losses Explained: Understanding Insurance Claims
Coverage Article, Helpful Tips: For Employees, Helpful Tips: For Training
Why Incurred Losses Matter and How to Explain It to Your Client When discussing insurance financials with clients, few concepts create more confusion than incurred losses. Many policyholders assume their premiums directly correlate to claims paid out, missing the complex financial picture that incurred losses reveal. Understanding this concept becomes critical for both insurance professionals […]
Insurance Exposure Simplified: Essential Risk Management for Insurance Professionals
Coverage Article, Helpful Tips: For Training
Understanding Risk Exposure in the Insurance Context Definition of Exposure vs Risk In the insurance industry, professionals must understand the distinction between exposure and risk. The insurance exposure definition describes being vulnerable to potential losses, whereas “risk” refers to the likelihood of those losses occurring. Think of it this way: what is exposure in insurance […]
Understanding Strict Liability Insurance: Essential Coverage Guide
Agency Owner Articles
Understanding Strict Liability Insurance Gaps Complex liability insurance landscapes present unique challenges, but strict liability coverage stands apart as specialized protection for businesses facing heightened exposure to no-fault claims. Understanding what strict liability means in legal and insurance contexts is essential for risk management professionals. Unlike traditional liability policies requiring proof of negligence, strict liability […]
Unpacking Coverage E in Homeowners Insurance: What Agents Need to Know
Coverage Article, Helpful Tips: For Employees
Understanding Strict Liability Insurance: Essential Coverage Guide Coverage “E” Personal Liability Coverage, is a critical component of home insurance liability coverage. This personal liability insurance offers financial protection to homeowners if they’re legally responsible for bodily injury or property damage to others. Unlike coverage for property damage, which targets only the homeowner’s property, Coverage E […]
WCIRB Class Codes: How Brokers Can Avoid These Common Mistakes
Agency Owner Articles
Introduction to WCIRB Class Codes WCIRB class codes impact every facet of workers’ compensation insurance in California. With roughly 700 industry classifications in the Standard Classification System, these numerical identifiers directly affect how much businesses pay for coverage. Each workers compensation code expresses rates per $100 in payroll, reflecting the expected losses for specific work […]