risk

Prepare Your Business For The Future

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If your business survived 2020 and 2021, there is hope for the future. Having survived the past is a good indication that your business is strong and prepared for the future. But it is essential to understand that the risks of the past change and the risk your business faces will be different. It will be important to understand your future risk to have a strategic plan on how to analyze, manage and insure these new risks.

Trends That Are Not So Good

It is becoming more frequent for non-insurers to establish insurance firms. Some automakers now provide or even design their auto insurance packages to sell alongside the vehicles they produce.

Insurers rely on data to determine their coverage and price. This takes the relationship and uniqueness out of the process.

We believe it is vital to understand the uniqueness of each business, not lump them together.

More insurers are offering online insurance. So now, business owners will have to determine what coverage they need without any professional help. This will also allow insurers to limit coverage and even deny claims without the business having proper representation.

Future Risk Trends

Environmental, social and governmental activism

Businesses are becoming a target for many new areas of social and governmental influences. Make sure your insurance can address these issues.

Cyber liability

Did you know that the average business has a greater chance of having a cyber breach than it does of having a fire? It is true, and your business insurance policy most likely will not cover cyber liability losses. This new world of connected devices promises insights on which companies can base strategic decisions.

Economic uncertainty

The next few years will be a special time for most businesses. It will be important to understand how to design an insurance and risk plan that can respond to losses that allow your business to continue.

Supply Chain

Today’s complex business environment does not occur in a vacuum. Companies are interconnected networks with several internal and external stakeholders. As the business world grows more interconnected and dynamic, it’s critical that you have a thorough grasp of the risks to your day-to-day operations and are prepared to handle them. Business interruption losses can range from decreased sales to increased operating costs because of the loss of a crucial supplier to the loss of future revenue streams as a result of a disruptive incident.

New Work Environment

Agents and insurers may increase their relevance by providing specialized protections for remote workers and small home-based enterprises that reflect how people live and work today.

Final Thoughts

Businesses’ needs are not the same, and the insurance and risk solutions they are provided should match their individual risks. In order to ensure that the program that is tailored to each and every customer, agents should develop relationships and insurer analytics to better understand their customers’ risk exposures. Understanding the business’s needs and risks leads to a framework for providing better solutions to their customers.

 

insurance

Why Are My Insurance Premiums Going Up, I Did Not Have A Claim?

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It can be unpleasant to open your insurance bill to pay your premium, only to discover that your premium payments have increased upon renewal.  We know that most people who carry insurance policies on their homes, cars, and businesses may be unfamiliar with how insurance policies are developed and changed.  So, we thought we might help you understand the why.

Insurers base their policy prices on several variables.  These cost components fluctuate up and down.  Premiums are currently rising in many states.  Remember, insurance companies are competing for your business, so they try to keep their rates competitive.

To help us through the process, we wanted to break it down between home and auto insurance.

Home Insurance

  • The increased cost of construction materials and labor to repair or replace the damage to your home. Even though you did not have a claim, this impacts all insurance rates.
  • Storms and other natural disasters. Hurricanes, floods, droughts, wildfires, and other severe weather events have become more frequent, destructive, and costly. In 2021 alone, the United States sustained 20 weather events with losses exceeding $1 billion.
  • The older your home, the higher the insurance cost will be.
  • Lawsuit frequency has increased, and settlements are at an all-time high.
  • Supply chain in the production and delivery of appliances, materials, tools, and other key construction elements added to delays and cost hikes.

Auto Insurance 

  • Inflation hits the cost of buying and repairing vehicles.
  • Lawsuit frequency has increased, and settlements are at an all-time high.
  • After COVID, accident rates increased, causing insurers to pay more for claims.
  • Increased healthcare costs. Medical costs have increased for accident-related injuries.
  • Crime has caused more auto thefts and break-ins, affecting all drivers’ rates. There is a 20% increase nationally in stolen vehicles between 2020 and 2021.
  • Your driving record may be accident-free, but if you have tickets or other violations, these will impact your premiums.

