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Ray Silverstein, president of small business advisory group President’s Resource Organization, has said that there are specific benefits that good employees expect out of a job. Entrepreneur published his perspective that while medical insurance is at the top of that list of expectations, business owners should also be intentional about offering employees retirement plans, disability insurance, and life insurance as well. The reality is, only some benefit packages are required by law. These include withholding FICA taxes for the sake of retirement and disability; complying with FMLA; aligning with worker’s compensation requirements; and giving your employees time off for jury duty, military duties, or voting. However, it’s important to see why a great benefits package–including less traditional benefits like flex time–is key to showing your employees they have value. Here’s why.

Employee attainment and retention. 

Randstand US Research has noted that 61 percent of employees would consider accepting a lower salary if the company making the offer had a great benefits package. Forty-two percent of employees would actually consider quitting their current job and accepting a new one elsewhere because they are unhappy with current benefits. An attractive benefits package is basically viewed as a part of a salary offer and can, at times, make up for an annual wage that could be topped elsewhere.

Focus and attention. 

Employees who aren’t worried about finances are employees whose minds won’t wander as much at work. When it comes to long-term financial planning, the difference between feeling focused and committed to the job you have (instead of daydreaming for what position you should pursue next) can be rooted in a healthy 401(k) match, life insurance, or college debt assistance.

Loyalty. 

You want loyalty not just from your customers but also from your employees. Employees who feel seen and understood seem to know that their employer recognizes the number of hours they are putting in, not just in the office but on the telephone at home and during what was supposed to be a lunch break as well. At times, this recognition looks like the benefit of flex time. This may mean permission to head home early on a Friday, or permission to work some days remotely from home. Flex time also recognizes the pull of family circumstances on full time employees. 74 percent of employees say they have missed work due to a family circumstance. Employers who offer benefits communicate that they understand employees are also parents, children of aging parents, and simply “doing life” with people they love who have unexpected needs. 

Overall general health. 

Employees who have a strong health insurance package are more likely to see a physician when health issues arise. Instead of avoiding astronomical bills and giving a potentially treatable problem a chance to snowball, employees with health care plans, co-pays, and reasonable deductibles are less likely to put off important procedures and more likely to seek care when needed. This is where dental and vision insurance also steps in. If the numbers are doable for you as a business owner, you want to communicate to your employees that you fully value their physical and mental well-being.

April has been Financial Literacy Month since 2004, when the Senate passed a resolution aimed at helping the public see just how important it was to pursue financial education. A person who is financially “literate” knows how to budget, knows how to invest, and knows how to manage long-term finances. In general, you can consider yourself financially literate if…

…you know how to take care of your debt.

US News & World Report suggests that the wisest strategy for paying off what you owe is to start with your largest debt and pay more than you owe each month. If you receive a bonus at work, put it toward your debt. Stop using credit cards, and remove your auto-saved credit card data from the places you shop online. Dave Ramsey offers another approach. The national household debt in the United States, he says, totals $13.54 trillion. This includes car loans, student loans, and credit cards. Your personal debt, says Ramsey, should never be handled with debt consolidation, dipping into your 401k, home equity loans, or debt settlement. What will work is setting a monthly budget and deciding how every dollar will be spent. He suggests the snowball effect, which means you ignore interest rates and make the minimum payment on every debt except the smallest. Tackle the smallest debt with every extra penny you can spare. When that debt is paid off, move all that monthly spending onto your next smallest debt. 

…you understand interest rates.

Interest is basically the cost of borrowing someone else’s money or the bonus you get for loaning your money to someone else. If you’re the one borrowing, it means what you owe is going up slowly over time. The lender charges a specific percentage–per year, per month (it depends on the loan)–and it adds up when calculating just how much you are going to pay back in the long-term. You want to keep this in mind when deciding just how quickly to pay the loan off. If you buy a house for $200,000 (with a $20,000 downpayment), and your interest rate is at 4.1 percent, interest will make a difference in your total cost should you take 15 years to pay it off or 30 years. If you can pay it back in 15 years, the total cost of your home, including interest, will end up $261,286. If you take 30 years instead, the added interest will raise the final amount you spent on your home to $333,114. That’s more than $70,000 extra spent simply because you took more time to pay it back.

