Mosaic General Partnership’s Post

"AGH!!! MY INSURANCE RATES WENT UP AND I DIDN'T DO ANYTHING!!" -Every client of ours when their renewal comes around. You may be saying this exact sentence to yourself right now... In the current hard insurance market, rising rates and stricter underwriting are creating challenges for both agents and customers. A study by Liberty Mutual and Safeco Insurance found that 83% of agents view this as the toughest market in recent memory, and nearly 90% of consumers have experienced rate hikes. (Article Linked Below) This includes a critical communication gap: while agents believe they’re proactively informing clients about market conditions, many customers still feel uninformed. Strengthening agent-client communication is essential for navigating this market and retaining business. ^This is what we strive to do here at RISE: Don't just guess what you have, KNOW what you have.

Was good to share some insight out to our market with this article 

Ever wondered what an insurance underwriter does? Here's your guide to underwriting – what is it, who does it, and why it is important. Chris Quick, Head of Market Management for Steadfast Underwriting Agencies explains. 

According to a survey by the National Association of Insurance Commissioners, 71% of small businesses indicated they would have to close or sell if they lost a key employee. That's a pretty alarming statistic, isn’t it? This highlights just how crucial key person insurance is for many small businesses. Imagine losing a vital team member like an owner, founder, or someone with specialized skills, it could be devastating. In fact, it could potentially lead to the closure or sale of your business. But here’s where key person insurance comes in. It provides the financial protection your company needs to recover from such a loss and continue operations while you search for a suitable replacement. Think of it as a safety net that keeps your business stable during tough times. For assistance with key person insurance or if you have any questions, please don't hesitate to contact us. 👉 https://lnkd.in/e7wb-G_8

There are no stupid questions when it come to business security! Feeling lost in the world of business insurance? Don't sweat it! Our Wings experts are here to answer your questions! Drop your questions in the comments below! We can help you! . . Schedule a one-on-one session with us- www.wwingsinfra.com . . #InsuranceExperts #Q&A #AskAnExpert #BusinessInsurance #Wingsinfra

From M&A to exec pay and cat bonds, what really grabbed the attention of the insurance industry this year? A new analysis we’ve conducted in partnership with Slipcase. Follow the link below to download the report.

Famous last words... Complacency is a massive issue when it comes to business insurance. Many business owners operate under a sense of invincibility or a false sense of security, leading them to believe that insurance is optional or, worse, unnecessary. This complacency can be disastrous. It often results in incidents that, if properly insured against, would have significantly less impact on the business and personal finances of the owner. If you catch yourself thinking, 'That'll never happen to me,' it's time to speak with Mason Gray Insurance Brokers. We'll help you understand the risks your business faces and show you how to effectively insure against them. 📧 info@masongray.com.au #insurance #business #riskmanagement #businessowners

HOPE...not talking about a recent political slogan but rather most business's strategy when it comes to their insurance renewal. Hope that the insurance marketplace is going to magically look upon your business favorably and deliver a good outcome. Sound familiar? Why do businesses develop multiple year strategic growth and operational plans but don't treat their insurance program (either benefits or P&C) the same way? There are 70-80 boxes and underwriter checks that gives them the ability to apply max credits. Routinely 75% of submissions received lack information needed to apply max credits...marinate on that... If you want to take back control, make insurance an annual intentional and thoughtful process instead of a once per year transaction. Focus on the areas that impact the "cost of risk" that drive the premium you pay. In doing this you'll ensure that broker complacency isn't putting your business at risk.

I've seen three examples this past week of where insurance buyers (who should know better) dramatically misunderstood what their insurance policies do and don't do. I encouraged one to call their agent to get clarification, and a coverage gap was closed. I know that agent. They're good. In all that I was reminded, that well educated insurance professionals who know how to educate their customers are the best defense against disappointment and E&O. Keep stressing the importance of "explaining" things to customers.

🌟 Exciting News for Local Business Owners! 🌟 We want to introduce you to a special team that stands out from others in their industry. Their unique approach is refreshing and their craft is tailored precisely to meet the specific needs of every business they help. Now you might ask, “What is exciting about buying commercial insurance?” And honestly, we didn’t have too much to offer on this one. That is, until we met Blakely from WLR insurance. 🌈 She spoke passionately about her team and their vision to change the way people think about insuring their businesses, and we have to admit… things are looking bright for this small but growing company. 😎 Take a second to check them out at the link below and see how they are changing the game from "insurance" to "assurance." 🤩 https://lnkd.in/eweMbr28