Learn about The Insurance Loft's programs for covering cannabis investments. 

John Connor, a commercial account specialist at The Insurance Loft, might have years of experience with how to write a commercial policy correctly, but he’s also a master strategist. Finding out how things work, from their barest elements to their most complicated structures, motivates him to succeed.

Much like his favorite literary character, Howard Roark, John loves to think outside of the box to learn how something really ticks. Whether it’s looking for strategies to achieve goals in video games or writing the most comprehensive commercial policy, John always trusts his knowledge, his experience, and his expertise to make sure an insurance proposal is completed with accuracy and without coverage gaps. 

Jeff’s father raised him with the attitude that hard work is the most crucial key to success, and that you should always give your all at your job. That’s why he’s been working consistently since he was six years old. He had a paper route. Then his family opened a hot dog stand, which leads to a restaurant. From there, he’s raised rabbits to sell, disk-jockeyed at a roller rink, driven a city bus, and finally helming the team here at The Insurance Loft.

An admitted workaholic, Jeff rarely takes time off. But when he does, it’s for his family’s annual camping trip. This year will be the 26th anniversary of the Neuhalfen family reunion. Everyone from his extensive family goes up to the mountains. They hike, fish, swim in the lakes, and even take turns cooking for the entire clan. But, the highlights of this trip are the nightly campfires. Everyone has a drink and reconnects, laughing over funny family stories.

Out of all the family stories, Jeff’s favorite memory of his childhood was when his dad would find an old beat-up RV. They would then spend a month of so rebuilding and customizing the RV and getting it ready for their July 4th trip. The whole family would then pile in the RV and road trip from Colorado to the Midwest Smash-up Derby. They would all go to the Derby, watch mud runs, and celebrate the July 4th holiday with a cookout and firework show.

It was during the rebuilds of these road trip RV’s that Jeff discovered his love for a unique style of music. While updating the vehicles, he would frequently visit flea markets with his father in search of a good deal. It was at these flea markets that he first heard Tejano music. While as a child, this music symbolized a day spent with his role model, it has grown to be something he listens to while working.

He attributes this music, with its high energy, to his ability to focus and provide fantastic customer service. And the commitment to customer service is why he has made his career with The Insurance Loft. Jeff’s passion lies within his ability to connect and serve his clients. His career plan illustrates a commitment to clients over his dedication to his paycheck. He strives to keep his business centered around providing insurance in a high tech way, all while maintaining the concept of old fashioned service.

By inventorying your home, you will create a history of items that you have purchased or have been given. Many times, in the event of a loss, homeowners aren’t quite sure on exactly what they own, what model of something they might have purchased, or even how many of something they stored away. Creating this paper trail allows you to review your insurance needs better and prepare for the unthinkable.

Home inventory is an essential step in ensuring your property to the fullest. However, it can be an overwhelming task at first. By following a few important steps, you can start this process quickly and easily.

Begin in a confined area.

Start with your closet, china cabinet, kitchen counters, or personal handbag or backpack. Starting with these smaller spaces allows you to tackle the task in manageable pieces. You won’t feel overwhelmed.

Record the important things.

Make sure to record recent purchases; if you manage to keep the receipt or document the receipt, even better! Note labels, makes, models, and serial numbers. Be sure to keep a running tally on duplicate items.

Out of sight, but not out of mind.

Don’t forget storage units, sheds, and garages. Make sure you also record items in your attics, basements, and storm shelters.

Insure the big things.

Recently purchased jewelry, art, or machinery? Make sure you contact your advisor to get this specifically listed on your policy. These big-ticket items are best covered by including them in the policy itself or event getting a separate personal articles policy.

Technology is your friend.

This process can be a big undertaking. But don’t forget that your smartphone is your friend! Use your phone’s camera to take photos and record videos of your home. Create a category in your photo album specifically for your pictures and videos of your home. There are even apps for your phone specifically designed to help you with your home inventory. Don’t be afraid to download one and begin to utilize it right away. We suggest Sortly, you can find it in the iTunes App Store or in the Google Play Store.

Let us take it from there.

Send your advisor your videos and photos so that we can attach them to your file here at The Insurance Loft. By letting us keep the files for you, we can communicate directly with the claims team to resolve your claim even quicker.

If you have any questions or concerns, we can help you get started by pointing you in the right direction.

Solar energy is a growing force, with many Americans seeking alternative and more environmentally friendly ways to power their homes. Other than the rising sense of civic duty, a substantial economic statistic plays into the recent popularity of solar panel installation on homes across the nation. With costs to install solar panels, tiles, and roofs, falling nearly 70% in the last decade, homeowners are flocking to invest in these renewable power sources.

So now that you’ve got a solar panel, solar tiled roof, or are considering it…what does that mean for your homeowner’s policy?

It all depends on if you lease your solar panels from the installation company or if you are making purchases to own them and where they are located on your home. 

If you lease the panels from the solar company and those solar panels are attached to your roof or set up in your yard, and something were to cause damage to them, the solar company would be responsible to their repair. The solar company is also responsible for damages the solar panels cause to your roof. If you lease your solar panels, we would urge you to refer to lease agreement and really study the fine print so that you would know what to expect in terms of a potential roof claim.

If you own your solar panels, that’s a slightly different story that really depends on where your solar panels are located.

If you have a solar platform installed in your yard and not directly on your roof, we will need to make sure that your homeowner’s policy extends to include that. There is a coverage included in your home for structures not actually physically attached to your residence. This coverage includes any sheds, your fencing, and your detached solar panels. This cover would need to be increased to include the cost of the solar panel.

If you have a Telsa solar roof, or solar panels included on top of your roof, we add those into the cost of your roof. The good thing about this is that solar panel coverage is included already in most homeowners' policies. This is great because it means you don’t have to have separate coverage for your solar. We would merely need to note your policy to state that you have solar panels included on your roof.

Solar panels are a fantastic investment. They not only save your energy costs and lower your footprint, but they also increase the value of your home. But the bottom line is this: if you’ve installed solar panels or solar roof contact your advisor as soon as possible so that we can review your current policy or note your new policy to ensure that you're adequately covered.

Good drivers get the best insurance rates.

DRIVER IQ is a program that we have formulated here at The Insurance Loft specifically meant to save you money. It is a set of metrics that allow you to review your driving skills and use that safe driving to reduce your premium.

How does it work?

DRIVER IQ is a little device that you either install right in your car under your steering wheel or an application that you simply upload on your smartphone.

Once you are ready to see some changes on your premium, you follow these simple steps.

• Contact your advisor and asked to be enrolled in the program. They will make sure that you start earning a base discount automatically and then send you instructions on how to proceed with the device.
• Once you receive those installation instructions, merely install the DRIVER IQ device in your vehicle or download the application on your smartphone.
• Drive safe. Your savings are based on four major factors:

1. Hard stops – Watch your acceleration and don’t slam on the brakes.
2. Night time driving – Keep off the road after midnight.
3. Miles drove – If you’re going on a road trip, make sure you toggle the device off. Keep it to your commute!
4. Fast speeds – Drive like your grandma. Thank us later!

Keep following those factors, and you’ll be notified by your advisor when the program is completed. After the competition of the program, your discounts will be automatically applied to your premium.

If you follow these four steps, you’ll be on your way to lowering your premium. Our clients have saved hundreds of dollars on this program, the average savings being at least 24% on their annual premiums.

Contact your advisor now. Let’s get you signed up.

The Insurance Loft and Safeco Insurance have teamed up to raise $10,000 for Big Brothers Big Sisters
 

Summer, arguably, is one of the most enjoyable seasons. Its warm weather and sunny days provide the perfect opportunity to play outside, take a swim, and fire up that backyard bar-be-que. Most of us are out enjoying those slow lazy days and don’t even take into consideration the risk of severe weather during these months, especially in July. 

Weather trends are predicting this summer to be the hottest and most humid summer that the United States has seen in several years. Aside from staying hydrated and keeping your family cool, what does this mean for you and your insurance?

When there are high levels of humidity in the atmosphere, catastrophic wind, thunder, and lightning storms occur. We have seen at least eight catastrophic storms since July 2016 that have totaled over $2 billions dollars’ worth of property damage for our insureds. July 2017 saw over 60,000 claims from just two lightning and wind storms. 

As our risk for severe weather increases, what steps should you take to help lessen your risk of damage to your property?

•    During thunderstorms, avoid using landline telephones.
•    Try not to shower, wash your hands or your dishes, or water your lawn during heavy storms. 
•    Running electronics during lightning storms increases the potential for a nearby strike. 
•    Remove loose items around your home or yard and tie down lawn furniture before a wind storm. 
•    Never drive into rising water.

Want to make sure that your home is properly covered in the event of a wind or hail storm? Give us a call at 1-800-409-9790 or schedule a call, to receive a complimentary policy review.  

Answer:

The quick and easy answer is yes, under general homeowner's policy forms and contracts, a bike would be covered in the event of someone stealing it.

However, a home deductible generally exceeds the cost of most bikes.

If the insured has a tri-bike, vintage bike, or mountain bike those can often be worth thousands of dollars. 

To make sure there is proper coverage and to guarantee an exact payout, our advising team suggests scheduling the bike on an Agreed Value basis.

This allows complete transparency between the client and the insurance company on exactly what and how much the bike is being insured for.

Expensive bikes and equipment should be secured in a safe place to avoid someone stealing it. But on the off chance, the bike is stolen, talk to an insurance advisor on the best course of action to take.

Reposted from Google's Question/Answers forum. 

More questions? Talk to Robert W. about protecting your valuable assets with homeowners or rental insurance. 

Answer:

Simply, it is life insurance that covers two people, with one policy.

But, the death benefit is only available after both covered individuals have passed away.

Most often this type of solution appeals to married individuals who are focused on estate planning and providing for posterity.

In addition to estate planning, a second-to-die life insurance policy can sometimes offer financial and approval benefits as well. For instance, if one person is not in great health, it can be difficult for them to obtain life insurance. But if the spouse or other party is in better health, the odds of policy acceptance can increase with a second-to-die life insurance policy. In some instances, this can also lead to some cost savings as well.

Reposted from Google's Question/Answer forum.

Connect with Brian C. if you have more questions about life insurance. 

ANSWER:

Weather of all kinds plays a large roll in the calculation of auto insurance rates. This is particularly true when the U.S. is experiencing such widespread weather-related catastrophes. 

While the impacts of filing weather-related claims can vary from company to company and state to state, it is best practice to expect a rate increase if you file an insurance claim. 

It may not be the case for every claim, but managing expectation will help you make smarter insurance decisions. 

Additionally, if insurance companies start to see a regular pattern of hail damage (or other weather events) in your area, it is likely the base cost of insurance for your zip code can increase as well.

As the hail damage becomes more regular, it can begin to become a part of the cost to live in that particular area. 

This is why it is essential to work with an independent agency, like The Insurance Loft. When rates adjust, we can review your options together, determine the cause, and provide advice.

Talk to your advisor if you have more questions on hail and it how impacts insurance in your area.

Reposted from Google's Question and Answers forum.
 

ANSWER

In most cases, a standard auto insurance contract will extend liability coverage to a rental car as long as there is a rental agreement in place and the vehicle is under a specific weight. 

The insured will need to verify if their policy has comprehensive and collision coverage and if that coverage will extend to the rental car. They must carry comprehensive and collision on your active policy for physical damage to extend to the rental car. 

They will also want to speak with an insurance advisor to see if your respective carrier extends that coverage. 

If you are at fault in an accident while in a rental vehicle, most carriers will not pay for the loss of use of the vehicle. 

Meaning, every day the car is unable to be rented while the vehicle is being repaired or replaced. 

Most rental companies will assess their loss of income to their customers. That can add up very quickly. 

Reposted from Google's Question/Answers forum.

ANSWER

For the purposes of an ongoing claim, “Completed” and “Ongoing” operations are special terms in commercial general liability policies that break up the actions of a business into two categories. An accident that happens while a business is still working on a project would be a claim under the category of "ongoing operations," and an accident that happens after a project or product is completed would be a claim under the category of "completed operations." 

Every business is unique, so they are going to have different types of "completed" and "ongoing" operations. Depending on how a policy is written, they may not have coverage for all potential claims they are at risk for.

Because the coverages are separate, it’s possible to (1) have different limits of coverage for “ongoing” and “completed” operations or (2) exclude claims for "completed operations" to provide low-cost liability policies in higher-risk industries, like construction. Most businesses do things that are considered "ongoing" and "completed" operations, so it’s an issue if their policy language doesn’t adequately cover both types.

To learn more about completed operations coverage talk to John C., our business advisor about your options. 

Reposted from Google's Questions & Answers Forum. 

Newly released data from the National Insurance Crime Bureau (NICB) reflected a 6.6% increase in car theft across the United States as almost 800,000 vehicles were taken from their owners in 2016.

However, this figure remains relatively low compared to the peak in illegal car activity in 1991, when 1.7 million vehicles were grabbed across the country, according to a report by business media outlet Forbes.

Albuquerque, New Mexico, topped the list of hotspots, with the most thefts per capita reported in 2016. Pueblo, Colorado takes the second spot, while Bakersfield, California, is in third place.

Forbes credits the significant reduction in thefts from almost 20 years ago to the broad adoption of technology, such as smart keys and keyless fobs which also integrate anti-theft security features.

However, the human element remains a significant factor in stolen cars, as almost 60,000 of the owners who reported their vehicles taken in 2015 said they left their key in the car.

Forbes also listed the hottest cities for car theft in 2016. Here are the top 10:
  
City State Number of Stolen Cars

1. Los Angeles/Long Beach/Anaheim California 60,670
2. San Francisco/Oakland/Hayward California 29,414
3. Riverside/ San Bernardino/Ontario California 25,708
4. Houston/The Woodlands/Sugar Land Texas 25,069
5. Chicago/Naperville/Elgin Illinois 22,853
6. New York/Newark/Jersey City New York/New Jersey 21,145
7. Seattle/Tacoma/Belleview Washington 20,704
8. Dallas/Fort Worth/Arlington Texas 20,229
9. Miami/Fort Lauderdale/West Palm Beach Florida 20,207
10. Atlanta/Sandy Springs/Roswell Georgia 19,220

When it’s time to buy a new car, we all have our own ideas about what makes it the right fit. Some of us want more legroom, while others want more cargo space. Then there are those who merely want a killer sound system and great rims.

Whether you like your vehicles big and brawny or small and sporty, it’s important to make sure your next car measures up when it comes to important safety features. Here are five safety features you may want your car to have before it lands on your “most wanted” list:

1. Airbags. Airbags have been standard since 1998, and today they’re so sophisticated they can detect the weight and position of the driver and front passenger. That’s important because it can further reduce the risk of injury to drivers and occupants. Crash tests by the Insurance Institute for Highway Safety have found side-impact airbags are an essential safety feature, but those that protect both the head and the chest are more effective than those that only protect the chest.

2. Antilock brakes (ABS). ABS became standard in the 1990s, so chances are the cars you’re looking at will have them. They help drivers to make shorter stops and keep brakes from locking up when the brake pedal is pushed with a great deal of pressure. This helps the driver to maintain control of steering even while braking, which is important in avoiding accidents.

3. Electronic Stability Control (ESC). Like antilock brakes, ESC now comes standard on cars built after 2012. ESC uses computerized sensors to help the vehicle avoid sliding or skidding. It’s particularly helpful – and important – in taller vehicles like SUVs and pickup trucks, which have a greater tendency to roll over.

4. Tire pressure monitoring system (TPMS). Your tires are one of the most important parts of your car, but they’re also very vulnerable to damage from the road. Changes in temperature can decrease their pressure, leading to blowouts or increased wear. Make sure if the car you’re buying has a TPMS, that it’s working properly – but also make sure you check your tires’ pressure every month with a manual gauge.

5. Adaptive headlights. Nearly half of all accidents occur at night. Adaptive headlights help improve night vision by reacting to the speed, steering and elevation of the car, then illuminating the road according to the direction of the car. This relatively new technology helps reduce glare. In addition to helping you see your path more clearly, it makes you more noticeable to other drivers.

Of course, all the electronic features in the world need one thing to ensure they’re effective – you. Being alert and aware is the best way to ensure you’re driving safely.

Republished from Nationwide Insurance.

Data breaches, computer attacks, and identity theft are usually not on the top of small business owners list of concerns.

They are thought to be unimportant because data thieves and data breaches “always happened to the big guys, like Target or the IRS.” In reality, small business owners have been the primary target of data thieves over the last four years. Since 2015 alone, over half of the cyber attacks worldwide were against businesses with less than 250 employees.

Cyber threats are real. Below we have listed out four major reasons that small business need to incorporate cyber protection into their commercial insurance plan.

Four reasons why cyber coverage is essential.

1. SMALL BUSINESSES ARE EASY TARGETS

Small businesses may think they don’t have information that cyber criminals want. However, small businesses accept credit card payments, collect and maintain personal information on their employees and customers, have websites, and do online banking. Each of these activities create opportunities for cyber criminals to obtain the type of information they are looking for.

Cyber criminals understand that small businesses have fewer resources to invest in proper data protection and security controls, making them an attractive target. In 2016, Nationwide conducted a survey of 500 small businesses. This survey revealed that nearly 80% of these businesses do not have a data breach plan. Over half of these businesses have experienced at least one data breach. It can take up to a year to recover from a cyber-attack.

2. SMALL BUSINESSES ARE LEGALLY RESPONSIBLE.

Once a breach occurs and sensitive information is stolen, it is very unlikely that the targeted small business will have a viable source of resources to comply with the vast variety of legal requirements provided by the state. Each state has their own set of specific laws in the event of a cyber-attack.

Some can require you to notify each affected individual within a specific time frame. Some states require this notification to come via mail, while some require a verbal confirmation. Several states require the small business to provide free credit monitoring to affected individuals for a specific duration of time. A call center might be required to answer questions from the affected parties.

Therefore, each breach of sensitive information may require several different state laws to determine the appropriate response. If these laws aren’t followed, a small business can be hit with large fines, suffer losses in productivity, and face many challenges.

Therefore, we encourage our business owners to add Data Compromise coverage on to their small business policies. This coverage will give you full access to a helpline staffed by trained experts ready to assist with any type of data breach.

3. OTHER SOURCES OF IDENTITY THEFT. 

It’s not just about cyber criminals hacking into a small business’s computer system. A lost or stolen laptop containing unencrypted sensitive information may trigger breach notification laws. Even sensitive information contained in paper files poses a risk.

Thieves can go through garbage in search of financial statements, or receipts and documents with personal information. An office can be burglarized and may find paper files missing that contain tax records, bank accounts or social security numbers. The thief could even be a disgruntled employee. Data Compromise coverage will respond to expenses associated with the loss of third-party information as well as that of employees and owners.

In additional to Data Compromise coverage, we also advise our small business owners add Identity Recovery coverage to their policies. This coverage will apply to key individuals, owners, employees, and resident family members. It will give them further assistance should their identity be stolen.

4. THIRD-PARTY CLAIMS 

In addition to stealing information directly from a small business, they can be a gateway for hackers to access the systems of its large suppliers, customers or banks. Such was the case with the Target Corporation breach, whereby hackers targeted a small contractor business whose networks were directly connected to Target’s. Upon obtaining an employee’s credentials via a phishing email, the hackers used that to gain entry to Target’s systems completely undetected.

Cyber coverage is intended to provide defense and settlement costs for similar situations. A small to mid-sized business could also unintentionally forward a virus or malware to a supplier or customer. This could cause the third party’s website to go down resulting in loss of income. Cyber coverage would not only cover the third party’s loss of income claim, but also for the small business itself. Coverage would also provide assistance on repairing or restoring computer systems damaged during the breach.

Make sure your small business is covered. Ask our advisors about policy updates to your commercial coverage.

It's every landlord's greatest fear: The problem tenant. The one who swears he'll have the two months' rent he owes next week. The one who makes unauthorized changes to the property, then tries to credit the cost against the rent. The one who causes significant damage. At some point, their landlords decide to evict them.

They may feel fully justified in the decision. However, there are serious legal considerations involved. Any landlord who wishes to evict a tenant must understand applicable laws and follow them closely.

Every state has laws that limit the ability of landlords to evict tenants. They permit landlords to evict only for certain specific reasons. They also lay out the process landlords must follow. The laws vary from one state to another, but they tend to require three steps:

• The landlord must give the tenant a formal notice of a problem. For example, the landlord would send a notice about overdue rent.
• If the tenant does not resolve the problem, the landlord can take legal action against the tenant.
• If the judge rules in the landlord's favor, the tenant must move out of the premises. The landlord has the right to ask law enforcement to forcibly remove a tenant who will not leave voluntarily.

A "wrongful eviction" is one where the landlord violates the eviction laws. One form of wrongful eviction is to order a tenant to leave without following the required process. Another is to make conditions intolerable for the tenant. A tenant who believes he was wrongly evicted may decide to sue the landlord.

Commercial general liability insurance policies include "personal and advertising injury liability coverage." This insurance pays amounts the insured business owes because of certain offenses against someone else. It also pays the cost of the business's legal defense.

The definition of "personal and advertising injury" in most policies includes a number of offenses. Among them:

• Wrongful eviction from
• Wrongful entry into, or
• Invasion of the right of private occupancy of

A room, dwelling or premises that a person occupies.

Therefore, the insurance will apply if a former tenant accuses a landlord of wrongful eviction.

The insurance does not apply to every act of wrongful eviction. The landlord will not have coverage for:

Intentionally violating the tenant's rights. This would include knowingly kicking a tenant out in violation of the eviction laws.

Criminal acts, such as assaulting the tenant or endangering the welfare of her children.

Breach of the rental agreement, such as failing to comply with a condition of the lease.

In all of these situations, the insurance company will not provide a legal defense for the landlord, nor will it pay for any judgments or settlements.

Other provisions in the policy may limit or eliminate coverage. Property owners should discuss these with their insurance agents to gain a full understanding.

Landlords who bend over backward to comply with the laws and treat tenants fairly may still become targets of lawsuits. This important insurance coverage can keep them from financial ruin.

With recent advances in both technology and the internet, even more people are running home-based businesses, full-time or part-time. But will your homeowner's policy cover the risks of a home-based business? In nearly every case, the answer is no.

Exceptions exist, in the form of special endorsements, such as an endorsement to run a child-care operation from your home, yet fewer and fewer companies offer such endorsements. Even with a special endorsement, policies may give a very limited amount of coverage for business property, like computers and other electronics. The bottom line is, nearly all homeowners policies clearly exclude business operations and not having a proper coverage in place can leave you with uninsured exposure. This is why you need separate business insurance to cover your home-based business risks.

Home-based business owners may feel that they do not need coverage because nobody steps foot on their premises. Even if this is true, liability claims often happen away from the business premises. Business insurance covers you in situations where someone takes action for information on your website, or if someone is injured by the product, or service, you provide. Off-premise injury can occur when someone trips on or is injured by property you have taken into the field, such as to a trade show or event. A business policy will cover these injuries as well as meet the insurance requirements of most trade shows and events you may attend. Competitors and customers both may sue a business owner for personal injury. Business policies include coverage for personal injury lawsuits, should someone take legal action against you for things like libel or slander.

From a property standpoint, any business property you may have in your home is usually excluded or has very limited coverage under a homeowners policy. Getting coverage to protect your computers, equipment, furniture, inventory and any other physical assets helps keep your business in operation with minimal disruption and financial loss. A business policy also usually covers loss of income, which is payment for income you did not earn as a result of a loss covered under your policy. Policies may also include coverage for things like valuable papers, damage to property of others, property coverage off-premises and a number of other additional coverages.

A business owner's policy includes the coverage described above, and is specifically designed to protect the unique interests and property of a business owner. This package policy includes nearly all, if not most, of the coverage you need. However, if you are providing some kind of professional advice, consulting, or other non-tangible professional services, you may also need a professional liability policy. This is also known as Errors & Omissions Insurance. In addition, if you have any employees, you are 

College students used to show up to their dorms with not much more than the clothes on their backs, a couple of suitcases full of odds and ends, and maybe a small stereo. Laptops were unheard of, gadgets didn't exist, and the only phone they'd have access to was a community phone in the hall. Now that technology has evolved, students are heading to college with many more valuables. 

Today college students rely on a small arsenal of laptops, tablets, smartphones and other valuable electronic devices - all critical for socializing, as well as completing homework and studying. Access to a computer isn't a luxury for students anymore - it's a must.

Homeowners vs. Renter's Insurance

Fortunately, for parents with a homeowner's insurance policy, most full-time students are covered against theft and other common hazards under that policy if their primary residence is still the parent's home, even if they are living far from home in a college dormitory.

There are exceptions and exclusions, of course. Insurers usually set an upper age limit of 24 on students they are willing to cover under a parental policy. Carriers will also typically insure 10 percent of the value of the parents' insured belongings and personal possessions and effects.  Because of this, you may not want to rely entirely on your homeowner's insurance policy to protect your college-age child.

Furthermore, homeowner's insurance is not well suited to covering relatively small losses such as a typical dorm theft. Homeowner's insurance deductibles tend to be $500 to $1,000 or higher- too high to provide the student with meaningful protection against a stolen tablet or smartphone, for example, and repeated small claims over a short period of time could cause your homeowner's insurance company to increase your rates or can even cancel your policy. Most experts suggest preserving the homeowner's policy for more significant events, such as a fire, which could cause your child to lose all their possessions.

For a college student living in a dorm, a renter's policy may be more effective. Renter's policies are incredibly inexpensive in most cases - average costs are around $200 to $300 per year, for about $15,000 in personal possessions coverage, and have lower deductibles that are more appropriate for college students. Additional insurance is easily purchased if necessary.

