What Does an Insurance Agent Do After a Claim?

Name: Noyes Hall & Allen Insurance
Address: 170 Ocean St, South Portland, ME, 04106
Telephone: 207-799-5541

Posted on November 15, 2018March 19, 2019 by Bob O'Brien

No one enjoys making an insurance claim. Something bad happened. You need it fixed. Soon. So much to do! Repair a car or building. Run a business. Get a temporary vehicle. Find a place to live or work. Heal from an injury. Replace damaged or stolen property. Deal with another party after the accident. Stress!

It’s an inconvenience you didn’t need. But, that’s why you bought insurance, right? It’s time for policy to do what it promises: fix you.

Insurance is a Two-Party Contract

Your insurance policy is a written contract between you and your insurance company. No one can change it after a claim. Your contract makes you responsible for certain things. The insurance company too. The policy specifies what’s covered, what’s not, and how losses are paid.

If you purchased your policy from an agent, they can help you through the process. But some things you have to do yourself.

Things only YOU can do in an insurance claim:

Make a statement about what happened to insurance companies
Prove your loss
Choose a contractor or repair shop (some companies have preferred contractors or shops, but cannot force you to use them)
Accept or reject a settlement

Things only your ADJUSTER can do in an insurance claim:

Determine whether your policy covers your loss
Decide who’s at fault in claims involving more than one party
Evaluate and pay claims

Some claims never involve anyone but you and the insurance company. You report it directly to the insurance company. The claim is minor. Settlement is simple. Everything goes smoothly. Other claims are more complex.

You never know which kind of claim you will have. That’s why it’s good to have an agent on your side. Not to mention for the advice they can give you the 99.9% of the time when you’re NOT having a claim.

What Use Is an INSURANCE AGENT after a Claim?

A good insurance agent:

Helps you decide whether to make a claim at all. Is your claim clearly not covered? If it is clearly covered, what’s your policy deductible? Is your insurance cost likely to increase if you make this claim? How much? An agent can answer these initial questions so you can decide whether you want to make a claim at all.
Is your insurance sherpa. There’s a lot to know and remember. Report your claim to your insurance company or someone else’s. Protect your property. Gather information you’ll need later. Find a temporary solution until the adjuster can take over. An experienced agent is your sherpa in foreign territory.
Is your claim cattle dog. Haven’t heard from your adjuster? Waiting for an appraisal? Having trouble preparing the reports the insurance company needs? A good agent can pull things together and herd your claim in the right direction.
Has clout with the insurance company. Agents help their clients to find good insurance companies. So insurers want to be on the agent’s “good list”. A trustworthy and knowledgeable agent earns the respect of the insurance company. They can use that to advocate on your behalf. An agent can’t create coverage where there isn’t, but they can influence the process.
Is an “insurance translator”. A good agent can explain the gobbledy-gook in that letter from your adjuster. They can tell you why the offered settlement may be different than you expected. They can explain to the adjuster, using insurance terms, it if it’s wrong. Your agent can even translate in real time, meeting with you and the adjuster face-to-face, to resolve issues.
Helps insurance companies get better. Want to let your insurance company know how your claim went? Compliment your adjuster? Complain about the company’s preferred service provider? Rave or rage about the service you received? Share advice for how to make it better? A good agent has a pipeline to the insurance company, and knows where to send the feedback to get the most impact.

Need Help With a Claim? Ask Your Agent!

Don’t assume that your agent knows how your claim is going. Insurance companies don’t routinely communicate with agents during a claim. If you need help, ask your agent. At Noyes Hall & Allen Insurance, we ask our clients if they need help a week after they file a claim on their policy. Many don’t need help. But for those who do we’re able to jump in and assist where needed. We believe that helps our clients’ claims go smoother than they might otherwise.

Do you own a business or live in the Portland Maine area? Looking for an experienced agent who represents several insurance companies? An agent who can help you choose the right insurer and be available if you have a claim? Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. Or just click “get a quote” above. We offer a choice of Maine’s preferred business and personal insurance companies. We’re independent and committed to you.

