Blog | Top O' Michigan Insurance Solutionshttps://tomia247.com/blog/2024-03-28T12:52:17+00:00Blog
Come back often for all the latest insurance news updates.What Businesses Need to Know About the Insurance Market Outlook for 20222022-01-16T21:44:02+00:002024-03-28T12:52:17+00:00Tyler Bartoshhttps://tomia247.com/blog/author/TBartosh/https://tomia247.com/blog/what-businesses-need-to-know-about-the-insurance-market-outlook-for-2022/<p><span>The last few years have been a challenge for many businesses due to a number of reasons (some more obvious than others). Some of these factors have also had a negative effect on the insurance industry after years of relative stability, which has accelerated a hardening insurance marketplace. This means that many segments of the insurance industry are becoming less friendly to insurance buyers. Going into 2022, we should be prepared for a challenging insurance environment to remain but we could expect some improvement from 2021. In this blog, we'll do an overview of the 2022 insurance marketplace and kick off a series of blogs on this topic so businesses (and individuals) can be more prepared when reviewing their insurance solutions.</span></p>
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<p style="text-align: center;"><span style="color: #00529b; font-family: SourceSansProRegular, 'SourceSansPro Regular', Arial; font-size: 1.7em;">What is a 'hard' insurance market?</span><br/><strong></strong></p>
<p><span>The commercial market is cyclical and that means that over time, we have witnessed a fluctuation between hard and soft markets. A 'hard' insurance market can be characterized by stricter underwriting, restricted terms of coverage, less capacity and less competition - which unfortunately also mean increased premium costs. On top of that, insurance carriers are more likely to exit certain unprofitable lines of insurance. Over the years, we have witnessed this in a number of industries including areas of healthcare, towing, transportation, and hospitality.</span></p>
<p><span>We have seen the market harden for a short time on a few occasions but the last sustained hard market occurred in the 1980's. Our agency President, <span style="text-decoration: underline;"><strong><a href="https://www.linkedin.com/in/bdbartosh" rel="noopener" target="_blank">Brian Bartosh</a></strong></span>, recalled some of the unique ways we secured coverage for our clients. In some instances, agents negotiated with multiple companies to "share" the exposure when the limits needed were too high for one company's capacity.</span></p>
<p><span><img alt="Average Premium Changes - Zywave" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/average_premium_changes_-_zywave.png" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></span></p>
<p style="text-align: center;"><em>The graphic above provided by Zywave (via The Council of Insurance Agents & Brokers) shows the cyclical nature of the insurance market from 1999 - 2021.</em></p>
<p></p>
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<h4 style="text-align: center;">What factors are causing the 'hard' insurance market?</h4>
<h4><img alt="Hard Market Economy Insurance" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-1278695302.jpg" style="float: right;" width="40%"/></h4>
<p style="text-align: left;"></p>
<p style="text-align: left;"><span>Many factors affect the cost of insurance but the following are a few of the common contributors:</span></p>
<ul>
<li style="text-align: left;"><span>The <strong>Economy</strong></span></li>
<li><strong>Inflation</strong></li>
<li><strong>Catastrophic (CAT) Losses </strong></li>
<li><strong>Inconsistent Underwriting Profits</strong></li>
<li><strong>Return on Investments</strong></li>
<li><strong>The Cost of Reinsurance</strong></li>
</ul>
<hr/>
<h4 style="text-align: center;">What factors influence my insurance rates?</h4>
<p>While the reasons above can make it difficult for consumers to secure their desired coverage at the expected price, there are additional factors that influence your insurance rates. Here are a few of the main components that factor in when pricing your coverage:<strong></strong></p>
<h4 style="text-align: center;"><img alt="Insurance Rates Premium" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-1249714483.jpg" style="float: right;" width="40%"/></h4>
<ul>
<li><strong>Industry</strong> - Of course, certain industries carry more risks than others. For instance, the pricing, coverage conditions and availability are significantly different if you're a crane operator versus a retail store. </li>
<li><strong>Size of you Business</strong> - The Liability and Workers Compensation are driven by <span style="text-decoration: underline;">sales</span> and <span style="text-decoration: underline;">payroll</span>. So the larger your business, the more likely you are to pay higher premiums due to volume of sales and payroll. This can also factor into your auto policy for a fleet of vehicles, employment practices liability, cyber liability and more.</li>
<li><strong>Coverage - </strong>Obviously, the type of insurance you're seeking will also affect your annual insurance costs. Not only the policy types (Property, General Liability, Auto, Umbrella, Employment Practices Liability, etc) but also the limits or values selected.
