Sandy asks…
Suggestions on how to create a property & casulaty insurance agency, after getting the appropriate license?
I would love some advice from people involved with the insurance business, on how to create a new insurance agency. Thank You
I did mean an insurance brokerage agency, selling insurance from well known insurance companies such as progressive, universal, Zurich..Is there a specialty in demand such as Business, art, aviation.. or should I start with Homeowners and auto?
answers:
I recommend you spend a year or two working for another brokerage to gain experience in the industry. No one here can tell you what products are in high demand in your area, this is something you can determine working for someone else. You can also learn some of the finer details of running an agency such as personnel, accounting (doing company payables is no small feat) and working with your insurer’s broker representative. Also if you want to sell a company’s product you will need a contract with that company. No insurer, especially the better ones, are going to sign a contract with an agency where the principal has zero experience.
George asks…
Do I need business insurance for a student window washing business?
We would be using telescopic poles, so there would be no possible ladder accidents. I asked about business insurance at some insurance companies and they said that they don’t give insurance for a period less than one year (the business will run only two months, July and August). So, do I need business insurance? Will it be difficult to get customers without it? What would happen if we caused property damage by accident?
answers:
Every business should have General Liability insurance. If you do something that causes somebody to think it is your fault, an insurance company insuring your business will do the following:
1. They will provide legal defence for you. Attorneys can be very expensive.
2. They will pay for any of your wrong doing covered by the policy up to the limits of the policy.
3. Give you peace of mind that if you do get sued you will not lose your financial life.
If you don’t have any personal assets and some clients is willing to hire you without you having any insurance coverage, then by all mean, go without.
If you are doing window washing as a student during the summer and you DO NOT have a business using a DBA. Then I don’t think I would bother with insurance as an isurance company would not issue you a policy anyway. However, if you lose customers because of NO INSURANCE then it might benefit you to go legal and get a DBA and insurance.
If you caused some property damage without any insurance, you should pay for it out of your pocket. However, it might be covered by the homeowners policy but don’t count on it.
Thomas asks…
Does a business have to release their insurance information when an employee damages your property?
answers:
No, they don’t. It’s private information.
You can either file under your own insurance, and let your insurance take them to court, or you can sue the employee in court.
Carol asks…
how much can a 75 year old woman who broke her ankle on a business property expect to get for punitive damages?
She had $30,000 in medical expenses/hospitalization which the insurance company of the business has paid for. We are just looking for a general number, our lawyer won’t go into specific figures. Just looking for a ballpark estimate.
It was the wintertime, the sidewalk was not properly maintained. How much can she expect to get for pain and suffering? A ballpark figure of course.
answers:
No way to know without specifics. How negligent were they in the situation?
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