What Can I Expect My Worker’s Compensation to Cover?
Your business’s workers’ compensation policy protects against lawsuits filed by injured employees. The trade-off is the cost of these policies eats into your profits. Every workers’ compensation policy is slightly different, and it is important to know what it does and does not cover.
Your Workers’ Compensation Policy – Are You Getting the Best Deal?
Essentially, workers’ compensation covers injured or ill employees in job-related cases. These policies pay for:
- Medical care
- Ongoing treatments
- A percentage of lost wages
- Disability benefits
- Funeral costs
A workers’ compensation policy will not pay these costs for injuries or illnesses unless they are work-related. State laws vary regarding workers’ compensation, but any business with more than a certain number of employees (typically five) must carry this insurance and keep the policy current. It comes with a significant level of protection – injured or ill employees, in most cases, are barred from filing a personal injury lawsuit against the business but can expect medical care and some percentage of the lost income.
Workers’ Compensation Fraud – Should You Worry?
Unfortunately, the workers’ comp system is also prone to fraudulent claims. An estimated $30 billion in fraud occurs every year, but most workers’ comp claims are legitimate. A claim filed and paid has an impact, raising the cost of premiums. It makes sense to carefully evaluate any workers’ compensation claim and ensure that you are not the victim of insurance fraud if you have doubts about the validity of a claim. If you do, you must notify your insurance carrier of your concerns so that they can investigate. As an employer, you have the right to dispute a claim under the processes required in your state.
Steps to Choosing the Best Coverage for Your Business
Business owners in most states will have two options for purchasing workers’ comp insurance: a State fund or a private insurance company. A few states offer only a state fund. The cost of this insurance is generally a big bite out of profits, so shopping around makes sense. Meet with a local business insurance agent to get multiple quotes before you commit. The issues to evaluate in a decision include:
- Your state’s coverage requirements
- Your industry requirements
- Your annual payroll
- History of workers’ comp claims
- The cost of premiums
Reducing the Cost of Workers’ Comp – Your Options.
To make your company’s premiums more affordable, including shopping for a better deal with the help of a local workers’ compensation insurance agent who has access to the latest deals, which can change from year to year. Essentially, the fewer claims, the lower your premiums. It is in your company’s best interests to implement a customized workplace safety program with regular seminars and workshops for your employees. Fewer claims mean lower premiums.
Benefits: What Does Your Company Offer?
The job market has changed, with a low national unemployment rate. The best employees look at several issues when applying for a job, including the benefits package you offer. In workers’ compensation, how medical care is provided can vary. Some employers require injured workers to go to a specific medical provider or clinic, while others allow them to visit their own doctor. When planning your workers’ comp insurance, consider it part of the benefits package you offer your employees and that the best employees in the current job market are fielding many job offers – make yours among the best.
Should I Purchase a Car with License Plate Lights?
Depending on where you live, you may be required to have license plate lights. Consider buying a car with license plate lights or installing a light on your existing vehicles. The lights illuminate your license plate, and if your state requires it, ensure the lights are in good working order – you could be pulled over and cited if the light is burned out.
Advantages of License Plate Lights – Modern Technology
If you live in a gated community, the license plate recognition software at the gate makes entering easy. Toll roads are often equipped with similar technology, and an illuminated plate makes it possible to drive through toll gates without the need to stop.
Purchasing a Car: A Smart Investment.
When purchasing a car, whether new or used, the first requirement on the list is reliability. Many drivers rely on vehicle information found on sites such as consumer reports or Edmunds. These sites offer consumers valuable data on vehicle brands’ performance and consumer reviews.
Before purchasing a used vehicle, ensure a full mechanical check is performed, including headlights, taillights, brake lights, and license plate lights, as well as all essential safety systems such as tires, brakes, airbags, seatbelts, transmission, and engine. This check can reveal issues that make the vehicle a poor choice – and save you from a series of costly repairs.
New Cars and License Plate Lights
All new cars are equipped with license plate lights, so if you purchase a new car, you are provided with these lights. New types of lights are becoming popular with vehicle owners, including LED lights, which last longer – but must comply with state law if you consider colored lights to customize your vehicle. You don’t want to be pulled over and cited.