Maine Food Truck Insurance

Posted on November 8, 2018March 19, 2019 by Bob O'Brien

Food trucks have roamed the streets of Portland Maine for several years. Now they’re popping up in places from Biddeford Saco to Westbrook, Scarborough to Freeport, Sugarloaf to Sunday River. Food truck insurance can be a challenge for an inexperienced insurance agent. Insurance companies know how to insure trucks. They know how to insure restaurants. But rolling restaurants are different.

5 Types of Insurance Every Food Truck Needs

General Liability Insurance

If someone breaks a tooth in a crabmeat roll or gets food poisoning after eating your product, they’re going to come back to you. GL coverage pays for these claims, as well as slips and falls and other injuries or damage that occur at your location.
Business Auto Insurance

If you get in an accident while you’re on the move, you need to have your food truck fixed and back online soon. If you’re at fault, you’ll also need protection to pay for the damage and injury you cause.
Workers Compensation Insurance

By law, you’re required to provide Maine workers comp coverage for your employees. If they’re injured at work or miss time due to an on-the-job injury or illness, workers compensation insurance pays them.
Business Property Insurance

You have a big investment in your inventory, fixtures and supplies, both at the commissary and on your food truck. Insurance can protect that asset against fire, theft, equipment breakdown and more.
Loss Of Food Truck Income

If your food truck is down, you have no income. What if your fryer malfunctions, causing a fire? You could be off the road for the whole summer season. Or what if your best brewery location or outdoor venue suddenly shuts down due to a fire, windstorm or some other disaster? Business income insurance for food trucks can help you replace the income you lose following property losses like these.

Get Maine Food Truck Insurance

If you have questions about insuring a food truck in Maine, contact a Noyes Hall & Allen insurancce agent in South Portland at 207-799-5541, or click “get a quote” above. We’ve insured food trucks since they first came to Maine. We offer a choice of Maine’s preferred insurance companies, including the Acadia Street Eats food truck program by Acadia Insurance. We’ll help you find an insurance solution that fits your business and your budget. We’re independent and committed to you.

Why Maine is a Great Place to do Business

Posted on November 1, 2018October 26, 2018 by admin

Are you thinking about opening a business in Maine?

If so, you should consider doing so in Portland, ME. This city stands out as a location where entrepreneurs have access to all the resources they need to find success with their new business. In fact, Portland has been ranked as the ninth best location for women entrepreneurs and number five for starting a business overall. If you are starting a business, you need to protect it with proper commercial insurance coverage with the help of Noyes Hall & Allen Insurance.

Keep reading to find more reasons why Greater Portland is such a great place to start a business.

Maine Has Great Support Network for Entrepreneurs

The history of underemployment in Maine has helped to spark several institutions that are designed to support and fund entrepreneurs. For example, The Maine Venture Fund, which was established in 1995 has currently received more than $13 million to provide startup companies. Maine Center for Economic Development, Startup Maine, Top Gun, Greenlight Maine and other resources help startup business owners to network and learn. Several Portland coworking spaces offer work and meeting rooms, including Think Tank, Cloudport, Engine Room and Peloton Labs.

Integration of Maine Values into Business

Another reason that Maine is such a great place to do business is the fact that this is a location where values are at the forefront of business ideas. For example, a recently opened company, American Roots, sells ethically sourced, fleece clothing made in Maine. The state is brimming with young values-based companies including GrandyOats, Heritage Seaweed and Flowfold.

As you can see, the Portland Maine area is a great place to open a business. Before you take the leap, be sure you have the proper protection for your business. The best way to do this is by purchasing a robust insurance policy from a quality insurer. Contact Noyes Hall & Allen Insurance today. We offer a choice of Maine’s preferred business insurance companies. We’re independent and committed to you.

Do Hurricanes and Wildfires In Other States Affect Maine Insurance Rates?

Posted on October 26, 2018March 19, 2019 by Bob O'Brien

Insurance companies pool risk. They collect money from many people to pay the losses of a few who have claims. Everyone’s rates go up or down, depending on the insurance company’s experience. More claims paid = higher rates.

You may be wondering:

How much do hurricanes, wildfires and other disasters affect insurance rates?
Do disasters in other states affect my insurance rates in Maine?

