Ethics In Business

I come from a generation full of handshake deals.  What I really mean is, I saw very few “contracts” my Dad ever signed.  Negotiations were very short, agreements very quick, and deals were completed with a handshake.  Unfortunately, those days are gone, and with our litigious society and court rulings, we can no longer trust our memories to verbal deals made.  Insurance policies are a prime example of this thought.  Insurance companies have actuaries to help decide what perils a policy may offer and at what price.  This is not intended to deceive an insured, but is to keep the insurance company profitable.  What that means to customers is the company will have the ability to pay claims when catastrophe strikes.  We have seen a great deal of catastrophes this year throughout the south and southeast parts of the country. We have seen wildfires and dust clouds in the west.  Insurance has been described as a “necessary evil”.  But the true value is determined when one has a claim to report and expects payment.  Please talk with your agent about your company.  You may also check on your insurance companies’ solvency ( the ability to pay claims ) on the internet at A.M. Best Company.  Please contact any one of agents for help in determining insurance coverage for your business.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular

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