Ryan Raphael a.k.a. The Medicare Man is here to discuss hospital visits and how they affect you when you are on Medicare. As we get older it becomes more likely we will visit the hospital. Here are a few things you should know before you go.
Your home is probably your most valuable investment, so you will want to cover it properly. Having the right homeowners insurance will make all the difference if disaster strikes. Elaine Mahr of Farmers Insurance is with us to discuss her practice of doing a Home Insurance Check-up to make sure you have the exact right policy.
“The Medicare Man” Ryan Raphael: Supplements & Enrollment Periods
Ryan Raphael a.k.a. “The Medicare Man”, is our Medicare insurance expert and trusted adviser on all things Medicare. We have him on to explain what Medicare supplemental insurance is and to also clear up some confusion we had on the enrollment periods.
Elaine Mahr from Farmers Insurance is with us to explain how your net worth affects what amount of liability insurance you should have. She also goes into how to determine your net worth and also how to allocate it.
Determining your net worth to be sure you are not under-insured is extremely important. You have worked hard for what you have now let’s do our best to make sure you do not lose it. You want to build a wall of liability. Liability is the least expensive coverage but Elaine believes it is the most vital.
Americans are driving more, thanks to rising employment and cheaper gasoline. But that also means they’re getting into more accidents — and that’s leading to higher insurance premiums.
Of course, it’s not just a matter of more people cruising the roads. Unsafe behavior also may be contributing to a national accident problem, according to research released by the AAA Foundation for Traffic Safety. A report by the Department of Transportation found about 94 percent of drivers engaged in at least one risky behavior while behind the wheel within the past month, including using cell phones or not wearing seat belts.
Size of claims
The size of claims — which in industry lingo is called “claims severity” — is trending higher and affecting several auto insurance companies. Rising costs for medical care and auto repair are big drivers of increasing claims severity. The increasing price of auto parts contributes as well.
But critically, there are more personal auto claims as a result of Americans driving more miles. That trend, which is closely watched by industry analysts, can hurt the profitability of the insurance companies.
Protecting your business is good business. Having the right insurance can be the difference between surviving a calamity and losing everything. Many business owners have learned the hard way that a lawsuit, theft, accident or natural disaster can wreak havoc on their companies.
Business Owner’s Policy
Often referred to as BOP, a business owner’s policy rolls multiple types of insurance into a single policy. Usually this is at a lower cost than buying each type of insurance individually. A business owner’s policy might include business property, business interruption and general liability coverage.
This coverage helps protect your company if someone is injured at your place of business. I also covers if injuries or damage result from the use of your products or services. It can help shield your business from situations that could be perceived as negligence. Most general liability policies cover financial obligations such as medical costs, as well as legal defense expenses and settlement awards if your business is sued.
Also known as errors and omissions insurance, this type of insurance helps protect your company from claims that its malpractice or negligence damaged a client or other third party.
This insurance covers loss and damage to leased or owned company property resulting from a variety of events, such as fire, wind or vandalism. An “all risks” business property policy covers loss and damage from a range of sources, while a “named peril” policy specifies the types of hazards it covers.
Customers and employees trust you to store their information. From billing information to social security numbers. If someone stole that data, how would that impact your business?
For every time a company like Target gets hacked there are dozens of smaller companies that suffer data breaches.
Cyber liability insurance can cover you for the expenses you incur from a data breach.
Expenses such as…
Fixing the breach
Loss of income
Notifying your customers
This type of policy protects your business against damage to an owned or leased vehicle that you or your employees use for business purposes. It also provides coverage if a third party claims bodily injury or property damage related to an auto accident.
Business Interruption Insurance
This policy guards against the effects that come from unexpected events and natural disasters that might otherwise cause your company to temporarily relocate or close. It helps businesses maintain cash flow while they replace equipment and repair physical damage to their facilities. It typically provides reimbursement for up to a year of lost revenue.
This type of insurance fills any gaps left by the insurance that your company carries. For example, if your general liability policy has a coverage limit, an umbrella policy will cover losses that exceed this amount. It can also provide protection in areas excluded by other policies. The premium for an umbrella policy may be lower if you purchase it from the same insurer who provides your other policies.
Deciding whether you need life insurance can be a complicated process. The decision can be even harder when you are younger. Today Elaine Mahr highlights some of the issues that you should think about. Be sure to listen in to find out more about the cheapest insurance policy one can own that has the most benefits to your loved ones.
When unexpected events happen to your home, car, or other investments it can be a difficult decision to determine whether a claim should be filed or not. When trying to decide to file a claim, your agent is on your side to help make the best decision for you and your family.
Calling in a claim – call agent first vs 800 #. (order takers document in system)
If you call your agent, does it get recorded in the system? No, unless it gets called in to the 800#.
Agent is your advocate
Protect your loss history
3 year history
Type of claim and when was last claim
Look at claims at the location and the insured
How to determine if you should file a claim:
Determine if it is a maintenance issue or due to a peril (perils covered…)
Maintenance if it could have been prevented by having proper maintenance to home.
Is it a Comprehensive claim or is it Chargeable? (understand water claims)
Comprehensive – Weather/Act of God
Home – Hail, Wind
Auto – Fire, Theft, Wind, Hail, Hitting an animal (Deer)
Is it better to hit the animal on the road or swerve to avoid them and possibly wreck?
How many claims do you already have? ( companies non renewing after 2 claims – high risk pool)
What is your deductible – flat or %? EQ always %
Get a pre inspection esp. on roofs. Stay away from storm chaser, door knockers. (contractor will typically come back when insurance adjuster comes out.)
Insurance 101 With Elaine Mahr – Expert Contributor
Do you have home owners insurance? When was the last time you reviewed your polity? Your home is where you hang your hat, where your family sleeps, and where you keep your valuable and meaningful belongings. When it comes to protecting your investments, there are few things more important than insuring your home.
That’s because Homeowners insurance can help you:
Cover your property and possessions if they’re damaged or destroyed by a covered loss.
Protect your assets if you’re sued for your alleged negligence that caused an accidental resulting in property damage or injury to another.
To know you’re covered the way you want, it’s important to know how much coverage you want, and which coverage options are available to you.