Builtwell Insurance Blog
The 8 Critical Times in Life That You Need Life Insurance The Most
Not everyone needs life insurance. That said, there are a handful of situations in life that you absolutely should be properly covered. These critical life events are examples of when you may need life insurance more than you might think. Getting married Now you have made a decision to share your life with a partner.…
Why Do You Need Life Insurance During a Recession?
During times of recession, paying for a life insurance policy might not be a top priority for most people. But it is actually even more important to have a safety net for your loved ones when times are bad. Things to consider from an insurance standpoint during a down-turned economy Do life insurance rates go…
Workers Compensation – Let’s get back to the basics
Are you looking for ways to reduce your Workers Comp costs? Going back to the basics in establishing and managing safety programs allows you to control your premiums through minimizing your losses. Here’s how. Orient and Train Your Employees Orienting and training your employees is a crucial step in promoting a safe work environment. How…
Employee Retention
Here in Tennessee, and in fact, in most states, it costs almost 20% of an employee’s annual salary to replace that employee. That said, if you are experiencing high turnover in your business, you are probably also experiencing high losses. The cost of reviewing applications, processing candidates, conducting interviews, training and purchasing equipment for new…
Cyber Insurance – Be Aware – Be Prepared
The past year has seen a rapidly hardening cyber insurance market as cyberattacks have surged in both cost and frequency. This increase in attacks has, in turn, resulted in a rise in cyber insurance claims and subsequent underwriting losses. Amid these market conditions, most policyholders experienced higher cyber insurance rates at their 2022 renewals, with…
The Importance of Insurance to Value for Commercial Property Coverage
When purchasing or renewing your commercial property insurance, it’s vital for businesses to ensure such coverage includes correct property valuations. Doing so can make all the difference in providing sufficient protection and preventing coinsurance penalties amid covered property losses. That is where conducting accurate insurance-to-value (ITV) calculations comes into play. Generally speaking, ITV refers to…
Builtwell Insurance Active Shooter Incident Preparedness and Response Strategies
In recent years, active shooter incidents have become a growing concern across the United States. Unfortunately, here at Builtwell Insurance, we are keenly aware, because as recently as June 5th here in our own state of Tennessee, investigators are still working the case of a shooting at a Chattanooga night club. Also called a mass…
What’s In A Name?
Well-built communities start with well-built insurance companies. This happens by being a local economic engine for the communities we serve. If you have visited a First Volunteer office recently, you have probably already seen our new name, but if not, we are pleased to introduce you to: This new name is just part of the…
Cyber Liability Insurance – Ransomware Protection What You Need To Know
The cyber insurance market is at a critical juncture for both insurance carriers and policyholders. While the last few years have seen increased competition among cyber insurance carriers, higher capacity and expanded coverage terms, both 2020 and 2021 saw a rapidly hardening cyber insurance market, globally and here in Eastern Tennessee. Across industry lines, cyberattacks—namely,…
The Rising Cost of Commercial Auto Insurance
Over the past decade, the commercial auto space has been challenging and largely unprofitable for insurance carriers. According to a recent report from AM Best, commercial auto underwriters saw more than $22 billion in underwriting losses between 2011 and 2020. This is despite underwriters increasing commercial auto premium pricing for 41 consecutive quarters, dating back…