<ul>
<li><strong>Total Insurable Value (TIV) </strong>- The more property coverage required to protect your business, the higher your premium will be.</li>
<li><strong>Liability Limits</strong> - Each layer of liability you add on will increase the cost. For instance, many businesses start with limits at $1,000,000 and co up from there.</li>
</ul>
</li>
<li><strong>Claims History </strong>- As mentioned above, if you're in a high risk industry that is more likely to experience a loss or a catastrophic loss, that will impact your rates. In addition, if your business's claim history (confirmed with 'Loss Runs') will also have an impact on insurance rates. If you are experiencing frequent claims or severe claims, the underwriters tend to view your business as one that is more likely to file a claim.</li>
<li><strong>Risk Management - </strong> This is a broad term but can be designed to help control not only your up front insurance costs but also to avoid future losses. Security and safety procedures in place can help provide some financial relief while you can also look to "self-insure" some exposures with a higher deductible or simply financing the risk through other methods.</li>
</ul>
<p>While insurance buyers may face more complex decisions regarding their insurance during a hard market , with some additional preparation, they are not without recourse. It is important to be proactive when addressing your risk management plan and to be educated on the trends that influence your insurance. It was not mentioned above but <strong>Loyalty </strong>can also be helpful when renewing your insurance. Some companies we work with have demonstrated extreme consistency in pricing year to year and underwriters are often more flexible since they understand the history of the risk. So it is not always advantageous to jump at the next 'shiny object' <span style="text-decoration: underline;">without careful review and consideration</span>.</p>
<hr/>
<h4 style="text-align: center;">What trends do I need to watch for in 2022?</h4>
<p><img alt="2022 Insurance Trends" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-695433280.jpg" style="float: right;" width="40%"/></p>
<p>Unless you have been living under a rock, you are most likely aware of the economic and social challenges we're collectively facing. These challenges will continue to shape our economic and insurance trends for 2022 and beyond. Let's take a look at a few of those trends to consider when making decisions for your business.</p>
<ul>
<li><strong>Economy -</strong> This is a very encompassing word which includes a number of sweeping developments for consideration.
<ul>
<li><span style="text-decoration: underline;">Labor Shortages</span> - Businesses have had to adjust in a number of ways to attract and retain talent. The pandemic has caused many workers to reevaluate their employment priorities while many unemployed individuals have become apprehensive of returning to the workforce. To help combat the labor shortages, businesses have gotten more creative and generous with their workplace adjustments including referral bonuses, work from home, additional benefits, new technology and flexible hours. Businesses will need to continue to push the envelope to attract and retain their employees. </li>
<li><span style="text-decoration: underline;">Supply Chain</span> - Whether it was the dependency of products produced overseas or the strained transportation industry, a range of supply chain disruptions have taken place since the onset of the pandemic. You've seen the images of shipping containers stuck at port, truck driver shortages and even theft of packages directly from the trains. The supply chain issues don't stop with physical goods, it has also led to a "service supply chain" issue where processing and response time have bottle necked. It is important to understand these challenges and develop contingency plans if possible to pivot your operations.</li>
<li><span style="text-decoration: underline;">Inflation </span>- The issues above have in large part, fueled the rising inflation issues. When we are seeing inflation rates well above 6%, this means the cost to repair or replace property has increased and vehicle repair expenses are surging. Insurance carriers are often forced to increase prices to keep pace with these volatile trends.</li>
<li><span style="text-decoration: underline;">Social Inflation</span> - You may have heard this term used in reference to rising cost of insurance. Social inflation refers to the societal trends that influence the rising costs of insurance claims and lawsuits. There are a number of factors that hit the ever-rising social inflation costs including litigation funding by third parties, tort reform, length of time to settle due to the backlog in the courts, plaintiff-friendly legal decisions and large jury rewards.</li>
</ul>
</li>
<li><strong>Extreme Weather - </strong>Unfortunately, while we dealt with a virus and economic disruption, extreme weather events likes hurricanes, wildfires, tornadoes, and hailstorms have continued to rage on. Many experts believe that severe storms, temperatures, wildfires and flooding will be the new norm. With an increase in frequency and severity, insurance costs are sure to follow.</li>
<li><strong>Social Movements</strong> - We cannot ignore the surge in social movements to push for accountability and equality. Regardless of which side of the fence you're on, they are here to stay. Not only have protests and civil unrest rippled through cities, other movements like the #MeToo movement have helped with sexual harassment issues in the workplace. These movements have caused an increase in employment related lawsuits impacting certain lines of insurance coverage to defend.</li>
