Are You Paying Too Much For Your Car Insurance?
Like food, housing, and medical care, car insurance is a necessity of life in the 21st Century. At a bare minimum, nearly every state in the U.S. has enacted mandatory liability car insurance laws for all drivers. On top of that, a new car is a significant investment that most owners want to protect with comprehensive and collision coverage.
Unfortunately, many people today are leaving money on the table in insuring their automobiles or trucks. You may be paying too much for car insurance when you could be saving hundreds of dollars a year. Our independent agency can shop around with multiple insurance companies to help you find the auto insurance coverage you need at the best available rates.
Factors that Can Lower Your Auto Insurance Premiums
There are a number of ways to save money on car insurance. Any of the following factors could make a difference in your rates:
- Your profession could net you lower premiums. Certain professions have lower accident rates than others and are associated with safe drivers. If you are a teacher, a nurse, or an accountant, for example, you may qualify for discounts on your premiums from many insurance companies.
- The amount you drive could lower your premium. Drivers who are on the road a lot have a higher risk of being involved in an accident. To qualify for the best premiums, let your agent know how much you drive. If you work from home, you may be eligible for a lower rate.
- Age and marital status can affect your rates. Older, married drivers are less expensive to insure because they are generally safer drivers who have fewer accidents. Be sure to tell your agent if you get married. Savings for being married are greatest for younger adults, but people over 30 still save money on car insurance when they marry.
- Luxury cars cost more to insure. It stands to reason that premiums are higher on newer, fancier cars that cost more to repair or replace. Insurance companies keep databases on the prices of parts and how much various items cost to repair.
- You can lower your premiums with less insurance or a higher deductible: If you are willing to pay more out of pocket with a higher deductible, you can significantly reduce your car insurance premiums. If you have an older car with low book value, you may consider dropping collision and comprehensive coverage.
Benefits of Shopping for Car Insurance with an Independent Agent
If you want to save money on car insurance, it pays to be proactive and look for potential discounts at least once a year. As you grow older and things change in your life, you may become eligible for discounts that weren’t available to you previously.
Our independent agency is committed to helping you save money, and we shop around to find the best deals available. We get quotes from multiple carriers, as opposed to a State Farm agent, for example, who is only allowed to sell State Farm auto insurance.
How To Keep Your Office Safe From Cyber Crime
Cyber crime is criminal activity carried out on the internet. It can be a crime such as hacking, spamming, or phishing in which a specific device is the object of the crime, or a crime in which a device is used as a tool to commit an offense.
Common cyber crimes include identity theft, unauthorized computer access, online theft of bank information, and online predatory crimes. Generally, cyber crime can be broken down into two basic categories:
- Crimes that target networks or devices. This includes viruses and DoS (denial-of-service) attacks.
- Crimes that use networks for other criminal activities. This type of cyber crime includes fraud, identity theft, phishing, and cyberstalking.
What Business Owners Can Do to Help Keep the Office Safe from Cyber Crime
Cyber crime is a real threat to businesses of any size today. Fortunately, there are steps you can take to help keep your enterprise safe.
Optimize Email Security
Have multiple layers of security to prevent hackers from accessing your company’s database for sensitive information. Rather than fight their way through levels of built-up security, cyber criminals are more likely to give up and turn their attention to more vulnerable systems.
Use State-of-the-Art Protection Software
Ensure that you have the most advanced protection software in place. This includes firewall, malware, global DNS protection, and spam and phishing protection software. Have a knowledgeable IT specialist advise you on the best programs to run.
Adopt Password Policies for the Entire Company
It is a must in any company to have policies in place that dictate how often passwords are changed, where they are kept, and how they are given out. Your password policy should prohibit staff from using the same password for multiple logins and sites. All staff should use two-factor or multi-factor authentication to log in anywhere.
