Common Mistakes Made When Purchasing Insurance

There are a number of common mistakes some individuals and businesses make when it comes to purchasing insurance. Insurance is the product you buy in case the unexpected happens. Unfortunately, by the time you need it, it’s too late to make sure you have the right type and amount of insurance coverage. Make sure you don’t make the following mistakes while buying business insurance or personal insurance.

Having two agents is better because they keep each other competitive

Having two agents duplicates effort and can create coverage gaps. For example, there are certain coverage’s that can be included under a liability policy and auto policy. One agent is better able to manage your entire insurance program.

The lower the premium the better

Premiums are determined by a combination of exposures and coverage. If you get a lower premium you may be missing needed coverage. For example, does the lower premium include replacement cost coverage on buildings and equipment?

The internet is a great place to get good insurance deals

Low-cost internet insurance usually allows you to select the coverage and limits you want. But in most cases, you end up with a limited and inadequate program. You find this out after you have an uninsured claim.

Not having the right value for your personal property

Most people undervalue their personal belongings. We recommend you complete a home inventory to make sure you have the correct value on all your property. Remember, the insurance covers what it costs to replace the item, not what you paid for it.

Believing the TV commercial said it was covered

All claims are subject to your individual policy terms and conditions. That is why an independent agent is important. We can provide information about what is covered and what is not.

As an independent agent, we have relationships with many A-rated national and regional insurance companies; we provide a comprehensive array of insurance products for a variety of personal and commercial clients.

What Is Trending In Risk Management

Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and the upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.

Every so often we think it is a good idea to talk about what may be happening regarding insurance and risk management. We review many different insurance publications, insurance company bulletins and other professional’s opinions, to analyze these trends. This allows customers to make educated and informed decisions about their individual program.

What Is Going On That May Impact Your Risk Program

1. Increased reliance on technology will lead to better run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders, and operations.
2. Mobile applications are one of the fastest-growing areas of insurance. Businesses are able to manage risk programs through of technology.
3. Cyber liability will continue to be a major area of concern for all businesses. The government will continue to legally require a business to protect the customer’s information. Those businesses that don’t will be subject to increase fines.
4. Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

What A Trusted Insurance Partner Looks Like

People buy insurance to protect their family and financial assets from a loss. So when a loss occurs, most people expect their insurance to step up and take care of the issue. Understanding insurance and the process involved in designing a policy can help prevent a standard claim from turning into a disaster.

Difference Between An Insurance Agent And A Trusted Insurance Partner
An insurance agent sells you a policy. A trusted insurance partner is someone who will help you understand how insurance works and helps you to design a personal insurance program design for your individual needs.

There Is More Than Just Coverage:

Every insurance policy offers basic coverage like coverage for your home and personal property. A trusted insurance partner will go beyond this and counsel you on how much coverage limits you may need and the benefits of modifying deductibles based on your financial capabilities.

The Importance Of A Deductible And Limit Review:

Your policy has coverage limits and deductible that will apply to each loss or claim. We can help you understand how these work and the value to you of adjusting these based on your individual needs.

For example, if you have a higher net worth, it might make more sense for you to increase your deductible to take advantage of lower premiums. If you have less cash on hand, then having lower deductible can offer the advantage of less out of pocket expense in the event of a loss.

We will also help you understand the importance of having the correct limits on your homeowner’s insurance policy. As we stated above, you buy insurance to protect your financial resources, like your home. If your home is damaged or destroyed by a covered loss, you want it to be replaced.

Having replacement cost coverage and limits based on the cost to replace your home is critical to achieving your goal. We help you understand the value of viewing insurance as more than just a policy. It is a relationship with your agent and the insurance company. Your agent can become a trusted partner and help you with many areas of your personal insurance.

This involves building a relationship of trust. You will want to have a comfortable, professional relationship with your agent, so you can ask questions and get the straightforward responses you deserve.

Your agent can build an insurance program that provides sound insurance and risk management that adds value. And in the long run, value is much better than a low price.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice. Please seek professional legal or tax counsel before making any decisions. The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

What Is Trending In Risk Management?

2017 is coming to a close and 2018 will be here in a few weeks. 2018 is set to be a good year for business. The economy is growing and employment is at one of the highest levels in the past 25 years. There will always be challenges regarding business insurance and risk management.

Business Insurance Trends

The business insurance world is changing at a fast pace. Technology is continually evolving and businesses must change or die. New technology also brings change in claims and litigation. Often lawsuits filed today are indicators of business liability claims tomorrow.

Business Insurance

Business or commercial insurance coverage is available for almost every conceivable risk your business might face. The cost and amount of coverage of policies vary among insurers.  Also the type of business you are in also impacts cost and coverage.  You should discuss your specific business risks and the types of insurance available for your business with us.