</ul>
<hr/>
<h4 style="text-align: center;">What should I expect for insurance pricing in 2022?</h4>
<p>Insurance pricing forecasts are based on industry reports for various lines of insurance. These are not a guarantee or premium rates and should only be viewed as general information (not insurance or legal advice). According to Zywave's 2022 P&C Market Outlook, various lines of insurance</p>
<p><img alt="2022 Insurance Market Forecast" height="auto" src="https://www.tomia247.com/media/uploads/blog/2022_market_forecase_zywave.jpg" style="float: right;" width="60%"/></p>
<p> coverage are expected to rise but some more than others. The table to the right shows what they have projected per line of business.</p>
<p><span class="textRed"><strong>DO NOT PANIC!</strong></span> We have outlined a number of factors that have made the insurance buying process complex and it may feel unpredictable. While it may seem that rate increases will continue through 2022, some data suggests this may be wishful thinking by insurers. Not all lines of coverage are experiencing heavy losses or rate increases. <a href="https://www.insurancejournal.com/magazines/mag-features/2021/12/20/645852.htm" rel="noopener" target="_blank"><strong><em>"AM Best has revised its market segment outlooks to stable for workers' compensation, commercial property and surety. The outlooks for commercial auto, general liability, medical professional liability, and professional liability are negative." </em></strong></a></p>
<p>So, regardless of what the insurance market is doing, there are a few ways you can achieve better results in your insurance renewal process.</p>
<ol>
<li>Plan ahead and with ample time to take inventory of your current coverage needs, make adjustments and seek other potential solutions.</li>
<li>Work with an independent agent that has the knowledge and access to markets to help provide you with options. Your agent is your direct line of communication to the company and has established relationships with the underwriters.
<ul>
<li> This means to have information available, be honest and up front with your agent so they can help protect your exposures.</li>
<li>Top O' Michigan acts as your 'expert buyer of insurance' and can help navigate this process with you.</li>
</ul>
</li>
<li>Be proactive with your risk management plan. Be sure to address any potential loss control recommendations such as repairing property, using methods of risk transfer including contracts, or improving safety measures.</li>
<li>And remember, the insurance market is cyclical so we should expect it to level again as the financial climate adjusts. </li>
</ol>
<hr/>
<h5 style="text-align: center;">For more risk management guidance or questions about your policy's coverage limits, <a href="https://www.tomia247.com/about/contact-us/" rel="noopener" target="_blank" title="Contact Us">contact us today.</a></h5>
<p><a href="https://www.tomia247.com/about/contact-us/" rel="noopener" target="_blank"><img alt="Contact Us" height="auto" src="https://www.tomia247.com/media/uploads/icons-and-logos/istock-609801866.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="50%"/></a></p>
<hr/>
<h2><span>More Industry News</span></h2>
<p><span>Want to stay up to date on the latest community and insurance news? You can find more on important topics on<a href="https://www.tomia247.com/blog/" rel="noopener" target="_blank" title="TOMIA Blog"> </a></span><a href="https://www.tomia247.com/blog/" rel="noopener" target="_blank" title="TOMIA Blog"><span>our blog</span><span>.</span></a></p>
<p><strong>About Top O' Michigan Insurance Solutions:</strong></p>
<p>At Top O’ Michigan Insurance Solutions, we pride ourselves on using our skills to provide clients with competitive pricing, stability and understanding, and peace of mind. With seven locations throughout Michigan and 24/7 client access, our team is your 'expert buyer' of insurance for home, auto, farm, boat, motorcycle, business owners, workers compensation, bonds, life and health, employee benefits and more.</p>
<p>We will provide unparalleled and caring service to our clients through our knowledgeable staff and give back to our employees, agency, industry and our communities. Part of our mission is to give back to the Michigan communities we serve. This is something we take action on through We Care and you can learn more about our community outreach at <a href="https://www.tomia247.com/about/community-involvement/" rel="noopener" target="_blank" title="TOMIA247.com/WeCare">TOMIA247.com/WeCare</a>.</p>
<h6><strong>National Resources, Locally Sourced.</strong></h6>
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<p><i><span>Disclaimer: </span></i><span><em class="x-el x-el-span c2-9 c2-a c2-3g c2-s c2-o c2-3i c2-3j c2-3">This Blog/Web Site does not provide insurance or legal advice. This site is for educational purposes only as well as to provide you with general information and a general understanding of insurance, not to provide specific legal advice or specific contract advice. Viewing this site, receipt of information contained on this site, or the transmission of information from or to this site does not constitute a client relationship. </em></span></p>
<p><span><em class="x-el x-el-span c2-9 c2-a c2-3g c2-s c2-o c2-3i c2-3j c2-3">The information on this Blog/Web Site is not intended to be a substitute for professional insurance or legal advice. Always seek the advice of a licensed agent in your state pertaining to insurance and legal issues.</em></span></p>
