Category: Uncategorized

It can be difficult planning for a future we cannot see. With the many financial products all aimed at fulfilling a financially “easy” retirement, how do we know which options are best? Will there be enough money to continue the same lifestyle or to at least pay the bills? Without a crystal ball, the financial anxiety is real and understandable. 

One product in particular isn’t reliant on mere hopes, parlor tricks, or a constantly changing economy: annuities. Annuities aren’t some loose and risky investment or prudish savings account – they are insurance for your retirement gap. Your retirement gap is that awkwardly large space between what you’ll get paid (or have saved) for retirement and what you’ll need to live a secure retirement. Here are 3 ways that annuities cover and close this gap, so that you can rest easy while planning for those seemingly dimly lit golden years: 

1) It’s guaranteed.  

Most people cannot live on social security alone or even with their pension combined. With annuities, you can rest assured that you will have the money you need to live comfortably through retirement. This legally binding, customizable contract between you and your insurance agency ensures that your premiums, or initial investment, will grow, tax-deferred, over the time allotted in your contract and that payday will arrive. 

2) You won’t outlive your annuity.  

Your annuity will continue to pay you for life, regardless if you choose immediate or deferred payments. In fact, your annuity can be passed onto a beneficiary, so it can actually outlive you. There are many types of annuities with different levels of risk and costs, so your insurance agent can best personalize this after discussing your situation and goals with you. 

3) There are tax incentives.  

One of the main advantages of annuities is that they are tax-deferred, meaning you won’t pay income tax on it until you withdraw or begin receiving payments. “This includes dividends, interest and capital gains, all of which may be fully reinvested while they remain in the annuity” (annuity.org). There are complex rules, though, that only your insurance agent or a tax professional should explain, so be sure to ask questions regarding taxes when shopping for the right annuity product. 

We all want to know that we will be safe and secure when we are our most vulnerable. Annuities are just the insurance we need to enjoy our senior years doing what we love and not worrying day-to-day about our finances that we worked so hard and long to build and protect. Annuities are the closest sure thing next to having a crystal ball. Call or email your insurance agent today 

to see how annuities can build your retirement to cover your needs and make your golden years a whole lot brighter and easier to see. 

With winter right around the corner, it’s time to start preparing for cold temperatures and snow. One of the things you may not have considered is what to do with your RV if it will be parked outdoors during these months. The good news is that there are a few easy steps you can take to prepare your RV for winter so that it stays in great condition through the cold weather season! 

This blog post will touch on the most important steps you need to take this winter season, including an overview of recreational insurance coverage and tips for how to keep your RV looking great despite the weather.  

Keep It Well Covered 

If you are using your RV more regularly around town in colder weather, it may be helpful to have a canopy or tarp that you can set up over your RV. To keep the snow out of the interior of your vehicle, attach these items on all sides so that they are secure and there is no way for snow to come inside. 

Keep It Clean 

One of the worst things that can happen during winter is for snow and ice to accumulate on your RV. This will make it difficult to see out of the windows and increase the chances of a breakdown or accident. Try to keep your RV clean by brushing off any snow or ice every time you use it and making sure there is no standing water anywhere on the vehicle. 

Disconnect and Store All Hoses  

When temperatures start to drop below freezing, water left in hoses can turn into ice and cause damage to your RV. Make sure you disconnect all of the hoses from your vehicle before winter sets in so that this does not happen. 

Check Your Insurance 

If you will not be using your RV during wintertime or if it is only used occasionally around town, then this step does not apply to you! However, if you plan on storing your RV outdoors rather than in a garage this winter season, make sure you contact an independent insurance agent at one of our locations near you today. A specialist will review your personal policy and advise whether any changes need to be made for the RV, such as increased recreational insurance coverage. 

The most important thing to remember is that you should always have a Recreational Vehicle policy in place. This type of insurance covers your RV when it’s being used for fun and pleasure, such as on vacation or during a road trip. Make sure your policy has the right coverage for your needs, including protection from damage caused by weather conditions like wind, hail and/or falling objects. 

