Marketing for any business is a complicated business. To market to customers effectively, marketers need to know what clients want. One of the best ways to learn how effective a marketing strategy is is through using analytics. In the insurance business, analytics play an even more crucial role.
1. They Save The Marketing Team Time
First, using analytics in insurance marketing saves the marketing team time. When someone monitors an ad campaign’s analytics, a picture begins to form of what direction the market is going. The financial world is always changing, and analytics help a company avoid blunders that cost time.
2. They Save The Company Money
Second, using analytics in marketing helps save the company money. By knowing what ad campaigns are working, a business can shut down the ineffective ones, thus saving revenue. Rather than spending money on ads that aren’t working, a company can employ an analytic service and put their funds into marketing tactics that work.
3. They Give a Clear Picture of What Works
Finally, analytics help show a company what works for them. The marketing strategies that work for one business may not work for another, and marketing analytics will help narrow those metrics down. For any companies that are unsure about what strategies work for them, analytics are a great first step.
Overall, using analytics in insurance marketing gives companies an edge in their advertising strategies.
You may believe that your construction company has all of the insurance that it needs. General Liability and Builders Risk Insurance are must-haves, but do you know about other policies that can protect your business? These are three policies all construction companies should consider carrying to be sure they are fully protected against loss.
1. Installation Floater Insurance
Installation floaters protect you against loss when your building materials are in transit. Once building materials are off your site but not yet at their destination you may not have insurance coverage. This policy protects you against loss while you’re on the road.
2. Commerical Truck Insurance
Different from commercial auto insurance, commercial truck insurance specifically covers large vehicles like dump trucks, cement mixers, semis and the like. You can also purchase policies that offer cargo coverage, general liability coverage and downtime coverage, among other options to fully protect your company.
3. Errors & Omissions Insurance
Errors & Omissions insurance, or E&O, covers you against claims that arise from financial loss due to errors or omissions in your work. Carrying this policy can help you sleep better at night, knowing that if an honest mistake is made your company is protected in the case of financial loss.
All construction companies should consult with their trusted insurance provider to see if these policies could help protect their business.
Driving a truck for a living can have major associated costs. Gasoline, insurance, truck maintenance and food costs can all add up quickly. Here are a few ways to increase the longevity of your commercial truck tires so you can save a little more cash for other things.
Tires tend to wear out unevenly across the outer or inner edges. Rotate your tires regularly to spread the wear and tear out over the entire surface of the tire. This is a major way to increase the longevity of your rubber.
Go Below the Speed Limit
Driving fast means you are placing a higher degree of friction on your tires, especially when stopping or turning. Driving slowly means your tires will be exposed to less friction and therefore less wear and tear. Whenever possible, drive below the speed limit and your tires will last that much longer.
Overinflating or underinflating your tires will result in uneven wear across the tread. Make sure to inflate your tires to the proper amount so the tread wears down in an even manner. Remember, if the tires wear out unevenly, you can always rotate them to even out the wear pattern.
There are other ways to increase the lifespan of your tires. These are just a few obvious pointers for making commercial truck tires last longer.
Most people are under the impression that homeowners insurance is all they need to adequately protect themselves from paying out of pocket for any damage to their property. While this is true in most cases, there are some exceptions to the coverage provided by homeowners insurance, like earthquakes. While they are not extremely common, earthquakes can be devastating and often cause hundreds of thousands of dollars in damage. If an earthquake damages your home or possessions, you will have to cover the repairs out of pocket unless you have earthquake insurance.
What Is Earthquake Insurance?
Earthquake insurance protects homeowners from financial damages resulting from an earthquake. It can pay for home repairs, possession replacements and even temporary lodging if your home is too destroyed to live in.
How Much Does Earthquake Insurance Cost?
The cost of earthquake insurance can vary a lot. Many different factors play into how much you will have to pay, including the following:
- Your location
- Your home’s value
- Your claim history
- Your proximity to fault lines
Earthquakes do not occur often, but they can be very costly for everyone who is affected by them when they do occur. You can make sure you do not get caught off guard by adding earthquake insurance to your homeowners package.
A 20 pay whole life insurance policy is one where 20 annual payments are made to the life insurance company, and your policy covers you your entire life. Your payments will be the same every year for 20 years, but the interest on the principal continues to grow. You’ve also got a cash investment with whole life insurance.
How Does 20 Pay Whole Life Insurance Work?
When you purchase a 20 pay whole life insurance policy, you’re agreeing to pay a higher, but still predictable premium for the next 20 years — making it a great way to avoid having to make payments once you’ve retired. The policy offers guaranteed coverage for your whole life unless loan amounts exceed the stated value in your contract. Check with your insurance agent if you’re unsure about the loan amounts allowed under your policy.
Whole life policies allow for loans and withdrawals over the lifetime of the insured. This makes it an investment vehicle, not just an insurance policy. The money grows tax-deferred, meaning there aren’t any taxes to pay unless money is withdrawn, at which time you’d pay income tax on the amount you took a payment.
A 20 pay whole life insurance policy lets you invest while you’re working and stop after 20 years. It has the great savings component of whole life insurance while insuring you for the rest of your life. Ask your financial advisor if a 20 pay whole life policy might be a good investment for you.
