What No One Tells You About McGriff Insurance in 2022

McGriff Insurance

McGriff, which comprises McGriff Insurance Services, Inc. and McGriff, Seibels & Williams, Inc., is a full-service insurance broker serving clients throughout the United States with risk management and insurance solutions.

Commercial property and casualty, corporate bonding and surety services, cyber, management liability, captives, alternative risk transfer programs, small business, employee benefits, title insurance, personal lines, and life and health insurance are just some of the coverages offered by the firm.

McGriff is a subsidiary of BB&T Insurance Holdings, the United States’ fifth-largest insurance broker.

BB&T Insurance Holdings, Inc. is a wholly-owned subsidiary of Trust Bank. It is the fifth-largest insurance broker in the United States and the sixth-largest in the world.

Through its subsidiaries, McGriff Insurance Services, Inc.; McGriff, Seibels & Williams, Inc.; CRC Insurance Services; Crump Life Insurance Services; and AmRisc, LLC, BB&T Insurance Holdings operate over 200 offices.

Their primary concern is for you and the communities in which they both live. They combine the personalized service of a small independent agency with the vast national resources that come with being the retail division of the world’s sixth-largest insurance broker.

They will identify any gaps or overlaps in your current program and then recommend assisting programs in optimizing your overall risk position, gaining control of insurance costs, and achieving significant administrative efficiencies.

The following is a list of some services of McGriff Insurance.

#1. BUSINESS COVERAGE

As a national broker, they combine the capabilities of a large broker with the personalized service of a boutique agency from start to finish.

Their client-centric approach pervades everything they do at every level, enabling them to tailor coverage and cost. This effectively protects their unique business challenges, goals, and vision.

A. Expertise in a particular industry

Their competitive advantage is fueled by the entrepreneurial spirit of their industry practices, and their special resources are integrated into their operating model, allowing them to eliminate access barriers to meet your needs.

They place a premium on a commitment to the communities in which they operate and cultivate teams with extensive industry experience to bring the brightest minds to the table.

B. Services of brokerage

There are teams of experts who are good in underwriters and actuaries who know market trends, carrier strengths, and specialties.

McGriff’s size and breadth reinforce this industry knowledge and strong negotiation skills gained over years of relentless focus on insurance placement—all to ensure you are well-represented in the market.

C. Financial position optimization

McGriff Insurance is committed to positioning you in the market and resolving claims favorably for maximum recovery.

Receive practical, intelligent assistance from an advisor who understands how to optimize your financial positions in order to maintain the highest possible capital liquidity — while mitigating potential claims.

READ MORE: Business Insurance

#2. AUTO AND TRANSPORTATION SERVICES

They offer coverage for commercial vehicles ranging from semi-trailers to limousines and owner-operators to fleets.

Commercial auto insurance assists in covering the costs associated with an accident, including vehicle damage and medical expenses.

They’ve been a market leader in commercial vehicle insurance for nearly a century, offering a comprehensive selection of affordable coverage options.

They begin by getting to know your business inside and out before developing a risk management strategy for you. You can rely on us for fleet safety, DOT compliance, and complimentary state and federal highway filings.

Who is Commercial Vehicle Insurance for?

Commercial auto insurance assists in covering the costs of an accident, regardless of who is at fault, whether you or an employee. This coverage can assist in the payment of damaged property and minor or major medical expenses.

Commercial auto insurance is necessary if your business involves the following:

  • Possessing, leasing, or renting automobiles.
  • Employs employees who conduct business using their own vehicles.
  • Uses leased, rented, or company-owned vehicles to transport employees.

Protecting your fleet exposures to keep your business moving.

As one of the largest transportation insurance brokers in the United States, their Transportation Practice places more than $450 million in premium in the transportation insurance market, serving transportation companies ranging in size from one to over 25,000 power units.

Furthermore, McGriff Insurance developed strong relationships with underwriters and senior management in the insurance industry’s major markets.

And these relationships enable them to advocate on behalf of their clients and deliver superior results in pricing, coverage terms, and fair claim resolution.

You can rely on their team to provide proactive support and protection for your business.