Assess Network Vulnerabilities and Make Needed Adjustments
Have your IT support test your infrastructure and data centers to ensure your cyber defenses are sufficient for the current environment. Managed IT services providers can perform 24/7 monitoring, testing, and analysis and make adjustments as needed to ensure your data is fully protected.
Have Regular Meetings with Staff and IT Specialists
Your staff need to be on the same page with your IT support specialists to protect your company from cyber crime. Have regular meetings in which knowledgeable IT support shares their findings and implementations with the entire staff to help keep cyber security protections and policies working as they should.
Protect Your Company with Cyber Liability Insurance
A cyber liability insurance policy can help protect your company in the event of a data breach in which sensitive customer information is exposed or stolen by cyber criminals. Cyber liability insurance covers a variety of expenses associated with a data breach or cyber crime, including:
- Notification costs
- Defense against claims by state regulators
- Fines and penalties
- Loss resulting from identity theft
- Liability arising from website media content
- Property exposures from business interruption, data loss or destruction, funds transfer loss, computer fraud, and cyber extortion
The cost of cyber liability insurance will depend on various factors, including type of business, number of transactions per year, number of computers or devices, type of information collected, and security measures your company has in place. Our knowledgeable agency can help you protect your company with the right cyber liability insurance at the best available price.
Prepare Your Office For The Summer Heat
Working in a hot office all day can affect employee morale and productivity. It makes sense for business owners to prepare in advance for scorching summer days. The following tips can help you beat the heat and create a more comfortable office environment.
Make Sure Your HVAC System is in Top Running Order
When temperatures are climbing, an efficiently running HVAC system can make all the difference in the comfort of the building’s occupants. Schedule a professional service check and any needed maintenance, including coil cleaning and filter changes.
Block Out the Sun’s Rays
Sun shining through the windows will raise the temperature in your office. Close curtains and window blinds to prevent the sun from heating your offices. Remind employees to leave the windows closed while the AC is running.
Power Down Unused Electronics
Computer systems and machinery that are left running when they are not being used can consume significant amounts of energy and add heat to your office. Power down equipment and electronics not currently in use.
Reduce the Lighting in Your Office
Lighting can raise your energy costs and generate heat in your building. Turn off lights that are not needed to make the office a cooler, more comfortable environment.
Use Cooling Stands for Laptops
Many professionals today use a laptop, both on-the-go and while at work. Laptops get hot with extended use, which is not good for the device and generates heat within the office. Laptop cooling stands can help reduce the problem.
Allow Employees to Work from Home If Possible
Employees who travel to work must spend time in a hot car, bus, or train, which can make them irritable and less productive. When they arrive at the office, they power up computers and equipment and turn on the lights in their area. Allowing employees to work from home helps keep them cool and comfortable and can help lower the cost of cooling your office.
Provide Cool Water
It is easier to become dehydrated when temperatures are soaring. Providing filtered water coolers or refrigerated, bottled water can help keep your employees cool and hydrated and help raise morale and productivity.
Business Insurance to Protect Your Office
An important part of maintaining an office is having the insurance coverage you need. Business insurance can protect your company against losses caused by the company or its employees, and provide protection against third-party lawsuits. Our agency can help you determine the type of insurance coverage you need to minimize potential risks to your business and put an effective business insurance plan in place.
What Is The Right Time To Purchase Life Insurance?
Life insurance is important because it provides financial security for your loved ones should you become incapacitated or pass away. Even if you have no assets to pass on, a life insurance policy can provide an inheritance for them. It can also be used to pay off outstanding debts such as a mortgage, car loan, or credit card debts in order to avoid placing additional burdens on your family.
When is the right time to buy life insurance? The sooner, the better, if a spouse, child, or someone else depends upon your income. Our agency can help you find the right life insurance policy to suit your needs.
When You Should Consider Buying Life Insurance
The right time to buy life insurance depends on your age, your family status, and whether another person is depending on your income. If you are young, single, and childless with no plans to marry, you may not need life insurance at this point in your life. However, if your plans for the future include marriage and children, it may be wise to speak with an experienced agent about a life insurance policy.
