Agency problems and reputation in services - MyAssignmenthelp.com

Question: Discuss about the Agency problems and reputation in services. Answer: Commercial auto insurance The insurance product or service in this paper is the auto repair garage insurance. The chosen product or service in this regard is the commercial auto insurance. As the subject is insurance, no specific product can be taken in this context. It would be better to take a service of the insurance policies (Schneider, 2012). In this case the commercial auto insurance has been selected. There are many benefits of the commercial auto insurance. This insurance service is for the benefit of the business customers. If the repair of the auto services is required, the owner of the vehicle will get the protection in real time. There will be no issues about who is driving the vehicle. If there are any cases of lawsuit because of harsh driving by the drivers, this insurance policy will fix all the charges like the car damages, fees of the lawyer and all the medical expenses. The insurance limits are higher so there will be no problem about returning the monetary amount for the damages (Desyllas Sako, 2013). If the employees of the company get into any accident, this insurance policy will save the employees as well. It is because the employees are the main pillars of the organizations. The insurance will cover all the internal stakeholders of the organization and thus, employees will receive accidental benefits from the insurance. This insurance policy protects the business employees from all the lawsuits. This commercial auto insurance helps the business equipments like catering equipments to the hydraulic fits. This insurance coverage will allow the company to replace these tools and equipments. Thus, the insurance will provide holistic coverage for the company. The commercial auto insurance will help to protect the interests of the requirements of the business. The commercial auto insurance will help the employees to get many advantages (Desyllas Sako, 2013). One of the key advantages to be gained by them is the financial assurance of their accidents and any unwarranted incidents. Many other benefits are also offered as well by the commercial auto insurance. This includes providing medical benefits and assistance to the employees and their families. The commercial auto insurance will offer the coverage to the concerned business owner and the employees. The business can stay with compliance with all the local and state laws. The commercial auto insurance can be very beneficial in the case of providing the protection for the entire business. This kind of insurance helps the business to get protection from the severe lawsuits. The business can be saved from being bankrupt. The liability coverage can be given to the vehicles if commercial auto insurance is done. The business will not be liable to be suffering losses. The business owners can opt for working with their independent insurance agents for better service. Losses in commercial auto insurance The losses that can be portrayed on the commercial auto insurance are:- The market conditions are very soft in most of the no-auto lines. The meaning of this is the fact the competition is very much. The investment returns have been very slow indeed. This would require more growth in the coming years (Baker Swedloff, 2012). The direct premiums will increase in this year. So the sauto rates will go higher in many cases indeed. The costs are increasing so it is becoming very problematic to carry through the commercial auto insurance (Baker Swedloff, 2012). The loss ratios are very high. This is why the auto insurance premiums will continue to rise. The two companies that provide the best services in the commercial auto insurance are Aviva Canada Group of Companies and Umbrella Warranty Ltd (Umbrellawarranty.ca, 2018). These two companies play an essential role in promoting the commercial auto insurance. This is a beneficial insurance service for many organizations indeed. This is really an important service in the limelight of auto repair garage insurance services. References Baker, T., Swedloff, R. (2012). Regulation by Liability Insurance: From Auto to Lawyers Professional Liability.UCLA L. Rev.,60, 1412. Desyllas, P., Sako, M. (2013). Profiting from business model innovation: Evidence from Pay-As-You-Drive auto insurance.Research Policy,42(1), 101-116. Schneider, H. S. (2012). Agency problems and reputation in expert services: Evidence from auto repair.The Journal of Industrial Economics,60(3), 406-433. Umbrellawarranty.ca. (2018).Vehicle Mechanical Breakdown Coverage | Umbrella Warranty.Umbrella Warranty. Retrieved 25 January 2018, from https://umbrellawarranty.ca/