~Commercial Insurance Brokers~

~Commercial Insurance Brokers~ ~Commercial Insurance Brokers~ working for professional companies can provide you with very specialized and customized services as required by large companies and corporations. Commercial insurance brokers will shop around to find the most suitable insurance policies with low premium rates.

The insurance brokers will know of how different companies calculate and evaluate the credit score and set premium rates.

They will effectively identify risks and negotiate with various insurance companies to get you the best deals and discounts. Global risk management and insurance brokerages have a global distribution network which they use to place your insurance risk with the best possible insurance provider.
The broker will also be aware of the special discounts and exceptions offered by these companies. Brokers search through a large number of different insurance databases to find you the best price. As a result you get the best deal without having to spend hours searching for quotes; you receive quotes and advice and are not pressured to buy. Your agent will prepare reports, maintain records and in case you suffer a loss, help you settle your insurance claims. Some brokers also offer financial analysis or advice about how to minimize risk. 

A commercial broker is able to negotiate low-cost deals for extras like add-on legal cover or breakdown cover. As a result, you can add these to your policy for a fraction of the price. Commercial insurance brokers will tell you when you need to update your policy and provide you with prompt and personal service. Your broker will also guide you through any claims process to ensure that you are treated fairly by the insurance company. ~General Insurance Brokers~
Here are a few examples of the types of insurance that commercial insurance brokers can arrange for you :
~Liability Insurance ~: provides coverage in case someone sues you for causing them unintentional injury . Liability insurance will cover your attorney fees and pay the settlement amount when a verdict is reached.
General insurance is made up of two main groups: personal lines and commercial lines. Commercial lines insurance provides coverage for commercial autos, farms, commercial credit, aviation, marine/ocean/inland, workers’ compensation, public liability (which includes environmental pollution), surety, nuclear, surplus and excess lines insurance, title insurance, machinery and boiler insurance, glass insurance, commercial multiple line, product liability and professional liability.
Buying commercial lines insurance is a must since some of the major risks that businesses and corporations face include litigation, destruction of the premises and the death of employees (due to fire or natural disaster) and the loss of equipment or money. Professional Indemnity Insurance : provides coverage in case of negligence claims against professional practitioners such as lawyers, dentists, doctors, accountants and architects. Another form of professional indemnity insurance called errors and omissions insurance is most commonly purchased by non licensed professionals such as artists or graphic designers.
Directors and Officers Liability Insurance~ : protects companies, mostly corporations, for legal claims arising because of the negligence and errors made by this company’s directors and officers.
Crop Insurance ~: provides coverage for crop loss or damage caused by frost damage, insects, disease, bad weather, hail or drought.
Crime Insurance ~: provides coverage in case you suffer losses due to theft or embezzlement committed by a third party.
Aviation Insurance ~: protects against risks associated with hull, hull war, liability, spares and deductibles.
Terrorism Insurance ~: provides for losses arising as a result of terrorist activities.

Workers' Compensation Insurance : helps workers when they suffer from a job related injury by paying all or part of the wages they lose and the medical expenses they incur.
Boiler Insurance : provides coverage to factories and construction in case of accidental physical damage to equipment or machinery
Builder's Risk Insurance : provides coverage in case of physical loss or damage to property during construction.
Political Risk Insurance ~: provides coverage to businesses that suffer a loss because of the political conditions of the country in which they are operating.
Environmental Liability Insurance~ : protects industries and companies in case of leakage or release of pollutants which results in property damage, injury and clean up costs.
Title Insurance~ : ensures that the person who bought the property or is paying the mortgage will retain the title to the property, free of any encumbrances such as liens.
Risk Management And Insurance Brokerage

When you have a business you face many risks and you need to protect yourself by identifying those risks and figuring out what insurance policies will protect you from possible losses. Risk management involves measuring risk and developing strategies to deal with the risk.

You can manage risk by transferring it to another party (e.g. by buying an insurance policy you transfer the risk to the insurance company), reducing the negative impact of the risk or taking steps to avoid the risk.

