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Here’s how your credit score affects your auto insurance rates

1 November 2018 By admin Leave a Comment

Auto insurers include your credit score as a factor when determining your premiums, but many motorists have yet to fully appreciate the effect their credit-worthiness has on their car insurance rates.

Here’s how your auto insurance and credit score are linked

On the flip side of this equation is the fact that three in 10 people mistakenly think that their driving record has a bearing on their credit score, according to a recent survey from Wallet Hub. Nonetheless, insurers say credit-based insurance scores actually reward the fiscally responsible among us.

You may be wondering where this idea that how you handle your wallet is related to how you handle your wheels comes from. The most comprehensive public research was done about a decade ago by the Federal Trade Commission in a report on the issue.

The agency found that several states bar insurance companies from basing their underwriting decisions solely on people’s credit scores and credit histories. It has a lot to do with the period of time — the “exposure period” — insurance companies can incur losses.

“[Credit] score developers start with the credit information available about customers at the beginning of the exposure period and the known losses for them during the period,” the FTC report says. “Score developers then use various statistical and other techniques to develop a model that predicts losses based on the credit information that was available at the start of the exposure period. If the relationship between the credit information and loss is sufficiently stable over time, the model can be applied to the credit histories of other consumers to predict the risk of loss they pose. ”

A report by the Insurance Information Institute (III) said that aside from credit scores, other factors, such as where a person lives, previous crashes, age and gender, help insurers determine who is more and less likely to file a claim.

How insurance companies handle those with no credit history

Of course, every person is different: An 18-year-old who may not have much of a credit history can’t possibly be judged the same standards as, say, a 40-year-old with a job and family, right?

When it comes to teenagers and other people without credit histories, many states mandate that insurers adhere to the National Conference of Insurance Legislators’ (NCOIL) “Model Act Regarding Use of Credit Information in Personal Insurance,” which was released in 2002.

The NCOIL rules, which many states have adopted verbatim, say that “no-hits” and “thin files” (people with no or scarce credit histories) should be considered to have “neutral,” or average, credit. The insurer also has the option of using another scoring model, which must be disclosed.

As a conclusion to its report, the FTC says, “A consistent finding of prior research and the FTC’s analysis is that credit information, specifically credit-based insurance scores, is predictive of the claims made under automobile policies. However, it is not clear what causes scores to be effective predictors of risk.”

By Craig Johnson

See Full Story at www.kiro7.com

Filed Under: Industry, Interesting Stuff Tagged With: auto insurance

Five insurance tips business owners should know

3 July 2018 By admin Leave a Comment

Whether you’re a high flying business owner or a budding entrepreneur starting out with a great idea, sooner or later you’re going to find yourself wandering aimlessly in the minefield of business insurance. Dangerous stuff!

No superhuman IQ is required, but you’d be fooled into thinking a simple phone call will leave you ‘feeling epic’ like Action Man. This five-step guide will help business owners make a more informed decision and save cash.

1) Meet your legal requirements

You MUST meet your legal requirements. The only business insurance mandatory under UK law is employer’s liability insurance. This is required by all businesses that employ staff, whatever their contracts.

However, if your business operates vehicles, it’s mandatory by UK law that you have third-party insurance vehicle insurance to cover claims made against you from third parties. Some industry regulators may also require you have insurance cover in place. For example, solicitors and accountants are required to have professional indemnity insurance. To discover the legal requirements of your business please refer to Gov.uk for information or talk to your local council.

2: Understand your risks

Next, you should assess the risks within your business. These are unique to each company. It’s best to make a list here. Always look at risks that are ‘reasonable’ and could happen. Here are some example scenarios.

If you run a logistics company, it’s reasonable that one of your vehicles could be involved in a road accident. This could injure a member of the public, your staff, or damage the goods being transported. This could help inform your insurance needs.

By Callum Watkins

See Full Story at www.smeweb.com

Filed Under: Industry Tagged With: business insurance

4 Types of Insurance Businesses Need

17 May 2018 By admin Leave a Comment

What Basic Insurance Does a Business Need?

Per the Insurance Information Institute, most businesses need, at a minimum, four types of coverage: property insurance, liability insurance, business vehicle insurance and workers’ compensation insurance.

