In my workshops, I joke that it “only takes one felon to ruin a day.” This isn’t funny, especially if such a person has victimized you. Unfortunately, despite the recommendation that employers should do criminal background checks on all employees, most still don’t, either because they think that bad things only happen to other companies or they claim that they don’t have the time or money. This is a huge mistake. Remember, felons have sold drugs, defrauded, robbed, assaulted or killed people, embezzled, or engaged in many other criminal acts. I’m not saying that you should never hire ex-felons. I have some printing company clients who run their presses 24/7. Most of their third shift have criminal records. At least they know what type of person they’re dealing with!
Remember this too: If you use a temporary firm, recruiter, leased employee, etc. make sure that whoever provides you with this person has done their criminal background checks.
Consider using HR That Works partner www.globalhrresearch.com for your criminal background checks.
I just listened to a great Freakonomics podcast, in which the authors discussed “faking it:” Everything from saying, “I’m sorry” to “I love you,” as well as “Yes, I’m happily married with kids and I play golf” in order to land a sales job. Of course, there’s a fine line between innocence and manipulation when we fake it. We figure that it’s OK to lie about family life because if it helps you to get the job, you know you’ll perform when you get there and then your employer will have no regrets. So what’s the harm? We say we’re sorry, even though we don’t mean it because we still want the other person to like us – and, in the end, we want to be able to like ourselves.
One of my favorite questions when I’m recruiting someone is, “What felt unfair to you in your last job?” This is where “faking it” meets the road. How we respond to this question provides a good measure of our integrity or personal culture. Will we always answer with 100% honesty? Really? Even if doing so could hurt you or someone else? Is brutal honesty always worth the price paid?
Of course, where to draw this line is never the same for two people. In large measure, it’s about having enough self-confidence to handle things in a way that would make you proud – to perhaps mitigate, but at the same time accept, any discomfort the honest answer might cause.
Unfortunately, there’s a lot of faking it in the workplace, caused by any of Maslow’s Hierarchy of Needs: Survival, security, belonging, ego gratification, and self-actualization. It’s easy to see how we might lie for survival purposes (“I really need this job”). However, it’s more difficult to justify faking it for self-actualization (“This little white lie might spur this person toward positive action”).
As the podcast noted, everybody fakes it. In the end, nobody is responsible for the consequences of our faking it except us. Even if the outcome is positive, it can put a dent in our soul, somehow cheapening the experience. The end, of course, does not always justify the means.
So what lesson can we learn? Create a work environment that diminishes the need for faking it. It’s about communicating expectations, ethics, vision, and the other variables that come in to play. In Four Arguments, Don Miguel Ruiz says that we need to be impeccable with our word – without exception. As a manager, we don’t BS people hoping we can gain their loyalty or productivity. On the other hand, if people aren’t performing on the job, we need to be honest about saying so, despite the fact that this might not feel fair to the other person. As employees, we can be honest about our commitment to an organization, our work ethic, and our long-term plans. We can make sure that we don’t place ourselves in situations or with companies where we can’t be honest.
One of the podcast authors asked what would happen if we had a “National No Faking It Day,” where people decided to be brutally honest for 24 hours. In response, the other authors predicted “a jump in the homicide rate.”
In the end, the authors thought that, in order to survive, we need to fake it. For example, it probably wouldn’t make sense for a manager to say exactly what’s on her mind at the moment she’s upset with someone she dislikes. We might not want to speak truthfully about how we feel about a client while they’re in front of us. Or we might not want to punch that guy in the nose – even if he deserves it.
Finally, bear in mind that we have been conditioned to believe that we should “fake it until we make it” by pretending that we like an unpleasant person or situation until we really do or the problem goes away.
If you are single, you might believe the myth that you do not need Life insurance. Nothing could be further from the truth. Would you believe that as a single person, you might need Life insurance even more than if you were married? Married people leave behind spouses who can provide for their family. If you are single and pass away, your family might be impacted in a way you might not have considered.
