The terms Agent and Broker are sometimes used in the same context, but in reality, they are quite different. Both do act as a liaison between the insured and the insurance company, but the main difference is who they represent.
An insurance agent works for the insurance company. They can represent one or more insurance companies and acts as an extension of those companies. They are authorized to bind or initiate coverage on behalf of the insured.
There are two types agents: Captive and Independent. A Captive agent sells insurance for one specific insurance company. An Independent agent sells insurance for multiple insurance companies. In essence, they do the ‘shopping’ for you.
An insurance broker works for their clients. They are an advocate and work in the best interest of their client, not the insurance company.
There are typically two types of brokers: Generalists and Specialists. Generalists do not restrict themselves to certain industries or lines of business and sometimes consider themselves as a “one stop shop”. They can insure gas stations, restaurants and even nonprofits. With their book of business being so broad, it may be difficult for them to have the necessary knowledge and expertise into a particular industry or business, especially ones that are complex or have high risk factors.
A specialty broker does just that; they specialize or have a niche in a particular line of business or industry. They have access to a variety of markets, comparing multiple programs side by side. They generally have stronger relationships with underwriters and have a unique ability to negotiate for better terms and premiums. They will also have a better understanding of the exposures and various risks associated with a particular industry or business and can better recommend the specialized insurance solutions needed.
Many organizations are embracing a remote working lifestyle and this trend is only rising. Nearly 3% of the US workforce works remotely in some capacity. This is a 115 percent increase from 2005.
For all the benefits it may bring, it is opening your business up to an increased risk of a serious data breach. There are many factors that can contribute to your business becoming the next victim of a cyber attack:
- Inability to enforce security protocols
- Remote workers risky behavior
- Not adhering to security best practices
- Sharing devices with family and friends
- Not recognizing suspicious behavior
So, what can you do?
Cyber threats will always be a part of our reality, and cyber security has a hard time keeping up in this ever-changing environment. If you have employees that work remotely, now is the time to take another hard look at the security of your data. Here are 10 steps you can take to help minimize your risks:
- Establish written company security protocols
- Restrict or limit the use of public Wi-Fi
- Use a Virtual Private Network (VPN)
- Raise awareness by educating workers on how to recognize suspicious behavior
- Monitor company issued devices (check your state statutes)
- Apply cloud services
- Enable data protection software on all devices
- Restrict employees use the internet and not to use device for personal reasons
- Proper password management
- Do not share devices with friends or family
Contact Hawley& Associates today for information on Commercial Cyber Insurance and how it can protect your organization in the event of a data breach.
Our thoughts and prayers go out to all those in the path hurricane Dorian and the subsequent tropical storm. Our sincere wish is for everyone’s well-being and safety.
We talked to a client who was in an evacuation zone. They were in surprisingly good spirits and had already moved their residential clients to a safe place. We do stand in awe of the resilience of our clients who live and work in these affected areas and their continued commitment to serve and care for others.
If your agency is impacted by the storm, please be assured we are here for you every step of the way. We are just a phone call or email away. If you need assistance after-hours, please don’t hesitate to call our emergency claims/service line at (425) 577-4957.
On behalf of everyone at Hawley & Associates, we wish everyone strength and safety during this difficult time.
This year we celebrate the 125th anniversary of the Labor Day holiday. Has it really been around that long?!
Labor Day officially became a federal holiday in June 1894 and was enacted to honor the American labor movement. Oregon was the first state to make Labor Day an official public holiday. By the time it became a federal holiday, thirty U.S. states officially adopted and celebrated Labor Day.
Labor Day has often been called “the unofficial end of summer”. Many families take their yearly vacations around this time of year, just to have one last ‘fling’ before the kids go back to school and the season changes.
So, here’s to the hard-working American; the backbone of our country! Enjoy the long holiday weekend!
Far and away the best prize that life offers is the chance to work hard at work worth doing. – Thomas Jefferson
In a world where lawsuits seem to be commonplace, it is more important than ever to have the appropriate commercial insurance coverage in place. Every nonprofit is unique and there is no ‘magic’ online button, or a one-size fits all insurance program for your nonprofit.
If your agency offers advice or provides professional services, it is imperative to carry Professional Liability Insurance (also known as Errors & Omissions or E&O). If your organization is sued for negligence for errors and/or omissions while performing your professional services, your professional liability policy can help cover settlements and judgement expenses and attorney fees up to your policy limits.
Professional Liability vs. Directors & Officers Insurance:
There is a common misconception that a Directors and Officers (D&O) policy may be all you need. These two types of coverage may seem similar on the outside, but the main difference is who is covered.
Your D&O policy provides insurance brought on by a ‘breach of duty’ or wrongful act allegations and lawsuits arising out of the managerial decisions of board member(s), officers, employees and sometimes volunteers. Professional Liability insurance provides insurance for claims arising from errors and/or omissions made against the organization.
About Hawley & Associates
Hawley & Associates is solely in existence to provide specialized insurance solutions for social service and nonprofit organizations across the country and the world.
Our mission is to empower your mission by providing the most comprehensive and cost-effective insurance program and tailored risk management solutions that perfectly align with your unique operations and exposures. Less time and money spent on insurance means more of both to dedicate to the children, families and communities in which you serve.
We strongly believe in the industry we serve, and to us it’s much more than insurance – it’s about relationships. We are an extension of your organization and an unwavering champion in supporting the great work that you do.
Besides offering tailor-made insurance programs designed specifically around your unique operations and exposures, we do offer the exclusive WorldPro Insurance Program. It is the most comprehensive and cost competitive program offered to social service organizations today. Since it’s inception, WorldPro now insures some of the largest nonprofit organizations in the country.
- High Limits (including abuse)
- Stand-alone Umbrella coverage
- Program will defend a negligence, error or omissions claim brought anywhere in the world, with no limitation as to venue, change of venue or any other exclusion involving jurisdiction
- Special Defense Fund available to any employee wrongfully accused of abuse or molestation
- No territorial exclusions or restrictions
Hawley & Associates has been instrumental in introducing several new social service insurance programs to the market and we will continue to work hard to find even more markets and programs to bring down premiums for our clients and help you serve the under-served.
Contact us today for more information!