<p><span>Author: Tyler Bartosh</span></p>
<p><span>Sources: <span style="text-decoration: underline;"><strong><a href="http://www.zywave.com" rel="noopener" target="_blank">Zywave</a></strong></span>, <strong><span style="text-decoration: underline;"><a href="https://www.insurancebusinessmag.com/ca/news/specialty-insurance/hard-market--global-pandemic--sucker-punch-for-hospitality-industry-229213.aspx" rel="noopener" target="_blank">Business Insurance Canada,</a> <a href="https://www.jdsupra.com/legalnews/looking-ahead-to-2022-a-guide-to-2843821/" rel="noopener" target="_blank">JDSUPRA.com,</a> <a href="https://www.insurancejournal.com/magazines/mag-features/2021/12/20/645852.htm" rel="noopener" target="_blank">InsuranceJournal.com</a></span></strong><a href="https://keystoneinsgrp.com/" rel="noopener" target="_blank"></a></span></p>How Much Liability Insurance Is Enough?2021-09-16T15:27:47+00:002024-03-28T10:08:06+00:00Tyler Bartoshhttps://tomia247.com/blog/author/TBartosh/https://tomia247.com/blog/how-much-liability-insurance-is-enough/<p><span>How much liability insurance is enough? $1,000,000 is an awful lot of money, right? That certainly seems that most people would be comfortable with these limits but should they be? Since every individual and business is unique, it can be hard to conceptualize possible scenarios where a large liability loss would occur. </span></p>
<p><span>To help shed some light on this, we dove into a claim situation that recently occurred in Maryland with a condo association which illustrates how quickly a lawsuit can add up</span><span>. Let's take a closer look at what happened beginning with some of the risks an association may face and determining who is liable.</span><span></span><span></span></p>
<hr/>
<h4 style="text-align: center;">What is the risk for a condo or homeowners association?</h4>
<h4><img alt="Condominium" height="auto" src="https://www.tomia247.com/media/uploads/blog/istock-175767618.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="25%"/></h4>
<p style="text-align: left;"><span>An increased number of condo associations are finding that they have inadequate limits and the potential results of not having adequate coverage. A large percentage of condo communities have holding ponds and or lakes, pools, and playgrounds. While these are attractive and desired amenities, they create the opportunity for additional risk, injury and/or death. Accidents in the common areas of a condominium or home association are a common liability concern for the association and individual owners. This means that the maintenance of these common areas should be a top priority along with other potential security risks. When a loss does occur and lawsuits are filed, they can become a very complicated issue because it relates to a variety of factors. </span></p>
<hr/>
<h4 style="text-align: center;">When is the association liable?</h4>
<p style="text-align: center;">Check out this short video from U.S. Risk about personal injuries on community association property. </p>
<p style="text-align: center;"><iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen" frameborder="0" height="315" src="https://www.youtube.com/embed/7GoI0ZFMIGQ" title="YouTube video player" width="560"></iframe></p>
<hr/>
<h4 style="text-align: center;">What led to the lawsuit?</h4>
<h4><img alt="Child Playground Swing Set" height="auto" src="https://www.tomia247.com/media/uploads/blog/boy-691129_640.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="25%"/></h4>
<p style="text-align: left;"><span>A condo association had about 80 units and provided a small playground with a swing set for owners and visitors. The swing set had recently been repaired by one of the unit owners. A young man was using the swing when the metal attachment came loose and struck him on the head. The injury resulted in a serious closed head injury. The young man is having to learn to speak and walk again. His medical bills for 10 days in ICU were in excess of $300,000. </span></p>
<hr/>
<h4 style="text-align: center;">What was the judgement and how did the liability insurance respond?</h4>
<h4><img alt="Lawsuit Judgement" height="auto" src="https://www.tomia247.com/media/uploads/blog/istock-1131313549.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="25%"/></h4>
<p></p>
<p style="text-align: left;"><span>Due to the injuries that occurred and the long road ahead for him, the plaintiff obtained a judgment of $7.2 million! The condo association only had $1 million in coverage on their General Liability policy. Since the condo association did not have adequate limits or assets to cover these damages, the plaintiff's attorney placed a lien on every unit owner's property for their percentage of the judgment. The condo unit owners brought suit against the board under their Directors and Officers coverage for their failure to obtain adequate insurance to properly protect the unit owners from an excess loss. The D & O coverage was also only $1 million in coverage in coverage as well. Unfortunately, condo unit owners were held responsible for the remaining $5,200,000! </span><span></span></p>
<p style="text-align: left;"><span>In today’s environment, $1 million of liability coverage is dangerously low and creates a danger to Board of Directors as well as each individual unit owner. Cases with near drownings, closed head injuries involving brain swelling, and death occur weekly across our country -- many occur at holding ponds, lakes, pools and playgrounds within homeowner associations. </span></p>
