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Another Workers’ Compensation Dividend On Its Way to Ohio Businesses

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Earlier today, Ohio Gov. Mike DeWine announced the Bureau of Workers’ Compensation (BWC) will send up to $1.6 billion in dividends to Ohio employers to help ease the impact of the COVID-19 crisis.

This dividend will allot $1.4 billion to private employers and $200 million to local governments when approved by BWC’s board of directors.

BWC will begin sending dividend checks to employers later this month. This dividend marks the sixth time since 2013 the agency has returned at least $1 billion to employers following strong investment returns, falling injury claims and other operational efficiencies. As with past rebates, employers are free to spend the funds as they wish.

While workers’ compensation in Ohio is a monopolistic system, it continues to be an area where your commercial clients have been positively impacted by BWC’s repeated rebates the past seven years. We encourage you to continue to explore how you can become an advisor to your clients on their Ohio workers’ compensation needs by learning more about OIA’s Group Rating and Retro programs.

Reprinted from Ohio Insurance Agents Association

Carolyn Mangas

Will Drones Change The Way We Buy Insurance?

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Drones and Insurance

The Federal Aviation Administration (FAA) released guidelines on the use of drones for commercial and personal use.  Many businesses are considering, or actually using, drones as part of their business.  Just a few applications include real-estate appraisals, making commercials, construction projects, and even security.

Most drone users have little or no aviation experience so, even if you follow the regulations and the laws, you might experience pilot error, or unplanned equipment failure. With some models tipping the scales of up to 55 pounds, rogue drones can pose a significant threat to people and property—and to your personal liability. That’s why it’s a smart to add an insurance review to your pre-flight checklist.

Here is a link to the FAA rules

Here is What You Need to Know

  1. Drones must weigh less than 55 pounds, and operation must be less than 400 feet above ground.
  2. Drones must be in your line of sight at all times.
  3. Operation must also be within 3o minutes of sunrise or sunset.
  4. Operators need to obtain a pilot certificate with the US Airspace by passing an aeronautical test.

Will My Insurance Cover Drone Operations?

It will be important to talk to your agent regarding just how your insurance policy will respond.

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 – 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

Five Questions To Ask Your Broker

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Five Questions To Ask Your Broker

There is a growing trend that involves the idea that insurance agents are different. And that when selecting your personal insurance, it pays to use an agent who has experience, knowledge and the service you need.

Your agent should have many years’ experience in the industry. They should have a staff that has the knowledge and experience to handle your individual personal insurance concerns and questions. Your agent should be able to offer alternatives and services that others can’t. For example, can your agent help you with flood insurance, ATV coverage or your second home?

Here Are Five Questions To Ask You Broker

  1. What is your experience in the insurance industry?
  2. If I have a claim, how will you help me?
  3. How often will you call me to review my account?
  4. How many markets will you use to market my personal insurance program?
  5. What is your policy on following up with customer requests?

There are other ways to help you evaluate the agent, which include; visit their web page to learn more about their services, ask for references, and check other social media sites.

One Example Of How We Define Customer Service

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This past year our community has been hit hard with wind damage from the Memorial Day Tornados. We should know because many of your clients have claims that we have been helping them with. Our team of professionals has been working hard to help our clients get the best possible settlement under the terms of their individual policies.

The services we provide during a claim is another good reason for individuals to partner with a local independent insurance agent. We work under the premise that insurance is a promise between the client and the insurer. Our job is to make sure all promises in the insurance policies are kept and communication between the insurance carriers and our clients maintained. People define integrity as doing the right thing when no one is watching. Over the past few months, I have noticed our staff acting with incredible integrity when dealing with both our clients and insurance carrier representatives; here are a few examples.

  • Representing our client’s interest to claims adjusters.
  • Visiting the damaged property.
  • Outlining our client’s coverage to insurance companies.
  • Asking for advances on behalf of your clients.
  • Confirming coverage terms to adjusters.
  • Educating clients on how the claims process works and what to expect.
  • Encouraging claims adjuster to offer proper settlements.

We are in business to make sure promises are kept and to educate our clients on the risks they face and how to manage them properly. Choosing the right insurance starts with choosing the right insurance agency.

 

 

What Is Risk Analysis And Why Is It So Important?

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What Is Risk Analysis And Why Is It So Important?

The term risk analysis tends to sound like a complicated thing. But simply put, risk analysis is a review of the things that might create a loss for you, your family, or business.

Why Is This important?

You have so much invested in your family, home, and business. You need to have an understanding of things that might happen, which will create a negative impact on your family and business.

What Role Does Your Agent Play?

Your agent will be your guide, consultant, and advisor through this process. It is important that you have an agent who is not interested in selling you insurance. Your agent needs to educate you on your risk, offer options, and work with you to make sure you are correctly protected.

If your agent does not understand or is not interested in this process, you will be left with inadequate protection.

