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February 2018

Feb 28
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Tips to Consider if You’re Facing a Working Retirement

By Employment Resources

Even though you’ve reached retirement age, you might need to postpone a life of leisure due to financial concerns. A working retirement allows you to work at least a few hours every week and build your nest egg before you make the big transition to full retirement. First, though, consider several tips.

Boost Retirement Savings

According to a 2013 Employee Benefits Research Institute study, one-third of pre-retirees on the lower end of the income scale only have enough money to fund one year of retirement. Additionally, many of the pre-retirees in the same category don’t contribute enough funds to their 401k or other retirement accounts. Talk to your financial advisor about your retirement portfolio. If you don’t have enough money saved, take a job that offers matching 401(k) funds or set up automatic payday transfers that boost your retirement savings.

Maximize Social Security Benefits

You can almost double your Social Security benefits by choosing a late retirement instead of leaving your job at age 62. Talk to your human resources manager and crunch numbers as you maximize your Social Security benefits.

Choose the Career You Want

Maybe you love your current job and want to keep it. That’s okay, especially if you receive generous benefits like health insurance and matching retirement fund contributions.

However, don’t be afraid to switch careers or try something new. Learn a new trade, work as a temp in a variety of fields or start your own business. A career counselor can provide resources, revamp your resume and help you find a job that’s a good fit for your skills, talents and interests.

Get Medical Clearance

Before you sign up for a working retirement, visit your doctor for medical clearance. For example, if you suffer from chronic back pain or a heart condition, your physician may give you the okay to work in data entry but not package delivery. Ultimately, you need to prioritize your health and safety.

Stay Active

Working during your retirement provides you with an outlet for your boundless energy and active lifestyle. It also keeps your mind sharp, a benefit most seniors appreciate.

Deciding to take a working retirement with full-time or part-time hours might be a wise decision for you. Consider these facts, talk to your human resource manager and financial planner and crunch the numbers as you make this important decision.

Feb 28
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Overworked and At-Risk

By Employment Resources
A study at Occupational & Environmental Medicine has turned up some interesting, if not quite surprising conclusions.
The study began by poring over extensive data from sources like the Center for Disease Control, in order to classify five types of exposure:
  • Extended weekly hours.
  • Extended daily hours.
  • Overtime.
  • Extended commute.
  • Overtime or extended hours.
We could fill five or ten pages talking about how they calculated the risks and came to their conclusions, and you can go ahead and read the study and the source data if that interests you, but it breaks down like this: Those who work under a high level of exposure in any of these categories tend to suffer workplace injury at double the rate of those who do not.
The study suggests an injury rate of one in ten for high-exposure employees, and one in twenty for low-exposure employees.
In other words, no matter how hard you work to make your workplace safe, by overworking your employees, you’re automatically doubling your risk.
Here are a few ideas to keep your employees safe and your risk factors low:
  • Try to avoid hiring people who will need to commute an hour or more in order to get to work every day. It may be disappointing to let the perfect candidate go simply because they live a little too far away, but not as disappointing as losing that employee to injury for a month because they’re spending so much time on the road every day that they don’t have time for a good night’s sleep.
  • Save overtime for Fridays. Nobody’s going to be as alert as you need them to be doing two twelve hour days in a row.
  • Hire enough people. Having one person do the job of two sounds like a great idea until you look at what an injury is going to cost you when they’re staying late every day to handle the extra work.
In short: a well-rested employee is an alert employee, and an alert employee is less at-risk for injury on the job. This may not be the most surprising revelation, but now we have the numbers to see exactly how exhaustion plays into workplace safety.
Feb 28
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When to Schedule Your Child’s First Dental Appointment

By Life and Health

February is National Children’s Dental Health Month, and you can celebrate by making sure your children see the dentist regularly. Even your babies need a dental exam. Learn more about when your baby should see the dentist for the first time and what to expect at this visit.

Schedule Your Baby’s First Dental Visit

According to the American Association of Pediatric Dentistry (AAPD), your child should see the dentist by the time he or she turns six months or within six month of the first baby tooth eruption. Rather than a full dental exam, the initial visit allows the dentist to meet you and your child, gather medical and dental history and teach you about good oral hygiene and proper preventative care. The dentist will simply feel your child’s gums and visually inspect any erupted teeth to make sure they’re healthy. It’s a non-invasive appointment that sets the stage for good oral health in the future.

Choose a Dentist

You could take your baby to see your dentist. However, consider scheduling your child’s first dental appointment with a pediatric dentist who specializes in treating infants and children. The entire dental team is prepared to examine squirming, fearful and anxious children, and the waiting room is filled with age appropriate books, toys and games or an aquarium.

