There is a lot of truth to this statement. Acquiring an agency requires a lot of work, and attention to detail is critical. Preparation and planning are extremely important to ensure a successful outcome. One issue I have encountered with a number of the E&O...
Virtually every agency I am honored to work with is experiencing growth, with most of that growth achieved organically instead of through acquisition. This growth is often accomplished through an aggressive cross-selling initiative within a business segment (PL, CL, EB, etc.) or from one segment...
Without question, every agency I am honored to work with and virtually every agency in the E&O Plus program is looking to enhance its E&O culture. That is certainly one of the things that makes the E&O Plus program so great! The agency's commitment to...
Imagine the following: One of your insureds calls (or emails) and advises you they would like to reduce their auto limits. They explain that the current economy has hit them pretty hard, and they need to find a way to reduce some of their expenses. In...
Imagine the following scenario: As the producer who sold the account, you are on the stand in a trial where the client suffered a loss, and after reporting the claim, they were informed there was not enough coverage. Due to the size of the uninsured...
For those who have attended an E&O seminar in their insurance career, the words “Document, Document, Document” have definitely been spoken, and with good reason. Few key “Best Practices” have ever been spoken that rival those three words in the importance of E&O loss prevention. I...
This has always been one of my favorite sayings. It is especially relevant to agencies since a significant part of the day-to-day discussions and transactions involve selling in some form. This might relate to my early days in the insurance business (back in 1975, selling...
With our current economic times and many families looking to tighten their financial belts and explore opportunities to reduce expenses, insurance is a common target. I have heard from many of the agencies I am honored to work with that they received an increase in...
With increased frequency, we are hearing about various products being recalled. Some products were food related: peanut butter, baby formula, lettuce, onions, cheese, hard-boiled eggs, etc. Other recalls involve eye drops, various health powders, fishing games, motorcycles, cars, tools, etc. While researching this topic, I...
For the benefit of some of the newer staff in the agency, the agency you work for has E&O coverage, essentially a professional liability policy that provides protection and coverage for claims made against the agency alleging negligence of some type. Every E&O policy has...