Instant Insurance Quotes – Setnor Byer Insurance & Risk

Is Your Business Ready for New FLSA White-Collar Overtime Rules?

Over two years ago, the possibility of new overtime rules for white-collar employees under the Fair Labor Standard Act (FLSA) first appeared on the horizon. Last year, the Department of Labor (DOL) released proposed revisions to overtime exemption regulations, including those for executive, administrative and professional employees. Today, that once looming possibility is looking more like a fast approaching reality. Fast, as in possibly by mid-July, fast.

On March 14, 2016, the DOL submitted its final version of the revised overtime exemption regulations to the White House’s Office of Management and Budget (OMB) for review. Once the OMB completes its review, the final regulations will be published. After that, it’s just a matter of time. Unfortunately, there are some details we still don’t know about the final regulations. Minor details, really, like what they are or when they will go into effect.

What will be different under the final regulations?

No one really knows. The final regulations will not be made public until the OMB completes its review, and few details have leaked or been disclosed. Many expect the final regulations to be identical or very similar to the proposed regulations issued in July 2015, including the DOL’s proposal to:

Increase the minimum salary requirement for white collar exemptions from $455 per week ($23,660/year) to $921 per week ($47,892/year);
Increase the minimum compensation requirement for the Highly Compensated Employee exemption from $100,000 to $122,148 per year; and
Automatically update the new minimum salary and compensation levels annually.

It’s possible that the final regulations may include additional changes, particularly the duties test used to determine eligibility under the current white-collar exemptions . In the proposed regulations, the DOL asked for comments about whether changes need to be made to the duties tests. Though the DOL specifically stated that it’s not proposing any specific regulatory changes to the duties test, we don’t know for sure.

When will the final regulations become effective?

This is also uncertain, but it may be sooner than initially expected. The Solicitor of Labor has indicated that the effective date of the final regulations will be 60 days after publication. But, before they can be published, they must be reviewed. The OMB generally has 90 days to review regulations, which would put the deadline near the middle of June. However, because of the upcoming election, the middle of May is probably the OMB’s real deadline. Here’s why.

Under the Congressional Review Act (CRA), Congress is generally given 60 days to review and disapprove a major rule, like the DOL’s new overtime exemption regulations. However, the CRA makes an exception for “midnight rules” that are issued toward the end of an administration. If a rule is issued too late, the 60-day review period essentially resets to give the next session of Congress an opportunity to review and disapprove the rule.

The current administration does not want this to happen, so the OMB must complete its review before the date on which the CRA’s reset provision is triggered. Otherwise, the new overtime exemption regulations would be at the mercy of the next Congress and a new president.

According to calculations by the Congressional Research Service, this date is estimated to be May 16, 2016.

This date was estimated using projected congressional schedules, so it may change. Nevertheless, if we assume the final regulations are published by May 16, 2016, and add 60 days, the new regulations could become effective around July 15, 2016, maybe even sooner!

Or, maybe later. On March 17, 2016, the Protecting Workplace Advancement and Opportunity Act was introduced as a bill. If passed, this law would essentially void any changes made to the white-collar overtime exemptions. Before proposing any new changes, the law would also require the DOL to undertake a comprehensive analysis of how changing overtime regulations would impact employers, including small businesses.

In the meantime, potentially significant changes to overtime pay requirements for white-collar employees may soon be here. How can employers prepare? Unfortunately, plans cannot be finalized until the final regulations are released, but employers can use the July 2015 proposed regulations as a guide to begin developing preliminary plans. In case there are any surprises, these plans should be flexible and capable of adapting to possible contingencies.

The risk of employment-related lawsuits, particularly those involving overtime under the FLSA, is nothing new for employers. But, the prospect of new rules, and their uncertainty, is expected to increase that risk significantly. Employment Practices Liability Insurance can protect against various employment-related claims, and limited coverage for wage and hour claims may also be available.

