DMA Insurance Wishes You A Happy Thanksgiving !!

Top Tips To Understand General Insurance

You are interested in learning more about insurance. With so much information available on the Internet, it is hard to narrow down what is legitimate and what is trash. In this article we will provide you with high quality tips and tricks that may just work for you.

Do some research into the financial stability of the insurance carriers you are considering for policy purchase. One of the basic premises of insurance is that you are protected in the event of a claim in exchange for regular premium payments. When you need help, reviewing a company's financial record helps you ensure you choose a stable company that will be there.

Small business owners need to insure more than just the building in which they operate. They also need to insure any special tools or equipment used in the conduct of their business. A business owner's equipment and tools are considered personal property and are not normally included in the coverage provision of most business liability policies. They must be protected against loss, damage or theft, with a separate policy.

When selecting a company that sells travel insurance, always go with a third-party company. While many airlines and cruises sell travel insurance, it is most likely designed to protect the company offering the trip, not the consumer. Travel insurance is a great investment, but only if it works for you.

To save money on your insurance, you should review all of your policies at least once per year. Talking to your agent about any changes that have happened is a good way to stay up to date in your coverage. Let your agent know about things you have added and things you don't have any more.

A bare bones insurance plan won't save you money, if you think you'll need to use it regularly. Write down what you'll need to use your insurance for, and then look for the company with the best rates that meets those needs.

Do not make it a habit to file claims for things that are so small that they may be seen as frivolous. Too many insurance claims in a small period of time sends red flags to your insurance company. This may lead to them canceling your policy, and you having a hard time trying to obtain insurance in the future.

Before jumping to a new insurance company, weigh the potential benefits carefully and remember that insurance companies do appreciate customer loyalty. , if you have a long-standing relationship with your insurer you will find them easier to deal with and more inclined to treat you favorably.. These are not benefits to be tossed aside lightly for marginal savings on your premiums.

In summary, there is a lot of information on the Internet to sort through and determine what is legitimate. Hopefully you not only found this resource useful but you learned something new about insurance. With the tips that we provided and some self motivation, you should not be far off from being an expert.

When selecting a company that sells travel insurance, always go with a third-party company. While many airlines and cruises sell travel insurance, it is most likely designed to protect the company offering the trip, not the consumer. Write down what you'll need to use your insurance for, and then look for the company with the best rates that meets those needs.

Too many insurance claims in a small period of time sends red flags to your insurance company. Before jumping to a new insurance company, weigh the potential benefits carefully and remember that insurance companies do appreciate customer loyalty.

Http://www.DMAInsurance.com

Business Insurance Basics

Insurance companies are in business to make a profit. We, the customers with insurance policies, pay a premium for the peace of mind that if something bad should ever happen, the insurance company will compensate us for the losses and we won't loose the items were insuring.

So obviously 'business insurance' is a policy which is intended to serve the needs of a business rather than the needs of an individual. In general this type of policy protects a business from monetary losses due to just about any type of catastrophe you can imagine, fire, theft, vandalism and even business loss insurance can protect a business should they lose or have a bad quarter money for a short period of time. Business insurance can also help stabilize your business by establishing better credit relations and provide a retirement plan for your employees.

Needs of Business Insurance:

Whether it is a large corporation or a small enterprise, the success of a business always depends largely on the hard work and ingenuity of its employees. A single disaster can eliminate all the profits, wipe out a business and leave many hard working employees on the street. The only key to make sure that all the money and effort that have been invested in a business is completely secure in case of any tragedy to the business is to protect the business with an appropriate insurance policy.

There are mainly five ways to save big bucks on a business insurance policy and they are as follows:

1. Shop around: Now a days it is very easy in getting the names of companies or brokers who specialize in business insurance and comparing prices online before purchasing, this alone can save you truck loads off your monthly premiums over the next few years.

2. Choosing a higher deductible: By choosing a higher deductible you the customer pay less for the policy. As an additional side note here, this also works for home and auto insurance and can save you thousands over the next few years as long as you know that if you need to make a claim it will be a higher fee.

3. Purchasing a package policy: It is sometimes cheaper to purchase a package policy rather than individual coverage and this can be ideal for medium and small sized businesses.

4. Work closely with the insurance agent: By working closely with your insurance agent you'll get valuable advice to protect your business from unexpected disasters.

5. Follow the Insurer's recommendations: By following your insurer's recommendations and guidelines you will be able to reduce your premiums. Because the insurer thinks you are less likely to make a claim, basically this is.