…you protect your assets.

If you’re an entrepreneur, you’ll want an insurance agent on your side to make sure you obtain appropriate business insurance, to make sure your personal assets aren’t at risk of being claimed by your creditors, and to obtain an umbrella policy. If you’re a renter or a homeowner, you need insurance that will step in and protect you financially should your property experience damage or destruction. If you’re a business owner, you may want coverage for work-related vehicle accidents in case an employee has an accident while on the clock, harming someone else or someone else’s property. You also want to learn about planning for how you would pay for being cared for in the event of an injury, or even the effects of aging. Long-term care insurance, for example, can protect your financial assets if you unexpectedly suffer a stroke or begin experiencing symptoms of dementia and you suddenly need to pay for care at a nursing home. 

…you know how much money you actually have.

In an age where we can swipe a credit card and debit card for any purchase, some individually truly do not know how much money they have from one moment to the next. While you don’t necessarily need to switch back to a checkbook with a spending deduction log in the back, you do need a plan for checking in on your spending in real time. This includes budgeting, regularly logging into online banking to check your balances, and knowing whether your credit card bills can actually be covered within your budget at the end of the month. Financial literacy also means knowing what a reliable cushion of cash looks like so you never creep towards that $0 balance in checking, which puts you at risk of additional fees and penalties. 

The world has been filled with chaos and worry amid the coronavirus outbreak that has affected many people around the world. In response to the virus, many businesses have been forced to shut down and states have begun issuing stay at home orders. Below are some facts about the virus and what you can do to help protect yourself and others.

How It Spreads

The COVID-19 coronavirus is mainly spread through person-to-person contact. This is why following the government guidelines such as staying six feet apart (or social distancing) and staying inside your home (or self quarantine) is crucial to limiting the coronavirus’ spread to others. Being within six feet of a carrier of the virus or a potential carrier who sneezes/coughs near you could lead to you contracting the virus. The best way to prevent this virus is to avoid being exposed to it, which is why it is so important to follow the guidelines given by the CDC and the government.

How To Protect Yourself

How else can you protect yourself if you are already participating in social distancing and practicing self quarantining? We’ve learned through the weeks fighting the virus that washing your hands for at least 20 seconds is a key factor in fighting off germs associated with the virus. If you do not have access to soap and water, use a hand sanitizer that contains at least 60% alcohol. It is important to not touch your eyes, mouth, or nose with unwashed hands. As mentioned above, the best way to keep yourself protected is to avoid close contact with people.

How To Protect Others

Protecting yourself is one thing, but how can you protect others? If you are sick, it is important that you stay at home. When you are sick and have to leave the house, wear a face mask while out in public to minimize the spread of your germs. You will be putting others at risk to get sick if you choose to go out. When coughing or sneezing, use a tissue or use the inside of your elbow. If you do use a tissue, throw it away as soon as you are done. After you cough or sneeze, wash your hands immediately. If you are not sick, do not wear a face mask unless you are caring for someone who is sick. Face masks are in short supply and should be saved for those caregivers and medical professionals.

It is important to clean and disinfect frequently touched surfaces daily. These types of surfaces could be light switches, tables, doorknobs, handles, toilets, and other high-touch surfaces. 

We’ve been thrown into a time of uncertainty and it is up to us to protect each other so we can return to normalcy and work towards a healthier tomorrow. If you would like to know more about the COVID-19 pandemic and how to stay safe visit the CDC Official Website.

It’s the topic no one needs to think about, but everyone needs to think about it. For as the saying goes, the only things in life that are certain are death and taxes. When the time comes for you or a loved one, nothing helps people say goodbye like a meaningful funeral. However, they do take planning. Here is what you need to know to be prepared. 