State Vehicle Codes and License Plates
Every state has requirements regarding the visibility of license plates. Generally, you are required to ensure your plates are clean enough for numbers and letters to be readable, the plates are valid in your state, and your tags are current. You risk being pulled over if your license plate is dirty, muddy, or otherwise difficult to read. License plate lights can help keep you and other drivers safer on the streets and highways in your area. Imagine your vehicle is in a collision, and the driver flees the scene (hit and run). Using your phone to capture an image of the negligent driver’s license plate could save you from being forced to pay for costly repairs. Illuminated plates protect both you and the other drivers in your community.
Accidents and Insurance
Most people will be involved in an auto accident at some point in a lifetime, hopefully, a minor fender bender. However, even the safest driver can make an error, cause an accident, and be held liable – and that’s when your personal insurance could save you from a financial disaster. Your auto insurance may cover the cost of some losses, but in the case of a serious injury, the driver who caused the crash will be responsible for medical bills.
When the cost of medical care exceeds your auto insurance’s bodily injury liability policy limits, your personal insurance policy brings an added layer of protection. For more information about personal insurance, meet with one of our local agents to review your insurance and advise you about the types of coverage that could protect you and your family.
3 New Year’s Resolutions for Small Businesses
2023 is almost upon us, along with the long-held tradition of New Year’s resolutions. For individuals, after a season of parties, food, holiday cookies, cakes, and drinks, resolutions about losing weight are a common theme – but what about small business owners?
The New Year is the ideal time to set goals for the year, establish a workable plan to achieve those goals, and evaluate the current performance of your business.
Business Goal Setting for 2023
Small business owners are typically deeply involved in every facet of the operation, including hiring, sales, delivery, and financial planning. The COVID pandemic seriously impacted small businesses throughout the country, even with government help.
Layoffs, cutbacks, and budget trimming may have been the only way to survive. Other small businesses, particularly those that could continue to operate, or provide essential services, may have done well. With the pandemic fading, now is the time to plan for a profitable year. Rather than continuing with “business as usual,” the New Year is the ideal time to review the past year’s production and plan for the new. Three of the most important New Years’ resolutions for small business owners include:
Review your Marketing Spend.
Most small businesses invest in marketing but may not take the time to determine what worked, and what didn’t. If you use a marketing firm, whether online, traditional, or both, most companies offer analytics that can tell you much about where your customers are coming from. Once this is determined, you can “mine” that area more deeply in the coming year. Marketing initiatives that have not increased sales can be canceled, with the money dedicated to programs that are bringing in customers or clients.
Evaluate Your Online Presence.
Many small businesses have a website but may not have paid much attention to it over the years and may not realize it could be an untapped goldmine. Your potential customers are out there, and if they can’t find you, they will go somewhere else. It may be time for a site redesign, and an online marketing plan, built around your available budget.
Review your Business Insurance Policies.
Your business insurances are an investment every small business needs. A business changes year to year, and so do the business insurance coverages you need – and new programs may be available on the market. Take the time for a full review of your policies and coverages. Meet with a local business insurance agency to look over all your policies to ensure your business – and your years of dedication and hard work – are protected, and at the best rates.
Types of Business Insurance – What Do Your Business Really Need?
Every business has unique insurance needs. Depending on what you deliver to your customers, clients, or patients, you may need specific coverages. Some of the options include:
- General liability insurance
- Product liability insurance
- Professional liability insurance
- Commercial property insurance
- Professional liability insurance
- Workers’ compensation insurance
- Cyber insurance
- Umbrella insurance
- Commercial auto insurance
- Home-based business insurance
- Business owners policies
- Employment practices insurance
The basic minimum coverage for small businesses is general liability insurance, which covers your operation for issues such as bodily injury, property damage, claims of false advertising, and other risks. These policies vary in price and policy limits, and it is possible that you could find better coverage at a lower rate. Take advantage of the start of the New Year and meet with a local business insurance agent to review your coverage and find the best deals now available – your company’s survival is important to you, your employees, and the community at large, and deserves to be protected.
How to Protect Your Home During the Holidays
Most of us look forward to the holidays with anticipation. Family, friends, and work get-togethers, parties, events, and foods and treats make the winter holiday season a favorite for people of every age – but it is smart to be aware of the risks. To protect your home and your valuables, check out these practical home safety tips:
Protect your home from the risk of fire.
