Insurance Problems To Avoid

There are many insurance myths floating around, and most of them have been around for years. We want to respond to these myths with clear information, so that you can make educated decisions about your insurance purchases. Roussel Insurance is here to help you understand your risks and to provide options.

Myth One

Having two agents is better because they keep each other competitive.

Having two agents duplicates effort and can create coverage gaps and/or duplications. For example, there is certain coverage that can be included under a liability policy as well as under an auto policy. If you have two agents, who coordinates coverage? One agent is better able to manage your entire insurance program.

Myth Two

The lowest premium is the best option.

Premiums are determined by a combination of exposures and coverage. If you select the lowest premium you may be missing needed coverage.  For example, the lower premium may not include replacement cost coverage on buildings and equipment.

Myth Three

Buying from a national company is always better.

Don’t be mislead by entertaining advertising. Most national agents only represent one insurance company. They can’t shop your account to determine the best combination of price and coverage. Regional companies often have a better understanding of risks unique to your area. 

Myth Four

The internet is a great place to get insurance deals.

Low cost internet insurance may allow you to select the coverage and limits you think you need, but in most cases you end up with a limited and inadequate program.  Typically, you may only realize these limitations after you have an uninsured claim.

Myth Five

Umbrella insurance is only for high net worth companies or individuals.

A small electrical contractor was at fault for the total loss of a historic property; a loss that exceeded his general liability policy. The contractor’s umbrella policy paid the loss in excess of $7,000,000. Umbrella or excess coverage is some of the least costly insurance you can buy. Don’t risk a big loss for a small expense.

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Myth Six

There isn’t anything I can do to manage my insurance costs except shop price.

There are many things you can do to reduce your premiums; here are a few:

• Consider increasing your deductibles
• Maintain good credit
• Develop a safety program at your work site
• Consider the vehicle when make a purchase, some are more expensive to insure
• Add monitored smoke and security alarms to your home or office
• Ask us about the many different discounts offered by our insurers

Call Roussel Insurance today.

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.

International Travel Health Insurance

International Travel Health Insurance

You and your family have just finished planning your dream trip abroad. But wait, there is one more step. Get travel health insurance from our agency. Travel health insurance provides peace of mind to world travelers and expats living abroad anywhere in the world via an elite network of providers, innovative mobile and online tools, and customer service.

Why Consider Travel Medical Insurance?

Travel medical insurance provides you with peace of mind for a wide range of medical situations, including medical evacuation. 

When Should I Buy Travel Medical Insurance?

The best time to buy it is before you leave for your vacation.

At Roussel Insurance we strive for trust and reliability with our clients. Through our 32 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. To learn more about us and what we offer, make sure you browse through our personal and business services. Lastly, do not miss our blog page! All our blogs are informative, so we can help make insurance more understandable.

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.

Workers’ Compensation Best Practices

As a business owner, you go to great lengths to provide a safe working environment for your employees. But when dealing with humans, accidents can happen and Workers’ Compensation Insurance can help. Workers Compensation Insurance should be an important part of your risk management program.

What is Workers’ Compensation?

Workers’ compensation insurance is insurance that provides lost income, medical benefits, disability benefits, and rehabilitative services for workers injured on the job or while performing work-related duties.

Why Your Business Needs Workers’ Compensation Insurance

When one of your employees gets hurt on the job or has a work-related illness, only workers’ compensation will cover them. Health insurance benefits will not provide coverage for on the job injuries.

-What Is The Best Way To Keep Costs Down? Provide training for hazardous work, especially for new or inexperienced workers.

-Enforce safety rules and practices.

-Enforce drug and alcohol rules.

-Require safety equipment to be worn at all times.

-Keep work areas clean.

-Do not wear loose clothing or jewelry around machinery.

-Where required, you must wear protective equipment such as goggles, safety glasses, masks, gloves, hair nets, etc. appropriate to the task.

-Safety equipment such as restraints, pull backs, and two-hand devices are designed for your protection. Be sure such equipment is adjusted for you.

-Do not ever remove machine safety guards.

-Develop a system for reporting unsafe practices.

-Have monthly safety meetings that review safety issues and related topics.

-Create accident investigation procedures that focus on prevention and change.

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.

Improve Your Workers Compensation Program Through Employee Selection

One of the most important things an employer can do is hire the best possible person for the company. In the current employment market, it is easy to lose sight of how employee selection is directly tied to employee injuries. Hiring the wrong person can put your workers;’ compensation program at risk. Fortunately, there are actions you can take to help prevent workers’ compensation losses through the right hiring processes.

