Why You Need an Experienced, Independent Agent in a “Hard” Market

Industry experts believe that we’re entering into a “hard” insurance market—one that makes it increasingly difficult to find the right coverage, especially for commercial customers.

Why? In 2022, insurance companies lost billions of dollars on the property and casualty side, and 2023 isn’t looking better. Fallout from COVID-19, increased litigation, and ever-present natural disasters have all contributed to the situation.

What should you do to protect yourself in a hard insurance market? Working with an experienced, independent insurance agent is an important step.

How an Independent Agent Can Help

Navigating a hard insurance market can be incredibly frustrating and time-consuming. Partnering with an independent agent (who you trust) can alleviate some of these difficulties by helping you:

Understand your real situation. A good agent will provide the hard cold facts, even when it’s unpleasant. It’s better to know about double-digit rate increases, stricter underwriting guidelines, or limit restrictions sooner rather than later.

Find insurers who are actually willing to write your business. Fewer insurers may be willing to write your business during a hard market, but there are usually still at least a few options—if you know who to talk to. Relying on your agent’s connections, experience, and creativity can prove invaluable.

Anticipate and adapt to changing conditions. Hard markets don’t stay around forever. As the market eventually softens back up, your independent insurance agent can be there to help you proactively adapt.

Need to Talk to an Agent?

Contact us to schedule a call with one of our agents at Kincaid Insurance Group. We’ve been serving the insurance needs of individuals and businesses for more than twenty years—through hard and soft markets.

Feeling Let Down by Your Agent?

Insurance can be one of those things that you only think about when you need it. But, when you do need it, having the right insurance policy—and agent—can make a big difference.

With so many insurance companies vying for your business, why would you ever choose a family-owned agency like Kincaid Insurance Group? Just ask a few of our customers, and you’ll probably hear a common theme: great customer service.

Great Service is Hard to Come by These Days

Technology has made so many aspects of our lives easier and more productive. Twenty years ago smartphones were primarily used by executives to check email and perform basic business tasks. Now most Americans own smartphones and use them regularly to communicate with friends and family, browse the Internet, and make online purchases.

Despite its major impact on society, technology will never replace the need for human relationships. At Kincaid Insurance Group, we embrace technology in a way that complements our focus on personalized support. We don’t hide behind 1-800 numbers with never-ending wait times. Instead, we make it easy for our customers to reach us—even outside of normal business hours. Here are a few examples:

• 24-hour claim support: Call, text, or email us to start the claim process.

• Mobile app: Access insurance information from your smartphone or tablet. You can even use the Kincaid Insurance Group mobile app to start a new claim.

• Live chat: Visit our website to chat with a real person during normal business hours.

• Text: Need to ask a quick question? Shoot us a text at: (812) 408-1130.

• Local office: We serve customers across the Midwest, but we’re proud of our Southern Indiana roots. In the area? Stop by our office at 321 Main Street in Rockport.

Don’t Settle for Below Average Support

Tired of feeling like you’re chasing your insurance agent to get straight answers? At Kincaid Insurance Group, we tell you what you need to hear—even if it’s not what you want to hear.

Contact us to request more information. We respond to most inquiries within one business day.

There’s More to Insurance Claims than Just Getting a Check in the Mail

Spring has already brought several catastrophic weather events to Indiana.

As a result, many Hoosier homeowners have experienced significant property damage. Knowing how to deal with a leaky roof, damaged garage door, or an uprooted tree requires a close collaboration with your insurance agent—especially when claim adjusters are scrambling to keep up with so many claims.

Here are some claims-related considerations as you evaluate your insurance options.

Why Some Homeowners are Unsatisfied with their Claims Support

Navigating an insurance claim is stressful enough. But, this stress gets even worse when your insurance provider fails to take the necessary steps to guide you through the process. And, of course, getting directed to a 1-800 claim support hotline is less than ideal.

Overworked claim adjusters can take days to reach out. Sometimes adjusters simply forget to follow up and provide necessary information about the claim, which can lead to unwelcome surprises for the homeowner later on.

Kincaid Insurance Group Focuses on the Claim Experience

At Kincaid Insurance Group, we take great effort to partner with our clients and ensure a smooth claim experience. In 2022, we processed more than 500 claims and still maintained a 91% retention rate on our personal line accounts. We do to this by:

Providing the information our clients need: We educate our clients on the right steps to take to mitigate further loss, such as contacting a restoration company to safely tarp your roof until further action can be taken.

Following up with adjusters: We work with claim adjusters on your behalf to ensure progress is being made on the claim.

Being there when times are tough: Kincaid Insurance is just a phone call or text away, even in the middle of the night. We’re focused on supporting our clients, even outside of normal business hours.

