Agent or Broker?

Agent or Broker……. Who does your business insurance?

Most people do not really know the difference between an insurance agent and an insurance broker. There is a big difference, especially when you have to make a decision about your business insurance.  You will also find significant differences for personal insurance matters as well. 

 An insurance agent is a licensed, professional in each state where they do business. Brokers and Surplus Lines Brokers are also licensed where they do business.

The professional agent has a contract with an insurance company and is considered by law as employee of the insurance company. Consumers can go directly to a company employed agent to purchase their insurance. The agent’s supply of insurance is limited by the company who employs the agent. The name of the insurance company is on the door or the sign outside is highlighting the insurance company name.

Brokers on the other hand are considered to be employees of the client as defined by law. Brokers have agreements with other brokers and insurance companies, giving them a wider variety of companies to do business with. The broker is not restricted or limited to representing one particular insurance company or group of companies. That’s why the brokers name or firm is on the sign outside his/her door.

Surplus lines insurance brokers deal with non- traditional types of insurance that admitted insurance companies and many licensed agents with in a state do not sell. Things like sporting events, amusement parks, theatrical events, clubs, vacant buildings and many other categories of specialty insurance.

We all know the story about the guy who was with that BIGCOMPANY you see on television. He had a good agent too!  Then a claim or two after 20 years , or a teenager  starts driving and gets a ticket. BIGCOMPANY doubles the rates and sometimes BIGCOMPANY just drops them all together. The agent’s hands are tied. His company gives him no choice. Been nice knowing you!

In America we all have choices. It is a wonder of our democracy and what the free market is all about.

Associated Insurance Professionals, Inc. are licensed agents, brokers and surplus lines brokers. We just have more choices when it comes to buying your business insurance in the states where we are licensed:  New Mexico, Colorado , Arizona , Nevada and California.

You don’t need to get into this kind of situation before you experience how brokers work. It is as easy as a phone call or a visit to our web site. We will provide you personal service by a licensed insurance professional and fast response by the communication technology method of your choice. More companies, more choices, better pricing.

Restaurant Insurance

Restaurant Insurance

 When you own a restaurant you have many things to think about. Insurance should be the easiest. As an insurance broker I have many companies that cater to the restaurant owner and there are some things you need to make sure are included in your policy to know you have the best restaurant insurance coverage. The most basic of coverages you will need are commercial general liability, commercial property, commercial auto - if your doing deliveries, and workers compensation. There are many other coverages that can be included and you want on your restaurants insurance policies. Some agents will sell you the cheapest bare bones policy, but some of these coverages are necessary for your business and you should specify you want them.

Standard Coverages

• Commercial General Liability - Pretty standard coverage. This covers accidents that are your fault. 
• Commercial Property - Also, pretty standard. This coverage covers the building, the contents, and the improvements you have made to the property (ex.installing a counter). 
• Workers Compensation - Covers your employees for accidents.
• Commercial Auto - Covers the vehicles and the liability on operating a company vehicle.

Watch Out For

• Business Income - You want to make sure this coverage is included in your policy. This is a commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of damage from a covered peril, such as a fire. 
• Hired Auto - Hired auto liability coverage will pay for damages to a third party, on behalf of your company, if you cause an accident or an injury to someone while you are driving a rented car.
• Non Owned Auto - Non-Owned Auto coverage protects your company should it be sued due to an auto accident while one of your employees is on company business in a personal vehicle.

Call me today at 800-765-8272 for a quote for your restaurant or your can submit your business information online. We understand restaurants insurance needs.

Small Business Insurance - Business Owners Package Basics

 Every small business needs good insurance policies. These policies cover your small business when bad stuff happens. You need to be covered for accidents that are your fault as well as situations created by others. The coverages on a small business insurance policy can be vast and there are different kinds of policies you will need. You should speak to a qualified insurance agent about your business and help them understand what you do so they can give you the right coverage.

 Business Owners Package or "BOP"

A business owners package covers multiple kinds of coverage. If your small business insurance needs and your specific business type qualifies you for a "BOP" you will find this includes multiple kinds of coverage. This can include General Liability, Commercial Property, Commercial Inland Marine or can even include Commercial Auto coverages. The nice thing about these small business insurance packages is they usually include many other coverages at low prices. This article will cover the first two of these coverages.