Candles are one of the most common causes of serious or deadly home fires. A candle, while bringing a lovely ambiance to a room or table, is a severe fire risk. The hot wax, when spilled, can ignite table coverings, floors, drapes, or furniture. While the soft, warm light of candles is warm and soft, it is strongly advised that rather than wax candles, you purchase LED light candles that provide a similar soft light, minus the risks. The National Fire Protection Association reports that about 8,200 candle fires occur each year. In some cases, the entire home and all the valuables within it are engulfed and gone forever.
Electrical cords and lights
Decorating your home with strings of lights inside, outside, and on indoor holiday trees is a season’s tradition. However, it is vital that the lights you use are safe and installed correctly, as about 45 percent of home holiday tree fires start with strings of lights. Turn off the lights when away from home or while sleeping. Ensure the lights you use have the Underwriter’s Laboratory product safety logo (UL).
Could you check strings of lights before placing them on a tree or around the home to make sure no cords are frayed or broken? If you plan to put strands of lights outside, use plastic holders; never staples or nails. Place all extension cords in safe areas where they do not pose a tripping hazard, and be aware that too many strands can overload an electrical circuit, which could lead to fire and losses that will make the holiday season a nightmare.
Replace batteries in smoke detectors
Our home smoke detectors are a critical safety feature, but the batteries will not last forever. Replacing the batteries in these units before the holidays is a smart way to protect your family and home. As the batteries must be changed yearly, make it a habit to replace them just before the holidays to ensure your family is alerted in the event of a fire.
Traveling for the Holidays?
Protecting your home and valuables is of great importance if you plan to travel during the holiday season. It is a sad fact that home burglaries spike over the season. Home burglars target homes with poor security features, where it is more evident that the home is vacant, particularly in homes in more secluded areas. Set timers on your interior home lights, secure your valuables such as jewelry or other smaller items in a bank safe deposit box and install a digital doorbell that alerts you when someone approaches your home. If you have a security company, ensure you inform them that you will be out of town.
Have Guests Visiting? Safety Matters.
If you plan to have relatives or friends staying at your home, be aware that you may be liable in a lawsuit if someone is injured on your property. Please make sure you have adequate home insurance and liability coverage. A serious injury, such as a fall on a slippery walkway, a trip, a fall, or even food poisoning, can lead to a hospital stay or worse, and you may be responsible for the bills. Your personal insurance can help you through these events without suffering a financial disaster.
Your Personal Insurance Policies and the Holidays
It is advised that your personal insurance policies are reviewed yearly to ensure you are adequately covered should an unexpected problem arise, whether a burglary, injury on your property or fire. For help, contact one of our local agents, who can help you find protection for your home and valuables to best suit your situation at rates you can afford.
What Is and Is Not Covered by Home Insurance
|
||||
|
|
||||
|
Is My Business Covered in the Event of a Cyber Attack?
Small business owners are not exempt from the risk of a cyberattack. The loss of customer data is a financial disaster, and with cyber incursions becoming more common, and hitting even the largest companies, from banks to retails to online giants with extensive security, it is well worth ensuring your business has adequate cyber insurance.
The Costs of a Cyber Breach
The financial losses a business will experience after a cyber attack are extensive, and include:
- Legal costs
- The cost of a forensic investigation to identify who was affected by the breach
- Potential fines and penalties
- Credit monitoring for affected customers
Cyber Insurance and Exclusions
Every cyber insurance policy is different – and the differences are found in the small print. Your policy has exclusions that must be fully understood. A full audit of your cyber insurance is a critical aspect of ensuring your business is fully protected. Your business cyber insurance does not cover the losses associated with stolen intellectual property or copyrights.
An insurer may deny a claim if it is found that the policy owner failed to safeguard business data. Most of these policies exclude the losses related to wars, invasions, or insurrections, which are very unlikely events, thankfully. Exclusions for “prior acts” mean that if your business had a breach before the policy was in effect, it is not covered. This poses a problem, as some cyber breaches are not discovered for months after the fact. Always keep your cyber insurance current, and do not allow any lapse, for this reason alone.
Types of Data Breaches Affecting Businesses in the USA
- Confidentiality Breaches: These attacks involve an outside individual gaining access to private business and client information by accident. When this occurs, the affected patient, customer, or client can file a legal claim against the business to seek compensation for revealing private information.