If you need help finding recreational insurance coverage for your RV or other recreational vehicle, reach out to an independent agent today! They can search through a variety of options so that you can choose the one that fits best with your needs. To learn more about protecting your recreational vehicle before winter hits, visit our website. 

As 2021 draws to a close, it is time to begin implementing a strategy for the first quarter of 2022. Due to the increasing economic turbulence, we have experienced over the past two years, successful businesses must embrace flexibility – setting quarterly goals can help keep you on track for your bigger long-term aspirations. Here are five goals you should set for your small business for Q1 2022. 

1. Evaluate the Prior Year

Your first goal for Q1 should be to fully analyze your business’s performance over 2021. Review your prior year’s financial statements, assess your inventory, and review your current product or service mix. Additionally, review your marketing strategy and compare that to what you know about your customers. Based on the prior year, are buying behaviors changing or remaining consistent? 

2. Determine How to Measure Success

Another essential goal for Q1 of 2022 should be to determine your criteria for business success. While you may have the goal of “growing your business,” but what does that actually look like? The best goals are both practical and specific. Some possible Q1 goals could include: 

• Increase staff size from 12 to 15 
• Increase conversion rate by 3% 
• Reduce average hold time for incoming calls by 4 minutes 

3. Create a Budget

Creating an annual budget is an essential activity for any business of any size. A well thought out budget can help you manage expenses and deal with unexpected costs. Additionally, having a budget in place can help secure funding from traditional and alternative lenders. Make it a goal to create this budget in the first week of 2022, then revisit it at the end of each month. Compare your total Q1 projections to the actual expenses incurred – how close was your estimate? While budgeting is not always fun, it can make a world of difference in your business’s performance and longevity. 

4. Review Your Insurance Coverage

Another goal you should set for Q1 is to review your business insurance policy to ensure that you are adequately covered. There are many different types of insurance that different small businesses may need, such as: 

• General Liability Insurance 
• Professional Liability Insurance 
• Business Income Coverage 
• Worker’s Compensation Insurance 
• Data Breach Insurance 
• Employment Practices Liability Insurance 

Every business has different insurance needs – consult your local agent to ensure that your business is properly insured. Having the right insurance policy can give you peace of mind, allowing you to focus more on your business. 

5. Improve Employee Morale

Your final goal for the first quarter of 2022 should be to find a way to improve the lives of your employees. Take the time to meet with your people and talk with them about their experiences working at your business – what goes well, what doesn’t, and what could be improved? While all business owners should continually strive to make their business a better place to work, begin systematically tracking how your employees feel on a quarterly basis and take the actions necessary to improve employee morale and retention. While everyone appreciates a raise, there are many ways to improve employee morale without increasing expenses. Depending on the nature of your business, you could: 

• Offer remote work options 
• Allow a more casual dress code 
• Offer additional incentive-based PTO 
• Make an effort to recognize employee contributions at least once a month for all of Q1 

There are many more goals you could set for your small business in 2022, but these five will help ensure that the year starts off smoothly. By evaluating the prior year, setting standards of success, creating a budget, reviewing your insurance policy, and improving employee morale, 2022 could be your business’s best year yet. 

Most thieves aren’t lurking in dark alleys this holiday, but instead sitting comfortably at home drinking hot cocoa while stealing your identity. In 2020, the most by-category complaint filed with the FTC was identity theft, and the annual case rate and losses are expected to increase for 2021. Here are three big tips on how to keep your identity safe this holiday shopping season: 

Be alert. 

A recent study found that 47% of Americans experienced financial identity theft. Knowing that this is a concern is the first step, but there are many more that follow: 

• Set alerts for your checking account and debit and credit cards. Download apps for your financial institutions so that you can check transactions and balances from anywhere.  
• Check all devices you use for your cards and sensitive information. Gas pumps can have attachments known as “skimmers” that steal information. Update your home computer or tablet anti-spyware. 
• Beware of scammers using emails and texts ‘phishing’ for your sensitive information. The FTC has online tips for how to recognize and avoid phishing scams.  
• Filter phone calls within your phone carrier’s app. Many have features that allow you to send unknown calls, or likely scam calls, to voicemail or block them altogether.  
• Monitor your credit. The FTC advises to not call the three credit bureaus individually, but to instead access your credit report for free once a year by visiting AnnualCreditReport.com. 