1. Commercial Property Insurance

Property insurance covers (you guessed it) the property your business operates out of and any vital items inside (think office furniture, equipment, the products in stock, computers, etc.). Property insurance provides compensation if the covered location or items are lost, damaged or stolen. Note: It’s a good idea to carry business property insurance even if you’re operating out of your garage or home office, since your homeowners’ insurance likely doesn’t provide adequate coverage — even if you add a rider that covers business property losses.

2. Liability Insurance

Liability insurance protects you in the event your business gets sued for negligence. Liability insurance covers legal expenses, damages (should you lose the case) and medical bills incurred by someone hurt by your business.

There are specialized types of liability insurance you might need, again, depending on the size and scope of your business. That includes professional liability insurance — commonly known as errors and omissions insurance (E&O) — which covers you against malpractice. (So physicians or lawyers, for instance, would likely opt for an E&O policy.) There’s also specialized product liability insurance designed to cover you if a defective product causes someone harm.

3. Business Vehicle Insurance

This policy covers any vehicles you use for operations. Keep in mind, you likely need business vehicle insurance, even if the only ride you’re using is your own. Most standard auto insurance policies won’t cover cars used primarily for business.

4. Workers’ Compensation Insurance

Workers’ compensation insurance covers medical expenses and lost wages if an employee is injured on the job. Laws vary by state, but almost all of them (excluding Texas) require hiring businesses to carry workers’ compensation coverage. Most companies are also required by law to pay unemployment insurance taxes. And, in some states, you’ll need disability insurance if you have employees as well. The Small Business Administration (SBA) suggests visiting your local Workers’ Compensation Office to find out exactly what insurance your state requires.

By Jeanine Skowronski

See Full Story at www.nav.com

Filed Under: Industry Tagged With: insurance businesses

How To Save Money On Your Insurance Premiums

26 April 2018 By admin Leave a Comment

After what felt like the longest month in history, January is finally over! While you may have been pinching the pennies in the lead up to pay day and living on beans on toast, it’s now the perfect time of the year to get clever with your cash and start saving. You’ll thank us later when you’re sipping a cocktail on the beach.

We’ve teamed up with Blue Insurance to bring you some handy tips to help you get the most of out your insurance premiums whether it’s for your Home, Motor, Gadget or for your Pet.

Home:

  • Make sure your home is fitted with smoke and burglar alarms to instantly reduce the risk associated with your policy resulting in a lower premium.
  • Insure your property based on the Reinstatement Value and not the market value of the home.
  • Consider a 2-year policy. This will save both money and the stress of renewing (and possible price hikes) for a whole two years, even if you make a claim.

Motor

  • Your occupation can have a huge impact on any quote you’re offered. Insurers are more interested in what it is you do and not your title. If it’s unclear to the insurer what your title means, they could rate you in a higher category.
  • Have your car valued in advance by a few sources.
  • Paying your policy in one go can sometimes end up being less expensive.
  • Consider a 2 year policy.

Travel:

  • Get private health insurance
  • Purchase a multi-trip policy
  • Research the different levels of cover available

Gadget:

  • Purchase from a dedicated gadget insurance company to get a more competitive price
  • Only insure for what you feel may actually happen to the device
  • Bundle multiple gadgets into the same policy

See Full Story at www.98fm.com

Filed Under: Industry, Tips Tagged With: insurance premiums

5 Insurance Tips to Help You Protect Your Small Business

6 March 2018 By admin Leave a Comment

Starting a business is itself a risk, so all business owners must take the time to insure themselves, their investment, employees, and property the right way. There are lots of things to put into consideration, such as commercial auto, property, and workers’ compensation. As complicated as it seems, it is straightforward if you know where to start. Here are some tips below:

Risk abounds… understand possible threats

It is essential to understand threats that may work against your business before deciding on how to protect it. Since there are several commercial insurance options, you must first understand your needs and your level of exposure before opting for a coverage. Loss of income, slip and falls, fire, defective products, equipment breakdown, injured employees or customers are some of the threats that can affect a business. Do not just wish them away, assess every step of your business, contemplate the worst that could happen and get insurance for it.

Employment Practices Liability Insurance

Sometimes, the employer-employee relationship can go south. Although most business owners try to maintain a good, healthy relationship with their employees, disputes are inevitable. Every business owner must protect themse just in case any minor conflict translates to litigation. With Employment Practice Liability Insurance, employers are protected against wrongful acts that may occur out of their employment practices, which may include age, race, sex discrimination, failure to promote, and wrongful termination. In today’s insurance market, this coverage is quickly becoming indispensable.