Please contact us if you would like to learn more about protecting your business with employment practices liability insurance.

To receive regular updates about developments which may affect your business, subscribe to Setnor Byer Insurance & Risk’s weekly risk management news brief.

Shopping for Insurance: Quality versus Cost

People typically purchase insurance because they have to, not because they want to. For the most part, consumers are happy to obtain the minimum required insurance coverage at the lowest price they can find. That is, until a claim comes along. Only then do they discover that buying the cheapest insurance available wasn’t such a bargain after all.

The quality versus cost argument is nothing new especially when it comes to insurance. Consumers who pay less tend to get less, whether in the form of coverages, limits or financial security. And, when people choose cost over quality, it usually means they are uninformed about what they really need.

As a full-service independent insurance agency, it is our job to help our clients understand their insurance needs. We evaluate, compare and quote various options from multiple insurance companies so that our clients have the right information before making a decision. Though many still choose cost over quality, it is important that they understand what they may be sacrificing.

Low Premiums

Would you rather have automobile insurance that protects you from damage caused by someone who is uninsured or underinsured? Uninsured Motorist Coverage is commonly excluded from a policy to reduce the premium. Rejecting GAP coverage or electing non-stacked coverage are other ways to save money. But these choices come with a risk. When shopping for insurance it’s better to determine what coverage is desired, see how much that coverage would cost, and work with an independent insurance agent to help get the coverage you need at a cost you can afford.

Financial Stability

Although cost is important, the financial strength of an insurance company may be more important. Financially weak insurance companies are more likely to become insolvent or go bankrupt, which means that their policyholders are less likely to get their claims paid. Though purchasing insurance from a financially weak company may be cheaper, how valuable is the money saved on premium if there is no money to pay a claim? An independent insurance agent can help you evaluate the financial stability of the insurance companies you are considering.

Customer Service

Insurance companies don’t typically assign an agent to their customers. Each time you call you speak to a different person which means you have to explain your situation over and over. Look for an agent that offers personalized service. Those are the agents who are willing to go the extra mile to get you what you need. For example, at Setnor Byer Insurance & Risk, our commercial clients enjoy complimentary access to our risk management services to help them manage the risks associated with owning a business.

A solid understanding of your insurance needs is the key to overcoming the quality versus cost argument. An experienced and reputable independent insurance agent can help you purchase insurance that is both economical and effective.

If you would like more information about our insurance products, please contact us.

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Are You Ready for Halloween’s Scary Treats?

Halloween is here! Get ready for the costumes, parties, pranks, trick-or-treaters, candy and…the risk. Every year we are reminded how quickly Halloween celebrations can go wrong. Since cancelling Halloween is not an option, it is important to identify risks that can be controlled and insure against those that cannot.

Vehicle-Pedestrian Accidents

A study by the Centers for Disease Control and Prevention found that the number of childhood pedestrian deaths increased fourfold among children on Halloween. The following tips can limit the likelihood of being involved in a vehicle-pedestrian accident.

Slow down and be alert. Children may move in unpredictable and unsafe ways.
Take extra time at intersections. Pay attention to medians and curbs.
Enter and exit driveways slowly and carefully.
Eliminate distractions, such as cell phones and music.
Turn headlights on earlier in the day

Standard auto insurance policies would typically provide coverage for damage and liability resulting from a vehicle-pedestrian accident, subject to any policy exclusions.

Slips, Trips and Falls

Whether they are trick-or-treaters or party guests, people typically have more visitors than usual on Halloween. This means a higher risk of slip, trip and fall accidents and liability. To prevent accidents:

Keep areas well-lit.
Remove all objects that could cause children or guests to slip, trip or fall.
Make sure Halloween decorations don’t create a hazard.
Repair any broken walkways, sidewalks, driveways, paths and steps.
Warn visitors of, and clearly mark, any hazards that cannot be removed or repaired.
Keep pets inside and away from guests and trick-or-treaters.

