insurance

Are You Being Asked To Be Your Own Agent?

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We live in an ever-changing world, and your company’s insurance coverage needs to change with it. You must be able to adjust and update your insurance program regularly to keep your commercial insurance up to date. The insurance sector has produced a number of cutting-edge insurance products that your company may require.

But the issue seems to be; are business owners purchasing their own insurance without the support and advice of an agent? There are not any “standard” insurance solutions for business insurance. It will vary depending on the business you own. There is not one fits all solution to your business insurance risks. Even restaurants are unique enough that it is important to have unique insurance products that address specific needs.

Here Is How We Help And Support Our Clients

These are where we start in the development of an insurance program that addresses your specific needs.

  • We get to know you first.
  • What kind of risk do you have?
  • Are you open to taking more risks?
  • Can you avoid certain risks?
  • What are the financial resources you want to protect?
  • What does your supply chain look like?
  • What are your exposures to loss?
  • We explain the difference between risk transfer and risk avoidance.
  • What is your risk appetite?
  • Do you understand that insurers offer different solutions?

It is not a cookie-cutter approach that works to protect your business. It is imperative that you partner with an agent that can help you identify your risks and create a program that fits your needs. There are some general insurance solutions that many businesses might need, and we have listed these below.  

Common Commercial Insurance Products

When it comes to managing your property, having an agent that understands your risks, the market, and has the skills to build a program that meets your objectives is invaluable. Each policy is unique and subject to your own terms and conditions. 

  • Commercial Property Insurance is recommended whether a company owns or leases its space. In the event of a fire, loss, storm, or theft, this insurance protects your equipment, signage, inventory, and more.
  • Business Interruption Insurance covers the loss of income that a business suffers after a covered loss (fire, windstorm, etc.), while its facility is shut down or in the process of being rebuilt.
  • Tenant’s insurance is needed if a commercial lease requires tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
  • Commercial Liability insurance is necessary for any business, even if it is run from home. If you, your workers, or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party, the policy covers both defense and reparations.
  • Directors and Officers Insurance is needed even if you are a privately held business. Directors and officer’s liability Insurance protects your business, owners, executives, and managers if individuals, competitors, third parties, or government regulators make claims for damages.
  • Commercial Auto Insurance covers The automobiles owned by a business are covered by commercial auto insurance. Vehicles that transport employees, products, or equipment can be protected. You can protect your work cars, SUVs, vans, and trucks from damage and collisions with business auto insurance. If you don’t have company vehicles, but your workers use their own cars for work, you should get non-owned auto liability insurance to protect the firm in the event that the employee doesn’t have insurance or has inadequate coverage.
  • Cyber Liability is a risk that every business has. According to the Insurance Information Institute, businesses have a greater chance of having a cyber breach than they do of having a fire. Most businesses should consider cyber liability insurance, which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements.
  • Faulty Workmanship is a new and unique endorsement that provides a specific limit to protect against claims arising out of faulty workmanship, materials, or products. These claims would otherwise be excluded by the “business risk” exclusions found in every standard ISO Commercial General Liability policy.
  • Equipment Breakdown coverage offers extra protection for electrical, mechanical, or digital equipment used by your business, including heating, cooling, and refrigeration systems; computers and communication equipment; and more. It can pay for the cost to repair or replace the damaged equipment in the case that there is physical damage, as well as cover the cost of service interruption.
  • Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, a fire burns your building to the ground. Before you can start rebuilding, the remains of the old building have to be removed. Your property insurance will cover the costs of rebuilding but not of removing the debris.

Remember, pick an agent first, allow them to educate and inform you of your risks, then together design a business insurance program that works for your business.

 

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How We Develop Motivated Professionals

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There is no question most agencies are not managed or led by just one person. Usually, there are a number of people who contribute to the company’s success. One of our agency’s guiding principles is that we are a team, a bomber squadron, not individual fighter pilots. While both are needed, we tend to think of ourselves as a group of professionals all with the common goal of serving our clients.

Bomber Squadron Traits

  • Individuals must work together to accomplish a goal
  • If one person slacks on the job, the rest suffer
  • Everyone gets the win when the job is done right

Fighter Pilot Traits

  • Individual focused
  • Risk-taker
  • Reckless

Collaboration and teamwork in business are in the top four skills that determine the success of an employee. Through teamwork, a person can have their voice heard, leading to better ideas and more revenue for a company.

Increased production, creativity, and client satisfaction are the benefits of teamwork. Because teams can solve problems faster due to the range of methods and skillsets, organizations with well-functioning teams generally outperform their competitors.

