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Independent Insurance Agents & Brokers of America
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Sunday, 04/20/2014email print

INSURANCE COVERAGE FOR YOUR AGENCY____________________________________________________________________ 

Data Breach Liability  

Life & Health Products  

  • Group Dental
  • Group Term Life
  • Group Medical
  • Group Long Term Disability
  • Group Short Term Disability

Professional Liability Products 

  • Errors & Omissions
    • Swiss Re/Westport
    • Fireman's Fund
  • E&O Happens
  • Agency Umbrella Protection
    • Swiss Re/Westport
    • Penn National
  • Employment Practices Liability Insurance
  • Virtual Risk Consultant

Retirement Planning Services 

  • Plans for Agencies
  • Plans for Individuals

TASC 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For questions regarding any of the products below, please contact
Linda Loving at
 1-800-288-4428.

 

 

As an insurance agent, you know the importance of having the right coverages.  With IIAV’s variety of insurance products for your agency, you can be assured that your business and staff are well protected. 

 

Your IIAV membership gives you access to an array of insurance products such as: professional liability, data breach liability, commercial umbrella, life, health, dental, long term and short term disability and retirement planning services for your agency and staff.  Coverage is sold and administered locally by IIAV’s wholly owned subsidiary, Virginia Financial Services Corporation (VFSC).  VFSC’s insurance products department staff are dedicated to giving you the same attention and commitment to service that you give your clients.

 

Contact Linda Loving at 1-800-288-4428 with questions.

 

Data Breach Liability 

The Independent Insurance Agents of Virginia, through their for-profit arm VFSC, has partnered with Commonwealth Underwriters, Ltd. to provide a cyber liability data breach coverage product for IIAV members and their clients.  This policy is one of the most comprehensive on the market today and is placed with an A (excellent) carrier.  The product is designed for both the insurance agency and for IIAV members to make available to their clients who have data exposure.
 
Cyber liability is becoming one of the fastest growing concerns of businesses who handle personal and protected information.  Exposure can be through employee theft, hacked computer systems or even through a lost smart phone or laptop.  Moreover, with the myriad of state laws regarding cyber liability and data exposure, insurance that covers mitigation is exceedingly difficult to obtain. 
 
DataBreach SM is designed to mitigate an agency’s exposure if protected information is lost or stolen.  It provides 3rd and 1st party coverage, electronic media coverage, and forensic/incident response services in the case of an event.
 
Our members have been asking us to find the right protection for their agency and a product that they can make available to their clients.  We’re excited to work with Commonwealth Underwriters, Ltd. to bring DataBreach SM exclusively for our members’ consideration.
 
The average cost for a compromised exposed record increased to $214 last year and if you multiply that cost by the number of clients that a typical agency has that could be lost or stolen, you’re talking about some serious exposure in terms of both time and money.  This is another risk management tool to help avoid potential E&O claims by making sure agency clients are aware that they can purchase this coverage.
 
Click below for more information:

Questions?  Contact Virginia Financial Services Corporation at 804-747-9300, or 1-800-288-4428 or e-mail VFSC at members@iiav.com.
 

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Life & Health Products

You can offer protection and security to your employees with access to a variety of affordable life & health products.  Many of these products can be paid by the employer or employee and are open to groups as small as two.   IIAV’s Life & Health coverages include:

 