When young adults pass away, they typically leave a lot of one thing behind: Debt. For instance, you might have graduated from college with a large student loan. To get that loan, it is likely that your parents co-signed for you. A co-signer accepts 100% responsibility for repayment of the loan should the other borrower default. Therefore, if you die with a student loan and you obtained the loan with a co-signer, your co-signer will be responsible for repayment of that loan. In addition to the possibility of leaving behind loans, the cost of your final expenses might be more than you realize. Burial and funeral costs can run into the thousands, often making it difficult for family members to meet the financial obligations of paying for a funeral. A Life insurance policy can protect your family from having to meet financial obligations on your behalf.
If you’re a single parent, your need for Life insurance might be more obvious. You provide the only income for your family and are the sole means of support for your children. If you pass away, your extended family might be able to step in and help out. However, it is highly likely that they might not be able to completely or comfortably cover your family’s expenses. Thus, a single parent’s need for Life insurance might be even greater than a married couple’s.
What if your spouse has died and your children are grown? With proper estate planning, Life insurance can help protect your estate so you can pass on the majority of the estate to your heirs, rather than to the government. Life insurance premiums for seniors have traditionally been cost prohibitive, but due to the country’s healthy senior population, premiums are becoming more affordable.
There are many options available in Life insurance policies, and you can purchase a policy that is tailored for your specific circumstances. If you obtain a Cash Value Life insurance policy and pay your required premiums, the policy will be in force for life and will become an asset in your future. Another option would be to choose a policy where you can lock in the premium rate. Premiums are lower for younger adults and increase as you age. Certain policies will maintain your low fixed premium rate for your entire life.
Regardless of your marital status or the ages of your children, Life insurance provides you with a sense of security and is an asset in your financial portfolio. The death benefit provided to your loved ones upon your death might encourage you to consider Life insurance, but the cash value of certain types of policies might cause you to appreciate its contribution to your own financial future. Whatever your stage in life, consult with one of our financial advisors to discuss which Life insurance options are best for you.
Life insurance offers a benefit that many people don’t even realize: The benefit of enjoying your retirement savings. You might not see the connection between a Life insurance policy and retirement, but there are actually two ways in which this coverage can help you relax and enjoy your retirement years:
- Life insurance can provide a legacy to your heirs.
- A Life insurance policy with sufficient cash values can be used for supplemental retirement income.
Life Insurance Benefit 1: Legacy Planning. Without Life insurance, the only way to leave behind a legacy to your heirs is by preserving some of your net assets for their inheritance. That means instead of enjoying your retirement by traveling, shopping, and relaxing you must be ultra conservative about your spending. You need to budget carefully, sacrifice your own enjoyment and not only make sure that you don’t over-spend your retirement savings, but ensure that you under-spend it. When there are fluctuations in the market and your retirement account balances begin to fall, legacy savings add additional stress to the situation and can even result in resentment of those to whom you once wanted to leave a legacy.
With Life insurance, you never have to worry about legacy planning. Your heirs will inherit the Life insurance death benefit proceeds and they won’t contend with the hassle of probate, estate taxes (if structured properly) or fluctuation in estate value based on the market. The best part is that you don’t even need a high cash value Life insurance policy; you can obtain a Permanent or Term insurance policy that offers only a death benefit. Either way your needs, goals and objectives are covered.
Life Insurance Benefit 2: Supplemental Income. There might come a time during your retirement when you need an extra source of cash to tap into, for example, to help a friend or family member through a difficult time, or to help you bridge a small financial gap. If you do need a loan, who better to borrow money from than yourself? When you take a tax-free loan from the cash values of your Permanent Life insurance policy, you pay interest back to yourself — not to a bank, but to your own policy.
If you are unable to pay off the loan before your death then your death benefit will be reduced by the outstanding loan value. That means you can borrow money, not pay it back and still leave a legacy (as long as the policy doesn’t lapse due to insufficient values). Because significant cash values can take years to accrue, the time to buy a Life insurance policy for tax-free retirement income is now.
