10/28/03 Professional Consultants on the Rise
MISCELLANEOUS E&O ADDRESSES
Professional Consultants on the
Rise
Dare we say that the definition of professional
services has never been more unclear? No one
can deny the need for professional liability for
those brave souls designing new high rises and
bridges or those that take on the accounting
audits of major corporations. But what about the
increasing number of independents consultants
that leave the large corporations to stretch their
legs and horizons on their own terms and time?
From high tech software designers to
answering services – yes, those lovely people
that stay up late to answer the phone on behalf
of all sorts of professionals, the exposures are
increasing and this is just the tip of the iceberg.
Business
management
and
marketing
consultants are the new breed of the selfemployed and these entrepreneurs need to
protect themselves from the new exposures they
face on their own.
Giving advice and making a workflow
recommendation is just as risky as designing an
electrical system. The problem lies in the fact
that these self-employed may understand the
need for basic insurance coverage but the new
layer of exposures they face may not be clear
because it was covered by their previous
employer. Agents must educate these individuals
on the exposures they face and must offer the
appropriate coverage to meet their needs.
The key is to fully examine the potential risk
and to provide the appropriate coverage or else
be named in a potential insurance agency E&O
claim for failing to recommend or failing to
provide appropriate coverage.
Big “I” Markets can provide access to not just a
market, but a partner in helping understand and
insure these miscellaneous professional liability
risks. Agents have access to Philadelphia's
Miscellaneous Professional Liability policy (MPL)
which provides errors and omissions coverage to
a great variety of professionals, via endorsement
to a basic claims-made, pay-on-behalf policy. The
underwriting staff tailors each policy to address
the exposures unique to each class of business.
More importantly, agents can work with the
professional
underwriting
staff
of
MIMS
International on the risk management and
underwriting aspects of the risk.
Coverage terms available include:



Liability limits ranging from $100,000
limit up to $10,000,000
Minimum premium: $1,000;
Minimum deductible: $2,500.
Login today to review the full list of eligible
professions. If you need to contact MIMS to
discuss risk characteristics, underwriting contact
information on a by-state basis is also available
in Insurer Credentials.
The key to understanding the playing field is to
ask questions, do research and when in doubt,
look for a partner to help you evaluate the risk.
We encourage you to use the resources and
partnerships that we bring to the Big “I” Markets
program.
NEED A FLOOD PARTNER YOU CAN
BANK ON?
We are so confident that you will enjoy the nohassle, easy quoting process and knowledgeable
underwriting professionals of the Big "I" National
Flood Program we are willing to bank on it.
We will offer members more commission simply
for submitting their business online! The Big "I"
National Flood Program offers a Commissions
Reward Program based on the volume of business
written starting at 16% new/15% renewal for
volumes under $10,000.
LIMITED TIME OFFER EXCLUSIVELY FOR
BIG “I” MARKETS AGENTS
Now through December 31, 2003, IIABA
members that submit a new business quote
request for flood insurance online using Big
"I" Markets will receive 17% commission on
all new business policies and 20% on rollover
policies committed effective during this time
period. And, agencies with volumes of
business greater than $10,000 will receive
20% commission on all rollover business
committed and the greater of the new
business commission tier based on volume
for all new flood business submitted during
this timeframe.
So what’s in it for us? Hurricane Isabel has
demanded much attention from many on the East
coast and across the country Washington has seen
its
fair
share
of
flooding
too.
These
occurrences serve as a solemn reminder for all
agents coast to coast that flooding can happen
anywhere.
Since the Big "I" National Flood Program’s
inception just two short years ago, almost 1,000
IIABA members have taken advantage of the
program’s comprehensive design and placed their
business and trust in the Big "I" and Selective
Insurance. Thinking flood has become more than
just an ad campaign, it has become a way of life
for the agents that participate from policy
administration and customer service, to claims
response and service. As we quickly approach a
new year, we challenge all IIABA members to take
a look at their flood partner and evaluate their
needs.
Are you getting the service, assistance,
education and commission that you need and
deserve? The Big "I" team will gladly help you
review and analyze your flood insurance needs in
your agency. We can provide a "do-it-yourself" or
a, "we-do-it all" environment to customize the
flood program to your specific agency needs. Your
association is here to provide a comprehensive
member benefit that you too can bank on. Take
the flood challenge and register today.
Visit www.independentagent.com/flood or
send
your
questions
and
inquiries
to
[email protected] for more information. (Be
sure to mention this article to receive the
increased rollover commissions!)
MORE INFORMATION AND STATE AVAILABILITY: For more information on these products and more,
login to http://www.bigimarkets.com. To request a User name and password, email
[email protected].
ONLINE TRAINING: Online training times have changed in response to agent feedback. Need a refresher
on how to navigate Big “I” Markets or just want a quick tour on how to submit a quote? Register today for
a free online Web-based virtual tour of Big “I” Markets. Send an email to [email protected] to
register for training sessions that are now held every Thursday at 2:00 p.m. – 3:00 p.m. Eastern.
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