What Is the Difference Between Umbrella and Excess Insurance?

Umbrella insurance

Businesses need a variety of liability insurance policies to cover their exposures. There are sometimes when you exceed the policy limit when a claim is settled. Understanding the differences between umbrella vs. excess liability policies can help you determine which is best for your business.

Key Difference

The experts at Byrnes Agency Insurance state that umbrella policies often offer additional coverages while excess liability provides higher limits yet follows the limits of the liability policy. Excess liability may have more limitations than the underlying liability policy. Umbrella insurance, on the other hand, can help fill in policy gaps.

Assess Risks

To choose the right policies to add to your insurance coverage, you need to assess your business risks. Where does the business have the most claims? Analyzing the risks can help you see where there are gaps in coverage.

Policy Choice

For a company with companies throughout the world, an umbrella policy may offer broader coverage for those increased liabilities. Some companies may need additional liability coverage only in specific areas for specific items. These companies can benefit from an excess policy with additional limitations. Choose the one that best addresses the business’ risks.

These differences between umbrella vs. excess insurance can make a difference for your business claims. The business may need one or both policies for full coverage.

The Benefits of Using Big Data Analysis

big data insurance

The Benefits of Using Big Data Analysis

The evolution of today’s modern computer technology continues to increase the type of information that businesses have access to. Increased storage capacity, interactive programs and applications and internet capabilities that continue to grow, have provided an invaluable resource that can be utilized to show trends that guide research and in some cases drive profits. When discussing big data, insurance, security and continuing education can help ensure that this information is utilized to the best of its potential both safely and efficiently.

Types of Fields That Can Benefit From Coverage

While the concept of collecting large amounts of data may not be anything new, technology today has made this possible on a much larger scale. Because of this, many types of institutions can benefit from this type of research. Some fields that can benefit most from big data include the following:






Big Data not only includes basic identifying information from the participants but can also include sensitive or confidential information. Because of this, having safeguards such as big data insurance may be even more crucial depending on the nature of your field. If you are an organization that utilizes this type of information, it is important to ensure that it is covered under your existing business insurance plan. If not, speaking to insurance professional the understands your cybersecurity needs can be a good starting point in finding ways to supplement your coverage.

Deciding What Kind of Coverage Your Home Health Care Business Needs

home health care business insurance

As businesses in the healthcare industry, home health care agencies are subject to a variety of risks and liabilities. Whether or not to get home health care business insurance should be a relatively simple decision, especially when taking the sheer number of potential risk factors into account. The harder decision is choosing the kind of coverage packages available. Most packages are tailored to specific types of home health care agencies while others may differ based on the kind of coverage offered.

Identifying the Type of Health Care Agency You Own

The term health care agencies often include the following:

  • Home Health Aides
  • Hospices
  • Home Health Care
  • Caregivers

The amount and type of coverage you need depends on the kind of business you have. For example, agencies that are more oriented towards private patient care should focus on coverage that covers damages incurred on private property.

Understanding the Different Types of Coverage Available

Traditional options such as general liability and professional insurance are usually offered. Other types of home health care business insurance include:

  • Worker’s Compensation
  • Hired and Business Owned Automobile Insurance
  • Theft
  • Employment Practice Liability
  • Cyber Crime
  • Sexual Harassment and Abuse

These are only a few of the options available, but most packages offered from insurance companies will focus on one or two of these areas.

Understanding your home health care business includes being able to predict what kind of coverage is needed. Once you have that information in mind, you can make an informed and beneficial decision for your business.

4 Great Marketing Ideas for Agents to Try

marketing ideas for insurance agents

In 2017, there is no shortage of marketing ideas for insurance agents to try out. Agents should attempt several different ideas to see what works and what does not.

1. Get on Social Media

Most people, and particularly Millennials, are on social media. Therefore, insurance agents should get on a platform to communicate with potential clients.

2. Look at Online Reviews

Sites, such as Yelp, allow everyday people to leave reviews for practically any business. Pay attention to what people are saying. Instead of getting angry at a negative review, see what you can learn from it.

3. Make Website Mobile-Friendly

Numerous people have a smartphone these days. They use these phones to look up information, and you want your insurance website to be readable on any device, including smartphones and tablets.

4. Use Facebook Advertising

Once you are on Facebook, you should look into buying Facebook Ads. You can get a lot more views on your insurance website with just a little bit of money.

Collect data every time you try a new marketing strategy to see how effective it truly is. After several months, you will have a much better strategy in place, so try out these marketing ideas for insurance agents to see what works for you.