If a guest is injured, standard homeowners’ and renters’ policies will typically provide coverage in the event of a lawsuit. These policies may also provide an injured guest with medical coverage, which may help avoid a lawsuit.

Fire

The National Fire Protection Association says that Halloween ranks among the top 5 days of the year for candle-related fires. The NFPA also found that decorations, like jack-o-lanterns, are often the items first ignited in home fires. To prevent fires:

Don’t leave candles unattended and keep them away from flammable materials.
Make sure decorations and costumes are flame resistant.
For decorations requiring electricity, make sure plugs, wires and cords are not damaged and are used properly.

Fires caused by candles or decorations will typically be covered under standard homeowners’ and renters’ policies.

Vandalism

Homes and vehicles are often damaged by mischievous or malicious trick-or-treaters. To limit the risk:

Keep areas well-lit.
Move items indoors or to another location.

Vandalism damage that exceeds the deductible will typically be covered under standard homeowners’ and renters’ policies. If a car is vandalized, the comprehensive portion of an auto insurance policy should cover the damage.

If you would like more information about identifying and insuring against various risks, please contact us.

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Ordinance or Law Coverage Video From Tower Hill® Insurance

Hurricanes have led to significant building code changes in Florida. Ordinance or Law Coverage provides for the additional cost to bring a building up to current building codes when significant repairs are needed. One of our Insurance Carriers, Tower Hill Insurance Group has created a great video explaining the importance of Ordinance or Law Coverage and the different options available for this product. If you would like to learn more about this coverage please contact us.

https://youtu.be/WJGnqgBEI_Y

Below please find the transcript from the video featured in this article.

Hi I’m Joel Curran coming to you from the Gainesville, Florida offices of Tower Hill Insurance Group. With me today is Heidi Moore, the Claims Manager. Heidi’s been with Tower Hill for 15 years.

Do you know if your homeowner’s insurance policy covers you for Ordinance or Law? If you’re like most people, you’re not sure what this coverage is, let alone know if your policy includes protection from this exposure.

Ordinance or Law coverage provides for the additional costs to bring a building up to current building codes when major repairs are needed.

Florida has implemented significant building code changes over the past few years largely due to our experience with hurricanes. If your home was built before the code changes and it needs repairs, the repairs are often needed to be done according to the new building code.

Heidi, in your experience, you’ve had many real life situations where customers had the Ordinance or Law coverage and sometimes they did not.

Yes, we recently had a 1994 home that had tornado damage. They had plenty of coverage to repair the home, but had a code issue with the pool enclosure.

Tell us more about that code issue.

Well the policyholder had minor damage to the pool enclosure, but due to the Post-hurricane Wilma codes, they had to replace the pool enclosure. This would be an additional cost of $17,000.

And did the people have the adequate coverage? In this case they did because they chose the 25% option. They had $82,000 in Ordinance or Law to go towards the replacement of the pool enclosure. The additional cost for them was $17,000 but due to the fact that they had this, they did not have to incur the expense themselves.

So they were a satisfied customer?

They were very satisfied.

Heidi, have you had situations where the customer had to incur the additional costs themselves?

Unfortunately, yes. We had a 1987 home that was struck by lightning and this lightning caused a fire loss. There was damage to the interior and exterior of the home.

And what was the building code issue?

In this case the home was located in a coastal flood area. The Ordinance or Law stated that the homes had to be at 8 feet elevation, this particular home was at 4 foot elevation. Therefore we had to raise the foundation an additional 4 feet.

And what was the additional cost? The additional cost for this policyholder was $35,000.

And they did not have the coverage?

Unfortunately, they did not. They had selected the 0 option. So they had plenty of coverage for the fire damage, but they had to incur – at their own expense- the coverage for raising the elevation.

You can check your policy Declarations page to see what option is included. You should see a percentage figure that applies to the amount you insure your home for.

Not all policies are identical; some include 10% Ordinance or Law coverage unless you select another option. But usually you have the option to select 0% or none, 10%, 25% or 50%.