Whether you are worried about the financial stability of your investments or you simply don’t want the stress of trying to under-spend your retirement savings, a Life insurance policy could be the right answer for you.
There’s just something a little scary about receiving a medical bill or a letter from your insurance company claiming you owe money. These tiny sheets of paper have the power to send many of us into panic mode. As soon as you receive a medical bill or explanation of benefits (EOB) from your insurance provider, do you immediately whip out your checkbook and mail in your payment? Are you terrified you’ll be turned over to a collection agency if you don’t pay the bill right away? Not so fast! Before you cough up the cash for that medical bill or EOB, it’s important to do a little homework. Don’t simply assume that you have to pay the bill. First of all, it could be a mistake. Secondly, the doctor’s office or hospital will not send your bill to collections right away. And most importantly, if you pay the bill only to realize later that it was covered by your insurance, it can be extremely difficult to get a refund.
So, put away that checkbook and read on to learn the solutions to four common medical bill problems:
Common Problem #1: You receive a bill for a covered service. Let’s say your medical provider sends you a bill for a service or procedure that your insurance has always covered in the past. Don’t assume your insurance provider has simply changed their coverage. More often than not, this just means that the insurance company hasn’t had a chance to pay the bill. If you receive a bill for commonly covered service, let it sit for 30 days. This should give your insurance provider plenty of time to pay off the bill. However, if you receive another bill from the medical provider, give your insurance company a call to find out what’s going on. You should also call the medical provider to let them know that you’re working with the insurance company to make sure they pay.
Common Problem #2: You see the word “DENIED.” You go to the doctor or dentist for a standard service that’s usually covered by your insurance company. However, a few weeks later, you receive a claim stamped with the menacing word, “DENIED” in bright red letters. Don’t freak out because it’s probably just a mistake. The medical provider might have coded the treatment incorrectly. Call your insurance company and make sure the claim matches the actual service you received. If not, let them know what happened, and find out the proper code for your treatment. You might need to follow up with the medical provider, as well.
Common Problem #3: You have a jumbled pile of EOBs and bills and no idea what you owe. If you have a number of EOBs and medical bills, it can be difficult to figure out what goes with what and how much you need to pay. That’s why it’s important to keep all of your medical records as organized as possible. A little bit of organization could save you a whole lot of time, money, and frustration down the road. When you receive a bill from your medical provider, staple it to the coordinating EOB from your insurance company. Keep all of your bills in a folder so you can access them easily and quickly. If you call your insurance company or medical provider to discuss a particular claim, write notes on the EOB or bill to keep track of who you talked to and what you discussed.
Common Problem #4: Only a portion of your claim was paid. Let’s say you received a standard medical treatment that’s typically covered in full by your insurer. But a few weeks later, you discover your insurance company covered only a portion of the claim. It could be a slip-up on the insurer’s end or the medical provider could have coded the treatment incorrectly. But more often than not, this happens when you go to an out-of-network provider. If that’s the case, you’ll probably have to pay this claim. When you go to a provider that is not part of your insurer’s network, you often have to pay more out of pocket. However, if you receive this kind of bill and you’re certain you saw a network provider, give your insurance company a call. It could simply be a mistake.
Of course, this is just a handful of medical billing problems. Patients deal with these and countless other medical billing issues day in and day out. So, the next time you receive a bill or EOB in the mail, don’t panic. When in doubt, call your insurance company and/or the medical provider to discuss your concerns.
Whether you drive 600 miles a year in your RV (recreational vehicle) or 6,000, you need to have suitable insurance protection before hitting the road. Because insurance policies tailored to the needs of motor homes, recreational vehicles, fifth-wheels and/or travel trailers vary from state-to-state and policy-to-policy, it is important to insure your RV with at least the basics.
Most insurance specialists agree that Comprehensive coverage is a must, as it covers most direct, sudden, and accidental losses including those caused by collision, theft, vandalism, fire, smoke, landslide, windstorm, lightning and hail. You might also want coverage for RV awnings, satellite dishes, and other accessories. There are even policies that cover emergency expenses, including lodging or travel expenses home if the RV is damaged or destroyed by a covered loss while more than 50 miles away from home.