Be wise. 

The best protection involves forethought. Think now about these following items, and have a plan: 

• Your social security number needs to be used with extreme caution. Ask why this number is needed before giving it, and do not carry your social security card in your wallet. 
• Create strong passwords with authentication steps that further ensure it is you trying to access your information. 
• Shred sensitive documents.  
• Ask your insurance agent about identity theft protection as a rider on your home insurance policy.  
• Freeze your credit. This is free and can last until you remove it. No one can access your credit report, not even you, avoiding any fraud. Just contact one of these three credit bureaus- Equifax, Experian, or TransUnion- to freeze and eventually unfreeze your credit. 

Act quickly. 

If you suspect someone is using your sensitive information, consider taking the following steps swiftly: 

• Notify your financial institutions. Put them on high alert, and consider canceling any cards as lost or stolen. 
• Place a Fraud Alert on your credit report by contacting one of the aforementioned three credit bureaus. This makes it harder for anyone to open a new credit line in your name. Fraud Alerts are also free, last for one year, and are renewable. 
• Report. According to the FTC, you should “visit IdentityTheft.gov to report and recover from identity theft” and look for identity-theft resources in your community by visiting ftc.gov/idtheft. 

Everyone is at risk for identity theft, so being alert and knowing what to do will help mitigate the risk but also possibly soften the blow. Speak with your financial advisor or insurance agent on the latest scams and how to best protect yourself from identity theft. 

With winter on the way, it is the perfect time to prepare your vehicle for the rough and rugged colder months. Here are 7 tips to keep your ride road-ready:

1) Tires

Make sure you have proper inflation according to the manufacturer’s recommendations. Once you are sure you are at the correct psi for each tire, check the tread on your tires using “the penny test.” Place a penny head-first into the tread on several spots on your tire. If you can’t see the top of Lincoln’s head, you’re good. If you can see it, you may need to take your vehicle in for new, safe tires with good tread for this winter.

2) Brakes

Without even looking at your brake pads, you can get a feel (or sound) for if your brakes need to be replaced. Listen and feel for grinding or squeaking when you apply pressure to the pedal. You may also notice the vehicle requires more time and space to safely stop. If this is the case, roll on into your favorite mechanic’s garage as soon as possible.

3) Battery

Seasonal changes in temps can highlight a dying battery. If your battery is taking longer to start your car, especially in the colder weather, or if there is corrosion on the battery posts, swing by an auto parts store for a battery test so that you aren’t left stranded in the cold.

4) Lights

Winter tends to mean longer periods of darkness for many of us, so check all exterior lights. Functional headlights, brake lights, turn signals, and hazard lights are a must in the winter months which usually carry low visibility.

5) Fluids & Lube

Check all fluid levels- engine oil, transmission, windshield washer, coolant, brakes, power steering. It is okay to “top it off” occasionally when fluids are low, but eventually, fluids need to be flushed out before new is added. Windshield washer fluid can also be replaced with one that contains de-icer, and graphite lubricant added to the door lock cylinders can keep the locks from freezing. When the cold and ice strike, rest assured you’ll be ready.

6) Windshield Wipers

Inspect your wiper blades for wear and tear. Wipe the blade with a clean cloth, and run a quick trial of the washer fluid to see if the blades smoothly glide across your windshield without any, or much, interference. If there are loud squeaks and obnoxious streaks, it may be time for a new set.

7) Emergency Kit

Beyond the store-bought kit, you can also make your own that is season-specific. Grab a small bag and stuff it with items to keep you safe, warm, and hydrated if stranded. In your trunk or behind a seat near the kit, keep a small shovel and some cat litter to help you get out when stuck. Depending on your “prepper-level,” you can really prepare for the road’s worst with an extra ice-scraper, phone charger, flashlights, snacks, crank radio, roadside flares, etc., so get carried away! Failing to plan is planning to fail.

