Month: April 2021

Insurance carriers realize that offering additional lines of coverage to an existing customer is less expensive than trying to attract new customers. They also know that the more lines a given customer has, the longer they’re likely to stay with them.

While bundling policies is beneficial to insurance carriers, it is also highly beneficial to their customers. Similar to how bundling your personal home and auto policies may give you a discount, bundling your business policies can provide benefits way beyond cost savings.

Simplified Bookkeping

Most businesses require a number of insurance policies in order to properly insure their operations, including:

1. Workers’ compensation
2. General liability
3. Commercial property
4. Professional liability
5. Commercial auto
6. Business interruption
7. Cyber liability
8. Directors and officers

Keeping up with that many policies isn’t an easy task for business owners. Therefore, bundling multiple policies with the same carrier simplifies things for bookkeeping purposes. Besides having fewer bills to keep track of every month, it also makes it easier come renewal time if the bundled policies renew at the same time each year.

Your HR department will also appreciate having one number to call when you’re hiring a new employee, have claims questions, are adding a location, or making any other business decisions that impact your insurance.

Fewer Agents to Educate

Properly insuring your business requires explaining to your insurance agent exactly what your business does and the exposures that come with it. But without bundling your policies, you have more agents to educate, which takes time. The fewer agents you have to work with, the better equipped they’ll be to help identify and address your exposures.

Assurance That Your Policies Work Together

There may be circumstances when two of your business insurance policies have to work together. For example, you may assume that something not covered by your commercial auto policy would be covered by your commercial umbrella policy. However, many umbrella policies will only extend above an auto policy if the insurance company offering it has a specified financial strength rating. If your carrier’s rating falls below a certain grade, your umbrella policy may not cover an auto loss. That’s just one type of problem that could arise if you keep your policies under separate roofs, with separate agents.

Less Security Risk

When obtaining insurance, business owners are required to divulge sensitive personal information about their employees, as well as financial information about the business itself. When dividing your policies among multiple agents, you’re basically providing all that information to more people than you would have to if you’d bundled your policies with one agent. And in doing so, you’re increasing the risk of highly sensitive information ending up in the wrong hands.

This Coverage Insight is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice.

Observed every April, Alcohol Awareness Month is meant to raise awareness about alcohol use and break the stigma by discussing how alcohol-use disorders affect individuals, families, and communities. This year is especially critical as COVID-19 restrictions and stress can increase your susceptibility to substance misuse, addiction, and relapse. In fact, alcohol sales in the United States have grown nearly 30% in the last year.

Alcohol abuse can affect both your personal and professional life. Prolonged drinking puts you at risk for developing serious health complications—such as high blood pressure, heart disease, liver disease, and stroke— and can trigger other life-threatening consequences.

Know the warning signs

Alcohol use disorder can be mild, moderate, or severe, based on the number of symptoms you experience. Keep in mind that symptoms often occur at the same time. It can also include both periods of alcohol intoxication and withdrawal symptoms—such as sweating, shaking, and nausea.

Common physical and behavioral signs and symptoms of alcohol misuse include the following:

1. Feeling irritable or experiencing mood swings
2. Having poor coordination
3. Showing signs of slurred speech
4. Experiencing blackouts or short-term memory loss
5. Isolating from friends and family
6. Failing to complete responsibilities and obligations at home or work
7. Drinking alone or in secrecy
8. Making excuses for drinking, such as to relax or deal with stress
9. Engaging in risky behavior, such as drunk driving

If you or a loved one are concerned about alcohol use, talk to a doctor or use the Substance Abuse and Mental Health Services Administration’s (SAMHSA) National Helpline by calling 800-662-HELP (4357).

Moving 11 Minutes Per Day Can Improve Your Health

There’s no denying that the pandemic has hampered activity levels. On top of exercising less, you are likely sitting more than normal too. However, a sedentary lifestyle can be hazardous to your health. Although this type of lifestyle may be a pandemic reality, there’s good news about the benefits of small move goals.

According to new research from the Norwegian School of Sports Medicine, just 11 minutes of daily, moderate exercise can provide long-term health benefits and increase your life span. Additionally, people who worked out at least 35 minutes per day saw the biggest results in terms of health, especially joint health.

Any movement, no matter the duration, is beneficial, as long as you accumulate enough of it. And, if you take your movement outside, you can improve your mental health in addition to your physical health. Start moving today, and talk to your doctor if you have questions about any lifestyle changes.

Mental Health Support During the Pandemic

Rarely has there been a greater need for mental health support than now. Before the pandemic, there were already shortages of mental health professionals. For example, there were 45 psychologists or psychiatrists for every 100,000 Americans. In some places, that ratio was just one professional per every 30,000 people. Additionally, Mental Health America data reveals almost a quarter of adults with a mental illness say they aren’t able to get the treatment they need.

As the pandemic continues to strain health care resources and take a toll on personal well-being, there are some ways to still receive mental health support. Telehealth is a great place to start receiving mental health care via video conferencing. Additional support resources include:

1. Your primary care doctor, who can point you in the direction of mental health resources
2. State psychological associations
3. Work-based wellness and employee assistance programs
4. The SAMHSA’s National Helpline, which is free, confidential and available
5. 24/7 by calling 800-662-HELP (4357)
6. The United Way’s free and confidential service for community resources

There’s hope on the horizon with COVID-19 vaccine rollouts, but the pandemic is still evolving. Continue to check in with yourself and reach out for help.