• Always require formal applications for all employees.
• Conduct detailed interviews.
• Check references.
• Conduct background checks and drug testing as the law allows.
• Train your interveners to watch for indicators of past job performance issues. These might include applicants who offer vague responses, quite a previous job without notice
• or show negative patterns of behavior in their job histories.
• Be aware of any past employee fraud issues. This may include being fired or blaming others for performance issues.
• Have clear job responsibilities and share these with a potential employee.
• Develop a return to work program.
• Your job description should have specific physical demands outlined, and the employee should sign they can meet these demands.

Workers’ compensation is an important part of your business insurance program. It is required by state law that your business has workers’ compensation insurance.
As a business owner, you go to great lengths to provide a safe working environment for your employees. Workers’ compensation continues to be a significant cost driver for most employers, and understanding all the factors that can drive your workers’ compensation cost can often be complex and time consuming.

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’s Trending in 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

How To Keep Your Holiday Party Safe For All

Company Holiday Parties Increase Risks

In the next few weeks your business will celebrate the season with a party. The party may include alcohol, food, a hotel, dancing and more. Holiday party’s area prime place for improper activity.

As your business prepares for the annual company holiday party, remember that these activities can increase your risk. While your business insurance would most likely response to claims, we have a number of tips to help reduce the likelihood of litigation. It is worth noting that employers are responsible for the conduct of their employees at all work related events.

Office Holiday Party Safety

1. Limit use of alcohol; offer two drink tickets per person.
2. Make sure you have food at your party.
3. During the party, monitor alcohol consumption.  Quickly try to diffuse any situations or displays of inappropriate behavior.
4. Consider having the party at a restaurant.  This is a good way to transfer liability.
5. Make the party optional.
6. Arrange for cab rides or transportation home for guests who may need it.
7. Review harassment policies with all employees as a reminder of proper behavior.
8. Encourager managers to set a good example.
9. Consider inviting spouses, which is a good way to reduce romantic hook-ups.
10. Know your state laws.
11. If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.
12. If something inappropriate does occur, respond to the issue quickly.

As long as you don’t charge for drinks, your business insurance may provide coverage (Always check with our office as each policy is different).

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.

Company Holiday Parties Increase Risks

Company Holiday Parties Increase Risks

In the next few weeks your business will celebrate the season with a party. The party may include alcohol, food, a hotel, dancing and more. Holiday party’s area prime place for improper activity.

As your business prepares for the annual company holiday party, remember that these activities can increase your risk. While your business insurance would most likely response to claims, we have a number of tips to help reduce the likelihood of litigation. It is worth noting that employers are responsible for the conduct of their employees at all work related events.

Office Holiday Party Safety

1. Limit use of alcohol; offer two drink tickets per person.
2. Make sure you have food at your party.
3. During the party, monitor alcohol consumption.  Quickly try to diffuse any situations or displays of inappropriate behavior.
4. Consider having the party at a restaurant.  This is a good way to transfer liability.
5. Make the party optional.
6. Arrange for cab rides or transportation home for guests who may need it.
7. Review harassment policies with all employees as a reminder of proper behavior.
8. Encourager managers to set a good example.
9. Consider inviting spouses, which is a good way to reduce romantic hook-ups.
10. Know your state laws.
11. If you have employees bring food, be sure the food is labeled by type. Some people may have food allergies.
12. If something inappropriate does occur, respond to the issue quickly.

As long as you don’t charge for drinks, your business insurance may provide coverage (Always check with our office as each policy is different).

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

Buy – Sell Agreements Funded By Life Insurance

There is considerable planning that goes into running a business. This is especially true if there is more than one partner involved in the business. It is important to have a clear understanding and agreement if something should happen to one of the owners. According to David N. Barkhausen, “Buy-sell agreements among co-owners or present and future owners of a closely-held business are intended to assure the smooth future transition of its ownership. They provide the mechanism, and, if properly funded, the means, to effect a change in control and a transfer of interests upon the occurrence of a number of events, beginning with death, disability and retirement.”

Here are some of the benefits of a buy-sell agreement:

-Provides recovery for partners and heirs

-Tax advantages

-Provides for transfer of ownership and wealth

-Creates fair and market value exchange of ownership

What can be a trigger for a buy-sell agreement?

-Death, disability, retirement, divorce, loss of license, termination, and voluntary transfer of ownership.

How is a buy-sell agreement funded?

Any buy-sell agreement requires a decision regarding the type of insurance policy to purchase. The initial choice is between term and whole life insurance. The ability to maintain life insurance throughout a shareholder’s life is important. Of course there are other methods of funding including; cash, borrowing, and stock, but the most common is insurance.

We recommend you consult with an attorney and tax professional as part of your planning process.

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.

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.

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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.