Auto Insurance Checkup 

Your brakes and tires are not the only things that need a checkup every winter. Before the cold hits, it’s a good idea to check in with your insurance agent and ensure that your auto coverage is doing everything it can to protect you this winter. Give your local agent a call today to make sure your car is protected.

Holidays are supposed to be about sharing good times with family and friends, so we’ve gathered some tips for how to avoid the biggest risks to your season of cheer. 

Illness 

Transmissible viruses are the biggest risk when celebrating the holidays. Avoiding people when sick is key, but sometimes it is accidental or unavoidable. Washing your hands frequently and taking other proper cautions suggested by the CDC can help mitigate viral infections taking hold. 

Mental health can also be tried and tested during the holidays. Stress, over-eating, consumption of alcohol, and Seasonal Affective Disorder (SAD) can all lead to an unhealthy mental state. This is as important a time of the year as ever to take care of yourself and reach out for help when needed. Self-care can go a long way, but it isn’t a cure-all, nor should anyone who isn’t a professional take on the sole task of ensuring or improving someone’s mental health; call your physician. 

Food  

Taking care when preparing those delicious dishes, such as avoiding cross-contamination and washing hands and prepping surfaces thoroughly with warm soapy water, is important, but not keeping food at the proper temperature is the most frequent cause of foodborne illness over the holiday season. There is a strain of bacteria called C. perfringens that is associated with cooked foods left out at room temperature, a common holiday occurrence. According to the U.S. Centers for Disease Control and Prevention, this bacteria is to blame for nearly a million cases of foodborne illness in the U.S. alone each year, with more cases happening in November and December. Try to keep your cooked and refrigerated food temperatures out of the danger zone, which is between 40 and 140 degrees Fahrenheit. This will help keep you and your dinner guests safe to spread the good tidings and cheer while breaking bread. 

Fire  

Fire According to the National Fire Protection Association (NFPA), “Thanksgiving is the peak day for home cooking fires, followed by Christmas Day, the day before Thanksgiving, and Christmas Eve.” Be alert, follow cooking directions, and keep all burnables away from the stovetop. Fireplaces and candles carry similar risks during the holidays due to increased use in winter cold months and the abundance of decorations, and one small spark can ruin holiday plans and worse. Never leave a candle or fire unattended, and keep a fire extinguisher nearby. Avoid using open-flame heating and lighting sources, and opt for safer, battery-operated, or electric sources instead. 

Décor  

With all of these decorations, the most dangerous is the Christmas tree and its lighting. Live Christmas trees dry out when not properly watered or if cut too early or left up too long. Be sure to pay attention to this as well as the electrical load on the sources. NFPA found that “electrical distribution or lighting equipment was involved in almost half of home Christmas tree fires.” 

NFPA also reports that, excluding Christmas trees, in 2014-2018, fires caused an annual average of two civilian fire deaths, 30 civilian fire injuries and $11 million in direct property damage in the U.S. Help keep this completely preventable occurrence from wreaking havoc around the holidays. Take the proper precautions to ensure a warm, but safe, holiday. 

Slips & Falls  

The CDC reported in a relatively recent study on holiday-decorating-related falls that most injuries were to men aged 20 to 49 years, and many were caused by falls from ladders. The big take-away? “Prevention strategies should focus on raising awareness about falls and promoting safety practices during the holiday season,” and we want to help. 

Clear your work area of these tripping hazards, make sure you have good lighting, and take caution in poor conditions when outside. Wear good shoes and proper clothing for the weather and task. Ask someone to help brace your ladder and hand you tools to cut down on trips up and down from heights. Overall, awareness is key and knowing that this injury is a top contender every year for ruining someone’s joy can be enough to help protect your holiday season from the blues due to injury. 

Make sure that your holiday season doesn’t succumb to the pitfalls of celebrating these winter months. With awareness and some forethought on safety, you can make these holidays something you want to remember for years to come.   