It’s helpful to understand how insurance companies price their product. Insurance rates are recommended by insurance company actuaries. They project how much money the insurance company must collect to pay claims and make a profit. This requires complex modeling and formulas. Actuaries recommend rate changes to a special committee of company executives. The committee compares the actuary’s recommendation to the company’s profitability and growth targets. They agree on a proposed rate change, and submit it to Maine insurance regulators.

The regulator’s job is to make sure that insurance rates are:

Adequate to pay claims
Not excessive
Not unfairly discriminatory.

Regulators may approve or deny the rate change, or ask for more information.

What Factors Affect Insurance Rates?

At its simplest, insurance is “money in…money out.”

Money In = Premium Collected

Cheap insurance rates may leave the insurance company with insufficient money to pay claims and make a profit. Rates that are too high may send customers fleeing to other insurers.

Money Out = Losses

The most important determinant of insurance rates. More losses than expected puts pressure for the insurance company to raise rates. Fewer losses puts downward pressure on rates.

But here’s the rest of the story:

Insurance Company Financial Strength – Well-managed insurance companies keep adequate reserves to pay claims on a rainy day. Insurers with strong financials can weather a bad year without huge rate increases. Weaker ones need more frequent rate adjustments. The best way to learn the financial condition of an insurance company? A.M. Best tests the financial strength of insurers and assigns them a letter grade.

Type of Insurance Company – Mutual insurance companies are owned by their customers. After they pay claims, mutuals store their profits to pay future claims. Other insurance companies are stockholder owned. Stockholders expect a return on their investment. Investors pressure executives of publicly held companies to improve profits every quarter. This can lead to larger or more frequent rate increases to stay ahead of current losses.

Reinsurance – Almost every insurance company is also an insurance consumer. They buy insurance against “the big one”. This is called reinsurance. Most companies reinsure against annual total losses exceeding a certain amount. This dampens the impact of multiple hurricanes, fires or other disasters in one year.

Generally, larger insurers buy less reinsurance than smaller ones. Smaller insurers have less surplus, and thus are more vulnerable to catastrophic losses.

Of course, reinsurers are also insurance companies. They must collect more premium if they suffer unexpectedly large claims. Insurance companies pay different reinsurance rates based on their individual loss experience.

Do Disasters in Other States Affect My Insurance Rates?

Probably not as much as you think. Maine insurance regulators only allow insurers to file rates based upon Maine premium and losses. Claims that a company pays in California or Florida are not baked into Maine insurance rates.

BUT…

Insurance companies factor nationwide overhead costs into Maine rates. Cost like advertising, salaries – and reinsurance. Since events outside Maine influence reinsurance costs, they influence Maine customers’ rates. Just less than you might expect.

Contractors Liability Insurance in Maine – What does it Cost?

Posted on October 13, 2018March 19, 2019 by Bob O'Brien

If you’re a contractor or subcontractor in Greater Portland Maine, you will have to show proof of liability insurance to get preferred jobs. Whether you’re a Maine carpenter, plumber, electrician or other trade contractor, people or businesses who hire you want to know that you’ll be able to pay for any damage or injury caused by your work. A certificate of insurance shows proof of liability insurance.

How Much Does Contractors Liability Insurance Cost in Maine?

The cost of your insurance depends on several factors:

What kind of work you do (type, number and size of jobs)
How much experience you have
How much liability insurance you buy
Whether you’re insured now, and how long you’ve been insured
Your insurance claims experience

My Job Requires $1 Million of Contractors General Liability Insurance. Isn’t That Too Much?

One million is a common requirement, even for smaller jobs. It seems like a lot of money, but it’s not when you consider how much damage or injury you could cause in a worst-case scenario. Many contracts for larger jobs require even higher limits. Fortunately, insurance companies readily provide these limits. The prices are probably lower than you think.

Can I Get Contractors Liability Insurance Today?

If you currently have insurance, have a proven track record of work and few or no claims, many insurance companies want your business. You can get insurance right away. If you’re new in business, or have never had insurance, it may take longer.

I’m Starting a Maine Contracting Business. Can I Get Insurance?

Congratulations on your big leap! Do you have lots of experience as a supervisor? Are you going out on your own after years of working for someone else? Many insurance companies will take you on as a new business with that kind of experience.

How Long Does it Take to Get Proof of Insurance in Maine?

Once your coverage is bound, your insurance agent can send insurance certificates to anyone who’s requesting one.

