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by Signature B&B Companies

For 25 years, Peak Performance Physical Therapy, an outpatient orthopedic rehabilitation and fitness center, has served Nassau County New York area now with four locations and 21 physical therapists.

Their primary focus is on complete outpatient orthopedic and sports physical therapy, but what makes them unique is their specializations in spine and fitness programs; gait, balance and vestibuler; and aquatic physical therapy.

“Having the broad spectrum of specialties of programs that we provide under one outpatient hood is something that is unique to this area,” said Joe Sullivan, owner of Peak Performance Physical Therapy. “So many lives have been changed due to the positive based work we do.”

SITUATION

Peak Performance had grown from just four people to more than 130 people in four locations and was spending a great deal of time and energy on managing many separate insurance policies.

“We spent a lot of our energy focusing on an area that’s not our expertise,” said Sullivan. “We needed a solution that allowed us to focus on what we need to do to deliver good care and run the complexities of the business we’re in.”

They were challenged by the same issues that challenge any business.

“Our biggest challenge is time,” said Sullivan. “The balancing act of being an efficient, productive practice AND being an efficient, productive business is tough. Balancing delivery of care, talent attraction and everything else while trying to be profitable.”

SOLUTION

So, they turned to The Signature B&B Companies.

“We wanted a resource to take a holistic look at our coverage, as well as how our business was running and actually make some forecasts so we could move forward with our growth,” said Sullivan. “Rather than being reactive we wanted to be more proactive.”

RESULTS

After just one meeting with Signature they saw value in their single-source, full-service broker approach.

“Signature sat down and looked at our overall portfolio and not only saw avenues for us to save considerably, but also where we were quite redundant in our coverage,” said Sullivan.

Peak Performance saved $40,000 on their medical professional liability policy freeing up money to purchase even more protection that included cyber, EPL and inland marine.

Beyond the cost and time savings, they have also seen the long-term value of the relationship with Signature.

“Having dealt with a lot of professionals like legal and accounting, when you start off with people you see that often their interest is in the short term,” said Sullivan. “With Signature, they’ve been very good about saying, ‘Let’s talk about how we,’ … they probably could have sold us more expensive policies that would’ve helped them in the short term, but would have missed the mark on our longer term development.”

Sullivan added, “Signature gets it, because they understand that we’ll be a healthier business that’s going to need their services even more in the future rather than getting sold something short term that’s not going to help us.”

Through all this, Peak Performance has also been able to enhance patient care.

“If we’re not spending time and energy focusing on our insurance policies, then we’re focused on developing and attracting new talent, grooming them, training them, teaching them how to be better therapists and caregivers, said Sullivan. “We’re now focused more on what gives us net improvement in our practice rather than dealing with issues that slow us down.”

To learn more, call Julie Shumer at 516.240.8872 or email jshumer@sbbinsure.com. If you’d like a quote, please complete this quick form.

by Peter Schapero

I get asked all the time what makes The Signature B&B Companies unique in this increasingly crowded, confusing marketplace.

My response is simple. Although we are full-service insurance generalists, we also have a number of specialized practice groups that offer coverages and risk management insight that others can’t.

Additionally, we have tremendous relationships with carriers and insurance companies allowing us to negotiate terms, conditions and pricing on coverages that most brokers don’t even know exist.

How the New York Med Mal Environment Benefits You

Let’s take our specialty in medical professional liability insurance. It’s been dominated by two carriers for the last 30 or 40 years. And they’ve struggled.

Now, a number of carriers have come into the marketplace providing terms, conditions and pricing that’s literally shaking up the industry and physicians, practices and healthcare facilities have noticed and have started to move.

What’s interesting is that those two players were mostly direct writers, meaning they wrote directly with clients and medical practices.

However, these new carriers are working with agents and brokers. When your agent or broker is working with an insurance company, you’re not tied to that direct writer. In many cases, the insureds interests and the direct writers interests aren’t necessarily aligned. This can result in the carrier’s inane ability to negotiate claims in their best interest, not he insureds.

