
Jonathan C. Krowicki, Agency Manager
As we head into summer, I originally thought this article would focus on seasonal safety tips surrounding beach trips, barbecues, fireworks and all the activities that come with this time of year. Instead, I wanted to take a moment to address something equally important to your business: timely insurance payments.
Summer is also a time when many of us become distracted from our normal day-to-day responsibilities. Among vacations, long weekends, family events and the overall pace of the season, it becomes easy for important notices, invoices and deadlines to get overlooked. Unfortunately, insurance carriers do not pause cancellation timelines simply because it is summer.
At our agency, we spend a significant amount of time following up on notices of cancellation, pending cancellations and reinstatement requests. While we are always happy to help our clients, these situations take time away from proactively servicing accounts and helping businesses manage risk.
More importantly, repeated late payments can create poor payment history with insurance carriers. That history matters. Carriers closely review cancellation activity, reinstatements and payment habits when evaluating accounts. In some cases, a carrier may decide not to renew coverage altogether. Once coverage is lost, returning to the same carrier is not always possible, and replacement coverage can often mean higher premiums, stricter terms, added fees or fewer coverage options.
Insurance billing has also changed. Many carriers now offer online portals, automatic payments, QR codes and mobile payment options directly on invoices and renewal paperwork. We even include QR codes with renewals whenever possible to make the process easier for our clients.
While traditional mail still has its place, relying solely on mailing checks can create timing and delivery issues. This is not a criticism of the postal service, but simply an observation based on what we have consistently experienced over the past year. Delays in mail delivery can quickly lead to late payments, cancellation notices and unnecessary stress.
As we move through the busy summer months, we encourage clients to review invoices promptly, take advantage of electronic payment options whenever possible and communicate with us early if there are billing concerns. A proactive step today can help avoid much larger issues tomorrow.
Have a safe and enjoyable summer.
Do you have questions about your premium costs? Please contact one of our Thanexus Financial Services, LLC insurance agents at 888.483.5138 for more information or a personalized quote for your individual insurance needs. All funeral directors have access to insurance coverage. This is not a benefit limited to members of Thanexus, Inc.
Thanexus Financial Services, LLC is staffed by salaried, non-commissioned producers with no personal financial interest in your decisions regarding coverage. By using salary-based compensation, our agency force focuses on service rather than volume. Our staff members are licensed in New Jersey, as well as Connecticut, Florida, New York and Pennsylvania.
Thanexus, Inc. is a funeral service cooperative and economic development initiative of New Jersey Funeral Directors Services, Inc. For more information about joining Thanexus as a shareholder, contact our Agency Manager, Jonathan C. Krowicki, at 732.282.5117.