<hr/>
<h4 style="text-align: center;">How much liability insurance should be purchased?</h4>
<p style="text-align: center;"><img alt="Liability Insurance Coverage Limits" height="auto" src="https://www.tomia247.com/media/uploads/blog/istock-1179535440.jpg" width="25%"/></p>
<p style="text-align: center;">While the example here arose out of a condo homeowners association loss, <b>the risk exists for <u>ALL</u> homeowner associations. </b>Therefore, any and all homeowner associations need to take a very close look at what exposures they have and then take a look at their insurance limits. </p>
<p style="text-align: center;"><span><img alt="Insurance Coverage Limits" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-815303210.jpg" width="25%"/></span></p>
<p style="text-align: center;"><span>Of course, money cannot repair or replace a life - it is a necessary component to assist with the ongoing costs of living following a horrific accident like this. So, you're probably wondering "how much liability insurance is enough?"</span></p>
<p style="text-align: center;"><span class="largeText"><strong>The answer:</strong></span></p>
<p style="text-align: center;"><span class="textRed largeText" style="text-decoration: underline;"><strong>As much as you can afford...and more! </strong></span></p>
<p style="text-align: center;"><span>While we cannot tell you how much is enough, we are confident in the statement that in no case is $1 million enough general liability coverage in today's litigious environment.</span></p>
<hr/>
<h5 style="text-align: center;">For more risk management guidance or questions about your policy's coverage limits, <a href="https://www.tomia247.com/about/contact-us/" rel="noopener" target="_blank" title="Contact Us">contact us today.</a></h5>
<p><img alt="Contact Us" height="auto" src="https://www.tomia247.com/media/uploads/icons-and-logos/istock-609801866.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="50%"/></p>
<hr/>
<h2><span>More Industry News</span></h2>
<p><span>Want to stay up to date on the latest community and insurance news? You can find more on important topics on<a href="https://www.tomia247.com/blog/" rel="noopener" target="_blank" title="TOMIA Blog"> </a></span><a href="https://www.tomia247.com/blog/" rel="noopener" target="_blank" title="TOMIA Blog"><span>our blog</span><span>.</span></a></p>
<p><strong>About Top O' Michigan Insurance Solutions:</strong></p>
<p>At Top O’ Michigan Insurance Solutions, we pride ourselves on using our skills to provide clients with competitive pricing, stability and understanding, and peace of mind. With eight locations throughout Michigan and 24/7 client access, our team is your 'expert buyer' of insurance for home, auto, farm, boat, motorcycle, business owners, workers compensation, bonds, life and health, employee benefits and more.</p>
<p>We will provide unparalleled and caring service to our clients through our knowledgeable staff and give back to our employees, agency, industry and our communities. Part of our mission is to give back to the Michigan communities we serve. This is something we take action on through We Care and you can learn more about our community outreach at <a href="https://www.tomia247.com/about/community-involvement/" rel="noopener" target="_blank" title="TOMIA247.com/WeCare">TOMIA247.com/WeCare</a>.</p>
<h6><strong>National Resources, Locally Sourced.</strong></h6>
<hr/>
<p><i><span>Disclaimer: </span></i><span><em class="x-el x-el-span c2-9 c2-a c2-3g c2-s c2-o c2-3i c2-3j c2-3">This Blog/Web Site does not provide insurance or legal advice. This site is for educational purposes only as well as to provide you with general information and a general understanding of insurance, not to provide specific legal advice or specific contract advice. Viewing this site, receipt of information contained on this site, or the transmission of information from or to this site does not constitute a client relationship. </em></span></p>
<p><span><em class="x-el x-el-span c2-9 c2-a c2-3g c2-s c2-o c2-3i c2-3j c2-3">The information on this Blog/Web Site is not intended to be a substitute for professional insurance or legal advice. Always seek the advice of a licensed agent in your state pertaining to insurance and legal issues.</em></span></p>
<p><span>Author: Tyler Bartosh</span></p>
<p><span>Sources: <a href="https://centralinsurance1876.wpcomstaging.com/2020/12/10/condominium-association-risk-management-suggestions/" rel="noopener" target="_blank">Central Insurance Companies;</a> <a href="https://www.usrisk.com/2019/04/personal-injuries-on-community-association-property-when-is-the-association-liable/" rel="noopener" target="_blank">US Risk;</a> <a href="https://keystoneinsgrp.com/" rel="noopener" target="_blank">Ralph Sitterson of Keystone</a></span></p>What to do in the Event of a Claim2021-08-04T11:35:01+00:002024-03-28T10:00:02+00:00Tyler Bartoshhttps://tomia247.com/blog/author/TBartosh/https://tomia247.com/blog/what-to-do-in-the-event-of-a-claim/<p>Experiencing a loss to your property or worse yet, bodily injury or death is a very stressful time. It may be difficult to know what your next steps are after making sure everyone involved is okay or being treated by emergency responders. Here are a few tips to help guide you through a loss and claim process whether it is to property, auto, employees (Workers Compensation) or a liability claim.</p>
<table style="width: 100%; border-collapse: collapse; height: 1167px;">
<tbody>
<tr style="height: 635px;">
<td style="width: 50%; height: 635px;">
<h5 style="text-align: center;"><strong>Property Insurance Claims</strong></h5>