Auto Insurance

If you own the car your student is driving, then you are still responsible for it, even when a full-time student is driving it. If the vehicle is kept in a new location, such as on or near campus, rather than at the parents' residence, you must notify the insurance carrier. Be sure to add your child to the list of authorized drivers and remind them that it's not a good idea to allow their friends to drive the car. It would also be a great idea to add Driver IQ to the child's vehicle, just to insure that they are engaging in safe driving. Talk to your college student about using ride-sharing services or taxis when going out drinking.

Sending your kid to school without a car may be the best choice. The recent rise of ride-sharing services like Uber and Lyft is making it easier and more economical for students to function without a car.

As always, speak with your college student about the risks of drinking and driving, texting while driving, driving while distracted, etc.

Umbrella Liability Insurance

You may wish to consider adding umbrella liability coverage to protect yourself and your college-age child. Umbrella coverage kicks in in case there is a claim against you that exceeds the coverage limits of your auto and homeowner's insurance policies. For example, imagine your college-age child causes a car accident that results in $500,000 in damages to another party. Your car insurance policy only covers $200,000 in liability. In that case, your umbrella insurance policy will cover the difference, up to the limits of the policy.

Health Insurance

Under the Affordable Care Act, parents are generally entitled to keep full-time students on their policies until the age of 26. Keeping your college-age child on your health insurance plan, whether individually-owned or employer-sponsored, is usually preferable to enrolling them in the college health plan, because coverage is typically more limited with these plans. For example, many college health plans limit catastrophic coverage to $50,000 per accident or illness and exclude injuries that are incurred as a result of alcohol or drug abuse.

If your health plan is a health maintenance organization (HMO) or preferred provider organization (PPO), take a look at the available network of care providers. These models of care rely on narrower networks of approved care providers to control costs. They may not have any approved in-network providers near the college campus at all.

When a data breach occurs, quick action is important to help restore the public’s confidence if you are a business victimized by a cyber attack. Cyber liability insurance and data breach insurance helps cover costs like notification, identity protection solutions, public relations, legal, liability and more depending on the coverage you choose. 

To mitigate the risk of civil litigation and other penalties when a data loss or theft occurs, a cyber liability or data breach insurance policy from The Hartford can provide access to professional assistance to help businesses comply with applicable laws and regulations.

• Quick responses when a data breach occurs. Businesses must respond swiftly to minimize the impact of a data security incident on their customers, employees and their business. Their reputation is at risk, and there are laws and regulatory requirements that must be addressed immediately or companies that experience a breach could face steep penalties and even lawsuits.  Protection from The Hartford includes access to experienced breach response partners that can assist businesses in meeting their lawful obligations and communicating to those who may be affected by a cyber threat, breach or theft of personally identifiable information entrusted to the business.
   
• Help prepare businesses for a data breach.  Our Data Breach and Cyber Liability coverages include access to services that assist businesses in preparing for a breach by helping ensure that proper security measures are in place before there is an incident. For example, these services can help businesses with network security, employee training, developing appropriate privacy and network policies and procedures, identifying and managing company assets, and incident response planning.  Data security is challenging and requires a holistic, multi-faceted approach.  The Hartford can help businesses take the appropriate next step in improving their cyber risk.    

Carriers, such as The Hartford offer 24/7 access to a data breach preparedness website for easy-to-understand prevention and response guidelines that outline the steps businesses can take to help prevent a cyber event.

Does your business need Cyber Liability or Data Breach Insurance?

Most business owners understand that the personally identifiable customer information they have on their computers is a target for hackers and that their online presence leaves them open to liability claims. However, far fewer take adequate measures to protect their business. Here are some example scenarios where a business could benefit from cyber liability or data breach insurance: 

• The business has a network that their employees all save data on, which is helpful but also puts the entire operation at risk should a computer virus work its way in.
• The business keeps customer/patient records such as medical histories, credit card, bank account and social security numbers in its database – which is a target for hackers.

Why Small Businesses Should Consider Cyber Liability Insurance

In the event of a data breach, a business must respond quickly to help protect impacted individuals and the business’s reputation.  Our coverage can help with response-related expenses including, costs to notify impacted individuals and good faith advertising. And in most states, coverage is available to help cover legal defense and liability expenses if your business is sued because of a breach.

There were over 77 million domestic dogs residing in homes across the United States between 2015 and 2016. This was a finding in a survey conducted by the American Pet Products Association. According to the Centers for Disease Control, there are over 4.5 million dog bites reported each year. Of that amount, almost 900,000 require medical care, and about 50 percent of those cases involve children. While some insurers will cover most dogs, some will not insure a long list of specific breeds. Dobermans and pit bulls are on many of the exclusion lists. Some insurers do not discriminate by breed and instead determine a dog's status by individual evaluation.

Dog Owners Are Typically Liable For Bites

If their pets bite guests or people who come on their property, owners are almost always liable for the damages. A dog does not have to be on a list of vicious breeds to make an owner liable in some cases. If an owner knew of a dog's tendency to bite and it can be proven through records of similar incidents, the owner is liable. In some other cases, the owner is not liable if the dog did not have a known propensity to bite and was not considered a vicious breed. For example, a mellow cocker spaniel biting a person for the first time may not result in responsibility by the owner. However, a pit bull biting a person for the first time would likely result in the owner being held liable.

In some states, insurers are not allowed to deny coverage to people with certain breeds of dogs, and they are not allowed to cancel policies if people obtain questionable breeds. However, dog owners are required to buy additional liability insurance in some states if they own certain breeds of dogs. There are three types of laws that put liability on dog owners. They include the following:

• A bite statute places automatic liability on the owner for any injuries.
• A one-bite rule places liability on the owner only if he or she knew of the dog's propensity to bite.
• Negligence laws place liability on an owner if the owner is careless in controlling the animal.

Impact Of Dog Bites

In 2015, dog bite claims made up almost 35 percent of all liability claims among homeowners. The total amount paid by insurers in claims was over $570 million. Although the number of bite claims decreased by more than 7 percent in 2015, the average claim cost increased by 16 percent. The average claim cost in the United States in 2015 for claims of this type was over $37,000. California led the nation in the highest number of claims at almost 1,700 for the year. Claim costs have risen steadily over the past few years, which is mostly due to the rising costs of medical care and the larger settlement awards for lawsuits.

Not all claim amounts were attributable only to dog bites. In addition to biting people, dogs also knocked down children and elderly individuals, which resulted in additional injuries. They also knocked cyclists off of their bikes and caused damage to both the cyclists and their bikes. Other factors also increased the severity of some incidents and led to higher claim amounts. 

Dog owners can help reduce the number of claims made by being responsible. Keep pets in crates or in a locked room when guests visit or when service workers come to the house. For outdoor pets, provide sturdy fencing and a locked gate. Always display signs that alert people of the dog's presence. If there is no fence around the yard, keep the dog on a leash when taking it outdoors. To be safe, do not let strangers pet the dog. One incident can be costly and may even result in the dog being put to sleep in some places. To learn more about preventing costly dog bites, discuss concerns with an agent.

Annual Insurance Review is Critical

Most people know the importance of insurance protection. You don't want to be without it when problems strike. What many don't realize, however, is that protecting themselves with insurance isn't a once and done event. You don't wear the same pants you did when you were five years old because, besides no longer being in style, they simply don't fit. A homeowner's policy purchased when your house was furnished with bean bag chairs and bar stools is no longer going to "fit" once you're lounging on Italian leather sofas while watching television on your wall mounted plasma screen. Life is constantly changing, and your insurance policies should reflect that.

Does this mean that I have to immediately call my insurance agent every time I buy a new piece of furniture or my cousin Tammy moves in for 6 months? Not necessarily. While more significant changes should be reported immediately (such as getting married or getting a new car), items such as improving your home entertainment system or upgrading your car's sound system, can be reported at your annual insurance review. Agents reach out to their clients because they want to make sure to check up on these changes and help avoid any gaps in their clients insurances. However, it's equally important for a policyholder to reach out to their agent to make sure they are covered. Schedule your own annual review, and call your agent as you get your annual renewal. If one agent handles all of your coverage, this task is relatively easy. Jot down any changes that have occurred over the last year, even if you're not sure whether they are significant enough to mention. Doing so will ensure that all of your insurance policies are best suited to your current life situation.

Some examples of changes that should be mentioned to your agent immediately are listed below. Ask yourself these questions every year:

*Have I gotten married or divorced?

*Have I had a new baby, or adopted a child?

*Is anyone in my house a new driver?

*Is anyone living with me who wasn't before? Will they ever be driving any of my vehicles?

*Do I have a personal umbrella policy? Do I need one?

*Have I purchased any new properties?

*Have I started a home business?

*Have I purchased new furniture, electronics, or fine jewelry?

These are just a few examples of life changes that are often picked up during an annual review. However, they are far from the only changes that can affect your coverage, so be thorough when documenting and reporting items to your agent.

Some of the above examples might seem pretty obvious. Most people know that if their teen-ager gets his license, they need to notify their auto insurance carrier. However, not everything is as obvious. For example, take a couple who just had their first child. They decide that it's time to purchase life insurance to provide for the child if something ever happens to them. This couple is doing the responsible thing. They understand the importance of buying life insurance when starting a family. That significant step in planning for the future is taught to the general public quite effectively, in the form of commercials, television shows, radio spots, and the like. But what about five years later when little Ellie is born? Having child number 2 doesn't necessarily flip on the proverbial switch like the first time, shining that bright light on the right decision.  All anyone ever hears about through popular culture is the importance of getting life insurance if you don't have it, especially if you are starting a family. If the Henderson family gets a life insurance policy when their first little one is born, and 4 children later, mom and dad are hit by a logging truck on a trip to Alaska, only #1 gets the money. Unfortunately, #1 also happens to be 18 by that time, and decides to run to Vegas with his new fortune. This particular tale might seem slightly "tall," but beneficiary issues create havoc, legal battles, and misdirected money on a daily basis. Sometimes it's to the tune of thousands, other times it's to the tune of millions. Protect yourself, your family, and your personal belongings by making sure that each of your insurance policies gets an annual check-up. You'll rest much better once you do. 

More than 45 years have passed since Dennis Hopper and Peter Fonda expressed the ultimate picture of freedom by riding motorcycles on the open road. While the generation that witnessed those iconic riders may be seeing more silver in their hair, many are still enamored with their motorcycles and use them just as much if not more than they did in the past.

Motorcycle ownership has only grown in numbers over the past several years. The Motorcycle Safety Foundation estimated that about 38 percent of motorcycle riders used their motorcycles as a main mode of transportation. The average annual motorcycle mileage has risen from a little more than 2,400 in 1998 to 3,000 in 2014. The median age of motorcycle owners in 2014 was 45.

Although motorcycles are becoming more popular for recreation and regular day-to-day transportation, less than 50 percent of motorcycle riders have taken a riders education course. Less than 80 percent of motorcyclists reported using a helmet while riding. According to the National Highway Traffic Safety Administration, there were almost 5,000 fatal motorcycle crashes in 2012, which was a significant increase from the prior year.

These statistics show how important it is for motorcyclists to be vigilant, properly trained, physically protected and insured. Since different states have varying motorcycle insurance requirements, owners must discuss the specific details of their state's rules with an agent. Most states require at least liability coverage. This coverage affords financial compensation for property damage or bodily injury to others if the policyholder is at fault. However, the motorcycle itself is not covered. There are also policies with guest injury liability, which covers injuries to a passenger who rides with the motorcycle driver. This type of coverage is not included in a typical liability policy in every state.

There are also several types of optional insurance in most states. These are some examples.
Collision

Collision insurance covers the motorcycle up to its book value prior to damages resulting from the collision. The insurer pays for the damages, and the policyholder is responsible for paying the deductible.
Comprehensive

This type of coverage is extensive and pays for several damages from events such as vandalism, theft or fire. An insurer covers the damages minus the deductible, and the motorcycle is covered up to the book value prior to the event.
Uninsured Motorist

With this form of coverage, the insurer pays for lost wages, medical treatment and some other damages if the policyholder is hit by an uninsured driver. The motorcycle will only be covered if the policy has a provision for property damage under this category.
Underinsured Motorist

This coverage is similar to the uninsured motorist coverage. However, it is used when the other motorist has insurance but not enough to cover the damages. For example, if a vehicle driver who carried only minimal liability insurance hit and badly injured a motorcyclist, this coverage would be used to make up the difference for medical bills and lost wages. If there is a property damage provision, the motorcycle may also be covered.

Motorcyclists should be aware that most collision and comprehensive policies only cover parts that meet factory standards. Aftermarket parts and accessories are not covered. The good news is that many insurers offer a discount to drivers who complete a training course from the Motorcycle Safety Foundation or a similar approved organization. When pairing this with a good driving record, there are several opportunities for good discounts to reduce insurance premiums. The type, age, style and number of miles driven per year also affect insurance rates. To learn more about saving on motorcycle insurance, discuss concerns with an agent.

Home insurance provides some peace of mind and financial security for families. However, fire prevention should still be a priority. Fire-resistant features can provide discounts on home insurance and may help offset the costs of purchasing and installing them.

There are several helpful mitigation steps for homeowners to take. The following are some of the top examples:

• Use fire-resistant features throughout your home and especially on the roof.
• Clear a safety zone between 200 and 500 feet around your home that is free of leaves, brush, trees and debris.
• Keep all fuel or propane tanks at least 30 feet away from home and any outlying structures.
• Test fire extinguishers and smoke alarms regularly to ensure functionality.
• If there is no hydrant nearby, buy a water storage tank with a hose that will reach the entire property.
• Ensure that any entrance road is easy to access at all times.
• Be sure that the home address is visible on the front entrance of the property and not just on the home itself.
• Review your insurance policy regularly to make sure that all new items are covered in the event of a fire.

Many Americans may not require additional insurance specifically for wildfires since they are covered under normal provisions for fire damage. The type of insurance needed depends on the type of building or home, the contents of the property and whether the homeowner runs a business out of the home. Construction materials used in building the home and the distance to the nearest fire hydrant are also concerns of insurance companies, as homes that are within 100 feet of a fire hydrant are considered less of a risk. Read a home insurance policy thoroughly to learn more, and discuss any concerns with an agent.

It is also important to know what type of policy is in place. If the policy is an actual cash value policy, it only covers the actual worth of the property at the time of the damage. The deductible is subtracted from that amount. However, replacement cost policies pay the actual cash value aside from the deductible. When the property is replaced, the homeowner pays the difference between the two amounts. Keep in mind that the cost of cleanup is also an issue, and this should be factored in with the policy's provisions.

Review individual coverage limits each year to keep an inventory updated as additional policies may be required. For example, people who buy expensive jewelry, art and firearms need separate insurance policies for these valuable items. Also, be sure that the policy limit for the home or property is in accordance with construction costs if it must be rebuilt. When discussing new insurance needs with an agent, be sure to provide plenty of information. Save receipts for big-ticket items such as expensive televisions, computers, furniture and similar purchases. Always be sure to understand the terms and limitations of the insurance contract thoroughly before signing. This will help prevent any confusion in the future. To learn more, discuss concerns with an agent.

Many Americans Underestimate Their Flood Risk

About 90 percent of natural disasters in the United States include flooding. However, less than 20 percent of homeowners and renters buy flood insurance according to a research conducted for the Insurance Information Institute. According to the research, homeowners and renters underestimate their flood risks, and some people may not know if their area of residence is in a high-risk flood zone. Being in an area with a moderate or low risk is still an issue. According to III, about 20 percent of claims come from individuals who live in areas with a moderate or low flood risk.

Many homeowners and renters do not know that their personal insurance policies do not cover flooding as the water damage provision is often confused with flooding. However, there is a major difference. Water damage is less severe and is often due to leaky pipes, cracks in the roof or similar issues related to the home or components of it. Flooding happens when there is heavy rainfall that causes water to collect and rise or nearby bodies of water to swell past their banks. Damages that happen because of those floods are not covered in a typical renter's policy or a home insurance policy. 

It is important to be vigilant when buying flood insurance because there are some companies offering fake flood coverage. FEMA's National Flood Insurance Program is commonly known as one of the few reputable carriers, plus there are a few private companies as well. Most people purchase flood insurance through the NFIP. For those who wish to purchase more than $250,000 in coverage, a separate private policy is essential. The NFIP limits its policies to $250,000. Some communities are not part of the NFIP, and that insurance is not available to buy in such communities. To learn more about the NFIP's availability and local options, discuss concerns with an agent.

When buying a supplemental policy, there is a waiting period of 30 days between the time of buying the NFIP policy and the supplemental one. People who live in areas that are prone to floods or hurricanes should keep this in mind when buying their insurance. Residents of Texas, Arkansas and Louisiana are especially encouraged to seek flood insurance if they have not yet purchased it, and communities along major river basins should also buy it. To learn more about risk areas and what options are available, discuss concerns with an agent.

For many Americans, a vehicle is like a second home. When it is involved in an accident or breaks down, the next step towards getting it back on the road is to call a towing company. Although the majority of towing companies are reputable and honest, some may try to scam consumers. From inflated rates to fictitious fees, there are several ways that dishonest companies take advantage of unassuming consumers.

Steering

With this type of scam, a towing firm shows up quickly after an accident without being contacted. They find out about crashes through police scans. The at-fault driver may be in on the scam as well, and he or she will try to convince the victim to have the vehicle taken to a body shop that the towing company recommends. Steering is an illegal activity in most states.

Fee Inflation

Some towing companies may inflate their fees beyond a person's auto policy limit or a warranty reimbursement limit. This forces the individual to pay out of pocket. Always call a few towing firms to compare rates before choosing one. Be suspicious of firms that ask for information about policy limits.

Patrol Towing

With this scam, a towing company has one or more spotters who look for parking violators. The spotters notify the company, and the company quickly tows the offending vehicle to an impound lot. The impound company and the towing company may both try to charge inflated rates.

Gate Fees And Labor Fees

Labor fees and gate fees are both scams. These charges are implemented to release a vehicle to an owner. Another possible fraudulent fee is a release fee. It is illegal in most states to charge a gate fee, a labor fee, or a release fee. 

How To Fight Back

There are several ways to avoid becoming a victim of an unscrupulous towing company. These are some helpful tips for staying safe:

• Join AAA or another roadside assistance program with toll-free help numbers.
• Never use a towing company that just shows up after an accident.
• Never rely on a towing company's recommendation for a body shop.
• Do not sign any other approval forms aside from the one authorizing the tow.
• Make sure that all blanks are filled in on a towing form before signing it.
• Ask for a price list from the towing company before signing an agreement.
• If there is an accident, get a copy of a damage report from the towing company at the scene of the accident.
• Always use a credit card to pay for charges in the event that any charges must be disputed.
• Do not provide insurance information to the towing company.
• Take a photo of the towing scene and the company's vehicle.
• In the event of a scam, file a complaint with the police or the BBB.

It is essential for consumers to know their rights. There are state laws in place to protect people if a vehicle is towed while the owner is away. Operators must leave a sign at the scene with the towing company's name, phone number, address, who requested the tow and the reason for towing. Also, towing firms must take a photo of a car that is parked illegally. Ask for proof of this from a towing company if a vehicle was towed while shopping or while conducting a similar errand. In most states, the towing operator must release the vehicle even if the person cannot or will not pay the fee. However, the operator may take the case to civil court if he or she has a legitimate claim. This article is meant to be informational only. It is not legal advice and should not be interpreted as such. To learn more about rights and towing scams, discuss concerns with an advisor.

Enjoy a $25 Amazon Gift Card from the Insurance Loft with a Customer Referral

Connect Us with a Friend or Family Member

Get rewarded by simply telling your friends and family about The Insurance Loft.  For every referral-to-client connection, you will receive a $25 Amazon Gift Card from The Insurance Loft as a token of our appreciation.

For us, the best part of our business is the amazing clients we get to work with on a daily basis! Our goal is to create the very best client experience and ensure that obtaining and managing your insurance is easy and educational. Should you be willing to share this experience with friends, family members, colleagues, or neighbors; it will be our pleasure to provide you with a $25 Amazon gift card from The Insurance Loft!

Connect with your agent to take advantage of this offer and receive your Amazon Gift Card!

Common Questions:

Q: How should I go about referring my friends and family?
A: Simple–put us in touch with your referral via email and we’ll take it from there.

Q: When will I receive my $25 Amazon Gift Card?
A: Within 15 days of your referral becoming a new client of The Insurance Loft, you will receive your $25 Amazon Gift Card in the mail.

Q: Is there a limit to how many referrals I can provide?
A: Absolutely not! This offer stands for all referral-to-client connections.

Q: What should I do if I referred a friend but didn’t receive my Amazon gift card?
A: Call or email your Insurance Loft agent and we’ll make it right!

Study Shows That Higher Speed Limits Equate to More Highway Deaths 

Over the past few decades, many states have raised the speed limits on their highways. The good news is that drivers can reach their destinations faster. The bad news is that more of them are never reaching their destinations at all. A recent study shows that higher speed limits have led to increased numbers of fatal accidents.

In 1973, amid concerns about fuel shortages, Congress passed a law that required states to set their highway speed limits at 55 mph or lose federal highway funds. They all adopted the 55 mph limit. A side effect of the law was a reduction in death rates on the roads.

By 1987, fuel supplies had grown, reducing the impetus for conservation efforts. Congress amended the law, permitting states to raise the speed limit to 65 mph on rural highways. By 1995, the law had been repealed entirely. Supporters of repeal called it a recognition of the reality that few people were obeying the 55 mph limit. However, subsequent studies showed that travel speeds increased after the repeal.

Some states have gone far beyond the old 55 mph limit. Six states now have 80 mph limits; Texas has an 85 mph limit on some roads.

A recent study by the Insurance Institute for Highway Safety examined the effects of all speed limit increases between 1993 and 2013 in 41 states. Researchers broke down data on the number of fatalities per billion miles traveled by state and road type (urban, rural, etc.). They further controlled for other factors that influence fatality rates, such as unemployment rates, number of potential drivers between ages 16 and 24, and alcohol consumption per capita.

The findings: Fatalities increased by four percent for every five mph increase in speed limits. The increase was even higher on interstate highways and freeways - eight percent.

The researchers compared the actual fatality rates to what they would have been if each state had left its speed limit unchanged since 1993. They estimated 33,000 additional people have died because of the higher speed limits. In 2013 alone, the additional fatalities were 1,900. By comparison, the number of people who died on the Titanic was slightly more than 1,500.

The researchers believe the 33,000 figure understates the actual number. They looked only at the increases on rural highways, but some states also raised the limit on urban roads. Others raised the limit on one section of a highway and later raised it for other sections, actions the study did not examine. Also, since the study period ended five states have raised their speed limits above 75 and others have gone from 65 to 70.

It appears that American drivers' need for speed is shortening their lives. Beyond the tragedy of lives ended early, this trend imposes additional costs - higher taxes to pay for more emergency services, increased medical expenses, and hikes in auto insurance premiums. Whether the benefits of higher limits justifies these costs is something lawmakers in each state must decide.

These Windshield Changes Are On The Horizon

Modern windshields are made with safety in mind. Over the past several decades, they have evolved and improved. They are now made with stronger but lighter materials. Glass is still the main component, and innovations in recent years have made it even stronger. From entertainment devices to windows, glass is a necessary component for many vehicle features. There are several new trends, and vehicle owners can expect to see more of them in the near future.

No Sun Shades Or Headlights

Although they are still in development for the future, scientists are already working on windshields with night vision. This would eliminate the need for headlights and would allow drivers to see in the dark. However, all vehicles on the road would likely need to use them to ensure the safety of other drivers.

Some windshields already have sensors that turn on wiper blades if rain hits the outer surface. The layer between the outer and inner panes of windshield glass leaves an open range of creative innovation opportunities. Photochromic dyes may also be in store for windshields in the near future. These are the same dyes used to tint glasses darker automatically in sunlight. If windshields had this and a protective UV-blocking layer, they could benefit drivers immensely.

Communications

If night vision will be a part of future windshields, one of the first changes to happen will be adaptation of solar panels on vehicles. These will power batteries. If vehicles also had a thin layer of photovoltaic cells across their bodies, they could share information and communicate. Devices placed inside of windshields could communicate with one another. For example, they could send information about road conditions or accidents.

Visual Displays

Imagine seeing an image or data displayed on the windshield. Backup cameras often have displays in rearview mirrors, and this idea is similar. These heads-up displays are already in development and will show important information beyond the temperature and the driver's speed. They can sync with other safety features on the car to alert drivers of upcoming obstacles in the road, nearby pedestrians and much more. Also, they can track a driver's eye movements. If the driver falls asleep, the vehicle may use additional safety features to automatically pull over or alert the tired driver.

World Interface

Some SUVs already have monitors for rear-seat entertainment. Glass innovations could take an extra step to become interactive windshield panels with access to apps and other features. Although touch activation may exist, voice activation is likely to take the lead for this innovation.

Sensors And Cameras

To make the most of interactive technology, windshields will have to use sensors and cameras. Many cars already have basic sensors for alerting drivers of vehicles in a blind spot or letting them know when they make an unintentional lane departure. Sensors and cameras mounted to the windshield may come with a multitude of benefits someday. However, the only downside is the possible repair costs. Any repairs would require an expert technician with reliable recalibration skills and knowledge of the specific vehicle. It will take time to garner full support for making these features standard. 

No More Wiper Blades

In 2008, an Italian designer invented a water-repelling windshield that resists dust and cleans itself. With the new system, drivers do not need blades to wipe away the rain or clean the windshield. The system is aerodynamic and involves the use of special coatings. However, they will fade over time. McLaren is testing another system with high-frequency sound waves. These waves ward off water and debris.