Do I Need to Get Certificates of Insurance from Maine Subcontractors?

Yes! Without proof that your subs have their own insurance, you may be responsible for injuries to them or damage they cause. Always collect and keep certificates of insurance from subs you hire. Otherwise, your insurance company will increase your rates at the end of your policy for your added responsibility.

What Other Insurance Does a Maine Contractor Need?

In addition to general liability, you may want to protect your tools and equipment against theft or damage. If you have a business vehicle, you’ll need commercial vehicle insurance. And if you hire employees, you must provide workers compensation insurance. Fortunately, insurance companies can bundle some of these with your general liability policy. This reduces cost and confusion from multiple bills and policies.

How to Get Maine Contractors General Liability Insurance

If you have a contracting business in Scarborough, South Portland, Westbrook or elsewhere in Greater Portland, contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541, or click the “get a quote” button below. We offer a choice of Maine’s preferred insurance companies, including MMG Insurance, Concord Group, Hanover, Liberty Mutual, Acadia Insurance and more. We’re independent and committed to you.

Maine Drone Insurance

Posted on September 7, 2018March 19, 2019 by Bob O'Brien

Maine businesses are using drones to create unique video, capture aerial shots, and check locations that would otherwise be hazardous or difficult to access. Photographers and videographers capture unique images and videos. Marketers use drones to create compelling and content. Real estate agents and developers use drones to show the attractiveness and potential of properties.

New Drone Insurance Program in Maine

We were excited to learn today about Acadia Insurance‘s new drone insurance program. Until today, our clients have had to insure their drones in Maine with specialty insurance programs. That meant separate billing, coverage and claims. Sometimes, it’s even meant that they had to work directly with the insurance company, with no agent to help. Insurance company financial stability isn’t a given for these programs.

The Acadia program allows Maine businesses to insure their drone with the rest of their property and liability. One bill, one claim adjuster, one agent. Acadia is based in Westbrook, Maine and already insures thousands of Maine businesses. They’ve introduced special programs inspired by iconic and growing Maine businesses, from breweries to artisans and contractors.

Commercial Insurance for Maine Small Business

Posted on August 30, 2018March 19, 2019 by admin

Maine small businesses face many of the same hazards as their larger counterparts. They are also unique, and as such, they have unique insurance needs. For businesses in the Portland, South Portland and Scarborough, ME area, the agents with Noyes Hall & Allen Insurance can help you to find the right insurance policy to protect their unique operations.

Maine small businesses are not legally required to carry property or liability insurance. If your business has employees, you must carry Workers Compensation insurance, though. Smart business owners know that insurance is a cost-effective way to protect their investment in property such as inventory, fixtures and equipment. They also know that business liability insurance will protect them from lawsuits alleging negligence that causes injury or property damage.

Many business contracts require proof of insurance. These include rental agreements and leases, equipment leases, and independent contractor agreements. A Noyes Hall & Allen Insurance agent can help you determine what kind of insurance you need and how much. They’ll help work within your budget so you don’t buy too much – or too little – insurance. For those in the Greater Portland, ME area, Noyes Hall & Allen Insurance offers the choice of several of Maine’s preferred insurers. We’re independent and committed to you. Call us at 207-799-5541.

Maine Business Insurance – How Much Does it Cost?

Posted on August 1, 2018March 19, 2019 by Bob O'Brien

If you’re starting or running a business in Maine, your budget includes insurance. How much fire, auto or liability insurance do you need, and what will it cost? The answer varies, depending on what your business does. Restaurants pay more for fire insurance because of open flames and heat. Web designers pay more for professional insurance due to copyright infringement hazards. Breweries and other manufacturers spend more for product liability insurance. Contractors and food trucks pay more for auto insurance because they have a lot of equipment on the road.

Your business location affects your insurance costs, too. Business insurance in Portland or Southern Maine may cost more due to more congested roads, exposure to out-of-state travel and more a more litigious environment. But, business fire insurance may cost less in Portland, South Portland, Scarborough or nearby southern Maine towns due to strong fire protection.