Make the Visit Fun

No matter how you feel about dentists, your child needs to know that visits to this medical professional are fun and safe. Keep your anxiety in check by treating the first dental visits like a fun play date. Smile at your child, speak cheerfully and remain calm so that your baby feels calm and relaxed.

Maintain Good Oral Hygiene at Home

Your baby’s oral health improves between dental visits when you practice good oral hygiene at home. Rub your baby’s gums with a clean, wet washcloth after meals to reduce bacteria growth. Once the first baby tooth emerges, brush it at least twice daily with non-fluoridated toothpaste as you promote healthy oral habits and a healthy mouth.

When you take your baby to see the dentist, you lay the foundation for a lifetime of good oral hygiene. Take advantage of your dental insurance and schedule your baby’s first exam today.

Feb 28
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Why Healthy Singles Need Health Insurance

By Life and Health

Why Healthy Singles Need Health Insurance

As a single and healthy adult, you may figure that health insurance isn’t a necessity. After all, you don’t have any pressing or chronic medical needs, and insurance is just another expense that will stretch your already thin budget. What you don’t realize is that you actually have several really good reasons to purchase health insurance today.

1. Avoid a Penalty

With the Affordable Care Act in effect, anyone who doesn’t purchase health insurance in 2015 will owe a penalty of $325 or two percent of your income. Avoid the penalty by enrolling in your parents’ insurance if you’re under 26. Otherwise, enroll in your employer-sponsored healthcare plan or apply for an affordable policy through the Healthcare Marketplace or a private insurer and avoid the penalty.

2. Cover Preventative Care

Maybe you only think about doctors when you’re sick, but they’re also important for preventative care. During regular checkups, they can catch the beginnings of heart disease, diabetes or other medical conditions, so put your health insurance to work as you prioritize preventative care.

3. Build a Relationship With a Healthcare Team

What happens if you get pregnant, develop arthritis or suffer from severe headaches? You’ll want a trusted medical team that knows you and your physical health history by your side. Use health insurance to make regular visits to a physician and build a relationship that will benefit you down the road.

4. Enjoy an Active Lifestyle

Do you avoid skiing, traveling or another fun activity because you’re afraid you might get hurt and won’t be able to afford the medical treatment? Purchase health insurance. While it doesn’t give you a license to be reckless, it does help you enjoy life without worrying that an injury will wipe out your savings and land you in the poor house.

5. Maintain a Healthy Reproductive System

Even though you don’t have a family now, you may want one in the future. Go to the doctor for regular checkups and reproductive health advice. Address reproductive problems now and maintain your reproductive health as you look forward to the future.

Health insurance can be expensive and it might seem like a waste of money or a budgetary strain, but it’s a wise investment. Talk to an insurance agent today about which policy is right for your needs and budget. Then use health insurance to take care of yourself today and prepare for a healthy tomorrow.

 

Feb 28
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Does Your Newborn Need Life Insurance?

By Life and Health

You’ve recently welcomed a baby into your family, and now you’re ready to plan for your child’s future. You already know that life insurance is a wise financial decision for you, but does your newborn need life insurance?

Lock in Affordable Rates

Compare rates for a newborn life insurance policy and one designed for senior adults, and you’ll see that the newborn policy costs less. Life insurance companies know that young customers typically live longer, which decreases their risk of payout. By purchasing a policy now, you snag affordable rates while your child is young and healthy.

Assure Your Child’s Insurability

Insuring your infant does more than secure the best life insurance policy rates. It also ensures your child’s future insurability. In the future, illnesses like heart disease, diabetes and cancer affect your child’s ability to buy affordable life insurance. That’s why families choose to insure their healthy infants and assure their future insurability.

Provide for End of Life Expenses

It seems a little silly to think about paying for your newborn’s funeral.  However, the Centers for Disease Control and Prevention found that 4,246 children under the age of four died in 2011 from birth defects, genetic disorders and accidents. Life insurance covers burial and funeral costs, which gives you peace of mind and financial protection.

Give Your Child a Financial Head Start

Life insurance is typically available as term or whole life coverage. Either option provides essential coverage, but term life insurance usually costs less.

*Term insurance covers the policy holder for a set time frame. For example, buy your newborn a 15-year term life insurance policy, and your child is insured until he or she turns 15. In cases, this type of policy can be renewed.

*Whole life insurance provides a lifetime of coverage and builds cash value. As an alternative to an IRA or 529 Plan, whole life insurance gives you a way to save for your child’s future while providing life insurance for him or her.

Life insurance is designed to replace the primary wage earner’s income as it provides for the survivors’ financial needs. Purchasing a policy for your newborn can be a good idea, though, especially after you purchase adequate life insurance for yourself. Then weigh the pros and cons of newborn life insurance and talk to your insurance agent as you make this decision.