With a competitive market and continual advances in auto technology, some of these features may start appearing within the next decade. Some may take longer to be completed or gain support. However, these concepts are no longer hypothetical. It has now become a matter of when they will happen and not if they will happen. For drivers who like to save on auto insurance, some of these features might provide additional safety and premium discounts in the future. To learn more about this topic, discuss concerns with an agent.

Due to the complexity of the insurance industry and the endless sea of terrible insurance advice available online, it can be challenging for insurance customers to determine what is the truth, and what is fiction. Over our years in business, we have heard pretty much everything. So in an effort to shed light on some common misconceptions, we have put together a list of common mistakes plaguing the insurance industry.

1. At age 25 your insurance rates drop dramatically.

Although we would very much love for this to be the case, it isn’t. While age 25 is commonly viewed in the insurance industry as the age when a driver is no longer considered a “youthful operator,” there is not a substantial discount that will be applied for merely having a birthday. However, as you get older it not uncommon to start to see more favorable rates. But keep in mind that this is a gradual process that comes with time and years of good driving.  

2. Your home should be insured for the same amount it was purchased.

While this seems logical on the surface, it is important to note the difference between Market Value & Replacement Cost. Finding home insurance is often a huge part of the home buying process. However, purchasing a home and insuring a home are entirely different. When buying a home, you will be dealing exclusively with Market Value. This will include factors like land value, neighbor features, and area trends. When obtaining home insurance, the focus is to determine the amount needed to replace and rebuild your home, not reimburse the purchase price. So it is essential to discuss your property in detail with your advisor to ensure all bases are covered.   

3. Letting your auto insurance policy cancel is “no big deal.”

On the contrary, a lapse in insurance is a huge deal and is becoming a growing issue in the insurance world. Letting your auto insurance lapse is never a good idea, even for a short period of time. Not only is this against the law in most states, but it also leaves you without valuable coverage while driving. What’s more, many insurance companies will not offer auto insurance to anyone who has had a lapse in insurance. So your insurance options will be significantly limited if there has been a lapse in coverage. Further, insurance companies that will offer a policy after a lapse in coverage will only provide a policy at a substantially increased cost. All insurance companies reserve their most competitive rates for drivers who have had continuous insurance for at least six months with no lapse in coverage. Always talk with your advisor before cancelling your auto insurance policy. 

4. Full coverage means my policy covers everything.

We admit the name can be deceiving, but full coverage does not mean that absolutely everything can be claimed on your auto insurance policy. Full coverage just means that an insurance policy is offering coverage to the vehicle you own, by adding comprehensive and collision coverage. If you have full coverage, you can pay your deductible and have your car repaired after a covered loss damages it. Conversely, if you have liability only, your insurance policy will not offer benefits to repair your vehicle.

5. Insurance rates are negotiable.

If only it were this simple! Unfortunately, insurance rates are derived by compiling numerous amounts of data into a complex algorithm. Once calculated, there is no way to change the rates without altering the information or the coverage. This is why it is nearly impossible for two different people to have the same insurance rate. Each person is unique in some way, and each insurance company will interpret each characteristic differently. 

6. All companies offer the same policies.

Many companies in the insurance industry have worked very hard to establish this myth. However, it is simply untrue. Like any other product in the world, there is a difference in quality from company to company. The same is true for insurance. The details lie within the policy language and the company mentality. Some insurance companies believe in broader policy language to offer enhanced coverage options to ensure a great claims experience for their clients. Others feel that more evasive policy language and only paying claims when it is absolutely required is a better approach. While the name of each coverage on your policy may look the same, the experience you will receive can be very different from provider to provider. It is important to do your research on a company before trusting them with your insurance.

7. I am married, but my spouse has his/her own insurance.

“What’s yours is mine and mine is yours!” Once married, you are not required to combine your auto insurance. However, nearly every reputable insurance company in America will require that spouses are listed on the same policy. This is done to avoid coverage gaps and ensure claims can be paid correctly in the event of an accident. If policies are not combined after marriage, there is a higher risk for denied claims, and there is a good chance your household is paying too much for auto insurance. The bottom line, most spouses have access to each other’s vehicles, so it is safer, and likely more economical, to combine your auto insurance.

8. There is no need for renter’s insurance.

False. For most renters, the only protection available from landlords, neighboring tenants, and damage to rented property is a renter’s insurance policy. While most know renter’s insurance to cover personal belongings, the superstar coverage on a renter’s policy is the liability protection. Did you know, if a renter causes a fire in an apartment complex they can be sued for the damaged caused to their unit as well as any surrounding units? Without renter’s insurance, the renter would be stuck paying for that damage on their own.

Renting is often much more personal and often presents a much higher chance for liability claims than buying a home. Not to mention, renter’s insurance is one of the most affordable insurance product on the market.  Every renter should have a renter’s insurance policy.

Hurricane season in the U.S. starts in June and lasts until the end of November. If you live in a hurricane-prone area, you need to have an emergency plan that has been thought out carefully. Know the evacuation routes available to you before there is an official 'Hurricane Watch' or 'Hurricane Warning' broadcast over the radio or television, and keep alert to the updates for your region.

What Is a 'Hurricane Watch'?

A 'Hurricane Watch' refers to weather circumstances that are capable of producing a hurricane within 36 hours' time. As soon as you hear a 'Hurricane Watch' announced, know that you have the time necessary to get a boat prepared or to put your evacuation plans in place if you must leave the area before the storm sets down.

What Is a 'Hurricane Warning'?

A 'Hurricane Warning' means that continuous winds of at least 74 miles per hour are anticipated within the next 24 hours. This is a more serious notification than a 'Hurricane Watch.' If a 'Hurricane Warning' is issued for your area, you should be finalizing your plans of protective action for yourself and your home. Also, at this point, you should know at which location you and your family would be safest as the storm approaches. If your home is located in a flood-prone area, plan on leaving your home during the storm.

Things To Do Before a Hurricane

Obtain plywood and nails to board up your home's windows.

Place indoors any outside items that can blow away.

Don't forget to prepare your pet(s) for safety. Consult your veterinarian or humane society for information on how to ready your pets for an emergency storm.

Have a stockpile of supplies on hand, including a survival kit, in both your home and your car. These supplies should consist of the following:

• First Aid kit
• Canned foods
• Bottles of water (3-7 days' worth per person)
• Soaps, toiletries
• Blankets
• Pillows
• Battery-operated or crank radio
• Flashlights with extra batteries
• Protective clothing
• Prescription medicines
• Other items necessary for babies or the elderly

Place all of your important papers or documents in cases or bags that are waterproof.

Take some money out of the bank in case the banks must be closed or ATM machines are non-working during or following a hurricane.

Fill up your car's tank with fuel.

What To Do As a Hurricane Approaches

Stay inside your home, away from any windows.

If your home is a mobile home, protect yourself by moving temporarily into a shelter.

Should a mandatory evacuation be issued, vacate the area right away.

When the Hurricane Is Over

Be careful as you look for people who are trapped or hurt.

There is often flooding after a hurricane. Be on the lookout for water buildup and do not try to drive through a flooded area.

Stay away from standing water. This water might be charged with electricity from beneath the ground or from knocked-down power lines.

Drink only bottled water until the tap water in your area has been cleared for safety.

Being prepared for an oncoming hurricane, which can be dangerous and sometimes fatal, is the most important you can do to keep you and your family safe.

Ultimate Protection with an Umbrella Policy

Why it Makes Sense for You

The goal when obtaining insurance should always be protection. Protection of the life you have built and your financial security. After all, insurance is one of the very few products available that will protect us when the worst in life occurs. So if protection is important to you, an Umbrella Policy is the way to go! 

It’s best to think of an Umbrella Policy as an extension of the auto and home insurance you already have in place. The policy is designed to complement the existing coverage by extending it to higher limits. This will ensure the protection of your assets and financial well-being in the event of a claim.

An Example: “A driver sees a ball bounce out into the street. It’s followed by the young child who lost it. The driver can’t stop in time, and the child is severely injured. In court, damages are awarded to the child’s parents for $1 million. The driver’s auto policy pays its limit of $500,000 per claim; the driver is responsible for the remaining $500,000.”

Without an Umbrella Policy, the driver in the above example would have to find a way to pay the additional $500,000 in awarded damages. For most, this would result in substantial cash losses or require the liquidation of savings/retirement accounts or life insurance policies. If the necessary funds cannot be accessed, the courts can require that hard property be seized and/or any future wages be garnished until the debt is paid. 

If the driver had an Umbrella Policy, the additional $500,000 in awarded benefits would be paid by the umbrella policy. What’s more, the driver could also access his umbrella policy to assist with his legal defense costs. Essentially, an umbrella policy could completely remove the negative financial impact resulting from the tragic mistake. 

Perhaps the most appealing aspect of an Umbrella Policy is the affordability. While Umbrella coverage can range from $1 million in coverage all the way up to $50 + million, the price tag for the coverage received is often at cents on the dollar. An Umbrella Policy offers a great amount of protection but is still one of the most affordable insurance policies available.

And if big coverage at an affordable price was not enough, an Umbrella Policy also offers worldwide coverage, personal injury coverage, and vacation rental coverage!

To learn more about an Umbrella Policy that is right for you, reach 

It is important for homeowners to know how high winds work to better protect their homes. Wind can affect a home in four ways. The first way it affects a home is by uplift. When wind travels over the roof, it creates a lifting effect. Another way is racking, which means that wind creates pressure horizontally that can cause a home to tilt. Overturning is another way that wind affects a home. This happens when the home is not able to slide or rack. In some cases, this may result in a home's walls rotating off of the foundation. Sliding is the fourth way that wind affects homes. When wind creates horizontal pressure, it may cause the home to slide off of the foundation.

Always create a continuous load path for wind to flow. This is a type of construction that connects the roof and the house's foundation with a framing system. In most cases, the framing system is made from framing materials, fasteners, metal connectors and reinforced walls. The system both strengthens and connects the home's structural frame. If a home is constructed with a continuous load path for wind, it will stand up better to strong winds by channeling the pressure away from the home's exterior to the frame and toward the home's foundation. Building a home with a wind-resistant garage door is also an important consideration. Impact-resistant windows and storm shutters can further improve the home's defenses against strong winds.

Every homeowner should learn the building codes and enforcement procedures for his or her area. If there are any proposed or pending changes to the building codes that would make a home safer, homeowners should be aware of this. To determine if changes are pending, contact the local building department. Local resources can also help determine if a home is in a high-wind zone. While it is important to check with a builder for absolute verification on continuous load paths, it is also good to know that residential building codes require this for new structures.

Always research a builder or remodeling expert before agreeing to hire the individual or company. A good builder will know if a home is in a high-wind zone and will mention this. Conduct an interview with any prospective builders before signing a work contract. Ask questions about how the home can be improved and better protected against wind damage. For homeowners, it is possible to have the structure inspected by licensed inspectors or engineers for areas of improvement.

When the home is being built or remodeled, stay involved in the entire process. Every homeowner should be proactive about keeping updated with progress and identifying any concerns. It is especially important to visit the home and inspect it while it is being framed.

Upon completion, homeowners should verify that the home is built with a continuous load path using metal connectors between the foundation and the roof. Homeowners should verify that the roof decking has been securely nailed to the frame, and the roof should be connected to the home's top story with metal connectors in high-wind zones or hurricane ties in hurricane zones. The walls on each story should be connected. There should also be an adequate number of shearwalls on each level. Strap ties should be used to tie upper stories to lower stories, and walls should always be reinforced. Lastly, homeowners should ensure the floor of the home is securely attached to the foundation with an anchor bolt or mudsill anchors. To learn more about high-wind zones and

Enjoying the outdoors is one of America’s greatest pastimes! In any season and on any terrain, there are powersports to enhance the experience. Whether your passion is speed, adventure, seaside, or travel; it’s important to make sure your toys are correctly covered. 

While its possible for auto and homeowner’s insurance policies to extend coverage for boats, trailers, and sport vehicles, most often they don’t. Policies that do offer coverage for these items generally only offer benefits in very specific situations, have many exclusions, and often offer much less coverage than is needed.

The fact is, powersports need to be covered separately to ensure you have the coverage you need. Sport and recreational vehicle policies from one of our preferred carriers offers you the added protection you need to hit the roads, trails, and water in confidence.

Get a coverage quote for:

• Motorhomes
• RVs
• Trailers
• Boats
• Personal Watercraft
• Motorcycles
• Off-Road Vehicles (ATVs)
• Snowmobiles
• Golf Carts
• And More

At The Insurance Loft, our client’s well-being is our primary concern! Speak with one of our agents today for an insurance evaluation.

Year in and year out, water and leak damage is among the top causes of claims against homeowners' insurance policies, according to the Insurance Information Institute. Nearly 2 percent of homeowners file a water-damage-related claim every year with their homeowners insurance companies, making water damage the 2nd most common claims-generating occurrence in the industry, behind only wind and hail damage.

Water damage and freezing/burst pipes also accounted for 26 percent of all property damage claim dollars paid, with the average water damage claim topping $7,479 in 2013 - the last year for which full-year data is available. That figure, of course, is in addition to any deductibles that may have been on the policies.

Many of these claims could have been prevented or mitigated with a bit of foresight and a comparatively small investment in new home technologies that can detect even small water leaks around appliances and automatically alert the homeowner and/or shut off the water before the leak can spread and do significant damage. 

Isn't this damage covered by my flood insurance?

Often, the answer is no. Flood insurance purchased under the Federal Flood Insurance Program is not designed to cover leak issues specific to a single house. These policies sharply limit available coverage to basement areas where washers, driers and water heaters are normally stored.  The National Flood Insurance Program also does not cover damage caused by moisture, mildew or mold that 'could have been avoided by the property owner.'

What are my options?

Broadly speaking, there are two kinds of water detection and alert systems - whole house systems vs. point-of-use systems. As the names imply, point-of-use detector is installed to detect leaks or water system failures with specific appliances, while whole-house systems are central systems that can shut off the water to the entire home. Whole house systems will usually require professional installation. Most point-of-use systems are readily installed by the homeowner in a few minutes with a few basic tools.

You may also hear these systems described as "passive" or "active" systems. Passive systems simply detect leaks and alert users. "Active" leak detective systems are those that also stop the water flow - often by activating a ball-valve solenoid mechanism that blocks the water pipe, preventing leaks from spreading.

Other features

Depending on the environment and your budget, you can choose to have a system that shuts down the water to a specific appliance, or that automatically sends you a text or email alert when the sensors detect a problem.

Some systems will also turn off the electrical power to that appliance or circuit, depending on how or where they are installed.

Where should I install them?

You should install them near any indoor water appliance. Homeowners commonly install them behind washing machines, toilets, sinks, water heaters, refrigerators and icemakers.

Leading manufacturers include Flologic, WaterCop, Watts, FloodMaster, IntelliFlow, Z-Wave, Valve Screamer and FortrezZ. 

You can get advice and guidance from your plumber or low-voltage automated home installer, such as many security systems or home theater or A/V vendors. Some homeowners choose to have the system alert an offsite monitoring company, similar to residential home security systems.

Car Accidents Happen

A car accident can be traumatic for any driver. Even if the damage is minor and there are no injuries, it is easy to be overwhelmed by the moment and overlook important claims details.

While there is no set protocol for every accident, there are important actions that can be taken to assist in creating a smooth claims process. The following are six items that will help ensure accurate and expedited claims service.

1) Ensure Safety. Always first access yourself and passengers in your vehicles for injuries. Only after you have established the well-being of everyone in your vehicle, should you check on the other party. If there are any injuries or an increasingly dangerous situation, attempt to alert authorities or call for help immediately. The safety of anyone involved is always the primary concern.

2) Stay Calm & Be Polite. Most vehicles accidents are unintentional. It is essential to stay calm and treat all parties involved with respect. This will ensure the appropriate information is received and steps to resolve the issue can begin immediately.

3) Call the Authorities. Alert the proper authorities by calling 911 or the police as soon as possible. A police report is always helpful, and trained emergency responders can appropriately manage the situation.

4) Document. While waiting for the authorities, document the accident. Take notes, pictures, and access your insurance company’s mobile application for assistance. It will be important to get details that include the other party’s name and contact information, their insurance company and policy number, their license plate number, and the damage to the vehicle. You should always exchange information with the other party. If possible, it also beneficial to get the names, contact info, and statements from any witnesses.

5) Discussing the Claim. You are not required to discuss the incident with anyone other than the police, your insurance advisor or company, or perhaps your attorney. During any discussions, you should not acknowledge fault of the incident. The details of the incident will be reviewed, in their entirety, and only then will fault be determined. There are often many details to a claim that are not easily recognized at the time of the accident.

6) Start the Claim. As soon as possible, you should contact your insurance advisor or company to start the claims process. Even if the incident is not your fault, it is to your benefit to alert your insurance company. They can work on your behalf and provide important policy information to help settle the claim. 

In any accident or claims situation, you have an advocate on your side. The professionals at The Insurance Loft are here for your benefit. Contact your advisor, and we will be happy to offer our expert advice.

Home burglaries can happen to anyone at any time regardless of low crime rates in a neighborhood. It is important for homeowners everywhere to be prepared and to take steps to prevent burglaries. Below are some of the most helpful tips for preventing home burglaries.

1. Make The Home Look Occupied

When leaving home, leave some lights on. Even a quick trip to the store is enough time for a burglar to break in and steal an expensive painting, a television and precious jewelry. Anyone planning to be away overnight or longer should set up their DVR to turn their television on. This will give the appearance that someone is home. It is also helpful to purchase a light timer, and use the timer to set the lights to come on and go off at random times. Always remove fliers, newspapers and other items from the fence, yard or doorstep. While away for more than a day, ask a neighbor or friend to remove these items. Burglars think that nobody is home when these items are allowed to accumulate. Also, arrange for the lawn to be mowed while away. Ask a friend or neighbor to stop by frequently. It may also be helpful to have a neighbor park their second vehicle in the driveway if possible. This is often a deterrent to thieves who are casing the neighborhood with the intent to break in.

2. Lock Everything Up

Always make sure to lock the doors and windows before going to bed and before leaving. Hinges for outside doors should always be on the inside of the home. Install strong strike plates and reinforcements to prevent the outside doors from being kicked open. If there is a garage on the property, keep the door closed and locked at all times. Never use push-button locks on outside doors. They are easy for burglars to pick open. To keep the doors safer, always use a turn lock on the knob and a deadbolt as well. Use the best possible locks for any sliding doors, and put a metal rod between the sliding door and wall while away. Anyone who just moved into a new home recently should have the locks on the doors and windows changed immediately. If there are valuables or firearms in the home, keep them in a locked safe. It is also smart to bolt your safe or firearm safe to the floor.

3. Keep Valuables Out Of Sight

Lawn mowers, bicycles, motorcycles and other valuables that are left outdoors are attractive to thieves. Keep them locked in a garage when they are not in use. Also, thieves often look for items to steal while looking through the windows. Any homeowners who leave their curtains open should also keep valuable items out of sight from these viewpoints. At night, close the curtains to avoid any unwanted attention. When cleaning up the yard, also pay attention to shrubs and trees. They should be trimmed to discourage burglars from hiding behind them. Install a motion-activated light for the front and back.

These are just a few best practices to remember. Install an alarm system whenever possible. Video cameras are also useful. If it is not affordable to install a camera system, buy a few cheap dummy cameras to place in different areas of the property. Since they do not want to be caught on film, most burglars do not take chances with cameras. Also, never place extra keys in fake garden rocks or under doormats. Burglars know all of the top hiding spots for keys. In addition to these best practices and tips, it is important to be insured in the event of a burglary. Always insure firearms, expensive jewelry, and rare art separately. Update home insurance coverage and lists of specifics every year. To learn more, to add coverage or to update an existing policy, discuss concerns with an advisor.

Is Your Business Due for a Review?

Why Business Owners Need Constant Professional Insurance Advice

It’s an unfortunate truth, but we live in a sue happy society and business owners often have to bear the burden of legal attacks. Whether these suits are valid or frivolous, business owners need to protect themselves and their business from financial ruin with well-constructed commercial insurance products.

Because every business is different, there is no “one-sized fits all” policy for commercial protection. That’s why we provide all of our clients with a full insurance review before tailoring an insurance package specific to your business. And after the perfect policy is in place, we will provide checkups to make sure it stays that way! Offering only A rated (or better) insurance products, The Insurance Loft will ensure you get the reliable protection your business needs.

What is General Liability Insurance?

General Liability (GL) insurance is essential to any active business. If you own a vehicle, you have car insurance. A home, homeowner’s insurance. If you own a business, you have general liability insurance. A GL policy protects businesses against lability claims for bodily injury and property damages stemming from premises, operations, products, and completed operations activities.

It is very important to understand the difference between 'general liability' and 'professional liability,’ and how each product provides coverage.

Businesses in need of General Liability or a Business Owner’s Policy:

• Retail
• Garage
• Contractors
• Restaurants
• Health Facilities
• General Office
• And numerous other active businesse.

What is Professional Liability Insurance?

Professional liability insurance, or Errors and Omissions (E&O) insurance, protects companies and individuals against claims made by clients for inadequate work or negligent professional actions. Put plainly, it is designed to protect against mistakes made while practicing or advising within your profession. Covering both court costs and settlement damages, E&O insurance is vital to any business providing professional advice or services.

Businesses in need of E&O (Professional Liability) coverage:

• Doctors
• Attorney’s
• Tech Firms
• Consultants
• Inspectors
• Accountants
• Insurance Professionals
• And many more.

What is Workers’ Compensation Insurance?

In most states, Worker’s Compensation Insurance is required by law. Worker’s Comp protects employees and business in case of accidents, workplace injuries, and lost wages. Additionally, in cases of death, Worker’s Compensation provides families of the deceased a financial benefit.

Businesses in need of coverage:

• Any employer that has part time or full time employees. Even owners can elect to cover themselves.

If your business is your livelihood, connect with The Insurance Loft to schedule a completely free commercial insurance consultation.

10 Steps To Build A Solid Estate Plan

Every adult should have an estate plan. Although the process may sound daunting, it is easier to approach it as several small tasks. The solution is to use a step-by-step method, and these ten steps are essential for a solid plan.

1. Draft a will. The will is one of the most important documents. It should explain who inherits what, and the creator also names an executor. This is the person who is responsible for carrying out the terms of the will, meeting financial obligations and distributing assets appropriately. If there are minor children, name a guardian for them in the will.

2. Consider setting up one or more trusts. Trusts are valuable in planning for both life and death. For example, putting a house in a trust may protect it from judgments following a lawsuit in some cases. It also protects the property from probate if it is left to survivors after death. In planning for the care of survivors, a trust is also a useful instrument for responsibly distributing money. For example, a trustor may set up the trust to distribute enough money to pay tuition every term for a child who enrolls in college.

3. Use health care directives. When a person is unable to make medical decisions, it is important to have an appointed person to make them. People who wind up in a coma, with dementia or with a brain injury may not legally be able to make such decisions.

4. Set up a financial power of attorney. By using a durable power of attorney for financial purposes, a person can name another individual to handle finances in the event of mental incapacitation.

5. Protect inherited assets. If children will inherit money or property, it is important to name an adult who can manage the assets until the child reaches an approved age. In most cases, people appoint a designated guardian from the will.

6. File any necessary beneficiary forms. For retirement accounts and bank accounts, always name a beneficiary for the funds to be payable to upon death. This protects any remaining balance from probate proceedings. Be sure also to register bonds, stocks and other accounts to be transferred upon death.

7. Set up a life insurance policy. This is especially important for people who have dependents or spouses. A non-working spouse who stays at home to care for young children should also have a policy. Amounts may vary depending on how thoroughly a person wants to provide for survivors. A minimum amount to cover funeral expenses, debts and living costs for a few years is a good start.

8. Learn about estate taxes. Most estates will not owe federal taxes. If a person's net worth exceeds the current year's minimum, taxes will be imposed. To learn more about the current minimum, how taxes work and what exemptions exist for transfers, discuss concerns with an advisor.

9. Provide for funeral expenses. Most life insurance policies include a funeral benefit, which is available quickly to cover immediate funeral costs. Although most funeral homes push prepaid funeral plans, some are not reliable. Service and merchandise costs may inflate quicker than interest from a prepayment. Another option is to set up a funeral plan that includes specific wishes without making a payment. Set up a "payable upon death" fund at a bank, and leave instructions for using it for the beneficiary. Compare the balance to inflated funeral costs every five years, and make additional deposits as necessary. Make sure to communicate all final wishes regarding cremation, burial or organ donation with several family members.

10. Protect a business. Anyone who is the sole owner of a business should have a succession plan. Also, partners in businesses should set up buyout agreements.

Be sure to store all documents in a safe place. The executor of the estate should have a key or be able to access these documents when necessary. Financial certificates, insurance policies, wills, trusts, POA forms, property deeds, vital business documents and information about final wishes should be available to the responsible party. To learn more about estate planning, discuss concerns with an advisor.

Contact our life insurance advisor today to learn more about protecting your business.

Call  800-409-9790 or email us at [email protected].     

Frozen Pipes And Material Failure

The two main types of plumbing system failures involve frozen pipes and supply system material failures. In a study, frozen pipes that eventually broke made up nearly 20 percent of plumbing system insurance claims. The study also showed that failure of the pipe system materials was a factor in two out of every three plumbing system claims.

This study showed that the leading cause of residential water loss was plumbing supply system failures. These failures averaged nearly $5,100 per incident in expenses after homeowners paid their deductibles. For the claims in the study, 65 percent were due to material failures. When frozen pipes were to blame instead, the failures were about two times more severe in damages than material failure incidents.