Florida statutes require insurance companies to get your signature for selections other than 25% and to notify you of your options at least every 3 years.

At Tower Hill, a look at recent new business shows that most of our customers purchase 25% Ordinance or Law coverage. A small number select 10% and 50% but close to 1 in 5 select the 0% option.

There are policy conditions and exclusions that apply and your agent is the best person to contact to explain these and to advise you on your selection. At Tower Hill, we want you to have the coverages you desire so if the unfortunate claim does occur, we are there for you. We want to help you get safely back in your home as soon as possible. We’ve been doing exactly that for 40 years.

No Penalty for Noncompliance with ACA’s Notice of Coverage Options

On September 11, 2013, the United States Department of Labor announced that employers will not be fined or penalized under the Affordable Care Act for failing to provide employees with notice about coverage options available through the ACA’s Health Insurance Marketplace (Exchanges). This comes just weeks before the October 1, 2013 deadline for employers to begin providing the notice to their employees.

The announcement, which was posted on the DOL’s website as a “FAQ on Notice of Coverage Options,” states:

Q: Can an employer be fined for failing to provide employees with notice about the Affordable Care Act’s new Health Insurance Marketplace?

No. If your company is covered by the Fair Labor Standards Act, it should provide a written notice to its employees about the Health Insurance Marketplace by October 1, 2013, but there is no fine or penalty under the law for failing to provide the notice.

A day later, the U.S. Small Business Administration posted similar information on its website.

This announcement comes as a surprise to those who assumed that noncompliance would be met with a fine or penalty. Though the ACA’s employer notice requirement does not contain a specific penalty provision, many assumed that the ACA’s general penalty of $100 per day would apply. And, since news of the DOL’s position came informally through its website rather than the formal regulatory process, some believe that fines or penalties for noncompliance remain a possibility in the future.

This new development has understandably left many employers unsure about how to deal with the ACA’s employer notice requirement. Though it is still the law, the DOL’s announcement has undoubtedly left many wondering whether a requirement can really exist without consequences.

At Setnor Byer Insurance & Risk, we are committed to guiding you through the constantly changing health care reform landscape. Check back with us periodically for future informational updates about the Affordable Care Act.

If you have specific questions about the Act or if you are ready to take action and would like to see how Setnor Byer Insurance & Risk can help, view our health product page.

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All About Sinkhole Coverage

One of our Insurance Carriers, Tower Hill Insurance Group has created a great video explaining how Catastrophic Ground Cover Collapse (CGCC) is covered by your homeowners insurance policy.If you’d like to learn more about this coverage in regards to your policy please contact us.

https://www.youtube.com/watch?v=X9Uv_cwZ4GQ

Below please find the transcript from the video featured in this article.

Hi, this is Joel Curran coming to from the Tower Hill Insurance Group, LLC offices in Gainesville, Florida, where we have been serving the insurance needs of Floridians for 40 years.

Florida has changed a lot over those 40 years. We’ve had some of the worst hurricanes on record, like Andrew in 1992 and the 2004 – 2005 season when Tower Hill Insurance Group, LLC paid out more than $2 billion to repair homes in Florida. We have also seen huge changes in the way we communicate and do business.Most recently, Florida’s sinkholes have been getting a lot of attention on TV and radio, on the Internet in general, and on social networking sites especially.

One question we see are seeing more and more frequently on Facebook and Twitter is, “I see I have a 10% sinkhole deductible, can you tell me how that works?” Well I can do that. But let me first give some background information and explain a little bit about sinkhole loss coverage.

Across the country homeowners and dwelling fire policies are rather standard in most coverages. Earth movement is excluded in these policies. While most people think this applies to earthquakes, it also means sinkholes in Florida would not be covered. However, policies are modified in Florida to cover damage from sinkholes.