Contact Us for a Better Claims Experience

Contact us to schedule a conversation with an experienced team member from Kincaid Insurance Group. We look forward to providing you an excellent claims experience

Stop By and See Us at MATS 2023

Kincaid Insurance Group is excited to announce that we’ll be exhibiting at this year’s Mid-America Trucking Show (MATS) in Louisville, Kentucky. With more than 1 million square feet of exhibit space and over 58,000 attendees, MATS is known as the heavy-duty trucking industry’s largest annual event.

About MATS 2023

This year’s Mid-America Trucking Show will begin March 30, 2023, and run through April 1, 2023. MATS provides an excellent networking and educational platform for owner-operators, fleet owners and staff, truck manufacturers, suppliers, and other industry professionals. More than 850 exhibitors will be on hand to share insights and discuss their innovative products and services. Here’s the full event and education schedule for MATS 2023, which includes a concert featuring country music performer Elvie Shane!

Attending MATS is free if you register before February 28th. Starting February 28th, the registration fee ranges from $10 to $20.

Register before February 28th to get a free ticket to MATS!

How to Find Kincaid Insurance at MATS

MATS is hosted at Louisville’s Kentucky Exposition Center, a massive event center with multiple wings, lobbies, halls, and meeting rooms. Kincaid Insurance’s booth will be located in the west wing, booth number 60001. Stop by our booth, chat with members of the Kincaid team, and grab some free swag!

Check out this interactive map to begin planning your MATS visit.

About Kincaid Insurance Group

Kincaid Insurance Group is an insurance agency based in Southern Indiana. For years, we’ve helped trucking fleets and operators with their cargo, workers’ comp, liability, and Phys-Dam coverage needs. Our experienced trucking agents are licensed in 30+ states. We look forward to chatting about your trucking business.

Questions? Contact us to start a conversation.

Captive Insurance Program for Trucking Companies

Are you a fleet manager or owner of a trucking company that takes safety seriously? Tired of experiencing double-digit rate increases each year—even though you’ve demonstrated a solid track record of safe driving?

Maybe it’s time you look at “captive” (or “alternative risk”) insurance programs for your trucking business. Here’s a quick introduction about captive programs and how they’re different from standard programs.

Standard vs. Captive Insurance Programs

Standard: You’re probably already familiar with how a standard program works in the trucking world. A couple months before your policy renews, you’re asked to provide a variety of information—such as driver and equipment lists—so that your agent can collect quotes for coverage. In today’s market, a 13% to 15% increase on liability coverage is considered “normal.” 11-pay, 10-pay, or 9-pay (plus an upfront deposit) are pretty standard payment schedules. This process repeats itself year after year, bringing with it an unpredictability in rates and coverage providers.

Captive: By contrast, a captive program usually encompasses a longer period, such as 36 months (although the policy itself is still usually for 12 months). An upfront pledge of collateral is made, which sits in an investment account and continues to grow. (Note: In some cases, this may represent a tax benefit. Talk to your CPA.) Part of your monthly premium goes to a “loss fund,” which you could potentially get back if your company performs as expected. Trucking companies need to stay in the captive program for a minimum of 36 months before realizing beneficial financial returns.

Potential Benefits of Captive Insurance Programs

So, why should your trucking company consider switching from a standard to a captive program? Here are a few good reasons:

• Increased Predictability in Annual Premium Increases: In our experience, trucking companies in captive programs that perform well experience 40% to 50% lower increases in their annual premiums, compared to standard programs.

• Loss Fund Reimbursement Opportunities: For example, if you pay $60,000 per year into the loss fund, you could potentially get $180,000 back after the first 36 months.

• Flexibility: In some cases, captive insurance companies may allow you to roll over equity from your current policy as collateral in the captive program.

Learn More About Captive Insurance Programs

If you operate a trucking, towing, or fuel hauling business and would like to learn more about captive insurance programs, please contact our office. We’ll be happy to schedule an appointment to learn more about your needs.

Do You Need a Performance Bond? Kincaid Insurance Group Can Help

If you own or operate a construction business, you’re probably familiar with commercial bonding. Most large public projects (usually those over $50,000 in value) require the contractor to be “bonded.”

But, what if you’ve never been bonded? What if you’re relatively new to the construction industry? Is it even possible to obtain a bond to bid on your next project?

In this article, we’ll briefly discuss commercial bonding and how Kincaid Insurance Group can help.

What is a Commercial Bond?

A bond is an indemnity that helps an entity, such as a local municipality, protect its interests in the event of incomplete and unsatisfactory work provided by a contractor. A bond is an agreement between the contracting entity, the contractor, and a surety company. The bond would make the contracting entity whole if the contractor fails to hold up its end of the deal. Performance bonds, warranty bonds, and environmental bonds are types of commercial bonds.