Intellectual Property

This is one of the fastest growing areas of litigation. The average defense cost in 2016 was over $500,000. With more information being disrupted over the internet, claims are sure to increase. Intellectual property insurance coverage protects companies for copyright, trademark or patent infringement, and claims arising out of the company’s operation.

Healthcare Professional Liability

As we move well into healthcare reform, we are seeing increased litigation focused on medical providers of all kinds. In 2015, litigation against OB/GYN doctors accounted for over $3.9 billion in claims. Many states have enhanced medical malpractice laws designed to speed up and compensate injured patients.

Cyber attacks

Recent news that Russian cyber thieves stole billions of passwords should create heightened awareness about the risks and need for cyber insurance. The problem, Munich Re explains, stems from the fact that “most traditional property and liability policies provide no or limited coverage for cyber risks” although there still may be a duty to defend until such time as coverage is determined.

Social Media

Social media is becoming popular with many businesses, and this increases the liability risks. The combination of personal use and business use combined with privacy laws increases the risk to business of being sued by employees and other third parties. There is definite increased risk of defamation, libel and slander for firms who don’t outsource the service.

Directors & Officers Liability

Most business owners don’t believe they can or will be sued despite statistics that show otherwise. The latest number by Chubb Insurance Company shows that about 25% of firms have been sued for directors and officer’s negligence. Claims can be made by shareholders, regulators, family members, customers, vendors and competitors.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

The Benefits of Long-Term Care Insurance

You spend a lifetime working hard and saving for the future to ensure your family’s financial security. You purchase life insurance or disability income insurance, make investments and contribute to your retirement plan. And, while you can’t predict the future, you can continue to plan for it.

According to the statistics from the American Association of Long-Term Care Insurance, “the lifetime probability of becoming disabled in at least two activities of daily living, or of being cognitively impaired, is 68% for people age 65 and older.”

Long Term Care Insurance (LTC) is designed to reimburse you for expenses for everyday living assistance, should something happen to you. Traditional medical insurance and Medicare will not cover extra costs should you need help with activities we take for granted like bathing, eating or simply getting out of bed. LTC insurance options can provide for nursing home costs as well as home health care and assisted living.

How Premiums Are Determined

1. Age
2. Maximum policy limit
3. Maximum per day allowance
4. Total number of days the coverage will pay for

Benefits of Long Term Care Insurance

• Allows you to maintain your independence
• Reduced financial obligations
• Provides for improved quality of care
• Reduces stress of family members, knowing you are taken care of.

Roussel Insurance & Financial Services is a recognized leader in the insurance industry. We offer highly competitive insurance rates for both business owners and individual services. With 32 years of experience, we continue to offer our clients exceptional service.

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This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

From Two Incomes to One

How to Adjust to the Loss of an Income Provider

Most families depend on two incomes to make ends meet.  If your spouse died suddenly, could your family continue to meet all their financial obligations, from paying rent or the mortgage, to daily living expenses?  Could your family continue their standard of living on a single income?  Would your plans for the future stay intact?

The economic challenges of this day and age often requires two incomes to meet overall family expenses, so the loss of a spouse and income provider can lead to financial trouble.  With the death of an income producer also comes possible lost time at work from the remaining spouse to manage the home.

Life Insurance Provides Real Options

The good news is that life insurance rates are low and there are many different kinds of products from which to select.  A question we are often asked is, “How much life insurance do I need?”  The answer to that depends on your individual situation, but the general guideline of a place to start is a life insurance limit of at least ten times your annual gross income.  For example, if you earn $50,000 per year, your family would need to replace somewhere close to that amount.  A $500,000 life policy could return $45,000 to $50,000 annually, depending on interest rates.

Established by company president John Roussel in 1985. Roussel Insurance & Financial Services was founded to assist business owners and professionals in their insurance and employee benefit programs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Are You Prepared For A Major Illness?

Supplemental Plans Offer Needed Benefits

Most Californians don’t like to think about death, accidents or illness, but these are on the top of the list of most of our life concerns. Healthcare reform has caused a shift toward individual awareness and responsibility regarding our health insurance. Healthcare costs are going to increase in the next three years. This will cause many employers to rethink group plans, and therefore may lead individuals to look for healthcare alternatives.

Out-of-pocket costs are increasing at an alarming rate. The national average out-of-pocket cost for a major illness was over $4,000 in 2013. Many individuals also incur lost income during a major illness. There is no question that a major illness also can take an emotional toll on the individual and their family.

Employees can benefit from voluntary insurance benefits solutions offered through their employer.   According to Met life.com, “The benefits landscape is changing significantly due to economic challenges, rising health care costs and health care reform. As a result, employers are adding voluntary benefits to their benefits programs in a big way – with 47% planning to add more voluntary benefits in the next two years.”

