Industry News

Many small business owners may not think they need cyber liability coverage, but small businesses are extremely vulnerable to security threats. That’s why PIA is excited to announce that PIA members are now able to sell PIA cyber insurance to their clients!

PIA and ABAIS Insurance Services have worked with Great American E&S Insurance Company (rated A+ by A.M. Best) to create a cyber insurance program that responds to the most common threats facing small and mid-sized businesses.

The PIA enhanced cyber insurance policy covers both first- and third-party loss for the most common cyber risks such as social engineering, funds transfer fraud, ransomware, network interruption, data breach, network security, and media liability. In addition to the seven coverage parts, PIA members’ clients are provided with special PIA enhancements and reduced rates compared to ABAIS’s standard program for social engineering coverage.

PIA members who sell the PIA cyber insurance receive 12.5% in sales commission.

Agents are able to purchase the same PIA cyber insurance for their agency for a significantly reduced rate through their local PIA affiliate producers.

Getting started is easy. Protect your clients today

Results are now in from the 2019 National Underwriter/PIA Independent Agent Study, conducted by Flaspöhler/NMG Consulting.

Since 2017, PIA National has partnered with the National Underwriter and PC360 to develop to develop insights into the commercial lines segment from the perspective of independent Property & Casualty insurance agents and brokers throughout the United States

The survey asks producers for their views on working with commercial carriers, their books of business and the challenges they face. Taken as a whole, the survey comprises a comprehensive view of the successes and challenges of today’s independent insurance agents.

When asked which factors most influence how insurance agents evaluate and select commercial carriers, their top responses (in order) were ‘products and coverage’ followed by ‘responsive service’ and ‘claims management.’

In reviewing the results, Mike Becker, executive vice president & CEO of PIA, noted: “More than half of the agents participating in the study reported that their commissions increased, and more than one quarter said they remained the same. In addition, more than half who had a decrease said it was relatively modest, between 1% and 5%. This indicates ongoing stability in agent compensation in the current market conditions.”

He added, “When asked to rate their overall level of satisfaction with the P&C carriers they use for commercial lines, agents responding ‘very satisfied’ (36.5%) or ‘somewhat satisfied’ (50.6%) were more than three-quarters of those responding.

Over the next several weeks, we will be featuring aspects of the study results, as well as reporting some of the open-ended comments made by participants.

In Depth:

Listening to Agents: results of the 2019 NU/PIA Independent Agent Study

Now PIA members can sell the same great PIA cyber insurance coverage that many have already purchased for their own agency.

PIA’s cyber insurance is the first cyber insurance program tailor-made for small and medium-sized businesses. The PIA enhanced cyber insurance policy covers both first- and third-party loss for the most common cyber risks such as social engineering, funds transfer fraud, ransomware, network interruption, data breach, network security, and media liability. In addition to the seven coverage parts, PIA members’ clients are provided with special PIA enhancements and reduced rates compared to ABAIS’s standard program for social engineering coverage.

PIA members who sell the PIA cyber insurance receive 12.5% in sales commission.

Getting started is easy. Start protecting your clients today.

• Need more information? Attend a webinar on March 7 at 2 PM ET.

• Haven’t purchased cyber insurance for your agency yet? Contact your local PIA affiliate.

Cyber101 is an educational resource created by PIA and The PIA Partnership to help educate PIA members and their clients about the seven most common cyber risks faced by small and mid-sized businesses, as well as the business practices and insurance coverages that can reduce those risks.

Cyber 101 focuses on seven key areas of risk: fraudulent funds transfer, extortion/ransomware, social engineering, business interruption, data breach/privacy, network security, and website media liability. Agents can learn more about each risk with additional resources such as interactive claims examples that demonstrate loss risks to clients, 1-page PDFS explaining the risk, and 30-minute webinars. PIA agents can also personalize and provide their clients with general cyber educational resources.

Visit Cyber 101 today to gain the knowledge you need about the seven most common cyber risks faced by businesses.

For additional information about The PIA Partnership, please visit www.ThePIAPartnership.com.

Thank you to the current PIA Partnership companies: Central Insurance Company, Encompass Insurance, Erie Insurance, Liberty Mutual Insurance, MetLife Auto & Home, National General Insurance, Progressive Insurance, Selective Insurance Group, State Auto Insurance Companies, and The Hanover Insurance Group.

Cyber insurance will protect your clients’ business if their server is hacked, and their electronically transmitted data is compromised. Share the new consumer-friendly issue paper covering cybersecurity insurance from The PIA Branding Program with your clients.

This one-page paper features key tips your clients should consider when considering cybersecurity insurance coverage. Each paper is available in multiple formats (1) ready-to-send with PIA logo and branding, (2) customizable so that it can be personalized by PIA members with their photo/logo and contact information, and (3) an infographic for social media. Social media copy is also provided for each paper.

