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“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
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What Types of Insurance Should a Digital Marketing Agency Have?
December 27, 2017
Professional Liability is An Important Risk to Consider
One of the greatest exposures a professional working in a service industry such as a marketing consultant falls under the label of professional liability losses. “ Professional liability ”, sometimes called “errors and omissions” coverage can come into play for losses related to malpractice or misrepresentation:
- Libel of a client’s competitor
- Slander of a client’s competitor
- Poor marketing advice that results in damages to a client
- Unethical information/survey gathering
- Business Property and Inland Marine Iinsurance
- Employment Practices Liability
- Workers Compensation
- Commercial Auto (including Hired & Non-Owned)
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Part 4 – Custom Coverage = Real Protection
Part 3: Coverage Limits - "The Ceiling You Don't Want to Collapse"
Part 2 – The Risks of Chasing Cheap
Part 1: What Are You Really Paying For?
Insurance fraud is a significant problem, exceeding $300 billion annually, with the Property and Casualty sector contributing nearly $50 billion to that total.
Living in New York, you might have a stack of insurance documents—auto, homeowners, health, or life insurance policies—filed away somewhere. But how long should you keep those documents, and specifically, what papers should you hold on to?
The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
