Newsletter

Imagine that your entire business was focused on just one day out of the whole year? You have to spend 364 days preparing for one single product distribution. Do you think there might be just a little bit of stress—say around December 20th? If we attempted to present Santa with a business insurance proposal, he might say, “Who would sue Santa?” If Santa were concerned about being sued, he might stop delivering gifts to attorney’s homes!
 
Santa might be advised to consider an accident policy and a good health plan. Here are some interesting facts about Christmas that you may not have known.
 

• All letters addressed to Santa in the United States go to Santa Claus, Indiana.
• It is estimated that the song White Christmas by Irving Berlin is the bestselling single in history, with over 100 million copies sold.
• Each year more than 3 billion Christmas cards are sent in the U.S. alone.
• $447 billion and 12.9 billion hours of money and time Americans are expected to spend shopping, wrapping, and returning gifts.
• During the Christmas season, nearly 15 sets of LEGO are sold every second.
• All the gifts in the Twelve Days of Christmas would equal 364 gifts.
• Christmas trees have been sold in the U.S. since the year 1850.
• There are approximately 21,000 Christmas tree farms in the United States.

 
 

Using insurance to mitigate losses and risks resulting from coronavirus

COVID-19 has had a significant impact on all local businesses, families, and individuals. There is an economic toll that may be felt well into 2021 and beyond. Businesses must review risk procedures and insurance coverage to make sure all potential risks are covered and managed effectively.

Having the right kind of business insurance may be one of the best tools you can have against COVID-19.

1. Workers’ Compensation. Remote workers are still subject to workers’ compensation claims. Have well defined remote worker policies and procedures.
2. Business Interruption Insurance. Business interruption or business income insurance may extend not only to losses from the suspension of your business’s own operations but also to losses from the suspension of a supplier’s or customer’s operations.
3. Civil Authority Coverage. Some property policies can be extended to include civil-authority coverage, which covers loss of business income when an order of civil or military authority impairs access to business operations.
4. Professional Liability. There is no doubt that businesses may be brought into litigation over COVID-19 related issues. It will be important to have Directors and Officers liability in place to cover potential claims from investors, shareholders, and other third parties.

Checking on commercial insurance coverages is a good first step, but every business is different and needs a risk review. All business owners would be wise to speak with their insurance agent to understand the nuances of how coverage works for their company specifically. Now more than ever, it is important to make sure your business insurance is up-to-date and can respond to potential claims and losses.
 

Personal Insurance Update

Did you get an ugly tie or sweater last year for Christmas?  If this Christmas is a repeat of last year, the good news is that you can probably exchange the gift for something you can actually use. However, many other ugly things can happen during the holidays that you may not be able to take back. While the holiday season is a great time to celebrate with family and friends, it can also lead to fire, theft, and losses that will dampen your holiday spirit.

Now would be a good time to have us review your personal insurance to make sure you understand your coverage, and provide optional coverage for you to consider.

Typical Holiday Mishaps

House fires – Due to increased use of electrical cords, home fires rise during November and December. Make sure you use only UL approved appliance and electrical cords. Do not over-use outlets to string inside or outside lights. If you have a natural tree, keep it watered. Invest in a fire extinguisher, and keep it in the kitchen. The median cost of fire damage due to candles and fireplace claims can be around $9,000.

Theft –Criminals love the holiday season because they know you may have expensive items in your home. Keep your doors locked. Do not place gifts next to windows. It is not necessary to post all your holiday purchases on social media. Criminals love to “like” your posts, and then steal your gifts.

Use of alcohol - Resist the pressure to drink or serve alcohol at every social event. Designate a driver before the party begins. Offer non-alcoholic beverages at your party.

We are committed to providing clients with the highest quality insurance plans available combined with some of the lowest possible rates. Whether you are shopping for auto insurance, home insurance, life or business insurance, we can help you obtain the best coverage available with the lowest rate possible.
 
 

Part of your business planning for 2021 should include an annual business insurance review. Your business changes, and so do your exposures. After you review some of these items, call our office, and we will be happy to discuss these and more with you.  it’s never been more important to partner with a broker that specializes in your business, understanding your unique exposures, with risk services capabilities and strong carrier relationships.
 
Why Complete a Business Insurance Review?

• Your exposures may have changed.
• COVID-19 has created the need to evaluate everything you do.
• Laws and regulations may have created new liabilities.
• Your policy may have had small changes that require consideration and adjustment.
• You may have too much coverage or to little coverage.

 
COVID-19 Planning

• Do you have remote work policies and procedures?
• Make sure you have a cleaning protocol in place.
• Check your business interruption coverage; it may need to be adjusted and increased.
• Make sure your business follows OSHA guidelines.
• During an infectious disease outbreak, such as the current outbreak of COVID-19, small business owners must prepare for disruption in their business as well as prepare to protect their employees’ health and safety in the workplace.
• Do you have the right kind of insurance to cover business equipment off-premises?

 
Items to Consider When Completing a Business Insurance Review

• Review sales and revenue- Have your company’s annual sales increased or decreased? The more business you do, the greater the potential liability you face.
• Property Values- Have you added any new equipment, purchased or leased a new building?
• Have you considered the following coverage?
  1. Cyber Liability
  2. Directors & Officers Liability
  3. Employment Liability
  4. Earthquake, Flood, or Wind Insurance
  5. Business Income
  6. Workers Compensation
  7. Equipment Breakdown
  8. Umbrella or Excess Liability

• Did you purchase any new vehicles?
• Do you sell any of your products in foreign countries?
• Is your safety and loss control program up to date?
• When was the last time someone reviewed your SIC codes for accuracy?
• Are you serving any new industries? This might increase your liability.

 
Have you added any new partners? There might be a need for life insurance.
As a business owner, you can ensure that your company is protected by keeping your general liability insurance, workers’ compensation insurance, and commercial auto policies updated to reflect changes in your business.
 
You've worked hard to build your business and all the things important to you. At Commercial Insurance Planning, we believe in working just as hard to protect your assets as you did to earn them. As an independent agency, we specialize in finding you the best policies at the most affordable prices to meet your individual needs.
 
 

Homeowner’s Insurance
You buy home insurance to protect your most important asset. There are many items to consider and we can help you through the process of finding the right coverage for you and your family. Remember not all homeowner’s insurance policies are considered equal.  

There are many factors that go into determining your homeowner’s insurance premiums.  We thought it might be fun to address our “top ten list” of things every homeowner should know before purchasing insurance.  As your agent we can help you identify the best possible combination of coverage, price and service.

1. You are a statistic. To an insurer, you are a set of risks. An insurer bases its premium (or its decision to insure you at all) on your "risk factors" including your occupation, who you are, what you own, and where you live. To us, you are a person and we value our relationship with you.
2. Know your home's value. Before you buy a policy, it is important to know your home's replacement cost.
3. Insurers differ. As with anything else you buy, what seems to be the same product can be priced differently by different companies. You can save money by comparison shopping.
4. Don't just look at price. A low price is no bargain if you don’t have the right coverage.
5. Go beyond the basics. A basic homeowner’s policy may not promise to entirely replace your home.
6. Look for discounts. Insurers provide discounts to reward behavior that reduces risk.
7. Be sure that you have the proper documentation if you have a claim. Your idea of fair compensation may not match that of your insurer. Your insurer's job is to restore you financially. Your job is to prove your losses so you get what you need.
8. Know your policy. Keep your policy updated, and reread it before you file a claim so there are no surprises.
9. Check you deductibles. It may benefit you to increase your deductible, especially if you have a good claims experience.
10. Your policy excludes Quake and Flood. Check with us and we will provide you with a quote.