- Availability breaches: This type of breach is typically associated with ransomware, when huge blocks of data may be lost or destroyed, even if the ransom is paid.
- Stolen information: An employee may access client information on a home device or phone, which opens the door for bad actors to gain access to client data, which they then sell to others involved in criminal activity.
- Confidential data breach: An individual, either within the business or outside the business, gains access to private information and steals it from the business. These breaches may not be noticed for many months, as the individual may work within the company and did not leave a visible trail.
After a Cyber Attack, Will Fines be Assessed?
When a business has been the victim of a cyberattack, credit card companies may assess fines. Your cyber insurance policy will have limits and deductibles, which should be carefully reviewed. The losses to a business from a cyber breach can be so expensive that an uncovered business may have to close.
Get Help When Choosing Your Business Cyber Insurance
The best way to protect your business from the losses of a cyber breach is to work closely with a local agent to select the ideal policy for your business. If you feel your current policy may not provide the coverage you need, your agent can check the market to identify the policy that best suits your business, provides the best coverage, and has the lowest rates.
I Missed an Auto Insurance Payment: Here’s What to Expect
Life happens, oversights can occur, and payments sometimes get missed. If you missed a car insurance payment, don’t panic. Your policy will not be cancelled immediately. State laws require auto insurance companies to provide notice to policyholders before cancelling their coverage for nonpayment.
What Happens if I Don’t Get My Payment in on Time?
Most car insurance companies offer a grace period for late payments. If you submit your payment a few days late, it should not be a major problem. However, the grace period can vary from one provider to another. It is important to make your payment as soon as possible after you discover the oversight.
What if My Car Insurance Payment Is More Than a Few Days Late?
If the grace period has passed and your payment has still not been received, your insurance company will notify you by mail or by email before cancelling your policy. Generally, you will have between 10 and 20 days to rectify the situation by bringing your payments up to date. If you receive a notice of cancellation, contact your insurance company to find out if your auto insurance policy is still in effect.
What Should I Do if My Policy Has Been Cancelled?
If your policy has already been canceled, find out from your insurance company if you can renew it. Reinstating the same policy that was just cancelled for nonpayment will allow you to maintain continuous coverage without a lapse. To reinstate your previous policy, you will need to pay the past due balance to your insurer.
What if My Policy Cannot Be Reinstated?
You will need to purchase a new auto insurance policy as soon as possible if the insurance company will not reinstate your previous coverage. This may be more expensive, but it is nevertheless necessary. Without the minimum coverage, you cannot legally drive your vehicle.
What Are the Consequences of Not Having Auto Insurance?
Drivers are required to carry mandatory minimum auto insurance coverage in nearly every state in the U.S. If your car insurance lapses for nonpayment or any other reason, there may be financial and legal consequences, including:
- Driver’s license suspension: In many states, insurance companies are required to notify the government when drivers let their auto insurance lapse. It could mean automatic suspension of your driving privileges or your vehicle registration.
- DMV administrative fees: In some states, drivers are required to pay administrative fees to the DMV for lapses in auto insurance coverage.
- Higher auto insurance premiums: If you let your coverage lapse, even briefly, you are likely to see an increase in your auto insurance rates. Insurance companies want their policyholders to be reliable in their payments.
- Lower credit score: Failure to pay your auto insurance premiums can impact your credit score, which can affect your ability to get a loan.
If you need auto insurance, contact our agency today. We can help you find the best quote in the area for the coverage you need.
Top 3 Business Insurance Myths
Insurance is essential in today’s economic environment. We have health insurance in case we become ill or injured. We carry auto insurance so we can legally drive and for protection in case of a crash. Businesses are no exception to the rule. If you own a business, you need the right kinds of business insurance coverage to protect it.
The following are common business insurance myths – debunked:
1. A Small Business Doesn’t Need Insurance
This statement is simply false. We live in a litigious society and a business of any size can be sued. Many small businesses are involved in litigation every year.
Business insurance is not about the size of your business property, the number of people you employ, or even your revenue. It should be based on the exposure to risk your business faces. Whether the risk is fire, theft, liability for injury, or a lawsuit based on a service or product your business provided, the right insurance coverage can help shield your company from disaster.
