Lifeinsurance continuing Education For insurance agents ~ INSURANCE

Insurance for Your Business

LIABILITY INSURANCE

This is probably the most important element of your insurance program. Liability insurance provides protection from potential
losses resulting from injury or damage to others or their property. Just recall some of the big cash awards you have read about that have resulted from lawsuits concerning liability of one kind or another and you will understand the importance of this insurance. Your insurance agent can describe the various types of liability insurance coverage that are available. If you will end up with a comprehensive general policy, make certain that the general policy does not include items you don't need. Pay for only the insurance you need. For example, your business may not need product liability insurance.

Do not confuse business liability coverage with your personal liability coverage, both of which you need. Your personal coverage will not cover a business-generated liability. Check to be certain.

Compare the costs of different levels of coverage. In some cases a $2 million policy costs only slightly more than a $1 million policy. This economy of scale is true with most forms of insurance coverage. That is, after a certain value, additional insurance becomes very economical.

KEY PERSON INSURANCE

This type of insurance is particularly important for the sole proprietorship or partnership where the loss of one person through illness, accident, or death may render the business inoperative or severely limit its operations. This insurance, although not inexpensive, can provide protection for this situation. Key person insurance might also be necessary for others involved in your business.

SGC was a small firm run by three partners, a software programmer, marketer, and a general manager. Their product was a complex computer program used by aerospace firms. Al, the programmer, was involved in a severe automobile accident, became totally disabled, and SGC lost their programming capability. The problem was that the computer program written by Al was essentially the company's sole product. Modifications to accommodate the customer became impossible and the time to bring another programmer up to speed was excessive. SGC lost considerable business as a result of this situation. These losses could have been offset by key person insurance.

DISABILITY INSURANCE

You, as a business owner, should be covered by disability insurance whether or not you decide on key person insurance. This insurance, along with business-interruption insurance, described below, will help ensure your business will continue to operate in the unfortunate situation where you are unable to work. Your disability insurance policy needs to provide satisfactory coverage. Particular attention should be paid to the definition of "disability," delay time until payments start, when coverage terminates, and adjustments for inflation.

FIRE INSURANCE

Fire insurance, like all insurance is complicated and you should understand what IS and IS NOT covered. For example, a typical fire insurance policy covers the loss of contents but does not cover your losses from the fact that you may be out of business for 2-months while your facility is rebuilt. Fire insurance is mandatory whether you're working out of a home office or you have a separate facility. You should discuss a comprehensive policy with your agent. Take the time to understand the details.

Sunday 31 July 2011

Lifeinsurance continuing Education For insurance agents

23:21

samina pervaiz

1 comment

Life insurance continuing education classes are offered by most states offline and online, primarily focusing on recent updates on rules/features, business plans and marketing strategies that dictate the sale of Life Insurance policies. The objective of insurance continuing education is to train up the life insurance professionals in a way so that they are equipped to meet all CE requirements related to insurance in the most professional manner.

Life insurance is undoubtedly one of the most lucrative insurance products for insurance companies and yet the most difficult to sell, due to its long-term policies and marginally higher than average premium rates.

Continuing education for insurance has become a mandatory requirement for brokers, agents and insurance professionals who need to renew their license and acquire updated knowledge about insurance and its current operating procedures/terms and conditions/ rules and laws, which are largely variable in nature and keep changing over a certain period of time from area to area. A successful insurance agent needs to keep himself updated about recent changes in the insurance scenario so that marketing the insurance policies in conformation to updated guidelines becomes easier.

Insurance continuing education holds a lot of significance, since this industry is dynamic in nature and is ever evolving with new sets of rules and policies, developed in accordance with the growing demands and requirements of policy buyers. That is why the courses are also amended periodically so that the agent or insurance advisor participating in the course gets to know the most recent guidelines and is better equipped to sell newer policies as well.

1 comments:

johnseomaven said...: Other than the purpose of renewal, the main reason why continuing education is important for insurance agents and adjusters is because they need to be updated with current trends and latest practices in the field of insurance. By the way, there are lots of course providers who offer courses online. For example, you are currently in a vacation and you want to take your Texas Insurance Continuing Education, you only need to have a computer and internet connection so you can take this renewal course while seating back at your couch.; 16 December 2011 at 07:31

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Sunday 31 July 2011

Lifeinsurance continuing Education For insurance agents

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