A home's geographic location determines its risk for frozen pipes. For example, a home in Southern California is unlikely to have this problem. However, a home in the upper Midwest is more likely to experience a frozen pipe during the winter months. Homes with pipes that are located in exterior walls or in basements have greater risks of frozen pipes. Exterior hose bib supply lines are the most vulnerable part of a system for freezing.

Drain System Failure

When sewer drains back up into homes, drain system failure is likely to occur. This is more likely to happen than drain corrosion. The study showed that more than 50 percent of drain system failures happened because of backed-up sewers. Only about 35 percent of failures were attributed to performance problems. Claims from failed drain systems showed that they were among the top five reasons for residential water loss.

Homeowners reported average costs of $4,400 per incident after paying their deductibles. Failures were more common in homes that were under 40 years of age. Almost 70 percent of sewer-related drain claims came from homes with basements. When the basement was finished, the damage was 65 percent worse than it was in homes with basements that were not finished.

Toilet Failure
This ranks number two on the list of top causes of residential water loss. Clogged drains and faulty fill valves are usually to blame. Almost 80 percent of claims in this category were due to faulty supply lines, assemblies for fill valves, backed-up toilets and flanges. Incidents averaged about $6,000 per claim. New homes were more susceptible to severe damages from sudden failure, which resulted in significant water loss. About 15 percent of toilet failures happened in vacant homes.

Water Heater Failure

When water heater tanks reach their maximum age expectancy, they start corroding and rusting. Most water heater failures happen because of corroded tanks that lead to bursts or leaks. If the tank is flushed and maintained properly, it can last longer. Almost 70 percent of water heater failures happened because of sudden bursts or slow leaks. Incidents averaged about $4,500 per claim in the study. Although supply line claims only accounted for 10 percent of all claims, they cost homeowners about 60 percent more than other types of water heater failure claims. In about 95 percent of claims, the hot water heater was 20 years old or less.

Washing Machine Failure
This type of failure is usually caused by supply hose failure, drain line failure or overflow. The study showed that the average cost per incident was about $5,300. Hose failure was to blame in about 50 percent of claims. Of those claims, nearly 80 percent involved machines that were under 11 years of age. More than 5 percent of failures took place in unoccupied homes, and the failures in those vacant homes led to damages that cost more than two times as much as the failures that happened in occupied homes.

According to the study, damages in many categories were more costly in the southern regions than they were in northern regions of the United States. It is important for homeowners everywhere to know their risks and minimize them. To learn more about common types of claims and how to avoid them, discuss concerns with an agent.

Many business owners sincerely try to treat their employees with respect and dignity. They expect employee lawsuits for poor treatment to happen to other businesses, not to them. Unfortunately, that is not always the case. Any business can find itself on the receiving end of an employment practices lawsuit.

Sexual Harassment Lawsuit

A California hospital thought it was dispensing justice equally when it fired two employees over an allegation of sexual harassment. A nurse who had worked there for 20 years with an excellent service record complained about a new supervisor. The supervisor allegedly made inappropriate comments, physical contact and lewd displays to him. He maintained that he never consented to such conduct. The supervisor claimed the opposite, that the nurse did consent and even participated in the interactions.

Following an investigation, the hospital fired both men for "unprofessional conduct." The nurse sued the hospital for wrongful termination of employment. A jury awarded him $238,328 plus interest and court costs. The hospital appealed the verdict. While finding that the trial judge gave bad instructions to the jury, the appellate court found that substantial evidence supported the judgment.

Racial Harassment Lawsuit

An employee of a water authority in upstate New York began to experience harassing behavior after he got engaged to a woman of another race. His supervisor and several co-workers allegedly cursed him, vandalized his property, threatened him, and made offensive comments that could be construed as racist. He complained to his superiors but did not file a formal complaint with the authority's human resources department.

At the same time, the authority was accumulating a file documenting instances of poor performance and misconduct by the employee. Ultimately, he was fired. He sued the water authority and 10 individuals who worked there, alleging physical assault and battery, unlawful discrimination, hostile work environment, disparate treatment, retaliation, deprivation of his constitutional rights, and intentional infliction of emotional distress.

After dismissing the claims against five of the individuals, the jury awarded the employee $305,000 in back pay and $5,000 in punitive damages from each of the five remaining defendants.

A director with a New York City social services agency was allegedly subjected to disparate treatment, sexual harassment, and retaliation after she filed complaints. Her white supervisor treated her with hostility, excluded her from management meetings, and demoted her. Her new supervisor sexually harassed and threatened her. She was effectively fired shortly after returning to work following a mini-stroke.

She sued the agency, alleging a hostile work environment, disparate treatment, retaliation, and sexual harassment. The trial court dismissed her claims, but an appellate court reinstated most of them. It dismissed the sexual harassment claim only because she had not followed complaint procedures under the law.

Even well-managed organizations can have employees who behave badly. For this reason, organizations should consider buying employment practices liability insurance. It covers the costs of defending and settling employee lawsuits for discrimination, harassment, retaliation, and other offenses. General liability insurance policies do not cover these types of lawsuits, so this special coverage is essential.

Businesses need to protect themselves from the acts of their own employees. Employment practices liability insurance may prove to be one of a business's best purchases.

Contact The Insurance Loft today to learn more about protecting your business.

Call 800-409-9790 or email us at [email protected].         

Many small businesses use cars and trucks to get the job done.

These can be sedans driven by real-estate agents drive to meet clients, delivery vans used by distributors, contractors' dump trucks, tractor-trailers hauling goods across the country, or delivery drivers taking food across the city.

The owners of these vehicles must buy insurance on them to cover accidents that may occur. Business owners can do several things to reduce the cost of that insurance and to avoid the pain and inconvenience of accidents.

When a business entrusts a vehicle to an employee, it is literally putting people's lives and business assets on the line. The business should set no-exception rules for drivers:

• Always wear seat belts. They help prevent traffic deaths and make injuries less severe.
• No driving while under the influence of alcohol or drugs. In 2012, one person died in a drunk-driving crash every hour.
• No cell phone use while driving. Distracted driving accidents killed more than 3,000 people in 2013.

Businesses should also set guidelines for employees to follow when they use company vehicles, such as:

• Limit their non-business use of vehicles. If employees take company cars home with them, the employer should set reasonable limits on personal use.
• Allow plenty of time between meetings and assignments. This  will make it less necessary for employees to speed.
• Instruct employees to park vehicles in well-lit areas and lock them.

Beyond setting rules and guidelines, businesses can take steps to encourage safe driving:

• Check prospective employees' driving records before hiring them.
• Restrict the driving activities of those with poor records.
• Require employees to report accidents they have when they are off the job.
• Be on the lookout for employees with short tempers, as they may be prone to road rage.
• Provide occasional driver training for employees who drive, especially those learning to use large commercial vehicles such as dump trucks.
• Give rewards to employees or departments that stay accident-free for periods of time.

Even with all the preventive measures in the world, an accident will occasionally happen. Employers should prepare their drivers for that event.

Develop procedures for what an employee should do after an accident. Keep copies of the procedures handy in vehicle glove boxes. The procedures should include things like:

1. Remaining at the scene
2. Calling the police
3. Gathering information from the other drivers (if any) and any witnesses (names, addresses, insurance information, license plate numbers, and so on)
4. Reporting the accident to a designated person with the company

Auto accidents disrupt lives and business operations, and they can be costly.

Connect with our business team to talk through vehicle risks to your business.

Seeing your business swept away by floodwaters or burned to the ground by a wildfire would be devastating. Having the right insurance coverage based on your specific risks and business needs can make the difference between getting back in business in a few days, versus weeks, months, or possibly never. But many small businesses discover they aren’t adequately insured only after they’ve suffered a loss.

Part of your emergency plan should include a thorough insurance review with your insurance professional. Together, you can discuss the potential risks to your business and determine if you have the right coverage, and the right amount of coverage, to keep things running in a worst-case scenario. Here are a few policies to consider depending on your specific weather risks:

• Business income insurance. Every for-profit business lives on receivables. Even if your income stops, your expenses keep going and you’ll quickly find yourself underwater. Loss of income is often more serious than direct property damage, and it’s one of the main reasons most businesses fail to reopen after a serious loss. Business Income insurance helps replace lost revenues and covers continuing expenses, including payroll, along with extra expenses necessary to keep your business going.
• Business property insurance. Business property insurance can help protect your physical assets, including buildings, equipment, furniture, and product inventory. You can even add protection for accounts receivable records plus computers and media, among other assets.
• Flood insurance. Did you know that your property or business owner’s policy probably does not cover flood-related losses? If floods are high on your potential risk list, consider commercial flood insurance offered through the National Flood Insurance Program. It can protect your business from hurricanes, rain, storm surges, and snow melts.
• Earthquake insurance. Like flood coverage, most general property policies don’t cover earthquake damage. You may need to purchase a separate earthquake policy to augment your other property coverage. Be aware that earthquake policies generally have a large deductible of 10%-15% of the overall policy limit in states where earthquake risk is highest, such as California, Oregon and Washington. There are other aspects of earthquake policies that differ from typical property policies, so check with your insurance professional to pick the coverages that are best for your business

Terrorists attack a power plant that supplies electricity to a data center. The center houses numerous servers hosting hundreds of Web sites. A small business's site goes down, shutting off 80 percent of its revenue flow.

Terrorists open fire at a shopping mall. The authorities close it for several days while they investigate the crime scene.

A bomb goes off in a building that is the location of several businesses. Hundreds of employees suffer serious injuries.

Terrorism is an unfortunate but real fact of life today.

It can affect any business in any location at any time. With some exceptions, businesses do not have to buy terrorism insurance. However, it is a purchase they should seriously consider.

Terrorism insurance became a major concern after the September 11, 2001 attacks in the US. They cost insurance companies the 2014 equivalent of $43.5 billion. After that, properties and operations in likely target areas had trouble finding coverage.

To restore the market, in 2002 Congress enacted the Terrorism Risk Insurance Act (TRIA). Under this law, the federal government shares in loss payments with insurance companies. The government steps in once insured losses exceed a specific dollar amount. The law requires insurers to offer terrorism insurance to their personal and business customers. Business customers do not necessarily have to buy it.

To keep the terrorism coverage market viable, in early 2015 Congress extended TRIA for six years. The extension requires insurers to absorb a greater and increasing share of terrorism losses before they can receive federal reimbursements. For example, in 2015 industry-wide losses must exceed $100 million. That rises gradually to $200 million by 2020.

In some states and for some insurance coverages, terrorism coverage is not optional. For example, some states do not permit businesses to reject it for Workers' Compensation. Others require it for fire insurance on buildings. For many other types of coverage, businesses can buy it for an additional premium.

Many business owners think the coverage is unnecessary. They cannot imagine a terrorist attack in their city. While attacks have occurred in large cities like New York and Boston, they have also happened in:

• San Bernardino, California, population 214,000, in 2015
• An office building in Oklahoma City in 1995
• A subway in Tokyo in 1995
• A shopping mall in the UK city of Manchester, population 520,000, in 1996
• Airports in Rome and Vienna in 1985.

Also, as the examples at the beginning of this article illustrate, a business can be a victim of terrorism without being its target. A key supply chain can be disrupted. Authorities may restrict access to the area where the business is located. Utility service can be interrupted. All of these can cause businesses to shut down. One-third of insured losses resulting from September 11 were from business interruption, more than any other coverage.

Because of the unpredictable nature of terrorism, every business owner should consider buying the optional coverage. A professional insurance agent can an answer questions and estimate the costs. No one knows when or where the next major attack will be. Business owners should prepare for the financial hit they will take if it happens to them.

Identity thieves steal in countless ways from their victims. Victims may discover that identity thieves have made charges on or withdrawals from their accounts, opened new credit cards or taken out loans in their names, or even filed for bankruptcy using the stolen identity. Victims may find that their social security number has been used on a thief's job application, or that their name was given to police during an arrest. Identity theft victims will spend money and time-probably large amounts of each-in uncovering the extent of the damage and in repairing it, in order to restore their good name.

If you have lost personal identification or information, or if you think that it might have been stolen from you, you should take prompt steps to ward off the possibility that the missing items are being used by identify thieves. A stolen wallet should trigger an immediate cancellation of credit card accounts, as well as contact with your state driver's license bureau or other identification-issuing agency. You should contact the three major consumer reporting agencies (Equifax, 1-800-525-6285; Experian, 1-888-397-3742; and TransUnion, 1-800-680-7289) and ask that an initial fraud alert be placed on your credit report. This initial alert, which stays on your report for at least 90 days, requires an identification verification before credit is issued. It also entitles you to a free credit report from each of the reporting agencies.

If you are not merely suspicious, but certain, that you have been the victim of identity theft, you should act immediately to minimize the damage:

• Place an extended fraud alert on your credit reports. This alert will stay on your report for seven years.
• Request and thoroughly review your credit reports, looking for unauthorized charges and inquiries from companies that you don't remember contacting. Follow up on questionable items, dispute those that you are sure were the thief's doing, and take steps to correct any errors that you find. Continue to review your credit reports periodically; the extended fraud alert entitles you to two free credit reports within 12 months.
• Close accounts that you find have been opened in your name or accounts that you opened but from which the thief has made unauthorized charges or withdrawals. Contact the credit issuers' fraud department and follow up in writing to dispute any unauthorized charges. Request the credit issuers' fraud dispute forms, or (if they use it) submit the ID Theft Affidavit developed by the Federal Trade Commission (FTC), which is discussed further below.
• Cancel your existing credit cards and have new ones reissued as needed, with new passwords or personal identification numbers.
• File a police report.
• File a complaint with the FTC through the agency's Identity Theft Clearinghouse (1-877-IDTHEFT or online through a link on www.consumer.gov/idtheft).
• In the case of stolen checks, notify the issuing bank and close the account. In the case of a social security number, notify the Social Security Administration.
• Throughout the process, stay organized by keeping a record of all phone conversations, correspondence, emails, etc.
• Seek legal assistance, if necessary.

The FTC has a form intended to help identity theft victims by simplifying the reporting process for identity theft crimes. The ID Theft Affidavit is a model form that can be used to report information. The FTC developed the ID Theft Affidavit in consultation with banks, credit issuers and consumer advocacy organizations, and, as a result, many credit card companies, financial institutions and retailers accept this form. It is particularly helpful when an identity thief has opened multiple new accounts with the victim's information.

The precise action that an identity theft victim needs to take can differ depending on what personal information the thief has stolen. The FTC has an online guide, Take Charge: Fighting Back Against Identity Theft, which provides general guidance for identity theft victims along with detailed information on resolving specific problems (including investment fraud, mail theft, passport fraud, social security number misuse, student loans, tax fraud and bankruptcy fraud). The guide includes sample forms and letters, and can be accessed through a link on the FTC Web site noted above.

Identity theft victims can feel overwhelmed by the scope of their potential problems and by all that they must do to rectify them. By acting quickly-while staying calm and keeping organized-identity theft victims can successfully regain their credit standing and overall good name.

Our Downtime Loss and Rental Reimbursement & Towing Coverage endorsement offers unique features that best meet the needs of customers who rely on their trucks to generate an income. It provides up to $100 per day, subject to a 7-day waiting period and a maximum of $3,000 per loss, for either:

• Downtime Loss, which indemnifies for a portion of the loss of earnings resulting from a customer's inability to operate due to a covered loss to a covered vehicle. For example, if a customer's truck is involved in an accident, Downtime Loss will pay for a portion of lost income that would have been generated by that truck if it was in service.
• Rental Reimbursement, which pays for a portion of the rental costs while customer's truck is being repaired if damaged by a covered cause of loss.

Competitive Advantages: Choice & Flexibility

• At the time of claim, a customer can decide which approach is best for them. If they feel they can earn more with a rental, we'll cover $100 per day toward a suitable rental.
• If equipment is so specialized that renting an equivalent truck is not an option, Downtime Loss is the ideal solution, helping to replace a portion of their lost income.

This endorsement also provides Towing Coverage for towing expenses resulting from covered accidents and disablements, subject to $500 per disablement and a policy maximum of $2,500.

Competitive Advantage: Coverage for Disablements

Unlike carriers that only provide coverage for towing resulting from a covered accident, we also cover towing due to disablement which includes:

• mechanical, electrical or engine failure, or 
• tire blow-out where repairs cannot be made roadside and a tow is required to remove the truck from the roadway to service it or make repairs

Affordable Coverage Driven to Help Protect

At a cost of only $180 per vehicle, this endorsement is ideal for:

• Contractors
• Distributors
• Manufacturers; and
• Service companies

What would you say the fastest growing crime in the United States is today? If identity theft came to mind, then you're exactly right. Statistics by the Federal Trade Commission show that over 20% of all identity theft cases involve the internet and telecommunications. While you might think identify theft scams are easy to spot and avoid, the criminals behind such scams devote themselves to putting together emails, phone calls, and websites that appear enticingly legitimate.

Most email and telephone identity theft scams ask you to provide your Social Security number, credit card account information, or banking account information. According to the Identity Theft Resource Center, unless you initiate the call and know you're speaking with a legitimate representative from the company you're doing business with, you should never give out any personal or financial information.

Of course, there are innumerable scams circulating the country. The following are a few of the most commonly seen:

Moving Money Scams / Nigerian Money Offers

The "can you help me move my money from my country" scams were around before the internet was even a thought. Despite people being aware of the con, these scams still make $100 million each year. The scammers will send out mass emails. They claim to be in a foreign country, often Nigeria. They ask the recipient to assist them in moving their money out of their country and promise to pay the recipient from helping them. The explanation for the request is often a heartbreaking tale or humanitarian cause like a sick relative needing a surgery.

Phisher / Account Verification Scams

These scams involve the scammer purchasing domain names that closely resemble that of legitimate and reputable businesses. One of the most recent scams involved the E-Bay domain name. The scammers purchased domain names like change-ebay.com and ebay-verification.net and sent out mass emails asking consumers to provide their personal and credit card information. The emails often asked the recipient to verify a purchase or made threats to cancel the account if the recipient didn't provide the information. Other companies being used in alike scams include: AOL, PayPal, MSN, Discover Card, Best Buy, and Bank of America. Even if you've recently purchased an item or made a transaction with a company, you should never comply with emails asking for personal or financial information. Most companies don't conduct business in such a manner. To make sure, use the official phone number for the involved company to find out if the request is legitimate.

Get Your Free Credit Report Scams

Most correspondence related to getting a free credit report will turn out to be a scam in one way or another. Free is usually the relative word since most receive a bill charging for the service after it's used. Other free credit report scams are simply after your Social Security number.

You've Won A Free Gift Scam

The phone call or email saying that you've won a free gift is luring. The scammer will claim the gift is free, but that they need your credit card information to cover the shipping and handling. With your credit card number in hand, they can use it for a lot more than shipping and handling. Just remember that few things are free and those that are don't require a credit card.

You've Won The Canadian Or Netherlands Lottery Scams

According to the FBI, this scam has collected approximately $80 to $100 million so far. Keep in mind that you first must buy a ticket or enter a lottery to win it.  If you haven't purchased a ticket, you haven't won.

Questionnaires

This is a request for your personal and financial information under the guise of a friendly questionnaire. The scammer often claims to be a childhood or old social network friend. The questionnaire may blatantly ask you for your info or be subtly collecting information related to your account passwords by asking you your birthday, favorite things, name of your kids, and such. Delete the questionnaire. Giving false information only alerts the scammer they've reached someone willing to respond and possibly provide inadvertent information in the future.

IRS Audit Scams

Scammers have sent out emails claiming the recipient must undergo an e-audit within 48 hours or face penalties and interest. The e-audit questionnaire asks for personal and financial information. Be aware that the IRS doesn't correspond with taxpayers about audits via email and certainly doesn't have anything called an e-audit.

Resume Scams

Identity theft even occurs from sending out a resume. Scammers can place a print or online help wanted ad just like a real employer can. Never place your birthday or Social Security number on resumes. That information can be collected by legitimate employers during the interview stage.

The best way to stay safe is not responding, even with a don't contact me or remove my name from the list email, to anything you feel has the potential to be a scam.

When life circumstances change, insurance needs change with them. This is why agents across the country encourage Americans to review their insurance policies every year to update coverage for such changes. These are 10 important questions to consider when updating coverage.

Did marital status change? When a person gets married, it is important to add a spouse to home and auto policies. Merging two established households means adding more valuables, and these should also be properly insured. If there are a lot of new expensive valuables, they may need separate coverage. Married couples should also have adequate enough life insurance to compensate for the loss of a partner. When getting divorced, couples must update their home insurance policies to reflect who owns what and auto policies to reflect who drives each vehicle. Life insurance beneficiaries should be updated as well.

Was there a new addition to the family? If a married couple has a baby or adopts a child, it is important to update a life insurance policy to include the new child. This should be done even if the child is not named as a beneficiary. A higher coverage amount should be added to each partner's policy to provide funds for all surviving family members, and some people may want to add enough for each child to attend college in the future. Long-term disability insurance is also a must for any couple with children.

Are there any new drivers? When a teenager starts driving or a caregiver must be added to a policy as a covered driver, it is important to review and update auto coverage. Since teens are prone to accidents, the policy should allow ample coverage for them. Teens who earn good grades are eligible for student discounts as well.

Has income changed considerably? Many people choose to decrease their life insurance when they downgrade to a job with lower pay. However, it is more important to change coverage when income increases or a new employer does not offer life and long-term disability coverage. In the case of an income increase, a higher coverage amount will compensate for new financial commitments such as a home or vehicle that survivors would need to keep up. Adding individual long-term disability and life insurance will compensate for a loss of employer coverage.

Were any home renovations made? Several types of renovations increase the value of a home. It is important to update a home insurance policy to include these. Also, consider outside structures such as gazebos and garages. Talk to an insurer before adding any non-gated pools, water slides and trampolines, which are considered hazards.

Was another home purchased? People who buy additional properties as vacation homes or part-year residences should buy ample coverage for them. Since many vacation homes are near lakes, oceans and rivers, they may also need separate flood protection. Homes that are vacant for long periods of time may cost more to insure, which is why it is best to speak with an agent before committing to buy a second home.

Were any new valuables added? An expensive wedding ring, a valuable antique firearm and a one-of-a-kind expensive painting are just a few examples of added valuables. It is important to declare these in detail to an insurance agent. They require a separate floater or endorsement policy.

Was a property lease signed recently? If a person signs a lease to rent an apartment or a home, the landlord is responsible for replacing or fixing the structure. However, renters are responsible for replacing any damaged or stolen items of their own in the property. It is important to have adequate renter's insurance to cover all belongings.

Is there a new carpool? Anyone who joins a carpool has an added risk when several passengers frequently ride in the car. Talk to an agent about providing for the added risk.

Has anyone retired recently? Retired individuals often drive less. Report any mileage estimate changes to an insurance agent for a possible discount, and retired drivers may qualify for an additional discount.

To learn more, discuss concerns with an agent at The Insurance Loft.

How much Umbrella Coverage do I Need?

The minimum amount of coverage for umbrella policies is $1 million. Policies are typically offered in larger amounts, but the amounts umbrella policies come in are always in increments of millions. Companies targeting individuals with a high net worth may offer policies that cover as much as $50 million or more. The majority of individuals who purchase umbrella policies pick the standard amount of $1 million, but there is a growing number of people choosing at least $2 million or more. For a policy of just $1 million, the annual premium is between $200 and $250. However, that amount may be higher if the insured has young drivers on the policy, more than two cars or points on a driving record. Each amount more than $1 millions costs slightly less to insure, but the increments become significantly more expensive after the $10 million threshold.

If a person is liable for a serious accident, a higher amount of coverage ensures much better protection and less likely you will have to pay a significant amount yourself. One of the biggest advantages of umbrella coverage is that it is very cheap in comparison with what it would cost to pay for medical bills and property damage out of pocket. Never take shortcuts when assets such as a home, investments and belongings are at stake. Some people mistakenly think they only need to be insured for their net worth, but this is far from true. Judgments and medical bills can easily reach into the millions in a short amount of time. Since damage awards are never capped off at a person's net worth, they may exceed the value of a person's entire assets and still leave the person owing money.

Protecting future wages from garnishment is also an important issue to consider. A person who does not have adequate coverage can easily be jeopardized. If the injured person has a considerable income, that individual is more likely to gain the attention of personal injury attorneys. They are typically successful at helping injured parties receive maximum judgments. While $1 million may seem like adequate coverage, the total amount of a serious injury or death can be in the millions. 

In a litigious society, $1 million is a risky choice for an umbrella coverage amount. It is common to see settlements totaling over $5 million. Also, keep in mind that there are often multiple parties injured in an accident. If all of them are injured and need extensive medical care because of permanent injuries, the at-fault party will be in financial trouble. It is important for all people to think about how much they would seek if they were injured or paralyzed in an accident, and use that amount to consider how much umbrella coverage to buy.

Any person who has assets or even earning potential alone should consider buying umbrella coverage. Experts suggest a minimum of $2 million in coverage. However the more you get, the less likely you will have to pay out any out-of-pocket fortune. This type of insurance is essential for everyone, but the only issue at hand is to choose an optimal coverage amount. To learn more, discuss concerns with an agent.

Keeping in mind that there are many types of coverage and each consumer will have different specific insurance needs, there may be several reasons to consider consolidating your various policies with a single carrier. For most people, the pros of consolidation usually outweigh the cons, but here are some points from both sides:

Cost

Consumers often find there's a cost benefit in consolidating their coverage with a single carrier. While the exact number will vary from company to company, it's possible to save 15% or more.

