I prescribe to the mantra that Knowledge is Power. And though there are many skills and characteristics that go into being a great producer, expert knowledge of insurance products is a must. The following list outlines a few of the insurance coverages and concepts that I learned this week that I believe are not common knowledge.

EPLI is overlooked far too often by small business owners for various reasons (employees are considered family, don’t want the expense, assume coverage included in Business Owner Policy, etc.). Considering the amount of coverage an EPLI policy provides a business the cost of such a policy is very inexpensive.

The important part of buying insurance from the business owner’s perspective is having the fortitude to provide the insurance agent with accurate, honest information regarding their operations even if it means higher premiums. Because one of the worst phone conversations a business owner can have is finding out a loss is not covered.