There are two types of coverage for earth movement in Florida: Catastrophic Ground Cover Collapse, known as CGCC, and Sinkhole Loss Coverage. CGCC covers you in cases you often hear about in the news, where a sinkhole opens up under or near a house and there is considerable damage.

All homeowners’ insurance companies provide it. The normal policy deductible applies, so the same deductible you would have for a theft or a fire loss applies to CGCC. To qualify as a CGCC there needs to be 4 components

An abrupt collapse of the ground.
A visible depression in the ground.
Structural damage to the building.
The insured structure being condemned and ordered to be vacated.

Sinkhole Loss Coverage is different. Because there are 2011 Statute changes impacting this coverage, my comments will address policies written new in 2012. First of all, sinkhole loss coverage is optional. You do not have to buy it. Sinkhole loss coverage is also different in that not all the 4 components need to be present.

However, there must be actual structural damage to the house and/or foundation, not just cracks to things like exterior walls, driveways, or interior walls around doors or windows. Of course, the damage must also be shown to have been caused by sinkhole activity. If the damage is eligible for coverage, then your policy will require you to pay the sinkhole loss deductible, then the insurer will pay the remaining costs of repair.

The sinkhole loss deductible applies to sinkhole loss coverage only, and at Tower Hill Insurance Group, LLC it is 10% of your Coverage A amount. Coverage A applies to the house itself, as opposed to other structures, or your possessions in the house. Let’s say you insure your home for $200,000. The sinkhole deductible is 10% or $20,000. In the event of a Sinkhole Loss Coverage claim, you would need to pay the first $20,000 in repairs, and as repairs are completed, Tower Hill Insurance Group, LLC would pay the remaining amount to repair your house.

Let me give you an example for a policy that would be written today. OK, the home is valued at $200,000 and the deductible is $20,000. The initial testing is paid for by the insurance company. Further testing may include a contribution from the insured, but if there is structural damage and sinkhole activity is present, then the company pays for all the testing. Then we get a contractor estimate and bids. Let’s say the cost to repair the foundation is $45000, and the cost to repair the home is $10,000. Once you contract to repair the home you will pay the contractor the first $20,000. As work continues we will pay the balance of the foundation repairs which are $25,000. We will also pay the $10,000 to repair the home.

Well that’s a quick recap of sinkhole coverages and how the deductible works. We at Tower Hill Insurance Group, LLC certainly hope that you do not experience damage to your home, but if you do, we pride ourselves on handling your claim promptly and fairly. After all, we have been doing it for 40 years.

Thanks for watching and thanks for using our social media sites.

Understanding Auto Insurance

Whether purchasing a new policy or determining if a loss is covered under an existing policy, it helps to have a basic understanding of how auto insurance works. Here is a brief explanation of some common auto insurance concepts and coverages that you can use to determine if you have the protection you need.

Collision coverage pays for car damage caused by a collision with another car or an object. This type of coverage is typically required by finance companies.

Comprehensive coverage pays for losses caused by something other than a collision, such as theft, vandalism, falling objects, fire and weather (wind, hail, etc.). This type of insurance coverage is also known as Comp or Other-Than-Collision coverage.

Liability insurance covers damage to others for which the insured is responsible. There are two main types of auto liability coverage, both of which are generally required by state law. Bodily Injury (BI) Liability insurance covers damages resulting from injury or death, such as medical and funeral expenses, loss of income, pain and suffering. Property Damage (PD) Liability insurance covers damage to the property of others, such as cars, mailboxes, trees and fences. Liability coverage does not pay for the insured’s own bodily injury or property damage.

Personal Injury Protection (PIP or No-Fault) insurance pays for injuries sustained in an auto accident. In addition to the insured, PIP may also cover family members, passengers and household residents. PIP insurance generally provides benefits for medical expenses, loss of income, funeral expenses and other similar expenses, regardless of who is at fault. The requirement to carry PIP insurance and the benefits that must be paid by an insurance company vary by state.