Average Costs for Small Business Insurance in Portland Maine

The business clients of Noyes Hall & Allen Insurance, an independent agency in South Portland Maine, pay an average of:

$3600 for all their commercial vehicles
$4500 for workers compensation
$1400 for business property insurance
$2600 for business liability insurance
$2750 for professional liability (Errors & Omissions) insurance

Those figures include all business clients, large and small. Some clients only need business liability coverage; others need all the insurances.

What Would It Cost to Insure Your Maine Business or Idea?

If you own a business or a startup business in Maine, we can help you find out. We offer a choice of Maine’s preferred business insurance companies, so we can survey the market. We’re independent and committed to you. Call a Noyes Hall & Allen Insurance agent in South Portland Maine, or click “get a quote” above. In the end, you’ll know how much to budget for insurance, and what kind of business insurance you need.

Get Proof of Insurance for a Portland Maine Sign Permit

Posted on June 29, 2018March 19, 2019 by Bob O'Brien

If you own a business in Portland Maine, you may want an outdoor sign or awning to attract and help customers. Signs can be simple or elaborate, carved wood or electric, mounted or hanging. But all signs need a City of Portland sign permit from City Hall. You can find the application at the Citizen Self Service portal. Most sign permits cost $30 plus $2.00 per square foot. Sidewalk sign permits cost $25 plus $0.20 per square foot.

You’ll need to show proof of insurance for a Portland Maine sign permit. Your insurance policy must name the City of Portland Maine as additional insured with respect to the sign.

Why Does the City of Portland Maine Need to be an Additional Insured for My Sign Permit?

When you apply for your permit, you agree to be 100% responsible for your sign. This is called a “hold harmless” agreement. The city wants proof that you have insurance to back that up. They want to know that your insurance will pay if your sign injures someone or damages property. That’s one reason they require to be named as an Additional Insured on your business liability policy with respect to the sign.

What Does an Additional Insured Do?

When you add an additional insured on your business liability policy, it does two things.

Extends coverage to protect them under your insurance policy
Notifies them if your policy cancels for any reason

How to Get Proof of Sign Insurance

Noyes Hall & Allen Insurance can help you show proof of insurance for your Portland Maine business. Often, you must show this before you even open your business or move into the location. Sign insurance isn’t expensive. It’s often part of another policy, such as a package policy or a businessowners policy.

What Does Business Sign Insurance Do?

Sign insurance can protect

The value of the sign against vandalism, wind or other damage. The city doesn’t require this.
Your liability if your sign injures someone or damages property. That’s the part that your Maine town or city requires.

If you’re opening a business in Portland Maine and want to know more about insurance coverage and cost, contact a Noyes Hall & Allen Insurance agent. We offer a choice of many top Maine business insurance companies. We can help you find the right insurance for your business and budget. We’re independent and committed to you.

Helpful Link: City of Portland Maine Citizen Self Service Portal Login

How Much Commercial Insurance does Your Small Business Need in Maine?

Posted on June 28, 2018November 16, 2018 by admin

Are you a small business owner in Portland, ME looking to protect your assets? The last thing that you need is for disaster to strike and to learn that your policy limits are too low for you to rebuild the company. Noyes Hall & Allen Insurance in South Portland can help you determine how much coverage your small business needs to survive a catastrophic event.

What is considered a small business in Maine?

By definition, a small business owner in Portland, ME is a someone who owns a company with fewer than 50 employees. Technically, sole proprietors are considered small business owners even though they are the only employee at their company. Even those who work from home should consider commercial insurance since homeowner’s policies tend to reject claims resulting from conducting business in the residence. Imagine the entire cost of medical bills for one of your clients resting on your shoulders because your homeowner’s insurance policy refused to cover a business-related slip-and-fall incident!

How much coverage do you need?

The amount of coverage varies by business. Many low-risk companies such as those primarily operated online may think they only need a minimal amount. Retail business owners might understand the exposure to loss that their customers’ foot traffic creates, and be more likely to want higher insurance limits. In reality, your liability limit should be at least $1,000,000 per occurrence – higher if your business’ net worth exceeds that. Of course, Maine small business owners with employees also need to buy workers compensation insurance.

You have worked hard to establish yourself as the owner of your company. Do not let an incident threaten your financial stability. Contact Noyes Hall & Allen Insurance today at 207-799-5541 for a Maine business insurance quote!

Noyes Hall & Allen Insurance