October is a magical time of year. Crisp Autumn mornings, the changing colors of the leaves, and the massive displays in stores are all signs of one thing: Halloween is drawing near. While ghosts, ghouls, and goblins may be frightening enough, what if we told you there are many more things to fear on Halloween? Though the malicious monsters will fade away after midnight, lacking the proper insurances to protect your home and property can give you a scare that lasts for months or even years to come. To enjoy this holiday with peace of mind, follow these tips to protect yourself inside and outside your home. 

At Home – The Risks: 

While you may offer treats to your visitors on Halloween, some people may choose a trick instead. According to Geico’s research from 2019, instances of vandalism increase by 30% on Halloween compared to the average number of daily claims. Additionally, Halloween is the third most common day for auto theft. Beyond these outside risks, homeowners should also be mindful of potential insurance claims due to fires or injuries to trick-or-treaters. 

How to Prepare: 

To minimize risks while still enjoying the holiday, we recommend that homeowners first ensure that their property is sufficiently well-lit. Bright lighting can serve as a deterrent from would-be vandals. It can also illuminate any potential tripping-hazards in your yard. To protect your vehicle from possible vandalism or theft, it is ideal to park it inside a garage. If this is not an option, park in a well-lit area, lock your doors, and remove any tempting valuables that can be seen from outside. Once you have ensured that your home is well-lit and your car is parked securely, begin reviewing that your decorations have been set up safely. Check your yard for potential tripping hazards such as hidden extension cords or divots in the ground. After confirming that there are no tripping hazards outside the home, check your decorations for potential fire hazards. It’s best to avoid open flames in favor of battery-operated candles or LED lighting as a safer alternative. Ensure that you do not drape any fabrics over these lights to avoid a possible fire. Lastly, confirm that you are appropriately insured from all the spooky possibilities below: 

• Comprehensive Auto Insurance: This will cover your vehicle in the event of vandalism or theft.  
• Homeowners Insurance/Condo Insurance: For traditional single-family homes, Homeowners Insurance will protect you in the event of vandalism or theft inside the house. If you live in a condo, condo insurance protects you from vandalism or theft inside your home. 

Going Out – The Risks: 

Whether you have children to take trick-or-treating, or you are attending a party, many people choose to spend Halloween away from home. This can make for a fun and memorable night, but celebrators should be careful while on the road. The U.S. Department of Transportation’s National Traffic Safety Administration reports that an average of 32 people are killed in automotive accidents every Halloween, with 42% of those incidents involving at least one drunk driver. Additionally, Halloween is the deadliest day of the year for pedestrians, with the second deadliest day being November 1 due to incidents after midnight on Halloween. The National Safety Council reports that children are more than twice as likely to be stricken and killed by a vehicle on Halloween than any other day of the year.  

How to Prepare: 

First, whether you are walking or driving, put any electronic devices away. While distracted driving at any time can be a deadly endeavor, the increased foot traffic due to trick-or-treaters requires that drivers be particularly cautious. Remain vigilant of people walking in the road and watch for children in dark costumes that may be difficult to see. If you are trick-or-treating with your children, try to place yourself between them and the road to prevent them from running out. Additionally, look to incorporate reflective tape or lights into your costumes to increase visibility from the road. To stay safe and protected from these risks, make sure you are adequately insured: 

• Automotive Liability Insurance: This insurance covers medical costs for others if you injure them in a car accident. Additionally, this form of insurance can help pay for legal expenses in a lawsuit relating to an automotive accident. Check your policy to confirm the coverage limit. 

• Uninsured Motorist/Personal Injury Protection Insurance: These forms of insurance can cover damages in the event of a hit-and-run or other automotive vs. pedestrian incidents. They could cover the medical bills or lost wages as a result of the accident. Please note that rules regarding these forms of insurance vary from state to state; check with your local insurance agent for state-specific questions. 

For more information on ways to properly cover your home and other property with insurance, talk to your local agent today to build the perfect insurance bundle that is right for you.