Yes, You Do Need to Make a Plan 

A 2017 study by the National Funeral Directors Association (NFDA) found that only 21% of Americans discuss funeral plans with a loved one. Unless you want your loved ones to have to make a number of big decisions with big price tags in a matter of several days, you need to have a funeral plan set in place. 

Work With Loved Ones to Plan

From casket choice to music choice, there are a lot of decisions to be made in the funeral planning process. It will be a huge relief for your loved ones to just have to follow your plan, especially at a time when they are grieving. You do not have to work alone in planning. Enlist your children or other loved ones to be involved in the process. This way, you get assistance and they will already be familiar with the plan when the time comes to put it into place. Most importantly, write the plan down and save several copies in places that will be easily remembered. You or your loved ones can even save a copy on a computer, so it can be easily accessed later. 

Make Choices, But Do Not Commit 

Many funeral homes sell packages that they say provide discounted rates if you prepay. This might sound smart, but what will you do if you change your decisions, if the funeral home goes out of business, or if you move to a different state? Planning does not have to mean prepaying. What planning means is calling different funeral homes to get an average idea of their rates and packages, choosing the one that you like best, and simply making note of it in your funeral plan. By the time of your death, the funeral home could have closed, changed their prices, or something else that might cause your loved ones to alter the plan. Create your plan with flexibility in mind. 

Consider Funding Your Funeral With an Insurance Plan 

If you’re worried about you or your loved ones having the money on hand to pay for your funeral, there is nothing better you can do than purchasing an insurance plan that will cover the costs. If you have a life insurance policy, make sure its limits allow for the costs of a funeral. If you do not have life insurance and are not interested in getting it (although, truly, everyone should have it), you can purchase a final expense plan that is specifically intended to cover the costs of a funeral and burial. Having the funds guaranteed in place by an insurance policy takes a huge burden off of those you leave behind. It truly is the smartest option.

The thought of facing a lawsuit at your business is a scary thing. Large businesses likely have a legal department that is practiced at handling these situations, and they may even have a budget set aside specifically for legal matters. For small businesses, it is not so easy. Small business owners may think that the threat of legal action will never happen to them. The unfortunate truth is that this is simply not true. In fact, according to one poll, 43% of small business owners have been involved with or faced the threat of a lawsuit. 

The damages resulting from legal costs may be enough to put you out of business. Even if they don’t, the financial hardship will put immense stress on you and your employees. To add to that, the lawsuit may be something that harms your reputation in the eyes of the public or even the media. In order to protect yourself, your employees, and your bottom line from the myriad negative effects of a lawsuit, you must make sure you are properly prepared. This means having the right business insurance and good legal counsel available. 

What Kind of Insurance Is Needed to Prepare for a Lawsuit? 

It should go unsaid, but you need to make sure your business has the insurance coverage it needs before the threat of a lawsuit ever appears on the horizon. Because when it becomes too late, the consequences may just destroy everything. Here are the most common types of business insurance that can protect you against the consequences of a lawsuit. 

General Liability 

This policy is the first line of defense for small business owners facing a lawsuit. It is designed to cover common exposures and minimize your financial risks, such as the costs of undergoing a lawsuit. If an employee slips and falls or a customer accuses your business of false advertising, your general liability will protect you against these claims. It will also help with any legal fees, court costs, or settlement costs that may result from a lawsuit. 

Specialized Coverage 

Depending on your industry, your business may need more specialized insurance protection. Your independent insurance agent can help you to discern the unique risks of your business and your industry, then design an insurance profile that helps to cover these risks. That is why working with a local, independent insurance agent is so valuable. Because they live and work in your region or even community, they understand the issues you face every day. Don’t let your business go underinsured. Speak with your independent agent to make sure you have all the coverage you need to keep your business running even in the face of a lawsuit.

Depending on your job, you may need to do a lot of driving at night. Or perhaps you like to leave in the wee hours to go on family vacation, so you can arrive at a decent time the next day. Some drivers do prefer night driving because the roads are more open. Even so, night driving comes with a lot of setbacks and risks you need to be aware of. With the vision impairments and accidents associated with night driving, drivers should take the following night driving tips into consideration. 