Log on here and download yours! Start sharing this content with your clients today or utilize the text on your agency's website, email, or blog.

The PIA Branding Program provides a collection of free advertising and marketing materials PIA members can customize and use in their local market and beyond.

Funding for the PIA Branding Program is provided in part by PIA’s Pinnacle Partners: Bankers Insurance Group, Encompass Insurance, Erie Insurance, Motorists Insurance Group, State Auto Insurance Companies, and Wright Flood.

WASHINGTON –The National Association of Professional Insurance Agents (PIA) applauds the enactment of the 2018 Farm Bill and lauds its commitment to crop insurance as a key risk management tool for the nation’s farmers and ranchers.

President Trump signed the Farm Bill today in a ceremony at the White House. The Senate passed the bill by a vote of 87-13 on December 11, and the House passed the bill by a vote of 369-47 on December 12.

The compromise Farm Bill, which includes the federal crop insurance program, preserved vital crop insurance provisions and recognized the important role that independent insurance agents play in the delivery of this vital federal program.

“We are pleased that Congress was able to agree on a compromise Farm Bill that includes strong support for the federal crop insurance program,” said Jon Gentile, PIA’s Vice President of Government Relations. “The overwhelming votes in favor of the bill in both the House and Senate and the president’s signing of it signal strong, bipartisan support for the key crop insurance provisions it includes.”

Founded in 1931, PIA is a national trade association that represents member insurance agents and their employees who sell and service all kinds of insurance, but specialize in coverage of automobiles, homes and businesses. PIA members are Local Agents Serving Main Street America ^SM. PIA’s web address is www.pianet.com.

Cyber101 is an educational resource created by PIA and The PIA Partnership to help educate PIA members and their clients about the seven most common cyber risks faced by small and mid-sized businesses, as well as the business practices and insurance coverages that can reduce those risks.

Cyber 101 focuses on seven key areas of risk: fraudulent funds transfer, extortion/ransomware, social engineering, business interruption, data breach/privacy, network security, and website media liability. Agents can learn more about each risk with additional resources such as interactive claims examples that demonstrate loss risks to clients, 1-page PDFS explaining the risk, and 30-minute webinars. PIA agents can also personalize and provide their clients with general cyber educational resources.

Visit Cyber 101 today to gain the knowledge you need about the seven most common cyber risks faced by businesses.

For additional information about The PIA Partnership, please visit

http://www.ThePIAPartnership.com

Thank you to the current PIA Partnership companies: Central Insurance Company, Encompass Insurance, Erie Insurance, Liberty Mutual Insurance, MetLife Auto & Home, National General Insurance, Progressive Insurance, Selective Insurance Group, State Auto Insurance Companies, and The Hanover Insurance Group.

For the third year in a row, PIA is partnering with the National Underwriter to conduct an all-new survey of independent agents. The 2019 National Underwriter/PIA Independent Agent Survey will be sent out starting next week.

The inaugural Agent Survey, which debuted in March 2017, provided the most comprehensive look ever offered at the demographics, books of business, selling practices and pain points of independent agents in the U.S. The 2018 Agent Survey yielded additional valuable insights for agents and carriers alike.

PIA members will receive a link to the survey starting next week.

The Hartford is one of the largest flood insurance writers in the country, having written flood insurance through FEMA’s National Flood Insurance Program for over three decades.

The Hartford wants to be your go to flood market for both personal lines and commercial lines. Their dedicated flood sales and transfer teams want to earn your business by making it easy to do business and providing exceptional service for both you and your customers.

If you would like more information about the program, attend a free webinar on Friday, November 16 at 2:00 P.M. Eastern to learn more about PIA’s national partnership with The Hartford and its flood insurance program. Joseph M. Surowiecki, Jr. of The Hartford will cover program details as well as answer any questions you may have about PIA’s long-standing flood insurance program with The Hartford.

Register today.

Can’t wait for the webinar? Learn more now.

The Hartford is one of the largest flood insurance writers in the country, having written flood insurance through FEMA’s National Flood Insurance Program for over three decades.

The Hartford wants to be your go to flood market for both personal lines and commercial lines. Their dedicated flood sales and transfer teams want to earn your business by making it easy to do business and providing exceptional service for both you and your customers. Flood producers enrolled in PIA’s Flood Program with The Hartford have benefitted from sales support, marketing materials and preferred commission rates.

If you would like more information about the program, attend a free webinar on Friday, November 16 at 2:00 P.M. Eastern to learn more about PIA’s national partnership with The Hartford and its flood insurance program. Joseph M. Surowiecki, Jr. of The Hartford will cover program details as well as answer any questions you may have about PIA’s long-standing flood insurance program with The Hartford.

Register today.

Can’t wait for the webinar? Learn more now.