Explaining Insurance to the Motorcycle Industry and Customer

If you own, ride, or sell motorcycles, you will need to be informed about shielding insurance.

Manufacturers and dealers as well as the riders themselves must acquaint themselves with the associated risks and procure tailored coverage that protects them from the variables. This overview will simplify the basics of separate insurance class.

Motorcycle Insurance for the Owner and Rider

Generally, most standard auto and personal liability plans do not include motorcycle insurance. It is for this reason that insurance coverage intended explicitly for motorcycles, motor scooters, motor bikes and others like them is required for those that own and ride them. Coverage protects against liability of the owner or operator if bodily injury or property damage to a third party is sustained. In the majority of cases, insurance carriers that provide motorcycle insurance include physical damage coverage for fire, theft, comprehensive and collision policies. Associated quotes are typically established through measurements of cubic centimeters of the engine displacement.

Those companies that offer motorcycle insurance also recommend uninsured motorists coverage as supplementary coverage to the liability policy. There are those that present the option of medical payments as well as passenger liability coverage.

Motorcycle and Motor-Bike Custom Manufacturing and Fabricating Insurance

Due to the increased popularity of customizing motorcycles, many businesses deal with original details, frame modifications as well as engine variation. This, of course, lends itself to differing forms of liability exposure for the custom bike designers, manufacturers, fabricators and service or motorcycle fix-it shops.

Related policies incorporate the following coverages:

• General Liability Insurance

• Products and Completed Operations Coverage

• Garage-Keepers Legal Liability Insurance

• Commercial Personal Property Insurance – of which Theft Coverage is a part of

Motorcycle and Motor-Bike Dealers Insurance

This type of insurance is generally provided on an amended automobile dealers- liability form – a form that’s specifically adapted for the motorcycle dealer’s needs.

There are two differing coverages:

1. A policy that includes premises liability for sales operations in regard to the service or repair of customers’ motorcycles.

2. A policy that includes coverage protection for customers’ motorcycles for the time that they are stored in the dealers’ repair shop. This type of plan is similar to a garage keeper’s legal liability insurance policy.

The dealers’ supplementary physical damage insurance policy protects stored motorcycles that are waiting to be sold and it includes coverage for risks, such as fire, theft, collision, vandalism, riot, and other specified risk exposures.

Insurance Agency Drip Campaigns & Email Workflow

Let’s begin with a simple definition of insurance email drip campaigns. A drip campaign is a direct marketing method used to engage prospects and retain clients leveraging ongoing, dynamic content generated email marketing programs. The campaigns send targeted, and conditional content based upon existing and changing preferences. The content is sent to prospects and clients over varying periods of time to nurture leads and improve retention.

An email workflow is a series of automated emails which are sent (or not sent), based on the targeted subscribers, to help facilitate how they interact with your agency. The email workflows are triggered based on information you know, or learn, about your subscribers (using branching for Yes, No, If, Then). The workflows allow agency marketers to send precise emails, at predetermined times to specific prospects or clients. Well-designed email workflows can help insurance agencies improve conversion rates, and customer retention. Let’s discuss one of the many types of workflows insurance agencies can use, we’ll follow up with additional blog posts on other types of workflows in this ongoing series.

Insurance Webinar Workflow

Let’s say that your insurance agency is planning a webinar on a topic such as: ACA Compliance in an Uncertain Era, or Changes with CSA Regulations & the Impact on Truckers. Email workflows allow agency marketers to communicate the information your attendees need to know, and when they need to know it. Your agency webinar workflow can be triggered as soon as a date is set, though it is recommended a webinar registration landing page is ready at that time.

Once triggered, the webinar email workflow starts sending out automated emails, providing timely and useful information about the webinar, up to the webinar, and after completion of the webinar. This can include dates and times, if the webinar will be recorded, where to get the presentation slide or companion materials, and certification information for credits with HRCI, SHRM, etc. It’s beneficial, to begin a few weeks before the webinar, and to remind those who have not registered, and retain those who have registered.

Insurance agency email workflow branching allows for robust personalization and very specific content fulfilment. For example, if a registrant responds that they want to receive the slides, a Call To Action (CTA) can be created to drive them to a download page. Or for registrants who would like to share the recorded webinar at a later date, and email can be automatically generated, the day after the webinar, providing the recording link, and perhaps a CTA to set up an appointment to discuss coverages with your agency.

