The Importance of Creating a Will
Creating a will is one of the most important legal actions for people of all ages. Many younger people believe writing a will is for later in life. In fact, a will can be one of the most significant actions for young families to protect their spouse and children from extreme financial losses should an unexpected death occur.
Why Do You Need a Will?
A will is a document that outlines your wishes when you die. It may surprise you that about two-thirds of people in the USA do not have a will. If you pass away without a will, your estate, along with who will care for your children, will be decided by the court rather than by you. How the court distributes your assets will reflect current state law – which may be a poor match compared to what you may have wanted for the people you love.
What Does a Will Do?
A will names the who you want to manage your estate. The document names an “executor,” that person charged with finalizing your affairs, including paying off any remaining debt, closing your bank accounts, or liquidating assets. The executor you name should be someone you trust to fulfill your wishes, whether a friend, family member or another party. Without an executor named in your will, the court will assign someone to take that responsibility.
A will also outlines where you want your property or other assets to go. Your will can specifically list all valuables and assets and name the beneficiaries. Without a will, your property will be distributed based on state law rather than your wishes. This can be extremely troublesome, particularly for couples who are sharing a life but are unmarried. While your partner could file a legal case to continue living in the home you shared, these legal actions are expensive, often take years to resolve, and your loved one may lose the battle. Your will protects those you love from facing this type of situation, which, sadly, is not rare.
Your Children
Should both parents die in an accident or incident, your will names the guardian that you choose to raise them in your absence. The guardian of your children is responsible for their upbringing, health, home, and every other need. If you don’t have a will that names the guardian of your children, the court will choose one. The shocking truth is that without a will, your children may be raised by someone you don’t know or would not choose for this critical role.
Your will can even determine who will care for your pets if you pass away and ensure they go to a loving person who will treat them with the care you want for them, along with providing funds for their care to that person.
Life Insurance and Your Loved Ones
Your estate, if of a specific value, may take years to move through the probate process. During that time, your loved ones can experience severe financial stress, unable to access the finances they need to survive – and that’s when life insurance can save the day. The benefits are paid rapidly, are not taxed, and provide the funds your family needs to survive, including mortgage payments, the cost of education, and all other financial needs. If you need help finding an affordable policy that will provide your loved ones with the highest benefits possible, connect with one of our local agents.
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What Can I Expect My Worker’s Compensation to Cover?
Your business’s workers’ compensation policy protects against lawsuits filed by injured employees. The trade-off is the cost of these policies eats into your profits. Every workers’ compensation policy is slightly different, and it is important to know what it does and does not cover.
Your Workers’ Compensation Policy – Are You Getting the Best Deal?
Essentially, workers’ compensation covers injured or ill employees in job-related cases. These policies pay for:
- Medical care
- Ongoing treatments
- A percentage of lost wages
- Disability benefits
- Funeral costs
A workers’ compensation policy will not pay these costs for injuries or illnesses unless they are work-related. State laws vary regarding workers’ compensation, but any business with more than a certain number of employees (typically five) must carry this insurance and keep the policy current. It comes with a significant level of protection – injured or ill employees, in most cases, are barred from filing a personal injury lawsuit against the business but can expect medical care and some percentage of the lost income.
Workers’ Compensation Fraud – Should You Worry?
Unfortunately, the workers’ comp system is also prone to fraudulent claims. An estimated $30 billion in fraud occurs every year, but most workers’ comp claims are legitimate. A claim filed and paid has an impact, raising the cost of premiums. It makes sense to carefully evaluate any workers’ compensation claim and ensure that you are not the victim of insurance fraud if you have doubts about the validity of a claim. If you do, you must notify your insurance carrier of your concerns so that they can investigate. As an employer, you have the right to dispute a claim under the processes required in your state.