Specialist companies still exist, but many generalist insurers have diversified their product lines to include an array of business and personal insurance and financial products. Since an insurance carrier is gaining customer loyalty and reducing their marketing costs when an existing customer purchases additional products, they're usually willing to pass a portion of their savings on to their consumers.

Gaps

Depending on the types of coverage you've purchased and your unique situation, certain coverage gaps could be reduced when you consolidate your insurance portfolio. Take purchasing General and Professional Liability through the same carrier as an example. An accountant, for example, would have little risk of their professional services leading to property damage or bodily injury, but a travel agent, for example, routinely makes professional recommendations that could have physical consequences for their clients. The travel agent might be unaware that a lodging they recommend to a client is undergoing renovations. The client slips and falls due to unsafe conditions and sues the travel agent for not knowing the condition of the lodging before recommending it. If the travel agent has General and Professional Liability through two different carriers, then he/she may find the two carriers pointing the finger in opposite directions and disclaiming coverage. Whereas, if the travel agent has both coverages under the same carrier, then the disclaiming concern is moot since there isn't another company to point the finger at.

Tailoring

Many carriers have learned to anticipate the common problems associated with coverage gaps, such as in the example discussed above. These carriers have created tailored packaged policies or programs with multiple different coverage options. These options interlock, but don't unnecessarily duplicate coverage or dangerously leave gaps between coverages. Umbrella policies perform best when written by the carrier of your primary coverage(s).

Cons

As with most everything in life, there are cons to consolidation. It's important that you look at the financial strength of the insurance carrier. If an insurance carrier is poorly rated by any of the rating services that monitor insurers, then the increased risk of going with an insurer that has questionable financial strength may outweigh any of the cost, gap, and tailoring pros.

Another con is that the insurer may quickly change their hunger for a certain product and leave you having to find replacements for multiple policies. Research the company's track record - have they typically stuck it out during bad and good times or have they timed the market to make a quick dollar and exit?

While most generalist insurers have diversified their offerings, it's possible to miss out on some coverage benefits still only being offered by specialists.

In closing, consider the above points and how each could or wouldn't meet your needs. In most cases, you'll find that coverage consolidation, and the right carrier creates a winning scenario for all parties involved.

Contact your advisor today to learn more about protecting your family.

Call 800-409-9790 or email us at [email protected] for more information.    

Determine and Proving who is at Fault in an Accident

Unfortunately, accidents do happen even to the most cautious drivers. Mishaps on the road can sometimes be prevented, but every driver needs to be prepared for the possibility of an accident. It is essential to determine who is at fault and to call the police to establish a record of the occurrence to be used later when filing a claim.

Through common sense, it is typically easy to figure out who was the careless driver, but beyond a verbal agreement, you will have to secure a written police report to support your insurance claim. Take note of the following steps to ensure fault is appropriately established.

1.  Refer to the Vehicle Code. Identify which motorist is at fault by checking the vehicle code or traffic rules.  A copy of the Vehicle Code can be found at the public library, law library, or at the Department of Motor Vehicles. Look for the rule that may be applied to your accident and copy the statute number and entire clause, verbatim. You can use this as a reference when you negotiate your claim with your insurance company.

2.  Secure a Police/Accident Report. As soon as the accident occurs, call the police. Speak with the police officer, as your statement will help determine a clear account of the accident for the officer's report. 

3.  Know which accidents are classified as "No-Doubt or Obvious Liability." Was it a left turn accident or a rear-end collision? Insurance companies hardly bother to question accidents like these as the other party is at fault 99% of the time. The damage on the car (your damaged rear end and his damaged front end) states his car struck yours, and he is at fault, regardless of the reason you suddenly stopped. The car making a left turn is almost always the cause of the collision as the one heading straight has the right of way. 

However, there are exceptions to the rule. 

Rear-end collision: In the event one or both of your tail lights were not working when the accident occurred; your compensation may be reduced. 

Left-turn accident: If the car heading straight was driving over the speed limit or was running the red light, then it is not the other car's fault. 

4.  Take photos of the damage, both on your car and the other party's car. Keep them as supporting documents to your insurance claim or for future reference. 

The "Two-Second Rule" 

An ounce of prevention is worth a pound of cure, and it is always better to drive cautiously than to be sorry later for causing harm to other motorists and passengers. Keep a gap of 2 seconds between your car and the car in front of you. If you reach a lamppost that the first car just passed in less than 2 seconds, you're driving too fast and too close. If the vehicle behind you seems in a hurry, let it overtake you.

In case of an accident, be alert and do not panic. You'll be able to identify and evaluate the cause of the accident better when your head is clear. Armed with complete information about the incident, you'll be ready to settle your claim with ease.  

Money is still tight for many Americans, meaning most are always looking to save when and where they can. Some people have even turned to their insurance policies as a place to cut costs. Insurance can be expensive, but consumers need to carefully ask themselves where and how they can save money in this area without jeopardizing the protections offered by their coverages.

Two typical places that many insured individuals think they can cut the cost of their premiums are from reducing the dwelling/liability limits on their homeowner's policy and reducing the liability limits on their auto insurance policy.

In reality, cutting the liability limits on these policies leaves you highly vulnerable to risk and will not ultimately save you any money over the long run. While you might save a few dollars now with such tactics, it isn't worth it when you stop to think about just how much you could lose if you were sued after someone was injured in your home or by your vehicle.

If you want to decrease your premiums, a much more prudent way to do it is by increasing the deductibles in your auto and home policies. A deductible increase from $250 to $500 could save you up to 15% on your homeowner's insurance premiums. You can save 30% or more on your premiums by raising the physical damage deductible on your auto insurance policy to $500 or $1000.

Some consumers get nervous about not having the $500 to cover their newly raised deductible should they need to file a claim. Since the situation doesn't involve thousands of dollars in difference, it's likely to be just as difficult for most people to come up with $500 as it would be $250. The only difference will be that the extra premium savings can be saved and set aside to cover the higher deductible from any future claims. In most cases, the additional $250 could be saved in less than 24 months.

If you're nervous about taking the larger leap to a $1000 deductible, then you can always take a slow and steady approach. You might increase your deductible to $500 first. You can open a savings account for the premium dollars you'll save each month from having a slightly higher deductible. Although it may take some time, you can eventually raise your deductible to $1000 when you have saved $500 to $750 in the account.

Unlike lowering limits, deductible raises can save you money without placing you at greater financial risk. 

You have the phone and the capabilities that come with it. Using the phone to manage all of your insurance affairs is not only smart, it will put you ahead of the game if you need to access your insurance information or if you end up having a claim. There is no better place than having all the information and tools on your smart phone because it is likely with you at all times. The best news is, the resources are there and putting in place what you need is a snap.

The first thing you should do is to see if your insurance company has an app for your phone. If they do, downloading such an app is a no-brainer. These apps are available as a free added value service to you. The best part is that most of these apps have a number of capabilities. This includes nearly everything from accessing your policy information to submitting a claim and everything else in between. For example, if you get into an accident, some apps included the capability to take photos and submit them along with a claims form you complete right on your phone. This means you can submit a claim within minutes after the accident happened, along with all the photos documenting the incident.

While reporting a claims incident is probably the most valuable advantage of these apps, another advantage is having access to your policy information anytime you need it. What is your policy number? When does your policy renew? When is your next payment due? How much coverage do you have? All of this is right at the tip of your fingers. For example, if you need your policy number and information for your job or you are driving kids on a field trip and the school needs it, these apps make it easy to access all this information.

While most insurance carriers do have apps, even if your carrier does not have an app, the phone itself can be a valuable resource. For claims situations, the phone's camera is just about the best mobile documentation tool you can have. Also, if you are away from home, the ability to connect to the internet to look up resources such as the nearest towing company, the insurance company's website, and of course your agent's phone number can be your greatest asset. Best yet, you can use the phone's map to get directions to the closest place you may need to get to.

In addition to insurance company apps, there are a number of other applications that may be available. One example is a home inventory app that will help you to setup and organize photos or video of your entire home inventory. This can come in handy in the unfortunate event that you have a fire or are burglarized, as insurance companies will need an entire inventory to complete forms when processing the claim. Another example of a helpful app is a document storage and sharing app such as box.net or dropbox.com. These apps allow you to store and share documents and images virtually in what is referred to as a "cloud" format. This basically means that you can upload and save images from a computer to the cloud, and then you will have access to those images from your smart phone or any other computer.

Investing a little initial time to download and setup apps and other resources to make your phone insurance smart is well worth it. It will not only save you time when you need this information, it will allow you to be significantly ahead of the game, even possibly being able to provide enough evidence to prove you are not at fault in an auto accident. You are 95% there by having a smart phone, and the benefits are too great not to take that next step in using the insurance-ready resources that are available.

Annuities are the only financial product on the market specifically designed to convert a lump sum to a guaranteed income. As such, they are powerful tools for hedging against uncertainty and risk. But they also come with powerful tax advantages as well.

The Power of Tax Deferral

Tax deferral is a powerful tool that an investor can use to magnify potential returns - over and above what you might gain using similar investments in a taxable account. Any tax you can put off paying to Uncle Sam is equivalent to taking an interest free loan from the government - and investing it.

For example, if you make a series of investments that generate $1,000 per year in the first year in interest income and you held those in a taxable account, you would likely have to pay $250-$280 to the IRS in income taxes. You would only be able to reinvest $720-$750 of that money and let it compound over time. By holding those same investments in a tax-deferred vehicle, however, you get the benefit of compounding the entire amount - year after year after year.

As investment mogul Warren Buffett has noted, this is the same as the government handing you that extra amount to invest - with no payments and no strings attached, as long as the money stays in the annuity. Yes, you pay income tax on gains - eventually - but you get to decide when, subject to RMD rules.

Annuity Taxation Basics

As long as the annuity owner is still living, they are taxed very similarly to traditional IRAs with nondeductible contributions, and have many of the same tax advantages.

• There is generally no up-front tax deduction on premium (unless you hold the annuity in an IRA).
• There is no capital gains tax. You can exchange from annuity to annuity as much as you like, using Section 1035 of the U.S. Tax Code, without worrying about capital gains or losses). If you just used mutual funds outside of a retirement account, you'd have to pay capital gains taxes on any net gains each year.
• There are no taxes on dividend income.
• There is no tax on interest income.
• Distributions are taxed as ordinary income.
• You don't pay taxes on the entire distribution - only the part attributable to growth from non-deductible contributions.
• You must begin taking distributions by April 1 of the year after the year in which you turn age 70½.
• Annuity Taxation At Death
• The tax treatment of annuities depends on whether the annuity was still in the growth phase, or began paying out income benefits. If the owner dies before the annuity started paying an income, the beneficiary has several choices:
• Keep the annuity contract intact and treat it as his or her own (an option for surviving spouses only).
• Surrender the contract, take the cash immediately and pay income taxes.
• Spread out withdrawals over five years (similar to inheriting a non-spousal IRA)
• Let the contract continue to grow tax-deferred, and then take the entire annuity income at that time.
• Annuitize the inherited annuity and take payments over his or her life expectancy. This allows much of the annuity to grow tax-deferred over a lifetime! You must make this election within 60 days of inheriting an annuity, however.
• In addition, surviving spouses who inherit an annuity have these options:
• Keep the annuity contract intact and treat it as his or her own.
• Annuitize the inherited annuity and take payments over his or her life expectancy. This allows much of the annuity to grow tax-deferred over a lifetime! You must make this election within 60 days of inheriting an annuity, however.

If the annuity has already started paying out income, the beneficiary must continue to take the income at least as fast as the annuitant was taking income.
The Insurance Loft is the resource you can turn to for personal , commercial and life insurance needs in 33 states across America. We’re the trusted resource for personal insurance, commercial lines, life insurance and surety bond coverage.

Get in touch with a Loft Agent today or call us at 800-409-9760.

Research shows that many consumers who use direct insurance return to using independent agents for the value they offer. In many cases, they are initially enticed to leave their independent agents by the lower prices direct companies offer. Researchers found that almost 60 percent of the participants in the survey who had bought insurance through a direct channel had reported going back to using independent agents, and the majority replied that their reasoning was for better overall value.

Most of the survey participants who went back to using independent agents said that these professionals offered more convenience and expertise. In addition to this, many participants said that independent agents offered a central point of contact for answering questions or dealing with other insurance needs, which was much less of a hassle than using automated phone menus or confusing online forms. Overall, consumers seem to prefer having the guidance of an experienced agent available to them.

Researchers said that their findings not only show how important person-to-person advice is but also the importance of building a professional relationship with customers. Another finding researchers pointed out was that trust is highly valued, and this is something that an independent agent is able to build with each client by providing advice and help. With the implementation of the Affordable Care Act, this has also raised questions about consumers' feelings particularly toward medical insurance.

In a survey performed by a separate company, the results showed that most consumers preferred buying individual medical insurance through an agent instead of directly through an online company. While online purchase options are being offered more often these days, more than 60 percent of respondents said they bought coverage through independent agents. They were also more satisfied with their plans than those who purchased products online. Nearly 65 percent of participants said their agents were helpful, but only about 35 percent said this regarding online purchase options. Slightly more than 90 percent of participants who bought their coverage through agents said they purchased the plans the agents recommended. More than 30 percent of online shoppers said that their experiences were just time consuming but said nothing about them being positive.

Researchers also discovered that people who bought coverage through independent agents were more pleased about how understandable their options were when explained, and they were also appreciative that their agents provided personalized plans that fit their individual needs. The participants who purchased coverage online were informed that they could buy the same products through independent agents without added costs. From that group, 25 percent said they would use an independent agent if they were given the opportunity to choose again. This is an important consideration for all insurance companies, and it is good news for independent agents. Offering trust, value and expertise keeps customers happy.

Contact the Insurance Loft today to learn more about protecting your family.
Call 800-409-9790 or email us at [email protected] for more information.   

Workplace safety isn't optional. It's the law. Failure to take steps to ensure a safe workplace for all employees can have immense consequences not just for the workers themselves, but also for the business as an ongoing concern. Failure to enforce workplace safety standards and failure to maintain adequate insurance coverage can mean bankruptcy for small and medium-sized businesses in the event of a serious accident.

For example, consider one case that unfolded in Hillsborough County, New Hampshire: A 24-year-old construction worker was helping his employer, a framing contractor, put up a high-rise residential apartment building. The general manager on the project was the Chestnut Hill Corporation, which had retained the workers' employer as a subcontractor on the project.

At the time of the accident, the framing crew was putting together staging on the third floor, when the worker stepped on T-111. The T-111 gave way under his weight, and the worker fell through the stairwell and landed on his head.

He was hospitalized for several months for severe head trauma and spinal injury, resulting in permanent incomplete quadriplegia.

It's a nightmare for the worker and his family, and a nightmare for any employer or general contractor.

The worker filed suit, and a former head of the New Hampshire office came in as an expert witness and testified that the contractors had failed to provide workers with a safe workplace for the following reasons:

• They failed to provide barricades.
• They failed to cover open holes and open stairwells
• They failed to adequately train workers on safe construction methods and work practices.         

The contractor's attorneys argued that the worker himself was negligent, and that the negligence was contributory to his injuries. Their argument was that the workers had other means of protecting themselves available to them on the jobsite and didn't take them.

The jury didn't buy that argument. The general contractor still had overall supervisory responsibility - and Pietragal vs. Stevens, Case no. 91-028918, returned a verdict of $12.5 million against Chestnut Hill.

Could your company survive a $12 million dollar judgment?

The time to address the question of liability is before the accident happens. Just as you cannot buy fire insurance when your roof is already aflame, you normally cannot buy liability insurance to protect your company against known events that have already occurred.

That said, liability from business-related injuries doesn't even have to arise from injuries to employees. Any general contractor, for example, could be liable for injuries to subcontractors, vendors or passersby as a result of hazardous conditions on the worksite or a truck driving accident. While the incidence of multi-million dollar claims is low, you never know when or where such a claim will come from, and accidents can strike any business.

That's where umbrella liability insurance coverage comes in. This insurance coverage provides protection to your business, your employees and subcontractors and your community by providing millions in potential benefits over and above the limits of workers compensation, commercial auto, property insurance, employer's liability, and other kinds of base insurance policies. And because incidents are rare, but potentially huge, these risks lend themselves well to risk transference via insurance. Contractors, engineers, transportation companies, landlords and other businesses can purchase significant protection, amounting to millions and even tens of millions of dollars, for surprisingly affordable, easy-to-afford premiums.

The Insurance Loft is the resource you can turn to for personal, commercial and life insurance needs in 33 states across America. We’re the trusted resource for personal insurance, commercial lines, life insurance and surety bond coverage.

Get in touch with a Loft Agent today or call us at 800-409-9760.

The Division of Banking recently released advisory information regarding skimming of credit cards and ATM cards. Skimming is a practice commonly used by cyber criminals to steal card information when consumers use their cards at ATMs, gas station pumps or ticket kiosks. Anyone who uses these types of machines is at risk. Modern skimmers are tiny card readers that attach to the swipe slot of a machine. In most cases, they are thin and blend in enough to fool nearly anyone. Unsuspecting consumers who swipe their cards inadvertently give the criminals who installed the devices their credit card information. Once criminals have the information from the magnetic stripe, they can sell it or misappropriate it on their own. To lessen the likelihood of this happening, use the following helpful tips.

1. Look for signs of tampering. Although it can be hard to identify some of the modern skimming card readers, some are more rudimentary. If it looks like the reader is not attached or molded to the machine, notify the bank, gas station attendant or whoever runs the establishment. Look for wires, small cameras that appear crooked or film on a keyboard. The keyboard should never be more than one piece. When unsure about the card reader, try pulling gently on it. If it slides out, take it to the person in charge to report it.

2. Wiggle the card reader. Many fraudulent skimming readers have trouble reading information correctly if a card is wiggled as it is inserted into the reader. If the reader itself is wiggled, it also has a hard time reading the information. Try doing this. If it comes loose, report it to the establishment. Since cameras may still be placed in proximity of the machine, be sure to use a piece of paper or a hand to cover the keypad when typing in a PIN.

3. Use indoor ATMs whenever possible. Most criminals are not brave enough to install their readers on indoor machines. In addition to this, it is less likely to see rogue cameras installed indoors. Since there are more robberies outdoors, indoor terminals are also safer for customers than using outdoor terminals. Keep in mind that all machines are more likely to be targeted on weekends. This is because banks are typically closed for the majority of the weekend. Scammers install their readers on Saturday morning, collect numbers all weekend and remove them on Sunday before the banks reopen on Monday.

4. Always report any suspicious activity or device. Reporting suspicious devices and behavior of others is one of the keys to not being held liable for any fraudulent charges. If criminals are caught, they will not be able to target other innocent consumers. If everyone works together and stays vigilant, it is less likely for criminals to get away with their harmful behavior.

Most of the bigger nationwide banks offer fraud detection and prevention measures. Consumers may not know their cards are compromised until they receive a text, email or call from their bank informing them that their information has been compromised. When receiving one of these calls, ask for a callback number. Compare it to the bank's phone number by using a search engine. Call the bank back directly to confirm the call. Some scam artists call people or email them stating that their information has been compromised. They then have people give out information by claiming it is a security measure and instead misappropriate it. Anyone who has an ATM card or credit card should read the issuing institution's policy on fraud and liability. Most institutions have a zero liability policy. However, proper reporting protocol must be followed in most cases. To learn more about this topic, discuss concerns with an agent.

As with all life insurance policies, the most important reason to own them is the tax-free transfer of a large lump sum to beneficiaries, at the death of the insured. It's a hugely valuable benefit to families and estates, and the protection of loved ones and those depending on you is the primary purpose of all types of life insurance.

The protection of widows and orphans that life insurance provides is so important and so vital, in fact, that Congress has granted life insurance with a number of important tax advantages to encourage people to buy it. While premiums for life insurance are generally not tax-deductible, nearly everything else about permanent life insurance policies, including universal life, variable universal life and whole life insurance enjoys significant favorable tax treatment compared with other financial alternatives.

Tax-free death benefits. As we mentioned, death benefits paid to beneficiaries are generally totally free of federal income tax.

Growth within the policy is tax-fee. As long as your policy has cash value, all growth within that cash value account or variable universal life subaccounts is tax-free. Any commensurate growth in eventual death benefit is also tax-free.

Loans against your policy are tax-free. As your cash value grows, you may wish to access some of the cash for other purposes. There are no age restrictions on this benefit. You can borrow against your policy for any purpose you like penalty free, and free of federal income tax. Use this money to pay college expenses, finance cars, put a down payment on a home, secure a loan, pay retirement living expenses, or anything else you like. You can pay your own policy back, or allow the life insurance company to deduct the balance owed from any eventual death benefit. The choice is yours.

If you are taking Social Security benefits, loans from your policy are not counted against you for the purposes of figuring taxes on Social Security benefits.
Tax Free Exchanges. Under IRC Section 1035, you can exchange your universal life insurance policy for an annuity, free of income tax. This is tremendously useful for anyone who may no longer need or want a life insurance policy (for example, the children are grown) but who has a need or expects a need for income in the future.

If the policy lapses, however, or if you surrender the policy with an outstanding loan, a portion of the cash value may be taxable. Speak with your tax advisor before surrendering or lapsing any life insurance policy.

Estate tax benefits. Personally-owned life insurance contracts are considered part of your taxable estate. However, if you are concerned that your estate may be subject to an estate tax, you can transfer your insurance policy to someone else. If you do so at least three years before your death, it will not be part of your estate, and you will be able to bequeath that much more to your heirs and loved ones.

Given the many tax advantages of permanent life insurance, many owners are tempted to pay as much as they can in premiums, to let premiums compound within their life insurance policies, unmolested by taxation. However, there are limits to how much you can pay in before the policy becomes a 'modified endowment contract,' which makes some of the tax advantages disappear (though the tax-free transfer of assets on the death of the insured remains intact). Your agent can explain this provision and help you maximize the tax advantages of your insurance policy without accidentally triggering the modified endowment contract provision. Speak with your life insurance professional for more details.

Experts are continually warning Americans about phone scams. Since these scams are always changing and evolving, it is important to stay current with scams and what they involve. Police departments across the nation have been receiving reports about people who claim to be IRS officials. The imposters then demand money from individuals for alleged back taxes that they owe. Frightened victims who are even told they may go to prison then give up their financial information to these fraudsters. Another similar scam involves people claiming to represent the Department of Treasury and telling victims that they are entitled to some money. The imposters ask for personal information to obtain the victims' addresses. Law enforcement officers across the nation remind Americans that it is important to avoid giving out any personal information over the phone from someone who calls unexpectedly.

The following are some common claims associated with phone scams:

1. That the person has been exclusively selected for a special offer.
2. That the person will receive a free prize or bonus product for making a purchase.
3. That the person's computer or cellular phone is infected with a virus.
4. That the person has won one of many prizes.
5. That the person must make a purchasing decision today.
6. That the person should trust the caller.
7. That the person should try a "low-risk" investment for a higher return.
8. That the person only has to provide credit card information for shipping and handling.

When receiving a phone call with any of these claims, it is best to simply express disinterest in the offer and hang up. However, some people may be expecting calls from companies that they reached out to on their own and may want to know if the call is legitimate. The best way to determine this is to ask for a direct phone number to return the person's call. Make a call directly to the company, look up the number online or check a statement to verify the number.

For any unsolicited call, always ask who the caller is and the purpose for the call. Keep in mind that telemarketers are required by law to say that their call is a sales call when asked. They typically specify the company name, the reason for the call and the product before making their pitch. If a caller seems in a hurry, ask why they need to hurry. A hurried caller is usually hiding something. Always question fees and charges related to any purchase. When buying something from a telemarketer, make sure the charge is a one-time charge and not a monthly or ever-increasing recurring charge.

When a caller says that it is necessary to pay for a free gift or to pay for shipping, avoid accepting the offer. If a caller says it is necessary to confirm account information, do not make any confirmations. Any company calling that already has financial information and does not have permission to use it may find a way to use it if they can get a victim to confirm the data verbally.

To stop receiving calls from a caller who continually makes contact, tell the caller to remove the contact information from their list. People may add their home phone numbers to the National Do Not Call Registry online. If the same callers call back, they are breaking the law and should be reported to law enforcement. Local law enforcement departments need the help of all consumers to keep communities safe from phone scammers. If everyone reports suspicious or illegal phone calls, police can catch these criminals and deter more would-be phone scammers. For more information, discuss concerns with an agent.

Smartphone users are accustomed to texting, emailing, surfing the Web, playing games and running a wide variety of apps with their devices. They may not be aware that there are apps available to help keep them safe during natural disasters and other emergencies. Organizations such as the American Red Cross, the National Weather Service, and The Weather Channel are just a few of the developers offering apps to alert you of pending trouble. Whether you have an iPhone or an Android, you can find an app on this list to help you weather the storm.

NOAA Weather Alerts - Severe Weather. This app from the National Weather Service's National Oceanic and Atmospheric Administration sounds alerts for all kinds of weather events - tornadoes, hurricanes, flooding, fires, snow storms, frost advisories, and more. When the NWS issues a weather alert, the app makes a distinct sound. The alert sounds even if the phone is in sleep mode for iPhone and Android.

American Red Cross. The Red Cross covers the spectrum of emergencies with its apps. There are apps for tornadoes; wildfires; earthquakes; hurricanes; and floods. First aid apps provide instructions, videos, and quizzes to help people perform basic first aid on humans and pets during common emergencies. The shelter finder app helps users find open Red Cross shelters after a disaster. The Monster Guard app teaches kids aged 7 to 11 how to prepare for emergencies both at and away from home. The emergency alert apps provide detailed instructions on what to do, even when the device cannot connect to the Internet. They also offer "I'm safe" alerts for family members and advice for building emergency kits. All apps are for both iPhone and Android.

