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insurance

What Kind of Businesses Need Professional Liability Insurance?

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If you’re a business owner, you spend most of your time thinking about how to grow your business. But it’s easy to remember one of the fundamental building blocks: professional liability insurance. What is it? Why do you need it? And what does it cover?

Why Does Your Business Professional Liability Insurance?

  • You may be sued.
  • You may be held responsible for your actions or the actions of someone who works for you.
  • If you give advice to customers, you might be sued.
  • You may be held responsible for the actions of other people on your property or in your building/office space.

What Does Professional Liability Insurance Cover?

Professional Liability Insurance can help protect you against claims of negligence. It covers legal costs in the event that a lawsuit is brought against you and can even cover damages or injury to third parties. It also helps pay for legal fees, and it will pay for your defense if you are found not guilty of any charges. Professional liability insurance can cover the costs of lawsuits over:

  • Work errors or oversights
  • Undelivered services
  • Missed deadlines
  • Budget overruns
  • Incomplete work
  • Breach of contract
  • Accusations of negligence

Who Needs Professional Liability Insurance?

Professional Liability Insurance protects professionals from claims and lawsuits. If your advice or work injures someone, or if they believe their property has been damaged by something you did, a claim can be made against you. Professional liability insurance helps protect you from these claims and ensures that your business stays protected. Firms like these should have professional liability insurance.

  • Accountants
  • Lawyers
  • Contractors
  • Consulting agencies
  • Real estate firms
  • Architects, designers, and engineers
  • Real estate brokers
  • Financial consultants
  • Accountants and bookkeepers
  • IT professionals and programmers
  • Marketing and advertising professionals

Conclusion

When you’re starting a business or running a current business it can be tempting to focus on marketing and sales. However, there are many other aspects of the business that you should be equally concerned about. Professional liability insurance is one of those aspects that need careful consideration because it will protect your business against lawsuits and negligence claims.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

Why You Need An Insurance Agent?

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If you’re too young to remember a world without the Internet, you’ve probably asked yourself this question at some point. Similarly, you may have questioned the necessity of a travel agent, a piano instructor, or a bookstore. Everything they offer is available online. But do you really need an insurance agent?

Dealing with an agent who takes the time to get to know their clients and explain choices gives the buyer a sense of confidence and the peace of mind that things will be taken care of if something happens. It can be challenging to understand the implications of an insurance purchase.

Although most clients won’t suffer a claim event, everyone should feel more at ease knowing that they have a well-thought-out plan and coverage program that would respond if one were to happen. They need to have access to persons who they can consult with for advice as necessary in that strategy.

Agents do more than collect price quotes. Yes, we understand that cost is likely your concern. Who, after all, has extra funds for something they hope they will never use? But insurance agents have the training and experience to help you comprehend all the different things that could go wrong and why the cheapest option may not be the best.

An independent insurance agency represents you, the client, in locating the best coverage at the most affordable price. This may include your home, automobile, apartment, condominium, and business coverage. Insurance policies are not products that can be purchased from a store’s shelves, so “shopping” is not the most inclusive term.

Independent insurance agencies have access to various insurance carriers. Truly diversified agencies, such as ours, have relationships with multiple carriers. In addition, some of these insurers will only work with insurance purchasers through an agency. Therefore, if you shop for insurance on your own (which we do not recommend), you will miss out on some of the best options available today.

There is still a human desire for social interaction, and the value you provide cannot be replicated in the digital world.

Give us a call today and let us know how we can serve you.

insurance

When Is A Good Time To Cal My Agent?

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We strongly believe in developing relationships with our customers. Insurance is not a product; it is a trusted relationship between the agent, insurer, and customer. We are always ready and willing to help you better understand your insurance and help with any questions you may have.

The Value of Your Local Independent Agent

  • Local independent insurance brokers can tailor your insurance coverage to your specific needs because they work directly with you and the insurance companies.
  • Insurance is what independent insurance agents live, think, and breathe. Because it’s their business, they’ll be able to explain any problematic policies or rate adjustments in a way you can trust. They’ve dealt with a variety of insurance providers throughout the years and are familiar with how each one operates.
  • Because your independent insurance agent is not employed by an insurance business, he or she is referred to as “independent.” They work with a variety of insurance carriers, but they are mostly focused on you!

Good Reasons To Connect With Your Agent

  • If you no longer live in your covered house, please contact us; your policy will need to be revised or amended to reflect this change.
  • If you purchase or receive new valuables such as jewelry, antiques, art, or collectibles, contact your insurance company to ensure you have adequate coverage.
  • You make the decision to work from home (home-based business). A basic business insurance policy might be necessary to protect you and your new venture.
  • You may need to make adjustments to your home insurance coverage if the people who live with you or in your home change. Your auto insurance rates may be affected by changes in your household.
  • Significant renovation or additions to your property will almost certainly necessitate a change in the amount of dwelling coverage on your home insurance policy.
  • Insurance is required for vacation homes, cabins, rental properties, hunting land, and leased property. Please contact us if you are interested in purchasing a new property or making changes to an existing one.

If you have any questions about your insurance, please call our office; we are here to help.