Feb 28
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Lessons from the Recent Major Computer Hacks

By Business Protection Bulletin

Recent computer crimes involving hacking major department stores, governments, banks, healthcare providers, credit card companies, even motion picture studios suggest no system is safe from cyber-attacks.

How can we risk manage this threat?

Updating computer systems can be tricky and often exposes data normally kept safe behind firewalls. When components are switched out, oftentimes doors are left open for outsiders to intrude.

For example, when you must lower your own firewall, be sure you’ve changed the factory provided password to the next firewall. Check your fundamentals. Implement strict protocols for employees to change any aspect, hardware or software, of their company computers. Centralize this function if possible.

Train employees to recognize phishing scams. Do not relay log-in information or passwords in response to an email. If an email seems poorly worded with misspellings, it probably did not originate from a major corporation.

Change passwords regularly. Request all systems users to change their passwords often. The company can protect passwords through thorough hashing and encrypting.

The company should back up all encryption software and password information.

Completing all possible due diligence helps move the criminals to an easier target, but determined hackers can find ways in. So, how does a risk manager deal with one of the fastest growing liability risks for companies?

First, understand the magnitude of the risk. For each client record exposed through your company website, your company will provide a year of identity theft protection and cyber security. At a reasonable $150 per account, you gasp at the 1,000,000 customer accounts like the large chains or credit card companies exposed to loss.

These claims are becoming more frequent, and more severe. The only risk management answer is transferring the risk, and most likely through insurance. What limit is safe? Depending upon your data base from outside your company, customer data, supplier data, bank information, and things you can’t remember, like old accounts, these claims can bankrupt companies and destroy reputations if an inadequate response is offered.

Consider that $150 per account. How many will you likely lose in a cyber-attack? Talk to your insurance agent and find the best fitting plan. It’s worth the conversation.

 

 

Feb 28
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Invest in a Disaster Contingency Plan for Real Property

By Business Protection Bulletin

Property risk management in this real estate climate offers tricky valuation issues. Start with the balance sheet: what is the book value of the real estate assets? This number is the primary concern.

The practical value, the operations value, represents the nuts and bolts of the business. If your real property suffers a major loss, how easily can operations be transferred, set back up, and continue? If the business requires massive machinery rigged and moved, the cost can be quite high. This extra expense to relocate, whether temporary or permanent, is an intangible asset, and may require special attention to insure properly.

Real property, buildings, depreciate. The book value, under normal real estate market conditions, is typically significantly lower than the replacement cost of the buildings. An actual cash value, replacement cost less depreciation, will theoretically equate to the book value. But, you may need a new location.

First Contingency Question: Is our current location perfect, or could we move to a new site?

As your business changes, needs change. Offices can be more remote, industry requires some ground transportation, usually trains and trucks, or do you ship by sea? These considerations may have changed since your current site was chosen.

In a perfect world, where would you locate your operation as a new start-up? If it’s where you are now, you need to assure you can replace the building you are currently in, or build the redesigned building you may need to keep up with current building codes.

If you could move or would desire a new location, consider the current market value of your land, and add to that the actual cash value of your buildings. Can you acquire new facilities at the more desirable location for that budget? If so, your contingency plan might include this move, or possibly a rent to own option in an existing building.

Think through the disaster response. Would we want to literally replace what we have, or would that be a good time to change the operations, even slightly. This thought exercise gets better results when you’re not under the pressure of an actual disaster.

Second Question: Does our funding, including insurance coverage, reflect our catastrophe plan?

An important step in risk management – funding the risk. Review your policies, building valuations, amount of coverage, and any extra coverage like extra expense or loss of income.

Feb 28
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Do You Have to Buy Renters Insurance?

By Personal Perspective

Now that you found an apartment, it’s time to sign the lease. Before you move in, though, decide if you need to purchase renters insurance.

What is Renters Insurance?

Let’s say the roof leaks and floods your bedroom. Your landlord will pay for structural repairs, but you’re responsible to replace your personal property. That’s why you have renter’s insurance. It pays to repair or replace items that are damaged or stolen.

Is Renters Insurance Required?

Your lease may include a clause that requires you to carry renter’s insurance. It protects him or her from a lawsuit you may file if your personal property is damaged or stolen. Additionally, the building’s mortgage holder or insurer may require tenants to carry renters insurance. However, there is no universal law that makes renters insurance mandatory for all tenants.

Decide How Much Insurance Coverage You Need

Although you have the option to choose or decline renters insurance, it’s a wise investment. A small grease fire and the smoke and water damage that result can quickly ruin everything you own. If you can’t afford to replace your property, purchase renters insurance.

Determining how much insurance you need to buy can be tricky. First, decide if you want full replacement cost or actual cash value (ACV).

* Replacement Cost pays for you to buy new items at today’s cost no matter what you paid for the item. So even though your laptop is six years old, you can buy a new one with replacement cost renters insurance. This type of policy is a bit more expensive than actual cash value.

