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Oklahoma Insurance Blog & Insurance Industry News

Everything listed under: commercial insurance

  • How to Fill in Coverage Gaps With Peace of Mind

    When you insure something, you’re essentially bringing yourself peace of mind that, in the event of a claim, you will not experience a total loss. Whether you’re insuring a life, a business or valuable possessions, this peace of mind is an integral part of your daily life entrusted to your insurance agent. Although there are numerous products on the market, you might be surprised to learn that most standard policies contain gaps in coverage, leaving you and your assets vulnerable. At Wiedemann Insurance Agency, we are not tied to any one company’s products, but represent various companies, so we can offer you custom-tailored coverage. And with over 30 years in business, we have the experience to know how to help you fill in those coverage gaps with peace of mind.

    Here are five insurance products that fill in commonly overlooked gaps; letting you rest assured that you’re protected:

    1. Professional Liability

    Most businesses are familiar with general liability insurance, which protects against claims of property damage and bodily or personal injury. While obtaining this coverage is important, it does not protect you from claims of negligence, misrepresentation or violation of good faith. These claims can happen to any business or individual that offers advice or service to others and arise when a client feels they suffered a loss due to the negligence of you or your company. For example, a real estate agent fails to disclose a mold problem to their buyer. The agent could be sued by said buyer for all costs associated with removing the mold. In this case, the professional liability insurance would cover the realtor’s costs incurred while defending themselves against the claim, as well as any that may arise from the judgement. Widely used by medical offices, construction companies and accounting firms, it can give you peace of mind knowing you’re protecting your business from potential financial loss.

    2. Special Events

    Special events, such as a birthday party or your company’s holiday banquet, can require a lot of meticulous planning and can also leave you vulnerable to situations beyond your control. That’s why we recommend protecting yourself with special events insurance, which can cover you or your business from claims of physical injury or property damage occurring during your event. This could be anything from someone breaking their arm during a wedding to a damaged venue bathroom at the company summer picnic. If a claim arises, it would cover potential incurred costs not covered by your general liability policy. In situations where anything can happen, it’s important to have this coverage to help minimize your chance for financial loss resulting from a claim.

    3. Accident

    Let’s face it, accidents happen. And they can happen to anyone, at any time. Accident insurance can help fill in the gaps in your health insurance coverage when you need medical attention as a result of an accident. For example, you break your leg climbing a ladder to clean your gutters. Accident insurance would help cover costs such as: health insurance deductibles and co-pays, medical supplies, physical therapy, gas, food and lodging expenses associated with getting to and from doctor’s appointments. It can also help cover any lost income due to missing work. These are not costs that would be typically covered by health insurance. By obtaining an accident policy, you would have the peace of mind that comes along with knowing you won’t have to drain your savings account in the event of an accident.

    4. Scheduled Personal Property

    Many people have valuables, keepsakes or memorabilia they want to protect, but not everyone is aware that a basic homeowner’s policy will not cover everything they own in the event of a loss. High-value items such as musical instruments, firearms, collections, jewelry, furs or artwork are not fully covered by a basic policy and will need this extra protection. Don’t take the risk of having a fire destroy your childhood baseball collection or take the chance of losing your grandmother’s wedding ring on your tropical vacation—make sure your valuables are scheduled and protected from the start.

    5. Bonds

    Imagine that you’ve hired a contractor to work on your home. Some of us might simply take their proper licensing as bond that they’ll finish the job you’ve hired them to do. Unfortunately, this leaves you open to risk due to coverage gaps in the contractor’s insurance. This is a situation where a contract bond can help you. A contract bond obligates said contractor to complete the job and is guaranteed by the issuing company. In the event the work is not completed, the issuing company is obligated to find another contractor to finish the job. How’s that for peace of mind? Bonds come in many forms and for many reasons; such as probate, license and permit bonds. Each type of bond has their own purpose, but all serve to protect your interests.

    These are just a handful of ways we can fill in your coverage gaps, giving you the peace of mind you deserve and entrust to us. Contact us for a consultation or follow the links below for more information.