If your agent offers an off the shelf homeowners policy, without asking questions and educating you might get stuck in the event of a claim. For example, you have a fire in your business and have to move out for three months during reconstruction. Do you have the right coverage to help you with temporary rent, and other expenses? What if you have to close your business and you have a loss of revenue? Knowing the right coverage and limits you need is the responsibility of your agent.

We Help Make The Complex Simple

We offer a series of questions to help our clients understand their risk and what options they have to manage them, based on their individual situations.

We educate our clients so they can make informed decisions. For example, if you are renting out a part of your home, you will need special insurance, as your homeowner’s policy excludes operating a business out of your home.

If you own a home and have other financial assists, you may need a personal umbrella policy. This protects you against litigation or claims where your primary coverage is exhausted.

Let’s start a conversation on how we might be able to educate you and design an insurance program that fits your individual needs.

After Recent Storms Agents Show Their Value.

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The recent storm and resulting damage have offered a reminder just how important the right kind of insurance can be. It also      re-enforces just how important your agent can be in helping you through the claim process.

People buy insurance to protect their family and financial assets from a loss. So when a loss occurs, most people expect their insurance to step up and take care of the issue.  Understanding insurance and the process involved in designing a policy can help prevent a standard claim from turning into a disaster.

How We Are Adding Value Post Storm

  • Helping clients finding contractors.
  • Offering ideas regarding money clients received from the insurance adjuster.
  • Communicating how the claim process works. For example, why the insurance company only paid a portion of the damage estimate at first.
  • Reminding people that claims are a “process’ of steps, not a one and done approach.
  • Helping to match volunteer disaster relief with clients in need.
  • Acting as a location and resource for internet, meeting space for adjusters and contractors to meet with clients displaced by the storms.
  • Helping clients with a final proof of loss.
  • Providing information on how to present your claim in a way to obtain the best payment based on your coverage terms.

Why Your Agents Knowledge And Experience Matters

Having a well-written policy at the time of a loss will make the entire process easier and more efficient.  Every insurance policy offers basic coverage like coverage for your home and personal property.  A trusted insurance partner will go beyond this and counsel you on how much coverage limits you may need and the benefits of modifying deductibles based on your financial capabilities.

The Value of Annual Insurance Reviews

An annual insurance review can offer time for the client and agent to sit down and determine what kind of coverage is needed based on your unique needs. This has become increasingly important after the recent Memorial Day tornado.

Your policy has coverage limits and deductible that will apply to each loss or claim. We can help you understand how these work and the value to you of adjusting these based on your individual needs.

We help you understand the value of viewing insurance as more than just a policy. It is a relationship with your agent and the insurance company. Your agent can become a trusted partner and help you with many areas of your personal insurance. This involves building a relationship of trust. You will want to have a comfortable, professional

Low Premium Vs. Value… Which Is Better?

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Many people think the best way to select an insurance agent is to hire the one that offers the lowest possible price. Lower price can mean inferior coverage and that’s fine until you experience a loss that isn’t covered. My goal is to help you understand that there is more to insurance then getting the lowest price. I use concepts like value, cost benefit and service as a foundation for the agent/customer relationship.

Here are a few ideas to help you along your path

Independent agents offer more options. Independent agents represent many different insurers. You want an agent who represents many insurers; especially an insurer who have experience in your specific industry, and who is willing to take the time to get to know you. Allow the agent to market your risk with many different insurers, this is a good way to bring vale to the process. You want a relationship, not a policy.

What can your agent offer? If you own a business and are looking for an agent to write your commercial insurance, you want to make sure they have experience in your industry. If your agent only has experience with personal lines, do they really have the experience and knowledge you need?

Know your agent’s credentials and experience. Ask your agent about their experience and qualifications. Are they investing in extra training and or do they have accreditations, like ARM or CIC. Also ask about their staff, is the account manager also seeking additional designations.

Does the agents personality fit with yours? Your agent can become trusted advisor and help you with many areas of your business. This involves building a relationship of trust. You will want to have a comfortable, professional relationship with your agent, so you can ask questions and get the straightforward responses you deserve.

Your agent can build an insurance program that provides sound insurance and risk management that adds value. And in the long run value is much better than low price.

What Do You Want From Your Insurance Relationship?

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The best relationships are built to last.  Long-term financial relationships are much more than a quick transaction or low price.  Recent surveys by JD Power & Associates found that consumers actually valued long-term relationships.  There are many ways agents can build value and create lasting positive relationships with their clients.

Why Lasting Relationships Matter

If you listen to most insurance advertisements, they tell you to shop your insurance every year and over time, you may save money.  The problem with this concept is insurance is not a specific “one size fits all” product that you might buy and expect to be what you need.  For example, when you buy a faucet, you would not buy all the individual components of a faucet, put it together yourself, and hope it worked.  Rather, you purchase a completed faucet, install it, and it works for years as promised when you bought it.

With insurance, you go into a contractual agreement with the insurer that your claim will be paid based on the terms of the policy.  Insurance is unique and it takes knowledge and skill to put together the right combination of coverage for each individual.  Why would anyone build an insurance product themselves when a professional, experienced, and licensed agent can do it better?