Needless to say, every agency should be using simple email campaigns. However, for many agencies, the time has come to invest in insurance agency email workflow drip marketing. Those agencies lacking the staff or tools to accomplish this can consider outsourcing the initiative to a proficient insurance marketing agency.

Large Deductible Insurance – How to Cure the Collateral Blues

Large deductible insurance may look like a painless way to reduce your workers compensation or liability insurance costs. But appearances can be deceiving. The collateral your insurer needs to protect their credit risk can put a burden on your credit lines or credit rating. Here are three cures for this common problem.

Cure 1 – Surety Bond

A surety bond is a three party contact between you, your insurer and the surety. A surety bond is a promise that in return for the premium you pay, the surety will honor your financial obligations if you cannot. If you are unable to reimburse your insurer for payments falling within the deductible, the surety will make good on those payments.

Not all insurers will accept a surety bond as a substitute for either cash collateral or Letters of Credit. They may not get full credit for the bond under statutory accounting rules. Sureties may require collateral from you to issue the bond which will reduce some of the benefit of this approach.

Cure 2 – Trust Account

A trust account, which you fund with cash or high credit securities, can be substituted for Letters of Credit. The cost to maintain a trust account is usually less than the cost banks charge for LOC’s, which means you can save money each year on collateral costs, and not have to tap lines of credit.

The securities approved for a trust account may not provide an attractive return to you. The money you save on administrative costs could be offset by lower investment returns.

Cure 3 – Negotiate With Your Insurer

The collateral amount set by your insurer is calculated using several factors: your historical claims frequency and severity; your business credit rating; social and economic inflation factors. Their actuaries use these factors to predict the future amounts and timing of payments for claims falling within your deductible.

An improvement in your credit rating, a change in business activity, long term expectations for future business opportunities in your industry can all work to your advantage. Talk to your insurer about these changes. Hire your own actuary to analyze your losses. Do not assume your insurer’s collateral calculations are fixed in stone.

Bonus Cure – Loss Portfolio Transfer

If you have been in a large deductible insurance program for several years, you may be suffering from collateral “stacking”. This is the build up of collateral over a number of years to a point where you have substantial amounts of assets or credit tied up with your insurer.

A Loss Portfolio Transfer is a contract with an insurer or reinsurer to transfer your future claim liabilities in return for the payment of a premium. The premium for the LPT contract is determined by the anticipated timing and amount of your future claim payments, as well as the time value of money.

Many people think that a low interest environment would be unsuitable for LPT’s since the discount factor will be so small. But the release of letters of credit frees up your credit lines for other uses, and that alone may be worth buying it.

Why You Need Life Insurance Money

Life is full of uncertainties and we have no idea what it has in place for us. From married couples with kids to childless couples to singles, no one is immune from the unwanted events of life. For this reason, life insurance is crucial for any sound financial plan. Life insurance guarantees you and your loved one’s financial stability and therefore should not be overlooked by any chance. There are different types of life insurance policies in the market today. With the many available options, it is certainly confusing to pick the best insurance however. My advice for you would be, choose a cheap life insurance plan that best suits your future goals.

Below are 5 important reasons why you need life insurance irrespective of your age.

1. To help service your debts.

Life insurance can be used to pay off your credit card debts, mortgages, tuition fee among other debts. Let’s face it, we have no control over the uncertainties of life or the unforeseen occurrences. Take for instance that you’ve secured yourself a study loan or a business loan to help you grow your business and unfortunately you die before repaying the debt. This may create more burdens for you family and loved ones who are already mourning your death and worst still, struggling to raise your funeral expenses. To avoid this extra burden therefore, you should consider buying an insurance plan early in life.

2. You get to leave some inheritance for your kids and spouse.

Buying a life insurance plan from a reputable and reliable insurance company ensures that your kids get to benefit from inheriting your lifetime savings. It will help you leave a legacy for making extra wealth for your loved ones. This inheritance can help to pay off your kids’ higher education tuition fee or paying off other emergency demands that may crop up as your family gets its financial footing.

