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risk

Prepare Your Business For The Future

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.

 

risk

Is Insurance Your Only Option?

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.

 

2022-23 Presents New Cyber Risks For Your Business

 

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

Our Mid-Year Insurance Outlook

It is essential to understand how the insurance market works and what the future looks like. In doing so, business owners and families can better plan for the future. Here is our brief overview of the insurance market as of August 2022.

The widespread use of vaccines and the relaxation of pandemic-related restrictions in 2021 served as significant accelerators for economic recovery by restoring public and corporate confidence. But that has been changed by increased inflation in 2022. But the conflict between inflation and  COVID-19 is far from ended, and there will probably always be some ambiguity. Could this harm the outlook for the insurance sector in 2022 and 2023?

According to our research, insurers anticipate more rapid growth in the coming year despite lingering COVID-19 worries.  However, non-pandemic issues with legislation, talent, supply chain issues, increased construction and auto repair costs, sustainability, and changing consumer preferences could provide roadblocks, causing premium increases.

On a more fundamental level, many carriers may think about taking action to increase stakeholder trust to increase customer retention and profitability. Greater transparency in the way insurers gather and use personal data may help to achieve this. They can also take a more proactive approach to find all-encompassing answers to pressing social issues, such as reducing the financial toll of upcoming pandemics and filling coverage gaps for natural disasters.

There are many actions people and businesses can take to minimize the impact of premiums or rate increases. These include.

  • Increasing deductibles.
  • Have your agent perform an insurance audit of your insurance program.
  • Make sure your property values are correct.
  • Considering self-insurance where prudent.

Give us a call for more information.

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

The Importance of an Annual Insurance Review

It is critical that every homeowner or business undertakes an annual insurance review. Regular reviews are equally essential to ensuring that your policy continues to be a good fit for your coverage needs and budget.

In a single year, a lot can happen that can have a significant impact on your insurance costs, coverage options, and limitations, among other things. Among these are the following:

  • Marrying or divorcing
  • Children graduating from high school/empty nest/child off to college
  • Beginning a new job
  • Recruitment of new employees
  • Purchase new commercial equipment
  • Establishing a new enterprise
  • Accepting elderly parents into your home
  • The acquisition or receipt of an ostentatious gift
  • Your immediate family member has died
  • Mortgage repayment

Is this to say that I must immediately contact my insurance agent whenever I purchase new furniture or a family member moves in for six months? Not always. While more significant changes (such as marriage, divorce, or the purchase of a new car) should be reported immediately, items such as upgrading your home entertainment system or upgrading your sound system can be reported during your annual insurance review.

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

Top Cyber Risks For 2022

The disruption generated by the COVID-19 epidemic has accelerated digital transformation among businesses and organizations worldwide in the last three years, a trend that experts believe in continuing in 2022. Cyberattacks affect everyone.  Here are cybersecurity dangers that firms should be prepared to manage in 2022, according to experts:

Supply chain attacks

According to experts, supply chain cyberattacks will continue to create new chances for cybercriminals this year.

Mobile devices

The COVID-19 epidemic also resulted in an increase in mobile device usage. Not only do remote users rely more heavily on mobile devices, but pandemic experts have also advocated for the widespread adoption of mobile wallets and touchless payment technology to reduce the spread of germs. Cybercriminals have a broader target when there is a more extensive user base.

Remote workers

A firewall, staff awareness, and tight policies and training, among other things, can be used to prevent basic cybersecurity risks within an organization’s setup. When people work remotely, however, putting in place cybersecurity precautions becomes more complicated. Sixty-eight percent of senior IT professionals believe their staff has picked up negative cyber-security behaviors when working from home.

Cloud Vulnerabilities

One could believe that the cloud will grow more secure as time passes, but this is not the case: Cloud vulnerabilities have increased by 159 percent in the last five years, according to IBM. Over 90% of the 29,000 breaches reviewed in Verizon’s DBIR were caused by web app breaches, according to the report.

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

What’s Trending In Insurance For 2022?

Changing consumer expectations, employment issues, supply chain issues, political unrest, and remote working will all have an impact on the insurance landscape in the coming year. Let’s look at some of our predictions for the most interesting trends that will emerge in the insurance industry in 2022.

