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Risk Management & Insurance


Understanding How Much Insurance to Buy

Many times, determining how much insurance (policy limits) to purchase is fairly easy to determine (Property) and others is more challenging (Liability).  Insurance is there to protect you and your business from loss/damage to property, financial harm and liability imposed by acts by you and your employees. Property/Business Income It is critical to determine the …


Basic Parts of an Insurance Policy

By Loring King, Senior Vice President of Underwriting, ARM, CRM, CIC Declarations page: Identifies named insured/address Insurance company Policy term What risks are covered (Property, General Liability, Auto, Inland Marine etc.) Policy Limits, deductibles, premium Policy Form/Insuring Agreement: What is covered Any built in coverage extensions or exclusions Policy conditions, rights and duties of the …


What is a premium audit?

By Loring King, Senior Vice President of Underwriting, ARM, CRM, CIC Provisions within the insurance contract permit the insurance company to audit/examine your records to ensure that proper classification were applied and to adjust premiums to reflect your actual business’ financial results. The typical coverages subject to audit include General Liability, Workers Compensation and certain …


What is OSHA, how does it impact my business?

OSHA’s mission is to “assure safe and healthy working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education and assistance”. OSHA covers private sector employers. OSHA has established regulations designed to protect employees in the workplace so they have a safe workplace. Communication of hazardous materials, safety …


Property Insurance is NOT All the Same

It’s time for your insurance renewal and you are thinking about getting some competitive quotes on your property insurance. It’s good to consider options, but property insurance can have significant differences between competing carriers – much more so than other lines such as workers compensation where coverage terms are more standard. When comparing competing property …


Cyber Crimes

I heard recently from someone who really nailed it on how to think about cyber crime. Most of our customers and people I talk to dismiss the importance of protecting themselves and their businesses from cyber criminals. They tend to think that the banks and the credit card companies take all the risk and even if …


Kentucky Showing True Leadership!

If any of you have ever been involved in an automobile incident where a police report was made, you know full-well that there are hungry attorneys and chiropractors out there wanting your insurance company's money or, in the case of another party involved, their insurance company's money. Your mailbox will be packed with letters for …


Insurance for Sawmills and Lumber Dealers

In general, the insurance marketplace is beginning to see the high rate increases of the past few years begin to ebb. Policyholders may now see smaller rate increases and in some cases even decreases. However, one industry remains squarely in the heart of a “hard market” with carrier appetite waning and rates on the rise. …


Are You Exposed To A Data Breach?

Yes you are. Regardless of your structure, if you are engaging in financial transactions involving credit cards, checks, customer information, etc. you are exposed. If you have employees, you are exposed. If you have customers you are exposed. If you have vendors you are exposed. With the busiest shopping season of the year upon us and …

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