BEHIND THE LIST WITH KARL D. FETTERMAN
By Fitch, Jennifer A | |
Proquest LLC |
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Q: How has the advent of the Patient Protection and Affordable Care Act affected your agency?
A: It really hasn't to any great extent yet. That remains to be seen. Next year, I think 2015, is where it's really going to make quite a difference depending on its final form. That keeps changing as we speak.
What are some considerations when you're looking around for business insurance?
The client should be looking for someone who specializes in business insurance, first of all, because it's not at all like, say, a homeowners policy. Business insurance can vary quite a bit in the way it's written.
The first thing a business owner needs is someone who really understands business insurance, works with it extensively and has excellent contacts with insurance companies over many years. The better the agent's relationship with the insurance company, the better results the business owner will get.
How have your clients' business insurance needs changed over the years?
What's changed is the world became a tougher place from a litigation standpoint, so we deal with insurance coverage we never used to years ago. A prime example would be employment practices liability that protects the current business owner against liability from hiring, firing, discrimination and harassment claims. There is quite a few of (those types of claims), and 10 to 15 years ago, we weren't too concerned about it.
What will you be asking a business owner when they are shopping for insurance?
It's a huge fact-finding mission. We have to understand every aspect of the business owner's operation in order to evaluate what risks there are and decide the proper approach to handle those risks.
Do insurance needs vary at all between states you serve?
Not between states, except in small ways, but they really vary in every type of industry. One day we'll be looking at a supermarket, the next day a doctor's office, the next day a manufacturer. Each company, each type of business has ... different exposure and different things to cover. That's what makes business insurance so interesting to us because every class of business is different.
Are there any steps the business can take to lower its premiums? Are there any best practices they can put into place?
Sure. We're interested in helping our clients do that.
One of the best ways is to take higher deductibles for the building, contents and vehicles. Our philosophy is insure the big, crucial things that can really hurt your business and assume small, finite risk. Let's say you have a
"What's changed is the world became a tougher place from a litigation standpoint, so we deal with insurance coverage we never used to years ago."
ABOUT
Originally from
Fetterman, who initially studied to become an actuary, enjoys the outdoors and is an avid bicyclist who rides all year long.
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