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As Americans, we are constantly watching the prices of things go up. Though we are used to some prices going up, there are many things that are going up astronomically. You may not be worrying about much more than putting food in your home and gas in your car. However, your insurance is also going to be affected, as the prices continue to rise.

What is inflation?

The official definition of inflation is a loss of purchasing power over time. Basically, this means that the price of goods increases over time. It means that you will end up spending more money for your groceries and other goods that you buy on a regular basis.

Why is it happening now?

Inflation happens on a regular basis. However, it seems to be really increasing right now, due to the pandemic. This is due to the disruption of the supply chains. Once everything started opening back up in 2021, the demand for goods made the prices go up even more.

How does inflation affect insurance and the price of insurance?

You may be wondering what this means for you when it comes to your insurance and your needs.

It may come down to what the market value is on your home and other valuables. If you go by insurance values, you may not get enough money if something happens to it. You need to think about the market value of the object. Your home and automobile may be worth more now than when you first got it insured. You are going to want to check your plan to ensure that you will be paid properly if something happens.

You should work with an agent to get the best deal for your insurance. Your agent will be able to offer you several policies, explain why they are different, and help you figure out exactly what you need. He or she will be able to explain the difference between insurance and market value, to ensure that you feel happy with the plan that you choose.

It may help to talk to your agent about the inflation guard. They may have a clause in your insurance that will help to cover the increase in the cost of repairs, should your home, automobile, or valuables get damaged.

For this reason, many insurance companies recommend checking your policies regularly to ensure that you are fully protected. You should never get a policy and then forget about it for years. Instead, it is a good idea to check your policy at least once a year to make sure that you are protected. You don’t want to add on to your home, and then when you have a fire, realize that you never updated your policy. You will have to start all over (with your own money) in order to fix it.

As prices continue to rise, inflation continues to stress us out. We are spending more money than ever to fill up our gas tanks and put food in our bellies. Not only that, but everything else is getting higher too! However, we can’t forget about our insurance.

You need to check your policies at least once a year to ensure that you are fully protected. It may also help to work with an agent, to make sure that you get everything that you need (even if you didn’t realize that you needed it)!

If you are serious about getting the best deal for all of your insurance needs, don’t hesitate to contact us today. We would be glad to talk to you about what you need and how we can create a plan that is affordable for your budget.

What is an LLC? A Limited Liability Company (LLC) is a business entity that provides limited liability to its owners. This means that the owners’ assets are protected if the company is sued. Limited liability companies are a popular choice for small businesses, and there are several types of insurance that they should consider purchasing. We will discuss what an LLC is and what types of insurance they should consider buying.

Types of Insurance an LLC Should Consider

1. Business Owner’s Policy (BOP)

A BOP is a policy that combines property and liability insurance into one package. This is a good option for businesses that want to insure their property and protect themselves from potential lawsuits.

The BOP will typically include coverage of the business’ property, equipment, and inventory. It will also provide liability coverage if someone is injured on your property or if you are sued for damages. This type of policy can be a good option for LLCs that want to purchase insurance without shopping around for multiple policies.

Advantages of BOPs

• One policy for property and liability coverage
• Affordable premiums
• Coverage of a wide range of risks

Disadvantages of BOPs

• It may not provide enough coverage for some businesses
• It does not include health insurance or workers’ compensation insurance

If you are looking for more comprehensive coverage, you should consider purchasing a policy that covers more than just property and liability.

2. Business Liability Insurance

Business liability insurance provides coverage for the damage your business may cause to another person or company. This policy can protect you if you get sued for negligence, product liability, or wrongful termination.

Advantages of Business Liability Insurance

• It covers a wide range of risks.
• It can protect in the event of a lawsuit
• Affordable premiums

Disadvantages of Business Liability Insurance

• It does not cover property damage
• There may not be enough coverage for some businesses.

If you want to protect your business from potential lawsuits, you should consider purchasing business liability insurance. This type of policy can provide you with the coverage you need to protect your business’ assets.

3. Workers’ Compensation Insurance

Workers’ compensation insurance covers medical expenses and lost wages if an employee is injured or killed. This type of policy is required by law in most states, and it is a good idea for LLCs to have it.

Advantages of Workers’ Compensation Insurance

• Covers medical expenses and lost wages
• Required by law in most states

Disadvantages of Workers’ Compensation Insurance

• It may be expensive to purchase
• It does not cover injuries that occur outside of the workplace

If you have employees, you should consider purchasing workers’ compensation insurance. This policy will cover medical expenses and lost wages if an employee is injured or killed.

4. Health Insurance

Health insurance provides coverage for medical expenses and lost wages if an employee is injured or killed. This type of policy is required by law in most states, and it is a good idea for LLCs to have it.