<p style="text-align: left;"><strong>In the event of damage to your building or contents, follow these steps:</strong></p>
<ol style="text-align: left;">
<li>Protect the property from further damage and call the proper authorities and utilities (e.g., gas, electric, telephone).</li>
<li>Take photos of the damage before having emergency repairs made, such as boarding up windows or covering holes in the roof.</li>
<li>Call Top O' Michigan Insurance to report the loss.</li>
<li>Call a contractor to estimate the building damages.</li>
<li>Separate damaged contents from undamaged contents. Do not discard any items until the claims adjuster gives you the authority to do so.</li>
<li>Keep records of expenses if you are forced to temporarily relocate.</li>
<li>Do not authorize repairs until the claims adjuster has given you the authority to do so.</li>
</ol>
<p><strong></strong></p>
</td>
<td style="width: 50%; text-align: center; height: 635px;"><img alt="Homeowner Storm Damage Claim" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/claim_-_house.jpg" width="75%"/></td>
</tr>
<tr style="height: 25px;">
<td style="width: 50%; height: 25px;">
<p style="text-align: justify;"><strong>After we report the claim to the insurance company, the claims adjuster will do the following:</strong></p>
<p style="text-align: justify;"><strong></strong></p>
<ol>
<li style="text-align: left;">Contact you by phone, email, or mail to discuss the loss.</li>
<li style="text-align: left;">Arrange for an appraiser to inspect extensively damaged property.</li>
<li style="text-align: left;">Assist you with your choice of contractors to make the repairs.</li>
<li style="text-align: left;">Coordinate alternative living or business expenses.</li>
<li style="text-align: left;">Be available for questions or to discuss ongoing expenses associated with the claim.</li>
<li style="text-align: left;">Contact you for a settlement.</li>
</ol>
</td>
<td style="width: 50%; height: 25px; text-align: center;"><img alt="insurance claim estimate" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-1151147823.jpg" width="75%"/></td>
</tr>
<tr style="height: 382px; text-align: center;">
<td style="width: 50%; text-align: center; height: 382px;">
<h5 style="text-align: center;"><strong>Auto Insurance Claims</strong></h5>
<p style="text-align: left;"><strong>In</strong><strong> the event of an automobile accident, follow these steps:</strong></p>
<ol style="text-align: left;">
<li>Report the accident to the police.</li>
<li>Obtain information about the other people involved in the accident such as the following:
<ul>
<li>Names, addresses and phone numbers</li>
<li>Insurance company</li>
<li>Type of vehicle</li>
<li>Auto and driver’s license numbers</li>
</ul>
</li>
<li>Have your vehicle towed to the nearest repair shop if the vehicle is not drivable. Do not authorize repairs until the claims adjuster gives you the authority to do so.</li>
<li>Call us to report the accident.</li>
</ol>
<p style="text-align: left;"><strong>In the event of a windshield, vandalism or theft loss, follow these steps:</strong></p>
<ol>
<li style="text-align: left;">Report the vandalism loss or theft to the police.</li>
<li style="text-align: left;">Call us to report a loss.</li>
</ol>
</td>
<td style="width: 50%; height: 382px;">
<p><img alt="Auto Accident Insurance Claim" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-1156652894.jpg" width="75%"/></p>
<p><img alt="Auto Insurance Claim Windshield Damage" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/claim_-_car_damage.jpg" width="75%"/></p>
</td>
</tr>
<tr style="height: 25px;">
<td style="width: 50%; height: 25px;">
<p style="text-align: left;"><strong>After we report the claim to the insurance company, the claims adjuster will do the following:</strong></p>
<ol style="text-align: left;">
<li>Contact you to request details of the accident and repair estimates.</li>
<li>Arrange for an appraiser to inspect the damages of vehicles that are not drivable or extensively damaged.</li>
<li>Coordinate with the auto repair shop and coordinate for rental reimbursement (if you have it).</li>
<li>Contact you for a settlement.</li>
<li>Deal directly with the others involved in the accident.</li>
</ol>
<p></p>
<p style="text-align: left;"><strong>You should not talk to others involved in the accident, but refer them to your claims adjuster.</strong></p>
</td>
<td style="width: 50%; height: 25px;">
<p><img alt="auto insurance claim estimate" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-613790168.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></p>
<p><img alt="Auto Repair Mechanic" height="auto" src="https://www.tomia247.com/media/uploads/Icons%20and%20Logos/istock-1157319426.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></p>
</td>
</tr>
<tr style="height: 25px;">
<td style="width: 50%; height: 25px;">
<h5 style="text-align: center;"><strong>Workers Compensation Claims</strong></h5>
<p style="text-align: left;"><strong>In the event an employee is injured on the job, follow these steps:</strong></p>
<ol>
<li style="text-align: left;">Complete the <a href="https://www.michigan.gov/documents/wca_WC-100__fillin_121830_7.pdf" rel="noopener" target="_blank" title="Employers Basic Report of Injury">Employer’s First Report of Injury (click here)</a> or Disease form for all claims. Either use the “call in” reporting system or fax the original form to the insurance company. Send a copy of this form to the State Department of Industry, Labor and Human Relations (refer to the First Report for the address).