Look for an insurance policy that provides adequate campsite/vacation liability, coverage for when the RV is parked, and for when you are using the RV as a temporary residence. Because it protects the RV from costly depreciation, Total Loss Replacement coverage might also prove to be useful and is well worth the minimal added cost. With Total Loss Replacement coverage, the RV owner gets a new RV of similar kind and quality if the vehicle is destroyed within its first five model years. This is unlike standard Automobile policies that only pay the actual cash value of the RV at the time it is destroyed. You can also add Replacement Cost coverage on personal belongings that are stolen from the RV or destroyed while in the RV.
RV owners should also consider buying a special Stationary policy that offers extensive comprehensive and contents coverage if the RV is used as a seasonal or permanent residence. This includes coverage for liability, medical payments to others, and property damage claims caused by an accident for which RV owners may be held liable. Your Homeowners or Auto insurance policies might not cover exposures related to the use of your RV as a residence – even if just seasonally.
Because such special coverage policies vary from one state to the next and some coverages aren’t offered in all states, it is important to do your homework, or better yet, your “RVwork,” and find a policy that suits your travel needs.
If you own a condominium, you might think you don’t need insurance protection. Think again. Although your condominium association offers a “master” insurance policy that covers the building and commonly owned property, this insurance probably does not protect your upgrades, furnishings, and other belongings. That means if a burglar breaks into your condo, a fire causes smoke damage to interior walls of your unit, or a visitor falls and hurts himself inside your home, you will not be covered by your condominium’s general insurance policy. This is exactly why you need your own condo owner’s policy. This personal coverage could protect you in the event of theft, damage, and personal liability situations.
Every condo is different. Before you purchase condo insurance, you should find out exactly what is covered by your condominium association’s master policy. Generally, these policies cover only the structure of the building, but it varies depending on your state and particular condominium. It’s important to do your homework and find out exactly what is and is not covered so you can make sure your personal policy covers the rest.
What kind of coverage do you need? The type of coverage you need greatly depends on your unique situation. However, you’ll definitely want to protect yourself against theft, damage, and personal liability incidents. Depending on where you live, you might also need Flood insurance or other special coverages. One of our professional insurance agents can help you figure out exactly what kind of coverage you need. You might want to ask yourself the following questions as you decide on the details of your insurance policy:
- What parts of the condo am I responsible for according to my condo association’s bylaws?
- How much would it cost to replace or repair my condo?
- How much are all of my personal items worth?
- Do I have especially valuable items in my condo, such as jewelry, antiques, fine art or collectibles?
- Do I run a business out of my home or often work from home?
You should also think about Liability coverage. Unfortunately, we live in a lawsuit-happy society today. So, if a visitor falls down your stairs and breaks his leg or slips on some water in the kitchen and throws out her back, they might ask you to pay for medical expenses, lawsuit costs, and other compensation awards. That’s why it’s so important to make sure your insurance policy includes liability protection.
Don’t skimp. Whatever you do, don’t assume that your condo association has you covered. This assumption could cost you thousands of dollars in the long run. Do some research and find out exactly what kind of protection your association’s insurance policy provides. You’ll probably discover that it’s not nearly enough to protect your personal property and belongings. Our expert insurance agents can help you determine exactly what kind of coverage you need. You might even qualify for special discounts if your condo has smoke detectors and central station burglar and fire alarms. Call our office today!
You’re having a new pool installed in your backyard, and you can’t wait to dive into a summer of swimming fun. Of course, you might be so busy buying water wings, noodles and floats that you forgot to take care of one very important detail: Your insurance. Now is the time to take a close look at your Homeowners policy to see if you have sufficient coverage for your new pool. Your first step should be to give one of our insurance agents a call right away and let us know you have a new pool. If you neglect to inform us of this important fact, it could cause problems down the road if someone is injured in your pool. Here are a few insurance facts to keep in mind as you get ready for your pool opening:
Your pool is separate from your home. Homeowners insurance generally provides coverage for damages to your home and “other structures” on the premises. As far as your insurance company is concerned, your pool is considered a separate entity from your house — which means it is covered under the “other structures” portion of your policy, together with detached garages, sheds, and gazebos.