•  Lets first look at Commercial General Liability. This coverage protects you for losses in which you did something wrong and someone or something was injured/damaged as a result of this action. This does not cover your employees. You should always purchase over $1,000,000 of this coverage per accident. Most BOP's cover this for with a limit of $1,000,000 per accident with a $2,000,000 limit per year. This tends to always be on a BOP and should be purchased as it is one of the primary small business insurance needs. These policies pricing are typically based on sales, payroll, or square footage you occupy.

•  Second, we will look at Commercial Property Insurance. This typically covers your business personal property and if you own the location this covers the building itself. If you do improvements to the building that are nailed down these would be classified as building improvements. Typically, there will be a $500 deductible on these policies.
  
  Building Insurance - The cost of the insurance for the building portion will be priced based on the replacement cost of the building. Most insurance agents have access to a building cost estimator that will look at the square footage of the building and its construction to calculate what it would cost to replace it. This isn't valued the same way as a real estate agent would look at it, as replacement cost could be more than the value of the building on the market, and insurance doesn't look at the value of the land. If you own the building, its extremely important you have coverage on it, make sure this is included in your small business insurance policy.
  
  Business Personal Property is based on replacement cost of the contents of a business. You should keep receipts of your contents as well as a log of what all you have. A small business insurance policy covering "BPP" doesn't include coverage when the property leaves the premises. For this you need an Inland Marine Policy.

Medical Marijuana Insurance

 I will end up talking about specific business types that are different from the average business. One of these that need the most care is Medical Marijuana facility insurance policies. A Medical Marijuana Insurance policy differs from the normal store since they can do so many things as a typical facility does so many different things so they need coverage that fit all of this.

 Dispensary Insurance - first and foremost a facility is a dispensary. They distribute medicine to clients via store or courier. The liability on this is based on sales and typically does not cover the product. This doesn't cover the plants or any edibles.

 Crop Insurance - Crop insurance is a separate policy that covers all the crops. From seed to clone to mature plants. This can include the product for liability as well.

 Delivery Service - This is an auto insurance that covers both the auto liability exposures as well as can include coverage for a courier that doesn't grow or make the product. Since a courier service doesn't grow or make the products that would be excluded from the liability policy.

 Products Insurance - If you are making edibles coverage can be found. It works like a standard bakery policy were you have coverage for the stock as well as spoilage coverage and can cover both the finished stock as well as the preused medicine.

 Workers Compensation - No different than other businesses, but needs to be with a carrier that will write it. Sure state funds can do this, but the pricing is high. Other select carriers can write this coverage at great rates.

 Medical Marijuana Insurance policies are different from the corner store. You need an agent that understands what you do and can cover you for the losses you may have. Don't buy a limited policy when you can get comprehensive coverage. Anyone is free to contact John Dziak for questions on their facility via the links embedded in this page.

Underinsured Motorists

 A lot of people ask me if they should purchase uninsured motorists coverage and my answer is always a resounding yes. Sure it covers you if someone who has no insurance hits you and tends to only have a $250 deductible, but what they don't understand is that it is also Underinsured Motorists coverage.

 Say you live in New Mexico where the state minimum limits are; $25,000 in Bodily Injury per person, $50,000 in Bodily Injury per accident, and $10,000 and Property Damage and say you drive a vehicle worth $20,000 and your vehicle was totaled and you were hurt in the accident. The Insurance Company that covers the person that hit you would only pay out up to these policy limits. Their insurance would be exhausted and you wouldnt be reimbursed to the total of your loss.

  So, is it worth it for you to have this coverage? Is it worth it for you to not have this coverage? For both personal auto policies and commercial auto insurance policies, this coverage isn't expensive but is worth the extra expense. Its usually not much more to add.

Small Business Insurance - Basics

 Small Business Insurance is a term which incorporates many insurance options for a business. Your business insurance policies protect you for a variety of losses. Some of these coverages are required by contractors you work with, owners of buildings where your business is, or even state agencies which require it.

 The most requested coverage a small business needs is Commercial General Liability. Liability insurance covers you for accidents that are your fault or occur on your property. General Liability coverage can be rated on a variety of things which include; sales, payroll, and square footage. This depends on the business and the rate can vary depending on the kind of business as well as how much exposure a business may have.

 The second coverage a small business would need is Commercial Property coverage. This covers everything from the Building you own to the contents inside it. Commercial Property insurance can be limited to the most basic of coverages and can be as broad as to include theft.

 Typically Earthquake or Flood coverage is separated from a Commercial Property or the coverage can be endorsed on.