Frequently Asked Questions
Q. How much will insurance cost for our business?A. Most insurance underwriting criteria is based upon a combination of sales or revenues, payroll exposures, loss experience and services or products offered.Top of Page
Q. What type of coverage's are common to most commercial insurance programs?
A. Most generic insurance programs have a foundation makeup of General Liability, Commercial Auto and Workers’ Compensation. Other lines of insurance for consideration are Business Personal Property (including building and equipment), Umbrella Liability, Employment Practices Liability, Professional Liability and Director's and Officer's Liability.Top of Page
Q. What factors influence the Experience Modification Rate (EMR) on our Workers’ Compensation
and how can we positively affect change?A. Good loss experience (no claims) generally has the single most positive impact for influencing the EMR. Other items that also, in combination contribute are risk management and health and safety program, senior management commitment for a safe working environment, continuous payroll growth, claim mitigation and advocacy, and pre-employment physicals specific to job responsibilities.Top of Page
Q. Does your brokerage have expertise for certain areas or industries?
A. Yes, environmental and construction risks for private, commercial, residential, federal and city, and county and municipalities.Top of Page
Q. What other services are offered by GSM Insurance Services?
A. Complete broking consulting, marketing and program structure, claims advocacy, loss control and risk management services, surety and bonding support and alternative cash flow programs.Top of Page
Q. How are you paid for brokerage services and placement of insurance?
A. Most typical format of payment is received by commission paid by the insurer upon placement of coverage. However, we are accustomed to negotiated broker fees and partial commission based upon GSM’s participation and placement of coverage.Top of Page
Q. Will you provide referrals?
A. Yes, of course upon request and industry specific.Top of Page
Q. If there is a need or desire can we finance the insurance premiums?
A. Yes, GSM has relationships with financial institutions that offer various credit terms over the term of the insurance policy period. Those terms may also be accessed for funding on final audits and other insurance based products.Top of Page
Q. Our insurance renewal is on the 1st of the month, will GSM “bid” on the insurance?
A. Decisions and certainly large financial ones, are best made providing adequate time and input to make educated ones. We believe that the best method to compete is to provide the client with sufficient time to review the correct broker and insurance program as two separate decisions for their business. Normally, competing with multiple brokers on a “bidding” basis does not allow the client enough information to make a fully informed decision.Top of Page
Q. Does your firm broker Employee Benefits and Personal Lines Insurance?
A. At the present time, GSM does not broker those lines of business, but future plans include addition of those insurance products to be sold in-house.