Find security in a digital world

In 2017, CNBC reported that hackers had hacked 14 million businesses in less than 12 months; that is nearly half of all small businesses in the United States. So, endeavor to get insurance for any online threat your business may face. If your business requires you to conduct transactions or collect customer’s personal information online, then the Cyber Risk Coverage or Data Compromise coverage will be ideal for you. If hackers ever were to successfully steal a customer’s information or if the information leaks, such customer may want to take legal action against you. Usually, Data Compromise Coverage provides Response Expense Coverage that helps cover the cost of informing and assisting your customers after a data hack. Selecting this option also provides Defense and Liability Coverage, which takes care of third-party action brought against you by those affected by the data hack. Comprehensive Cyber Risk coverage provides coverage against electronic data damage and computer systems from a virus or computer attack. It also protects your business’s liability to third parties if there is any damage to them as a result of your business’s computer system vulnerability.

by rcurrie

See Full Story at bbinslv.com

Filed Under: Industry Tagged With: small business

4 Tips to Lower Business Insurance Premiums

14 November 2017 By admin Leave a Comment

Navigating the complexities of business insurance can be daunting, but the good news is that there are actions business owners can take to lower business insurance premiums.

Business insurance premiums are influenced by several factors, including your business’s risk profile. That’s why it’s important to have a high level of communication with your insurance broker: he or she is the one responsible for relaying key data about your business’s risk profile to insurance carriers. The carriers then assess that data to provide a premium estimate. When a business has few claims and demonstrates that it has a safe workplace, it can lower business insurance premiums.

Here are four ways to mitigate your risks and make your business more desirable to insurance carriers.

Create an Employee Handbook and Keep it Updated

Make sure your rules and procedures are up to date and documented in a comprehensive employee handbook that includes your policies to maintain a safe workplace. New hires should receive a copy of the handbook, and all employees should receive an updated copy on an annual basis.

Take the time to review it with your entire team annually to make sure everyone understands your policies and has the chance to ask questions. This review will also help ensure consistency in how rules and procedures are enforced.

Additionally, review your employee handbook at least once a year with your lawyer and insurance agent to make sure it includes current information and any new industry requirements.

Launch a Robust Safety Training Program

With a comprehensive handbook in place that outlines your safety initiatives, the next step is to institute an employee safety training program that offers courses tailored to various roles, such as driver safety. Offer different types of programming to ensure materials are accessible to different learning styles, including options like training videos, in-person workshops, infographics, short quizzes, etc. Be sure to also include the training program as part of employee onboarding.

Not only will you and your clients benefit from a well-trained, safe workforce, this kind of program shows insurance carriers that you take safety seriously and go a step beyond putting rules in a handbook—and this can help lower business insurance premiums.

By Luke Wester

See full story at thebossmagazine.com

Filed Under: Industry Tagged With: business insurance premiums

Cost-saving insurance tips for small business owners

2 November 2017 By admin Leave a Comment

Whether you’re starting a business for the first time or looking to increase your business’s bottom line, which small business insurance you go with will make all the difference.

Every business comes with risks. Even if you’re prepared for 90% of them, the few that you can’t account for are the ones that pose the biggest threat to your business. Finding the right business insurance policy can be frustrating for most entrepreneurs. Fortunately, the insurance industry is rife with experts looking to guide customers into the right hands.

Laura Adams, senior analyst at insuranceQuotes.com, spoke with PC360 on what exactly entrepreneurs and home business owners need to know about finding the right policy and lowering their risk.

Common misconceptions

No matter the size of your business, you need insurance. Many small business owners believe they don’t need it because they’re too small.

“Every business — even a small, home-based operation — needs liability coverage, at a minimum. No business is too small to be involved in a lawsuit. Having some amount of commercial liability insurance protects your business if you, an employee, or your products or services cause injury to a third party,” said Adams.

For those who operate from home, there is a belief that their homeowner’s policy will protect. Typical home insurance, however, does not cover business equipment, inventory or liability issues related to a commercial operation, Adams stated. Similarly, a vehicle used for business purposes would not have sufficient coverage through a personal auto policy.