Benefits of Business Insurance:

Not usually manditory, most businesses have a certain kind of insurance whether they are a for-profit or nonprofit company. That is why business insurance is very essential for every companies as business risks increase year by year.

Countless hours from talented staff are spent in developing your business. It is very important to plan to secure your business from a lawsuit, natural disaster strike or some other crisis. And thus we find the actual need of business insurance.

Obviously 'business insurance' is a policy which is intended to serve the needs of a business rather than the needs of an individual. In general this type of policy protects a business from monetary losses due to just about any type of catastrophe you can imagine, fire, theft, vandalism and even business loss insurance can protect a business should they have a bad quarter or lose money for a short period of time. Business insurance can also help stabilize your business by establishing better credit relations and provide a retirement plan for your employees.

The only key to make sure that all the money and effort that have been invested in a business is completely secure in case of any tragedy to the business is to protect the business with an appropriate insurance policy.

That is why business insurance is very essential for every companies as business risks increase year by year.

Happy 4th of July from Degginger McIntosh and Associates

Happy 4th of July from Degginger McIntosh and Associates !!

Fire In London Shows The Importance Of Business Insurance

The reason I thought this was such a good article is it is a great example of just how important it is for businesses of all types to have the right kind of business insurance and all of the different types of insurance that a business can use to protect itself.  

It covers insurance types from covering the contents of your business to covering the costs your business encounters from the interruption of you woking your business.

Three businesses were closed down in the City of London yesterday as fire rampaged through a five storey building. Many more were affected by the fall-out as fire fighters cordoned off the surrounding streets preventing many workers from getting to their offices.

Sosho, a popular city nightclub; The East Rooms, a private members bar and restaurant; and The Prophet pub and restaurant were all severely damaged in the fire which is likely to have caused millions of pounds in damage.

It was fortunate that no-one was hurt as the fire occurred after all the venues had closed for the night, however the incident shows in graphic detail why it is important to have the proper levels of business insurance cover.

Here, Simply Business explains the types of cover which those businesses would ideally have to protect them in this situation.

Buildings insurance cover

The fire started in one building but as it was a terrace, it inevitably spread.  Someone has to pay for the cost of rebuilding, or at least to have the building made safe while its fate is determined. Buildings insurance like office insurance should cover this cost for the businesses involved.

Contents of the buildings

Restaurants and bars often need a combination of insurance covers to protect the various types of contents they have. [Business contents][/insurance/business-buildings/] cover for office equipment, fixtures and fittings cover for the interior and stock cover for the beer, wine and food destroyed in the fire.

Surrounding shops may also need to claim on their insurance, for example retailers who will have been affected by the thick smoke that permeated the buildings in the surrounding streets. Marks and Spencer, Gap and many more fashion stores may have stock that smells of smoke which they cannot sell.

Business interruption cover

None of the businesses damaged by the fire will be able to operate for the foreseeable future. If they have a level of business interruption cover they will at least have a some income while they are out of action. Other businesses affected by the fire – for example office based businesses evacuated while the building is made safe – could also benefit from this cover.

Public liability insurance

Luckily no-body was hurt as a result of the blaze but it could easily have been different. The club could have been full of customers, or if the fire had spread to nearby residences other people could have been hurt. There are also issues with the safety of the building – if a wall collapsed, for example, it could hurt passers by.

However, public liability insurance may come into play if any of the nearby residences have had their property damaged because of the fire.  Even if the fire itself has not caused damage, the water from the fire services attempts to prevent the fire spreading will surely have caused some damage.

A Simply Business spokesperson said: “This fire has devastated several businesses which our staff regularly visit and our sympathies go out to the business owners and employees. In general, people are understandably not overly enthusiastic about paying for insurance but it’s at times like this that we are all reminded of how important business insurance actually is.”

Article from Simply Business

Why Is Business Insurance Important?

Personal liability is when a business owner or owners can be held personally responsible for injuries or damages that occur on the business property or during the course of normal business operations. There are business insurance policies that can help protect an owner against such claims.

Business insurance can be a complex subject, with many internal variables that need to be examined before a wise decision can be made. For this reason, anyone considering business insurance should first seek the advice of a reputable broker or agent. This article will detail a few of the many variables that business insurance may contain.