  • Group Dental Insurance
    Underwritten by Anthem Blue Cross and Blue Shield, agencies can choose from variety of dental plans to satisfy different needs and different budgets.
  • Group Term Life Insurance
    Underwritten by the Guardian Life Insurance Company of America, you can offer your employees affordable term life insurance with benefits up to $100,000.  Chose from three different benefit selections:  Flat amount, 1 X yearly earnings, or 2 X yearly earnings.  Additional protection up to $500,000 and optional coverage for dependents is also available.
  • Group Medical Insurance
    Underwritten by Anthem Blue Cross and Blue Shield, agencies can choose from an array of plans and coverages, and work with IIAV staff to help find the plan that best suits their needs and budgets.  Members receive value-added benefits for free.
  • Group Long Term Disability
    Underwritten by the Guardian Life Insurance Company of America, IIABA’s Long Term Disability plan protects your ability to earn a living.  Choose from two plan alternatives to fit your individual needs.  This protection offers you up to $10,000 per month income benefit, optional cost of living benefit and family protection, plus special benefits for residual disability.
  • Group Short Term Disability
    Underwritten by the Guardian Life Insurance Company of America, IIABA’s Short Term Disability plans protect you from loss of income during an illness or accident that lasts between one and 26 weeks and protects you against financial loss prior to the date your long term disability becomes effective.  Both plans offer weekly income benefits up to $500 and special benefits for residual disability.

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Professional Liability Products

We realize that protecting the future of your agency is a major priority. You trust us to represent your interests at the highest political level and as your association we also want to provide you with the security of knowing you are getting the best overall E&O value in the marketplace—not just a policy, but a comprehensive program.

 

With the most respected and comprehensive program in the business, IIAV offers a variety of insurance agent’s E&O products that are hand-selected for their superior reputation and exceptional performance.  Through your IIAV membership, you have access to the following Professional Liability products:

 

  • Errors & Omissions Insurance

IIAV represents the two leading carriers of insurance agents’ E&O coverage:  Swiss Re/Westport and Fireman’s Fund.  For those agencies that don’t qualify for either of these two programs, IIAV also has access to several other standard and surplus lines markets that can provide coverage for their special needs.

Swiss Re/Westport

For 25 years, the Big "I" Professional Liability Program, underwritten by Westport Insurance Corporation, a member of the Swiss Re Group (rated A+ Superior by A.M. Best), has been the premiere choice of IIABA member agents for insurance agents and brokers E&O insurance.

 

The Big “I” Professional Liability Program offers not just a policy, but a comprehensive program for insurance agents. Over the past two decades the Big “I” Professional Liability Program, underwritten by Westport Insurance Corporation, a member of the Swiss Re Group, has grown into the largest and most stable insurance agents E&O program in the nation. Our member agents and brokers nationwide look to the program for stable rates and a long-term market that they can rely on to protect their greatest assets—their businesses.

 

Fireman's Fund

With more than 25 years of experience, Fireman’s Fund is an industry leader in providing liability coverage for agents and brokers against errors and omissions. Fireman’s Fund Insurance Company is rated A Excellent by A.M. Best.

   *Applications: To apply for coverage, complete the Insurance Agents and Brokers Professional Liability application and forward it to Linda Loving at loving@iiav.com, who will contact you once the application has been received. The application forms are in an Adobe Acrobat Portable Document Format (PDF) to give your application a professional and clean appearance. Viewing and completing the forms requires the free Adobe Reader program which can be downloaded from www.adobe.com.

    If you have any questions completing this pdf form, please contact us at 804-747-9300 or 1-800-288-4428.

    Important Note: Unless you have Adobe Acrobat software, you will not be able to save the completed application. When completed immediately print a copy and fax the application to your state association contact.

  • E&O Happens

The Big “I” Professional Liability program of the IIABA has created an agency E&O risk management website available exclusively to policyholders of Westport Insurance Corporation and First Specialty Insurance Corporation.  Available as a complimentary benefit, this portal is designed to help your agency avoid costly E&O claims and improve overall agency operations.  Some of the valuable information, which is targeted for all agency staff positions includes:

  • E&O claims frequency data
  • Real-life case studies and analysis
  • Sample client letters
  • Sample agency procedures
  • Agency E&O self assessments
  • Podcasts on important E&O topics
  • E&O tips
  • Agency E&O related articles

If you are a Swiss Re/Westport or First Specialty policyholder, please visit www.iiaba.net/eohappens and take advantage of these valuable resources available for everyone in your agency.