Advantages of Health Insurance

• Covers medical expenses and lost wages
• Required by law in most states

Disadvantages of Health Insurance

•  It may be expensive to purchase
• It does not cover injuries that occur outside of the workplace

If you have employees, you should consider purchasing health insurance. This policy will cover medical expenses and lost wages if an employee is injured or killed.

5. Disability Insurance

Disability insurance provides coverage for lost income if an employee is injured or killed. This type of policy is optional, but it can be a good idea for businesses.

Advantages of Disability Insurance

• Covers lost income
• Can help businesses stay afloat in the event of an injury or death

Disadvantages of Disability Insurance

•  It may be expensive to purchase
• It does not cover injuries that occur outside of the workplace

If you want to protect your business in case of an injury or death, you should consider purchasing disability insurance. This policy will cover lost income if an employee is injured or killed.

Conclusion

LLCs should consider purchasing various types of insurance to protect themselves from potential risks. These policies can cover property damage, liability, employees’ injuries, and lost income. Purchasing insurance can be expensive, but it is often worth the cost.

Contact us to learn more about how you can insure your business. Our team of experienced business insurance experts is standing by to help you start protecting your business the right way.

DON’T GET SCAMMED – Social Engineering /Deception Fraud is a serious CRIME.

It is commonly perpetrated by IMPOSTERS that contact your clients and intentionally mislead them to divert YOUR INVOICE payments to other bank accounts.

Here are two examples:

1. A criminal posing as a company manager or outside vendor sends an email request for a payment by wire transfer. These requests often appear to be legitimate at first glance, but upon closer look, may contain key telltale signs that something is amiss.
2. The billing coordinator gets an “urgent” email from the CEO instructing them to wire funds to a new client and promising to provide documentation later in the week.  However, the email actually came from a bad actor who is “spoofing” the CEO’s email address to make it appear legitimate.

Signs of Fraud

Social engineering scams can cost businesses millions of dollars annually. But if employees know the signs of potential fraud they can help prevent these losses. Some social engineering to be aware of include:

1. Email requests from vendors to wire funds to a new or unfamiliar bank account. Frequently, these accounts are located overseas. The request may include what seems to be a plausible explanation for using the “new” account. For example, the “vendor” may say that the previous account is frozen due to a tax audit. In some cases, additional emails will be sent to direct funds to yet another account before the transfer is made.
2. Internal email from a manager, purportedly traveling or on vacation, who requests an e-payment to a vendor not approved by the company. The request justification may appear vague, such as payment for “business development” purposes. Or, the requestor may say they’ll provide supporting documentation for the request upon returning to the office.
3. Misspellings, incorrect syntax, or unusual or odd word usage in the transfer request. Social engineering schemes are frequently perpetrated from outside the U.S. by people whose primary language isn’t English.
4. Payment rejection by initial account with a new request to wire funds to a different account. This could indicate that the perpetrators are having difficulty lining up an account for withdrawing the funds.
5. Requests to wire funds on a Friday, urging payment by close of business. This timing gives the perpetrators two non-business days to remove the transferred funds from the receiving account.
6. Requestor instructs the employee to keep the wire transfer a secret from colleagues. They may say it’s for a confidential purpose, like the acquisition of a new subsidiary that hasn’t yet been made public, and assert that disclosing the payment could be a violation of SEC rules.
7. Requests for wire transfers to a foreign bank account by a company that doesn’t engage in overseas business.
8. Vendor email states new “wire transfer only” policy for payments. There may even be a request to stop payment on a payment check already mailed, and to wire-transfer the funds instead.

Also, be aware that tech savvy criminals may be able to monitor, infiltrate and intercept a company’s email accounts and service. This allows them to track and then mirror a vendor or employee communication style to appear legitimate.

BEFORE WIRING FUNDS, BE VIGILANT

The following steps take only minutes, but could save millions.

1. Reach out to the requestor by telephone to verify all facets of the request and confirm the receiving account information.
2. Do some research. If it’s an outside company or vendor, find out if anyone else in the company is familiar with the requestor and the history of wire transfer requests.
3. Scrutinize the email address.  Often, a fraudulent email address will look almostidentical to the real thing.  Be on the lookout for small changes, like a missing or altered letter.
4. Remind company employees: “When in doubt, check it out!” It’s important to have a culture where employees feel comfortable asking for verification/clarification that a request is legitimate.

Consider Social Engineering Fraud Insurance

Even companies who undergo training and employ strong security practices can be infiltrated.  Social engineering coverage is typically added to a crime or cyber liability insurance policy and can provide protection for your business. There are several types of coverage available so it is important to talk with your agent about your company’s needs and risks.

Always train yourself and your employees to spot the signs of fraud and be ever vigilant and ask us about CYBER and CRIME INSURANCE. We can help show you how to protect your company.