The types of business insurance and the levels of coverage are often determined by the type of business itself, but it can also be influenced by lenders who hold portions of the business as security against loans that may have been made to the business in the past. Lenders who have financed expensive machinery or other types of equipment will often want the business owner to have some form of insurance on the machinery. This use of insurance helps to protect the lender as well as the business owner should loss occur to the insured item.

Business insurance is considered an expense, it is often a tax deductible expense. Anyone who is thinking of starting a new business or buying an existing business should invest the time needed to research the types of insurance they will need for that business.

As with most insurance types, business insurance is used to protect the business and the business owner should unforeseen events happen to the business. The trick is to make sure that your business is covered for those events that are most likely to happen and to never find yourself unprotected, which might lead to the financial collapse of the business.

At the very minimum you want to make sure that your personal liability is covered by some form of business insurance. Ignoring this may cost you everything that you have worked for and earned.

Degginger. McIntosh and Associates

More than 30,000 policies removed from Citizens Insurance

There has never been a time when it is more important to be working with an insurance broker like Degginer McIntosh and Associates Insurance that has your interests in mind and has a variety of insurance companies that they have access too.  You can see that from this article that discusses the fact that Citizens insurance is letting tens of thousands of their insureds go.

More than 30,000 insurance policies have been approved to move from Citizens Property Insurance to private insurers, bringing the total number of policies approved for being shifted out to 632,286.

The policies will be shifted to Heritage Property & Casualty Insurance Company, which can take up to 20,000 personal residential policies and 50 commercial residential properties, and Southern Oak Insurance Company, approved to take up to 10,000 personal residential policies, according to a news release.

About 110,529 policies have actually been removed this year so far.

The newest set of policies removed from Citizens is part of a larger statewide effort to transition those policies to the private sector.

Citizens dates back to 2002, when it was created by the legislature, and, though intended as a insurer of "last resort," it experienced an influx of policies, peaking at almost 1.5 million in 2012.

The strategy for diminishing the policies became "takeouts", which involve transferring the least risky policies. In March, Citizens hit its lowest number ever, and it's expected to shrink even more, potentially bottoming out at 450,000.

The policies have a takeout period of July 21 for personal residential and July 14 for commercial residential property.

Contact Degginer McIntosh and Associates Insurance for your business and or personal insurance program.

Seattle Family and Business Insurance Services

Where Did Insurance Come From?

Some visitors to Degginger McIntosh and Associates inquiring about Seattle insurance quotes also ask "Where did insurance come from?" This is a great question because most people simply take its existence for granted. But a look back into history reveals an interesting evolution of the now familiar product and its journey all the way from ancient cultures to our modern smart phones.

The Origins of Insurance

As early civilizations and economies developed, the idea for insurance was born. Many merchants had their businesses ruined because of unforeseen events like weather, civil unrest, and accidents.

Around 3000 BC, Chinese merchants were growing tired of losing their valuable trade goods in shipwrecks. They developed the idea of spreading around the risk by evenly dividing their goods among multiple ships, so that every ship carried a blend of cargo from more than one merchant.

As a result, a shipwreck meant a small loss for all parties, rather than a devastating one for a single merchant. The principle of "Safety in Numbers" is still the basic principle behind insurance today, whether it is Seattle family insurance or business liability insurance.

Insurance Evolves

Our story picks up in ancient Babylon. In 1790 BC, Babylonian merchants were facing the problems that come with caravan and ship trading -- storms, pirates, and bandits. King Hammurabi created a new form of insurance to help alleviate these problems.

Inquisitive visitors to Degginger McIntosh and Associates were further interested to learn that King Hammurabi also invented the concept of "bottomry", which meant merchants could finance their shipping costs using loans. The loans were paid back with interest only when the goods arrived safely. However, if the trade goods were lost in transit, the merchants owed nothing.

Car Insurance

Those looking for Seattle insurance quotes, Seattle family insurance, and others have also asked about the origins of car insurance.

Modern car insurance began shortly after Henry Ford popularized the automobile. Unpaved roads and newbie motorists made it a very dangerous activity. The state of Connecticut helped mitigate this risk by making any driver who caused over $100 in damage pay restitution.

Jewelry Insurance

How is my Jewelry covered by my homeowner’s policy?

Did you receive the gift of jewelry for Valentine’s Day this year?   If so, do you want to fully protect it?