Alert FM. This app sends a unique-sounding alert when the weather service issues a warning for your area. It can bookmark up to five locations. Alerts are provided in both written and spoken word versions, which can be helpful for the visually impaired: for iPhone and Android.

The Weather Channel. The cable TV source for all things weather has a general purpose weather app. In addition to forecasts and necessary weather information during normal times, this app also transmits NWS advisories and warnings. For iPhone and Android.

It comes as news to no one that the weather has grown increasingly volatile in recent years. Heavy snowstorms in the mid-Atlantic and northeast, tornadoes and hail storms in the midwest, dry conditions in the west, and the ever-present threat of hurricanes in the southeast mean that the next weather emergency may be right around the corner. When it comes, these apps will help ensure that you are ready for it.

Tips for Consumers to Prevent Credit Card Fraud

Theft, which is the most common type of credit card fraud, happens in several different forms. It may involve a person manually rummaging through a dumpster for papers with sensitive information or a hacker stealing credit card numbers online. The hacking may not always be due to the negligence of the card holder. In many cases, banks are targets for hackers. If a hacker finds a way through a bank or financial institution's security, cardholders across the country become victims. There are also schemes where people obtain personal information. For example, a company may offer a free vacation or other prize of considerable size. However, a person must join a paid club or set up a membership to qualify. The unscrupulous company then steals members' card information.

How To Combat Credit Card Fraud

The good news is that consumers who are targeted by fraudsters are not completely helpless. Many banks and credit card companies automatically freeze a person's account if suspicious activity is detected. This may be frustrating to cardholders who are on vacation and forgot to notify their credit card companies. However, suspicious purchases often come with a notification from the financial institution. To be sure to receive such notifications, make sure banks and credit card companies always have a current email address and phone number on file. There are several other helpful steps to take. The following are a few tips to put into practice immediately:

1. Do not loan cards to friends or family members, and always make sure credit cards are kept in a safe place.

2. Do not give out a credit card number or account number to any unknown person over the phone. Always research vendors before making purchases.

3. Do not always assume online purchase platforms or sites are safe.

4. Never use a site without first checking the encryption and security software it uses.

5. Do not make purchases from links in unsolicited emails.- Never make a purchase from a seller who will not provide an address and a phone number.

6. Check the Better Business Bureau's site for the seller's name or information.

7. Do not make credit card purchases from a site based on its professional appearance. Some of the most untrustworthy sites may look very professional.

8. When dealing with foreign vendors, always be very cautious.

9. If possible, use a credit card instead of using other forms of payment to make purchases. Credit card companies usually uphold disputes if something goes wrong.

10. Contact a credit card company immediately if there is any suspicious activity.

11. Always ensure online transactions are made through a secure site. Make sure the URL bar says "https" instead of "http."

Even the best measures may not prevent an identity thief from obtaining a credit card number or from obtaining the actual card. There are programs for monitoring credit, which are useful tools for learning when a thief obtains and misuses sensitive information. To learn more about this topic, discuss concerns with an agent.

How to Handle Water Damage

People often worry about fires damaging their homes and commercial buildings. While fires are dangerous and can cause extensive damage to property, they are rare compared to another element that is in the home or building every minute of every day: Water.

Properties suffer water damage more frequently than they do other causes of loss. Water damage emergencies occur 14,000 times a day in American homes and businesses, according to insurance industry data. In comparison, fires occur in fewer than 3,600 homes per day, and burglaries occur 8,200 times a day. The basements in 98 percent of US homes will suffer water damage during their lifetime. The average home water damage insurance claim is almost $7,000. Insured losses from water damage equal $2.5 billion per year; that figure does not include uninsured losses caused by floods and other naturally occurring waters.

Those waters can cause immense damage to buildings and the property within them. Just one to four inches of water causes an average loss of $7,800. The average loss caused by a leaky water heater ranges from $3,600 to $5,800, depending on the source of the leak. The average for leaks from bathroom fixtures exceeds $10,000. Plumbing leaks run an average $17,000. Water can damage walls, floors and ceilings; ruin carpeting, furniture and other home furnishings; destroy electronic equipment; and cause mold to grow. Beyond the mess, inconvenience and expense, dirty water and mold can cause health problems in people exposed to them.

In addition to getting a damage restoration company involved quickly, one insurer recommends the following steps to take If a plumbing fixture, appliance or roof springs a leak:

• Shut off the main water valve if the water is flowing from a pipe.
• Turn off electrical power and gas supplies when a major water event occurs.
• Do not use electrical appliances on wet surfaces.
• Turn on fans to circulate air.
• Mop or dry the area quickly.
• Move wet property to dry locations.
• Remove wet area rugs, but leave tacked-down carpeting in place.
• Clean your wet clothes.
• Wipe excess water off of furniture and other belongings.
• Be on the look out for sharp debris, snakes, rodents and other critters.

Home and business property insurance policies cover some water damage losses but not all. Most policies will cover losses caused by water that enters through holes in roofs, broken or leaky windows, leaky pipes, and faulty dishwashers and washing machines. Many will not cover loss caused by the backup of water from plugged sewers and drains unless the policyholder has purchased extra coverage. They usually do not cover damage caused by floods, rising tides and rainwater, overflowed rivers, and other natural causes. Insurance available from the National Flood Insurance Program is necessary to cover these losses.

We need water to run our homes and businesses, but it can cause problems. If you have a water damage loss, contact a restoration company as soon as possible, notify your insurance company, and work with them closely. By taking sensible steps, you can prevent unnecessary damage and return to normal quickly.

New research from the Employee Benefits Research Institute showed that the average American household spent less after retiring. However, this was not true with all households, and not all households changed spending habits in the same ways. Although the average spending amount fell during the first two years of retirement, about 50 percent of retired people spent more than they did before they retired. As the years of retirement increased, that percentage declined considerably. By the sixth year following retirement, less than 35 percent of people spent more than they did prior to retiring.

Researchers also discovered that retired people who spent more during their first two years of retirement were not all in the higher income brackets. The amount of people who spent more were mostly evenly distributed throughout all income brackets. The research conducted by EBRI examined the spending patterns of people in the years following retirement only up to the six-year point.

Experts used data collected from the Health and Retirement Study. The HRS is a national survey that represents U.S. household samples with people who are older than age 50. It is the nation's most comprehensive survey of aging adults and covers everything from income and assets to prior workforce status and health. In addition to HRS data, the researchers collected information from the Consumption and Activities Mail Survey. In 2001, this survey was started to supplement HRS and continually provide information about spending patterns in various households.

There were several key findings that came from EBRI's report. During the initial two years of retirement, the average household decreased spending by more than 5 percent in comparison with spending levels prior to retirement. By the time they entered their fourth year of retirement, Americans decreased their average spending by more than 10 percent. Spending reductions were much slower after the fourth year. In their first two years after retiring, 40 percent of households did not spend more than 80 percent of what they spent before they retired. As the participants entered their sixth year of retirement, more than 50 percent of households spent less than 80 percent of what they spent before retirement.

EBRI also found that nearly 30 percent of households spent more than 120 percent of what they spent before retirement during the first two years after retiring. As retirees approached the sixth year following retirement, that percentage only dropped to slightly less than 25 percent. According to their findings, EBRI said that the median household had to pay a mortgage before retirement but did not have to do so after retiring. This indicated that paying off a home may have been a contributing factor to deciding when to retire for most people. To learn more about this survey, EBRI or preparing for retirement, discuss concerns with an advisor..

According to recent research from the Insured Retirement Institute regarding women's perspectives on retirement planning, about 80 percent of women are concerned about not having enough money for retirement. More than 50 percent of the participants in the study said that they were "very concerned" about lacking enough money to be able to retire or not having enough money to retire comfortably. In comparison with men who were surveyed on the same topics, women were more concerned. About 35 percent of men expressed concerns for either lacking enough money to retire or not having enough money to live on comfortably after retiring.

In their July 2015 study, the IRI interviewed over 1,000 American participants. Of their participants, 70 percent were women. The remaining 30 percent were men. All of the participants had an annual income larger than $30,000. Ages of participants were between 25 and 65.

Researchers said that the anxiety noted among women was understandable considering the many challenges they must overcome to meet their financial security and retirement savings goals. Taking time out of the workforce to raise children and receiving a lower average income than men are two of the biggest contributing factors to the reality behind their concerns.

In addition to reducing the amount of money they are able to put away, these factors also reduce the amount of Social Security benefits they receive in the future. To complicate matters, women have longer average lifespans. This means that they are also more likely than men to outlive their retirement savings. If they want to overcome these hurdles, women must turn their concerns into actionable plans. Although the retirement planning community can help contribute in this area, experts must have a solid overall understanding of the preferences, priorities and values of women.

This study also showed what women wanted when they considered a financial adviser. In comparison with men, women put a much higher importance on how well a financial expert could explain concepts without sounding condescending. While almost 60 percent of women reported feeling that this was very important, only 35 percent of men felt the same way. Women also said that it was very important for an adviser to be a good listener, communicate regularly with them and use convenient technologies. The female participants also placed a great deal of importance on their financial advisers speaking directly to them instead of only speaking to their spouses on their behalf.

When it comes to overall financial issues, women displayed more concern than men. They were mostly concerned about their ability to pay bills, the amount of debt they owed and any declining investments. When researchers asked the male and female participants about who took the lead on financial issues in the household, about 40 percent of men reported taking the lead. Approximately 40 percent of women reported equal sharing of financial responsibilities with their spouses. About 25 percent of women reported taking the financial lead in the household.

Twenty percent of women said that they relied on their own judgment for investment choices, and 40 percent of men reported being DIY investors. The majority of women preferred to have help or to have investment choices made for them. More than 55 percent of women reported asking people in their social circle for financial advice first, and about 40 percent of men reported the same behavior. Forty percent of women and about 30 percent of men said that they preferred to contact work colleagues for financial advice.

More than 35 percent of women reported difficulty in cutting back on unnecessary expenses as being a big savings obstacle, and lacking the discipline to save was not as big of an issue for women as it was for men. In the end, researchers found that almost 80 percent of women were making contributions to a retirement savings plan. 

To learn more about saving tips and the best options for individual needs, discuss concerns with an agent.
The Insurance Loft is the resource you can turn to for personal, commercial and life insurance needs in 33 states across America. We’re the trusted resource for personal insurance, commercial lines, life insurance and surety bond coverage.

Are you putting together a business plan? Well, good luck with that. I’ve seen lots of business plans over the past few decades that have been prepared by many well-meaning business owners for themselves, their bankers and their investors. Just about all of them have been useless.

Want to know why? It’s almost always one or more of the following three reasons.

It’s overly optimistic.

If you’re an entrepreneur, by nature you’re a glass-half-full kind of person. That’s a great thing, except when it comes to doing a business plan. You can’t just start with a sales number and sweepingly claim that it will increase 20 percent each year over the next five years. You can’t just assume that people will love your products so much that sales will double in just a short period of time. Instead, you need to look hard at marketing data.

According to research from CB Insights, 42 percent of startups fail because there’s a lack of market need for their products or services. And I’m sure these were all well-meaning, optimistic people – just too optimistic.

To create a realistic plan, you need to invest in market research and be very conservative with your revenue estimates. You also need to consider worst case scenarios. Don’t just assume that you’ll get a five percent market share or even a one percent market share. A lot has to happen before you get there and your revenues aren’t going to leap out of nowhere without investing time and spending money.

It’s unrealistic.

Want to write a great business plan? Then go to the Securities and Exchange Commission’s EDGAR filings and download a recent S-1 statement, which is a required document of all companies looking to raise money on the public exchanges. Then turn to the “risk factors” section. This entire section is devoted to giving investors reasons to NOT invest in the company. It lays out all the risks, issues, challenges and potential problems the company faces or could face. It’s sobering. And it’s exactly what you need in your business plan.

If you really want to win over potential financiers and create a document that’s relevant for your management, you need to be 100 percent realistic about all the risks your company will face and build those risks into your plan.

You don’t measure your progress.

So many of my clients create a business plan and file it away, never to be looked at again. How do you know if your plan is good if you don’t measure its progress?  How can anyone trust your forecasting and planning in the future if you don’t have a process in place to benchmark how you’re doing against what you planned? 

Good business planners are constantly comparing actual vs. budgeted. They keep the budget numbers the same (these can’t change), but they revise them in another column for forecasting purposes – a kind of reality check. Then they compare the actual numbers against the forecasted ones.

Of course, plans change within hours of finalizing them. But the big picture – your goals and objectives – should be consistent and you must measure them to be sure your plan was prepared adequately.You may want to create more plans in the future. To get better at them, you’ll need to be honest in your evaluations.

Does this all sound familiar? Yeah, it probably does.

Here’s how to write a realistic business plan with a long shelf life. 

According to the Insurance Information Institute, in 2013 there were 487,500 structure fires (55 every hour) in the U.S., costing $9.5 billion in losses. In 2012, there were 670 burglaries for every 100,000 inhabitants. In addition to the expense, these losses were disruptive, dangerous, emotionally upsetting, and bad for business. Small wonder that many households and businesses invest in automated systems to prevent or reduce losses.

The effectiveness of systems such as central station fire and burglar alarms, sprinkler systems, surveillance cameras, and point-of-sale systems can be dramatic. While automatic fire sprinkler systems do not prevent fires, they do limit the damage. The National Fire Protection Association reported that, over a five-year period, the cost per fire in eating and drinking establishments with sprinkler systems was one-fourth of the cost for those without them. A University of North Carolina at Charlotte study revealed that 83 percent of convicted burglars considered the presence of alarm systems when deciding which homes to target.

Surveillance camera systems, in addition to discouraging potential criminals who are aware of them, create a record of events. Their recordings can be a significant help to security personnel and law enforcement officers investigating theft or property damage incidents. Point of sale systems in stores, because they do not exchange cash, can prevent traditional cash register thefts, though they could be vulnerable to data theft.

Installing these systems can do more than just prevent or reduce losses. They can also make it easier for property owners to get insurance and reduce their premiums. The Insurance Services Office is an organization that calculates the portion of insurance rates necessary to pay for losses. Many of its calculations apply one "loss cost" to an entire group of similar buildings, not recognizing individual differences. However, ISO individually inspects and calculates loss costs for every commercial property that has a sprinkler system. Owners of these properties will pay premiums that reflect the specific characteristics of their buildings, not premiums developed with the average in mind.

The effect of other protective devices on premiums will vary from one insurance company to another, depending on the type of property. Many insurers will not offer burglary and theft coverage to jewelry stores that do not have central station burglar alarms. Other types of businesses may not face that requirement but will still get reduced premiums because of the security protections. Protective devices not typically found in a certain type of building make a building that has them a better than average risk for the insurer. Underwriters will typically reduce the premium, both to reflect the lower risk and to make their prices more competitive.

The cost of installing these systems varies with the system's sophistication. A business with theft target items on premises, such as jewelry, electronics and copper pipe, will need multiple cameras and constant monitoring. Premises that are less attractive to thieves may need a less expensive burglar alarm. Sprinkler systems are normally installed when a building is first constructed; regular maintenance, testing and monitoring add to the cost.

While these devices come with price tags, some of that cost will be offset by reduced insurance premiums and deductibles not paid. There are also intangible benefits, such as avoiding the disruption caused by property damage and police investigations of a crime.

Homeowners and business owners interested in installing an automated loss control system should discuss the insurance implications with an insurance agent. They may find that more insurance companies will want to insure them and compete for their business. Installing these systems can save money and provide peace of mind.

Contact the Insurance Loft today to learn more about protecting your estate.

Call 800-409-9790 or email us at [email protected] for more information.   

Workers' Compensation Fraud Lands Employers in Hot Water

Workers' Compensation is a compromise between employers and employees. Employers cover injured employees' medical costs and lost wages. They do this even if they were not at fault. Employees lose the right to sue their employers over injuries.

State laws require most employers to buy Workers' Compensation insurance. Employers may see this as money unnecessarily spent. They must pay it even if no injuries occur in their workplaces. Consequently, a minority of them try to cheat the system. Things do not end well for these employers.

Some try to get away with not buying insurance.

• A Florida married couple owned and operated four supermarkets. One of them went without insurance for 10 years. They were arrested for this and other fraudulent transactions. Authorities estimated the amount of their fraud at $35 million.
• The owner of a Florida employee leasing company charged his clients millions of dollars for insurance premiums. However, his  policy did not exist. The fraud left 33,000 workers unprotected. His jail sentence was 14 years.
• Two employees of a Vermont home improvement contractor who skipped insurance got hurt. He was forced to cover $80,000 in medical bills and serve 30 days in prison.

More commonly, employers buy insurance but give their insurers false information. 

• They under-reported payroll to the State Compensation Insurance Fund.
• They pressured employees to lie about how they were injured. This made the company's loss record would look good.
• They failed to pay premiums due, resulting in policy cancellations.

The owner pled guilty to multiple felony counts, received a 16-month jail sentence and was ordered to pay $2.385 million in restitution. His wife also pled guilty, received three years' probation and had to pay a fine plus $470,000 in restitution.

A common tactic is to misclassify employees.

• A Connecticut construction company told its insurer that it had one employee who did carpentry work. When the insurer audited the company's books, it found that it had several employees who performed roofing work. The premium jumped from $750 to $51,000. The policy subsequently cancelled for non-payment of premium. Two months after cancellation, an employee suffered serious injuries while doing roofing work. The insurer refused to pay for the claim. The employer sued, but two courts ruled against him.
• A New York tree surgeon was charged with a felony after falsely reporting that an injured worker was an independent contractor and not an employee.

Some employers also try to pass off false evidence of coverage. The owner of an Ohio excavating contractor created false certificates of insurance and submitted them with bids to help him get jobs. In addition, he misclassified employees as independent contractors. He got six months in prison, three years of monitoring, and had to pay restitution.

Employers who try to cheat the Workers' Compensation system rob their employees of the benefits to which they are entitled. They also gain an unfair advantage over their law-abiding competitors. Employers who decide to play this game should understand that they will eventually lose.

Why You May Need Valuable Items Insurance

For possessions that are more valuable, it is important to obtain valuable items coverage. Items such as original art, expensive jewelry and collectors' items are some examples of what this coverage is useful for. Homeowners' policies place limits on the amount of money provided for personal items, but this supplemental form of insurance goes beyond that to cover specific valuables. If they are stolen, destroyed in a fire or lost to a natural disaster, the policy will cover them.

When To Buy A Policy
Coverage for personal possessions is very broad with a typical home insurance policy. Appliances, furniture and clothing are the items most commonly covered. Furs, firearms, jewelry and other valuables are also covered, but coverage for these special items is very limited. Certain things may not be covered. For example, a rare diamond that falls out of an expensive setting may not be covered, but it would be covered if it were named in a supplemental policy. A person whose expensive computer equipment is destroyed during a flood may not receive compensation under a normal home insurance policy, but the equipment would be covered if it were part of a valuable items policy. For those who have an extensive amount of valuable items, there is additional coverage offered beyond the supplemental valuable items policy. There is a total dollar limit for all valuables combined, and there is a dollar limit per valuable as well. Nearly any valuable item qualifies, but it is best to discuss any concerns about specific items with an agent.

More Comprehensive Coverage
In addition to providing a higher dollar limit for insuring valuable items, this special type of policy has a broader range of covered perils. Coverage may also span worldwide in some instances. For some items, mysterious disappearance may even be covered. Extremely delicate items may be covered if they are accidentally broken. For breakages, there are usually deductibles that apply. However, there are no deductibles for most types of losses.

Listing Items
The first step in obtaining this type of coverage is to contact an agent. The agent will ask for a specific list of items to include. A list of smaller items that would not typically be named but still receive coverage will be included. A thorough description and appraised value for each item will be needed. Photographs of items are not required, but they are helpful to take and keep in a safe location. This will make it easier to identify and remember them if the need arises to file a claim in the future.

New Property
When new and valuable items are acquired, be sure to update the policy. Purchase additional coverage if necessary. The same applies if valuables are sold or given away as gifts. Be sure to let an agent know immediately to change the policy's details. In most cases, a person only has between 30 days and 90 days to update a policy with newly-acquired items. The time limit depends on the classification of the item or items. If items are stolen, lost or broken before the time limit of notification, they are usually covered. There are exceptions, so talk to an agent if there are any doubts.

Loss settlements are handled differently, and the amount received depends on the type of item and its specified amount. In some cases, items will be replaced for their cash value. In other instances, items may be settled upon for the amount it would cost to replace them at the time of loss.

Contact the Insurance Loft today to learn more about protecting your valuable items. 

Running a business out of your house has many rewards: no commute, less time-sucking small talk, no missed time with your family.

But before you settle into the bliss of this heaven on Earth, remember that, in the end, you are still running a business. Working from home has all kinds of pitfalls that need to be avoided if you are to succeed.

Here are five no-nos to avoid when running a business from the comforts of your abode:

1. Working in your pajamas

The process of getting ready for the day and commuting to an office creates a useful transition between home life and work life, notes writer Carol Tice on her Make a Living Writing blog.

“Staying in bed and not getting dressed = no transition,” Tice writes. “Lots of hanging out on Facebook often follows.” Simply put, nothing gets done.

Tice doesn’t sit around her house in a suit every day, but she does get dressed every morning in something casual that signals that it is time to get to work. Think a stretched, long-sleeve cotton shirt and chinos with a sweater.

“My attitude is, I’m in business. I’m serious about it. So I’m dressed and ready,” Tice says.

And while you’re at it, remember to shower and brush your teeth before you dress, too.

2. Not having a home office

Having a space in your home that is dedicated exclusively to work also helps, career expert Kerry Hannon writes in Forbes.  “You’ll be able to deduct it from your taxes, and it will help you psychologically.”

Not having a home office can be like leaving money on the table, since the federal government offers home office tax deductions.  In recent years, the Internal Revenue Service (IRS) has made things much easier for people with home offices, offering a simplified deduction for filing: $5 per square foot for a home office (up to 300 square feet).

Avoid skimping on the home office, too. Remember that this is where you could be spending hours of your day. Deb McAlister-Holland, a freelance marketing professional in the Dallas-Fort Worth area, tells Inc.com that the $5,000 she spent on her home office provided a major boost to her productivity. “I love my home office. It has a big leather sofa, three walls covered with built-in bookshelves and storage cabinets, dedicated circuits for my computers, special lighting, and a soft hand-woven rug on the floor which is the perfect spot for my dog to nap while I work,” McAlister-Holland says.

3. Not covering your home office

If you have clients or customers coming into your home, if you store customer data on your computer or if you’re shipping and receiving (or just storing) product in your home, you probably need a home-based business insurance policy. Don’t mistake the coverage your homeowners policy gives you for business coverage.

4. Compartmentalizing work and home

Drawing a line between work life and home life can be an unrealistic goal, especially for situations in which spouses work together or the kids are at home for all or part of the workday. However, it is an essential part of the ways to ensure that your business doesn’t swallow your life.

“The goal should instead be to figure out how to seamlessly transition from one to another,” Evrim Oralkan, founder and CEO of Travertine Mart, an online-based flooring retailer, writes in Entrepreneur. “Instead of fighting to keep work and home separate, embrace the overlap, and use it to make your relationship even stronger,” Oralkan says.

That could mean, for example, having lunch with your spouse on days when you’re both at home and available or devoting a little time during the workday to talk with the kids about their school day.

5. Doing the dishes—and falling to other distractions 

It is still very important, though, to figure out how to prevent your home life from distracting you too much from daily work tasks. It can be tempting, for example, to do household chores, run personal errands, call friends or browse the Internet when working from home instead of from an office.

Having a home office can help you stay focused on work, but so can setting up some boundaries. Committing to working specific hours of the day—and then reminding your family members and friends that you’re not available during those hours—is a good way to create some structure and forced discipline in your work day. Limiting distractions, such as by closing your office door and not checking your social media accounts or personal email during your designated work hours, can help you stay on task.

You also might follow the advice of business consultant Perry Marshall in Entrepreneur to hire a housekeeper to clean your home so that you have time to do the much more lucrative work related to your business and aren’t distracted by the urge to clean during the workday.

“As a go-getter, your core entrepreneurial skills can earn you hundreds of thousands of dollars a year. So there’s no reason why you should be scrubbing your own toilets,” Marshall says.

6. Staying at home all day

A change of scenery can help ward off a mid-afternoon nap, according to tech entrepreneurs Jason Fried and David Heinemeier Hansson in Business Insider. And getting to a coffee shop or library has other benefits.

For example, having other people around, even if they might be strangers, can trick you into thinking that being productive is the only acceptable thing to do, Fried and Heinemeier Hansson write in their book, “Remote: Office Not Required,” as relayed by Business Insider.

Other helpful options include taking a break to get some fresh air, grabbing lunch with an associate or friend, and attending networking events. Also remember that there are many communications tools out there to “virtually” meet someone else outside the house, from Skype to Google Hangouts.

Too often, working from home can feel like a staycation and sap productivity. So arranging meetings can help refresh your brain and energize you toward getting more business done.

These advice points should help you stay productive as you build your business from home, even as you reap the benefits from not having to drive twice a day or miss out on important time with your family.

Marital Status
Married drivers typically qualify for auto insurance discounts. If couples have two cars, it is usually best to insure them on the same policy. With home insurance, it is important to update coverage, and be sure to consider any new valuables for coverage increases. Life insurance is also an important topic after marriage. Both working and non-working spouses should have life coverage, and this is especially true with couples who have or plan to have children. The death of a working spouse means a loss of income, and the death of a spouse who stays home to care for children means the loss of a care provider and the need to pay for childcare expenses.