Your Agent Will Care About What You Care About

  1. An agent will get to know your family and your individual needs. Over time, agents develop close relationships with their clients and care about their well-being. Wouldn’t it be good to be on a first-name basis with an agent who knows you and your family, and lives and works in the same local community that you do?
  2. Your agent will know what risks you have. As in any relationship your agent will better understand your risks and be able to educate you on how to manage these risks.
  3. You care about convenience, choices, and control. Your agent will provide you with options of Insurance policies, the ability to control how you access your account, and the convenience of a simple insurance purchasing process.

How Agents Help Build Lasting Relationships

  1. By educating their clients rather than selling a product.
  2. Agents are always keeping up on the latest issues and trends to share with their clients.
  3. You can call their office and get a professional team member who knows who you are.
  4. Agents will meet you where you are.
  5. Life-changing events may require a meeting with your agent; we are here for you.
  6. Instead of calling a voicemail or making an appointment, interested consumers can speak directly with an agent immediately and ask any question they choose.
  7. Agents know what your insurance policies cover and do not cover, which helps you when you have a claim.
  8. An agent will take the lead and work through a claim to make sure you are satisfied.

In conclusion, our marketing plan is not based on internet ads, or catchy slogans, our marketing plan is to have completely happy and satisfied customers and build long-lasting relationships.

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 – 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.

2019 New Year Resolutions For Every Buyer And Agent

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As we move into a new year, I hope that every insurance agent and insurance buyer will think about how they view their relationships. Let us get away from the clever insurance advertisement’s attempts to bring our products and services down to the lowest common denominator, price, and commodity. Insurance products and services are used to build our local economies, allow people to dream, and help rebuild in the event of a disaster.

Therefore, here are my resolutions for 2019. I hope other agents and insurance buyers will embrace these as well.

Agents

• I will always put the needs of my client above mine.
• I will strive to educate rather than sell.
• It will be valuable to provide my clients with options.
• Insurance is a complex transaction, and I need to help my clients understand what they are buying.
• Risk management should always be part of every conversation; identify risk, assess the risk, manage the risk, and review again.

Insurance buyers
• I will select an agent who values relationships.
• Price is not an indicator of quality.
• Buying local is like the “farm to table” of insurance.
• I will seek an agent who is qualified to manage my risks.

At Reichley Insurance, our employees are committed to developing ongoing communication with our clients and striving to exceed your expectations. You are not buying a product; you are managing your risk. Remember, insurance is not a product; it is a promise and a trusted relationship.

Which Insurance Agent Is Right For You?

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Selecting an insurance agent may be one of the most important things you do.  Every family needs a good accountant, financial planner, and insurance agent to be looking out after their interests.  However, in today’s world, it may be hard to move your thinking away from the idea that the lowest price is the best, to getting the best value for your dollar.

We want to offer you a fun way to learn why your agent is more important than your policy.  We do this in the “Dear Abby” format—except it is “Dear Perk.”

Dear Perk: What does an insurance agent do?  In addition, is one really needed?  From – Wondering Will.

Dear Will:  A good insurance agent will help you understand what kind of insurance you need, first by educating you, and then offering solutions specifically designed for your family.  An agent asks you questions like, “What keeps you up at night,” or “Tell me about your lifestyle?”  Without an agent, there is no one looking out after your needs. Your agent will be there for you in the event of a claim and can provide valuable advice to make sure you get the full value of your policy.

Dear Perk: Aren’t all insurance agents the same?  From – All The Same Sam.

Dear Sam: No, insurance agents come in many different forms.  I recommend independent agents who represent many different insurance companies.  They are familiar with all types of policies from different carriers in the marketplace, and will create a better value by selecting what is best for their clients and not just selling you what products they have on hand.

Dear Perk: Our family has been blessed with great jobs that have allowed us to afford many luxury items.  Do I need any special kinds of insurance?  From – Very Blessed Brian.

Dear Brian: There are some very specific kinds of insurance we might recommend to people who have a high net worth.  Of course, we would want to meet with you to ask a series of questions in order to educate you and create a personal insurance portfolio just for you. However, here are a few ideas to get you thinking about your insurance needs.

Have you considered:

  1. A personal umbrella policy. This coverage offers higher limits for people who desire to protect their wealth in the event of a serious claim.
  2. Insurance for collections. Many people have wine collections, art, jewelry,and other high-end items that need to be insured.
  3. Insurance for a second home. If you own a vacation or rental home it is important to have that insured.
  4. Loss of use coverage. In the event your home is damaged, and you need to move out during restoration, you need coverage for a hotel, food, and other expenses. These can be covered under your homeowner’s insurance.

These are just a few thoughts we have regarding the importance of your insurance agent. “We believe insurance is not a product, it’s a promise and a trusted relationship”.  Please make time to hire the right agent with whom you can build a trusted relationship.  Then follow their advice and direction.