What Insurance Do You Have on Your P&C Agency?

[NCAgent]

I tried doing a search but too many of the words were excluded, who would have thought I'd get a lot of results for insurance, insurance agency, or policy?

I'm converting my agency from 1099 contractors to W2 employees. Currently I have E&O and that's it and I'm figuring now is the time to re-do everything.

So I'm curious, what insurance do you have on your agency and why or why NOT for other programs? Who do you have it through?

I was thinking a standard BOP with E&O, WC, and then something for data theft and such since we are a relatively paperless agency. Is there anything else agents have felt the need to put on their agency?

It seems like a no-brainer for some of these thing,s but I would probably put more insurance on my agency than any other business I write just because I know it can be important. That and my employees sure as heck would know how it works, too

 

[CaptiveGuy]

BOP, WC, E&O but I'd be sure to get Employment Practices Liablity endorsed on to your BOP or stand alone.

I actually like having W2 employees better. I had one 1099 producer who wasn't doing much now I have CSRs who also have new business quotas and it's working out great.

 

[NCAgent]

BOP, WC, E&O but I'd be sure to get Employment Practices Liablity endorsed on to your BOP or stand alone.

I actually like having W2 employees better. I had one 1099 producer who wasn't doing much now I have CSRs who also have new business quotas and it's working out great.

Yeah part of why I'm going to be doing W2s. If I want new people to come in on Mondays to learn products and cold-call on Wednesdays, I can make them do it.

Or even better, forbid them from calling people at 2AM like one producer was doing for some freaking reason

Thinking about zero salary but employee benefits, makes people work but want to stay.

 

[CaptiveGuy]

Yeah part of why I'm going to be doing W2s. If I want new people to come in on Mondays to learn products and cold-call on Wednesdays, I can make them do it.

Or even better, forbid them from calling people at 2AM like one producer was doing for some fucking reason

Thinking about zero salary but employee benefits, makes people work but want to stay.

My W2 reps have a salary and a quarterly quota for policy count and premium they have to hit. They get flat bonuses of $10-30 per policy and no renewals.

This way I just market they write the policies and/or cross sell my book and I make money off them by year 2. Just make your quota pay for their salary by year 2 and you are fine. Being able to sit back and manage after producing for 4 years is a great feeling.

 

[NCAgent]

Nah my setup and lead source is where my people are going to be able to sell enough to get a decent salary pretty quickly as long as they apply themselves and tune up their skills.

Do you have any policies in place for data transmission or theft or anything? I think The Hartford has something like that for insurance agencies for E&O and electronic data theft or something like that. Did you ever look at it and feel it was necessary?

 

[BlockO]

I'd be sure to get Employment Practices Liablity endorsed on to your BOP or stand alone.

question: I'm sure this varies from carrier to carrier, but in general, which is better between endorsing EPLI on a BOP vs. having a stand alone EPLI policy? Or are they about the same?

 

[NCAgent]

question: I'm sure this varies from carrier to carrier, but in general, which is better between endorsing EPLI on a BOP vs. having a stand alone EPLI policy? Or are they about the same?

This website outlines the differences, hope it helps!

Dan's Insurance Blog - Online Auto,Motorcycle,Boat, RV & SR22 Bond Insurance Quotes

 

[iiinycboi]

short term disability benefits is a must? maybe its a ny thing if you have WC you must have DBL

 

[BlockO]

NCPCLHnoob,
appreciate you trying to help, but the link you posted is a general article that I wrote on my own blog. I'm looking for more specific info from a cost/benefit standpoint (as far as coverage differences vs premium differences). My article was based on an EPLI stand alone product guide and the carrier's marketing talking points, which claim to have superior coverage as a stand alone. I couldn't find specific info regarding premium vs. coverage analysis.

I know some companies like to exaggerate marketing points with statements like "a stand alone product provides much better coverage than an endorsed product". I hear stuff like that all the time with personal lines products (stand alone vs. homeowners endorsement). Usually that statement is true, but they don't address how much extra premium it will cost. I just wondered if EPLI falls into the same category on the commercial side of things?

I figure there are plenty of agents here who sell EPLI both ways, and I wanted to get their thoughts on the differences between the two.

 

[NCAgent]

short term disability benefits is a must? maybe its a ny thing if you have WC you must have DBL

There will be benefits so DI, major medical, some group life, and a few other things. It's not REQUIRED here though a good employer usually offers it. I think we're offering the LTD and then the STD is going to be optional. It gets tricky for commission-only employees but it'll work.