I believe that when you work with an independent insurance agent, they have your best interest at heart. And when you work with a specialized independent writer like Signature B&B, that’s exactly what happens.

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To learn more how The Signature B&B Companies can keep your best interest at heart, contact Julie Shumer at 516.240.8872 or email jshumer@gmail.com. To get a no-obligation risk assessment, complete this quick form and we’ll get you scheduled.

by Signature B&B Companies

A medical practice faces a variety of different risk exposures than the average commercial business.

In order to achieve maximum cost savings and protection, healthcare organizations require a specialized agency that possesses in-depth experience not only in commercial risk coverages, but also medical professional liability exposures.

The Signature B&B Companies’ (SBB) healthcare client Peak Performance Physical Therapy is a perfect example. We were able to restructure their medical malpractice protection and create more efficient commercial coverages for a combined total savings of $40,000.

Benefits of a Full-Service Agency Approach

We evaluate the landscape of a client’s location, as well as their comfort zone and look for ways to educate, provide resources and identify customized services that may have been overlooked by other agencies.

It’s about taking the time to understand a client’s business goals and how we can create operational efficiencies while also taking into account various state and federal requirements, potential cyber risks and employment practice liability exposures.

If you’re a healthcare practice or medical professional, now is the time to think differently about your coverages by allowing a full-service agency to identify practice exposures that will not only provide peace of mind, but also cost-saving opportunities that will allow you to reinvest in your medical practice.

To learn more, please complete this quick form.

by Ronald Brunell

Ron Brunell, managing principal at Signature B&B Companies talks about their approach to client management and how it’s been strengthened through the affiliation with Acrisure.

To learn more about The Signature B&B Companies and their complete approach to risk management, call 516.764.1100 or visit sbbinsure.com.

by Lewis Bernstein

If you want to sell your agency or buy an agency then you need to understand what is EBITDA.

Some people mistake EBITDA for an agency’s revenue or cash flow. Sure, revenue is part of it but there is more to your valuation. Let’s unpack this thing and understand its place in mergers and acquisitions.

Earnings Before Interest, Taxes, Depriciation and Amortization is what makes up EBITDA.

When The Signature B&B Companies were acquired by Acrisure there was, as you would imagine in a transaction of that size, quite a bit of due diligence. We started by examining our own financial statement.

If you have questions, like “what happens after you calculate your EBITDA?” feel free to give us a call at 516.764.1100.

by Ronald Brunell

The Wharton School of the University of Pennsylvania and Chubb recently awarded 33 insurance agents and brokers the Certified Advisor of Personal Insurance (CAPI) designation.

This program is designed to address the needs fo the high-net-worth household. Larger wage earners tend to live and play harder, this requires an insurance program to protect them from possible loss.

We, at Signature B&B and Acrisure, are very pleased to announce that our own Gerry Tobias, Partner, was one of the agents to receive the CAPI designation.

“We couldn’t be more proud of our Partner, Gerry. The CAPI program is extremely competitive and selective and Gerry’s designation is just one more example of the highly specialized, value added services we bring to our clients”, said Peter Schapero, Managing Partner.

The curriculum for the CAPI consists of six modules related to the needs of the high-net-worth family. It is a 12 month course of study during which students must complete a project to demonstrate their mastery of the curriculum.

The courses, taught by Wharton faculty and Chubb subject matter experts, include “Understanding the Total Family Balance Sheet”, “Collections” (art, jewelry, wine, etc.), and”Family Security”.

“Agents who have completed the CAPI program have demonstrated a full understanding of high-net-worth customers, including their financial affairs, family management and philanthropic activities,” said Annmarie Camp, Executive Vice President, Chubb Personal Risk Services.

The Signature B&B Companies have always put a premium on education and personal development. This is done by reimbursing all of our employee’s Continuing Education courses and through our Tuition Reimbursement Program.

You can find more information on Gerry Tobias or the CAPI program here.

by Lewis Bernstein

After growing up in the insurance business with modest means, it gives me great pride to be asked to serve as a Director for the Ronald McDonald House of Long Island.

Having experienced a financial event as an Acrisure Agency Partner, I am very fortunate to now be in a position to give back, not only monetarily, but with whatever intellectual property there is for me to share.