This is a question we are commonly asked by our clients whether they rent an apartment, own a condo, or live in a single or multi-family home.  Generally, your home insurance policy provides important coverage including personal property protection for your belongings inside your dwelling.  Here’s what you need to know:

• Regarding damage: Some perils such as fire, lightning, and smoke damage are protected against up to the policy limit selected.
• Regarding theft: There are special limits of coverage for items such as, silverware, fine arts, rugs, furs, musical instruments and jewelry that is stolen or mysteriously disappears. Some companies only provide up to $1000 or $1500 per claim.
•  

Our recommendation:

Jewelry is the most common item of concern to our clients. Even if your jewelry does not include the Hope Diamond, the best way to ensure that you are fully covered is to "schedule" specific pieces on your policy. The insurance company will typically require an appraisal within the last three years on file and will charge between $10-$15  per $1000 in coverage. In the event your engagement ring is stolen, for example, the carrier may reimburse the actual appraised value if they can't find you an identical replacement

Imagine receiving only $1000 for a $20,000 stolen ring. We recommend you schedule any jewelry you value to protect you against this kind of loss.

Umbrellas…Protection when your business has a rainy day, By Mike Shumate

Many people invest a few extra dollars for an umbrella to keep them safe and protected from the elements.  They help to keep you warm, dry and protect your clothing.  Umbrellas are also available in insurance and can potentially protect you from much more than the elements – they can protect and even save your business. 

In the event a catastrophe strikes your business, Umbrellas provide extra protection on your liability exposures such as premises hazards, completed products and auto liability.  With respects to your business insurance, your Commercial General Liability and Auto policies typically give you a $1 million limit for coverage.  An Umbrella policy can be purchased for a single premium, which can go over multiple liability policies, and are often relatively inexpensive in comparison to the potential payout of a serious claim which can cripple your business. 

Consider the following scenario: one of your drivers is excessively speeding down the road and has to slam on the breaks to avoid the sudden change in traffic ahead.  The tires skid on the wet pavement and the truck slams into the back of stopped traffic and causes a multi-car accident.  A car with a mother and three kids are critically injured and rushed to the hospital where they incur multiple surgeries and long term rehab.  The total cost of all bodily injury and property damage from the accident is $1.7 million.  If you only have $1 million you will face the daunting reality of having to cover payments out of pocket or even watch the doors of your business close.  If an Umbrella policy is in place, the extra $700,000 on the claim will be paid, thus keeping money in your business and the doors open.  Many businesses realize the benefit of having extra protection outweighs the cost of purchasing an Umbrella. 

The Importance of Employment Practices Liability In Today’s Work Place. By, Ginger Carlson, ACSR

Employment practices liability covers unseen exposures that occur within the workplace between employees an third parties. In recent years the need for coverage has become more apparant due to the lawsuits being brought against businesses and their officers, directors, employees or managers.  An EPLI policy generally covers the below listed areas:

1.     Sexual Harrasement

2.     Wrongful Termination

3.     Age and Gender Discrimination

4.     Emotional Distress and Mental Anguish

5.     Failure to Promote

6.     Race Discrimination

7.     Wage and Hour

8.     Invasion of Privacy

9.     Defamation of Character

Unfortunately statistics show that most business’s do not purchase this relatively inexpensive coverage until claim has occurred. The defense costs alone, even in a frivilous claim, can be in excess of $10,000 dollars that an insured would have to pay out of pocket if a policy wasn’t in place.   I know some of you may be thinking “oh my employees would never bring an accusation against us”, but let me provide an example where if a policy was in place, an insurance company would have paid out on the claim.

An office worker filed a claim for sexual harrasement and hostile work enviroment that caused her mental anguish, why, because according to her she was being discrimated against by her boss. This was all because he supposedly flirted with other women in the office she worked at, but he never approached her!   In this case, discrimination was found, and the employer had to pay out of pocket as he didn’t have a policy in place.

Wage and Hour suits as well as Wrongful Termination are two other claim scenarios where EPLI coverage is readily needed.   In the State of Washington,  the law provides employers with at will discretion related to firings. Problem is, too many employers are firing individuals for cause and putting it in writing. This opens the door for an ex employee to pull their personnel file and if the company handbook was not followed exactly, they would have a persuable case.  As for Wage and Hour claims, they typically arise where an ex-employee claims that they worked more hours then they were compensated for. Now that they are no longer employed they want the company to not only compensate them for the time but overtime as well.

As you can see, suits can be brought for a broad number of reasons. Even when the company you own or operate has done nothing wrong. The unforseen cost is in the defense. Whether you believe the claim has merit or not, the cost to defend can be substantial and truly an unneccessary financial hit.