3. You benefit from “accelerated benefits”.

Most couples have got each for support in case of financial crisis. For a single person however, it’s more likely that you have no other source of funding except from your own personal resources. This can greatly inconvenience you in case of a sudden major illness. Thanks to most insurance policies sold today, they have provisions that speed up a huge percentage of the death benefit in case you are diagnosed of a terminal condition. These acquired benefits can be used to pay for the expensive medications.

4. Provides financial security for your loved ones.

As a loving, caring and responsible parent, you need to make sure that your kids are well taken care of when left behind. Additional coverage is therefore paramount while you have kids at home. Definitely no amount of cash could replace someone, but it would bring you peace of mind knowing that you have left you kids with some cash to boost them. It is the last thing which you should help your kids with while you still can.

5. Charitable giving

In case you are single and have no debt or family obligations, your permanent life insurance can be used to fund charitable organizations. Look at it as your final good deed before your send off. You could touch a soul or change someone’s life for good with a cheap insurance plan from a certified insurance company and they will live to remember you even after you are gone.

Do You Know What You Should Look For in an Insurance Agent?

So you find yourself in the market for an insurance agent. Congratulations! You are making a very wise choice. Insurance protects us from disasters that we would otherwise have a tremendously hard time recovering from, and your wise choice to seek out insurance will pay off with great peace of mind. In this particular post we would like to offer you some suggestions for what you should look. These ideas happen to be:

Most states regulate their insurance agents. They do this to make sure that you, the customer, will obtain the very best info on the insurance products you wish to purchase. You should ask to take a look at the agent’s insurance license. Make sure that it is current.

Find out the number of companies the agent represents. If the agent represents many companies then they can pick and choose the insurance policy that best suits your needs and budget.

How did you find out about this agent? Did you happen to learn about him from someone you respect and trust? A wonderful recommendation can go a long way.

Does the insurance agent belong to any trade organizations? This is often a sign of professionalism and their commitment to continuing education. Make sure that the insurance agent is on board with learning more about insurance products as they come on the market.

Ask about the insurance agent’s involvement in the local community. Do they happen to belong to any special organizations or involve themselves with any volunteer activities? This may often translate into a better understanding and commitment to the hopes of the customer.

So there you have it, some things to consider when shopping for an insurance agent. With a little homework on your part you will be well on your way to starting a relationship that will benefit you greatly in the years to come. Best of luck!

Tips to Purchase Your Travel Insurance

Buying travel insurance is not as simple as you think. Firstly, it is way more different than buying an article you’ve long desired and wait for its price to drop soon. It’s even different from buying an airplane ticket where you go online and do a price comparison to look for the cheapest one.

People who are new to it often find it very hard to get their way around it. Firstly, they struggle with the idea of whether they really need to get it or not. Most travelers believe they don’t really need it and coverage is simply spending more money unnecessarily.

To solve your confusions, here is an ultimate guide to buying travel insurance.

1. Do You Need Insurance?

To begin with, there are many countries that won’t let you in if you don’t have it. But the chances are that you’ll get away with many destinations that allow you to get away without it.

So do you wonder why you still need that? You’re right in thinking so. But it’s mandatory to be traveling with valid travel insurance. You plan a vacation because you want to escape all the stresses of life and have the time of your life. That is great thinking, but might not always end up being how you’ve planned.

Accidents never come with an invitation and are never welcomed. But they can become very bitter if you’re not prepared to battle with them. This is where travel insurance comes extremely useful.

2. Buy it Early

We all refrain from buying travel insurance because it is expensive. One of the sensible ways of saving on your buy is to get your travel insurance early. You’d still be only paying for the time you’re traveling.

However, you would still be covered for that time free of any charge.

So if you choose to purchase your insurance three months prior to flying, any changes to your travel plans are likely to be covered by your insurance company. It’s better not to wait last minute for things to go wrong and get your insurance beforehand.

3. Purchase Online

Nearly all of us admire online purchasing simply because there are plenty of discounts available. This is why it may be a great option to buy your insurance cover online.

However, this is not as simple as it may sound. Online purchases are mostly done with a low price indicator. But when buying travel insurance, there’s way more than just looking at the price. Before making the purchase, it is a must to carefully examine your policy and ensure you’ve studied it in depth.

