Hey there, it’s David Carothers from Florida Risk Partners. Today, I’m diving into a question that’s probably been on your mind, whether you’re navigating the waters of personal or commercial insurance: Why does your agent keep asking for your target or expiring premiums? Why Your Insurance Premium Matters: The Truth About Navigating the Current Market […] The post Why Your Insurance Agent Needs Your Premium Information appeared first on Florida Risk Partners ..read more

Agent of record, what is it? Man, if you’ve heard that term before, there’s no telling what the background is behind that conversation. But I’m going to tell you that the agent of record letter is not wrong. Like you have to have an agent of record on your account. Period. Whether you realize it or not, you already have one. The reason that agent of record letters exist is not so that shady insurance agents can get you to sign something to move your coverage without them doing the work to earn it.  The letter is for you to choose the carrier you want to work with and then assign the agent ..read more

What’s up everybody? David Carothers, the principal of Florida Risk Partners and founder of Cyber Chevron. Cyber Chevron is a badge of protection for all managed services providers in Florida. I wanted to come to you in cybersecurity month to talk about things you need to be looking at when you’re looking at your insurance renewal. Cybersecurity – Cutting Corners to save Money Listen, it’s not a secret. Attorneys are expensive, so people often tend to shy away from using the more costly attorneys to save money. The reality is that the more expensive the attorney, the more money you save in th ..read more

Ransomware sucks and insurance is one of those things that no business owner ever wants to pay for, but they want it when they need it.  The problem is we don’t spend as much time understanding what we have between the time we buy the policy and the time we get to the next renewal. Which Policy Form do you Have? During Cybersecurity Awareness month, I will highlight topics that I think are extremely important for business owners to know about how cyber insurance works.  The first thing I want to talk to you about as we go down this road is your type of policy form.  Does your p ..read more

People get confused when they do their statement of values.  They want to know how often it should get done. Well, the truth of the matter is it should get done on an annual basis, but don’t shoot the messenger.   Will it Always Take This Long? The first time it’s going to be a little bit of a chore for you to get through this thing.  But that’s okay. You only have to beat that one substantial time. Then, every year after that, you look at what the values are and adjust them as necessary. One of the best ways you can do this is to get a list of assets from your accountant. If yo ..read more

Why is a statement of values important? Well, honestly, it’s because it’s the way the insurance company knows how much stuff you have and what it’s worth.   Is a Statement of Value Important? See, we talked to you in a prior post about co-insurance, what co-insurance is, and how it works. A statement of values is one way you prove the value of the things you have. Suppose you don’t have a statement of values on file with the carrier.  What could possibly happen if you don’t have a recent statement of values on file with the carrier? In that case, the policy says they can go back to w ..read more

Today we’re going to talk about a statement of values. Sounds a little daunting, doesn’t it? Don’t worry, it’s not. But don’t let that fool you. It’s extremely important. In fact, most of the people who do my job don’t even ask you for it.  Yet every commercial property policy I have ever written states that you’re supposed to have one on file with the insurance company that places your property insurance policy for you.   What is a Statement of Values? A statement of values is literally just a list of all of your stuff and what it’s worth in its rawest form. Now, it goes into a lot ..read more

There are two different kinds of dividends in the marketplace today. One of them is a sliding scale and the other one is flat. The flat dividend is not a good deal unless you plan on having a terrible year, and if that’s the case, you’re probably only going to get it once. Flat Dividends Here’s the deal. A flat dividend says, “Regardless of your loss performance, this is the percentage we’re going to give you back.” Now think about it, from a carrier’s perspective. Are they going to buy the farm on a flat dividend? No, they’re not. They’re going to bet you’re going to take it, and then they’re ..read more

Dividends have been available in the Worker’s Comp world for a long time.  They are a great way for an insurance company to reward a client for good performance. As with most insurance products, some companies offer more aggressive plans than others.  It is always recommended that you consult an agent that is well-versed in workers’ compensation dividend plans in order to make the best decision possible for your company. Many clients are skeptical when they are first shown the dividend plan that a carrier is offering them.  If they are new in business or have never been offered ..read more

When procuring your insurance, you may need more than just insurance. You may have a particular set of problems that you would like to have addressed. You might be looking for training and development for your people. The list goes on and on and on. And one of the ways buyers go about fixing this is they do what’s called a request for proposal. What are the Ground Rules? In a request for a proposal, you create the framework or the ground rules on which the agencies will compete. You need to line item out every aspect of the insurance and risk management program you want them to contemplate. No ..read more