2. Homeowners Insurance Will Cover My Home-Based Business
If you are self-employed and work out of your home, it is important to know that your homeowners insurance will not provide adequate coverage for your home-based business. The typical homeowners policy only provides $2,500 in coverage for business equipment, as stated by the Insurance Information Institute (III). This may not be enough to cover all your business property. You may also need liability and lost income coverage, which a homeowners policy will not provide. To insure a home-based business, your options may include:
- Endorsements: Adding an endorsement to your existing homeowners policy can increase your coverage for business equipment. You can also add a homeowners liability endorsement in case a client or delivery person gets hurt on your property.
- In-home business policy: This type of policy can provide more comprehensive coverage for your home-based business. Policies can vary widely from one insurer to another. In addition to protection for your business property, most will reimburse you for loss of important records, and some will cover lost income from business interruption. Generally, these policies provide broader liability coverage with higher limits.
- Businessowners policy (BOP): This type of policy is designed for small to mid-sized businesses. It is a good choice if your home-based business operates in more than one location. A typical BOP will cover business property and equipment, liability, loss of income, and extra expenses, on a much broader scale than an in-home business policy.
3. Business Insurance Is Too Expensive
Business insurance is not free, but it is necessary to operate a business. It is not cost-effective to cut corners in a way that leaves your business exposed to serious risk. Small businesses are sued every day for a variety of reasons. The cost of your business insurance will depend on several factors, including your size, your location, and the types of services or products you provide.
Our agents have extensive experience with business insurance policies. We can help you get the coverage you need at the best available rates.
Who Needs Workers Comp Insurance
|
||||
|
|
||||
|
Native American Heritage Month
National Native American Heritage Month is celebrated in November of every year. It is a time to explore the heritage and culture of Indigenous peoples, both historically and in the present. In the month of November, we celebrate Native American, Alaska Native, Native Hawaiian, and Island communities to ensure their histories and traditions continue to thrive with the coming generations.
Native American Heritage Month is a time to acknowledge the important contributions of Native people. It is also a time to educate the general public about tribes, and to raise awareness of the unique challenges Native people have faced in the past and still face today, and how they have worked to conquer those challenges, as stated by the National Congress of American Indians (NCAI).
Institutions that join together in paying tribute to Native Americans include:
- Library of Congress
- National Endowment for the Humanities
- National Park Service
- National Archives and Records Administration
- National Gallery of Art
- Smithsonian Institution
- United States Holocaust Memorial Museum
Native American Heritage Month Exhibits and Collections
The Native American Heritage Month website displays select exhibits and collections. These include more than 18,000 digitized photographs from the Bureau of Indian Affairs. Exhibits are provided by the Library of Congress, the National Archives, the National Gallery of Art, the National Endowment for the Humanities, the Smithsonian Institution, the World Digital Library, the National Park Service, and others.
How Was National Native American Heritage Month Established?
It began at the turn of the century as an effort to get a day of recognition for the substantial contributions the first Americans made to the growth and establishment of the United States. Dr. Arthur C. Parker, a Seneca Indian, was the Director of the Museum of Arts and Science in Rochester, New York, and a proponent of American Indian Day. He got the Boy Scouts of America to adopt a day for the “First Americans” for three consecutive years.
In 1915, a plan for American Indian Day was formally approved at the annual Congress of the American Indian Association meeting in Lawrence, Kansas. Its president, Rev. Sherman Coolidge, an Arapahoe, was directed to call upon the country to observe the day. Rev. Coolidge issued a proclamation declaring the second Saturday of every May as American Indian Day on September 28, 1915. His proclamation contained the first formal appeal for recognition of Native Americans as citizens.
The previous year, a Blackfoot Native American known as Red Fox James rode horseback from state to state seeking approval for a day to honor Native Americans. He presented endorsements from 24 state governments at the White House on December 14, 1915.
The first state American Indian Day was declared by Charles S. Whitman, Governor of New York, on the second Saturday of May 1916. Several states, including Illinois, celebrate American Indian Day on the fourth Friday in September.
In 1990, President George H. Bush approved a joint resolution designating November 1990 as “National American Indian Heritage Month. Since 1994, similar proclamations have been issued every year.