The Importance of Comprehensive Rental Insurance

If you own rental property but don’t have rental insurance in Tennessee, it’s extremely important that you get coverage immediately. Although you may take great care of your property and have a long history of happy clients, as soon as any accident happens on your property, the tenants can hold you liable, and any accidental damage that befalls your property can cost you immensely unless you have the right coverage. The list of environmental hazards is almost too long to name, but fire, flood, storms or other natural damage has immense consequences on your income as a rental property owner. Natural disaster isn’t the only risk, and any repairs that you have to undergo from accidental tenant damage needs to be covered so that you don’t risk continually losing money to small repairs.

Insuring the main property is essential, but it’s just as important when searching for rental insurance in Tennessee to get separate structures covered. Any detached garages, sheds or guesthouses are just as susceptible to damage. Perhaps most importantly, don’t forget to get umbrella or excess liability insurance if you have dangerous elements on your property like a pool. Stay insured so that you can keep your income steady, your property maintained and your tenants satisfied, comfortable and safe.

The 3 Types of Bailee Coverage

bailee insurance coverage

For those who take responsibility for their clients’ property, there’s no greater liability safeguard than bailee insurance coverage. It’s important to check with your agent about the specific levels and types of protection you need, because these policies differ by broker and can be tailored to suit your requirements. The three main coverage types are:

1. Unlimited Bailee

Sometimes it can be difficult to estimate or determine the value of your customers’ possessions, especially if those items have been severely damaged or destroyed. This policy covers your company, regardless of the property value lost.

2. Damage in Process

This type of bailee insurance coverage protects you in the event that your clients’ belongings are harmed during repair or servicing. Some examples of this might be a garment stain or tear in a tailor shop or perishable food stored at the wrong temperature.

3. Unexplained Disappearance

If an employee of your business should happen to misplace or lose your clients’ property, this kind of policy would cover replacing the lost item. It should be noted, however, that this may not be the same kind of coverage required for theft.

Don’t Stop There

In addition to these three main types of bailee insurance coverage, you should also talk to your broker about your liability to cover any legal fees for claims, as well as your responsibility for removal and cleanup of any damaged materials.

Finding the Best Insurance for Your Small Business

liability insurance

When you’re a small business owner, you take a great amount of pride in the hard work, dedication and effort it took to get you there. Your customers are important to you, and the last thing you want to do is let them down, but you know sometimes things happen and you’re in need of insurance to protect your business. If you’re looking for liability insurance for a small business in Florida, you need a company that specializes in insuring small businesses. It also needs a familiarity with the insurance world to advise you of the correct policy your business needs for maximum protection.

The type of insurance policy you need depends largely on what type of business you run, your products, your environment and many other factors. Finding liability insurance for a small business in Florida should be determined by first creating an assessment of your business. This involves examining your operational hazards, employees’ responsibilities, asset value, annual income and other parts of your business that need coverage. Once this has been established, then your insurance company can find gaps in your assessment and how best to fill them. Don’t wait – it’s one of the best things you can do for your business, your customers and yourself.

Understanding Aggressive Behavior in Residents

Working at a residence for the elderly can be a rewarding experience; it can also be challenging and even dangerous when working with patients whose behavior is affected by advancing Alzheimer’s disease, psychiatric problems or medications that alter moods. For the safety of staff as well as patients, it is important to train your staff to understand the basic strategies to employ when engaging with a patient who is exhibiting challenging behavior. Such training will not only facilitate better communication between workers and residents, it can also help reduce senior living facilities insurance claims that may result from altercations between patients and staff.

First, make sure staff is educated about the common illnesses or disorders that the elderly must contend with. Understanding the issues will help workers identify (and avoid) the triggers that might bring on episodes of aggression in patients. The most frequently reported types of resident to employee violence include hitting, acting out, biting, grabbing or scratching, pushing, or breaking and even throwing objects. Next, employees must be educated about how to defuse situations in which residents are exhibiting aggressive behavior. A process should be established that the staff member can step through, including:

  • Exhibiting a calm, caring attitude
  • Maintaining a polite demeanor
  • Actively listening to convey to the resident that he or she is being heard
  • Speaking slowly in a clear voice that the resident can hear
  • Acknowledging the resident’s feelings with words that show the worker understands the issue (for example, saying “I understand how this can be frustrating”)
  • Asking the resident questions to help reestablish control of the conversation
  • Knowing when to call for assistance before a situation gets truly out of hand

Working in an environment where the elderly residents may become aggressive requires a higher level of attentiveness so that workers aren’t caught unawares should a resident suddenly exhibit aggressive behavior. Talk to a professional insurance agent about these and other risks that may trigger a senior living facilities insurance claim.