I've had no claims, why is my premium going up 25%?
The insurance industry has aggressively been pricing business for a number of years at an underwriting loss but with substantial investment gains. The investment market arena has changed with substantial increases in losses over and above what was anticipated. This has caused the insurance market to re-evaluate its writing to price business with the aim at true underwriting profits. Accordingly, many markets with under-priced business have been generating the largest increases to renewal customers. Other insurance markets who have underwritten more conservatively over the past years have now come to the forefront offering more competitive prices with broader coverage than their less profitable competitors. These are the markets we seek out and work with at this time.
How can I lower my workers' compensation cost?
Depending on your size and your locale, the primary way to lower your workers' compensation cost is to improve your claims, both on reducing incidences and by properly managing claims after they take place. There is an array of products available dealing with claims management, safety and employer awareness to reduce the impact of claims on your business. There are insurance products that will offer credits on some programs and work closely with you.
What do I do when I have a property claim?
Property claims should be reported to your broker and company immediately. Depending on the type of claim there is a large range of services that will be offered through us, your broker, to help present your claim to the insurance carrier for direct damage, business interruption and extra expense to be sure you will receive the proper reimbursement/settlement.
It is important to understand that a review of your insurance exposure and securing the proper insurance prior to your claim is the most important part of handling a claim.
I started doing commerce over the internet. Do I need special coverages?
Depending on the nature of your business, there is a broad selection of internet based type policies available to you ranging from business interruption, fraud, infringement and third party liabilities. Coverages are tailor-made to your exposure and can only be reviewed with a proper professional after a survey audit to understand your exposures.
How do I determine my limits for property insurance and business interruption?
Both from a financial point of view, and a physical survey audit will determine the proper amount of insurance for your real and personal property.
A properly completed worksheet is required and reviewed in order to determine the business interruption and extra expense needs as well as what it would take to get you back to full operation at the time of disaster.
What is the time frame to receive a quotation, as my renewal is coming up?
In today's environment, the amount of work necessary for completion by the insured and the broker requires that we work on a renewal not less than 90 days before anniversary. We need to analyze the exposures, history and market presentation and negotiation. Today, most property exposures require inspections performed by the insurance carriers' engineers that takes time and to respond to any recommendations, if any.
With engineering reports and inspection recommendations, we will be capable of maximizing credits and producing the broadest product with the lowest premium.
How do I start the process of getting an insurance quote?
Contact our office and we will walk you through the different processes depending on the line of coverage. We will do a survey reviewing the exposures for property, liability, automobile, workers' compensation and all specialty coverages. The initial meeting may require 2 hours of your time, however, it will be the basis for which we go forward to produce a comprehensive product to fit your needs.
Who will handle my day to day questions and insurance needs after the effective date?
We will have a team of professionals assigned to your account. There will be a lead account executive that will be your "go to guy". He or she will have an assistant dealing with certificates, id cards, etc. There will also be a claims manager assigned to your account that will be knowledgeable to your service needs.
In addition, the team will present to you reviews of your insurance on a regular basis. Your account executive will keep you fully informed as to anticipation of changes in the insurance market and specific handling of your insurance needs.
I do business overseas. Both my employees and myself travel on a regular basis. Does my insurance cover this?
International business requires specialty policies dealing with employee workers' compensation, repatriation and specific protection such as kidnap and ransom.
The business that you conduct overseas requires special coverages that are not picked up under your domestic policy on a regular basis but can be purchased through an international policy depending upon the specific needs.
After you write my insurance how can you help control my costs?
Besides the initial negotiation and structure of your insurance contracts, the major way to change your future costs is by loss control and the elimination of claims to your insurance carrier. "The better your loss ratio, the cheaper your premium".
Do you cover my type of business?
We at Herbert L. Jamison & Co., L.L.C. are insurance brokers. Our business is to place coverage on behalf of our clients with an array of insurance carriers.
Some insurance carriers have specialty programs that can be tailor-made to your specific business while other carriers are more general but broader in scope of the type coverages they represent. We at Herbert L. Jamison & Co., L.L.C. have the ability to find the specific market best suited to your needs.