There Is No One-Size-Fits-All Insurance Policy

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies.

 

risk

Is It Time To Be Aware Of Changes In Your insurance?

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You may not be aware of all the underlying aspects that influence the cost of your insurance coverage. You might question why insurance is so expensive when attempting to compare prices. Prices might vary significantly from one company to another. There is not doubt premiums are going up and coverage is changing.

Trends we are seeing now with many carries affect your insurance, not is a good way. Some insurers, to lower their costs, here are examples.

  1. Reducing sub-limits on your policy.
  2. Adding a percentage deductible rather than a flat dollar deductible.
  3. Limiting sewer line coverage for homes over 50 years in age.
  4. Changing loss of use coverage to a reduced amount of time.

What Can You Do To Minimize Your Risk

  • Read your policy and any renewal coverage change bullitins.
  • Call your agent if you have any questions.
  • Understand which coverage limitations you are ok with and which ones you are not. Then request changes.

You Want An Insurance Program That Will:

  • Respond when a loss occurs.
  • Having an agent who will respond to your questions and help you when you need it.
  • It is priced correctly for the risk you have.

There is no one-size-fits-all insurance policy.

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.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

 

 

 

 

partners in risk

Is There Such A Thing As Normal Risk?

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2020 and 2022 have shown us that the normal we have known is no more. Business owners must think outside the box when it comes to their risk and insurance programs. This is a call to agents to educate themselves and create meaningful relationships and to customers to look for an agent who creates value, not just provides low-cost insurance.

It is important that agents and customers look at the future of risk and design a program that addresses the risks ahead. Buying a standard insurance product may not manage the changing risk profile.

Our Top Risk Issues For 2022 And Beyond

  • Product reinvention will be accelerated if supply chain and inventory management risks are sustained.
  • Electric and self-driving vehicles will continue to emerge for both business and personal use.
  • COVID-19’s disruption of supply networks is expected to last well into 2022. However, with the reinvention of traditional freight and cargo insurance products, the related business disruptions and frustrations may be alleviated.
  • Cyber Risk. It’s understandable that small business owners are concerned about cybersecurity threats; in 2021, 46% of cybersecurity breaches will affect small enterprises.
  • More people will start home businesses, requiring a review of personal insurance coverage. This will require adjustment in what kind of coverage people and local businesses may require.
  • Finding talent to fill key positions. Almost every company is dealing with talent shortages and the need to invest in technological infrastructure and capabilities to effectively engage remote employees, manage distributed workforces, and serve consumers on their terms.

Recommended Actions

  • Start the renewal process early with your agent.
  • Collect precise information on your risk with your broker. This will help you stand out in the crowd.
  • Use an agent that desires to build a relationship and provide education on your risk and how best to manage it.
  • For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.

Many business owners place a high priority on acquiring the correct insurance, yet most of them forget to examine their policies regularly. Small businesses need to stay in touch with their independent agents more than ever before, and they can rely on their knowledge to assist them in overcoming business risks.

partners in risk

The Value of Giving Back In Business

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The truth of being a business owner is that juggling day-to-day operations with long-term objectives consumes the majority of your time and energy. It’s easy to let giving back fall by the wayside if you don’t have a solid plan in place to truly incorporate it into your business strategy. Do you recall your first experience sharing as a child? Most parents educate their children that they must share their toys if they want others to play with them. This is a crucial lesson that we often overlook as adults, and it applies to a wide range of situations.

There are so many ways to incorporate this idea into your business. It does not have to be giving a lot of money. Often giving of your experience or expertise can add significant value to others.

Here are a few ideas

  • Find ways to offer your services pro bono. Maybe as an agent, you can offer to review a local business’s insurance without any obligation on the business’s part.
  • Be willing to speak at the local Chamber or other nonprofit.
  • Engage your team. Creating a giving culture at work has its advantages regarding employee engagement. It also gives employees a greater sense of ownership in the organization they work for.
  • Join a nonprofit board. Nonprofits are continuously looking for successful executives to join their boards of directors. A position like this allows you to control the organization’s course while also allowing you to leverage your network to collect funding for it.

The potential to make a difference is the most basic benefit of donating or setting aside money for community welfare. There’s nothing like seeing your neighborhood or community improve to make it a better place to live. Communities that can improve their lives will be able to make a good contribution to the economy as a whole.

 

partners in risk

Proven Ways To Build Strong Insurance Relationships

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The partnership between an insurance agent, an insurer, and a client is one of the most important in the industry. Carriers and the underwriters create policies and take on risks for insureds, whereas brokers assist their clients in finding the best insurance policies and carriers for their needs.

The independent agent and broker are the industry’s backbone. They are the primary channel of distribution for commercial property and casualty insurance.

How To Build And Maintain Strong Relationships

Don’t base your relationship on technology

Technology is good and effective tool for both the agent and their clients. But don’t make technology so important that any personal communication is lost.

Follow Through

Agents should build strong relationships with their clients by following through on their commitments and being communicative in the event that something changes, in addition to offering services and advice that help insureds avoid losses. If you say you’re going to do something, you must do it. If you can’t do it, you say, ‘I’m not going to be able to meet the commitment,’ and then you set a new expectation.