In most cases, you need life insurance when you start a family. There is one exception to this rule. If a parent or relative cosigned for student loans, a mortgage, or other large debt, you may need a life insurance policy to ensure the debt will be covered in the event of your death.
How Much Life Insurance Should You Buy?
When the time is right to buy life insurance, you should determine how much you need before shopping for a policy. To make this calculation:
- Multiply your yearly income by the number of years you want the policy to cover.
- Add in any fixed expenses, such as college tuition.
- Subtract any savings or investments (non-retirement) that could offset expenses for your family.
Types of Life Insurance
The two basic types of life insurance are term and permanent. The permanent category is further divided into whole and universal.
Term Life Insurance
With a term life insurance policy, you pay premiums for a specified time (usually 20 or 30 years). If you die within that time, the insurance company pays benefits to your beneficiaries. However, when you stop paying premiums after 20 or 30 years, you no longer have coverage.
Permanent Life Insurance
A permanent life insurance policy will remain in existence as long as you continue paying premiums. Some of the premiums you pay accumulate a cash value that you can apply toward retirement or borrow against for the rest of your life. Whole life insurance premiums are fixed for life, while universal life insurance policies allow for adjustments to the premiums and benefits.
Term life insurance, whole life insurance, and universal life insurance all have their pros and cons, and it can be confusing. If you believe that it may be the right time for you to purchase a life insurance policy, our knowledgeable agency can advise you and guide you through the process.
Why It Is Important To Review Your Insurance Policies On A Yearly Basis
Insurance policies are living documents. They can, and should be, changed periodically to accommodate changes in circumstances and needs of the policyholder. Our agency can assist you with an annual review of your insurance policies to help ensure you have the coverage you need without paying more than you need to.
Reasons to Review Your Insurance Policies Annually
Certain factors should be checked with your insurance agent yearly, as regularly as you would have an annual checkup with your doctor. There are several reasons why this is an important process.
Changes in Your Circumstances
Your insurance policies need to be kept up-to-date to ensure that changes in your circumstances are factored into your risk. This may include a change of address, acquiring an additional vehicle, or adding a driver. Failing to update your policies could result in non-renewal or, even worse, a claim not being covered.
A home renovation or upgrade can affect the value of your home and the coverage you need and may qualify you for additional discounts. Furthermore, if you insured your home for a certain amount when you bought it, the home may have increased in value significantly over the years, even without renovations. This could leave you with a gap in coverage, making it difficult to rebuild if the home is lost through fire or other disaster.
Certain changes in circumstances can also have a significant impact on life insurance needs. If you get married, have a child, or buy a new home, it is important to review your life insurance policies with your agent.
Finding Available Discounts
Ensuring you have adequate coverage is not the only reason to review your insurance policies at least once a year. It is worth doing to make sure you benefit from any available discounts. For example, you may qualify for a discount on your homeowners insurance if you have installed a security system or a roof that is resistant to hail. Additionally, any people save more than 20 percent on premiums by bundling insurance – buying their auto, home, and life insurance policies from one insurance provider.
Discovering New Features and Services
Insurance companies are constantly creating new products and services to stand out and attract customers from other insurance companies. For those who qualify, some of these new features can save policyholders money in the long run.
Finding Out if Your Insurance Premiums Have Increased
Insurance rates may go up for many reasons, some of which are legitimate and some of which are not. Many people pay their homeowners insurance through an escrow account and have insurance premiums automatically deducted from their bank account, so they may not even notice when premiums are increased. During an annual review of your insurance policies, our agency can tell you if your insurance premiums went up and help you catch unacceptable rate increases.
Make Sure To Insure All Aspects Of Your Business
The minute you start a business, you are exposed to certain risks. The importance of having the right business insurance cannot be overstated. Our knowledgeable agency can help you fully assess your business insurance needs and find the right coverage at the best available rates.