Uninsured Motorist (UM) coverage pays for an insured’s bodily injury and/or property damage that is caused by an uninsured motorist. UM insurance allows an insured to collect from his or her own insurance company. Underinsured Motorist (UIM) coverage is a similar type of coverage that pays for an insured’s bodily injury and/or property damage caused by a motorist with insufficient insurance.

Stacking is a way to increase a policy’s uninsured or underinsured motorist coverage limits. If UM or UIM coverage is stacked, then the policy’s limits will be multiplied by the number of vehicles covered under the policy. For example, an insured with UM limits of 50/100 ($50,000 per person/$100,000 per accident) and three covered vehicles can essentially increase her UM limits to 150/300 by electing to stack her coverage. The manner in which an insured must accept or reject the stacking of limits is often governed by state law.

Guaranteed Auto Protection (GAP) insurance pays the difference between the current outstanding balance on a car loan or lease and the actual cash value of the car. This coverage can prove valuable when the amount owed on the car is more than the value of the car when it rendered a total loss after an accident. This would be the case, for example, when a new car is totaled the day after it was purchased and driven off the dealer’s lot.

Deductible is the amount an insurance company will deduct from the loss before paying up to the policy’s limits. Though insureds typically have options when choosing a deductible, state laws and finance agreements often have specific deductible requirements.

Coverage Limit is the amount an insurance company will pay in the event of a claim. Those who purchase only the minimum coverage limit required by their state’s law are probably underinsured. Coverage limits of $100,000/$300,000 are generally recommended.

If you would like more information about comparing and obtaining personal and commercial auto insurance coverage, please contact us.

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Why Insurance Rates Increase?

Rate increases are necessary to maintain a company’s ability to pay out claims during the worst catastrophes. One of our Insurance Carriers, Tower Hill Insurance Group has created a great video explaining how and why insurance rates change. If you have any questions about your rates please contact us.

https://www.youtube.com/watch?v=LLV2RnToLME

Below please find the transcript from the video featured in this article.

Hi, this is Joel Curran coming from the Tower Hill Insurance Group, LLC offices in Gainesville, Florida, where we have been serving the insurance needs of Floridians for 40 years. Our customers are loyal – every year, more than 95% accept our renewal offer. More than 100,000 have been with us for 5 years or more.

Unfortunately, everyone has to endure rate increases. But you still think: “why did you increase my premiums? I live in the same house and the market value has declined, there were no hurricanes, and I haven’t had any claims.”

The simple answer is that we need more premiums to cover our costs. But before I give more detail, let me tell you about Good Faith and Spread of Risk. Insurance is a Good Faith contract which means in part that you pay us, and we promise to pay you for damage or injuries covered by the contract. We take that promise seriously. We need to be financially strong enough to pay claims especially if there is a catastrophe. I’ll tell you more about that in a minute.

The second principle is Spread of Risk. Two hundred years ago when Ben Franklin started the first mutual fire insurance company, insurance meant that a small group chipped in equally, and if one house burned down there was money for rebuilding it. But if only ten people paid in and there were two house fires in a year, there would not be enough money to rebuild both homes. But the bigger the group, the broader the spread of risk, and pretty soon you get to a large enough number that the risk is low compared to the number of insurance buyers. That makes the overall risk more predictable. The more predictable – the lower everyone’s contributions will be.

Florida homeowners have a higher-than normal risk. Our 1,300-mile coastline is longer than any state except Alaska. The narrow shape of Florida means even non-coastal areas are very exposed. Our love of being near the water comes with a cost. To spread the risk and keep insurance accessible to everyone, we have to spread the cost as well.

So, what are those costs? Your premium goes towards three main cost areas: First, we make sure we can pay claims. We set aside surplus funds, as well as claims reserves, and we make conservative investments to fund them. We never take a risk with your premiums by putting them into risky investments.