With most Homeowners policies, the maximum amount of insurance coverage for these other structures is 10% of the amount of coverage on your home. In other words, if your insurance policy covers $100,000 on your home, the coverage you would receive for your pool and other structures would be $10,000 combined. If you spent wads of money on a fancy new pool, $10,000 might not be enough to cover serious damages to it. Plus, if you have a shed and a detached garage in addition to a new pool, keep in mind that this amount will have to cover damages to all three structures. You might decide that you need to purchase additional insurance. The type of pool damages your insurance will cover varies depending on your specific policy. Be sure to read the fine print and figure out exactly what your policy covers. Most policies do not cover damage caused by freezing, thawing, pressure or weight of ice water. Therefore, if you live in a particularly cold area, be sure to protect and “winterize” your pool properly before the colder months hit.
Protect yourself against pool liability issues. Insurance can also protect you against liability issues related to your pool. Obviously, there are serious dangers associated with pools, including injuries and drowning. As a matter of fact, about 45,000 swimmers are injured and 300 people drown in backyard swimming pools every year. Although the liability portion of your Homeowners policy will protect your assets if someone sues you, it might not be enough. Most Homeowners policies pay up to $100,000 in coverage each time a person makes a legitimate civil claim against you for an injury that occurred on your property. When you install in a pool, you are increasing the chances that someone could be seriously injured or even killed on your property. Therefore, you should consider purchasing additional liability coverage after you install your new pool. First of all, find out if you can purchase higher liability coverage limits on your existing Homeowners policy. You might be able to increase your coverage from $100,000 to as much as $300,000 for a minimal premium.
However, this still might not be enough for a pool owner. You should also consider purchasing what’s known as a Personal Umbrella policy. This type of policy offers a higher level of liability coverage and ensures that you and your family will be protected if someone sues you for damages. Umbrella policies typically pay up to a predetermined limit, which is usually $1 million, for liability claims made against you and your family.
Call our office today and discuss how you can protect yourself from liability issues relating to your pool.
Follow pool safety rules! Another way you can protect yourself from liability issues is to create a safe swimming area and make sure everyone who takes a dip follows your pool rules. Here are a few safety tips to keep in mind:
- Do not install a pool diving board or slide. (Many insurers will not even cover pools with these items because they are far too risky.)
- Install a secure fence around the pool.
- Never leave small children unsupervised near the pool, even for a few seconds.
- Do not allow anyone who cannot swim into your pool.
- Keep children away from pool filters. The suction from these filters can cause injuries or trap them at the bottom of the pool.
- Do not swim alone or allow others to swim alone.
- Do not allow people who are under the influence of drugs or alcohol to swim in the pool.
- Check the pool regularly for glass, bottle caps and other hazards.
- Keep a secure cover on the pool during the off-season.
It’s hard to believe that the copy machine just recently celebrated its 50th birthday. There’s no question that these popular technological devices have proven to be worth their weight in gold for countless consumers and businesses. From copying to scanning and even e-mailing documents, copy machines are a must-have for most modern day companies.
However, there’s a secret lurking inside the common copy machine that has identity thieves across the nation salivating. Nearly every copier that was built since 2002 includes a hard drive. This relatively small unit, hidden inside the copy machine, stores an image of every single document scanned or copied by the machine.
An identity thief’s dream
Most copiers store up to 20,000 document images, which might include Social Security numbers, birth certificates, bank records, income tax forms, medical records, and other valuable information. In other words, these hard drives contain the type of data that identity thieves are itching to get their hands on.
Perhaps even more frightening is this fact: Anyone can easily buy used copiers from office supply vendors. Oftentimes, a used copier that initially cost thousands of dollars is sold for just $300 or less. Quite a few vendors sell these used copiers to overseas buyers.