<ul>
<li style="text-align: left;"><a href="https://www.tomia247.com/about/client-tools/osha-compliance-with-oshalogs/" rel="noopener" target="_blank"><strong>Consider enrolling in OSHA Logs to make this process a breeze</strong></a></li>
</ul>
</li>
<li style="text-align: left;">Forward a copy of the First Report to us in the event of a disabling injury or death claim. We will follow up with the insurance company for their prompt handling of the claim.</li>
<li style="text-align: left;">Contact the insurance company to question the status of a claim. If you experience delays or have questions, please contact us for assistance.</li>
</ol>
</td>
<td style="width: 50%; height: 25px;">
<p><img alt="Employee Workers Compensation Injury" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/workers_comp.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></p>
</td>
</tr>
<tr style="height: 25px;">
<td style="width: 50%; height: 25px;">
<p style="text-align: left;"><strong>A</strong><strong>fter you report the claim to the insurance company, the claims adjuster will do the following:</strong></p>
<ol style="text-align: left;">
<li>Contact the injured employee to discuss the accident.</li>
<li>Request copies of bills and doctors’ reports for medical treatment administered.</li>
<li>Contact you, the employer, if there is any lost time from work as a result of the injury.</li>
</ol>
</td>
<td style="width: 50%; height: 25px;"><img alt="Workers Compensation Injury Claim Form" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-1276731907.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></td>
</tr>
<tr style="height: 382px; text-align: center;">
<td style="width: 50%; text-align: center; height: 382px;">
<h5 style="text-align: center;"><strong>Liability Insurance Claims</strong></h5>
<p style="text-align: left;"><strong>In the event of injuries or damage to property of others which you allegedly caused, follow these steps:</strong></p>
<ol>
<li style="text-align: left;">Call us to report the claim immediately.
<ul>
<li style="text-align: left;">Even if no action has taken place yet, it is best to notify your agent and insurance company of any possible claim.</li>
</ul>
</li>
<li style="text-align: left;">Forward any correspondence, including a summons from an attorney representing the other party.</li>
<li style="text-align: left;">Do not discuss the claim with the other party or their attorney. Refer them to your insurance company’s claims adjuster or to us.</li>
</ol>
</td>
<td style="width: 50%; height: 25px;"><img alt="Liability Bodily Injury Claim" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-838902708.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></td>
</tr>
<tr style="height: 25px;">
<td style="width: 50%; height: 25px;">
<p style="text-align: left;"><strong>After we report the claim to the insurance company, the claims adjuster will:</strong></p>
<ol>
<li style="text-align: left;">Contact you to discuss the incident that allegedly caused the injury or damage to the property.</li>
<li style="text-align: left;">Deal directly with the other party and/or attorney to handle the claim.</li>
</ol>
</td>
<td style="width: 50%; height: 25px;"><img alt="" height="auto" src="https://www.tomia247.com/media/uploads/Stock%20Images/istock-1179535440.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="75%"/></td>
</tr>
</tbody>
</table>
<hr/>
<h5 style="text-align: center;"></h5>
<p class="content__segment combx meterwall__content">The insurance claim process can be difficult and complex with so many elements involved. Even if you are mindful and diligent, it can be easy to overlook some of the important details that impact the management and overall success of your claim. Be sure to watch out for potential <span class="textRed"><strong>red flags</strong> </span>throughout the process including:</p>
<ul>
<li class="content__segment combx meterwall__content"><span class="textRed">Slow response time from the insurance company (within reason following major weather events).</span></li>
<li class="content__segment combx meterwall__content"><span class="textRed">Requesting an examination under oath. Speak with your agent before making any statement or if you have concern.</span></li>
<li class="content__segment combx meterwall__content"><span class="textRed">You are required to use a "preferred vendor". </span>While you are not required to use the vendors that are recommended to you by your insurance company, it can make the process much easier and be completed ahead of schedule. However, you have the final say and should do your own research before hiring any vendors. </li>