The “three C’s” of bonding are used by surety companies when deciding to grant bonds to contractors. The three C’s are: capacity, cash flow, and character.

Dispelling Bonding Misconceptions

Some contractors wrongly assume that they are unable to obtain bonds. As with many things in business, it’s not so much what you know—but who you know. At Kincaid Insurance Group, we help contractors obtain commercial bonds so that they can confidently bid on (and hopefully win) construction projects.

Here are just a few reasons to work with Kincaid Insurance for your next bond:

We’re fast: We can usually turn around most bonds within one business day.

We’re experienced: We’ve helped many first-time and experienced contractors obtain commercial bonds.

We’re flexible: We can also help with unique bonding needs, such as environmental bonds.

Need a Bond? Take These Steps

If you’re in need of a performance bond, give us a call to start a conversation. We’ll provide you with an application to kick things off. Our goal is to turn around most bonds within one business day.

Protecting Your Fleet with Dash Cam Technology

It’s the end of a busy day on the road for one of your drivers. After signaling and safely merging into the righthand lane, he’s ready to take the next exit and head home to enjoy time with his family.

Before reaching the exit, however, a speeding minivan darts in front and immediately slams on the brakes. The driver tries to avoid impact, but it’s too late.

Accidents like these happen on the road almost every day. At Kincaid Insurance Group, we recommend trucking companies take a serious look at implementing dash cam software. Here’s why.

What is a Dash Cam?

Dash cams are video recording devices that are installed into vehicles—in this case, commercial trucks—for the purpose of collecting information about specific events.

Front-facing dash cams are primarily used to collect footage of accidents, such as the one mentioned above. Instead of relying exclusively on driver and eye witness testimony, insurance adjusters can access an unbiased source of evidence when working on claims. Depending on the provider, dash cams usually capture footage just before and after the accident.

Inward-facing dash cams provide transparency into what the driver was doing just before and after the accident. Was the driver texting or changing the radio channel? Was he driving while distracted? Inward-facing dash cams offer additional context, especially when dealing with an accident.

Reducing Risk with Dash Cam Technology

When properly utilized, dash cams can help trucking fleets and truck drivers protect themselves from erroneous claims made by other drivers. And, in today’s litigious environment, trucking companies need all the support they can get.

Interested in learning more about dash cam technology for your trucking business? Kincaid Insurance Group has teamed up with Motive (formerly KeepTruckin), a cloud-based provider of fleet management software.

Contact us to learn more about this tool.

Medi-Share Healthcare Sharing Ministry

Are you frustrated by the rising cost of healthcare? Are you concerned by how your insurance premiums are being utilized? Do you have a large family or own a small business?

If you answered “yes” to one or more of these questions, perhaps it’s time to take a look at the Medi-Share healthcare sharing ministry.

In this article, we’ll discuss some common questions that you may have about the program.

What is Medi-Share?

Medi-Share is a Christian healthcare sharing ministry. Members of Medi-Share share each other’s medical expenses. Medi-Share is administered by Christian Care Ministry, which is based in Melbourne, Florida. According to Christian Care Ministry’s documentation, Medi-Share households have saved and shared $2.6 billion in medical expenses since its founding in 1993.

Is Medi-Share Health Insurance?

No, Medi-Share is not health insurance, but the program does provide an alternative solution for Christians who are tired of rising health insurance premiums. Please read Medi-Share’s disclosures here.

How Does Medi-Share Work?

Instead of paying a monthly premium as with health insurance, Medi-Share members pay a monthly share. The share is based on the ages and number of people in your household. Shares are immediately matched to other members’ medical expenses. Instead of having a deductible, Medi-Share members have an Annual Household Portion (AHP), which is the amount each household is responsible for before medical bills become eligible for sharing. AHP options range from $1,000 to $10,500.

How Much Does Medi-Share Cost?

When compared against health insurance premiums, Medi-Share can be more affordable for a family’s budget – especially families with many children. That’s because the monthly share amount does not increase when you are blessed with more children. At the time of publication of this article, a family of two parents (who were born in 1980) and four young children could expect to pay as little as $281 for the standard monthly share.

What If I Have Pre-Existing Conditions?

Medi-Share does have some stipulations that apply to pre-existing conditions. Be sure to read pages 29 – 31 of this brochure for additional information.

Is There a Cap on Sharing?

According to Medi-Share’s guidelines, “Each Member enjoys sharing of his or her Eligible Medical Bills with no annual or lifetime limit.”

Need Additional Information?

The team at Kincaid Insurance is excited to help people in Southern Indiana, Western Kentucky, and Southern Illinois learn more about the Medi-Share healthcare sharing ministry. Contact us to schedule a free consultation and ask us anything about the program.

