Risks are nothing new for the public sector. From managing fiscal responsibilities and planning a budget to ensuring their residents are protected, there is no shortage of liability for these professionals. While a comprehensive Municipality Insurance Program can help to curb these risks and financial obligations for these cities and towns, it’s important to understand the components of such policies.

City officials must realize the municipal laws that they are in charge of; this includes property liability, zoning laws, crime insurance risks, law enforcement liability, cyber risks, educators’ legal liability, and more to fully comprehend the securities that municipality insurance provides.

General Liability

This broad coverage protects against any bodily injury or property damage claims that occur in any municipal entity. This can stem from uneven sidewalks and roads, construction zones, and even as a result of natural disasters.

Employment Practices Liability

This coverage is essential and provides municipalities protection against claims from employees including alleged discrimination, wrongful termination, harassment, retaliation, unfair discipline, wrongful hiring, supervision, demotion, failure to promote, misrepresentation, defamation, libel, slander, disparagement or invasion of privacy, and breach of implied contract.

Crime Protection

Background checks and proper screening practices can help minimize crime activity for municipalities. Hiring legitimate employees can reduce the risks of fraud, tax evasion, and other criminal activities, so these entities must be proactive against reducing crime. However, this coverage protects against potential losses.

The above mentioned coverages are just a basic outline of what a comprehensive municipality insurance program provides. At Aegis General Insurance Agency, through one of our divisions, Allied Public Risk, our municipality insurance package also includes: property insurance, inland marine coverage, auto liability and physical damage coverage, cyber liability, educators’ legal liability, public officials’ liability, law enforcement liability, and umbrella liability. For more information about these products and services, please contact Aegis General today at 855.399.0966.

K2 Insurance Services, LLC was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM.

Insurance providers, both small companies and large corporations alike, have one common goal: to protect their clients and their assets. As insurance agents are required to comply with government regulations while balancing that with consumer expectations in the public sector, an effective Public Risk Claims Management program is necessary.

Claims Settlement- While this process is complex and requires multiple steps, settling the claim promptly will encourage customer satisfaction and improve service. A viable solution to assist with this procedure is using a claims management software system for automation.

Detecting Fraud- It goes without saying that insurance companies lose money when fraudulent claims are paid. In turn, customers absorb the loss and often have to pay more in premiums. As such, consider using software systems that track payment and claim history. However, while quick claim settlement turnaround is ideal for consumers, rushing through the process causes more margin for error and failing to detect fraudulent activity.

Cost Management- According to Small Business Chronicle, monitoring costs throughout the claims management process determines how much of a customer’s premium rate goes toward paying for the insurance company’s administrative costs. Generally speaking, the quicker the issue is resolved, the more money the insurance company will save.

Avoiding Litigation- Claims disputes are common and require an accurate assessment of liability prior to being paid by insurance companies. Naturally, a delay in a claim settlement results in additional cost for the insurer.

Allied Public Risk is dedicated solely to the underwriting of public entity exposures supported by our staffs’ years of experience and expertise in this niche market. Our seasoned professionals offer decades of specialized knowledge derived from helping manage and mitigate risks faced by public entities.

At K2 Insurance Services, LLC, we are dedicated to creating a leading underwriting and distribution franchise both in the standard and specialty program insurance markets. K2 was formed by two insurance industry veterans with the purpose of acquiring managing general agents and developing multi-line programs. Our goal is to distribute innovative products through retail and wholesale distribution channels. To learn more about our services and partners, please contact us today at (855) 976-8113 or visit K2INS.COM.