This is especially fulfilling as it helps such a worthy organization that aligns with values that are important to my family and me; making sure children and families are able to receive help when they’re in need.

A good friend once mentioned, “it’s good to take with one hand, but great to give back with the other,” and I look forward to all of the ways I will be able to give back to the Ronald McDonald House of Long Island.

As I’m sure you’re aware the RMHC allow families to stay together during times of great illness. The House was built on the foundation that nothing else should matter when a family is dealing with the health of a child.

Our homes are filled with more than help, they’re filled with hope

Every House provides the following services for families:

Home-cooked meals
Private bedrooms
Playrooms for children

The Ronald McDonald House of Long Island sits on the campus of the Cohen Children’s Medical Center of New York. Since it opened its doors in 1986, the House has welcomed over 18,000 families from over 80 countries.

You’re invited to take a virtual tour of the House and see our 2-year 44,000 sq. ft. renovation we recently completed. This would not have been possible if not for the private and public donations of time or money.

by Gary Castle

Purchasing insurance for your Home, Co-op, Condominium or Apartment can be a confusing process.

The purpose is to protect your property and your assets in the event of a loss such as a fire, theft, water damage, lawsuit, etc.

Trying to understand your coverage AFTER a loss occurs is a mistake.

This method can leave you with an uninsured loss or even worse in financial ruin. There are ways to prevent these unfortunate surprises from happening.

1. Know the claims process BEFORE you have a loss.

Managing a claim is a stressful experience. Why are some claims paid in full, some in part or some not at all? What information do I need to file a claim? Receipts, pictures, estimates, etc.

A conversation with your broker’s in-house claim department can afford you valuable information to prepare you for when a loss occurs.

Remember, an independent agent/broker can be your advocate when dealing with the insurance company.

2 – Understand WHAT you are buying.

Do I need to insure my house based on the Replacement Cost or the Market Value? Does my condominium or co-op provide insurance coverage for my kitchen cabinets, bathroom fixtures, wood flooring, etc?

Are my personal belongings covered under my policy if stolen from my car or when I’m on a trip?

Homes have mortgages, condos have by-laws, co-ops have proprietary leases and apartments have residential leases. An insurance professional can assist you in understanding what contractual obligations you may have under these agreements.

Identify any unusual or unique details about your lifestyle or residence that may differentiate it from another person or with a property of similar cost, size, and location.

3. Know WHO you are buying from.

There’re 24,000 restaurants in New York City. Would you eat at all of them?

Similarly, there are thousands of agents, brokers and direct writing insurance companies from whom you can purchase insurance. Are they equally qualified?

A referral from a respected source like an accountant, attorney, friend, relative or colleague can help direct you to a company that has already demonstrated its professionalism and level of service.

Purchasing insurance online without any direct, personal guidance may result in an overlooked or missed coverage. An Independent insurance agent represents many insurance companies and therefore can find the correct policy for you and your residence.

4. Know YOUR specific needs.

For example, What limits do I need? Can I get sued if my sink leaks to the apartment below? Does my swimming pool create an added exposure that I need to protect? What happens if my Nanny gets hurt while working for me? My residence is undergoing construction, do I need to notify someone? Do I need specific coverage for my Jewelry?

The goal is, when you know and understand your own specific needs, it’s less likely you will be surprised by an uncovered claim.

Remember, things will change over time so periodic reviews and discussions with an insurance professional are recommended.

5. Correlation: Cost of coverage and scope of coverage.

“You get what you pay for” is a phrase that is very relevant when it comes to buying insurance.

Finding out you have no coverage for a fire, stolen laptop, flooded basement, theft of belongings from a car or while on vacation can be a costly experience. Learning that you are not covered fully, or at all, for a contractor injured on your premises can be a life-changing event.

As you can see cutting corners when purchasing insurance or not having insurance at all can result in a financial loss that can be large or small. A good broker can work with you to help decide where your insurance premium dollars are best spent.

A small investment in time now, can pay off greatly later on when you may need your insurance to respond to a claim.