Medi-Share is a registered trademark of Christian Care Ministry

Farm Pollution Coverage in Indiana

Living in the Midwest makes you realize just how rural of an area it is.

Especially in fertile seasons when all you see for miles are fields of crops of the local farmers. While these crops are sold and used for the best-willed purpose, they are rarely assessed for pollution and even more rarely properly insured for a pollution issue.

Is your farm operation adequately covered to protect against pollution issues?

In this article, we’ll discuss why this is an increasingly important topic for farmers in Indiana, Kentucky, Southern Illinois, and the surrounding tri-state area.

A Growing Problem

According to a recent Wall Street Journal article, nitrate concentrations in groundwater increased significantly in 21% of the areas tested over a ten-year period. Intensively worked farmland, larger livestock, and evolving crop mixes were cited as some of the primary causes of the issue. This is alarming, as nitrates have been associated with birth defects, thyroid complications, cancer, and potentially fatal conditions in infants.

Farmers use fertilizer and manure that are higher in nitrates in order to lower the cost of produce at the store. It is this demand that can cause issues for farmers in our region. Surprisingly enough, most farms are not covered correctly for those issues.

Farming Policies & Risks

As a farmer, you certainly want to be prepared in times of crisis. Unfortunately, many farmers do not realize that when it pertains to pollution, most farm policies only cover a small portion of pollution limits. This can expose your farm to risks that you may not have known existed, yet they are risks nonetheless.

Adding Farm Pollution Coverage Endorsements

At Kincaid Insurance, we’ve worked with Indiana farmers and those in the surrounding tri-state for well over twenty years. If you’re concerned about pollution risks or just have a question, feel free to give us a call at any time.

In addition, we’ll be happy to discuss specific endorsements that can protect your farm against the risks of pollution-related issues. Kincaid Insurance offers farm pollution coverage endorsements that cover spills, sudden discharge, overturning, cargo, fertilizer, manure, and runoff.

Call us to discuss any or all of these endorsement options.

Helping Farmers for 20+ Years

In conclusion, farmers should feel confident that they are correctly insured in the event of a pollution-related issue. Kincaid Insurance is here to help you protect your farming operation. Let’s chat about your needs today.

Why Do I Need Cargo Coverage?

As a truck owner-operator, there are a lot of moving parts to keep track of while running your business. From making sure that your trucking equipment is properly maintained to managing your contracts, there’s a lot on your plate.

One of those tasks is finding the right trucking insurance for your business. In this blog post, we’ll discuss what you need to know about cargo coverage.

Cargo Coverage 101

To put it simply, cargo coverage is for the load that is in the trailer, on the trailer, or strapped down to the trailer. It does not provide coverage for the actual trailer. If you’re driving with a piece of equipment on your trailer and don’t have cargo coverage, the cargo you’re carrying is probably not covered.

If you’re driving as a contractor for a company, you’re likely required to have your own coverage. However, if you’re permanently leased onto another carrier, you should be covered by that company’s cargo coverage whenever you’re under contract. If you’re not sure whether or not you have cargo coverage, talk to the carrier or an independent insurance agent today.

Theft, Accidents, and Other Disasters

The most common causes of cargo loss are:

1. Accidents

2. Theft

Depending on what you’re hauling, you could be at a higher risk for theft while on the road. Electronics and some types of goods are especially susceptible. Cargo coverage can help protect your business assets if cargo is stolen or damaged while on the road.

Taking a proactive approach to keeping your cargo safe is always a good idea. In addition to being properly covered, be sure to park in well-lit areas whenever possible, and try to avoid leaving your truck alone for long periods of time while you’re on the road. Don’t detach the trailer from your truck until you arrive at your destination.

When it comes to preventing accidents, the best thing you can do is to take care of yourself to make sure that you can react to unexpected situations quickly. Stop and rest when you’re tired, eat regular meals, and stay hydrated. Make sure to get a good night of sleep before hitting the road. Stay alert and aware of your surroundings.

Get Additional Coverage, Even If You Have Another Policy

It’s important to remember that there could be a variety of commodities that are excluded from your standard cargo form. Things like batteries, seafood, and copper tend to be tougher to get cargo coverage for. If you have your truck insured through another company and need additional cargo coverage, contact Kincaid Insurance to find out how we can help.

Indiana Cargo Coverage

We’ve been writing trucking policies for over two decades, and we know the challenges you face when it comes to running your business. Our independent insurance agents are here to help you find the right policy for your needs and budget.

Our headquarters is located in Rockport, Indiana, just minutes from Evansville. We write cargo coverage and other trucking policies in Indiana, Ohio, Kentucky, Illinois, and Tennessee. Call us toll free at 1-877-888-5506 for a no-obligation free quote today!