  • FLSA Changes to Over-Time Regulations

    The Fair Labor Standards Act is making changes and we want you to stay on top of them! The full update can be viewed here.

    What you need to know:

    • This change will impact every business in one way or another
    • Type of industry and size of a business does not matter or play a factor in these changes
    • The current estimated impact that directly effects employees is around 11 million

     

    Definitions to understand the terminology in the FLSA:

    Exempt = Salaried (Example: Position makes $35,000/yr)
    • Not Eligible for Over-Time

    Non-Exempt = Hourly (Example: Position makes $16.82/hr)
    • Eligible for Over-Time

    Have more questions about how this impacts your business? Feel free to contact us or read the full report here.

     

  • 3 Reasons Commercial Insurance is Better With Wiedemann


    Running a business can be challenging in many ways. From budgets and payroll to employee safety and insurance, there are dozens of details to stay on top of on a daily basis. This can be a daunting task for anyone. Thankfully, you don't have to go it alone. At Wiedemann Insurance, we know how overwhelming choosing insurance can be. We also know how crucial it is for your company to be adequately covered. That's why we provide our clients with the best commercial insurance along with the highest level of customer service. When you hire us, you're getting an experienced agency that will guide you through the process, making your job a little easier. There are a few ways we do this:

    1. Best policy at the best price

    First and foremost, we make sure you're getting the best policy (i.e., the policy that covers your needs). We spend time getting to know your company so we can ensure you are getting the appropriate amount of coverage. Then we focus on getting you the best price for the best policy. Many people make the mistake of choosing insurance based on the lowest price. This can leave you with a basic policy and little coverage, which has the potential to be financially devastating to any company. Imagine you took out a cheap liability policy online and later filed a claim, only to discover your coverage is lacking. The end result could mean a loss for you.

    Since the point of having insurance is to protect you from a loss, you want to make sure you have an experienced agent working on your behalf to help you get the coverage you need. Choosing the lowest priced policy could end up costing your company an immeasurable amount in coverage protection and, ultimately, leave you vulnerable to loss. We go to great lengths to make sure you're affordably covered.

    2.   Customer service

    We are able to offer the highest level of customer service because we are an independent agency. This means we represent multiple companies, not just one, and can provide you with a custom-tailored policy suited for your specific business needs.

    • Our clients have 24/7 access to our team for any questions or issues that may arise.
    • We offer insurance certificate and subcontractor compliance management services to aide in keeping your company’s risk level as low as possible.
    • Premium management services are available and can be used to perform a mid-term audit to make any necessary premium adjustments. This helps prevent any possible overpayment to the insurance company.

    3.   Improving your business

    Not only do we strive to provide our clients with coverage for their needs, but we also help them make adjustments that can ultimately lower their premiums. A main way we do this is by reducing your company's experience modification rate (EMR), which is used by insurance providers to determine your workers compensation premiums. They look at your company’s claim history to project costs and figure the amount of risk involved. If you have multiple claims, your EMR will be higher, which will increase your premiums. This is not a good situation for any company to be in. That’s why we take the steps necessary to help you keep your company’s EMR low.

    We implement injury management and facilitate a return to work program for injured workers. In the event of a claim, it’s crucial to get the injured worker back to work in a safe and timely manner. The longer workers compensation claims stay open, the bigger the chance of an increase in premium. We stay on top of your claims to ensure they’re closed promptly and your premium rates remain stable.

    Insurance companies also use complicated classification codes to determine premium rates and perform annual audits to prevent underpayment. We have created an overcharge and error-proof review system to ensure your company isn’t being overcharged due to misclassification or other discrepancies.

    By putting these processes in action, we are typically able to save our customers 30-40%, without sacrificing coverage. With Wiedemann on your side, you can rest assured your company has the protection it needs. You can also be sure we're on top of your claims and are always looking for ways to keep your premiums low. Your success is our success, so the better your company performs, the better our company is performing.

    Take a look at some of our business products for more information on contact us to schedule a consultation.

     

112 South 4th Street Yukon, OK 73099

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