September 18th, 2009 by DieWolf

What is E & O insurance, and how does it help a Notary Public? E & O insurance, or Errors and Omissions insurance, covers a Notary in the event of unintentional mistakes that cause injury to a third party – think of it as “malpractice” insurance for Notaries. Some of you might already know what E & O insurance is, and think that it does not apply to Notaries because they are bonded – a common misconception. A Notary bond protects the public and is something that must be repaid by the Notary, in the case of a claim. E & O insurance protects the Notary, and in the instance of a claim, the Notary is not expected to reimburse the insurance company.

What types of mistakes are covered by Errors and Omissions insurance? Inadvertent errors, such as failure to affix your Notarial seal, or to properly identify the signer(s), could subject you to be held liable for any losses. Intentional errors and poor judgment, of course, are not covered. If a claim is made against you, even if it has no validity, you would have the burden of paying court costs etc. in defending yourself, if you did not have E & O coverage. With an E&O policy, you would have no repayment and no minimum or maximum deductible would be required. Also, the attorney fees and court costs are covered, up to your policy limit.

Following are a few examples of the common types of Notary mistakes:

The Notary Stamp is smeared or smudged.

The Notary Stamp covers text or signatures.

The Notary Acknowledgement is worded incorrectly.

Notary stamp missing (yes, it happens).

The Notary’s commission number missing.

Many Notaries also perform loan signing services. In these cases, there is even more room for error such as:

Incorrect Notice of Right to Cancel dates.

Documents are missing signer’s initials.

Mistakes on the document(s) are corrected using white-out.

Notary did not correctly following closing instructions.

Loan Documents not returned in a timely manner.

Notary acknowledgement not completed, or completed improperly.

Notaries accepting personal checks over $500 (or over the amount allowed by State law).

Checks made out to the wrong company.

Though it may not be required by law, Errors and Omissions Insurance protects you against mistakes that can happen with any notarization. It only takes one mistake to potentially lose all of your hard earned money, and possibly even your business! Errors and Omissions insurance rates vary according to the State in which you are a practicing Notary, and the amount of coverage you decide to choose. In some States minimal coverage starts out at less than $10.00 per year with maximum coverage at $200.00 per year. Rates do vary greatly from State to State, however the costs are truly minimal considering the consequences should a claim arise. Considering the cost of E & O coverage, it is just foolish not protect yourself.

September 17th, 2009 by DieWolf

A car crash is a serious situation that involves a lot of people, beginning with the car owners who have been involved in the accident, the police, the judicial system, and the insurance firms that cover car crash victims.

Like all cases where insurance is required, car crash insurance involves much analysis and many negotiations that involve many complex matters and therefore require the expertise of a personal injury lawyer.

In case of a car crash, most insurance companies do their best to reduce the amount that is payable to the victim, pinning the blame on negligent driving or some other fault of the driver. It is therefore very important for any car crash victim to approach a car crash insurance firm to get proper compensation.

Often car crash victims try to be smart by taking cases into their own hands by studying the law and intrinsically trusting the insurance company. However, what one needs to remember in such a case is that knowing about something is different than applying it. Application of the knowledge and using it skillfully is the domain of attorneys. Also, one needs to remember that the insurance company is interested in safeguarding its own interest and, as a result, may mislead the car crash victim into accepting a claim lower than what they are eligible for.

One needs also to remember that statistics have proved that cases represented by experienced and skilled car crash attorneys have fetched the victims a very high compensation. Sometimes, the compensation has been two or even three times more than in the case of those fought by the victims themselves.

It is very important for victims of car crash to obtain professional help from attorneys when car crash insurance is involved. A good attorney may be one’s best bet for getting the claim that one deserves from the insurance firm, even if the attorney appears to charge high rates.

September 14th, 2009 by DieWolf

Car insurance customers in Essex have been urged not to give opportunistic thieves the chance to break into their automobiles. Police in the area have therefore issued advice on how drivers could best avoid becoming a victim of vehicle crime. They suggested that motorists ensure they only park in safe and well-lit areas to ensure they do not attract unwanted attention from would-be thieves.

Report about Read the rest of this entry »

Auto Insurance, Car, Car Insurance, Insurance

September 10th, 2009 by DieWolf

As an insurance agency owner we’ve all been in the same boat. Every year you review your advertising budget and try to determine the best way to attract new customers. There are so many choices on where you can spend your advertising and marketing dollars.