Don’t Look Directly at Other Sources of Light

Oncoming headlights and other bright light sources can end up temporarily blinding you to the road and what’s ahead. Be sure to avoid looking directly at these. When you’re going through lighting changes (from a well-lit, populated highway to one that is much darker) allow your eyes to adjust before increasing the speed at which you’re traveling and use your brights if you’re away from other vehicles.

Avoid Overdriving Your Vehicle’s Headlights

The term “overdriving” refers to when you’re driving so fast that your stopping time is farther than you can see with your headlights. This is dangerous, especially if there are large vehicles like semi-trucks on the road. Make sure that your vehicle’s headlights are clean and have functioning bulbs so their beam of light shines as far as it can. Also, learn your approximate stopping time in relation to how far your lights illuminate in order to avoid overdriving and risking crashing into anything ahead of you. 

Watch Out for Wildlife

Your headlights can pick up the retinas of animals before your eyes can register their bodies. If you see two small glowing spots in the distance, slow down as much as you can, as an animal is most likely ahead. If the situation calls for you to choose between your safety and the animal’s, choose yours first. But remember that crashing into an animal at a high speed can greatly endanger you and cause serious damage to your vehicle. If you cannot swerve safely, you must slow down significantly. 

Don’t Drive Drowsy 

Driving at night can be tiring. If you aren’t well rested, your driving will inherently become impaired. If you are too fatigued, find a rest stop and take a break, or switch off with another person in the car — night driving is risky enough, so you’ll need all of your alertness to make the trip safely during this time.

Get Your Eyes Checked

If you haven’t done so already, it may be beneficial for you to schedule an eye exam. The frequency at which you should get one depends on your age and race. An ophthalmologist should be able to tell you what is recommended for your vision health.

Remember, traffic accidents and fatalities are greater at night. It’s of the utmost importance that you drive carefully when your vision and driving ability is impaired by the factors of the night. If you need auto insurance, call one of our agents today. 

September is life insurance awareness month. In that spirit, we’re going to bust some myths regarding the often-mysterious seeming insurance coverage. According to the 2019 Insurance Barometer Study by Life Happens and LIMRA, 43% of American households do not have any life insurance. Furthermore, 40% of those households reported that they would immediately struggle to pay living expenses if their primary wage owner were to die without the security of life insurance. If so many Americans understand how important life insurance is, why do they remain uninsured?

Myth: life insurance is too expensive. 

This is a big one. Many American families do not feel comfortable enough with their financial situation to purchase a life insurance policy. They believe they cannot afford it, and that they probably won’t need it anyway. The truth is, none of us know what the future holds. Even healthy adults can pass from sudden illness or accident. It’s a hard truth, but there it is. And if this happens and a family is left without their primary wage owner, then they really won’t be able to afford anything. So how much does life insurance cost? This depends on the type of policy purchased and the limits. However, it is possible to purchase life insurance for about the same dollar amount as paying for your daily coffee. If you can afford that, you can afford life insurance. 

Myth: I’m too young to have life insurance.

Okay, we hear your train of thought here. You’re young, partnered or single, and you don’t have any plans for kids in the near future. Why on earth would you need life insurance? It comes back to the previous myth. When you are young and healthy and you purchase life insurance, there’s a very good chance your rate will be more favorable. Hint: that means lower. If it’s a dollar sign you’re concerned about, buying life insurance exactly when you think you don’t need it is your best bet. 

Myth: I can get life insurance later.

As mentioned above, the younger you are when you purchase life insurance, the lower your premiums are likely to be. As you age, it can become more difficult to get the life insurance coverage you need at the rate you want. And if you develop certain high-risk medical conditions, you could, unfortunately, be deemed “uninsurable” by carriers. 

Myth: I don’t need life insurance at all. 

Yikes. This kind of thinking can get you (or more specifically, your loved ones) into real trouble. Life insurance has more uses than you may think. In addition to providing income replacement to beneficiaries, life insurance can also cover funeral costs, pay off debts left behind, provide an inheritance or an education fund for a loved one, or even serve as a donation to a charity of your choice. With all of these potential uses, it’s easy to see that no matter what you will benefit from being covered by life insurance.

