Financial ratings give insight into a carrier’s ability to pay claims, which, along with the potential of financial loss, are ultimately the reasons businesses purchase insurance. However, insurance companies can only pay claims if they have the funds to do so. It is not uncommon for an insurance carrier to become insolvent, leaving it unable to pay claims.
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Month: April 2022
What Factors Impact an Agency’s Selling Price?
The price that your agency commands depend on several factors, including what is most important to both the buyer and the seller, the synergies that exist between agencies owned by a potential buyer and seller agency, and the risk level that both parties are willing to assume in the agency sale.
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5 Key Behaviors of Great Agency Owners
There is an incredible opportunity in the insurance industry for someone who wishes to own their own business. With over half of the agency owners facing retirement in the next 5-10 years, a strong desire by many agency owners to remain independent, and the goal to offer the same opportunity to the next generation that their agency provided to them – there is no better time for future owners.
READ MORE2022 ISO Homeowners’ Changes in Chart Form
Insurance Services Office (ISO) in mid-2021 released its first multi-state Homeowners’ filing in over 11 years. This most recent filing took effect beginning March 1, 2022.
READ MOREDeductive Reasoning
You are already aware that not all professional liability policies for insurance agents extend the same coverage benefits. However, an important coverage component has become increasingly valuable in the insurance agents’ professional liability marketplace: a deductible reduction feature.
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