Types of Auto & Transportation Coverage.

  • Responsibilities and bodily harm.
  • Vehicles that are not personally owned or rented.
  • Liability with respect to cargo.
  • Fleet.
  • Logistics and intermodal transportation.

Transportation Sectors Served.

  • Truckload
  • LTL
  • Flatbed
  • Tanker
  • Intermodal
  • Storage and relocation services
  • Logistics as a Third-Party
  • Courier
  • End of the Road
  • Passenger
  • Subcontracting

#3. BONDING AND SURETY SERVICES

McGriff Insurance has the knowledge, understanding, and experience necessary to provide superior service, competitive pricing, and the most favorable terms and conditions.

Their experience working with the world’s largest carriers enables them to develop proactive strategies for resolving underwriting concerns before they become business issues.

Bonds have a finite life. That is why they work tirelessly to ensure a prompt resolution.

McGriff’s relationships with over 30 active surety markets, access to virtually every standard bonding company, and strategic alliances with specialty carriers all contribute to the highest level of client satisfaction.


Surety Bonds Available Include.

  • Bonds for Contracts
  • Commercial Bonds at All Levels
  • All Energy-Related Securities
  • Mineral Lessee and Operator Bonds—OCS Mineral Lessee and Operator Bonds
  • OCS Supplemental Bonds for Plugging and Abandonment
  • Bonds for Right-of-Way (OCS Right-of-Way Grant Bonds, etc.)
  • There are Bonds for Subdivision
  • Bonds for Geophysical Exploration
  • Surety Bonds (Drilling and Exploration Vessels, Pipeline Construction, etc.)
  • Performance Bonds for Purchase/Sale Transactions
  • Bonds issued by the federal, state, and local governments
  • Also habe Bonds for Customs
  • Bonds for Licenses and Permits (e.g., contractor’s license, highway permit, motor vehicle dealers, mortgage brokers, and liquor)
  • Excise, Fuel, and Other Tax Bonds
  • Bonds for Workers’ Compensation
  • International Treasury Bonds (such as PEMEX)
  • Transportation and Closure, Post-closure
  • Reclamation
  • Court Bail (such as executor or guardian, appeal, admiralty, sequestration, etc.)

Systems for Managing Surety Programs.

Surepath is their free online automated system for customizing and tracking your surety program. And, unlike many of their competitors, they completely customized their program monitoring platform to your specific requirements.

Surepath enables you to customize over 40 fields of data, including bond runs of outstanding liability, bond run-offs, and annualized premium expenditures.

Additionally, it enables you to request new bonds. They’ll train your team members quickly and efficiently on how to use the password-protected Surepath system.

Bonding and Surety Services Recipients.

McGriff’s Surety Group is exclusively dedicated to serving the contract and commercial surety bond needs of clients in a variety of industries, including:

  • Transportation
  • Construction
  • Energy
  • Banking and Financial Services
  • Manufacturing
  • Retail
  • Healthcare
  • Commercial Real Estate, and much more.

Because they customize their surety programs for every client, a thorough understanding of your objectives is a critical precondition for developing your program.

Once they’ve gained a thorough understanding of your requirements, they’ll begin developing a solution specifically for you.

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#4. COMMERCIAL FLOOD INSURANCE

Floods are the most expensive natural disaster in the US, causing billions of dollars in damage to businesses and homes. A few inches of water can do a lot of damage.

Who Needs Commercial Flood Insurance?

If you own a business, own property, or manage a property, you need to know your flood insurance options. Nearly 25% of all National Flood Insurance Program claims come from outside high-risk flood zones.

Standard commercial property insurance didn’t cover flooding, so it’s critical to assess your risks and prepare for flood damage.

Why You Need McGriff’s Lead

McGriff can help you manage flood risk. More so, they will help you assess your flood risk, explain your insurance options (NFIP or private insurer), and help you choose the best one for your company.

#5. COMMERCIAL LIABILITY INSURANCE

Liability insurance protects your assets as a business owner. Taking these proactive steps can help you and your company save money on liability insurance claims:

  • Maintain high service and product quality standards.
  • Keep all company records current.
  • Identify and address potential liability issues on your property.

