Posts by Russ Krajec
The Importance of Product Liability Insurance for Your Business
Product liability insurance protects a company if a product causes injury to a customer. If the company is held liable, the policy will usually pay for lawyer fees, court damages, and even the injured party’s medical bills. The cost of product liability insurance varies, but premiums typically range between 15 cents to $1.50 per $100…
Read MoreWhat is an Insurance Carrier?
When searching for insurance, it is important to understand the terminology. In this article, we will break down one of the most basic insurance terms: “insurance carrier.” For those who work in or around insurance, the distinction between an insurance broker and an insurance carrier is quite clear. However, for those who are not exactly…
Read MoreWhat Are Insurance Endorsements?
Insurance policies have their own language, and endorsements are one example. Endorsements are use to modify your insurance policy from a “standard” policy to something more tailored to your situation. What is an Endorsement? An endorsement can be an exclusion, extension, or any other type of modification to the actual terms of your insurance policy…
Read MoreWhat Is Surplus Lines Insurance?
Surplus lines is the term used for specialty insurance that is beyond what “normal” or standard insurance provides. Surplus lines policies are not “cookie-cutter” policies, but are often hand-tailored policies that can be adapted to your specific needs. While this might sound intimidating and expensive, when you find the right specialist that fits your specific…
Read MoreWholesale Insurance Broker Compared To Retail Insurance Broker
The terms “wholesale” and “retail” mean something specific in the insurance industry. In general, “retail insurance” means direct sales to policyholders, but “wholesale insurance” are typically specialized brokers that assist retail brokers in finding the right policies for a specific situation. Keep in mind that independent insurance brokers work for you – not the insurance…
Read MoreWhy Use An Independent Insurance Broker?
Insurance can be a difficult purchase. It’s not as simple as buying something off the shelf; it’s all about buying a promise of protection that has the potential to make or break your financial well-being. How would you know you are making the best coverage decisions? Are you confident you’re getting the most bang for…
Read MoreWhat is a Broker of Record?
A Broker of Record is the Person who Represents You In the insurance industry, a broker of record is a person who represents an insured and maintains a policy on their behalf. This agent or broker was chosen by the insured to represent them and administer their insurance policy. This agent serves as the person…
Read MoreWhat is the difference between an Admitted vs. Non Admitted Insurance carrier?
When looking for insurance, you might come across the terms “admitted” and “non-admitted” insurance carriers. What is the difference between the two? Admitted Insurance Carriers An admitted carrier is one that meets state standards and is licensed in the state or country where the insured exposure is located. These regulations differ by state, with some…
Read MoreEverything You Need To Know About Insurable Risk
There are several aspects of Insurable Risk. As a result, let’s start by grasping the most basic concepts and then build on the topic as we move forward. The article is supposed to be informational and strives to offer an insight to readers on insurable risk, its requirements, and the pros and cons encompassing the…
Read MoreSelf Insured Retentions vs Deductibles
Deductibles and self insured retention (SIRs) are tools that reduce your insurance premiums, where you to share the cost of a loss. While these two mechanisms are economically similar, they vary significantly and are not interchangeable. Deductibles & Self Insured Retentions, What are They? What is a Deductible? A deductible is the part you pay…
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