Home Page Home Page Our Locations Contact Us Member Login
Life & Health Insurance Auto Insurance Business Insurance Homeowners Insurance

A Commercial Insurance Update

When was the last time you had a business insurance review?  If it has been more than two years, it is time. Risk and claims trends are causing many business owners to rethinking their commercial or business insurance programs.

We live in a world where lawsuits are common.  Private firms are no longer immune from litigation from employees, competitors and even the government.  Management or professional liability insurance is not just good business; it is as necessary as heat and lighting for your office.  Statutes, federal and state laws change on a regular basis, so it is vital that your company protect its assets with management or professional liability insurance.

Issues to Consider

•      General Liability Insurance does not cover the risks of Employment Liability, Professional Liability, and Directors and Officers Liability.  You need a separate insurance policy to cover these risks.

•      Defense costs are going up at a rapid rate.  Insurance can provide essential defense coverage, even if you are not liable.

•      Company owners can be held personally liable for their actions as well as the actions of other managers or executives.

•      The cost of the average Directors and Officers lawsuit is over $600,000 according to Chubb Insurance Company.  38% of these claims involve employment issues.

•      25% of private firms had some sort of employment issue that could not be resolved without legal counsel involvement.  The average defense costs are $250 per hour.

•      Many firms fail to purchase Cyber Insurance. However, the average cost of each compromised record is around $175.00.  Most states have laws requiring notification if you have had an incident.

The best thing you can do is call our office and have us provide you with a risk review including coverage options.  Once you have had a chance to review coverage and pricing, then you can make an informed decision.

Mid States Insurance Agency has two separate and distinctive departments with separate goals:

We are a full-service independent insurance agency with the ability to help with all lines of insurance from personal auto, home, umbrella, boat, motorcycle, life, and health, to the business owner with complex needs.  We represent many of the TOP insurance carriers and are available to listen, learn and guide you through your insurance needs. We will take a comprehensive approach to your insurance that considers the best balance of coverage and cost.  We are proud to be licensed in  Illinois, Kansas, and Missouri

We also have a second division that is focused on providing perpetuation solutions as well as backroom support to existing agencies. We help an agent do what they do best, sell insurance and leave the rest to us. We are actively looking for agencies looking to partner and secure the perpetuation of their lifetime work. We can help them secure that the years of commitment to their agencies get the reward they deserve and will allow the agent to continue to work in the agency and remain a partner and protector of the customers they have worked so hard for over the years.

We concentrate on maximizing your agencies bottom line by consolidating services that are duplicated in every agency, providing superior service to the agent and customers allowing them to focus on the acquisition of new business knowing that they are our partners in the growth, sales, service, and profitability!

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Mid-States Agencies   9201 Watson Road, Suite #100   |   St. Louis, MO 63126   |   Phone:314-919-2057 Powered by Insurance Website Builder
Home Page About Us Our Services Make a Payment Get A Quote Contact Us Our Blog RSS Feed