2022 Predictions

  • When it comes to where and how to buy insurance, consumers will have more options than ever before.
  • Cyber-attacks will increase for both individuals and businesses in 2022.
  • Remote work will continue to grow in 2022.
  • More people will start home businesses, requiring a review of personal insurance coverage.
  • Advanced Driver Assistance Systems (ADAS) and linked vehicle technologies are on the rise.
  • COVID-19’s disruption of supply networks is expected to last well into 2022. However, with the reinvention of traditional freight and cargo insurance products, the related business disruptions and frustrations may be alleviated.

Recommended Actions

  • Start the renewal process early with your agent.
  • Collect precise information on your risk with your broker. This will help you stand out in the crowd.
  • Use an agent that desires to build a relationship and provide education on your risk and how best to manage it.
  • For commercial accounts, address loss control advice and talk to your underwriters about your efforts. Underwriters appreciate proactive loss management because it displays a commitment to risk mitigation.

 

agent

When To Call Your Insurance Agent

We strongly believe in developing relationships with our customers. Insurance is not a product; it is a trusted relationship between the agent, insurer, and customer. We are always ready and willing to help you better understand your insurance and help with any questions you may have.

The Value of Your Local Independent Agent

  • Local independent insurance brokers can tailor your insurance coverage to your specific needs because they work directly with you and the insurance companies.
  • Insurance is what independent insurance agents live, think, and breathe. Because it’s their business, they’ll be able to explain any difficult policies or rate adjustments in a way you can trust. They’ve dealt with a variety of insurance providers throughout the years and are familiar with how each one operates.
  • Because your independent insurance agent is not employed by an insurance business, he or she is referred to as “independent.” They work with a variety of insurance carriers, but they are mostly focused on you!

Good Reasons To Connect With Your Agent

  • If you no longer live in your covered house, please contact us; your policy will need to be revised or amended to reflect this change.
  • If you purchase or receive new valuables such as jewelry, antiques, art, or collectibles, contact your insurance company to ensure you have adequate coverage.
  • You make the decision to work from home (home-based business). A basic business insurance policy might be necessary to protect you and your new venture.
  • You may need to make adjustments to your home insurance coverage if the people who live with you or in your home change. Your auto insurance rates may be affected by changes in your household.
  • Significant renovation or additions to your property will almost certainly necessitate a change in the amount of dwelling coverage on your home insurance policy.
  • Insurance is required for vacation homes, cabins, rental properties, hunting land, and leased property. Please contact us if you are interested in purchasing a new property or making changes to an existing one.

You have any questions about your insurance; please call our office; we are here to help.

There Is No One-Size-Fits-All Insurance Policy

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.

 

 

insurance

Are You Being Asked To Be Your Own Agent?

We live in an ever-changing world, and your company’s insurance coverage needs to change with it. You must be able to adjust and update your insurance program regularly to keep your commercial insurance up to date. The insurance sector has produced a number of cutting-edge insurance products that your company may require.

But the issue seems to be; are business owners purchasing their own insurance without the support and advice of an agent? There are not any “standard” insurance solutions for business insurance. It will vary depending on the business you own. There is not one fits all solution to your business insurance risks. Even restaurants are unique enough that it is important to have unique insurance products that address specific needs.

Here Is How We Help And Support Our Clients

These are where we start in the development of an insurance program that addresses your specific needs.

  • We get to know you first.
  • What kind of risk do you have?
  • Are you open to taking more risks?
  • Can you avoid certain risks?
  • What are the financial resources you want to protect?
  • What does your supply chain look like?
  • What are your exposures to loss?
  • We explain the difference between risk transfer and risk avoidance.
  • What is your risk appetite?
  • Do you understand that insurers offer different solutions?

It is not a cookie-cutter approach that works to protect your business. It is imperative that you partner with an agent that can help you identify your risks and create a program that fits your needs. There are some general insurance solutions that many businesses might need, and we have listed these below.  

Common Commercial Insurance Products

When it comes to managing your property, having an agent that understands your risks, the market, and has the skills to build a program that meets your objectives is invaluable. Each policy is unique and subject to your own terms and conditions. 