Steps to Choosing the Best Coverage for Your Business
Business owners in most states will have two options for purchasing workers’ comp insurance: a State fund or a private insurance company. A few states offer only a state fund. The cost of this insurance is generally a big bite out of profits, so shopping around makes sense. Meet with a local business insurance agent to get multiple quotes before you commit. The issues to evaluate in a decision include:
- Your state’s coverage requirements
- Your industry requirements
- Your annual payroll
- History of workers’ comp claims
- The cost of premiums
Reducing the Cost of Workers’ Comp – Your Options.
To make your company’s premiums more affordable, including shopping for a better deal with the help of a local workers’ compensation insurance agent who has access to the latest deals, which can change from year to year. Essentially, the fewer claims, the lower your premiums. It is in your company’s best interests to implement a customized workplace safety program with regular seminars and workshops for your employees. Fewer claims mean lower premiums.
Benefits: What Does Your Company Offer?
The job market has changed, with a low national unemployment rate. The best employees look at several issues when applying for a job, including the benefits package you offer. In workers’ compensation, how medical care is provided can vary. Some employers require injured workers to go to a specific medical provider or clinic, while others allow them to visit their own doctor. When planning your workers’ comp insurance, consider it part of the benefits package you offer your employees and that the best employees in the current job market are fielding many job offers – make yours among the best.
Should I Purchase a Car with License Plate Lights?
Depending on where you live, you may be required to have license plate lights. Consider buying a car with license plate lights or installing a light on your existing vehicles. The lights illuminate your license plate, and if your state requires it, ensure the lights are in good working order – you could be pulled over and cited if the light is burned out.
Advantages of License Plate Lights – Modern Technology
If you live in a gated community, the license plate recognition software at the gate makes entering easy. Toll roads are often equipped with similar technology, and an illuminated plate makes it possible to drive through toll gates without the need to stop.
Purchasing a Car: A Smart Investment.
When purchasing a car, whether new or used, the first requirement on the list is reliability. Many drivers rely on vehicle information found on sites such as consumer reports or Edmunds. These sites offer consumers valuable data on vehicle brands’ performance and consumer reviews.
Before purchasing a used vehicle, ensure a full mechanical check is performed, including headlights, taillights, brake lights, and license plate lights, as well as all essential safety systems such as tires, brakes, airbags, seatbelts, transmission, and engine. This check can reveal issues that make the vehicle a poor choice – and save you from a series of costly repairs.
New Cars and License Plate Lights
All new cars are equipped with license plate lights, so if you purchase a new car, you are provided with these lights. New types of lights are becoming popular with vehicle owners, including LED lights, which last longer – but must comply with state law if you consider colored lights to customize your vehicle. You don’t want to be pulled over and cited.
State Vehicle Codes and License Plates
Every state has requirements regarding the visibility of license plates. Generally, you are required to ensure your plates are clean enough for numbers and letters to be readable, the plates are valid in your state, and your tags are current. You risk being pulled over if your license plate is dirty, muddy, or otherwise difficult to read. License plate lights can help keep you and other drivers safer on the streets and highways in your area. Imagine your vehicle is in a collision, and the driver flees the scene (hit and run). Using your phone to capture an image of the negligent driver’s license plate could save you from being forced to pay for costly repairs. Illuminated plates protect both you and the other drivers in your community.
Accidents and Insurance
Most people will be involved in an auto accident at some point in a lifetime, hopefully, a minor fender bender. However, even the safest driver can make an error, cause an accident, and be held liable – and that’s when your personal insurance could save you from a financial disaster. Your auto insurance may cover the cost of some losses, but in the case of a serious injury, the driver who caused the crash will be responsible for medical bills.
When the cost of medical care exceeds your auto insurance’s bodily injury liability policy limits, your personal insurance policy brings an added layer of protection. For more information about personal insurance, meet with one of our local agents to review your insurance and advise you about the types of coverage that could protect you and your family.
3 New Year’s Resolutions for Small Businesses
2023 is almost upon us, along with the long-held tradition of New Year’s resolutions. For individuals, after a season of parties, food, holiday cookies, cakes, and drinks, resolutions about losing weight are a common theme – but what about small business owners?