 

  • Agency Umbrella Protection
 

Swiss Re/Westport
Available exclusively for Big "I" members, this umbrella policy can be written over any primary E&O coverage.  It was designed in collaboration with IIABA to meet the needs of independent insurance agents.  Program highlights include:

Penn National
The Big "I" and Penn National Insurance have partnered to offer Big "I" members a comprehensive commercial umbrella that includes coverage over E&O policies from a variety of carriers. Program highlights include:
  • Coverage available for up to $10 million for commercial and professional liability and $5 million for personal exposure of owners and officers. (Higher limits may be available.)
  • Provides coverage over an agent/agency's CGL, Business Owners, Employers Liability and Commercial Auto.
  • Excess limits protection on a following-form basis for E&O for the course of the agent/agency's business as an insurance professional.
  • Options unique to this program include personal coverage for owners, partners, officers and their families and employment practices liability.

 

  • Employment Practices Liability Insurance

Employment Practices Liability (EPL) coverage through Swiss Re/Westport is available for member agencies that have their E&O insurance with Westport.  Like all employers, insurance agencies face potential lawsuits regarding wrongful termination, acts of discrimination and sexual harassment.  Limited coverage is available by endorsement to the Swiss Re/Westport E&O policy (policyholders with 10 or fewer employees) or broad coverage is available through a stand-alone policy (policyholders with over 10 employees).

 

  • Virtual Risk Consultant

The Big “I” Advantage® Virtual Risk Consultant powered by Rough Notes (“VRC”) is an online sales and service resource designed to help your agency better serve your customers.  Using this tool will lead to increased sales by improving your staff’s knowledge of a prospect’s operation enabling them to better identify and cover customer exposures.  The VRC will help your staff better understand the product they sell.  It will also assist agency staff with preparing proposals, explaining complicated insurance terms, and, most importantly, documenting client files.  It is truly a tool that will increase staff professionalism  and help your agency grow while limiting your exposure to E&O claims.

 

For more information click here. 

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Retirement Planning Services

With Big “I” Retirement Services, we can help you develop the best retirement plan for your agency with quality investments and state of the art administration.  We have worked with more than 1000 independent agencies around the country to help them achieve their retirement goals.  Our advisers are available to all IIABA members to provide consultation on existing and new plans alike at no cost or obligation.

 

At Big “I” Retirement Services, we consider you a member first, and a client second.  It doesn’t matter if we are building a new plan for your agency or simply rolling over your existing plan in order to save you money with our low administrative fees, we strive to make your experience with us pleasant, professional, and hassle-free. 

 

Plans for Agencies include:

  • Safe Harbor 401(k)
  • Regular 401(k)
  • SIMPLE 401(k)
  • Simple IRA
  • SEP
  • Profit Sharing Plans
  • Money Purchase Plans

Plans for Individuals include:

  • Regular IRA
  • Roth IRA

For more detailed information regarding Retirement Planning Services, click here.

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TASC

TASC (Total Administrative Services Corporation) and Asset Protection Group have partnered with IIAV to provide members and their clients a Section 125 plan.  Section 125 Flexible Spending Plans are designed to pay certain qualified expenses (including health insurance premiums) on a pre-tax basis, thereby reducing their total taxable income and increasing their spendable/take –home income.  Funds set aside for flexible spending accounts are not subject to Federal, State or Social Security taxes.  On average, employees save from $.25 to $.49 for every dollar they contribute to the flexible spending account.  Employers experience tax savings from reduced FIC, FUTA and SUTA taxes on participating employees.  Let us help you make your business less taxing.  

 

Visit www.tasconline.com and enroll today.  Don't forget to mention you are a IIAV member - then contact Danny Mitchell (dmitchell@iiav.com) to get started.

 

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Independent Insurance Agents & Brokers of America, Inc.
e-mail: info@iiaba.org

127 South Peyton Street • Alexandria, VA 22314
(800) 221-7917 • (703) 683-7556 (fax)

 

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