In Focus

Protecting Business Owners and Their Businesses

As of the 2003 U.S. Census, there are more than 237,000 businesses located in the State of Michigan. These are businesses of varying size, specialty, and potential. Some are in the retail marketplace and sell a particular good, while others are selling a professional service. But one thing is consistent among every one of these businesses. Every one of those businesses, and their respective owners, needs the protection of insurance to ensure the entity can survive complications, crises, and catastrophes.

The importance of Commercial Insurance in this country is indisputable. Consider this, many experts believe that the Industrial Revolution and the growth of American business would not have been possible without the Commercial Insurance industry providing the necessary backing and support*.

Commercial Insurance is commonly used to protect the business owner and their most valuable asset – their employees. The various forms of Commercial Insurance each serve a particular purpose and satisfy a specific need. Commercial Insurance takes the shape of Business Owners Policies, Auto/Fleet Insurance, Umbrella Policies, and Workers’ Compensation.

Business owner's policies (BOPs) are insurance packages that provide both property and liability coverage at one affordable premium. These packaged policies are available to most small and medium-size companies and can be a good alternative to purchasing separate policies for liability and property insurance. BOPs cover the business property and any personal property brought into the building from employees. While they cover fire and theft, BOPs will not cover damage caused by flooding and earthquakes.

Many small and medium sized businesses depend on their fleet of vehicles to conduct business effectively, especially those businesses in Michigan that provide professional services. If the vehicles are not protected, the repercussions on the business can be devastating. Auto/Fleet Insurance provides a layer of protection to these businesses that depend on the vehicles.

Many small and medium sized business owners fail to plan accordingly for losses that exceed current coverage limits. Imagine your business facility suffers a catastrophic fire which destroys everything in the premises. Unfortunately, you never adjusted your coverage to include the new computer systems, databases, and office furniture you recently purchased. Without an Umbrella Policy you would be out of luck. But with an Umbrella Policy you would be covered because it covers what your basic coverages do not.

For many businesses in Michigan, work-related injury is part of doing business. But the complications affecting the employee and business can be minimized with Workers’ Compensation Insurance. Workers’ Compensation provides the injured employee with wages and medical expense payments. Besides benefiting the employee, a solid policy will help protect the employer from lawsuits that may stem from the injury.

To discuss Commercial Insurance and your business’ needs with one of our professional advisers, please give us a call at 888-226-7730, or visit us online at www.ciafg.com.

*Dr. Robert Moore and John Bogardus, Jr. – Spreading the Risks: Insuring the American Experience

Featured Service

This month's featured service is: Commercial Insurance Services CIA Financial Group is positioned to help you, the business owner, protect your investment. Our experience and independence is called upon when making the prudent recommendations for your coverages. We can work with you to identify the best carrier possible while keeping your bottom line in mind.

Staffer Spotlight

Get to know one of the members of the CIA Financial Group Team each month in our 'Staffer Spotlight'. This month, we would like to introduce you to Michael Cardella – Licensed Account Representative.

Q. What is your position at CIA Financial Group?  
A. Licensed Account Executive – Commercial & Personal Lines

Q. How long have you been with CIA Financial Group? 
A. 2 Years

Q. What is the best part of your job?
A. Being able to help people save money and offer better coverages on their insurances.

Q. What are your professional goals?
A. I see it as my professional responsibility to become as knowledgeable as possible about the industry to help our clients. To aid in this endeavor I am in the process of becoming a Certified Insurance Counselor (CIC).

Q. Why did you choose this career?
A. I like the feeling of helping others with their insurance needs and enjoy interacting with people on a one-on-one basis.  Also, insurance coverage is a necessity – even when the economy is bad.

Q. What important trends do you see in the industry?
A. The insurance industry is in what we call a ‘soft market’.  This basically means there is more competition between insurance companies and rates tend to be a lot lower.   Based on the economy in Michigan, we are going to be in this market for a longer period of time.  I feel that as an agent, you need to offer the absolute best product, best coverages, trust, and offer the absolute best customer service available.  That is the best way to keep your customers satisfied in a soft market.     

Q. Why did you choose to work for CIA Financial Group?
A. Coming from a Captive Insurance Agency, I was excited to offer more than one product and one company to my clients.  As an independent agency, CIA Financial Group offers a wide variety of products and services and has many ‘A’ rated insurance companies to choose from. In addition, CIA Financial Group is professional and has an excellent track record in client service.  From the beginning I have felt comfortable with the company’s leadership and felt strongly about the direction of the agency. I am very proud to be part of this team.    

Q. What are your hobbies or interests outside of work?
A. When I have a chance, I enjoy soccer, watching football, exercising, and dabbling in the stock market .    

Q. Where are you from?
A. My family is from Italy, but I was born in Detroit and raised in Sterling Heights.  

Q. What is your favorite book/movie?
A. My favorite movie isGoodfellas.

	In this Issue:

"The importance of Commercial Insurance in this country is indisputable. Consider this, many experts believe that the Industrial Revolution and the growth of American business would not have been possible without the Commercial Insurance industry providing the necessary backing and support."

– Dr. Robert Moore and John Bogardus, Jr. - Spreading the Risks: Insuring the American Experience