Now that you understand the need for life insurance, don’t be one of the 43% of Americans who are living without it. Talk to your insurance agent today. 

Moving into a new home can be an exciting, yet stressful, process. In the mix of things, you shouldn’t have to worry about the safety of your children. Use these tips to make sure that every area of your home is childproof and safe for your kids to play in.

Start With Rules

In order to ensure that your children understand what is safe and what is not, you need to set some ground rules. Identify certain rooms that your children are allowed to play in and those they are not able to be in. For instance, many families store power tools and other hazardous materials in their basement. Therefore, their children are not allowed in this room in order to guarantee that the kids are safe and sound.

Tell your children which rooms are off limits and which are completely okay. If you catch them disobeying your rules, explain to them why certain rooms are off limits so that they understand the reasoning behind the rules!

Keep Valuables Hidden

If you have anything incredibly valuable in your home, it is in your best interest to hide it out of reach from your children. Kids are naturally curious and will search all over the house for something interesting to play with. If you have any jewelry, valuable items, or something that may hurt the child such as sharp knives or firearms, make sure to always keep it out of their reach. From lost jewelry to unfortunate accidents, you do not want your children getting hold of your valuable items.

Avoid Glass Tables and Decorations

In an attempt to keep your children safe and decorate your house accordingly, try to avoid using glass tables in your home. Glass tables can easily break if there is an accident or someone was to fall. In addition, glass decorations can easily be picked up and dropped, resulting in shards of glass all over the floor and your home. Use other materials for your decorations, tables, and other areas of your home.

Even if your children stay completely safe in your home, there are other incidents that could befall it. Make sure you have the home insurance coverage you need to stay protected. Speak to your agent today about updating your homeowners policy, including adding coverage for valuable items.

A DUI charge can have serious consequences. For one, driving under the influence makes you a danger to yourself, your passengers, and others on the road. Each state has different laws and penalties, but in most cases your license will be suspended, you’ll have to pay large fees and fines, and you may even spend time in jail. Your car insurance premiums may also go up by a huge percentage, depending on your state. Police are more vigilant in looking for intoxicated drivers around holidays, so in light of the upcoming Labor Day weekend, here are some tips on how to have a safe holiday weekend.

Most Importantly: Don’t Drink and Drive

This is the simplest way to avoid a DUI. There is always a risk when you drink alcohol and drive, even if you are smart about it. You can keep yourself and others safe by avoiding the practice completely. One way of doing this is to simply not drink when you know you’ll need to drive a vehicle later or to use a designated driver. Everyone appreciates a designated driver (DD), and with your friends or partner you can take turns acting as the DD so no one has to do it all the time. You can also use a diver service app, taxi, or call someone to come pick you up. A little expense, or owing someone a favor, is worth it in the long run if you’re able to stay safe.

If You Do, Be Smart About It 

Three things are the most important when you drink alcohol and know you will be driving later. 

First: Hydration

Before you begin drinking, hydrate yourself by drinking several glasses of water. Also drink a glass of water in between every drink you have. One bonus of doing this is that you’ll end up spending less money on expensive drinks!

Second: Food

It is incredibly important to eat enough food before you drink alcohol. Consuming a full meal, especially one that contains protein and fats. It should be noted that after you begin drinking alcohol, eating food will not “absorb” the alcohol like many people believe it will. Only the food that is already in your stomach will slow down the rate that the alcohol enters your system. 

Third: Number of Drinks

Limit yourself to a small number of drinks. This number will change depending on your weight, age, and gender. There are methods and apps that you can use to estimate what your blood alcohol content may be. 

The Bottom Line 

The only thing that will, without fail, keep you from getting a DUI is to not drink and drive. This is especially important on a holiday weekend, where DUI patrols are increased. If you do partake, be responsible about it. It’s possible to enjoy your holiday weekend and still stay safe and DUI free.