A specific term has become common to the insurance industry in recent years—Nuclear Verdicts—the unprecedented, often multimillion-dollar settlements awarded by juries in civil cases. This, along with double-digit increases in property rates, has made the insured wonder what the general liability premiums will look like.
This is where loss control and risk management emerge as an insured's best defense. Helping them as a one-stop and independent insurance agency is Hecht-Stout Insurance.
Our biggest challenge is educating the insured to treat their general liability coverage as a powerful tool of protection for their business interests rather than an item that is simply on a "To Do list to check off." When we have a consultation with a new client, we ask to see a copy of the forms list and potentially the actual policy endorsement language for their current coverage
A Hecht-Stout Insurance broker is a seasoned professional who takes a personal interest in meeting the clients’ needs. The agency is backed by the negotiating power and support services of an efficient system that has protected clients and their assets for over six decades. It believes that clients' financial security and quality of life deserve the utmost dedication, practiced advice, and personal attention from a trusted partner. Hecht-Stout Insurance customizes the best insurance package using a comprehensive range of products.
Another factor that differentiates Hecht-Stout Insurance is its ability to comprehend the industry. For example, the agency noticed a trend where email transactions have outpaced phone calls and P2P meetings post-COVID. While it favors the ease of electronic communication, Hecht-Stout Insurance has grown more concerned with some clients looking at their insurance as a "box to check requirement." It recently reviewed policies for a client with off-premises exposure and pointed out to them that the policy they had with their previous representation limited their coverage to their physical location only. It was a big gap, and that’s where Hecht-Stout Insurance helped. The company completed a comprehensive review and educated the client on the limiting endorsement language.
“Our biggest challenge is educating the insured to treat their general liability coverage as a powerful tool of protection for their business interests rather than an item that is simply on a "To Do list to check off." When we have a consultation with a new client, we ask to see a copy of the forms list and potentially the actual policy endorsement language for their current coverage,” says Gregory Gerontes, president and owner of Hecht-Stout Insurance. “Our goal is to secure the most comprehensive coverage options for the best overall cost. We can then discuss where they are willing to take risks instead of just price-shopping.”
Hecht-Stout Insurance has succeeded well with new ventures that produce special challenges. For instance, the company encountered a brand new multi-million-dollar manufacturing venture that engaged in leasing an initial 60,000-square-foot production facility. It recommended the purchase of Pollution Coverage, yet the venture was not necessarily onboard since all their chemicals were "non-toxic." Hecht-Stout Insurance advised that if an EPA study of the property had not been conducted, that this was a worthy line of coverage as the agency knew a previous tenant was using multiple "toxic" chemicals in a distillation process. It was able to assure the client’s leadership that they could be held responsible for the contamination and its reclamation if a spill or leak were to occur as a result of their operations on the premises.
Promoting safety by prioritizing risk management, Hecht-Stout Insurance ensures that clients’ personal and business assets receive adequate compensation. With Gerontes at its helm, the agency helps clients make smart decisions—protecting them from the unexpected and planning for the predictable.
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