Types of Business Insurance
Businesses today have a wide range of insurance options to protect them against a number of potential risks. The following are types of insurance that many businesses need to have in place as soon as possible after the entity is established.
Property Insurance
This is a must, whether you lease or own your space. Property insurance covers your place of business, equipment, inventory, furniture, and signage in case of a fire, storm, or theft. Many property insurance policies also cover costs such as debris removal after a fire and funds to continue operating until the damage is repaired.
Workers’ Compensation Insurance
This coverage should be added to your business policy when the first worker is hired. Most states require employers to carry workers’ compensation insurance. It covers medical expenses, disability, and death benefits in case a worker is injured or killed in a work-related accident.
Professional Liability Insurance
Also known as Errors and Omissions (E&O) insurance, professional liability insurance is essential if your business is involved in rendering professional services. This type of business insurance provides protection against negligence claims based on harm caused by mistakes or a failure to perform. Each industry has its own set of concerns to be addressed in a professional liability insurance policy tailored to that specific industry.
Product Liability Insurance
This business insurance is a must for any business that manufactures products for sale in the general market. Consumer product liability claims can arise no matter how careful you are to ensure your products are safe. Manufacturers in certain industries may need more product liability coverage than others. Our agency can help ensure that your enterprise is protected with adequate product liability coverage to suit your business needs.
Commercial Vehicle Insurance
You will need commercial vehicle insurance for any vehicle used in the operation of your business. This includes company vehicles and may include employee-owned vehicles, as most personal auto insurance policies exclude vehicles used for business purposes. Within policy limits, this insurance covers bodily injury or property damage caused to others by the operation of your business vehicle. It is possible to customize your commercial vehicle insurance policy to include other coverage, such as replacement of a vehicle damaged in an accident.
Business Insurance Rates
Many factors affect the cost of business insurance, from the industry you are in, to the size and location of your business. Generally, the riskier your business is, the higher the rate you will pay for insurance coverage. Our experienced agency can help you find the coverage you need to fully protect your business at the best available rates.
How To Prevent Your Business From Being Hacked
A business of any size may be vulnerable to a data breach. Cyber attacks have become a frightening reality for individuals and organizations in recent years.
Business owners should do all they can to secure their websites and customer information. If your business stores passwords, credit card numbers, or any form of sensitive client or customer information, be aware that hackers have you in their sights.
Taking certain key steps can help protect your business from hackers. Having the right cyber liability insurance can help protect your company from losses if a data breach occurs despite your best efforts. Our agency can assess your risk for a cyber attack and help you obtain the cyber liability insurance coverage you need to protect against a costly breach of your system.
Get the Right Technologies in Place
Make sure you have an advanced firewall system to protect your business network. Update patches on your software regularly. Require strong passwords to access sensitive or confidential information. Implement cyber-protection software that hunts out malware and viruses in all digital systems in use in your company.
Store Only the Customer Data You Need
Make it company policy to purge sensitive customer information from your system once the data is no longer needed for the business at hand. It is not a good practice to keep credit card numbers and other confidential information to have them on file. The risk of a data breach far outweighs the convenience to your customers.
Train Your Employees to Guard Against Cyber Attacks
A large percentage of data breaches occur when employees click on malicious links they receive via email or unintentionally and unknowingly supply sensitive information to hackers disguised as reputable persons seeking information. Train your employees on how to spot and avoid breaches. Ensure that employees use secure networks and strong password protection when they are working remotely or using smartphones, laptops, or other personal devices for work.
Encrypt Your Data
Hackers are searching for sensitive information companies have left unprotected. To safeguard your business against cyber threat, take steps to ensure that important data your company holds is encrypted. Full-disk encryption tools that come standard with most operating systems can encrypt all your files without slowing your system down.