* Actual Cash Value (ACV) ACV covers the item’s current worth at the time it’s lost, stolen or damaged. This option is affordable, but if a fire damages your secondhand futon, you only receive a few bucks, which won’t be enough to buy a quality replacement. 

Next, figure out the value of what you own. Make a detailed inventory list and assign each item a fair value. With this list, you can decide on a coverage amount that provides the protection and peace of mind you need.

You’re now ready to choose a deductible. Higher deductibles usually mean lower premiums, but make sure you can afford the higher deductible.

Finally, talk to your insurance agent. He or she can help you find the coverage that fits your budget and needs. While renters insurance is usually optional, it’s a wise investment that you’ll probably be glad you made.

Feb 28
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Do You Need Insurance For DIY Projects?

By Personal Perspective

If you’ve been working with your hands for any length of time, then you know that the difference between a professional job and a DIY project isn’t binary, it’s a spectrum. On one end, you’re taking your team out to build a house on a client’s property, and on the other end, you’re building a birdhouse in your garage just because it seemed like a fun way to kill an afternoon. In the middle, you’ve got storage sheds, home repairs, additional rooms, doghouses and so on. At some point along that spectrum, insuring your project becomes a necessity, either for legal or pragmatic reasons. But where exactly is that point? What kind of DIY projects do you need to get insured, and which ones can you afford to not worry about?

You have a few main concerns, here:

    1. Are you investing more than you can afford to lose?
    1. Is liability a concern?
    1. Will this affect any existing insurance policies you hold?

Take, for instance, building an additional room onto your home. This is going to have an effect on your existing homeowner’s policy, and if you don’t inform your insurer about your project, you may wind up invalidating that policy altogether.

On the other hand, spending a weekend erecting a doghouse in your backyard probably won’t affect your homeowner’s policy at all, and you’re probably not spending more than a hundred dollars on lumber and other materials. You may even be piecing it together from scrap wood left over from another project. The only concern here is liability, which might or might not be covered by your current homeowner’s policy. To play it safe you can always build a doghouse in the garage and wheel it out to the yard on a dolly to make sure you don’t wind up with barbecue guests stepping on a nail or something, but it’s generally worth checking your policy before starting any such project, just to be sure.

There are projects that may be covered by your homeowner’s policy in terms of liability, but wind up costing a little more than piecing a doghouse together out of scrap lumber. A shed, for instance, or costly home improvements. In these instances it’s down to peace of mind. Are you comfortable working without insurance, or would you like to have a safety net just in case?

If you’re bringing other people onto a project, then of course you’re probably going to want some basic liability coverage, but for more DIY projects than not, the rule of thumb is not to worry about insurance unless you feel uncomfortable without it, it’s required by law as with larger structures like guest homes, or it’s affecting a policy you already hold.

Feb 28
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Home Insurance Facts for Your New Engagement Ring

By Personal Perspective

Did you buy or receive an engagement ring recently? Congratulations! Now, learn how to insure your valuable investment and protect your new heirloom.

Get an Appraisal

Before your insurance company will add your engagement ring to a policy, it needs to know your ring’s worth, brand, condition and description. If your ring costs under $5,000 and you bought it from a jeweler, the insurance company will probably accept the purchase invoice or receipt. Visit your jeweler for an official appraisal, though, if you bought the ring at an estate sale, inherited it from your grandmother or ordered a custom-made piece.

Purchase Insurance

After getting an appraisal, talk to your insurance agent about insuring it. You may be able to add your ring to your existing homeowners or renters policy. In cases, however, you’ll need  to purchase a rider that provides additional coverage.

Additionally, consider the coverage details. Does your policy cover the replacement cost of your ring if it’s stolen, damaged or lost? Do you have to use a specific jeweler for ring repairs or a replacement? Will you need an annual appraisal? These and other details help you choose the best policy.

Store Your Ring for Safekeeping

Of course, you or your fiancé plan to wear the engagement ring regularly. When you need to store it, though, implement a few safekeeping techniques that protect your ring’s value and deter theft and  damage.

First, use a sturdy case with a hard shell and a soft or padded lining. Then, store the case in a dry environment that features low humidity and a stable temperature.

Next, follow your jeweler’s guidance for your specific ring. Different gems and metals require different storage solutions. For instance, soft pearls are best protected when they’re placed in a soft bag that offers protection from dust, and silver retains its shine when it’s stored in a tarnish proof case.  Likewise, many gems crack or scratch easily, so separate your engagement ring from other items in your jewelry box as you protect it.

Finally, consider locking your ring in your home’s safe or bank’s lock box if you need to store your ring for extended periods of time.

Your engagement ring symbolizes your love. Protect it when you insure it. Your insurance agent will provide additional information as you care for your new ring forever.

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