Understanding admitted vs. non-admitted carriers
Insurance carriers fall into two regulatory categories: admitted carriers and non-admitted carriers (also known as surplus lines carriers). So, what's the difference? Admitted carriers are approved and regulated by the state's Department of Insurance. Non-admitted carriers, on the other hand, are overseen by the Surplus Lines Office. While the term "non-admitted" might sound like these carriers are less legitimate, that's not the case. Both types are regulated, just through different offices
Common misconceptions
Insurance can be confusing, and there's a lot of inaccurate information online, but that's where Specialty Insurance Agency (SIA) can help. In this blog, we'll be diving into common misconceptions not only about our business but also insurance in general. The good, the bad, and the ugly.
SIA is a large insurance company: FALSE.
You can think of SIA as more of a retail shop on Main Street than a big insurance conglomerate. We're a Minnesota-based small business that's also family-, woman-
Why are my rates increasing?
Each year, SIA's policies get renewed by the carrier. And each year, we hold our breath, hoping there isn't an increase in premiums. (Please note, SIA is not the carrier but instead the retail shop servicing your policies. Check out this blog for more info.) However, increases keep happening. This brings up the age-old question of "Why are my rates increasing when I personally haven't filed a claim?" Let's talk about it!
One major impact on premiums increasing comes from outside our market
Understanding insurance policies and programs
SIA offers Commercial General Liability (CGL) policies for individual performers and vendors through a master policy, and coverage for select groups of low-risk performers and event planners through program insurance. While both provide liability coverage, they work a little differently. Let's talk about them!
Master policy - individual performers and mobile vendors
SIA's individual performers and mobile vendors are covered under a master policy. A master policy is a single insurance contract
Inland Marine coverage vs. Equipment Leased or Rented coverage
SIA's base policy is for Commercial General Liability (CGL), and coverage includes injuries to others, property damage as a result of your operations, or offending someone. But what about protecting the equipment you use? When it comes to equipment coverage, SIA clients can either purchase Inland Marine (business personal property) or Equipment Leased or Rented. Please note, these are additional coverages so there's an extra cost to add them to your policy. So, what's the difference in the two