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Social media and talking with your insurance agent

5/31/2017

 
Social media is a double-edged sword, especially when it comes to insurance matters.

Everyone, from Grandma to Grade-Schoolers, uses social media to communicate. It’s a part of society that’s here to stay. It has upsides and downsides, just like everything else.

So, let’s look at The Good, The Bad and The Ugly when using social media to talk with your agent.
 
The Good
It’s 1 o’clock in the morning, and Social Media Sally just realized that she didn’t tell her insurance agent about the new car she just bought. She’s afraid she’ll forget to call him in the morning, so she sends him a Facebook Message.

It’s quick and easy to do, especially since she’s on Facebook anyway. And who wants to call an insurance agent at 1 am?

Whew. Message sent. Now time for one more funny cat video.
 
The Bad
But social media has its limits. In the example above, Sally’s Facebook Message consists of numerous emojis: happy, shocked, and embarrassed faces, hands praying, and a heart. And lots of acronyms.

Here’s her message:

“OMG ROFLOL jsyk new car idk what to do hml am ty.”

Here’s the translation and intended communication:

“Oh my gosh, I’m rolling on the floor laughing out loud. Just so you know, I bought a new car today, and I’m embarrassed that I didn’t call you to see what I needed to do about my insurance. I don’t know what to do, so please ‘hit my line’ (call me) in the morning. Thank you.”

Sally meant well. But they both got busy and forget to talk on the phone. There were details that had to be known, like: What kind of car? What type of coverage? What date to begin coverage? Is there a lien?

A long time passes.

Bam. There’s a car accident. Sally’s car was never formally added to her policy. Sally shows the Facebook Message to the insurance company to prove that she added the car to her policy.

The insurance company says that’s not good enough, and deny the claim. Claims departments don’t speak Facebook, and they don’t hire social media translators.

Moral of the story-  social media is no substitute for “old-school” communication.
 
The Ugly
The examples sometimes get worse. Much worse.

Meet Hashtag Harry. He discovered hashtags about a year ago. Now he uses this social media tool as a bullhorn in public whenever he needs customer service.

Instead of privately communicating (like Sally did when she sent a message), Harry just yells online in public. It’s so hard to avoid telling the entire world his business.

Harry talks to his insurance agent (and everyone else) in public. Online. All the time. He “tags” his agent, and adds hashtags to complaints like this:

#ihadaclaimandmyinsuranceagentisbeingajerk

Harry needs a hashtag intervention.

He should communicate directly, and privately, with his agent when he has a problem. Why? Because insurance agents are prohibited from discussing private business affairs in a public forum.
​
When there’s a problem, there’s no substitute for a good old fashioned phone call.
 
My advice
First, please feel free to use social media to connect with me. I guess most agents feel the same way. We are learning to enjoy the advantages of social media. We get it.

But help us help you, especially when coverage may be at risk.

Make sure that you always follow up a social media mention or message with a phone call. And if something is really important, a letter or an email is still a great idea.

And remember: coverage cannot be bound by leaving a message or sending a tweet. Your coverage is a partnership between agent and insured, and talking “live” on the phone is still the safest way to guarantee that you are covered properly.
​
Some things still need to be irl (in real life).
​
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

Do you or your business need an umbrella policy?

5/17/2017

 
Thunderstorms require an umbrella. Catastrophes require umbrella insurance.

One of the biggest gaps in coverage that I come across is inadequate liability insurance. Jury verdicts are getting harsher, and punitive judgments often exceed a million dollars.

One simple phrase can ruin you or your business: “We find in favor of the plaintiff.”
 
What is “umbrella insurance?”

​Simply put, an umbrella policy is additional liability protection. It kicks in when your other coverage is used up. So, let’s say your homeowners policy has a liability limit of $300,000. If you are sued, and lose, your liability coverage pays the claim, up to the limits of the policy.

But what if the jury award is more than the policy limit?

That’s where an umbrella policy steps in and adds additional liability coverage.
 
What does umbrella insurance cover?

An umbrella policy typically covers the same things that your underlying liability policies cover. This means that when you are accused of, or found at fault for, the following things, you’ve got an “umbrella” over your assets for:
  • Serious bodily injury to someone.
  • Costly damage to someone’s property.
  • Libel, slander, or defamation of character.

​This includes not only the jury award if you lose a lawsuit, but also the cost of defense (remember, lawyers charge by the hour), and even a settlement out of court.
 