Children
People who have children or add more to their family must consider life insurance. It is important to keep the amount updated for future beneficiaries. Also, it is important to consider disability insurance increases with every child added to a family. In the event of the main earner becoming disabled, there will still be adequate income. This is not true if people plan to rely solely on government disability benefits. When children become teens, it is cheaper for parents to add them to their auto policies than to let the teens buy their own coverage. Parents may also qualify for a discount when the teens are away to college or not around to drive for a certain period of time.

Income Changes
People who have disability and life insurance through a former employer can replace that coverage with individual policies. For people who receive an income increase or take on additional financial commitments, it important to review and adjust coverage as needed. In the event of an income decrease, some people wish to cut their premiums. A good choice for this is term life insurance.

Living Changes
Major home improvements call for additional or adjusted insurance coverage. It is important to avoid being under-insured. Be sure to count new structures on the property. Whether it is adding a shed or improving a garage, be sure to report it to the insurance company and make adjustments accordingly. Large purchases such as furniture may also need additional coverage. People who plan to buy a second home should research insurance costs for that home before making a purchase, and flood insurance is a smart choice for homes near water or in flood-prone areas.

Valuables
After purchasing valuables such as fine art, antiques, jewelry, firearms and expensive electronics, it is important to have them properly insured. Standard home insurance policies only offer limited coverage for these items, so it is wise to obtain a separate policy or endorsement for them. All items must be appraised with receipts before doing this.

Renting
People who rent are not protected by the property owner's insurance for the building. While the building itself is covered, the belongings of the renters are not. Purchasing renters' insurance is a smart idea. Renters can choose from insuring their items for actual cash value or replacement costs. Discuss these options with an agent to determine which is best.

Contact the Insurance Loft today to learn more about protecting your estate.

If you're a safety-minded driver and it's been a while since you've looked at new cars, you're going to be pleasantly surprised. When it comes to automotive safety and technology, it's not your father's Oldsmobile. The Industry, responding to consumer and regulatory pressure, has come up with loads of innovative safety features well beyond the dual airbag and the anti-lock brakes of a generation ago.

Here is an overview of some of the latest auto safety innovations now coming as standard features on newer cars.

• Back-up/Rear View Video Systems. Many cars now come with an LCD monitor in the dashboard of your car hooked up to a small camera in the rear. When you put your car in reverse, your stereo display will switch to the camera feed, and you can see behind you, below the blind spot that exists below your rear window. If there are pets, toys, toddlers, pedestrians or other obstacles behind you when you back up, your first warning won't be a dreadful bump.
• Tire Pressure Monitoring System. According to the National Highway Traffic Safety Administration, improper tire pressure is responsible for some 660 traffic fatalities and 33,000 injuries every year. Furthermore, the same agency estimates that one out of every three cars on the road has a significantly under-inflated tire. A tire pressure monitoring system is a series of gauges that tells you what the tire pressure is in each tire - right on a dashboard display. If you know the manufacturer's specification (you can find stamped on the side of the tire, and often in the glove compartment or on a plate in the driver's side door jam), you can correct the problem before the tire blows.
• Drowsiness Alert Systems. These systems use cameras to detect drooping head motions, eye movements or signs of weaving or erratic driving to detect drowsiness on the part of the driver. The system will cause a beep or a vibration in the steering wheel to wake you up and let you know it's time to pull over.
• Blind Spot Monitors. Most cars have a gap in their rear view mirror visibility. For example, cars at the 4 o'clock and 7 o'clock positions, moving at the same speed as you, may be too far forward to be seen in your side mirrors, and not easy to see even if you can turn your head. Cars equipped with blind spot monitors will alert you to cars that may be in your blind spot if you turn on your blinkers. The system could consist of an audio signal, or a visible alert in your windshield or mirrors themselves.
• Forward Collision Warning/ Automatic Emergency Braking. These systems monitor the area to the front of your car and alert you to collision hazards. Depending on the system, the alert could be a beep, a vibration or on some systems an automatic braking mechanism.
• Lane Departure Warning Systems. This feature relies on sensors that can 'read' the lane markings on the road in front of you. If you begin to drift across the lane marking and you're not using your turn signal, your car will alert you with a beep or a vibration in the steering wheel or seat.
• Curve Speed Warning. This system uses GPS technology to let you know if you're driving at a speed that's unsafe for an approaching curve.
• Electronic stability control. These systems use state-of-the-art computer engineering and microprocessors and sensors to apply detect and correct for oversteering and understeering in response to road hazards. These systems reduce engine speeds automatically and apply brakes to individual wheels as necessary, helping to prevent spinouts, flipping and other loss of control incidents.

If you just bought a new car, give your advisor a call to make sure your policy is up to date.

After purchasing any valuable jewelry, homeowners should contact their insurance advisors quickly to update their policies. There is only limited coverage for expensive jewelry on a typical home insurance policy, so the owner may not receive the full value of the item if it is stolen or destroyed. Most home insurance policies allow coverage of possessions up to 50 percent of the amount of insurance chosen. For example, a person choosing insurance of $400,000 would have coverage up to $200,000.

There are limits for certain types of items. For example, an insurance company may offer a set dollar amount of coverage for stolen or destroyed jewelry. However, the amount may be much less than the jewelry is worth. If the insurer offers $1,000 for a piece of jewelry that cost $10,000, the homeowner will take a significant loss. There are a variety of personal belongings categories with limited terms for reimbursement. All homeowners must be sure they read the sections of their policies where additional coverage and contents are specified. As a rule, an accidental loss is not covered. This means a woman who loses her engagement ring will not be compensated.

If homeowners want to increase their policy limits to make sure theft and loss are covered, it is important to discuss additional coverage for valuable items with an advisor. An advisor can add a rider or specify the particular piece of jewelry. Written appraisals may be required for some items, so it is important to ask the agent if this is a necessary step in obtaining coverage. In most cases, a detailed receipt for the item is proof enough of its value. Once a value schedule has been created, the policyholder is fully covered for the item's total value in the event of theft or loss of any kind. Since there is no need for an investigation, this makes the process of filing a claim much easier. Also, there is no deductible for the specified item.

With extra coverage being very affordable, it is good for all homeowners with valuables to consider insuring them separately. A personal advisor can assess to determine the best option. As a rule, a home insurance policy does not put limits on electronics. Homeowners should make sure their valuable items, from jewelry to electronics, are insured in a way that allows for total replacement or compensation for their true value. To learn more about coverage options and how these special policy riders work, discuss your concerns with an advisor.

Call 800-409-9790 or email us at [email protected] for more information.   

The Insurance Institute for Highway Safety issues a list every year of their top recommended used vehicles for teen drivers. When parents buy cars for their teens, they typically either buy cars that their kids like or used cars that parents think are practical. However, many of the cars chosen by well-meaning parents are not the safest options for teens. It is especially important to provide these new drivers who are still developing their road skills the best cars for their safety and the protection of other motorists on the road.

As more manufacturers continue adding standard safety features as well as newer safety features, the list of top used cars for teens continues growing. Research conducted by the IIHS showed that most parents who bought vehicles for their teens were shopping on a budget. For this reason, the IIHS created different sub-categories in the list based on prices. According to their research, the average amount spent by parents on cars for their teens was close to $10,000. However, the median price was slightly less than $5,500.

What You Need To Know When Buying a Car for Your Teen

While most parents are shopping on a budget for their teens, the IIHS points out that it is better to spend a little bit more than the budget amount over sacrificing safety to pay less. When parents are faced with the choice of buying a vehicle that is not on the list or spending a little more, it is better to pick the safer option. The addition of something as simple as a lane departure warning feature could save a teen from an accident and parents from spending more over the years on a higher insurance premium stemming from a teen's at-fault crash. However, a teen losing his or her life in an accident is far worse than paying higher premiums or paying for medical bills.

The IIHS kept the same format for its list this year. They have a category for the best choices that are priced under $20,000, and they have a category for good choices that are priced under $10,000. The best choices passed the Institute's most important crash tests with good ratings, and the good choices passed some tests with decent ratings. Experts emphasized the importance of avoiding three common mistakes when buying cars for teens.

Never make horsepower a priority. Although many teens beg and plead for vehicles with more horsepower, it is important to avoid these. It is too tempting for teens to test the power of these cars. In addition to this, many of these cars are more expensive to insure.

Avoid buying lighter cars. The IIHS emphasizes that larger and heavier vehicles are safer overall. Smart cars, Minis, and other small and light vehicles are not on the list.

Never skip out on electronic stability control. This is a safety feature included in all of the recommended cars. It has been a mandatory inclusion on all vehicles made since 2012. Electronic stability control helps drivers stay on slick roads and stay on the road when it curves. It has been proven to save lives and has cut fatal crashes of single vehicles in half.

Parents who were hoping to spend a little bit less than $10,000 can take comfort in the good news that many safety features can help lower insurance premiums. To view the full list of safe cars recommended by the IIHS, visit their website. For more information about these cars and how they affect insurance rates for teens, discuss concerns with an Insurance Loft advisor.

Call us for more information.

We've put a few years between us and the Great Recession. But Americans' expectations concerning their retirements don't yet match the reality.

That's the central finding of a recent report from the Transamerica Institute, The Current State of Retirement: Expectations and Realities, released in December 2015. The study surveyed both retirees age 50 and older and people currently in the work force age 18 and older to see whether the reality faced by those currently in retirement was anything close to what those currently working expected or were planning for. The study found significant disconnects across the board.

Key Findings

54 percent of workers age 50 and older planned to continue to work at least part time, post-retirement. But of those currently retired, only 5 percent of report that they are working in their retirement. Another 2 percent report that they are unemployed and looking for work.

Most retirees -60 percent - left the workforce sooner than they planned. Only 7 percent reported retiring later than planned. 33 percent retired at the age they expected to.

The median age at which they report they expect to retire is 67 years. However, the study authors found that the actual experience of those currently over 65 is radically different from the expectations of the 50+ working crowd. Consider: Two thirds of those who reported that they had retired sooner than planned were forced into retirement involuntarily by a variety of factors beyond their control. For example:

• 66 percent had to retire because of employment-related reasons such as job loss or the receipt of a buyout.
• 27 percent report they retired because of health reasons or disabilities, and another 11 percent report they had to retire because of family responsibilities.

The study's authors found that only 16 percent of those who retired ahead of schedule were able to do so because they decided they had saved up enough or because they had received a financial windfall such as an inheritance.

Plan For Longevity

Retirees are reaching the ends of their careers in better health than in past generations. 84 percent or retirees and age 50+ workers report themselves to be in good or excellent health. Only 5 percent of retirees surveyed say they are in poor health. Nearly 6 in 10 report they are planning to live to age 90 or more.

On average (median), retirees expect to live 28 years into retirement. But 41 percent report expecting to live at least three decades into retirement - necessitating a much more conservative approach to retirement income planning.

Greatest Fears

The biggest fears Americans have about their retirement years are the possibility of a reduction in Social Security Benefits and the possibility of outliving their savings. 43 percent report fearing spending through all their assets in retirement. Other top concerns include long-term disability and the need to pay nursing home costs.

Recommendations

The study's authors made a series of recommendations to workers, retirees and families:

• Increase retirement savings.
• Leverage catch-up contributions
• Pay off high interest debt
• Live within written budget.
• Find creative ways to cut expenses
• Consider renting a room in your house
• Try to delay taking Social Security benefits to full retirement age, especially if you are in good health.
• Get help from professional financial advisors.
• Plan for the long haul
• Have a plan in place for disability, long-term care or major stock market declines.

Your insurance professional can help you set up a plan to provide guaranteed monthly income for as long as you live, and help you protect it with long term care insurance and other insurance planning.

Under current law, any estates are subject to a substantial estate tax of up to 40 percent on assets in excess of $5.45 million.

That's where survivorship life insurance - also called "second-to-die" life insurance - comes in. A second-to-die life insurance policy pays out an immediate cash benefit, tax-free, upon the death of the second spouse - not the first one.

One common purpose for second-to-die life insurance is to provide a large amount of liquidity to pay estate taxes.

This can be important when a family's wealth is tied up in illiquid assets that are difficult to sell. With a second-to-die life insurance policy in place, the family or estate executors receive the tax-free cash death benefit right away, and can use that to pay estate taxes, rather than be forced to sell off assets like small businesses and real estate to raise the cash. Otherwise, heirs may be forced to sell assets in the estate at heavily discounted prices, or at a very poor time in the market to sell, to meet the estate tax deadline.

Second-to-die policies also typically have lower premiums for a given death benefit than standard single-insured life insurance policies.

Use of Trusts to Move Life Insurance Out of the Taxable Estate

Who owns the insurance policy itself? It may be prudent to set up an irrevocable trust, and have the trust own the life insurance policy, rather than own it directly, in your own name. Otherwise, the life insurance policy would be considered part of the taxable estate, and increase your tax bill. Setting up a properly constructed irrevocable trust will help you avoid this problem.

To set up the trust, speak with a qualified attorney and your tax advisor. Only a licensed attorney can actually write the documents required to set up the trust and ensure that the trust meets the requirements necessary for the assets in the trust to be considered separate from the taxable estate of the deceased. Once the trust is established, the trust can then become the owner of the life insurance policy.

But the applications of the second-to-die life insurance policy don't stop there. Even if you don't expect your estate to be big enough to be subject to federal estate tax, there are a number of other uses for the second-to-die life insurance.

• Funding for buy-sell agreements where married couples operate their interests in a company together.
• To provide for equal distribution of an illiquid estate to children. For example, one child may be able to run an inherited family business or farm, while other children may not have the interest or aptitude. Life insurance allows one child to receive the business and the others to receive cash, rather than forcing them all to liquidate a viable family-owned business.
• Funding for special needs children, who will still need support even after the death of the second parent. The parents can set up a special needs trust to support the child - now an adult in many cases. This provides for support for the child without compromising his or her ability to qualify for Medicaid, food stamps or other need-based assistance.
• To provide funding for the education of grandchildren.

There are other specialized applications where second-to-die life insurance works extremely well as a planning tool. For more information, ask your life insurance advisor.

Contact our life insurance team Insurance Loft today to learn more about protecting your estate.

By JoAnn Streem, Vice President,  ACE Private Risk Services and Michelle Impey, Fine Arts Director, ACE Private Risk Services 

As art markets draw increased attention with record-setting auction prices, wealthy individuals and families are increasingly turning to valuable collections of paintings, sculptures and other classes of fine art for investment diversification as well as aesthetic enjoyment. Christie’s reported 2014 sales of art and collectibles of $7.7 billion, the highest auction house figure in the history of the art market, once again shined a spotlight on art collections as a dynamic asset class. 

But these families don't always manage the physical risks to these items with the same rigor they employ when managing financial investment risk, leading to a “blind spot” in their overall asset protection plans. Advisors have an opportunity to counteract this behavior and deepen their client relationships by helping clients understand these risks. Based on an analysis ACE Private Risk Services conducted of fine art property claims for the last two years, three risks account for 75% of all reported loss activity. Here they are: 

Risk #1: Breakage

In 2013 and 2014, more than one-third (35%) of claims were due to breakage of the artwork. Nearly half of these claims were the result of the piece falling off the wall on which it was hanging, falling over or collapsing shelves. For nearly one-quarter of these breakage claims, an in-house worker, contractor or other domestic employee was at fault. 

Many families display or store their art collections in ways that increase the risk of loss or damage because no one wants to think a significant loss could happen to them. Always hire professional art installers to hang works of art, and use museum-quality hardware that’s appropriate for the size and weight of each piece.

Valuables in high-traffic areas can be damaged by children and pets, so give careful consideration to the display locations. When housekeepers, nannies, contractors and other domestic staff are working in the home, be sure to explain the importance of valuable pieces and outline specific instructions on how to work around these treasured items.

Take time to have fine art professionally moved into a different room when a handyman or painter is working in the house, to ensure the protection of these items (read risk number three below). High-net-worth (HNW) market carriers often have risk consultants who can offer advice about minimizing the chance of loss, including recommendations for specialized security and safety vendors.

Risk #2: Water Damage

Nearly another quarter (22%) of ACE’s fine art claims were filed because of water damage. This includes burst pipes, leaks or roof failure. While homeowners cannot always completely control when a pipe might burst or at what point a roof might start leaking, water damage can often be prevented by taking preemptive measures. Avoid displaying a valuable art piece underneath a bathroom or water-using appliance on an upper floor. Refrain from keeping art in the basement, especially precious rugs, due to the high potential for flooding. Consider installing a system that automatically detects leaks and shuts off the water supply to minimize damage.

Risk #3: Transit 

About one in five claims (18%) involved a loss that occurred while the artwork was in transit, often considered a leading cause of damage to fine art. Indeed, art collections are at significant risk when they are being shipped.

Hire only reputable companies that specialize in transporting valuable works. Certain professional art shippers are TSA certified to inspect and officially seal art during the packaging process. Trucks or vans should be temperature and humidity controlled and fitted with air ride systems that reduce the risk of damage from shocks, vibrations and sudden stops. They should also have security systems and be staffed with two drivers so the vehicle is never left unattended.

Ensure that specialized crating and packing materials are used, and check references before hiring any company to transport valuable art works. 

Unfortunately, no set of safety practices can completely eliminate the potential for loss. Therefore, collectors must also make sure they have an up-to-date inventory and proper insurance in place. An inventory is the critical first step because you can’t properly insure a collection if you don’t know how much it’s worth. It can also streamline the process of settling a claim if a loss occurs.

Proper documentation typically involves photo or video records, storage of purchase receipts and, in the case of highly valuable items, expert appraisals, proofs of title, certificates of authenticity, and records of any restoration work. Moreover, values need to be regularly updated. The traditional recommendation for updating appraisals is once every three to five years, but the volatility in some art markets might require a higher frequency.

For insurance coverage, a valuables policy – also known as ‘scheduling’ – provides better protection than the personal property coverage in a homeowners policy. A valuables policy has no deductible and losses due to flood are not excluded.

Importantly, valuables policies from insurance companies that specialize in serving HNW clients offer several advantages over those based on the industry standard. In case the price of a scheduled item has unexpectedly increased during the policy term, they will often pay for its market value just prior to a covered loss up to 150% of the scheduled amount. Unlike standard industry policies, they include coverage for breakage of fragile art items, such as a glass sculpture. If one item of a pair or set is lost, damaged or stolen, they will provide reimbursement as a total loss as long as the matching items are surrendered.

In addition to superior coverage, HNW-market insurers can also offer a strong network of service providers that can help collectors avoid and recover from loss. These vendors include professional art shippers, appraisers, security experts, storage facilities, and conservation and restoration specialists – to name a few.

By working with an independent insurance agent or broker who understands the evolving needs of HNW art collectors and has access to the right carriers, advisors will be uniquely positioned to help their clients with an issue that is very close to their heart.

If you are a self-insured employer or other organization that provides minimum essential coverage (as defined in Internal Revenue Code Section 5000A(f) to any individual during the calendar year, you have some reporting responsibilities to the Internal Revenue Service. Furthermore, if you file 250 information returns or more during the calendar year with the IRS, you must report this information electronically, not later than March 31st(February 28thif you file manually rather than electronically.

What To Report

Here's what you must deliver to the IRS:

Name and taxpayer ID number of each individual you are covering, his or her legal responsible individual, including a parent, spouse or primary insured. If you cannot obtain the taxpayer ID number of the individual in question, after reasonable effort to do so, you may substitute the date of birth.

You must also report the number of months in which you provided this coverage for one day or more. See Section 1.6055-1(e) of the regulations.

Reporting Procedures

Reporting entities should file single Form 1095-B with the IRS for all individuals covered, along with a 1094-B transmittal form. Entities filing 250 returns or more must use the Affordable Care Act Information Returns (AIR) Program to transmit these documents electronically.

Those filing fewer than 250 returns have the option of filing them manually, though as noted above, manual filers must complete their filing by February 28th, rather than March 31st.

Any entity that files a Form 1095-B must also provide the same information noted on the 1095-B to the individual designated as the responsible party via mail, unless this individual specifically consents to receive the information electronically. You can obtain this consent on paper or via electronic means, but if the consent is on paper you must obtain an electronic confirmation of consent in addition to the paper consent.

Special Considerations for Self-Insured Employers

Employers who choose to sponsor self-insured group health plans must comply with all information reporting requirements for providers of minimum essential coverage. This is true without regard to their status as applicable large employers (ALEs) under the shared responsibility provisions of the Affordable Care Act. Therefore, even smaller companies with fewer than 50 full-time equivalents must meet all the same reporting requirements as larger employees.

Those entities that are designated applicable large employers, however, have another requirement: They must combine their reporting on a single information form: Form 1094-C, as well as a transmittal form, Form 1094-B.

Penalties for Non-Compliance

If you fail to file an information return, the general penalty is $100 for each missed return, up to a maximum of $1.5 million for each calendar year.

If your deadline for the return is after December 31, 2015, however, your penalty is increased to $250 for each return you failed to file, up to an annual maximum (calendar year) of $3 million.

If you fail to issue a correct payee statement, the penalty is $100 for those due on or prior to December 31, 2015, up to a total penalty of $1.5 million per calendar year.

For returns due after December 31, 2015, however, the penalty per statement increases to $250, up to a total maximum penalty of $3 million per year.

For additional information, see the IRS's Questions and Answers page.

Contact the Insurance Loft today to learn more about protecting your business.

Call 800-409-9790 or email us at [email protected].         

We understand that a premium audit can be challenging for business owners, that's why The Insurance Loft has teamed up with The Hartford to provide customers with the information, tools and support they need to easily and successfully complete this process. Get the details in this short video. The premium audit helps us keep your coverage and premium accurately aligned, so you pay only for the coverage you need. 

What is a Lifetime Income Annuities

For most retirees these days, maximizing the amount of income they can safely take out of their portfolio is the most important financial objective. It's the one thing that makes everything else possible. Being able to enjoy time with grandchildren, take time out to enjoy golf or travel, secure your nest egg against the need for long term care - it all hinges on your ability to convert your retirement nest egg to an income that will last you and your spouse a lifetime.

Some advisors rely on mutual funds and a tool called "Monte Carlo" analysis - they use a computer to calculate hundreds of scenarios - all based on backward-looking data, not forward projections - all to tell a soon-to-retire couple "based on what you've told me about your income needs and our best guess about your rate of return, I have good news! There's only a 20 percent chance you will run out of money before you both die."

That's not good enough.

No one would want to get on an airplane with only an 80 percent chance of a safe landing. But financial advisors who rely on nonguaranteed investments such as mutual funds, stocks and corporate bonds do just that every day.

Surely there's a better way to secure a guaranteed retirement income. Can regular people create their own pensions?

There is, and you can.

Lifetime Income Annuities

Lifetime Income Annuities, or LIA, exist to take a lump sum and convert it to a stream of income that you can never outlive - guaranteed.  It's simply a contract with an insurance company: You contribute premium, and the insurance company converts it into a contract guaranteeing, in writing, a certain amount of income each month or each year, for as long as you, or you and one other individual (usually a spouse) shall live. Guaranteed.

Advantages of Lifetime Income Annuities

The security of a lifetime income annuity may give you the confidence to seek greater returns with other parts of your portfolio, knowing that no matter what, your basic monthly expenses are covered.

Lifetime income annuities also generally allow for a substantially greater steady monthly income than you can get from a bond or mutual fund portfolio alone, unless you spend down principal. This is because of a concept called mortality credits. Essentially, those who die sooner than average don't need their income anymore, so it goes to those who love longer than average. As a result, the lifetime income annuity is able to deliver a higher payout, on a guaranteed basis, than ordinary fixed annuities, CDs, money markets and income funds. In most cases, this payout is higher than that available from investment grade bonds, though individual bonds can vary widely in terms of coupon payments and risk properties.

Tax Deferral. Growth within annuities is tax-deferred. You only pay taxes on income you take out, attributable to growth. The portion attributable to the return of your own premiums is tax free. As a result, only part of your income from a lifetime income annuity is subject to income tax. 

Lifetime income annuities also help get money out of your estate, potentially reducing estate tax liability.

In some jurisdictions, lifetime income annuities help provide asset protection benefits as well: Creditors may go after the income in a civil suit. They cannot generally touch your principal in a lifetime income annuity. You own a stream of income, rather than a lump sum. This makes it difficult for creditors to collect.

Disadvantages of Lifetime Income Annuities

Generally, a commitment to a lifetime income annuity is irrevocable. You should consider keeping enough cash or other reasonably liquid asset in reserve to react to a personal emergency. Some annuity contracts provide for one or two "accelerations" of several months' worth of income. But individual contracts vary widely on this feature.

When interest rates are low, annuitizing your assets essentially locks in a lower payout than you could possibly get by waiting until rates rise.

Any assets you contribute to a lifetime income annuity for yourself and/or your spouse are lost to future generations. If you die early, the insurance company keeps everything. However, most annuities provide a death benefit - your heirs will receive the full amount you paid in, minus any benefits paid to you.

All benefits in an annuity contract are subject to the claims-paying ability of the insurance company. If the insurance company becomes insolvent, your benefits could be interrupted or reduced.  

If you are retired or in the stage of planning your retirement, the lifetime income annuity is one of the most important tools in your kit. Give careful thought to how much of your retirement income you want to guarantee. And give us a call.

 Contact the Insurance Loft today to learn more about protecting your estate.

Call 800-409-9790 or email us at [email protected] for more information.

Survey: 79 percent of small business owners do not have a cyber attack response plan, even though 63 percent admit they have been victims of at least one type of cyber attack

A new survey by Nationwide reveals that almost eight in ten small business owners (79 percent) do not have a cyber attack response plan, even though a majority of them (63 percent) have been victims of at least one type of cyber attack.