The New Year is the ideal time to set goals for the year, establish a workable plan to achieve those goals, and evaluate the current performance of your business.
Business Goal Setting for 2023
Small business owners are typically deeply involved in every facet of the operation, including hiring, sales, delivery, and financial planning. The COVID pandemic seriously impacted small businesses throughout the country, even with government help.
Layoffs, cutbacks, and budget trimming may have been the only way to survive. Other small businesses, particularly those that could continue to operate, or provide essential services, may have done well. With the pandemic fading, now is the time to plan for a profitable year. Rather than continuing with “business as usual,” the New Year is the ideal time to review the past year’s production and plan for the new. Three of the most important New Years’ resolutions for small business owners include:
Review your Marketing Spend.
Most small businesses invest in marketing but may not take the time to determine what worked, and what didn’t. If you use a marketing firm, whether online, traditional, or both, most companies offer analytics that can tell you much about where your customers are coming from. Once this is determined, you can “mine” that area more deeply in the coming year. Marketing initiatives that have not increased sales can be canceled, with the money dedicated to programs that are bringing in customers or clients.
Evaluate Your Online Presence.
Many small businesses have a website but may not have paid much attention to it over the years and may not realize it could be an untapped goldmine. Your potential customers are out there, and if they can’t find you, they will go somewhere else. It may be time for a site redesign, and an online marketing plan, built around your available budget.
Review your Business Insurance Policies.
Your business insurances are an investment every small business needs. A business changes year to year, and so do the business insurance coverages you need – and new programs may be available on the market. Take the time for a full review of your policies and coverages. Meet with a local business insurance agency to look over all your policies to ensure your business – and your years of dedication and hard work – are protected, and at the best rates.
Types of Business Insurance – What Do Your Business Really Need?
Every business has unique insurance needs. Depending on what you deliver to your customers, clients, or patients, you may need specific coverages. Some of the options include:
- General liability insurance
- Product liability insurance
- Professional liability insurance
- Commercial property insurance
- Professional liability insurance
- Workers’ compensation insurance
- Cyber insurance
- Umbrella insurance
- Commercial auto insurance
- Home-based business insurance
- Business owners policies
- Employment practices insurance
The basic minimum coverage for small businesses is general liability insurance, which covers your operation for issues such as bodily injury, property damage, claims of false advertising, and other risks. These policies vary in price and policy limits, and it is possible that you could find better coverage at a lower rate. Take advantage of the start of the New Year and meet with a local business insurance agent to review your coverage and find the best deals now available – your company’s survival is important to you, your employees, and the community at large, and deserves to be protected.
How to Protect Your Home During the Holidays
Most of us look forward to the holidays with anticipation. Family, friends, and work get-togethers, parties, events, and foods and treats make the winter holiday season a favorite for people of every age – but it is smart to be aware of the risks. To protect your home and your valuables, check out these practical home safety tips:
Protect your home from the risk of fire.
Candles are one of the most common causes of serious or deadly home fires. A candle, while bringing a lovely ambiance to a room or table, is a severe fire risk. The hot wax, when spilled, can ignite table coverings, floors, drapes, or furniture. While the soft, warm light of candles is warm and soft, it is strongly advised that rather than wax candles, you purchase LED light candles that provide a similar soft light, minus the risks. The National Fire Protection Association reports that about 8,200 candle fires occur each year. In some cases, the entire home and all the valuables within it are engulfed and gone forever.
Electrical cords and lights
Decorating your home with strings of lights inside, outside, and on indoor holiday trees is a season’s tradition. However, it is vital that the lights you use are safe and installed correctly, as about 45 percent of home holiday tree fires start with strings of lights. Turn off the lights when away from home or while sleeping. Ensure the lights you use have the Underwriter’s Laboratory product safety logo (UL).
