The Role of the Commercial Insurance Broker

Business come in all sizes, and the role of the Commercial Insurance Broker will vary in some respects with the size of the client company and the amount of insurance expertise it has available among its own staff.

The approach to commercial insurance of a small engineering workshop in a side-street will not be the same as that of a huge multi-national corporation which may number an insurance company among its subsidiaries. The essentials of the broker’s task will be the same, however, for the largest company as it is for the individual: to use his knowledge of insurance and of the insurance market to help his client to arrange a sound insurance programme which, to the maximum extent possible, meets the client’s particular needs.

The Business Insurance Broker will handle the insurances of a small company in a manner very similar to those of an individual. The relationship is likely to be a personal one wit the directors of the business, and they can be considered, in a way, as individuals who have a different, and more extended, set of insurance needs because of their involvement with the company.

The first essential will be for the insurance broker to ensure that his clients have the compulsory commercial insurances which they need for their business to be carried on legally.

Employer’s liability cover to protect the workforce must be arranged, and motor insurance is also likely to be a necessity. If the business has plant or machinery which must have a periodical statutory inspection, it will be usual to arrange for this to be done by a specialist engineering insurer under the terms of an engineering inspection contract, with or without insurance.

Fire insurance will be very important, as will consequential loss insurance to protect the firm against loss of earnings during the period following a fire until it is fully back in business. Then there will be all the other insurances which a business needs – public and products liability, theft and money insurance, goods in transit and perhaps marine insurance, all-risks covers, fidelity guarantee and possibly others. The broker may also be asked to provide insurance covers for staff, a group life and pensions scheme, or personal accident or permanent health insurance for example.

The range of insurance which may be needed, and the variety of problems which may be associated with them, place great demands on the broker with an industrial firm as his client, and make it much less possible for him to be a specialist in one or two types of insurance only. The individual may be happy to consult a broker for life or motor insurance only, but the industrial company is likely to want a single source of advice for all its insurance problems.

The larger the client company is, the less it will be interested in buying standardised commercial insurance covers or packages designed for small business insurance, and the more it will want policies which match its own specific needs. This calls for a very deep understanding of the client’s business on the part of the broker, matched by creativity in designing insurance solutions to the problems posed. The Commercial Insurance Broker’s negotiating skills may also be called upon to persuade an insurer to accept what may be an entirely new approach to a particular insurance need.

The problems of a small spread of risk may be overcome because the company is large enough to be rated on its own past record rather than as a member of a trade which is rated as a class in an SME business insurance package. When it reaches this size, a company may be interested in extensive self-insurance, and these days it is part of the broker’s role to help such clients develop appropriate self-insurance plans and to advise on risk management measures to ensure that the risk that is being retained is reduced as far as is economically possible.

Car Dealer Leasing Tricks

Too often when it comes to auto-leasing, people get so dazzled by the myriad terms and the jargon thrown their way that they end-up paying through the nose, relying on a dealer’s “help” than their own informed decision.

Here is a look at some of the tricks dealers use to pad their profits and leave the customers shelling hundreds of dollars more than the deal should be worth.

Trick 1: Leasing always a better deal than buying

Dealers use the lure of lower-monthly payments to entice customers to sign for long-term loans, with terms stretching for five years or more, making the payments even lower. There are two catches with such lengthy contracts: higher mileage, exceeding the prescribed limit, and hefty repair costs.

With leases charging on average 10 to 20 cents a mile for any extra mile over the agreed amount in the contract, and warranties only covering three years, you leave yourself wide open for hefty charges for excessive mileage and wear and tear.

Trick 2: Cheap 2-3% APR rate on your lease

The dealer is not quoting the interest rate you would be paying on your lease; he’s rather giving you the lease money factor. Whilst similar to an interest rate and important in determining your monthly payment, a more accurate rate is calculated by multiplying the money factor by 24. For example a “cheap” 3% money factor is 24 X 0.003 = 7.2%. This gives you a better sense of what your annual interest rate on your lease contract is.

Trick 3: Stress-free early lease termination

Dealers know consumer driving needs change and they would like to have the option of getting out of a lease commitment sometime down the road, before their lease ends. Truth of the matter is, when you sign for a lease, you are effectively saddled with monthly payments for the remainder of the lease term and there is little-choice of getting out early. Lease contracts carry hefty financial penalties for either defaulting on monthly payments or terminating the lease earlier than the scheduled term.

To avoid being on the receiving end of such tried-and-true tricks, educate yourself about leasing. Get down to the nitty-gritty and understand what the leasing terms used by dealers mean. Crunch the numbers along with him and understand how they arrived at the monthly payment figure. Don’t sign anything until you’ve understood all the terms and your numbers much those of the dealer. Do not let the dealer pressure you into signing; you are the one to determine whether the agreement is right for you.

Defensive Driving Schools Georgia Free Significant Article

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Defensive driving is defined as being able to operate a motor vehicle with the skills to avoid an accident in a situation where one could possibly occur.

Attending defensive driving school is a great way to brush up on the skills to operate a motor vehicle with advanced techniques to avoid a potential accident or a situation where one could possibly occur.

Safe driving practices, have laid down rules like state speed limits, traffic laws, traffic signs, roadway markings, signals etc. All these are taught through defensive driving course online.

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Some of the requirements needed to attend the class are a copy of citation, official identification (driving license), and the required paperwork. Class fees must be paid before the commencement of the class.

Defensive Driving is all about thinking ahead so that you anticipate potentially dangerous situations and adjust your driving behavior to compensate for those situations.

There is a debate raging as to whether completing a defensive driving course will actually do much to improve the driving skills of the person who completed it. While having completed such a class will often qualify a driver for lower auto insurance premiums, the real world benefits of taking the course may not be very great. However, in the case of newly licensed drivers, taking a defensive driving class may lead to significant driving abilities.

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