BY DENNY JACOB

See full story at www.propertycasualty360.com

Filed Under: Industry Tagged With: cost saving insurance tips

10 Tips to Save on Car Insurance

1 June 2017 By admin Leave a Comment

Car insurance is one of the costliest purchases that consumers hope to never use. While it’s always important to buy the right coverage, it costs a lot more to insure a brand-new car than a five-, seven-, or nine-year-old model you are replacing. Here are 10 helpful tips on how to keep your premiums in line without taking on unnecessary risks.

Do an Annual Rate Check

If you’ve been with the same insurer a long time, it might be tough to beat its rates, especially if you haven’t had any claims lately. In fact, a 2014 survey by the Consumer Reports National Research Center found that only 10 percent of 19,000 ConsumerReports.org subscribers who compared premiums found that they would save money by switching insurers.

It’s easy to compare multiple insur­­ers online, at sites such as Answer Financial, Insure.com, Insweb.com, and NetQuote. You usually won’t get an immediate quote online, but you will get email messages from agents look­ing for your business. Consider forming a relationship with an independent agent, who will check rates for you at a range of carriers.

Pick a Top-Rated Insurer

Saving money isn’t simply a matter of finding the lowest premium. Some insurers have lower premiums, but end up costing you more in the end by lowballing loss estimates, hassling the repair shop to cut corners, and forcing you to pay extra for original-equipment replacement parts. They might even unfairly jack up your premiums after an accident.

We surveyed 64,872 Consumer­Reports.org subscribers who filed a claim between 2011 and 2014. Eighty-eight percent of them were highly satisfied with the handling of their claims. Among the highest-rated groups were USAA, Amica, and NJM, with overall satisfaction scores of 90 or higher.

By Jon Linkov

See full story at www.consumerreports.org

Filed Under: Industry Tagged With: car insurance

How to Know If Your Credit Card Insurance Will Cover a Rental Car

23 May 2017 By admin Leave a Comment

Does your credit card cover your rental car? There’s really only one way to know: find your card-member agreement and read it. If it’s not in the fine print, you’re not covered. Also, call your personal auto insurance company in advance to see if your plan will cover rentals. In most cases, you’ll have enough coverage between your credit card insurance and your personal policy. But there are a few “gotchas” to look for.

1. You must use the card to rent the car and decline the rental company’s insurance at the counter.

2. Credit cards generally provide secondary insurance, meaning they pay costs above what your personal policy covers. But some cards (Chase Sapphire Preferred, for example) offer primary rental-car insurance as well.

3. Most credit cards don’t cover liability. You have to buy that separately from your car-rental company or receive it through your personal policy.

4. Some specialty vehicles, like exotic cars, vans, or trucks, may not be covered under your policy. Car-sharing services like Turo or Zipcar are generally not covered by your card.

5. Your coverage may not work outside the country. Rentals in Israel, Ireland, and Jamaica, for example, are not covered by most major credit cards, and you’ll need to purchase a separate policy when you rent a car in those countries.

By Christopher Elliott

See full story www.travelandleisure.com

Filed Under: Industry Tagged With: credit card insurance

New norms for selling insurance online

4 April 2017 By admin Leave a Comment

Online availability could drive down prices, especially for term life policies

Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce, thus paving the way for electronic platforms that will market as well as service insurance products.

The insurance self-network platforms that are to be set up could be a regular web portal, mobile app or both. Entities registered with IRDAI, such as insurance firms or insurance intermediaries, are eligible to apply for setting up such a platform.

For customers, the key difference will be prices, with the products purchased on the platform coming at a lesser pay out. This will be more so in the case of term life insurance, sources said.

Over time, the companies would also have products that will be sold exclusively online.

IRDAI perceives e-commerce as an effective medium to increase insurance penetration and enhancing financial inclusion in a cost-efficient manner. The guidelines, IRDAI said, are being issued “to promote e-commerce in insurance space, which is expected to lower the cost of transacting insurance business and bring higher efficiencies and greater reach.”

The guidelines follow the exposure draft that IRDAI had released in June last year.

Insurers and insurance intermediaries who already have set up their own ISNPs or insurance portals for sale and service of the products will be allowed to continue if they comply with the requirements listed in the guidelines within a period of three months.

By N. RAVI KUMAR

See full story at www.thehindu.com

Filed Under: Industry Tagged With: insurance online

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