What Liability Coverage Do You Need?

Several factors influence the amount of liability coverage your company requires. Two key elements are:

  • Business-related risks. Because of the products it sells, a dynamite factory is more likely than a small retailer to be sued for personal injury.
  • The potential loss severity. Unlike a flower shop, a business that provides health care services is more likely to face a significant liability claim.

McGriff Insurance has access to similar-sized business risk profiles and coverage amounts. In order to avoid buying too much of one type, they will explain how liability, workers’ compensation, and commercial property insurance overlap.

Types of Commercial Liability Coverage

  • General Liability Insurance
  • Personal Injury and Advertising
  • Products and Completed Operations coverage
  • Employment Practices
  • Professional Liability
  • Employer Liability
  • Garage and Garage Keepers Liability
  • Directors & Officers Liability
  • Contractual Liability
  • Cyber Liability

Commercial Liability Coverage Options.

  • Business Property Insurance
  • Inland Marine Coverage
  • Business Auto
  • Cyber Liability
  • Crime Coverage
  • Excess Liability or Umbrella Coverage
  • Business Interruption Coverage

#6. COMMERCIAL PROPERTY INSURANCE

Commercial property insurance protects your property from loss, theft, or damage. It can also help protect against business interruption, income loss, and property loss.
Risky.

Most basic “multi-peril” policies cover losses from fire, theft, and other disasters. Their loss control experts can design a program to protect your company from:

  • Water pipe burst
  • Fire damage
  • Storm harm

Building Coverage.

Whether you own your building, rent it, or work from home, they can protect:

  • Buildings
  • Front and back fences
  • Signage

Contents coverage.

Even if you don’t own the building, you must cover its contents. Invest in:

  • Drawings and documents
  • Fittings and decor
  • Inventory
  • Workplace gi
  • Wares (stored on- or off-site)

#7. CYBER SECURITY INSURANCE

In today’s world, a large portion of it is digital, which has its own set of risks. Everyone’s business is vulnerable to a data breach or a cyberattack, even if you’re not an online retailer. Are you ready for this?

They will create cyber liability coverage that is specific to your organization’s needs, whether it is to safeguard your systems from hackers and data breaches or to meet the ever-increasing regulations.

See ALso: Is REMCO Insurance the Best Insurance Agency in Texas in 2022?

Customized Coverage with more “byte”.

As a result, they’ll work with you to assess your business’s unique risks and develop a custom cyber insurance plan to keep it safe.

As a result, they’ve developed a wide range of proprietary protections for both first and third-party costs, including breach response expenses, business income loss, digital asset recovery, regulatory investigations, and legal liability.

Types of Coverage.

  • Liability for network security and privacy, including regulatory fines.
  • Notification of a breach and costs associated with crisis management
  • Ransomware and cyber extortion
  • System failures due to human error, such as security breaches.
  • Damage to your reputation.
  • The cost of restoring lost data
  • Media on a website
  • Email phishing attacks that result in cyber crime.

Risk Analysis.

They’ll assess your company’s operational vulnerabilities and the potential for a security breach to result in a business interruption.

They follow these steps to understand and evaluate the impact of all exposures:

  1. Review of Operations – Workshop on Risk Mapping
  2. Analysis of media and data exposures through website content and functionality, data collection and online bill presentation and payment as well as links to other features on the internet.
  3. Develop guidelines for your field operations to define duties, prevent and respond to breaches, and ensure conformity with required coverage/limits by conducting an assessment of information security risks in service provider and customer contracts.
  4. Identify regulatory issues that may arise from compromised data and systems in a high-level review of regulatory requirements (since they do not act as legal advisors, they encourage involvement from your in-house and outside legal counsel)
  5. For example, professional services/third parties, information security risks, first-party exposures, and intellectual property risks are all examples of exposures that can be analyzed.
  6. Analysis of Insurance Program Gaps – Identifying coverage gaps in current insurance programs.
  7. Solution Building and Program Recommendations – Build a custom solution for your company’s specific needs.

References

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