Builtwell Insurance Blog

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…

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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…

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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…

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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…

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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…

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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…

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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,…

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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…

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Don’t Get Caught Short … Stay Ahead of the Curve!

For this month’s blog, we here at Builtwell Insurance of Eastern Tennessee would like to bring you an update on two basic, but important segments of insurance; commercial property and general liability. There are some important trends in each that when analyzed, could save you money, increase your coverage and protection, or both. Regardless of…

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Trends to Watch in 2022

At Builtwell Insurance, we often examine how outside influences and trends affect the insurance marketplace here in Tennessee and around the world. Businesses should follow suit to determine what factors impact their insurance coverage. For 2022, there are a number of sweeping market developments to consider, so we have outlined a few here for our…

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