</ul>
<p class="content__segment combx meterwall__content">Ultimately, you want to be sure that the premium dollars you've paid will respond how they should under the contract of the insurance policy. If you have any questions along the way, you should contact your agent for guidance and have honest, pen communication with the claims adjuster.</p>
<hr/>
<h4>A Note to Our Clients</h4>
<p>The Top O' Michigan Insurance team is here to serve you. This service includes assisting you in the event of a claim. If a loss occurs, please follow the steps highlighted in this guide.</p>
<p>Your insurance contract requires that you report all claims promptly. Therefore, contact us as soon as possible after a property, liability, workers’ compensation or automobile claim. We will report your claim to the insurance company. An insurance company claims adjuster will be assigned to handle your claim. You should then be able to deal directly with the adjuster to settle your claim.</p>
<p>We also work directly with our claims department to analyze the policy language to find coverage when it should apply. So don't assume a claim denial or a lesser payment is automatically correct. If you encounter any unusual delays or problems in the handling of your claim, please contact us at 800-686-8664 or <a href="mailto:ClientService@TOMIA247.com">ClientService@TOMIA247.com</a>.</p>
<p>We appreciate your business and are here to assist you.</p>
<h5 style="text-align: center;">For more personal risk management guidance or questions about your policy's coverage limits, <a href="https://www.tomia247.com/about/contact-us/" rel="noopener" target="_blank" title="Contact Us">contact us today.</a></h5>
<p><img alt="Contact Us" height="auto" src="https://www.tomia247.com/media/uploads/Icons%20and%20Logos/istock-609801866.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="50%"/></p>
<hr/>
<h2><span>More Industry News</span></h2>
<p><span>Want to stay up to date on the latest community and insurance news? You can find more on important topics on<a href="https://www.tomia247.com/blog/" rel="noopener" target="_blank" title="TOMIA Blog"> </a></span><a href="https://www.tomia247.com/blog/" rel="noopener" target="_blank" title="TOMIA Blog"><span>our blog</span><span>.</span></a></p>
<p><strong>About Top O' Michigan Insurance Solutions:</strong></p>
<p>At Top O’ Michigan Insurance Solutions, we pride ourselves on using our skills to provide clients with competitive pricing, stability and understanding, and peace of mind. With eight locations throughout Michigan and 24/7 client access, our team is your 'expert buyer' of insurance for home, auto, farm, boat, motorcycle, business owners, workers compensation, bonds, life and health, employee benefits and more.</p>
<p>We will provide unparalleled and caring service to our clients through our knowledgeable staff and give back to our employees, agency, industry and our communities. Part of our mission is to give back to the Michigan communities we serve. This is something we take action on through We Care and you can learn more about our community outreach at <a href="https://www.tomia247.com/about/community-involvement/" rel="noopener" target="_blank" title="TOMIA247.com/WeCare">TOMIA247.com/WeCare</a>.</p>
<h6><strong>National Resources, Locally Sourced.</strong></h6>
<hr/>
<p><i><span>Disclaimer: </span></i><span><em class="x-el x-el-span c2-9 c2-a c2-3g c2-s c2-o c2-3i c2-3j c2-3">This Blog/Web Site does not provide insurance or legal advice. This site is for educational purposes only as well as to provide you with general information and a general understanding of insurance, not to provide specific legal advice or specific contract advice. Viewing this site, receipt of information contained on this site, or the transmission of information from or to this site does not constitute a client relationship. </em></span></p>
<p><span><em class="x-el x-el-span c2-9 c2-a c2-3g c2-s c2-o c2-3i c2-3j c2-3">The information on this Blog/Web Site is not intended to be a substitute for professional insurance or legal advice. Always seek the advice of a licensed agent in your state pertaining to insurance and legal issues.</em></span></p>
<p><span>Author: Tyler Bartosh</span></p>
<p><span>Sources: <a href="https://www.bizjournals.com/atlanta/news/2021/06/24/5-red-flags-policyholders-should-watch-for.html?ref=insurancedailynews" rel="noopener" target="_blank">BizJournals.com;</a> <a href="https://www.adjustersinternational.com/wp-content/uploads/sites/2/2015/05/3038_Construction_Coverage.pdf" rel="noopener" target="_blank"> </a><a href="http://www.zywave.com">Zywave, Inc</a> </span></p>