The Importance of Cyber Liability Insurance to Protect Your Business
If your business uses any digital device, it is at risk for cyber attack. If a data breach occurs, most cyber liability insurance policies provide first-party coverage for a range of losses, including costs associated with:
- Business interruption
- Extortion
- Notifying customers of a breach
- Hiring a public relations firm to repair damage to company image
In addition, cyber liability insurance policies with third-party coverage will pay for penalties, fines, and defense expenses for network and information security, based upon policy limits and the coverage you have in place.
Even if you hire an outside vendor to host your data, your business is still responsible for breaches. General liability insurance does not cover data breaches.
The cost of cyber liability insurance will depend on several underwriting factors, including the type of business, the number of transactions per year, the type of information you collect, the type of security you have implemented, and the number of computers and digital devices in use. Our knowledgeable agency can help you find the best available rates for the cyber liability insurance policy your business needs.
Great Insurance Tips For First Time Home Buyers
Homeowners insurance is not required by law like automobile liability insurance. However, it is required by mortgage companies to protect the lender’s investment. Even if you were able to pay cash for your home, homeowners insurance is an important protection for what is likely your biggest asset. The following are some tips about homeowners insurance for first time home buyers.
Get Renters Insurance to Help Lower Your Homeowners Insurance Premiums
Renters insurance can not only protect you from losses such as fire and theft while you are renting, it can also help you save money when you buy your first home. Insurance companies offer discounts to people with loss-free claims histories. Having an inexpensive renters insurance policy for a few years prior to purchasing a home is a good financial investment, as it may save you a significant amount on your homeowners insurance premiums in the future. Our agency can assist you with both renters and homeowners insurance.
Factor Homeowners Insurance into Your Calculations
When you are calculating how much your mortgage payments will be, ensure you factor in homeowners insurance. Like property taxes, your insurance premiums will likely be paid out of an escrow account and added to your monthly mortgage payment.
Consider Property Features When Shopping for Homeowners Insurance
Different features of your new home can factor into the type of coverage you need. For example, if your home has a security system, a swimming pool, or a trampoline, or even if you own certain breeds of dogs, it can impact your coverage needs. If you live in a flood zone, you will need a separate insurance policy to cover the risk of flooding.
Bundle Policies to Save Money
Think of bundling as a discount for buying in bulk. Buying your homeowners insurance, automobile insurance, and life insurance from the same company can lower your rates by up to 25 percent.
Consider Raising Your Deductible
One way to lower premiums is to raise the amount of your per claim deductible. Although it will instantly lower your rates, raising your deductible is a decision you will need to consider carefully.
Mortgage Insurance May Be Cheaper through an Agent than through Your Lender
When you are buying a home, your bank or mortgage lender may offer you mortgage insurance to protect the investment. Lenders want to ensure that they will get their money back should anything happen to the borrower. Their rates may be based on their average client, which may be far higher in cost than you would pay if you went through an insurance agency.
Start Shopping Early for Homeowners Insurance
Too many first-time home buyers leave homeowners insurance to the last minute. This is a mistake that can leave you with limited options. You may feel pressured into deciding quickly, without time to carefully consider the coverage you actually need. Our agency can help you find a homeowners insurance policy that suits your needs.
How EPL Insurance Can Save Business Owners From A Legal Let-Down
We live in a litigious society. No matter how carefully you train your employees, over the course of doing business it wouldn’t be rare to be facing a lawsuit for discrimination, wrongful termination, sexual harassment, violations of the APA, retaliation claims, a liability lawsuit related to fiduciary duty, or other legal threat. You want to be protected against this type of occurrence, and EPL insurance could be your answer. EPL insurance, or “Employment Practices Liability insurance,” adds a level of protection that every business owner should have in place to protect the bottom line.
EPL Insurance Protects Against Certain Types of Lawsuits
EPL insurance provides a further layer of protection for businesses, as this type of insurance protects against lawsuits associated with negligent hiring, training, and supervision, where a general liability insurance policy may not. EPL insurance also protects against legal issues between your employees and third parties such as customers when this provision is added or is part of your EPL policy.