Could you check strings of lights before placing them on a tree or around the home to make sure no cords are frayed or broken? If you plan to put strands of lights outside, use plastic holders; never staples or nails. Place all extension cords in safe areas where they do not pose a tripping hazard, and be aware that too many strands can overload an electrical circuit, which could lead to fire and losses that will make the holiday season a nightmare.
Replace batteries in smoke detectors
Our home smoke detectors are a critical safety feature, but the batteries will not last forever. Replacing the batteries in these units before the holidays is a smart way to protect your family and home. As the batteries must be changed yearly, make it a habit to replace them just before the holidays to ensure your family is alerted in the event of a fire.
Traveling for the Holidays?
Protecting your home and valuables is of great importance if you plan to travel during the holiday season. It is a sad fact that home burglaries spike over the season. Home burglars target homes with poor security features, where it is more evident that the home is vacant, particularly in homes in more secluded areas. Set timers on your interior home lights, secure your valuables such as jewelry or other smaller items in a bank safe deposit box and install a digital doorbell that alerts you when someone approaches your home. If you have a security company, ensure you inform them that you will be out of town.
Have Guests Visiting? Safety Matters.
If you plan to have relatives or friends staying at your home, be aware that you may be liable in a lawsuit if someone is injured on your property. Please make sure you have adequate home insurance and liability coverage. A serious injury, such as a fall on a slippery walkway, a trip, a fall, or even food poisoning, can lead to a hospital stay or worse, and you may be responsible for the bills. Your personal insurance can help you through these events without suffering a financial disaster.
Your Personal Insurance Policies and the Holidays
It is advised that your personal insurance policies are reviewed yearly to ensure you are adequately covered should an unexpected problem arise, whether a burglary, injury on your property or fire. For help, contact one of our local agents, who can help you find protection for your home and valuables to best suit your situation at rates you can afford.
5 Reasons Why Life Insurance is a Great Christmas Gift
The Christmas season is fast approaching, and finding the right gifts for our loved ones is at the top of our minds. You may not consider life insurance an ideal gift, but it may surprise you that it can be, particularly for the younger members of your family. Read five reasons why buying life insurance can turn out to be a gift that keeps on giving:
A Financial Cushion for the Future
When a family member is young and healthy, a life insurance policy can be purchased at a very low rate. It is best to consider whole life insurance, as this is an asset that grows over time. Once it reaches a particular value, it can be borrowed against for college tuition, a down payment on a home, or other financial needs – your gift can turn into a very valuable asset over time.
Affordability
Term life insurance is very affordable and, with many policies, can later be converted to a whole life policy. A term life policy provides protection for a young family, especially when the family does not have the financial resources to fall back on should an unexpected death occur. These policies pay the death benefit without taxation, allowing the family left behind to keep the home, pay bills, and afford all they need. Ask your insurance agent about adding a disability rider to your policy, which will provide financial resources if the individual cannot work due to illness or injury.
Builds Equity
A whole life insurance policy becomes an asset with time. These policies are far superior to term life policies, but the premiums cost more. If you can swing it financially, invest in a whole life policy for your youngest family members. Find a policy that will never expire, pay out a death benefit no matter how long you live, and build up a hefty cash value over time.
Peace of Mind
Young families often have a tight budget and may live paycheck to paycheck, saving little, if any, of their income. When you buy a life insurance policy for your relative, you are providing them with more than a piece of paper – you are giving them peace of mind that their lives won’t be a disaster should an unexpected illness or injury occur.
A Unique Gift
While your life insurance policy gift may be unusual, it will be deeply appreciated. Your gift shows that you care about the individual and want to make their lives as easy and positive as possible. You also don’t have to brave the crowds at the shopping mall and purchase an item that may or may not be appreciated!
If you are considering buying life insurance as a Christmas gift, ensure you work with a local insurance agent. While many online resources claim to make it easy to buy insurance, you want to get the most out of your investment. An insurance agent can identify the best deal for you and your budget and help you find the best coverage at the lowest rates.
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