Proven Ways To Help Keep Insurance Costs Down

  • Keep your home well maintained
  • Be a safe driver
  • Pay premiums annually
  • Ask about discounts offered by insurers
  • Bundle your home and auto together
  • Increase your deductibles
  • Have your agent review your insurance program and market your coverage the right insurer.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

 

 

 

risk

Is It Time To Be Aware Of Changes In Your insurance?

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You may not be aware of all the underlying aspects that influence the cost of your insurance coverage. You might question why insurance is so expensive when attempting to compare prices. Prices might vary significantly from one company to another. There is not doubt premiums are going up and coverage is changing.

Trends we are seeing now with many carries affect your insurance, not is a good way. Some insurers, to lower their costs, here are examples.

  1. Reducing sub-limits on your policy.
  2. Adding a percentage deductible rather than a flat dollar deductible.
  3. Limiting sewer line coverage for homes over 50 years in age.
  4. Changing loss of use coverage to a reduced amount of time.

What Can You Do To Minimize Your Risk

  • Read your policy and any renewal coverage change bullitins.
  • Call your agent if you have any questions.
  • Understand which coverage limitations you are ok with and which ones you are not. Then request changes.

You Want An Insurance Program That Will:

  • Respond when a loss occurs.
  • Having an agent who will respond to your questions and help you when you need it.
  • It is priced correctly for the risk you have.

There is no one-size-fits-all insurance policy.

Insurance is not a product. It is a promise and a trusted relationship. Here at Reichley Insurance Agency, we are not going to sell you something you don’t need. We want to talk to you, determine your needs, and get you covered at the right price.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

 

 

 

 

partners in risk

Are You Ready To Renew Your Business Insurance?

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Business Insurance Renewal

Your business insurance is an important part of your risk management program. It is important to have the right insurance coverage, competitive pricing and the right insurer. We have found at least five factors that are important to manage when renewing your business insurance program.

Business Insurance

A business insurance program can include commercial property, auto, commercial liability, employment liability, workers’ compensation, professional liability and excess liability.

Insurance Renewal Tips

  • Provide complete information about your operation. Paint a picture that describes what you do and how well you do it. You have to sell the underwriter on what is different about your operation and how the insurance company needs to insure your risk, because you are above average.
  • Use an independent agent. We are best equipped to provide you with the best combination of coverage, price and service.
  • Combine your property, auto and liability with one insurer if possible. You will receive package discounts.
  • Have a well-managed safety program.

Putting a little effort into your business insurance renewal can reap the rewards in the form of better coverage and lower premiums.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

risk

A Few Simple Ways to Prepare Now For a Disaster

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A personal insurance update

With the Hurricane happening now in Florida, we thought it might be good to provide a few disaster safety tips.

Do not let the change in weather fool you; we are still at risk for acts of Mother Nature.  In the coming months, we may be at risk of wind damage, wild fires, floods, and more.  Remember, your homeowner’s insurance may not cover every disaster, so please call our office for a free insurance review.

How to prepare for an emergency

  • Create a home inventory. This will help you to recover your personal property.
  • Is your policy’s replacement cost limit correct? It is a good idea to have us, or your insurance company, help you determine the current replacement cost of your home.
  • Create an emergency food supply; enough to last a week or so.
  • Have a three to five-day supply of water, 1-2 gallons of water per person, per day.
  • Keep extra cash on hand in case banks are closed.
  • Have a few high-powered flashlights ready.
  • Keep extra batteries on hand.
  • Have a communications plan.Consider that your family may not be together if a disaster strikes.
  • Designate a contact person, outside the area, as a check in person for family members.
  • Stock a first aid kit, a supply of essential medicines for at least a week, and other crucial medical supplies like inhalers.
  • Make sure you have copies of your family’s identification, birth certificates, passports, insurance policies, proof of address or lease, medication list and medical information, copies of credit cards, checks, etc.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

risk

Is Insurance Your Only Option?

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We will be the first to say that certain types of personal insurance may not always be best for your needs. We believe each client is unique and therefore requires unique insurance solutions. But there is more to the process.

First, you and your agent need to talk about what your risks and goals are regarding the issues. Your agent should be able to help you identify all the risks and, only then, provide solutions.

