Purpose of Workers’ Compensation Workers’ Compensation provides benefits to employees who experience work-related injuries or illnesses. This insurance covers medical expenses and helps replace lost wages, functioning similarly to disability insurance. Key Benefits of Workers’ Compensation Workers’ Compensation Requirements Every…
Defining Subrogation in Commercial Insurance Subrogation occurs when an insurance company pays for a loss and, after careful investigation, seeks to recoup some or all of the losses paid out. If the claimant or their insurance company is found to…
One of the most common commercial insurance policy endorsements is the additional insured endorsement. Why is an Additional Insured Endorsement Needed? When a business performs work for another person or entity, the hiring company will often request to be named…
ACORD forms serve as the standard documentation in the insurance industry, providing a structured way to present essential business and risk-related information. They function much like company resumes, containing critical details insurers need to assess coverage options accurately. Key Information…
The SL-2 Document is a diligent search report that demonstrates a broker has conducted thorough market research before placing a policyholder in the non-admitted surplus lines market. The Purpose of the SL-2 Document This report serves as proof that a…
Phrases like “not licensed” and “financial solvency” on a commercial insurance D1 form can cause concern, especially for those unfamiliar with the surplus lines marketplace. Let’s take a closer look at what the required D1 disclosure is actually saying. Breaking…
One common misconception in the insurance industry is that carriers themselves are classified as either admitted or non-admitted. In reality, the classification applies to the insurance product rather than the carrier itself. Understanding the Key Differences The primary distinction between…
At MaxPro Insurance Solutions, our mission is to set the benchmark for best practices in the commercial insurance industry. We believe in a forward-thinking approach that emphasizes integrity, action, and collaboration. The Phoenix symbolizes our commitment to rising above challenges…
Product liability insurance, also known as products-completed operations insurance, is a crucial safeguard for businesses involved in the manufacturing or sale of products, foods, toys, medicines, and various other items. This coverage helps protect businesses from financial and legal consequences…
Commercial drivers face a number of risks while on the road, such as accidents, severe weather conditions, and equipment breakdowns. Trucking liability and physical damage insurance can help cover motor carriers and drivers from these losses. However, one commonly overlooked…