Focus on more than just pricing

When it comes to building a strong relationship with insurance agents, one thing that stands out above all else is the need to add value that goes beyond offering competitive insurance prices. When comparing options today, insureds should look for an agent who will not only provide the coverages they require but will also serve as a risk management partner.

Be Consistent

Consistency is essential in all aspects of communication and service. It establishes a pattern that customers can expect, which helps to highlight your value proposition and enhance the customer experience. Simply personalize interactions by framing conversations and messaging in less “scripted” ways. According to one survey, most marketers fail to personalize communication beyond digital channels. Get more customer-specific the next time you pick up the phone. It should contribute to the relationship’s strengthening.

The customer, regardless of the insurance company, ultimately looks to you, the agent, for advice, service, and responsiveness. Regardless of the shifting strategies and focuses in today’s insurance markets, remember to prioritize your customer relationships first, and you’ll find yourself building a book of business that will last for a long time.

 

partners in risk

When To Call Your Insurance Agent

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We strongly believe in developing relationships with our customers. Insurance is not a product; it is a trusted relationship between the agent, insurer, and customer. We are always ready and willing to help you better understand your insurance and help with any questions you may have.

The Value of Your Local Independent Agent

  • Local independent insurance brokers can tailor your insurance coverage to your specific needs because they work directly with you and the insurance companies.
  • Insurance is what independent insurance agents live, think, and breathe. Because it’s their business, they’ll be able to explain any difficult policies or rate adjustments in a way you can trust. They’ve dealt with a variety of insurance providers throughout the years and are familiar with how each one operates.
  • Because your independent insurance agent is not employed by an insurance business, he or she is referred to as “independent.” They work with a variety of insurance carriers, but they are mostly focused on you!

Good Reasons To Connect With Your Agent

  • If you no longer live in your covered house, please contact us; your policy will need to be revised or amended to reflect this change.
  • If you purchase or receive new valuables such as jewelry, antiques, art, or collectibles, contact your insurance company to ensure you have adequate coverage.
  • You make the decision to work from home (home-based business). A basic business insurance policy might be necessary to protect you and your new venture.
  • You may need to make adjustments to your home insurance coverage if the people who live with you or in your home change. Your auto insurance rates may be affected by changes in your household.
  • Significant renovation or additions to your property will almost certainly necessitate a change in the amount of dwelling coverage on your home insurance policy.
  • Insurance is required for vacation homes, cabins, rental properties, hunting land, and leased property. Please contact us if you are interested in purchasing a new property or making changes to an existing one.

If you have any questions about your insurance; please call our office; we are here to help.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

 

 

partners in risk

How Insurance Agents Can Deliver Wow Customer Service

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To ensure that your customers feel valued and appreciated, you need to provide wow customer service. Excellent customer service entails a number of traits. Today’s business climate is highly competitive. In terms of features, products agencies generally compete head-to-head. When things are too identical, the customer service and the agent’s ability to create a real relationship make the difference.

Here is what agent should do to build strong relationships

Place your clients’ needs above selling a policy.

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.

Educate don’t sell.

Your goal is to educate you so you can make informed decisions. The more they know, the better decisions they will make. It gives you better value out of your insurance.

Know your product or service.

You must know what you’re offering inside and out to deliver excellent customer service. Make sure you and your front-line employees understand how your products or services work. Be aware of the most often asked queries by consumers and know how to respond in a way that will satisfy them. Understand that there are not one size fits all insurance products.

Listen to your clients.

One of the most basic techniques of customer service is to listen. It entails listening to both what your consumers say and what they are communicating nonverbally. Keep an eye out for signals of dissatisfaction and pay attention to what they say directly to you.

Ask for feedback and receive it.

To make the feedback you receive from clients helpful in your customer care process, you must do something with it. Take the time to examine feedback regularly, find areas for development, and implement specific changes in your company.

partners in risk

Agents And Insurance Buyers Can Always Learn Something New

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It seems that the insurance buying process often sets up the perfect storm of comparing coverage, pricing, and service, but it ends up with low-cost winning in the short term and then losing when a claim occurs. How can we help change our understanding of this process so that everyone gets a win? Here are some thoughts.

Agents Should

Be prepared, educate yourself on insurance and risk management. Coming to consultations well-versed in the needs of the other person also assures them that you as the agent will go the extra mile on their behalf.

Listen, ultimately, you’re here to help your customers. If they believe your plan takes precedence over theirs, your business relationship will not last long. You can only meet someone else’s needs if you listen to what those needs are, so always be ready to listen as well as speak.

Try to sell rather than teach, 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.

Insurance Buyers Should

Shopping for insurance based solely on price. Comparing insurance policies can be perplexing, but resist the temptation to simply select the policy with the lowest premium. Consider the agent’s qualification, experience, and the company’s reputation, as well as the coverage you’d receive for the premium.

Understand what you are buying, make sure you understand what your insurance policy covers and does not cover.

Not updating your coverage, how long has your family or company had the same insurance policy or policies? You could be making a costly mistake if you simply renew your policy year after year. Consider how much your family or business has changed in the last year.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.