Buying Health Insurance Through a Broker

In its most simple definition, a health insurance broker (also commonly known as an agent) is someone who is licensed to sell health insurance. However, there are many other services they provide you that fall under the umbrella of selling health insurance. Here are some of the most important:

  1. Perhaps the most important fact to know about working with an agent is that it’s free. Insurance agents are paid by insurance carriers, not by consumers. So don’t worry about having to pay some service fee for signing up for a plan with an agent, because it will cost you nothing more than if you were to do it yourself
  2. Health insurance is confusing, and an agent will explain it to you until it makes sense. Ask all the questions you want, that’s what they’re there for. Want to know what your coinsurance will be on a certain plan? Want to know what coinsurance even means? Ask away!
  3. An agent can help you compare plans that you’re interested in. When you let an agent know what it is you’re looking for, they will narrow down your possibilities and explain the benefits of each. They can check to see if your doctors and preferred medical facilities are in-network, and they can just to see if any prescriptions you take are covered (and how much).
  4. Your agent is your agent as long as you have your policy. This means that you have someone you can contact when you have questions or even when you want to shop around for a new plan. You’ve got someone in your corner, as opposed to just winging it and picking out a plan on your own.

Because I’m sure you don’t want to be here reading all day, those are only a few of the biggest benefits of using a licensed agent to buy health insurance. That’s not even including how much time and frustration an agent can save you (we’ll save that for another article!).

To make it even more convenient for you, many brokers have the ability to access plans that are both on and off-exchange (government-run Marketplaces for health insurance). This provides you with even more options. Additionally, for agents who can access on-exchange plans, they can also determine your subsidy eligibility that can lower your premium and out-of-pocket expenses. Again, saving you yet another headache.

The next time you need to enroll in or change a health plan, keep a licensed agent in mind- it won’t cost you anything, but it will certainly save you a lot.

Six Uncommon Policies Your Insurance Agency May Offer

You want your home and family to be protected in case of an accident. It is the best thing you can do. However, that protection can be a little fickle. Your insurance agency may reimburse you in the event of certain problems, but it might not provide funds for other issues. In fact, if you do not have some of these policies, you may be footing the bill yourself in the event of an accident.

Renter’s Policy

Everyone knows it’s a necessity to get an insurance agency to write a policy for a home, but many do not think about getting a policy when they are renting. Yes, your property owner has coverage for their property in the event of a fire or another incident. However, that policy does not cover your valuables. A typical policy only costs a few dollars a month and includes some liability coverage as well.

Pet Policies

Like your children, your four-legged family members need annual checkups and vaccinations in order to be in top health. In the event that they need an operation at some point, it can get expensive. You can check with your insurance agency to see if they offer coverage for your pet that will help offset some of their general care costs.

Antique Coverage

Having a homeowner or even a renter policy does not mean that your valuable antiques are protected. Some policies do not cover these items, as they can be costly to replace or restore. However, if you own valuable family heirlooms, you may check into additional coverage. In the event that something should happen to the property, you want to make sure you have full replacement value or restoration coverage.

Long-Term Care

Most employers offer some form of disability insurance. However, they do not always provide long-term care coverage. In the event you should need to go to a nursing home or require long-term home care, this type of policy can save you money in the end. If you purchase this policy when you are younger, you will not spend as much. However, they can be pricey if you are not careful. You may also only purchase one that pays for three to five years of service, as most holders need them for more than three years.

Longevity

Most people understand the need to put money back for their retirement. However, in some cases, even the best-laid plans can find you running out of money before you pass. By purchasing longevity plans from an insurance agency, you can help ensure you are not in a bind. This program allows you to receive a specified monthly amount beginning at age 85. For example, you purchase $50,000 indemnity at age 55. At age 85, you would begin receiving the same approximate amount yearly.

Wedding

Wedding plans are nominal in cost, but they can save you a lot of frustration. The average cost of the big day can be upwards of $24,000. If you have to postpone it due to inclement weather or the death of a family member, you could spend as much to get it back on track. Having something in place to help you in the event your big day doesn’t go as planned is a good idea.

What You Need to Know About Flood Insurance

Some homes sit in high-risk areas for water damage. Other residences are located in a moderate- or low-risk location. Regardless of your home’s location, you might consider purchasing flood insurance to protect yourself from the financial loss that can result from water damage.

