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Insurance Agency Entrepreneurs or Business Managers Have An Untapped Source To Boost Income
Written by: Terry CochranArticle Overview: If you are an entrepreneur of or business manager for an insurance agency than you do have a potential to increase revenue. In No Fault states like Michigan business owners and managers should be making concerted efforts to convince consumers that they need to sign up for a first party No Fault policy. This incremental increase in dollars received can be significant.
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Free Download - Sailors, Maritime Workers Protected By Special Laws For On-the-Job Injuries By Terry Cochran |
Insurance Agency Entrepreneurs or Business Managers Have An Untapped Source To Boost Income
By Terry Cochran
Insurance entrepreneurs and agency business managers who include automobile policies in their product line can maximize their income by aggressively selling first party No Fault policies in No Fault states like Michigan.
As an insurance entrepreneur or manager you know that anyone injured in a car accident in a No Fault state likely are entitled to monetary payment for pain and suffering caused by the car accident if:
• you were a passenger or if the other driver was more than 50 percent at fault
• you did not intentionally cause the accident
• you are insured
• a physician states the accident was more likely than not the cause of your injuries.
The likelihood of a judgment in your favor depends upon how significantly the auto accident affects your life. In reaching a verdict about an automobile accident in Michigan, judges and juries will consider:
• What activities you can no longer perform
• How long you were off work
• Whether you have visible scarring from the car accident
• Whether the auto accident resulted in permanent, disabling injuries.
Because of the way Michigan No Fault Law works, insurance agencies must pay auto accident victims benefits such as payment of medical expenses, lost wages and attendant care, unless they were driving a car they own without insurance.
Other possible benefits insurance entrepeuners will pay include reimbursement for travel to medical care, and household services such as cleaning, yard work, etc. If you rear-ended, or the accident is not your fault, you still must file a claim with your insurance company.
Under Michigan No-Fault Law, auto accident victims may seek recovery of damages incurred by filing a first party claim, a third party claim, or a mini tot claim.
When the motorists buys a “first party” policy, most insurance carriers provide coordinated coverage. So if you have insurance from another source, such as health insurance that includes medical costs from a car accident, than the claim is paid first by the health insurance policy or other policy involved.
Any remaining expenses not covered by the health insurance carrier or other insurance policy are then paid for by the No Fault vehicle insurance policy. Consumers will want to ask their insurance agent about a first party No Fault policy that is not coordinated with your other insurances. It may cost more but should be of greater benefit to you.
When serious injuries are involved it can be very challenging to learn if you are indeed eligible for long-term benefits. Your insurance agent may not tell you all you should know about your benefits so have your interests fully represented by consulting with an attorney
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I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section?
Here's a list of what we currently have:
Angel Investors
Branding
Bank Loans
Business Coaching
Business Plan
Franchises (New)
Insurance
Legal
Marketing
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Re: Insurance for Home Based Business?
- hi there
I'm a newbie here.I can get good information regarding the Insurance for Home based business and more. It's really safe to have Insurance for a home based business. Thanks a lot for discussing some important issues here and i feel really happy to be a part of this.
Magnetic Ads - Biz Idea
- Attn Young Entrepreneurs looking for a Business Idea.
This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers.
Note: this idea is rough but will help get the idea-momentum going.
Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers)
Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car.
An example of a Magnetic Ad:
Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15
You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets.
So your basically managing two sides:
1. Company's that want to advertise
2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad.
Happy Money Making!
Re: Magnetic Ads - Biz Idea
- [quote="jvprosperity":32z4qe9w]Attn Young Entrepreneurs looking for a Business Idea.
This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers.
Note: this idea is rough but will help get the idea-momentum going.
Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers)
Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car.
An example of a Magnetic Ad:
Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15
You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets.
So your basically managing two sides:
1. Company's that want to advertise
2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad.
Happy Money Making![/quote:32z4qe9w]
What a brilliant idea. Please more info about the sticker and money involve.
These maybe the coldest franchises out there:
- Here are the worst 15 performing franchises in regards to having the highest Small Business Administration (SBA) loan failure rates. The list is dotted with sub sandwich shops, fitness centers and car shops.
WORST FRANCHISE LOAN FAILURES Failure %
1 OBEE'S SOUP SALAD SUBS 55.56%
2 LADY OF AMERICA 41.94%
3 COUNTRY CLUTTER (BED & BREAKFAST) 41.18%
4 COPY CLUB 36.36%
5 ALL TUNE AND LUBE 35.71%
6 PICKERMAN'S 35.71%
7 PHILLY CONNECTION 35.59%
8 ROLY POLY ROLLED SANDWICHES 34.78%
9 COTTMAN TRANSMISSION 34.48%
10 HAIR COLOR EXPRESS 33.33%
11 LEE MYLES AUTOMOTIVE TRANSMISSIONS 33.33%
12 GODFATHER'S PIZZA 33.33%
13 SMOOTHIE FACTORY 33.33%
14 BLIMPIE 31.39%
15 GOLF U.S.A. (RETAIL GOLF EQUIP.) 30.77%
Source: Small Business Administration, SBA Loan Performance Within Franchise Code for the Period of FY 2001 - 2005
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