Voluntary Benefits Can Include:

• Life
• Dental
• Disability
• Accident & Health

Here are a few thoughts on how to implement voluntary benefits insurance:

• Make sure you offer a variety of benefits.
• Have a written outline and information about enrollment.
• Educate employees about the difference between regular health benefits and voluntary benefits.
• Discuss the financial impact of critical care and long term illness.

Each company has its own circumstances which dictate what would be needed to safeguard the years of hard work in building a successful enterprise. We will guide you through different scenarios to see what effects it would have on your business and what solutions are available. It may be as simple as a Key-Man Policy or funding a Buy-Sell Agreement with Life and Disability Insurance.

Many of the products used are listed in Personal Services.

A New Way to Buy Insurance

Congratulations! You got past the title and are now embarking on a new way to look at the insurance buying process. Over the next few months we would like to offer you an alternative way to think about insurance that will change your purchasing experience.

We will start with a few basic truths that we believe in. We will share these truths in greater detail over the next few articles.

• Insurance is a service not a commodity.
• You can never get the right insurance for you needs online in 7 minutes.
• There is more to insurance than a policy.
• Insurance was designed to be a relationship between the customer, agents and insurer.
• Your insurance agent should be as valuable as your CPA, attorney and financial advisor.
• If all you get from your agent/company is a policy, then they are overpaid.
• Insurance ads are confusing because they make you believe that all insurance is the same, and we all know that not to the case.
• To get proper coverage, a knowledgeable agent and great service, buyers need not pay any more.

The very core of what we value is that providing reasonable solutions to people and businesses should come before everything else, even if what we recommend means not selling you insurance. That is what we will do.

We want to inform you about the value and importance of developing a relationship with your agent. The qualification of the agent can make a difference in your insurance coverage.   The national companies spend millions of dollars in advertising while offering only a minimal amount of coverage. The main purpose of insurance is to have your claims covered. In order for your claims to be covered you need an individualized policy that addresses your risk and needs. Only then, will you have the right coverage.

We hope you will join us on this journey, and in the end decide that there is a better way to buy insurance and have true peace of mind.

Expect Rate Hikes For Health Insurance

Many leading health insurers are already stating they expect health insurance rates to spike in 2017. One leading California insurer (Covered California) has said rates will increase over 13% in 2017.

Your actual rates will depend on a number of factors including, where you live, and your income.

The 2017 enrollment period is fast approaching, so we thought it would be a good idea to provide you with some general information.

1. Are all health plans going up? It is most certain that all individual and group plans will experience some level of increase.
2. When will the premium increase take effect?
   1. For Individual Family Plans on January 1, 2017
   2. For Group Plans upon your renewal date
3. Are there ways to limit the premium increases? Yes, by choosing a plan with the same carrier but with less benefits or picking a different plan with a different carrier.
4. Where can I shop for my health insurance? Our agency offers coverage through all the major providers, call our office and we can help you review your options on Nov 1^st.

Open enrollment for individual and family plans begins Nov. 1, 2016 and ends Jan. 31, 2017. These dates apply to plans purchased through Covered California or the open insurance market.

Roussel Insurance & Financial Services is a recognized leader in the insurance industry. We offer highly competitive insurance rates for both business owners and individual services. With 30 years of experience, we continue to offer our clients exceptional service.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.

Employee Wellness Can Be Good For Your Employees And Business

For years, employers have struggled with the idea of wellness programs.  Some employers think that wellness programs are too expensive or just don’t work because employees will do what they want during off time.  However, according to the latest studies, an inactive employee will cost as much as $1,500 more per year than an active employee.  Twenty-seven percent of medical claims can be related to inactivity, according to the Center for Disease Control (CDC).  The CDC report encourages employers who are serious about lowering health care costs, to encourage a more active lifestyle for their employees. The CDC research says that every $1.00 invested in physical activity leads to $3.20 in medical cost savings.

• Wellness Benefits For Employers.
• Reduced absenteeism by 32% on average.
• Reduced health care costs by 30% on average.
• Increased productivity by 52%.
• Happier workforce.
• Connected and energized workforce.

How To Start An Employee Wellness Program

• Determine your needs.
• Create a simple plan.
• Include incentives.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 30 years in the insurance business we have learned to achieve immediate and sustainable cost savings for businesses and individuals. We can help find you the right insurance options, so that no matter what your budget is we can minimize you’re spending and easily meet your needs.

This information is intended for the client, individual or entity to which it is addressed. These articles contain concepts and opinions, and are not intended to represent the consensus of the insurance or risk community, nor to provide professional legal or tax advice.  Please seek professional legal or tax counsel before making any decisions.  The information provided does not change or modify any insurance policy, only the actual terms of the in-force policies will govern claim settlements.