How We Define Success

  • Did we help someone today?
  • Did we solve a problem?
  • Were we able to educate and inform a prospect or client?
  • Do our clients feel more comfortable?
  • When a group of coworkers get together, bounce ideas off one another, and share feedback with one another, beautiful things in the company can happen, and our clients benefit.

How Does This Benefit Our Clients?

  • Create new ways of looking at insurance issues.
  • Better informed and educated clients.
  • We hold each other accountable, which improves customer satisfaction.
  • The workflow is streamlined, creating more effective communication.
  • People are empowered to make decisions in order to meet the customer’s needs.

We invite you to become part of your team. Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price. Our team is ready to educate and serve you.

business insurance

Why Insurance Is Not A Product

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We use phrases like “people before policies,” “listen to your needs,” and “Your dedicated team of experts.” These words have meaning to our entire team and are carried out in every conversation with our clients.
Here are some of the valued added services every agent should be providing:

Claims – When you have a claim, we will help you through the process, connect with adjusters, and work to settle the claim. We help you to set expectations and communicate regularly with you.

Options – We do not sell you a policy. We provide options and help you buy the right coverage for you. We show you the different kinds of coverage you might need; if we do recommend insurance, then we take the complexity and uncertainty out of the process and make sure you have the right policy to fit your budget.

Education – Our goal is to educate you so you can make informed decisions. The more you know, the better decisions you will make. It gives you better value out of your insurance.
Stay Connected – We stay in touch with you during the year. We make sure your program changes as your needs do. This assures you that you have the coverage you need.

Service – When you call your agent, you want a PERSON who knows and understands your needs. Our team lives and works in the community. We will even come to you to meet with you. You get a better insurance program and more value for every dollar spent.

Qualified – Your agent should have more than five years’ experience. You deserve an experienced professional who is committed to their craft. As a result, you get a better-designed program.

At Reichley Insurance, our employees are committed to developing ongoing communication with our clients and striving to exceed your expectations. You are not buying a product; you are managing your risk. Remember, insurance is not a product; it’s a promise and a trusted relationship.

Insurance Customers Needs Are Changing

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partners in riskWith all the changes going on in our world, customers’ needs seem to change as well. In a recent customer satisfaction survey regarding customer service, we found many interesting changes in what people what.
Customer service has quickly risen to the top of the priority list for consumers, and 2021 will be no exception. But why are so many businesses putting a premium on the consumer experience, and what happens if they don’t?
A customers’ loyalty is no longer based on price or product. Instead, they remain loyal to businesses because of the experiences they have had with them.

Customers want to have a place to get all their insurance fulfilled at one time.

Top Consumer Priority
1. Customer experience 46%
2. Pricing 21%
3. Product 33%

The survey found that 86% of consumers are willing to pay more for a better customer experience. How we define customer service:

• We educate rather than sell.
• Seeking alternatives to insurance is always an option.
• Giving our clients many ways to communicate with us is a priority.
• We develop relationships.
• Insurance should be one of many solutions to your risk concerns, not just a product
• Trust is one of the few remaining differentiators available to the modern insurer. Not only that, but it’s still the biggest indicator of a long-term sustainable business.

The client, regardless of the insurance firm, looks to you, the agent, for guidance, support, and responsiveness. Remember to put your client relationships first, despite the evolving tactics and focuses in today’s insurance markets, and you’ll find yourself building a book of business that sticks around for the long haul.

Here Is Our Secret to Getting Our Clients The Best Possible Combination of Coverage, Price and Service.

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light bulbThere is nothing wrong with wanting competitively priced insurance for your home or business. The issues seem to arise when an insurance consumer takes the low-cost insurance without regard to coverage, their risk, or services offered. We have found a way to help our clients get the best of both worlds; we call it CPS (coverage, price, and service).

Coverage– your policy needs to be designed to give you the insurance you need.

Price– We will work with our insurers to get you a policy you can afford with the coverage you need. We believe in value, not just low prices. We make sure you get all the credits you deserve. We will re-run your credit score as needed.

Service– Insurance is evaluated in the service you receive during the year and after a claim has been reported.

Here are the keys to getting the best possible combination of coverage price and service.

Relationships matter. Relationships still matter and always will. For all its regulations, calculations, and machinations, insurance still requires a personal touch. An agent must have a good relationship with the insurers it represents to get the best level of service, which is passed on to the customer. The agent’s relationship with the customer is important in order for the customer to receive the service they desire.