Things to know about umbrella insurance.

Umbrella insurance is unique in a several ways.

First, it’s relatively inexpensive. Why? Because it only pays when your other liability coverage has paid out in full. So, if your auto insurance has a $300,000 maximum payout, the umbrella policy doesn’t kick in until that’s spent. Think of it as a $300,000 deductible. Umbrella insurance is affordable.

Second, to purchase an umbrella policy for either your business or your personal policies, you are required to have respectable amounts of liability coverage already in place. These amounts can vary from company to company.

Third, an umbrella policy is not meant to replace other coverage. You’ll be required to have both home and auto insurance first, and if you are a business owner, proper liability coverage on your business.

Finally, umbrella coverage comes in BIG numbers. Policies start at 1 million dollars in protection, and many insureds need several million dollars in coverage.
 
“I’m not worth millions. Do I still need an umbrella policy?”

Yes, quite possibly.

Why?

Because in many cases, jury awards and settlements exceed normal policy limits. If they do, you’ll still be responsible for the excess… even if it’s a million dollars or more. Ask yourself:
  • “Do I have a business at stake? Would I be required to liquidate and go out of business to pay a claim?”
  • “Do I have significant personal assets that could be taken if my insurance comes up short?”
  • “Do I have an earnings potential that could be garnished if my insurance isn’t adequate?”
 
My advice:

Most people, and especially most business owners, haven’t thought through the big “what-if” scenarios.

Everyone is busy earning a living or growing a business. That means that there’s just not enough time to plan for disaster.
That’s where an experienced local insurance agent comes in. Make a new “to-do” on your list. 

Put this at the top of it: Call an agent to discuss worst-case scenarios. You’ll sleep better if you do.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

Five common insurance mistakes that businesses make

5/3/2017

 
Business owners, you could be making one of these mistakes without knowing it.

Keep reading, and ask yourself, “Am I exposed in any of these areas?”
 
1. Low liability coverage.
This might be one of the most common mistakes I see. Years ago, when you first took out your commercial liability policy, a million dollars seemed like a lot of money. But not so anymore. We’ve seen lawsuits rise at a frightening rate, and juries now award stunningly large amounts to plaintiffs.

When is the last time you looked at your liability limits?

How much is enough? That’s a question best answered as a team, and your team should include an insurance agent.
 
2. Incorrect locations or insureds.
This one sounds strange. How could you insure the wrong location? Or completely miss a location? But it happens. Businesses expand. They add on to buildings. They add new buildings to existing property.

Business also rent space in other locations to accommodate growth, and we are in a growth economy. Is that additional rented space listed on your policy?

I’ve seen wrong addresses on existing polices, and even incorrect owners listed. Partnerships (and sadly, sometimes marriages) change. When they do, policies often need to change too. Your agent can ask the right questions when you bring in your policies for a review.
 
3. Under-insured property.
This is a costly and common mistake.

Property values are on the rise again- especially commercial property. When you insured your building years ago, it’s likely that the value you insured it for was lower than it would be today.

Why does this matter?

There is a requirement in most commercial insurance policies that you insure your property for a certain percentage of its appraised value. If you don’t and there’s a claim, your claim will be adjusted downward in what’s typically called a “co-insurance penalty.”

You should drag out those old “dec” sheets and revisit the insured amount and the policy language that could penalize you for being under-insured.

4. Deductibles too low or too high.
This one’s easy.
  • If you have deductibles that are too low, you are paying unnecessary premiums.
  • If your deductibles are too high- you risk being in a difficult spot at claim time.
What’s right for you? This is where your agent can be a tremendous partner to help you figure out what deductible is perfect for you.
 
5. Business continuation insurance- missing or not enough.
Finally, let’s talk about one of my favorite topics.

Think of business continuation insurance as disability insurance for your business. If you get hurt, you need an income to pay your ongoing personal expenses.

Your business needs this too. It has ongoing bills to pay.
​
Many companies go out of business because they missed this key coverage. Talk to your agent, and look at your current policy to make sure you have this, and that it’s enough.
 
​My advice:
I’ve said it several times in this article; call an agent to review your coverage. It’s their job to make sure you are properly insured. Don’t go it alone- get help with this. Do it today.
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com
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    Bruce Sackrison

    Napa, California
    (707) 931-018

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