Designed to cover professional practitioners against claims of negligence made by clients or patients, professional liability insurance goes by many names. When used in the medical profession, it is commonly called medical malpractice coverage. Notaries public also require this security, but they refer to it as errors and omissions insurance. Real estate brokers, management consultants, and even website developers are all eligible for protection.
What’s It For?
Insurance is used to protect people in case something unfortunate happens. Auto policies protect them in the event of an accident; medical policies protect them from unexpected illnesses; commercial policies protect them from a number of mishaps. If there is a fire, theft, or an accident on the job, the commercial variety will cover it.
Why You Need It
Few companies are fortunate enough to survive for a protracted period of time without getting sued by a client, customer, or employee. Liability coverage from an insurance company is the only shield most businesses have against litigious attorneys. This goes double when an employer competes in a risky industry like construction. Why?
A construction site is arguably the most dangerous working environment on earth. Not because people are careless, but because making something, anything, is risky. Workers fall down stairs; they trip on cords; they cut themselves. Builders must assume this risk and purchase the right amount of coverage from their insurance company to protect them from financial ruin. But that’s not all.
These policies not only shield the employer, but they also safeguard his workers. If an electrician falls off a ladder or a carpenter cuts himself, a liability policy will pay his medical bills. Commercial coverage will also cover most attorney fees and court costs if someone files a suit against you.
How Much Do You Need?
As you might expect, the size of the policy often depends on the size of the business. Most actuaries recommend at least one million dollars of professional liability coverage for small businesses. Large businesses and corporations obviously need a lot more and often carry huge policies. Because lawsuits are quite common in the medical profession, malpractice insurance is the most common form of liability coverage.
Most doctors have several million dollars of malpractice coverage at all times. When they work in a large practice, that figure might be five or even ten times as high. Lawyers and accountants must also carry liability because of the high rate of litigation in their fields. But what about everybody else?
Any business that can be held financially responsible for failing to complete a project on time may need to purchase a professional liability policy from their insurance company. This includes general contractors, architects, builders, and many, many more. These policies also cover personal injury, breach of warranty, intellectual property, and security. In short, any company that has more than one employee should have liability coverage.
Posted in Commercial
Let’s begin with the question; why are agency values important? Agency values are important because they will likely determine the success or failure of your agency. Now that gets my attention.
Whenever the success or failure of a business venture rests on one concept, it warrants the time and effort to understand what’s behind the question; what focus or concept do we believe will best produce the result we desire. So, one might ask; just exactly what are some agency values.
To begin, Values are what drives effort and effort is what produces results, good or bad. Effort in the wrong places seldom produces the right results. So there are really two things here that are important-Effort and Direction. While both are important, Effort comes first-you gotta have some before you can direct it. Today we are only talking about Effort, Direction is for another day.
An example of how values drive Effort is often and most visibly played out in sales. A lot of sales activity (Effort) often produces more sales but possibly not the right sales (Direction). Now here is the exciting part-You can really, control your effort by choosing the right Values and matching the talent of new hire to those Values. The key here is to understand that people work to satisfy their values, not yours and don’t try to put into someone something that is not already there. All that boils down to looking for and hiring people who have values that match the agency needs.
So now it is beginning to get clear. Why do we want to know your agency values? Answer; so you can hire people with values similar to those of our agency. Now what are some agency Values of importance?
1. Theoretical Values- those who value knowledge and continuous learning or intellectual growth.
2. Traditional Values- those who value the tradition inherent in social structure, rules, regulations and principals.
3. Utilitarian Values- those who value achievement, results, and rewards for their investments of time, resources and energy.
4. Individualistic Values- those who value personal recognition, freedom and control over their future and the future of others.
5. Social Values- those who act to enhance the well-being of others.
6. Aesthetic Values- those who pursue a balance in their lives, who are creative, self-expressive and have a love for beauty and nature.
And here is the real important stuff, after 40 years of research and working with agencies, of all sizes, we know the values most likely to produce success in any situation.
Posted in Commercial, Insurance