Communication. We listen to our clients, allowing us to better understand their needs and design an insurance program that meets their needs. We take the time to educate our clients on the different types of insurance, eliminating insurance that is not needed, and saving money.

Be an Invaluable Resource.  We help you understand risks you may not have known about and create insurance solutions that will cover a potentially un-insured claim.

Authenticity. By maintaining an open and honest relationship with our clients allows us to show our value and the importance of building trust. We are able to speak freely about the coverage you need and the coverage you may not need.

You are buying a process of how we work with you to provide the coverage you need.

What Is Insurance?

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stressMany people think insurance is a product like a car, home, or boat. It is easy to think of insurance as a product, but it is not. You can use and touch a boat or car every day. You spend money; then you get to use it, see it feel it. It’s not so with insurance. You can hold the policy and look at a bunch of words on the policy explaining coverages, risks, and exposures. Yet it just isn’t the same as a test drive. When you select an insurance program, you may never see it or use it until you have a claim. Then you will fully understand what we are saying.

Good insurance will give you a peace of mind that will allow you to live your life with confidence.  You have the confidence that your agent and insurer will be there for you in your time of need.

Insurance is designed to protect you from unknown and unexpected accidents and losses. That is why it is so important to understand what you are buying before you do. If you are not sure what kind of insurance you have, do you really have peace of mind?

Insurance becomes tangible only when you have a claim; then, it becomes very real. At this time, you hope the policy delivers as promised.

Here is why we educate rather than sell.

  • Educated buyers make better decisions.
  • Insurance policies are not all created equal. Insurance is not like a commodity; insurance companies offer many different kinds of policies; these offer coverage you may need or may not need. Why pay for insurance you don’t need? Or worse, you paid for coverage you thought you had but didn’t.
  • Many insurance policies are filled with coverage gaps. These are areas where you need certain coverage, but the policy may not provide it. A coverage gap may also be having policy limits or deductibles not designed for your needs. An agent acting as your advisor can help you identify these gaps and offer solutions.

Give me a call and let talk about how we are different and can help you understand your insurance purchase with clarity. I want to earn your trust.

 

Are Electric Scooters Covered Under My Insurance Policy?

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scootersElectric scooters and bikes are popping up all over cities across the country.  They have been popular in Europe for years.  We are at the beginning of this new form of personal transportation, which creates a few questions regarding risk, liability, and insurance coverage.

How Can You Secure Insurance Coverage That Includes Physical Damage And Personal Liability For An Owned E-Bike Or E-Scooter?

Personal liability from homeowners or renter’s policy is unlikely to cover the use of an e-bike because of the exclusion for motor vehicles. A motorcycle policy covering an owned motorcycle or scooter might extend liability to a non-owned e-scooter. In most cases you do not have any insurance coverage unless owned and properly insured.

Are You Covered If You Rent An E-Scooter Or E-Bike?

Most cities don’t have regulations or rules because they don’t qualify as a motor vehicle. Some cities require a driver’s license and helmet, but these are mostly on the honor system.  Users can rent the scooter then leave it anywhere they want (in your front yard or in front of your business).

Insurance companies are busy trying to figure out who is liable in the event a scooter injured someone.  What if the scooter rider injures someone while on the job, will the injuries be covered under workers’ compensation and any liability be the responsibility of the employer insurer?  Business insurance policies may not address scooters specifically. Depending on the circumstances, some electric scooter-related injuries may be covered while others may not.

Many scooter companies have strict waivers that are included in the rental agreement limiting any liability to the rental companies.  One company offers a $1,000,000 liability policy, but all claims would be subject to extensive investigations.

Most legal experts agree that rider will bear the legal liability arising from accidents because of the terms to which the rider agrees to when downloading the app.  The laws, the courts, and the insurance industry are often slow to respond to new technology, and this may be the case with electric scooters. Relatively few laws specific to e-scooters have been passed.

Final Thoughts

Any insurance solutions will most likely be using an auto type of coverage and there are likely territorial limitations imbedded in the policy, therefore traveling abroad and renting these in different urban areas may leave a coverage gap in those specialty policies.

There are a few carriers that offer specialty type electric scooter insurance for these types of devices. The cost varies depending on usage.  We recommend you contact your insurance agent to discuss if your personal insurance provides any coverage or if you need to add coverage to your program.

Ask Perk Reichley

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perkOver the years, I have been asked about many different kinds of insurance questions. I thought it might be interesting to start sharing these questions and my responses. Remember, there is no bad or wrong question. If you have a question, send it to me, I will be happy to answer it for you.