We all know that sugar is not good for our bodies, but the scary repercussions do not seem to be fully realized when we look at American culture. Many of our holidays revolve around food, and, particularly and not coincidentally, processed and refined foods such as candy. Americans love candy and purchase around twenty-four pounds of candy per person, per year, ingesting the most around Halloween.

Americans, we have a problem.

Too much sugar is poisonous for our bodies. Sugar overworks the liver and pancreas and causes inflammation. It directly and indirectly leads to a wide array of health problems, from tooth decay and obesity to heart disease and diabetes. Removing sugar from your diet can even lower your chances of suffering from the worst symptoms and conditions from Covid-19.

In a study on the effects of sugar on heart health published in 2014, “people who got 17% to 21% of their calories from added sugar had a 38% higher risk of dying from cardiovascular disease compared with those who consumed 8% of their calories as added sugar.”

So we know it is bad, but there are important questions that remain: How much is too much and how do we change?

How much is too much?

The American Academy of Pediatrics says that “on average, sugar makes up 17% of what children consume each day,” way more than what the Food Pyramid suggests. It isn’t feasible for us to track our sugar using a pyramid graph, but there are more reasonable ways we can monitor and evaluate our sugar consumption.

Nutrition labels have continuously improved over the years in containing a wealth of info that should not be ignored. The American Heart Association recommends you look to this label and keep your daily intake to under twenty-five grams (or six teaspoons) for women and under 36 grams (or nine teaspoons) for men.

What to do about it.

Of course, there’s an app for that, but we can’t expect ourselves to digitally track sugar intake for every member in our home. One of the easiest ways to monitor is to limit and even cut sugary foods in their entirety from the shopping list.

Who is in charge of the shopping and meal preparations? Start here. Limit or remove foods that contain refined sugars, such as high fructose corn syrup, listed on the labels. Replace sugary drinks, which is the main way children consume sugar, with healthier options such as milk and water. Begin this healthy overhaul before the food even enters your home.

Don’t be a total killjoy, especially around the holidays, but do be conscientious of what is going into your and your children’s bodies. Don’t leave candy lying in plain view – out of sight, out of mind, right? Impose limits on daily sugar intake that follow the guidelines for children (25 grams per day for children 2 and older) and for adults, especially if you have dietary restrictions for a health condition.

Other ways are to choose healthier options. Insider ranked almost two dozen fan-favorite candies from worst to best (Smarties are “best”). Whole fruits and low- to no-calorie sweeteners are another, healthier way to satisfy a sweet tooth.

Most importantly, be mindful of what goes into your body, and if you buy the groceries, pay mind to those who look to you for guidance on living a healthy lifestyle. There are many resources around you. Ask your doctor, dentist, and even your insurance agent about these resources to cut costs and improve your dental, health, and life insurance plans. Heeding advice now will have more rewards than a king-size candy bar can offer! Your health is invaluable – treat it that way.

Blazing trails on your ATV out in the fresh, clean, country air is an indescribable joy that can only be felt. Thinking about insurance against damages and injuries is no joy, but it is a hill that you and your agent need to charge over together so that you can continue doing what you love.

Here are six reasons you should get with your agent and discuss the proper coverage so that you can get back to your ride, worry-free:

1. Legal Compliance

Many states require proof of insurance when using your ATV on public land, and some states require it when in use anywhere not on your own land. You may also not be allowed by law to drive your ATV on paved roads in your state. To avoid a ticket and fines, it’s best to ask your agent about the minimum requirements for insuring your joy-ride in your home state.

2. Travel

Riding dirty may not just be a challenge at home, but could also be an issue when leaving the homestead. A good tip is to check the states where you plan to ride. Many ATV enthusiasts travel to areas such as Moab, Utah, for their thrill-seeking adventures, but there are countless destinations for a fun-filled weekend with your ATV. One thing that could be a real kill-joy on vacation is to find yourself noncompliant with minimum insurance requirements. Keep your travels safe and pleasant by talking to your insurance agent before crossing state lines.

