Since when is insurance a selling point? In the world of business deals, more often than you think! - Surety bonds might sound like just another layer of paperwork, but they’re actually a powerful tool in securing and closing business deals. Here’s how embracing surety bonds can subtly transform your business: - Boost Credibility: Holding the right bonds signals to potential partners that you’re a safe bet. It’s like having a financial endorsement that says, “This business stands firm.” - Protect Investments: Imagine investing heavily in a new project, only to face delays or defaults. Bonds act as a safeguard, ensuring that your investments pay off, even when unexpected twists hit the road. - Strengthen Partnerships: When you show up bonded, you’re telling clients and suppliers that you value accountability and reliability. It’s a gesture that strengthens trust and fosters long-term collaborations. Surety bonds aren’t just about compliance; they’re about adding a layer of confidence to every deal you make. We’re here to help whenever you’re ready.
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Curious about the distinction between insurance and surety bonding? 🤔 Let's take a closer look at how you are protected. Insurance steps in to safeguard you from losses, whether it's covering injuries to animals under your care or third-party bodily harm, like a dog bite incident. On the other hand, a Surety Bond is your go-to shield if you've entered into a contract as an obligee with a second party. It's not just protection; it's a gateway to working capital and asset-based finance. With a Surety Bond, you have the possibilities of leveraging your money to seize opportunities and elevate your business and have that money work for you! Find out more at insurecreativity.net.au or drop us a message and let’s discuss your growth and protection together.
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In the world of business, contracts are far more than mere pieces of paper. They serve as your insurance policy for success, offering a structured framework that meticulously defines expectations, responsibilities, and, most importantly, safeguards against potential pitfalls. Think of a well-crafted contract as your very own legal shield, always ready to protect your interests. It's your guiding compass, ensuring that everyone involved stays on course, following the mutually agreed-upon terms and conditions. Moreover, it acts as your unwavering guardian in the ever-evolving landscape of business, ensuring that you navigate the twists and turns with confidence. So, when you embark on a business venture, remember that the strength of your contracts can make all the difference. They aren't just static documents; they are the living, breathing foundation of your business aspirations.
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Financial Advisor at Sun Life Financial|Unit Manager at Sun Life of Canada Philippines | Leading Award-Winning Team | 2023 Branch Unit of the Year
Persistence is key in the insurance advisory business. Here's why and how to cultivate it: 1. Handle Rejection: View each 'no' as a step to a 'yes.' Learn and refine your approach. 2. Build Business: Consistent effort grows a loyal client base. 3. Stay Motivated: Set goals and celebrate milestones. 4. Learn Continuously: Every interaction is a learning chance. Embrace persistence to navigate challenges and achieve long-term success.
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Attorney @ Perkins Coie LLP | Insurance Recovery Litigator and Coverage Counselor to Business, Non-Profit, and Individual Policyholders
Thoughts from the Trenches: strong business risk transfer starts with knowing your corporate layout and building systems to encourage consistency among units, parents, subsidiaries, and affiliates. It would surprise you how often companies commit unforced errors that - in times of crisis - lead to gaps in liabilities, indemnities, and even insurance. Some examples include: 1. Contracting using inconsistent corporate names or entities where a large, complex company uses multiple business entities for related work. Don't assume everyone will be sued if something goes wrong. Sometimes, risk transfer depends on having the right names in the right contracts. 2. Making sure corporate transfers are well-documented and have any necessary consents from insurers. 3. Not reviewing additional insured provisions closely, resulting in gaps that leave out the right entities, terms, or coverages. #insurance #risktransfer #contracting #commercialcontracts #management
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Oftentimes, people think standard form contracts are the best b/c they don't require a lot of markup. This is the wrong mindset- standard form contracts are templates, that's it. They still require plenty of markup and work to fine tune. Or, they think they are the most efficient. This may also be the wrong mindset. There is nothing wrong with a contract that isn't on a standard form template. Sometimes, a manuscript contract is the best contract for what you are looking for and the most efficient for your objectives. This doesn't mean every contract needs to be a million pages filled with onerous, gotcha provisions. It means there always should be careful consideration in the contract form and markups which become a collaborative effort involving business, insurance, and legal considerations. Snap of the finger contracts don't exist.
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What is asset ? - An asset is an item the company or individual owns that adds value to its worth and can provide future economic benefits to the company or individual What is liability ? - A liability is a debt that the company or individual owes. Liabilities take away from the company's or individual’s value, making it important for companies to limit their liabilities as much as possible Every company or individual should know how to manage their assets and liabilities so that they can be safe from huge losses. I have seen many companies and individuals suffering due to poor asset and liability management.
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Effectively transitioning the ownership of your business can be tricky without a financial and personal plan. We can help guide you through the process, so that you’re able to enjoy the rewards you’ve worked so hard far.
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Succession planning and future proofing? Did you know that you can now get business protection from us? 🏢 Whether you’re a sole trader, limited company director or small business owner, Business Protection facilitates a cash injection to help a business endure, should it experience the absence of a partner, shareholder, or key employee. Think about it; 🤔 Who within your business could you not operate without? 🤔 In the unfortunate event of your demise, where is the money coming from to pay your share of the business to your spouse or partner? 🤔 Would you like to provide a Death in Service benefit to you and your staff? Essentially, Business Protection is another way to ensure your business is safe. Do you want to find out more about business insurance? Our friendly team of advisors are here to help you find the most suitable plans for you and your business. Get in touch with us now for a free, no-obligation chat: https://lnkd.in/eBUdUUH5 #Business #BusinessInsurance #Insurance #InsuranceBroker
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Writing excess lines profitably is tricky business. There is often a very long period of time between writing unprofitable business and realizing the benefits of corrective action (reunderwriting and/or rate increases). Why? 1) The reporting lag for excess claims can average 3 years or more. Even when significant losses have been incurred, an insurer may not even be aware of it for years. 2) Excess claims tend to be large and heavily litigated. Need I say more about how litigation increases the duration and uncertainty of claim outcomes? 3) When and if excess losses begin to emerge at a higher than expected amounts, there are typically credibility concerns. Most insurers will wait until there sufficient information to conclude that serious U/W or rate action is warranted. No one wants to be seen as being over-reactive. This includes actuaries, underwriters, and insurance company management. 4) The market will resist significant rate action until there is a critical mass of insurers who recognize the problem and have committed to increasing profitability. 5) Even after rate action is taken, it takes years to accurately assess its effect on the portfolio. And while this is happening, the exposure landscape is ever changing - new risks, changes in the litigation environment, changing technology, etc. It's not all bad news though. Excess coverage is generally written with a higher profit margin in order to compensate for the massive uncertainty underlying the exposure. Once an insurer has the expertise it needs to successfully underwrite excess risks, it can do so very profitably, on average, over long periods of time.
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Insurance agent/ recruiter at Global Financial Impact
1moGlobal Financial Impact is a company fueled by entrepreneurialism. We are one of the fastest growing financial services in the U.S. and beyond. We provide state of the art life insurance and annuity solutions. We are licensed in all 50 states and 31 other countries. We are partnering with top carriers who are committed to streamlining their underwriting processes to minutes not week and months. Our technology is revolutionizing the way business is being done. With 80 years of experience behind us, GFI was launched in January 2024 with only a handful of agents. Today we have more than 15,000 agents anticipating 100,000 by the end of 2024 and 1 million agents by 2030 when we plan to go public. We have the leadership, culture, carriers, system, training and compensation to grow our business exponentially. We work 100% remotely as well. We would welcome the opportunity to explore how working together can be mutually beneficial. Bob Taylor, Marketing director. 612-644.0628