Risk & Business

In the course of business, you may find yourself thinking that certain situations or incidents may require you to call your insurance broker. The incidents go by and seemingly they resolve themselves and you go about running your bsuiness and never make that call. Fast forward  a couple of years from now and that incident that you thought was nothing has now turned into a claim or legal action against your company. Now you make the call and your insurance agent turns in the claim to the insurance company. The insurance company then denies coverage because you did not report it in a timely manner.  You cry “foul !”, and find yourself out in the cold and in a battle with your insurance carrier. This situation does happen , although very infrequently. Most insurance company policies have provisions in them that require policy holders to report “claims”.  Since the definition of what costitutes a “claim” varies from one policy to the next, the safest thing to do is call your...

The word “disrupters” is being used quite frequently in the Insurance industry today. There are many tech companies trying to figure a way to change and disrupt the way the insurance consumer utilizes insurance. Most are looking to make insurance transactions easy and mobile. It is only a matter of time your cell phone will be the common  starting point for buying, transacting, and claim making. It is already happening.  Technology, coordinating with your local agent, will also be the norm. However as I right this blog, the technology wave is slow to progress. Most of delay is caused by state regulators whose job it is to protect the consumers. Making sure technology does not hurt the insurance buying public is paramount to make it all work for the future. States have done an excellent job in holding the insurance industry accountable to their policy holders. The last thing that regulators will want is technology eroding those protections even it if does mean making the consum...