Limitations of Disaster Relief

If you are not insured when a catastrophic event occurs, you will be left to either repair the damage on your own or hope the state or federal government issues an official declaration of disaster. Without this official declaration, no assistance will be provided. Even with an official declaration, not all disasters will result in assistance awards to residents. You may only receive an offer for financing to cover your expenses, rather than funds for rebuilding and repairs.

Benefits

When you purchase individual flood insurance coverage for your house, you have will receive greater protection in the event of a disaster in the form of a payout.

– In the event of flooding, you will receive a payout commensurate to the water damage caused to your property.

– Any funds you receive from your policy will not require repayment.

– Your policy will be continuous without the threat of non-renewal or cancellation due to repeated claims, which can occur with disaster assistance.

– Policy owners can also receive coverage for contents of a home or business, up to $100,000 for residential policies and up to $500,000 for business policies.

Coverage Details

Individual policies will have different coverage features, so be sure to carefully read the policy paperwork so you understand the terms. For example, the nature of the flooding will determine coverage. If water damage occurs due to a sewer backup in your home, most policies will protect you from this damage only if it occurred as a result of a flooding event rather than another type of issue. Learn what building property and personal contents are included in the policy. Find out what issues are not covered by the terms of your agreement. A policy will also have deductible options to select, which will affect premiums and claim payments.

Eligible Properties

A number of different types of properties are eligible for insurance coverage. You can purchase coverage for a single-family or multi-family home. You can also, as a business owner, cover commercial property that you own. Renters can purchase policies for apartments, condominiums, and commercial property to protect against loss from water damage.

Government and Lender Requirements

People who own property in floodplain areas may have no choice but to purchase flood insurance. Home and business owners who are in high-risk areas with federally regulated loans often find that coverage is required under the terms of their mortgage. Small business owners who receive certain loans from the Small Business Administration may also find that this requirement is attached to their financing terms. Some communities in high-risk areas have management ordinances in place that require residents to have insurance policies that protect them against loss from water damage. To be eligible for federal and state disaster relief, residents must first be insured.

There are a few differences between insuring your property against floods and insuring it against other types of risks. First, flood insurance is not always carried by the same companies that offer homeowner’s and property insurance, because it entails different risks. You may have to call around and ask your insurer if they provide this service, or if they know someone who does. Second, if you live in an area that is prone to floods, you may need a surveyor to verify whether your property is inside or outside of a high-risk zone before you can receive a quote. Contact your insurer today and ask them about adding the protection of flood insurance to your property.

What To Look For When Choosing Your Hotel Insurance Policy

Owning and running a hotel or any other type of accommodation is a challenge, especially during the current tough economic climate, but there is no excuse for not making sure that your business, staff and guests are covered by the correct level of insurance.

Hotel insurance is not just for hotels, because you can also find the correct type of insurance often bracketed into this insurance category for the following types of accommodation:

• Hotel

• Guest House

• Bed And Breakfast (B&B)

• Motel

• Hostel

• Guest Accommodation

Although there are many types of insurance policies when it comes to hotels and accommodation, some of the things that you really should look for in your cover include:

Buildings and Contents – As with any type of building that you own, you need to make sure that you insure both the building and the contents for the correct value, because should the worse happen, you need to make sure that your level of insurance is enough to cover the money you need to get the hotel back to its original position.

Liability Insurances – Public, employers and product liability are all types of insurances that could be vital when it comes to your hotel, guest house, B&B or other type of accommodation. Liability insurance can help protect you if a guest should fall and injure themselves, with employers liability helping to protect your staff should they be hurt or injured whilst working in or for your hotel.

Business Interruption – This type of insurance cover is sometimes overlooked but can really act as a business and life saver should your business be closed down for a short to medium term period. For example, if your hotel was flooded in June (it does happen) and you had to close down for three months to refurbish, having this type of insurance cover would offer you some income to keep your business going.

Legal Expenses / Protection – Running a hotel means that you will probably be employing staff and you will definitely be hosting guests and this type of insurance provides cover for any legal expenses which are incurred following any disputes with customers and also staff. For example, if a member of staff decided that they were going to try and sue you for a particular reason, this type of insurance cover can help to pay the bills if the case goes to court etc

Above all, you should always check that your insurance policy offers the correct level and type of coverage for your business.