  • Commercial Property Insurance is recommended whether a company owns or leases its space. In the event of a fire, loss, storm, or theft, this insurance protects your equipment, signage, inventory, and more.
  • Business Interruption Insurance covers the loss of income that a business suffers after a covered loss (fire, windstorm, etc.), while its facility is shut down or in the process of being rebuilt.
  • Tenant’s insurance is needed if a commercial lease requires tenants to carry a certain amount of insurance. A renter’s commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.
  • Commercial Liability insurance is necessary for any business, even if it is run from home. If you, your workers, or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party, the policy covers both defense and reparations.
  • Directors and Officers Insurance is needed even if you are a privately held business. Directors and officer’s liability Insurance protects your business, owners, executives, and managers if individuals, competitors, third parties, or government regulators make claims for damages.
  • Commercial Auto Insurance covers The automobiles owned by a business are covered by commercial auto insurance. Vehicles that transport employees, products, or equipment can be protected. You can protect your work cars, SUVs, vans, and trucks from damage and collisions with business auto insurance. If you don’t have company vehicles, but your workers use their own cars for work, you should get non-owned auto liability insurance to protect the firm in the event that the employee doesn’t have insurance or has inadequate coverage.
  • Cyber Liability is a risk that every business has. According to the Insurance Information Institute, businesses have a greater chance of having a cyber breach than they do of having a fire. Most businesses should consider cyber liability insurance, which is designed to cover the costs of investigations, notification, and credit monitoring for affected individuals, regulatory compliance, defending lawsuits, and payment of any resulting judgments or settlements.
  • Faulty Workmanship is a new and unique endorsement that provides a specific limit to protect against claims arising out of faulty workmanship, materials, or products. These claims would otherwise be excluded by the “business risk” exclusions found in every standard ISO Commercial General Liability policy.
  • Equipment Breakdown coverage offers extra protection for electrical, mechanical, or digital equipment used by your business, including heating, cooling, and refrigeration systems; computers and communication equipment; and more. It can pay for the cost to repair or replace the damaged equipment in the case that there is physical damage, as well as cover the cost of service interruption.
  • Debris Removal Insurance covers the cost of removing debris after a fire, flood, windstorm, etc. For example, a fire burns your building to the ground. Before you can start rebuilding, the remains of the old building have to be removed. Your property insurance will cover the costs of rebuilding but not of removing the debris.

Remember, pick an agent first, allow them to educate and inform you of your risks, then together design a business insurance program that works for your business.

 

Cyber Liability

hackerAccording to the FBI, cybercrime is now ranked as the number one law enforcement concern. The recent oil line attack is a good example.

Welcome To The Next Generation Of Business Loss

Cyber Liability continues to be a major issue for many businesses. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show that 40% of all cyber incidents affect businesses with fewer than 100 employees. According to Business Insurance, a small business now has a greater chance of a cyber-breach than it does of having a fire.

Cyber Myths and Facts

“If I have a data breach I can just call my customers.”  Myth – New laws now require you to provide written notification and even provide identity theft coverage for a period of time. A data breach could cost you up to $250 per individual breach. The government can also fine you if they feel you have not taken appropriate actions.

“Only large companies need the coverage.”  Myth – Businesses with fewer than 50 employees are the latest targets of cyber thieves. Often small businesses fail to have adequate protection making them an easy target. Companies with less than 75 employees endured 70% of the total attacks.

“Traditional business liability insurance will cover cyber liability.”  Myth – Traditional liability insurance does not cover your business for internet exposure or data breach.

“We don’t use the internet for business and therefore don’t have any exposure.”  Myth –According to the 2013 Data Breach Investigations Report by Verizon, 13% of all data breaches that occurred were caused by an employee or other internal source.

“My company does not store credit card information; therefore I don’t have any risk.”  Myth – Confidential information is defined as any kind of personal information including addresses, email, social security numbers, Federal ID numbers, family member information, bank information and more.

Cyber liability coverage has evolved from insurance for information technology companies, to coverage that nearly every kind of business should have.  All types of businesses including retailers, banks, contractors, distributors, restaurants and medical offices, are often unaware of the severe data breach exposure they face. In short, any business not making an effort to protect personal private information is seriously out of step with the emerging landscape of privacy law.

We will be offering a number of articles on this subject over the next few months including; cyber risk prevention and personal identity theft issues.