3. Damages

Taking the good with the bad, we know that incurring damages is a sure possibility in the rough and rugged terrain you enjoy. Averaging anywhere from $5,000 to $15,000, this “toy” is no small purchase. Protect yourself like you would with your car or truck with either liability, collision, or comprehensive coverage. Not only should you be worried about your vehicle, but other vehicles and property as well.

4. Injury

There are about 650 deaths and over 100,000 injuries involving ATVs each and every year. Concussion, broken bones, spinal trauma, and cuts & bruises are the four most common ATV injuries. Wearing the proper gear, such as a helmet and padding, prevents many, but not all, injuries. Ask your doctor or agent about more precautions to take to avoid getting hurt, but know that the risk of injury on ATVs is fairly high, especially for children under 16 which account for about 26% of all ATV-related accidents in 2018.

The National Association of Insurance Commissioners (NAIC) says you may want to ask your agent the following questions: Are there age restrictions on who may operate my ATV? Does my policy cover other people who may operate my ATV? These are great springboard questions into protecting more than just your ATV, but your little riders as well.

5. Theft

Due to their high value and ease of loading in a truck bed or a trailer, your ATV is an ideal item for would-be thieves. Protect it from theft as best you can by following tips from your agent, such as removing keys, using the steering lock, and blocking it in with another vehicle if you can’t keep it inside.

6. Low Cost

Consider the insurance part of the sticker price of your ATV, because without it, you’re probably just borrowing time until the inevitable happens. Insurance is there for those instances, the unexpected. The average cost of your monthly premium is only about $100 for a standard policy, but it can vary wildly depending on your age, area, amount of use, and model of ATV. The only way to know for sure is to make an appointment with your agent and get a quote.

Your time on your ATV should be worry-free and fun. Let your agent help with that in the best way they know how to protect you.

Insurance is all about risk mitigation, not risk elimination. Risk is something that is always there. Without anticipating it, more than 40% of small businesses will see a property or liability loss within the next decade. Knowing this, the responsible question from any business owner is, “do I have sufficient coverage?” The most expensive claims usually happen the least often, catching many business owners by surprise. In fact, the more unimaginable the event commonly means the more severe the claim.

Do you have enough coverage to sustain a costly loss? How can you even be ready for the “unimaginable” happening? The first step is to be aware of these rare yet costly occurrences. Most big disasters are rooted in a failure to imagine, but some people have experienced these disasters before, and you can learn a lot from them. Here are the three largest, and also least frequently occurring, business insurance claims covered, at least in part, under standard business liability and property policies:

#1: Reputational Harm

Copyright, libel, and slander are examples that top the chart in the average claim size of $50,000. Infringing on another entity’s rights can be expensive. A general liability policy provides basic coverage that most businesses need. Consult your business attorney or insurance agent to learn about the common legal pitfalls in this category that catch businesses by surprise, concerning only about 5% of all recent business claims.

#2: Vehicular Accident

The average price tag of $45,000 is associated with still less than 5% of insurance claims. In a post-pandemic world, we will probably see this fall further down the list in frequency with more people working from home. Still, at this size, it is something to consider adding mitigation strategies and sufficient coverage so that you don’t worry about taking such a large hit against your business.

#3: Product Liability and Fire Damage

Nothing to turn your nose at, a $35,000 loss can hurt many small businesses, if not adequately covered. With each happening only less than 10% of the time, don’t get caught back on your heels forking all of this out of pocket. Call your agent to discuss the necessary preventive measures and coverage for each of these unforeseen events.

Business insurance makes it so that you don’t have to imagine the worst; you can just focus on what you do and leave the disasters, the accidents, and the unimaginable to the insurance company. Choose an insurance company with exceptional customer service that can save you time, money, and effort when the unexpected strikes. Call or email your insurance agent to see if you have enough coverage for when one of these most costly and unimaginable business disasters happens.

You can’t fully prepare for whatever the world throws at you and your business, but your agent can mitigate and provide the extraordinary care needed so that you can keep your business on track.