Here is a short list:

Phone Book

Newspaper

Local Sports Teams

The Insurance Network ( www.FindLocalInsurance.com )

Post Cards

Press Release services

Magazines

Television

Radio


So how do you decide what to spend your advertising dollars on? Have you ever heard the expression, “Fish where the fish are.” Targeted advertising that focuses on the local community is vital. Why would you want to spend money advertising in a town 75 miles from your office? The truth is agents do this everyday by spending large amounts of money on ads in the bigger newspapers or radio or television. While these ads cover your local community, they also reach people that won’t buy from you. The one question I would ask myself before buying ad space is, “How much of this ad will reach LOCAL potential customers?”

Some of the more targeted advertising programs would include local sports teams, grocery shopping carts at the nearest grocery store and church bulletins. The most targeted advertising today is the internet. When someone searches on Google for insurance in your town is your office listed? Does your office have a website? A website is one of the best sources of free advertising. Not only is it important to have a website, but it is vital that it is optimized for the search engines. For more information on this visit – RichKahmer.com

September 8th, 2009 by DieWolf

A quick referral lesson for your consideration. Referrals … my favorite form of insurance marketing.

One of my networking partners drops me an email the other day and wants to go to lunch. He is going to introduce me to a fellow Independent Insurance broker who he thinks would be a strong Strategic Partner for my firm and I. Odd thing is, I know this firm, and they are good … AND a competitor of sorts. I eagerly agreed to a meet over at one of my fav’s – Yard House in Irvine Spectrum. Crunchy AHI Salad mmmmmm.

Cutting to the chase – the lunch meeting went well [ imho ] and we’re poised to circle back next week and brainstorm on how we will “pro-actively” NOT passively incorporate each others businesses into our insurance marketing plans for the remainder of the year.

I bring this lunch meeting up for two reasons. Sometimes we get so focused on asking [ or is it BEGGING / IMPOSING ON ] our clients for referrals that we develop Tunnel Vision. Here’s what I mean by this.

Does this resemble how some of your Asking for Referral experiences go?

To Self: How did that Referral Gurus world famous referral asking script go again?

Was it….

..Joe, I get compensated in two ways … blah blah blah …

..Bob, I have a list here of some firms in your industry I’ve been trying to meet can you look here and see if you know any of them …? Blah …

Dang – that’s so uncomfortable – that’s not me … oh forget about it ….

Frankly, I’m of the mindset that ASKING clients for referrals directly – face to face is not the most effective way to obtain quality introductions. Blasphemy you must be thinking … I understand – but hear me out.

Is putting your relationship with your current client into an unbalanced status really the most effective insurance marketing S-Y-S-T-E-M you can come up with for referrals? Unbalanced you say – whatever do I mean? Its now unbalanced. You originally proposed a solution to the clients needs. They reviewed and decided to hire you based upon that solution. They paid you for that solution, you delivered. They are happy. Relationship is IN BALANCE.

Now, you come along and put it OUT OF BALANCE. You are now asking them to do more than they originally bargained for. You are now asking them to effectively put their reputation on the line. Yet, there is little to No Value you can provide to them in return that would put the relationship Back Into Balance if they complied with your request. That is why you get uncomfortable and they get even more uncomfortable [ more times than not ].

Point of these last 3 paragraphs – there is other, more productive approaches to systematically generate high quality referrals. Get out of the box a little bit and think strategically – not just Old School Mantra …

The is another insurance marketing lesson to be learned from this lunch meeting and why it was a significant example. I no longer just look for 1:1 referrals from people. I spend time articulating to my Strategic Referral relationships the type of business people that are great strategic alliances for me and my business. They not only know the types of clients I like to insure but they also know [ because I automatically keep them apprised with a system ] who would make a good Referral Partner. Someone who is not just a referral – but a continuous Referral Source.

Don’t just hunt for referrals to sell an insurance policy to. Strategically hunt for other hunters as well. You need to develop a LARGE network of business people who KNOW you, LIKE you, and KNOW WHAT YOU DO. The key to this, is maintaining those relationships effectively over time. I say the only way to “effectively” manage all those relationships is with a S-Y-S-T-E-M.

I had the pleasure to meet one of the most connected businessmen on the planet at one of his talks. Dr. Ivan Misner – Founder/CEO of internationally famous BNI / Business Network International. He told us all in his talk, the S-Y-S-T-E-M he uses to manage his enormously vast network. It’s also in his book “Truth or Delusion” on page 148. Some of the most prominent authorities on Referral Marketing like Tom Hopkins, Bob Berg, and Bill Cates among others also use this system. You’ll love it and so will your clients and Strategic Referral Partners. See the proven system they use – links to the details below.