Second, we cover the cost of operating the company, which provides jobs for more than 350 people in Florida. Through sales commissions we also support local independent insurance agencies in every Florida county. In addition, we have to make sure that if there is a hurricane, our facilities can keep running at full capacity so we can be there when you need us most.

Third – and this may surprise you – the biggest cost is reinsurance. Reinsurance is exactly what it sounds like – insurance for insurers, to make sure we can cover catastrophic losses. Reinsurance spreads risk globally, meaning that homeowners around the world are actually helping fund claim payments if a hurricane makes landfall in Florida – which happened in 2004 and 2005– when we paid out more than $2 billion to repair homes in Florida due to 8 hurricanes.

By the same token, Florida’s contributions help fund recoveries in other states and countries. When you watch the weather channel and see tornados in Kansas, or monsoons in China, know that premiums paid by insurance buyers all over the world, including us in Florida, will help repair the damages.

Reinsurers need to be prepared for the worst, and Tower Hill Insurance Group, LLC buys only from the best, most stable reinsurers who have demonstrated year over year that they can fund the losses they insure. The bottom line on reinsurance is that, no matter how well we run our company and manage our investments, if Tower Hill Insurance Group, LLC were on our own to fund years like 2004 and 2005 we would have to charge premiums that are a multiple of what we charge now.

So back to your question, “why is my premium increasing THIS year”? Well, in determining rate changes every year, Florida insurers have to balance the need for keeping insurance rates competitive with the need for keeping their businesses stable and for buying reinsurance.

Recently, two things have contributed. In 2011, even though Florida had a mild year, the world had its worst year on record for weather catastrophes. Because their risk is spread globally, reinsurers are increasing their rates to recover. That rate increase is hitting Florida just like everywhere else. In addition, while the value of homes everywhere has drastically dropped, the cost of repairing and rebuilding has not dropped. When we pay property damage claims we expect to pay contractors a fair price for their work, so we need to collect premium accordingly.

We don’t take rate increases lightly, and we know you don’t either. We go through extensive analysis to determine the fairest rates, and we file our rate changes with the Office of Insurance Regulation who is charged with making sure rates are adequate, not excessive, and do not unfairly discriminate.

Hopefully what I have said makes sense to you. I want you to know that everything we do at Tower Hill Insurance Group, LLC is done to ensure peace of mind for our individual and commercial policy holders. Forty years of experience means we know how to make the right decisions to protect your interests, so stick with us and we’ll ride out any future catastrophes together.

Will business owners buy insurance online?

Insurance companies such as Geico and Progressive started selling personal insurance online over a decade ago. So is it safe to assume that business insurance can also be sold online?

We decided to explore this endeavour and we’re not the only ones. Plenty of insurance agencies offer business insurance, but very few can offer clients an online quote.

Just because the tool is out there doesn’t mean business owners will use it. Getting a quote for business insurance is significantly more complicated than obtaining a personal quote. Some of the other agencies that are offering business quotes are approaching it quite differently than we did.

Hiscox is targeting small business with a page on their site dedicated to explaining the various types of insurance coverage small business owners need. Apogee lists the types of insurance they can quote instantly and features a video tutorial of how to use their quoting tool. Our tool lists all the instant quotes we offer including Property and Liability Quotes, Professional Liability Quotes, Business Auto Quotes, and many more.

The introduction of this tool to our website also created the need for a complete redesign. We call ourselves a full-service independent insurance agency and creating this tool made us realize the possibility for an online marketplace. If clients can get quotes online they should be able to service their policies online as well. That’s why we also created a service page which allows clients to manage their policies online

If successful, online quotes for business insurance could be a big game changer. It will be interesting to see how many more agencies begin offering business quotes online. Get a quote and let us know what you think.

At Setnor Byer Insurance & Risk, we are committed to offering you a seamless insurance experience. Check back with us periodically for informational updates about insurance news. If you have specific questions about our instant quoting tool or if you are ready to take action and would like to see how Setnor Byer Insurance & Risk can help, contact us.

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