GBW Insurance's Blog

In case the East Coast did not learn anything from 2011, here we are at the start of the traditional hurricane season.  We at GBW Insurance are busy going to seminars about hurricane preparedness and the National Flood Insurance Program (NFIP).  If you’re not ready, or would like some suggestions, head to our page of advice and connections (click here).

And the answer is… most of the time it takes 30 days to get Flood Insurance.  And insurance companies shut off new and addtitional business about 48 hours before a hurricane hits.  So neither the NFIP nor private companies are available just before a hurricane arrives.  Plan ahead.  We can help.  1-800-548-2329

Our thanks to Peerless Insurance (www.peerless.com) for this piece, which is just shameless self-promotion for us.
Call us or go to our website (www.GBWinsuranc.com) for more info.

To get the lowest rates and the best coverage you need to acquire your business insurance from a local independent insurance agent rather than dealing directly with an internet based insurance company. It is not true that that dealing directly with an insurance company is the best method to get the lowest rates. In fact, there are many reasons why you should be using an independent insurance agent to provide your business liability and property insurance.

Reason #1: Local Independent Agents Save You Money

When you are dealing directly with an insurance company, you don’t have some one making sure you are getting the lowest possible rates as well as the correct coverage. This is important because your business insurance rates are not only based upon your type of business, sales, loss experience and other information about your business, but are also based on the operating costs of the insurance company. An independent agent will make sure you are dealing with the a low cost company.

When you work with a local independent insurance agent, they will look at multiple companies to make sure you are getting low premiums and the correct coverage. Local independent insurance agents are in business to provide their customers with the best possible coverage at the lowest possible rates, so in the end you normally pay less for commercial insurance.

Reason #2: Local Independent Agents Give You Better Service

A local independent agent offers you one-on-one service. You can call them directly without having to deal with annoying 800 phone directory options or computerized assistants. You can visit your agent in person or have them visit you as they are located in your local area. When it comes to business insurance, business owners need that attention. They need to know that if something happens that they can get immediate attention. It is very frustrating to need your insurance agent and not be able to get in contact with them.

Having your own insurance agent is important. When you choose to deal with a local agent, you get your own agent. Dealing directly with the company may mean you never have your own agent. You calls are answered by a call center and you speak to someone different every time you call. If you want focused attention and an agent that really knows your business then you want to deal with a local independent insurance agent.

Reason #3: Local Independent Agents Have Knowledge About Your Business

One part of liability insurance business owners may not think about is that insurance rates are based on where you live. When you get business insurance a local agents will know the area and your business insurance requirements. They will know what types of coverage you need and how much coverage you should get. They know from experience, not just from looking at charts that give averages. You can actually get a more detailed insurance policy when you work with an independent agent because the agent knows the area and what is needed in insurance coverage for your specific business.

The local independent insurance agent will provide many valuable services. They will visit your company, do a risk analysis and learn about your business so they can determine what are your specific insurance requirements. More important, when you have a local independent agent as your representative you you will have someone to represent your interests and fight for your rights in case of a claim or a conflict with the insurance company. If you are dealing with a website you will most likely wonder – “Who should I speak to when I am in trouble?”

As you can see, there is a huge difference between buying business insurance, commercial insurance or liability insurance from a local independent insurance agent versus directly from the insurance company. You will get a better insurance product and better service if you choose to do business with a local independent insurance agent.

If you would like to follow the increase in streamflows around NJ (in case the weather forecast comes true), here’s the official US waterdata site for NJ. The little green and orange dotes (average and low flow) will turn blue, or black if they’re going to flood. Or check us at www.gbwinsurance.com  if you have any questions.

http://waterdata.usgs.gov/nj/nwis/rt

Congress got its act together and approved a one year extension of the NFIP. Not, perhaps, statesmanlike but good enough for the moment. Call a local flood insurance authorized agent if you need coverage. It still takes a month to go into effect.
www.gbwinsurance.com for more information

Here we go again. Congress has no problem inconveniencing property owners and business people. These repeated disruptions come about because two senators play chicken with the re-authorization, trying to hold up the bill to get their version passed. Their version doesn’t have support and would bankrupt the program even more deeply, but facts are not a problem in Washington. Here’s what we just got from Travelers Insurance, which is one of the servicing companies.