Here is a good example

We recently had a client buy an older used car for one of their kids. After we reviewed the ACV value for the client, we recommended that he not purchase collision coverage. We told him to use the savings to put into an auto replacement fund. This will save the client hundreds of dollars over time.

Here are other kinds of insurance you may not need

  1. Universal life – Typically, term life insurance is going to be a better fit for you. Term life costs less, and you can take the premium difference and invest it yourself.
  2. Extended warranty plans – These are never a good idea. The warranty premiums are mostly commissions paid to the salesperson. Some credit card companies offer this protection if you make the purchase with their cards.
  3. Pet Insurance – Pet insurance usually is very limited in coverage and very costly.
  4. Insurance on outstanding credit card balances – This type of insurance can be costly, and there are a lot of loopholes to go through before any benefits are paid.
  5. Mini Storage Insurance – As long as you have homeowners or renters insurance, you don’t need to buy special insurance. Most policies have automatic coverage for property away from your primary premises. Call us for details and limitations.
  6. Rental car collision insurance – If you already have collision insurance from your personal auto insurance, you don’t need to buy additional insurance from the rental company.  However, opting for additional coverage could be worth the price if you don’t have collision insurance. But if you’re charging the rental to your credit card, it’s also possible to get coverage through them.
  7. Mortgage life insurance – This protects the bank, not you. If you were to die, the payout goes to the bank, not your family. You are better off buying term life insurance.
  8. Flight Insurance – This is completely unnecessary, as airline accidents are rare, and your life insurance policy should already provide coverage in the event of a catastrophe.
  9. While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.Call today to alleviate the worry and get covered – (937) 429-0655.

 

safety

Common Insurance Claims During The Fall

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As the weather cools, football is in season, and the leaves fall from the trees, it’s critical to remember a few essential fall safety tips. Your family may enjoy the cool fall weather while avoiding some of the dangers that come with the season if adequate precautions and safety knowledge are taken.

Keep an eye out for deer and other wildlife

If you live in a wooded location, deer may seem to be everywhere. However, November is deer mating season, which means they are more prone to crossroads. In fact, deer are number one on the list of the top five animals you’re most likely to hit with your automobile, according to the National Insurance Crime Bureau.

Space Heaters

A space heaters can be an excellent way to warm up a cold area, but it is critical that you read the directions before using it. If your space heater requires venting, ensure that it is vented to the outside. Never use your stove or oven to heat your home; instead, use only certified space heaters. Allow at least three feet of distance surrounding space heaters.

Auto Accidents

As the weather turns cooler and the days become shorter, it’s critical to drive with additional caution. Rear-end collisions are one of the most common insurance claims throughout the fall season. It’s all too simple to rear-end the car in front of you when sight is poor and roads are slick.

Allow lots of room between your car and the one in front of you to avoid this. And, if you are in an accident, remember to file a claim with your insurance company. You can help make the fall season safer by exercising caution.

ID Theft

More people are shopping online to prepare for the holidays. Keep your identity safe. When in doubt, pay using credit rather than debit. Avoid using non-bank ATMs. Use a different password for each of your accounts. If you do not identify the sender, avoid clicking on links.

Leaf Burning

According to the Air Defenders, burning leaves releases harmful and cancer-causing chemicals, and they warn households to avoid disposing of leaves in this manner. Wear a protective mask if you opt to burn leaves. Burning leaves should only be attempted far away from a homeowner’s house or other structures on their property. Before beginning to burn leaves, always check the weather forecast. This activity should not be undertaken in strong winds.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

risk

The Traits of A Good Insurance Agent

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  1. Honesty

Selling insurance is about giving customers, businesses, and individuals solutions to their risk issues. Misrepresenting the facts, or trying to sell a policy, does more harm than good to their customers. A good agent will not try to sell anything; they will listen and become a problem solver first. Then and only then might insurance solutions or options be provided.

  1. Responsive Client Service

When clients phones or emails, a timely answer is essential because they need the information to make decisions. When a client spends their money, they have a right to feel secure and content during the course of the business relationship. Through actively listening to and empathizing with our valued clients, agents can find success

  1. Industry Knowledge

Selling a policy is only one aspect of what it means to be an insurance agent. Agents must be able to provide a thorough understanding of all facets of the products and services they sell, as well as how each client’s situation may be addressed. The agent should be trained in all aspects of the risk management process.