Lawsuits are extremely stressful for business owners. With the right EPL insurance policy in place, you and your company are in a more favorable financial position when facing certain legal situations. Your policy should be customized to meet the needs of your company, based upon the type and size of your enterprise, and affordable enough to be accessible. There are several companies that offer EPL insurance products, and each policy offers different coverage. Not every policy will fit so you need to find the right one at a price that you can manage.
Another factor that could be important is the ability to select an attorney of your choice to defend against the action, rather than being represented by a lawyer chosen by the insurance company itself. Essentially, you need to thoroughly understand the terms of your EPL insurance policy before you commit, and that may not be easy on your own. Get help from a local agency that will take the time to understand your business and potential liabilities and who will then work to customize your EPL coverage so it matches your needs.
Two Type of EPL Insurance
There are two general types of EPL insurance policies: claims-made and occurrence. The difference is that a claims-made policy insures against incidents reported during the period the policy is in force. If you need to be insured against prior acts, discuss the retroactive date you need with your agent. An “occurrence” policy covers your business for claims filed during the period you were covered, even if the policy is no longer in force when the lawsuit is filed. The fact is that choosing the right EPL policy requires help from a professional who understands and can explain your options.
EPL insurance can cover the following potential business losses:
- Back pay
- Lost benefits
- Legal fees
The losses that are covered will be listed in your policy and if you have concerns about whether you are covered for various losses, talk to our agency.
As local business owners ourselves, we truly understand the importance of the bottom line. We will work closely with you to customize your various business insurance policies so you keep your enterprise safe should a lawsuit be filed against you. Our appointment times are flexible, and we are happy to meet with you off business hours if this is more convenient for you.
Are You Ready For The Next Step?
No one likes to think about what will happen when they are no longer around or able to make important decisions, but if you are a small business owner, then nothing could be more important for the future of your company. Succession planning is the practice of drawing up a plan for what will happen to your business if you pass away, retire, or become incapacitated. You could leave your business interests to a family member or trusted employee, but without a clear succession plan, the fate of your company could be left up to the legal system, with ownership contested in a contentious legal battle and everything you’ve worked to build could be lost. The time to start planning is now when you can consider your options and make a well-informed decision for the benefit of your business.
Know Your Options
As the owner of your business, you are what is termed a “key person” within the business – someone whose sudden absence could be catastrophic or fatal to the company. Particularly in a small business, one or two people may be responsible for the majority of the operations, with no one else as knowledgeable or qualified to perform the same actions. For this reason, many small businesses are unable to survive the death of their founder(s) or owner(s), and collapse within one generation. If your hope is to create an enterprise that will outlive you, it is time to make succession planning a priority.
One way that more and more businesses are starting to plan ahead is by investing in key person insurance, a type of life insurance where the business itself is the beneficiary in the event of the key person’s death or incapacitation. In the wake of a tragedy, such employee insurance can mean the difference between bankruptcy and the continued survival of the company by providing the finances to tide the business over during the period of transition. Even if the company is unable to survive in the long run, key person insurance can provide the wherewithal to pay off debts and set the business’s affairs in order before closing down.
Key Person Insurance: Is It Right for Your Business?
If you are unsure whether key person insurance should play a role in your succession planning, ask yourself this question: Who in my business is irreplaceable? If there is any individual without whom you can’t imagine the business surviving, then it may be a good idea to consider purchasing key person insurance for that person.
Only you know what is in the best interest of your company, and only a qualified insurance agent can help you choose the route that best protects those interests. Our agency is dedicated to looking to the future to protect what you’ve built. As a key player in your business, you take responsibility for its day-to-day operations. Take this step to take responsibility for its future. We are ready to sit down with you and explore your options, so call us and speak to one of our agents about scheduling a consultation today.