Most sellers do not erase the hard drive before selling a used copier. That means the buyer gains immediate access to all the invaluable information stored on the hard drive for just a few hundred bucks. With a special device, an identity thief can easily scan and download all the document images stored on this hard drive.
However, an identity thief doesn’t even have to buy the copier to gain access to the profitable data inside. He could simply hack into the office copier’s hard drive to get his hands on the wealth of information stored there.
Understanding the risks
Unfortunately, most of the general public is completely unaware of the potential risks associated with copy machines. A recent study revealed that 60% of Americans do not even realize that copiers store images on a hard drive.
Luckily, there are ways to combat the threat of identity thieves stealing data from copy machines. Some copy machine security companies have the ability to “scrub” or delete all of the info on copy machine hard drives before a business gets rid of the copier.
Additionally, some new copy machine models include a feature allowing users to erase images from the copier’s hard drive automatically. This extra feature typically costs about $500. It could be worth the added expense. After all, this feature could end up saving you thousands of dollars in identity theft damages.
Insurance deductibles are a common feature for property coverages such as Comprehensive and Collision coverage on an auto, or coverage on a building or personal property. They are less common for coverages applying to bodily injuries. However, some employers are finding that Workers Compensation deductibles make financial sense for their organizations. The options vary from state to state and among insurance companies; before deciding whether to accept a deductible program, a business should learn the alternatives and the consequences of each.
Small deductibles are those ranging from $100 to $10,000 or more, depending on the particular state’s laws. They might apply to medical benefits, indemnity benefits (which compensate an injured worker for lost wages), or both, again depending on the laws of the state. For example, Colorado law permits small deductibles of $500 to $5,000 applied to both types of claims, while Hawaii allows $100 to $10,000 applied only to medical benefits. Some states, such as Hawaii, require insurance companies to offer small deductibles, some require them to offer deductibles upon the employer’s request (Pennsylvania), and others require an offer only if the insurance company determines that the employer can handle it financially (Colorado). The employer receives a small premium discount. Depending on state law, insurance companies may report losses to rating bureaus on a “gross” basis (not reduced by the deductible) or on a “net” basis (reduced by the deductible). The amount reported impacts the employer’s experience modification.
Some insurance companies offer “medium” deductibles, which range from $10,000 to $75,000. No states require the companies to offer these plans; employers who want them must negotiate them with the companies.
Large deductibles are those of $100,000 or more per claim. Some states limit the types of employers that can buy large deductible programs, usually by standard premium size (for example, Florida requires a minimum premium of $500,000). States may also set the minimum deductible on either a flat dollar basis ($100,000 per claim in Florida) or on a percentage basis (40% of standard manual premium in Alabama). While the employer is in effect self-insuring some claims, the insurance company performs the actual claim handling, pays the amounts due, and bills the employer for reimbursement. The policy may include an aggregate deductible which is the most the employer will pay for the policy term, regardless of the number of claims. Some large deductibles make the employer responsible for some or all allocated expenses, such as the cost of legal counsel. This arrangement gives the employer some control over choice of counsel and claim settlement.
To ensure that the employer under a large deductible plan will be able to pay the reimbursement, the insurance company requires the employer to put up security. The company may require the employer to set up an escrow account with a balance large enough to cover a few months’ estimated average claims. It may also require the employer to obtain a bank letter of credit, guaranteeing that the bank will honor the employer’s checks. Like an insurance policy, a letter of credit is a promise of future performance with no up-front expenditures, so the amount guaranteed may be the predicted loss amounts for the entire policy term.
Deductible plans can improve employers’ cash flow, reduce their insurance premiums, provide increased tax deductions, and give them more control over their Workers Compensation costs. However, they are appropriate only for employers that can afford the potentially large cash reserves required. Any employer contemplating a deductible plan should implement an effective workplace safety program — and consult with our professional insurance agents who can identify and explain the alternatives.