The survey was commissioned by Nationwide — the No. 1 total small business insurer — and conducted online by Harris Poll between June 8 and June 19, 2015. It focused on 500 U.S. small business owners with fewer than 300 employees, and who have at least a moderate role in employee benefit selection.

“The holiday shopping season kicks into high gear this month, with Thanksgiving, Black Friday and Small Business Saturday,” said Mark Berven, president and chief operating officer of Nationwide Property & Casualty. “But unfortunately, this is also the time of year when many cybercriminals target shoppers and businesses. Our goal is to help companies and their insurance [advisors] protect customers year round.”

According to the survey, 79 percent of small business owners have no cyber attack response plan in place. When asked why not, 46 percent said they feel their current software is secure enough, and 40 percent said they do not feel their company will be affected by a cyber attack.

At the same time, 73 percent are at least somewhat concerned with a potential cyber attack affecting their business — especially since 63 percent of small business owners admit they have been victims of at least one of the following:

For information about Nationwide’s cyber insurance through Hartford Steam Boiler, check out http://www.nationwide.com/cyber-liability.jsp and http://www.munichre.com/HSB/cyber-insurance/index.html.

You can also access even more cyber security tips and resources at the following government sites:

1. The Federal Communication Commission’s Small Biz Cyber Planner
2. The Department of Homeland Security’s cybersecurity resources

Methodology:

The 2015 Small Business Owner Study was conducted online, between June 8 and June 19, 2015, by Harris Poll, on Nationwide’s behalf. The respondents comprised a representative sample of 500 U.S. small business owners, defined as having companies with less than 300 employees, and who have at least a moderate role in employee benefit selection. Results were weighted to be representative of small business owners in the U.S. Research participants were drawn from the Harris Poll Online (HPOL) research panel and partner sample. Because the sample is based on those who were invited to participate in the HPOL panel, estimates of theoretical sampling error cannot be calculated. Percentages were rounded to the nearest whole percent. Differences in the sums of combined categories/answers are due to rounding.

In most cases, a home is the largest single asset a person owns. Protecting that asset with insurance is essential. Understanding the protections built into your insurance policy is paramount. A common assumption among homeowners is that a home only needs to be insured up to the amount of the mortgage, market value, or appraised value. Even though a mortgage company may require a certain percentage of a mortgage loan be covered, that doesn’t mean it is adequate coverage.

Replacement cost—not appraised value, not size of the mortgage, not real estate comps—is what matters to a homeowner after the purchase.

To determine a replacement cost, your insurance agent should use a Reconstruction Cost Estimator (RCE).  An RCE is a calculation tool used to determine replacement cost to rebuild a home. This tool is loaded with up-to-date labor and materials costs. Agents enter specific attributes of a house, i.e. gas fireplace, wood-paneled library, Jacuzzi tub, etc. The value of these attributes are not limited to square feet, year built, attached and detached structures, etc. The cost of reconstructing a home as calculated by the RCE is the most accurate tool known used to determine the cost of replacing a home in the event of a total loss.

Other than the insurance carrier physically inspecting every single home it insures, the RCE is the best way to ensure proper coverage and cost efficiency. Without the proper replacement cost figured into your coverage, the risk of being underinsured looms as a threat. If you’re underinsured and if your home is destroyed, you would have to bear the burden of paying out-of-pocket expenses to replace your home.

Make sure you are working with a qualified agent who presents you a policy that cites  replacement cost value before assuming your home insurance coverage is adequate.

The Facts About Environmental Insurance

Which of the following commercial operations uses or may produce pollutants?

• A factory
• An apartment building
• A condominium building
• A school
• All of the above.

In fact, virtually any commercial enterprise has the capability of causing pollution. Factories use chemicals and produce hazardous waste. Schools have fuel storage for buses and chemicals in labs. Apartments and condos may produce mold and other types of bacteria. Older apartment buildings may also contain lead paint.

The potential for pollution damage is pervasive across industries and operations. Because of this, everyone in business should consider buying environmental insurance.

Environmental insurance has been around since the late 1970s and has evolved. Today, coverage is available from many insurance companies. However, choosing a policy may be daunting. Unlike with other types of commercial insurance, there are no standard environmental insurance policy forms. Consequently, there are more than 100 different products on the market today. None of them are exactly alike. The coverages provided by two policy forms may be very different.

In addition, unlicensed (or "excess line") insurance companies provide most of this insurance. It is legal for these companies to sell insurance. In fact, most of them are part of large insurance groups with familiar names. However, state insurance departments do not regulate their policy forms. Therefore, it is important to carefully review each policy's terms and conditions. This is the only way to determine whether it fits an organization's needs.

There are three basic types of environmental insurance policies:

• Environmental impairment liability, which covers pollution incidents at locations listed on the policy;
• Contractors environmental liability, which covers pollution incidents that arise out of the policyholder's operations;
• Professional liability, which covers the policyholder's accidental wrongful acts.

All environmental policies should cover the policyholder's legal liability for:

• Bodily injuries to others resulting from pollution incidents
• Damage to others' property
• The cost of cleaning up escaped pollutants
• The cost of legal defenses.

Some policies may also cover:

• The costs of damage to the policyholder's reputation;
• Losses resulting from fungi and bacteria;
• Lost rents;
• Loss of income from having to temporarily shut down; and
• Extra expenses incurred to keep from having to shut down.

Depending on the nature of the business, there are some important things environmental insurance buyers should watch for:

• Make sure the policy is the right fit. A policy designed for a manufacturer will not provide the coverage a hotel needs.
• Contractors should verify that the coverage applies to their completed operations.
• Make sure that the policy fills in the coverage gaps left by commercial general liability and property insurance.
• Ensure that it covers losses caused by fungi and bacteria.
• Make sure that it covers any contamination that the business may accidentally cause. Pollutants come in more forms than just hazardous waste.

Environmental insurance is complicated. Organizations should seek out insurance agents who have expertise in this area. The time it takes to review the coverages and options is well spent. 

Every organization has some vulnerability to contamination losses. The costs of these incidents can be catastrophic. With the proper insurance, they do not have to be.

Buying insurance coverage isn’t a negotiation. The industry is highly regulated meaning the insurance carrier controls the costs. The costs are firm, and the only means of reducing the cost of insurance is by reducing the amount of coverage.

Indeed client-specific details, like property characteristics, vehicle, and driving record contributed in determining the final rate charged by your insurance carrier. The truth is that most insurance companies use mass data and the law of large numbers on numerous differing factors to determine insurance pricing. This mass data can be based on age, zip code, financial stability, and even gender among other factors. While it stands to reason that a more accurate determination would be based on an individual’s specific details, there is just no way insurance companies could verify enough reliable information on every insured to calculate an individual rate.

Insurance companies are required to set base rates to be applied per area or zip code. These levels are based upon that area’s proven records of accident/claims frequency, traffic performance, and the number of uninsured motorists amongst many other factors. Client-specific facts (number of accidents or claims, etc.) are calculated into the mix to establish a final rate.

The reality is there are no special discounts that can be applied to policies to decrease insurance cost. Insurance companies have to continually analyze the entire performance of their client base to determine the most competitive rates available. The best approaches clients can take to finding the best insurance available are as followed.

Find a good advisor who works for your best interested. Focus your attention on coverage first, and then address the price. Minimize risk factors that increase insurance pricing (tickets, accidents/claims, lapses in insurance coverage).

Insurance is something that should be purchased to protect your most valuable items, your financial well being, and your family. Finding the cheapest cost of insurance is likely setting yourself up for potential disaster. Learn about your coverage, the company you are with, and the advisor you are working with to net the most gratifying insurance experience.

You deal with a lot of issues as head of a $30 million local retail chain.  This time the credit card company called to inform you that they had identified 50,000 credit cards used legitimately at your business were later compromised.  That’s 50,000 of your customers.

Hackers were suspected to have penetrated the point of sale system. The Payment Card Industry Agreement required you to hire a certified forensic investigator to examine the systems and related infrastructure. And costs piled up as you notified the 50,000 customers and paid for credit monitoring on their accounts. Beyond that, the news hurt your business and your reputation. Customers were angry, and some got together and filed a class-action lawsuit. Legal fees just continued to mount. 

According to the NetDiligence^® Data Breach Cost Calculator* the estimated costs for this event for the retailer could be: An average event of this type could drive the average costs up to $5,900,000** for a business.

Risk Management Tips:

• Maintain and frequently review compliance obligations under the Payment Card Industry (PCI) Agreement.
• Consider implementing end-to-end encryption of credit card transactions.
• Employ a chief information security officer (CISO) to develop and implement your business-wide data privacy procedures.

*The NetDiligence^® Data Breach Cost Calculator and other tools are available to insureds on the Travelers’ eRisk Hub^®.
**Ponemon 2015 Cost of Data Breach Study, NetDiligence Cyber Claims Study 2014
eRisk Hub is a registered trademark of NetDiligence.
Coverage for all claims and losses depends on actual policy provisions. Availability of coverage depends on underwriting qualifications and state regulations.

Professional and General Liability forms of insurance have become an increasingly important component in almost every business transaction. Managerial decisions to award contracts are often contingent upon the presence of professional liability insurance from a highly rated and financially stable insurance carrier. Many small business owners are not concerned or do not clearly know the difference between general liability and professional liability. In today’s litigation climate many owners truly need both liability forms to decrease their risk against a catastrophic financial claim. In a brief statement general liability's primary purpose is to cover claims caused from bodily injury or property damage resulting from a person or company's negligence. Whereas professional liability insurance's primary purpose is to cover claims caused by financial damages resulting from a negligent service that was performed. This is also commonly referred to as Errors and Omissions coverage. The major difference in the eye's of the policy holder is that professional liability stems from intellectual damages versus actual physical damage. Below is a great video that outlines the differences in real world events that many business owners can wrap their heads around. If you have further questions or would like The Insurance Loft to prepare a no obligation proposal please feel free to call us at 1-800-409-9790.

The Insurance Loft & The Hartford's Technology & Life Science Practice is a premier insurance solution provider for the Life Science & Medical Technology, Telecommunications and Integrated Services, Electronics, Software & Information Technology, and Renewable Energy industries. We understand the unique needs of today's technology companies and offer holistic, forward-thinking coverage that affords you comprehensive protection, no matter the size of your business. 

We want to provide you with this Co-branded informational video to explain the coverage dynamics between just standard general liability and professional liability. In this sector of business, most business owners fail to understand the importance of professional liability. The true risk and concern when analyzing this industry falls directly in the realm of professional liability most of the time. 

If you have any further questions or concerns, please do not hesitate to reach out to us at [email protected] or 1-800-409-9790.

Did you know that many data breach cases are not even realized for months and in some circumstances years? Those who rely on you to protect their business interests also trust you to protect their personal information. When sensitive data is exposed, your reputation is on the line as a company.

Offered as an optional coverage either as part of the Business Owner's Policy, the General Liability policy, our Data Privacy -- Network Security Liability Insurance, or as a separate Cyber Choice 2.09, our data breach coverage provides you with access to professionals who can help you comply with regulatory requirements, provide guidance on how to help prevent a data breach and handle a breach crisis if one occurs.

Response expense coverage can help to quickly restore confidence in your business or practice through notification to impacted individuals and can help pay for good faith advertising expenses, for example. In most states, coverage is also available for defense and liability expenses in the event you're sued because of a breach. It is important to know that we can provide peace of mind through many of The Hartford's products that we offer.

Our coverage can help absorb some of the costs associated with a breach including notification, public relations, legal and liability expenses. The carriers that we represent can provide access to professional assistance when a breach crisis occurs — helping you comply with applicable laws and regulations to avoid civil litigation and other penalties. Please take a moment to review this quick video to see how data breach coverage can help your company.

Please feel free to always contact us at [email protected] or call us toll-free at 1-800-409-9790.

With 41,000 known computer security incidents per day in the U.S., you can expect cyber liability to be on the minds of business owners across the country. While they hear about the risk, they are often unclear as to how it applies to them and what actions they need to take to address the risk. October is National Cyber Awareness Month, and it's an excellent opportunity for you to educate and inform your clients about cyber threats using Travelers' Cyber Pressure Test. 

This thought-provoking tool helps business owners think about:
• How to react in the event of a cyber event
• The financial and reputational impact of a cyber-attack
• How to better manage cyber exposure

Cybercrime has become increasingly frequent, complex and costly. In the wake of an event, would you know who to call, how to react, or what to tell your employees, customers, and media? Could your organization handle the potential financial and reputational impact of a lawsuit? What could your company be doing to manage the risk better? Take our four-part questionnaire to find out. Est. completion time: 5 minutes

Flip flops, shorts and a T-shirt are great to wear at the beach, but if worn while riding a motorcycle, they look silly and are truly dangerous. Unfortunately, everyone has seen someone on the road who seems to be under the false impression that riding a motorcycle is about being reckless and narrowly cheating death.

However, experienced bikers know how to enjoy the exhilarating freedom of the open road with responsibility, skill and confidence. This is because they know how not to ride.

Inspired by DISCOVERY NEWS’ article on motorcycle safety tips, here are six ways you shouldn’t ride your motorcycle:

1. Uneducated
   Motorcycles are powerful vehicles, and you need to educate yourself if you want the responsibility of yielding that power. The Motorcycle Safety Foundation^® has riding courses all over the country that will teach you useful techniques, maintenance procedures and evasive emergency maneuvers. It’s important to have these skills and knowledge before you take to the open road.
2. Unfocused
   Skillful bikers are always focused, alert and defensive. Especially in situations with heavy traffic, you should always assume you are invisible to other vehicles. According to Consumer Reports, it was found that in collisions between motorcycles and cars, the car drivers were at fault 60 percent of the time. Therefore, paying special attention to car drivers who are on cell phones, maintaining a safe following distance and being on constant lookout for upcoming road hazards will help you protect yourself from the unexpected.
3. Underdressed
   When preparing to ride, you should don your finest threads… your finest leather gear, that is. Jackets, gloves, full pants and over-the-ankle footwear are what you’ll need to protect yourself from wind chill, bugs, debris and road rash. Helmets are also essential. Consumer Reports states that riders without helmets are 40 percent more likely to suffer a fatal head injury in a crash. Purchasing a strong, lightweight and comfortable helmet is one of the best investments you can make.
4. Uncomfortable
   To ride safely and make the most of the experience, your bike should be the perfect fit for you. Make sure the handle bars are within reach, the bike isn’t too heavy and that you have the right engine for how you plan to ride. Also, ride within your skills. Don’t let anyone pressure you into doing anything you are uncomfortable with, like weaving in and out of traffic or accelerating to fast speeds.
5. Under the Influence
   Though it may seem obvious, it cannot be emphasized enough how important it is to always ride sober. According to the CDC, 27 percent of motorcyclists killed in crashes in 2013 had BACs of 0.08 percent or greater. Focus, balance and coordination are required for safely riding a motorcycle, but, as this statistic sadly illustrates, alcohol negatively impacts all three of these abilities.
6. Naked
   Oh, the indecency! You’d be surprised to learn how many bikers ride naked — or as some may say — without the proper insurance coverage. Like it or not, you won’t always be in control.

Current clients and perspective clients have heard or seen a product that Progressive Insurance has offered for some time now. It is starting to take traction in the industry of personal lines auto insurance. But, what does this really mean to the consumer? Let's first start with how the product it marketed. It is a small device that you plug into your vehicles diagnostic port. This device is currently only offered by Progressive Insurance and owns the patent on the device for now.

This device essentially monitors driving behaviors of the driver of the vehicle mainly focusing on how often hard stops or braking occurs, how many miles the individual drives, and lastly how often does the individual drive between midnight and 4AM. Discounts for utilizing the device can range from 0-30%, so the savings can be substantial.

As of now the device cannot impact your rate negatively, which is great. Another important aspect is that the device does not track location, which is important to those that are concerned about privacy. Obviously, there are some pains of installing it, which honestly only takes about 5 minutes and having your driving habits monitored for a six-month period.

The discount usually applies within 30 days of collecting the data and then once six months have passed then you must mail back the device and the discount remains on the policy for the life of the policy. So if you don’t taking the time to install and mess with the shipping of the device, this discount may be a great idea for you.

The Insurance Loft is an approved Snap Shot retailer for Progressive. So if you are interested or have any questions in regards to the device, we would be happy to answer any further questions. Please do not hesitate to call us at 1-800-409-9790 or email us [email protected]. Below is short video from Flo describing the device and functionality in her own unique way.

Please do not hesitate to call us at 1-800-409-9790 or email us [email protected]. Below is short video from Flo describing the device and functionality in her own unique way.

Small and midsized business throughout the country may or may not know what loss control is and how it can help their business's bottom dollar. Risk management by definition is a risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Other names for Loss control include risk control or risk safety. A perfect example of a loss control device is a smoke alarm. It is a device that aides in preventing or reducing the risk of further property damage or personal injury. As you can imagine there are several loss control devices and programs that can be instituted across all kinds of different business industries and sectors. The carriers that The Insurance Loft chooses to partner with often provide onsite loss control review and offer many programs and educational instruction to better prepare your company against potential loss. In the insurance industry we know losses and accidents are going to occur. That is why the industry stays in business and many contracts, loans, and requirements ask for certification of insurance. So the real key is how can companies reduce the potential of large and severe loss? That is where our carriers can help you devise a plan and allow your company to continue to operate as normal if a loss does occur. One of our carriers The Hartford has a short video for your review to make sure you starting thinking about your businesses loss control methods and programs. This short video depcits technology & Life Sciences Loss Control. We wanted to focus on this industry in particular as technology and life sciences firms are our specialty.

Managing people may be one of the most difficult jobs there is. The good news is that there are management fundamentals, that when practiced consistently, will go a long way in making you a stellar manager.

Expect excellence: The goal of a good manager is to achieve exceptional results so set high but attainable standards both for your employees and yourself.

Be open to new ways of looking at things: Be flexible and listen to your employees. They are closest to the actual work and often have the best process improvement ideas.

Delegate issues, not tasks: When you assign only tasks employees are likely to become bored and indifferent. Let them help you solve "problems" by breaking down large issues into smaller ones and assigning them based on employees' skill sets.

Develop team members: Yes, it takes enormous time to develop your team members but the investment is well worth it. Understand each team member's skill level and career goals. Create opportunities for them to improve upon existing skill sets and learn new ones.

Protect your time: You need time to think through what needs to be accomplished and then prioritize and delegate well. Take the time you need to think things through thoroughly. If you don't, you and your team are likely to find yourselves lurching from one crisis to the next.

Provide meaningful and constructive feedback in real time: A pat on the back for a job well done is greatly appreciated. But no one is perfect and constructive feedback on improvement opportunities provided in real time, not at the year-end review, will go a long way in helping employees leverage their strengths and learn where and how to develop.

For many of our clients in the western part of the United States, especially in states like Colorado and California purchasing home insurance can be a daunting task. Clients are building homes in Wildland Urban Interface which is essentially where the home meets the forest. Often times these areas are close to low lying brush or in thick forestry lands causing a higher risk of total loss of homes through fire damage. Because these homes are often several miles from fire departments the response times from local fire departments can take three to four times longer than living in a metro area. So to maintain insurability of the home and to provide information for loss prevention to our clients we ask you to review this video to help educate you on how to better protect your home from a catastrophic loss. Prevention is always key on protecting your homes structural integrity during a forest or brush fire. Let The Insurance Loft work with you to come up with an insurance plan and provide informationto you on these areas. Often times if we move forward with a policy our insurance carriers will provide an onsite inspection to provide feedback on your property through an inspection. Give us a call today so that we can work on your property insurance needs at 1-800-409-9790.

Our customers need coverage for defense costs and damages if sued for causing bodily injury or property damage. We have coverage available as a standalone, our general liability coverage which helps businesses prevail when the unexpected strikes. Business Owners need to take their insurance coverage seriously and have it thoroughly reviewed by an agent that works for them. Learn how something very funny can end in a very traumatic and ironic way.

The Insurance Loft and Travelers Insurance have worked together for several years to help clients with their technology needs. We have attended several meetings to familiarize ourselves with not only the Travelers Insurance tech products specifically, but to the broad scope of tech as an industry. Because each business is unique in its own regard it is important to have a professional discuss your needs on a case by case basis to ensure that you are getting the proper coverage to maintain your day to day functions as a company. We are offering an interactive Travelers infomercial to help you as a client just some of the products that we can offer through Travelers Insurance. Please do not hesitate to give our office a call to help you with your needs. We are licensed in 33 states and can help you on an individual state level or national program if needed. If you have any questions about the products available or how we can tailor a policy to meet your needs, please give The Insurance Loft a call at 1-800-409-9790.

Travelers Insurance Interactive Guide

The Hartford's Technology & Life Science Practice has been providing Technology & Life Science businesses of all sizes with holistic and forward-thinking insurance solutions for over 25 years. Check out our video series to find out how The Hartford can help Technology & Life Science businesses anticipate, prepare for and manage their risks with comprehensive coverage from The Hartford. Let the Insurance Loft provide you a hassle free proposal and review of your current insurance and align you with a reputable carrier like The Hartford.

By Alexander Huls

Keeping your employees happy is a big part of ensuring your small business is successful. One way to ensure your workers are satisfied is through perks. But the dilemma smaller companies face is that they can’t afford the extravagant perks giants like Google, Facebook and others are handing out (free meals and snacks at the office, dry cleaning, unlimited vacations, babysitting, lecture series and college-level courses taught by famous thinkers). Thankfully, there are still some free employee perks you can introduce without bankrupting your company. Here are five that can go a long way toward creating happier employees and a better company culture.

1. Flexible Hours

As we’ve noted before, this is one of the most popular employee perks. One study found that 42% percent of working adults would give up part of their salary to have more flexible hours. Some small business owners might be nervous about doing this. Can you trust your workers to not abuse the privilege? Will they still get their work done?  But trust has a major impact on making your employees happy and will go a long way in motivating them  to get their work done.

2. Pets at Work

Who wouldn’t love the chance to have their beloved pet at work if they could? Give your workers that chance and you’ll find it won’t only make them happier, but it might also  boost mood and lower stress, improve relationships between co-workers, and stimulate their creativity. But first, make sure that your small business is appropriate for pets and that no one in your office has severe allergies to animals. If you own a restaurant and have an employee who is deathly allergic to Pomeranians and owns piranha, don’t offer this perk.

3. Goal-Setting Transparency

Whenever you have your quarterly or yearly financial numbers, or have ambitious plans in store for your company’s future, consider sharing them with your employees. And don’t share them in all-staff meetings with boring corporate speak. If your workforce is still a manageable size, have a 1:1 meeting. If your workforce is bigger, take them out for an informal lunch, or go on a retreat and tell them there. And be sure to be personable and honest.

Workers will appreciate your trust and transparency with sensitive information around expenses, profits, revenue and projections. They’ll also like the feeling of being in the know and invested in a shared company vision and clear goals. That means not just telling them what to work towards, but letting them see the results of their hard work.

4. Nap Time

Naps have been shown to have a positive effect on the brain. It’s why, for example, Google has gone so far as to build Nap Pods for their workers. You too can adapt a pro-nap environment. Set aside an empty office , maybe with a donated couch, to create a nap zone. Let workers benefit from your snooze-friendly environment. Knowing they can re-energize by taking a powernap can go a long way towards making employees happier. After all, who’s going to hate a business that lets them nap?

5. You!

Studies show that a bad or incompetent boss is a main reason workers are unhappy and a good boss naturally has the opposite effect.  You might not think of yourself as a perk, but you can become one. That might sound silly or new-agey, but it’s true. If you make sure you follow our advice to treat others the way you want to be treated, you can become a major force that keeps employees coming in to work happy. If you continue to work at being the kind of small business owner who improves a company culture from the top down, you’ll find when people ask your workers, “What’s the best thing about working where you do?” they might very well answer, “My boss.”

Power Sports Resources

Americans love the Great Outdoors. Sales of sport and recreational vehicles is booming. Industry experts estimate that there are over 17 million boats and 15 million land vehicles in use today.

While auto and homeowner’s insurance may cover some instances of loss or liability for boats, trailers and sport vehicles, many don’t. And those policies that do offer coverage usually come with large deductibles and inadequate loss limits.

Sport and recreational vehicle polices from Allied give you the added protection you need to hit the roads, trails, and water with peace of mind and confidence that wherever you go, The Insurance Loft has you covered. Give us a call at 1-800-409-9790

A Powersports policy from One of our selected carriers can give you full coverage for up to 12 vehicles on one policy. Coverages can include up to:

• $500,000 on motor homes
• $300,000 on towables
• $250,000 on boats
• $27,000 on personal watercraft
• $50,000 on motorcycles, ATVs and snowmobiles
• Coverage for up to 12 vehicles on a single policy.

We also offer a variety of discounts for multiple policies and enhancements such as:

Coverage varies by state. Our agents will explain availability of different coverages tailored to your personal location and needs.

Motorhomes,RVs and Trailers

Coverage for motorhomes,RVs and trailersis usually limited on auto and homeowner’s policies. Auto policies don’t typically cover contents and accessories or cover them when they are parked or used as a residence. Homeowner’s polices usually have restrictions on loss coverage and have sizeable deductibles.

Coverage Options and Features

Boats and Personal Watercraft

Allied can insure 95% of the boats and watercraft on the market today. Coverage is available for most one- or two-engine boats and watercraft up to 50 feet in length.

Coverage Options and Features

Motorcycles and Off-Road Vehicles

You can insure your motorcycles and off-road vehicles for up to $50,000 including bikes, trikes, ATVs, and snowmobiles, and we can insure up to 12 separate vehicles on a single policy.

Coverage Options and Features