Insurance News
Business-to-Business

Sizing Up Your Business

Break-ins are occurring with more frequency as unemployment figures continue to climb. As an employer, it’s important to determine how a burglar would size up your premises, and to respond now with adequate protective measures. You might consider adding burglary safeguards that discourage and delay potential burglars as well as aid in apprehending intruders.

For most facilities, physical perimeter protection is the best defense against a would be burglar. Security and ease of access to valuables are burglars’ biggest considerations in selecting a target. Good locks can go a long way in protecting your property. All entry points, even windows and skylights, must be locked securely. Access barriers that require cards or codes also can reduce unauthorized entry.

Consider alarm systems if you have high value inventory that’s easy to resell. Among the types of alarms are central station, police station connection, and local alarm. Alarms might reduce the cost of your crime coverage as well.

Additionally, video surveillance might be warranted. If a burglary does occur, you’ll have a better chance of catching and prosecuting the perpetrator with video evidence.

We can offer you further suggestions and assistance. Give us a call and we’ll help with your assessment and to see what policy discounts might be available for security upgrades.

Health Care Reimbursement
Gets IRS Green Light

Employers across the country continue to struggle with the cost of providing health care for their employees. One alternative is commonly referred to as “consumer-driven health plans.” In its simplest form, this is a high deductible program that incorporates catastrophic protection through an insurance policy.

It might’ve received greater acceptance, except that employees could not retain the balances in their health reimbursement accounts from year to year to pay for the high deductibles. This “use it or lose it” aspect has put the kibosh on widespread implementation of this type of program.

However, in late June, the Internal Revenue Service issued a ruling that will allow employees to roll over any unused balances from year to year. Many experts believe that the IRS ruling will amount to a green light for the broader establishment of such programs.

This type of program might be a nice fit for you. Just call one of our employee benefit specialists to conduct an evaluation.

Uninsured Motorist:
The Mystery Coverage

Uninsured motorist coverage (commonly referred to as UM) is a valuable yet often misunderstood automobile insurance coverage available on both your business and personal auto policies. Although in a few states it also covers physical damage to your car, its primary purpose is to provide bodily injury coverage for medical bills, loss of income, and pain and suffering.

Here’s how it works: You’re involved in an accident, and the other driver is at fault. You normally would collect payment for your bodily injury bills from the other driver’s auto insurance. Except in this case it turns out they don’t have any (or enough, if she’s an underinsured motorist — UIM). That would leave you without coverage for your injuries, even though you were the innocent victim.

By purchasing UM coverage on your own policy, your insurer now steps in and provides you with the same benefits you would have received from the at-fault driver’s policy. There are limits that vary by state, but in general you’ll receive compensation for injury-related losses.

Although you might have good medical insurance and disability income coverage that also would respond for your injuries in a UM or UIM situation, carrying this coverage on your auto policy is often a better deal. Coverage might be broader (your health insurance will not cover pain and suffering, for example), and there are typically no deductibles or coinsurance provisions.

Talk with us about UM and UIM options for your auto insurance. We’ll be glad to furnish you with more detailed information about the UM/UIM laws of your state, your available options under the law, and the premiums involved. Let’s be sure that when someone hits you, either their insurance or yours will be there to help cover your injuries.

Marriage Made in Heaven

Despite the slowdown in the U.S. economy, the entrepreneurial spirit remains alive and well. Americans continue to yearn to break the bonds of traditional employment and start their own businesses. A recent survey by IBM suggests that about two in ten adults want to start a business within the next three years, while another 10% already have taken the leap.

One of the items most commonly required by survey respondents was Internet access. Whether businesses have been in existence for years, or are just beginning, the Internet can play a major role. Access to the Internet can improve any company’s chance of long-term success. It also can represent a significant insurance gap.

New and small businesses, especially those active on the Internet, have special insurance needs that can be best addressed by an agency with small business know-how. Give one of our agents a call to discuss your Internet risk and what coverage would best meet your special needs.

Don’t Let Your Income Slip When You Do

Chances are if you’re a small business, you started with long days, longer nights and 80-hour weeks. Sole proprietors are fully aware of the truth of the old saying: “When you are self-employed, you work for the toughest boss in the world!”

But what if you’re injured or unable to work for an extended period? Unless your business has reached the point that it can run itself, you face a financial crunch. You need a fallback plan for income, savings, pension plan contributions, and insurance premiums.

There is an answer. Talk with us about disability income coverage. As the name suggests, this coverage is designed to provide you with some continuing income while you’re disabled. As with all types of insurance, there are many variations in amounts, length of time benefits will be paid, and what types of accidents or illnesses will trigger your coverage. We’ll help you choose the combination of coverage that will best serve your needs.

If you take a fall, don’t risk breaking your paycheck along with your leg.

Build an Ark?

Or buy flood insurance. Your choice.

Many years ago, the potential damage from flood waters in many parts of this country appeared to be so catastrophic that insurance companies excluded it from all standard property policies. Eventually the Federal Government stepped in to become the primary flood insurance provider in the United States. Even many of the insurance carriers that offer flood coverage are doing so as representatives of the National Flood Insurance Program, or NFIP.

Should you be concerned about flooding? You don’t have to be located alongside a river, lake, or ocean to need flood coverage. In fact, according to NFIP, nearly 40% of all flood claims occur in areas designated as “non-flood hazard” zones. High levels of runoff from newly developed neighborhoods can raise water levels significantly in area lakes. Changes in weather patterns can increase flood risk. And overbuilding, which decreases absorption of rainwater, can lead to flash flood problems in residential and business districts.

Ask us about flood insurance.
 

Late Payments Are Risky Business

Although bounced checks and bankruptcy are the most highly visible forms of payment grief for business, 45% of small business owners recently polled by the National Federation of Independent Business (NFIB) and Wells Fargo stated that their most significant income problem is late payments.

Making late payments on some inventory and services might be necessary sometimes, but when it comes to insurance, late payments can cause unforeseen losses. Overdue payments can lead to cessation in coverage, and that kind of exposure has the potential to ruin your business.

If you tend to have difficulty paying premiums on time, consider rescheduling your payment due dates for more convenient times of the year when cash flow is higher or other administrative demands are lower. Give us a call to initiate any changes. We’re ready to help.