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I've been meaning to share some of my favorite sites and wanted to invite you to visit Albert Mohler. I listen to his podcast, The Briefing, daily and can't say enough good things about his insight from a Christian Worldview. He provides commentary on a number of subjects which you can see listed on the left side of the home page. Have a great week and I hope 2014 is going well for everyone.
A big part of my job is just helping people understand Risk Management. It is one of my favorite things to discuss and whether it's healthcare, finances, or home hazards-sometimes Prevention is the best answer. While we can never prevent ALL risks or causes of loss, some things are just tried, true and proven. Visit www.floodchek.com for one of my recommendations.
As one of the top expenses for almost all businesses, it is imperative to stay on top of what is changing with regards to WC.
This week will be busy staying ahead of many of those changes.
· Attending a seminar today with information about 1 February 2013 changes led by OID
· You are invited to an exclusive meeting outlining a program that has saved thousands during the claims process
· Despite the vast majority of jobs being added are part time, employers are still required to provide worker’s compensation-
A few other FAQs here.
So far we have reviewed Requirements and how certain lines of insurance can help you Risk manage different situations. Another "R" to understand is retention which can really take two forms-high deductible or NO insurance at all. Again looking at the simple example of car insurance and the photo attached, consider this scenario. Let's assume this vehicle rear ended another vehicle and is at fault. Depending on the driver's decision for physical damage coverage, specifically collision, will determine how his vehicle is repaired. Since we assume he is at fault, any damages paid will be from a "first party" coverage which means the individual needed to make a choice beforehand to have coverage (and choose deductible) or not.
Finally, "Rest Easy" is the most important and fourth "R". You must understand and make the right decision amongst the other "Rs"-Required, Risk manage, and Retention in order to attain the fourth. Call today and let's discuss your scenario (918)293-7115.
Continuing with the theme of Four Rs, today we visit Risk Management. Having discussed requirements, we now focus on what you will CHOOSE to purchase to mitigate risk or losses from certain events. From the perspective of auto insurance which most people are familiar with but may not realize that physical damage to your vehicle is known as a "first party" coverage and you must choose comprehensive and collision to be covered in the case of a loss. Additionally, you will choose a deductible, starting as low as $500 that will apply to any damages paid. Obviously your premium will reflect whether you choose this coverage and how high your deductible is. Not to confuse the issue, but comp/collision will be REQUIRED by most lenders if you finance the vehicle.
Well of course my new car is financed, Mike, so what coverage do I really have a choice? Probably the biggest area a good agent can assist you in this area is understanding common Exclusions. For instance, jewelry has a low limit on your homeowners policy and most people will need a Floater policy for such items. In commercial insurance, many businesses would need an Inland Marine policy for items that are excluded from most property policies.
Give me a call to review your current policies and be sure you are practicing good risk management.
What is Cyber Insurance, exactly?
That's a catch-all term for policies that cover hacked computers, virus attacks, denial-of-service attacks, copyright infringement, Web content liability and other technology-related areas.
Be smart about what you insure. Although cyber insurance has been around for more than five years, there is still little empirical data available on incidents.
Companies don't want the public to know about security breaches, so many incidents go unreported.
Therefore, standardized insurance prices and policies are hard to come by.
What does Cyber Insurance cover?
Your general liability policy covers physical property. If your computer gets hit by lightning, you'll be reimbursed. But what if a virus destroys your data and causes serious downtime? Your liability policy may or may not cover the lost data or reimburse you for the time. Cyber Insurance clears the confusion and writes policies that deal directly with technology. Like most policies, you can tailor it to your needs.
What self-evaluation steps will you need to take?
Just like taking a physical for health benefits, your network security needs to be checked, as well. Don't expect to get a policy if you have no firewall or antivirus protection. Cyber Insurance policies require an assessment of current conditions. Large corporations are generally assessed by independent third-parties, usually at their own expense. A small business has it easier because it can conduct a self-assessment.
Let’s discuss the various ways we can ensure you & your company a safe environment. I’m looking forward to hearing from you.
~Michael Jansen at 918.293.7115