“Dear Travelers Flood Agent,
We are writing to provide you with an update on the National Flood Insurance Program (NFIP).
As you are likely aware, in July, Congress passed a bill that extended the statutory authority to issue flood policies pursuant to the NFIP. The NFIP is due to expire again on September 30, 2010.
Over the past several months, we have continued to work with the industry trades and FEMA, both
of which are hopeful that Congress will pass another extension prior to the September 30, 2010 deadline. While we are hopeful that Congress will pass the necessary bill, we believe it is important
to provide you with the necessary information in the event Congress does not take action prior to the expiration of the Program.
Under existing statutory authority, we can process and issue policies for all new applications, renewals and endorsements for coverage changes, provided they are accompanied by the appropriate premium and received in our offices on or before September 30, 2010, regardless of the actual effective date of the policy.
Should Congress fail to extend the program on or before September 30, 2010 we would not be able
to process or issue policies until the NFIP was re-authorized. “

Now we’re up to 6 insurance companies sending notice to us that they are freezing new property coverage in parts of the Northeast.

Here’s why the insurance companies are so nervous. If you go to the National Hurricane Center and click the Tropical Storm graphic, you see that the estimate is 30% chance of Tropical Storm winds hitting northern NJ, 50%+ for Long Island. http://www.nhc.noaa.gov/

This is the NOAA hurricane preparedness link.  http://www.nhc.noaa.gov/HAW2/english/disaster_prevention.shtml   It’s a little over the top for a Northeast hurricane grazing the shore, but worth looking over.

For quotes stop by our main site:  www.gbwinsurance.com  For Flood quotes: http://www.gbwinsurance.com/flood  For Business quotes: http://www.gbwinsurance.com/business_owners_policy

One hurricane seems to be heading to brush NY’s Long Island. A few minutes ago we got our second insurance carrier e-mail freezing property exposures until the hurricane has passed by. And it’s way too late to put on flood insurance since it takes 30 days to go into effect (unless you’re closing on a piece of property).

Inadequate insurance coverage on property is pretty widespread. Talk to your insurance advisor about how to value property and how to manage your risk.

And by the way, tape on windows is not actually very useful in preventing wind damage.

http://www.gbwinsurance.com/flood

1-800-548-2329

If you think your business or home might be underinsured, 8/31 is probably the last day for a while that you can get an increase in the Northeast US. Insurance companies freeze changes while hurricanes are approaching. We got the first freeze e-mail 8/30. Call your insurance advisor now. And it is too late to add flood insurance. But check with your advisor.

Since we are now about a month from the peak of hurricane season in the Northeast, remember it takes 30 days for flood insurance to go into effect. If your building is in or near a flood zone, and you would like to have flood insurance in place, do it now. If you would like to check, call us at 1-800-548-2329 and we can look at the NFIP (National Flood Insurance Program) map for you.

We’ll break away from our focus on commercial insurance to relay these tips on home summer safety.

Protect your family and your home this summer by taking these simple precautions during your favorite activities.

Swimming:
• Stay with your kids while they’re at a pool, even if they can swim.
• Enclose your pool with a fence that’s at least 4 feet high with a self-locking gate. The lock should be out of kids’ reach.
• At a minimum, keep safety equipment like a life preserver and shepherds hook (a long pole with a hook on the end) ) nearby for emergencies.

Grilling:
• Only use grills outdoors. Carbon monoxide builds up quickly in enclosed spaces like garages.
• Keep grills away from other outdoor activities to prevent burns.
• Check your gas grill for leaks. Your local propane gas supplier can suggest a leak-detection solution.
• Don’t pour starter fluid in a gas grill or an already-lit charcoal grill.

Landscaping:
• Wear sturdy shoes and fitted clothing while mowing the lawn to keep your feet and skin protected, and turn off your mower before removing a stuck object.
• Use only GFCI (Ground Fault Circuit Interrupter) outlets outdoors. Test them monthly by following these instructions.
• Replace power cords that are frayed or damaged.
• Unless power tools are marked “submersible,” don’t get them wet.
• Be aware of pets and children—and keep a safe distance—while using lawn equipment