UK Insurance & Consumer Protection 'ACT'

UK Insurance & Consumer Protection 'ACT'

In the UK, the Consumer Protection Act 1987 and the EC Directive on Product Liability require that manufacturers or suppliers of goods carry some form of product liability insurance that is usually part of a combined liability policy. In public liability insurance, premiums depend on the type of business, turnover and number of employees. It is a good idea to compare the quotes given by your broker with the quotes being offered by other brokers. When you apply for an insurance policy, you fill out a proposal form which is your offer to the insurance company where you state the premium amount you are willing to pay.

Sometimes, they will agree to accept your offer if you make certain changes to the terms you have proposed. In this case, get advice from several brokers about whether the amount the insurance company has quoted is reasonable or not. Get advice from more than one broker about this that you do not offer to pay more than is necessary. The insurance company will either accept or reject your offer. Obviously, you should apply to several well reputed, reliable and licensed insurance companies to be able to choose the best possible quote. In an indemnity contract, the insurance company will pay you no more than the actual loss suffered. This will ensure that you remain in the same financial position that you were in immediately prior to the accident which led to the insurance claim. Most personal accident insurance contracts and all life insurance contracts are non-indemnity contracts. You need to watch out for under-insurance and excess clauses issues in your contract. Do not under insure your property in order to pay lower premiums. This is not a wise decision because if you under-insure a car worth 20,000 at 10,000, if there is partial damage to your car your insurer will pay only a percentage of the 10,000, which means you will have to bear the remaining amount of loss yourself.

Commercial insurance brokers deal with commercial fleet, product liability, public liability and employer’s liability (workers compensation), among other things. An example of a major UK commercial insurance broker is Marsh & McLennan Companies.

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'Types of Risk' & Risk Retention

Types of Risk Litigation - customers suing the company for some act of negligence which caused harm to the customer or the company can be sued for fraud. Destruction of the premises and the death of employees - loss due to fire, natural disaster, the loss of equipment or money due to thefts.

Intangible risks - such as relationship risk (e.g. you risk losing employees or clients because you have failed to collaborate effectively with them), process-engagement risk (occurs when operations being carried out at your company are not effective) and knowledge risk (caused by lack of knowledge or actions being taken based on incorrect and faulty information). Of cause, once you have identified the risks, you will have to do source and problem analysis to figure out who or what is the source of risk. Sources can include employees being injured on the premises, employees suing you for unfair treatment or employees going on strike to demand higher pays or people who have shares in a company backing out at a crucial time. But problem analysis involves identifying problems such as the risk of litigation and deciding how you should prepare yourself to deal with and avoid such problems. Once you have analyzed the sources and problems, you need to work on reducing the degree of risk. Next, you have to decide whether you want to opt for risk retention or risk transfer (i.e. do you want to manage any losses that occur or do you want to transfer your losses to another party such as insurance company). Risk Retention

Risk retention is a form of self insurance which you should only opt for when the probability of a risk materializing is very low and the premiums for protection are too high. For example, if there has never been a terrorist attack in your area, it makes no sense to buy expensive terrorism insurance. When the probability of a risk occurring is high, you should opt for risk transfer (i.e. insurance) to protect yourself. Risk Management in the UK

Risk management services include risk identification and assessment, claims and loss cost management, safety engineering and program administration. Risk management solutions include professional liability, directors' and officers' liability, workers' compensation, general liability and property. Some risk management and insurance brokerage companies such as Aon Corporation provide affinity products for life, disability income, personal lines for associations, individuals and businesses as well as affinity products for professional liability. Getting Help

But risk management and insurance brokerage companies do all the work for you. They identify risks, advise you on how to reduce risks and suggest which insurance policies would really suit your needs and protect you from loss. They shop around and find the most suitable insurance policy with the lowest premium rate. In addition, they negotiate with the various insurance companies and ensure that you get the best deals and discounts. Global risk management and insurance brokerages have a global distribution network which many

they use to place your insurance risk with the best possible insurance provider.

Many of these risk management and insurance brokerage firms also advise companies on issues such as employee compensation, benefits, management consulting, communications and human resource outsourcing. If the only company provides underwriting services, they can offer you credit life insurance, extended warranty products, select property and casualty insurance products and supplemental life, accident and health insurance.