Are there unique kinds of insurance I might need?

It is our hope and desire that you never need to make a claim, but if you do, you want the best possible combination of coverage, price, and service. Here are some added coverages you might want to consider.

  • Flood
  • Earthquake
  • Higher limits on jewelry
  • Identity theft
  • Coverage for collections, art, guns, and coins
  • Personal umbrella liability
  • Coverage for back-up of sewers caused outside the home

How often should I review my personal insurance program?

We recommend an annual review of all your personal insurance needs. This might be a call or face-to-face meeting, depending on your needs.

If you have made some life changes, we always recommend a review at that time. Some life changes that will affect your personal insurance include:

  • Change in marital status
  • Birth of a child
  • Purchase of a new car or any other major purchase
  • Planning international travel
  • Children heading off to college
  • Working form home
  • Retirement
  • Job change

Should I ever consider increasing my deductibles?

Changing your deductibles on your auto or home insurance depends on your risk appetite. It is true that increasing deductibles will save you money, but there are other factors that you might also consider.

  • How much increase is desired?
  • Do you have a history of losses?
  • Do you have the financial resources to handle it?
  • Is the cost-benefit worth the risk?

House prices have been skyrocketing in my neighborhood lately. Should I increase my limits?

A hot real estate market doesn’t actually impact your home rebuild cost or replacement cost. That number is based on the raw materials and labor it would take to rebuild it with like kind and quality.

 

Why We Stopped Selling Insurance and Started Educating our Clients

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Many years ago, our agency changed the way we operate. We saw that insurance could be viewed as a commodity like a car or home. But we know otherwise. There were two reasons for our change.

  1. If people saw insurance as a commodity, then the lowest price wins. And with insurance, low price usually means one size fits all coverage and low or no education or service that values the customer over the insurance carrier’s efficient transaction model.
  2. When we can educate and explain why you need or don’t need certain insurance coverage, the process becomes less about cost and more about purchasing the right coverage at the right prices, hence creating value.

Here is what we like to do before we even say the word insurance. We ask questions to understand your needs better. We share our knowledge about your risks, and we help identify the individual risks you face and start the process of putting together a plan to protect you with a combination of insurance, risk transfer and avoidance techniques.

Our clients routinely tell us that “this is the first time someone took the time to explain this to them”.  They feel empowered to control and have ownership of their insurance program.

Building a business populated by satisfied, repeat customers is our goal.  This benefits both parties and offers us the opportunity to invest our knowledge and expertise while sharing the relationships we have with community vendors and insurance carriers to benefit our customers.  This feels more successful that hitting a sales goal each year.

As we continue to monitor the safety needs of our staff and clients, our agency will continue to operate as we have since the start of the COVID-19 Quarantines and work electronically in service to our clients. Walk-in traffic from clients and prospects will continue to be suspended. We will remain open and all aspects of our agency operations are available including a drop box at the office for payments and documents.

Communicate with our staff via electronic methods; Telephone, email, text are still available (PDF) and our technology to conduct business transactions electronically has been expanded to include video meetings as an option to face to face. While this lacks the personal touch we are known for as well as the communication style we prefer, these changes are necessary during this time of protecting one another for the near future. We appreciate your understanding and loyalty to our agency.

 

What Does Your Agent Talk To You About?

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When you meet or talk to your agent, what are the topics of conversation? Are you talking just about your bill, or how you got an endorsement and didn’t understand it? Do you get way too much communication on how to reduce your premium by buying less coverage? Many companies will tell you, and you don’t need to talk to your agent.

We are here to provide a different approach. We recommend talking to your agent at least once a year and even more if needed. Communication is the key to all good relationships. We will reach out to you and talk to you about the following.

  1. How is your claim being processed? Can we help you?
  2. Did you get your policy, and do you have any questions?
  3. Have you made any major purchases; a new car, boat, or other high-end items?
  4. I know you have a wine collection, did you but any new bottles that need to be insured?
  5. Your son Travis is heading off to college; we might want to review your coverage.
  6. How is your new job going? Do they offer life insurance, or would you like to look at some options?
  7. Have you thought more about identity theft coverage? Or do you have any questions?
  8. We have found many people are driving for a ride-sharing company, is there anyone in your house doing this?

These are just some examples of what our conversations might look like. Of course, we also start with a good day it is great to connect, and end with thank you for your business, we value our relationship and love serving you.