Owning a small business in America is one of the greatest accomplishments for any person. It takes an enormous amount of courage, effort, discipline, time, and money to start and maintain a successful business. Your Indiana business insurance is just one aspect of the business and it should not be overlooked. If your business is not properly insured then you are running the risk of each day being the last your doors are open to the public.
The number of options you have when buying insurance may seem overwhelming. You can go online and purchase coverage yourself, contact a captive agent (State Farm, Allstate, Farmers, Farm Bureau, etc), or you can use an independent insurance agent/broker. There are advantages to each channel depending on what you are trying to accomplish with your insurance program.
As a restaurant owner, looking over your insurance coverage may seem dull in comparison to the fast paced environment you are accustomed to. You walk into your restaurant each morning and are faced with countless tasks that seem to grow as the day goes on. Is your prep cook going to show today? Did your assistant manager mess up the produce order again? Have you purchased the best restaurant insurance coverage? Continue reading →
One of the most valuable assets a person owns is their home. It’s where you raise your family and build lifelong memories. It makes sense to protect your home and family with a comprehensive home insurance policy, but there are plenty of times a home insurance claim is not paid. Continue reading →
Car ownership for insurance purposes is pretty simple for the average person. Obviously, if you own a car then you need to insure it. However, there are a few common scenarios that we see on a regular basis where the owner is not the same person as the one who has the policy. This could be a recipe for disaster with your insurance!
One of the most difficult concepts to grasp when it comes to homeowners insurance is the value to insure your home. How do the insurance companies come up with this value? For example, you may wonder why your home’s market value is $200,000 but your policy insures the home for $300,000. This is because home insurance replacement cost is completely different than market value.
As we approach the holidays many people look to pick up part time jobs in order to earn a little extra cash. Driving for a ride sharing company like Uber or Lyft is becoming increasingly popular here in Fishers, Indiana. Uber car insurance in Indiana is only offered by a few companies and many people don’t realize they need the coverage.
The question I’m afraid my clients are not asking is, “Will my car insurance company pay if I’m in an accident?” If you don’t know the answer to this question then the answer is NO, your car insurance will not cover you.
I have been an insurance agent for 34 years and I have never seen the marketplace more competitive than it is today. There are more outlets to purchase and more coverage options than ever. Of course, this can be both good and bad for the consumer. Good because you have more options than ever.
Bad because serious mistakes can be made if you do not purchase the coverage you need. It can be a daunting task to wade through all the options and make the right decisions. That is why using an Independent Insurance Agent is more important than ever.
I see consumers making the same 5 mistakes daily. Don’t be one of them. Continue reading →
Unlike motor vehicle insurance, homeowner’s insurance is not required by law. However, if you purchased your home with a mortgage, your lender likely required you to buy a homeowner’s insurance policy to protect their investment in case of a fire or natural disaster. It’s important coverage to have—even if you own your home free and clear—and you may even be able to reduce your annual premium once you understand the factors that generally affect homeowner’s insurance rates.
Your home’s age and construction.
When setting a homeowner’s insurance rate, the insurer estimates how much it will cost to rebuild the property in question should it be damaged or destroyed. Materials and features common in older homes—such as hardwood floors and ornate details—cost more to repair and replace. Whether the exterior was constructed out of brick or wood will also factor into the cost, as will the age of the electrical, heating/cooling and plumbing systems. Upgrades reduce the likelihood of loss and often lower homeowner’s insurance premiums.
Pools and hot tubs on the property.
If your home includes a swimming pool, spa or hot tub, your homeowner’s insurance is going to be more expensive because additional liability coverage will be required. While most policies include a minimum $100,000 in liability protection, your insurance agent may recommend increasing it to between $300,000 and $500,000 as well as adding an umbrella policy with at least $1 million in protection. If you want to minimize your homeowner’s insurance costs, avoid purchasing properties without outdoor pools and hot tubs.
The location of the nearest fire department.
Direct property loss as a result of home fires has been estimated at $7.3 billion annually. If your home is near a fire department (or even a fire hydrant), you’ll pay less for your homeowner’s insurance as a result. Homes in urban and suburban areas usually have better fire protection than those in rural areas as well. So if you want to keep your homeowner’s insurance costs as low as possible, consider location when buying a home.
The location of the nearest body of water.
If your home is near a coastline, large body of water, or in a floodplain, you’re going to pay higher homeowner’s insurance premiums. Depending on your location, your policy may have a separate deductible for hurricanes and windstorms. And flood damage—from any exterior source—is not covered by standard homeowner’s insurance policies. You’ll need a policy specifically for flood insurance if you’re in a high-risk area.
Your past insurance claims history.
Even if you’ve purchased a new home and changed insurance companies, any claims you made at your previous residence will be considered when setting your homeowner’s insurance rate. Insurers can access this information through the Comprehensive Loss Underwriting Exchange, which reports filed claims for seven years. In general, the amount of the claim carries more weight than the reason for the claim.
Whether you’re in the process of looking for your next home or just want to explore ways to lower your current homeowner’s insurance rates, your insurance professional is your best resource for information on these and other factors that will affect your premium.
A 2014 survey of business leaders found that 71 percent prefer to develop their current employees’ skills and then move them into more-senior rolls versus hiring an external candidate for the same position. There are many reasons why this is so, from performance to improving morale and reducing turnover. However, there are also situations in which an external candidate might be a better option. The trick is determining when; you’ll need to consider the following factors to figure it out.
If you’re worried about hiring costs, you might want to look to internal candidates first. Outside recruiting fees can run as high as 25 percent of a position’s salary. And if you choose to recruit externally yourself, you’ll incur costs for posting job ads as well as promoting them. You’ll also need to spend more time screening and interviewing candidates you’ve never met versus reviewing the skills and performance of an employee who already works for you.
If you want to pay a lower salary, you might want to look to internal candidates first. According to the Society for Human Resource Management, external hires often get paid 18 to 20 percent more than internal hires do. If you have employees within your organization who are capable of the job, it may make more financial sense to promote them—and increase their compensation accordingly—than to hire an external candidate with the same skills and a much higher price tag.
If you want to reduce your onboarding and training costs, you might want to look to internal candidates first. In many cases, an external hire will require more training than an internal hire will. You’ll also have to devote time to communicating your organization’s policies, processing employment paperwork including retirement accounts and health insurance, and introducing them to the existing team.
If you’re interested in tax incentives, you might want to look to external candidates first. Federal and state governments offer many tax credits to help offset the costs of hiring and training new employees. For example, the Department of Labor Work Opportunity Tax Credit is available to organizations that hire workers from certain target groups including unemployed veterans, food stamp recipient and ex-felons.
If you’re expanding or diversifying and adding a brand new role, you might want to look to external candidates first. If you’ve created a new position that is unlike any other in your organization, you may not have any current employees who can successfully fill it without a significant investment in training and/or education. In this case, it likely makes more sense—financially and in terms of productivity—to seek an experienced candidate outside your company.