What would happen if someone sustained an injury in your apartment building’s elevator or a resident destroyed the workout room? To be sure, there are numerous liability and property risks that apartment complex owners face. As such, understanding apartment complex insurance coverage options is essential if you want to protect your investment.
1. General Liability
For a wide variety of liability claims that can result from an injury or property damage that occurs in an apartment complex, general liability is necessary. With this coverage, you can protect your building’s halls, lobby, staircases, reception area, elevators and parking lot.
2. Property Insurance
When you own an apartment complex, maintenance costs are one of the most expensive yet necessary expenses. Because of this, having property coverage is another smart idea because it can cover the costs of repairs and renovation. Additionally, it can also protect your property against perils like fire, vandalism, and lightning damage.
3. Business Income Insurance
Sometimes, tenants need to vacate their apartments before the end of their lease and there is no prior notice. When this happens, having solid business income insurance can help you recover the substantial amount of lost funds that can result from this scenario.
Understanding apartment complex coverage options can help you protect your investment, and it can also help keep residents safer. An insurance agent can help you figure out what kind of policy is best for you.
Contractors like you understand that the business of building comes with several operational risks. Active work zones can be dangerous due to the presence of heavy machinery, power tools and difficult conditions. You manage these risks proactively through safety planning and insurance policies that address these exposures. Common coverages include workers’ compensation and general liability. While you might think these policies are sufficient, there are other hazards to consider, such as pollution and exposure to harmful chemicals.
Understanding Pollution Liability
With most construction projects, there’s some risk related to pollution. General liability policies usually exclude pollution and workers’ compensation plans only cover employees. An environmental spill could pose harm to owners’ representatives, third parties and other personnel. A policy for pollution liability offers these protections:
- Third-party injury or property damage due to a spill or exposure
- Costs associated with cleanup
- Defense against lawsuits
- Exposure to contaminants
- Coverage of work by subcontractors
Pollution liability for contractors should be a part of your overall approach, not an afterthought.
Coming Up With a Plan
When it comes to exposure to toxic substances and pollution, you need to have a plan in advance. Some clients have strict contractual requirements when it comes to pollution. A comprehensive plan protects you, your people and your business.
When it comes to insurance, one of the biggest issues is determining whether you have enough. You want to make sure that your typical operational risks are covered with your plan, but you also don’t want to pay for products that you don’t need. That said, most insurance products have typical coverage limits that are usually sufficient for the insured. The nature of your work may require you to exceed the usual levels of coverage. Excess insurance and umbrella insurance are two very different products with different features. Let’s take a closer look.
Excess vs. Umbrella
Excess liability insurance offers a second level of protection if your coverage needs exceed that of normal insurance. For example, a design firm that fulfills multiple contracts to many clients may consider purchasing excess professional liability insurance to defend against unfavorable outcomes due to errors and omissions. Excess insurance usually involves one or two related coverages. Umbrella policies, on the other hand, can be applied to all of your insurance plans. Unlike excess insurance, umbrella coverage addresses exposures not covered by other products.
A Customized Approach
To even the most mature businesses, some insurance products may seem interchangeable. The last thing you’d want to happen is to realize that you’re not covered in the event of a claim. Find an insurer who not only helps you come up with a plan, but also makes sure you have sufficient protection.
Navigating the logistics of employer-sponsored health insurance can be a difficult task for your business. If your company is large enough, all of your full-time employees should be offered coverage. You may also be obligated to offer coverage to temp employees if they meet eligibility guidelines.
Keeping track of it all is definitely a full-time job in itself. Protecting your business against the effects of any errors in this area is a good idea.
How Does EBL Protect Your Business?
Employee benefits liability insurance can help protect your business in the event that things get missed or mishandled. EBL for staffing businesses is especially important, as keeping track of the eligibility of temp employees requires paying extra-close attention to detail. There are many opportunities for things to go wrong, and EBL offers some peace of mind.
What Does EBL Help With?
If a mistake is made, whether it’s due to an error, omission, or negligent act, your employee benefits liability insurance policy can help cover the legal costs. This can help prevent your business from taking a financial hit.
Purchasing EBL for staffing businesses, or really for any company that is obligated to offer employee benefits, is a smart business decision. It can help protect you and your employees in the event of an error and ensure that everyone is treated fairly.
Insurance exists for many reasons, and even though it might sometimes seem like you’re paying for things that you aren’t seeing the benefits of, you are. You’ll realize it when a pallet of valuables slips off of the loading dock. Commercial Equipment Insurance comes at a price but has many benefits to your business.
1. It Takes the Edge Off
When you’re thinking about commercial business insurance, you’re thinking about that rainy day that you hope never comes. By purchasing insurance, you’re not only protecting yourself from the day when some crucial machinery breaks, but you’re also protecting yourself from that potential scenario every day that machinery is in use and doesn’t break.
2. It Protects You Financially
This is the big selling point. Figure out which things your business owns that you want to insure, then decide whether you want to pay for actual cash value or replacement cost. The premiums vary, of course.
You want your clients to know that you fly a professional flag, and this is something that tells them so. A great commercial is one thing and good reviews are excellent, but what are you going to be prepared to do for your client on that rainy day when time and money are becoming exhausted? With commercial equipment insurance, you’ll have a plan in place.
Commercial equipment insurance can save you headaches, money and keep business flowing as it should.