Risk & Business

In a recent article published in one of the trade journals I was surprised to see that most business owners have thier property underinsured. The biggest reason for this is the fact that most people have no ideal what their assets are worth. Very few business owners get appraisals done on their properties and businesses, so they do not keep up with the soaring values. This can cause a problem when there is a claim. You are penalized for underinsurance in most insurance policies. So please review your values and call us to increase them!! Kevin

My thoughts on this subject are numerous, so I will bring you up to speed in a short paragraph. The States currently regulate insurance. The new Dems, control of the Congress , has catapulted the idea that the Feds can do a better job. The fight is on. My thought is that the States have struggled keeping up with all the nuances of insurance and the Feds will struggle too. This is a very dynamic business and no single regulatory body will out do the other. The best approach may be a combination of both Fed and State regulation, which is also being proposed. Sometimes working together as a team works! Let's hope the States and Feds figure that out. K

The National Society of Agents for Consumer Education is a insurance agent organization that recognizes agencies that use insurance education as part of thier client service. CNC Insurance has been accepted once again into the NSACE for thier continued insurance and risk management education to their clients. "Selling insurance is only part of what we do. Making sure our clients are protected and that they know how to protect their businesses, is really what we are about", say President G. Kevin Nemith. NSACE, is a national organization that only recognizes agent members who strive to achieve the highest standards in consumer and client education.

G. Kevin Nemith, President of CNC Insurance Associates, is currently serving for the Insurance Commissioner of Delaware and the State as a member on the Property Casualty advisory Committee. The committee responds to insurance issues brought up by the insurance department in a advisory capacity. J

In this months Special Insurance Bulletin, I wrote about the recent study by the insurance industry that many small business owners are not buying workmans comp coverage. The main reason is the price of the coverage. A suprisingly large number of business owners have employees on the job but no coverage in place if they were to get hurt at work. The caveat to this whole situation is that work comp rates could possibly fall if everyone who is suppose to be paying into the "system" were actually doing it. Right now in most States and especially in Delaware, the work comp rates are excessively high because the actuarial loss data based on total premiums and losses is probably "skewed" due to the fact many are not buying the coverage. This is a risky proposition any way you slice it. If you have part time or full time employees or even if it is your brother in law working for you , you have to carry work comp coverage. The other side of the coin in this , is the fact