  1. Community Involvement

Being a respectable member of the community is a must for running a successful insurance agency. We believe in fostering relationships and giving our neighbors access to resources because we are local leaders. To make the neighborhood a better and safer place to live, we collaborate with customers and businesses.

 

 

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.

2022-23 Presents New Cyber Risks For Your Business

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The CIOVID-19 pandemic has affected businesses in a significant way. With remote workers and increased online purchasing, scammers are using some new and some old tricks to get your personal information.

Common Cyber Breaches

Ransomware. Ransomware is a data-encrypting program that demands payment to release the infected data.

Social Media. These kinds of attacks follow social interactions and will use your online data to steal your identity.

Cloud computing vulnerabilities. The global market for cloud computing is estimated to grow 17% this year. If you store any information on the cloud, you may be at risk.

Third party software. The top 30 e-commerce retailers in the US are connected to 1,131 third-party resources. The scammer will use these to obtain your information.

How To Prevent A Cyber Loss

  • Train employees in cybersecurity principles.
  • Install, use and regularly update antivirus and antispyware software on every computer used in your business.
  • Use a firewall for your Internet connection.
  • Control physical access to your computers and network components.
  • Secure your Wi-Fi networks. If you have a Wi-Fi network for your workplace, make sure it is secure and hidden.
  • Require individual user accounts for each employee.
  • Regularly change passwords.

What Cyber Insurance Can Cover

Restoration of Data: Covers the cost to replace or restore electronic data, programs, or software damaged or destroyed by a hacker attack.

Cost of Notification: Covers the cost of notifying parties whose data has been affected by a data breach.

Loss of Income: Covers income losses sustained by a business and extra expenses it incurs to restore its operations following a shutdown caused by a computer virus, hacker attack, or other covered peril.

Cyberattacks present a real threat to the safety and health of businesses today. Cybersecurity risks are mounting every day. But, purchasing cyber insurance does not need to be a confusing or stressful process. Call us today for more information. 

risk

Why Low Price and High Value Can Be a Contraction in Terms

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Shoppers are always looking for that next big sale or deal. When it comes to purchasing a 46” HDTV, it is easy to identify all the features you want, and then shop for the best price.  In fact, many retailers might even negotiate with you to get your business. When selecting your insurance, you cannot think the same way.  Why?

  • Insurance can never go on sale, it is highly regulated.
  • Consumers rarely have complete information about various insurance products.
  • Consumers may believe that “popular” or advertised products are high in quality.

Let me make it clear that high priced insurance does not always equate to a better value.  However, if you purchase the low-priced insurance policy are you satisfied that all the coverage terms are consistent with a higher priced policy?  A better way to look at this is to consider the value of what you are buying.  Here are some of the value added advantages you will find in insurance if you do a little searching.

What makes up a high value insurance program?

  • An insurance policy that will respond to your risks when a loss occurs.
  • The extra services offered by the insurer at no cost to you.
  • The knowledge and expertise of the agent. The agent is your key to a high value advantage. The agent is the one who helps you identity your risks and designs a policy specifically for you.  The agent will be there to help you manage through a claim and to educate you.
  • Your agent increases your insurance value by helping you understand why the premiums are different.

Value is more than price

There are also non-price variables that every insurance purchaser should consider.

  • The agent’s experience in your industry. Do you want an agent who primarily only insures homes, to insure your restaurant?  These risks are different and should be treated as such.
  • Insurance companies have customer satisfaction ratings for claims, premium processing, and other services. Do you want to use an insurer with a below-average claims handling rating?

In conclusion, only an experienced agent can help you understand and define the true value of your insurance purchase.

While the massive national agencies spend millions on television ads and offer barebones policies, they do not know you. When your needs change or your situation complicates, you don’t want an automated phone tree or cold cyber-agent. You want to talk to compassionate, honest insurance experts, close to home, right here in Beavercreek, OH – that’s our team. You shouldn’t have to spend hours researching and comparing policies. Let the specialists at Reichley guide you through the complex insurance industry.

Call today to alleviate the worry and get covered – (937) 429-0655.