Informative articles on insurance, safety and risk for you, your family or your business. Each article includes a link for you to share with anyone who may benefit.
No one revels in the delights of summer like a kid. North Carolina schools are out, the sun is high and hot, and the long days are filled with light and the prospect of innumerable adventures. In fact, because there is so much potential for adventure-much of it unsupervised-many parents opt to enroll their kids in one or more summer camps in hopes that having a set schedule and a series of planned activities in which to participate will keep the youngsters out of trouble and, most importantly, out of harm's way. But summer seems to invite as many childhood accidents as it does moments of bliss, and no matter how structured a kid's summer is, a certain amount of mishaps are inevitable. The warm weather inspires a whole new slew of activities, many of which require an increased attention to safety on the part of both kids and parents. Use the following three tips to keep kids safer this summer:
Have Helmets on Hand - Kids spend a lot of time outside in the summer, and much of that time is spent on bicycles, rollerblades, skateboards, scooters, and other wheeled contraptions. And don't forget about trampolines and pogo sticks-they, too, are popular with the rambunctious younger set. Consequently, there's an increased risk for head injuries in the summertime, when kids are outdoors doing things that can potentially result in crashes and falls. Have helmets on hand for all the kids in your life to don each and every time they use one of the above-mentioned items. Make sure every child has a helmet that is properly fitted to his or her head. Mark helmets with colored tape or children's names so they can readily identify which one is theirs, and store helmets in an easily accessible place, such as a chest near the front door, so kids never have an excuse (i.e. "I couldn't find it!") not to wear them.
Be Vigilant About Sun Protection - Severe burns, dehydration, and heat stroke all land kids in the emergency room during the summer months. Make a generous application of sunscreen part of the morning routine in your house, ensuring that every kid is covered in high SPF sun protection. Opt for a chemical-free, physical sunscreen (one that uses physical blockers such as titanium dioxide, rather than potentially toxic chemical screens) that offers broad-spectrum (both UVA and UVB) protection. Make sure kids have hats, as well as lightweight garments with built-in sunblocking capabilities that can offer further protection. In addition, encourage kids to stay hydrated throughout the day by providing each one with her own personalized, easily portable water container (choose a non-toxic metal model rather than a plastic one).
Revamp and Refresh Your First Aid Kit - If you haven't peeked into your first aid kit since last summer, now is the time to do so. Replace any expired products, such as aspirin and antibiotic creams. Consider revamping the kit's contents by adding the following: bee sting remedies, homeopathic remedies to aid in calming injured kids who are stressed or scared (chamomilla is a good start), essential oils like lavender, eucalyptus, and citrus to repel mosquitoes and ticks without the kid-hazardous toxic chemicals in commercial products, and a small bottle of hand sanitizer for you or your child to use before applying any first aid. Make a few versions of the same kit: one to keep at home, one for your vehicle, and a smaller one for the backpack your kid takes on outdoor adventures-even just the ones he takes in the neighborhood.
Home sweet home is an obvious place to give a good scrubbing once springtime in North Carolina arrives. It's time to wipe the grime out of every nook and cranny, wash the carpets and curtains, and pack away the space heaters and down blankets.
But what about your business? Have you considered giving it a spring-cleaning too?
Doing so can revitalize your business and put a new spring in the steps-no pun intended-of all your employees. Here are some tips:
Declutter: Rid your business environment of all extraneous, unnecessary stuff: papers, broken supplies, ancient inventory that you can't seem to sell, etc. When doing so, remember to be earth conscious: recycle everything you can, dispose of all chemicals in the appropriate manner, and take used electronics to a facility that can repurpose or restore them, or make tax-deductible donations of still-useful items to your local Salvation Army or Goodwill.
Liven Up the Landscaping: Consider planting some brightly colored flowers and lush plants around the exterior of your place of business. This may help to attract new customers, and is a natural mood-lifter. If you can't make these alterations to your business's outdoor environment, bring some potted plants and flowers inside. Let their fragrance and hues breathe new life into your business!
Improve Functionality: Spring is a good time to upgrade and purchase tools, equipment, or technology for your business that is more functional and efficient. For example, consider replacing outdated cash registers or credit card machines with a multi-tasking computer system. Get rid of bulky file cabinets and scan all your documents into digital files that can be stored on a hard drive.
Go Green: Spring is a time when we tend to appreciate the earth's beauty and bounty, so it makes sense to do what we can to preserve it. Consider making your place of business greener by installing a solar heating system, putting energy-efficient light bulbs in all fixtures, using recycled rainwater to hydrate your landscape, or designating special bins where employees can deposit their recyclable waste.
Re-Evaluate Relationships: Relationships-between employees and between the business and its customers-are really what make a company thrive. This spring, re-evaluate the way your business approaches relationships. Do you have healthy relationships with your employees and do they get along well with each other? How do you maintain positive connections with your current clients? How to you attract new clients? Consider incorporating community-building activities into the workplace, such as potlucks, picnics, or sports events. Create a newsletter to stay in touch with your existing customer base, and try new forms of advertising to gain new customers.
If you are a business owner in North Carolina who pays for your employee's health coverage and sick leave, you have good reason to motivate these employees to stay healthy. Good employee health translates to good financial health for you and your business!
Promoting employee health can be tricky, though. After all, your employees are generally neither your family nor your friends, so it may not be appropriate for you to discourage Mabel in Accounting from eating those jelly doughnuts for breakfast, or to comment on Jack in Human Resources about his recent weight gain. How can you inspire your employees to take care of their health while remaining professional and providing alluring incentives? Here are some ideas:
Make Money the Reward - Enlist the help of an incentive-based health engagement company-there are a few different ones out there-which will set up a program for your employees. In a typical set-up, employees receive points for engaging in different healthy behaviors, such as using the stairs instead of the elevator, and each point has a monetary value. Employees can earn a maximum amount of dollars per year through the accrual of their points.
Create Company Sports Teams - If you employ enough people, you can create two or more teams and have a weekly game of basketball, soccer, softball, or any other sport after work hours. If you have a small number of employees, ask another local business to form a team to play against yours once a week. In addition to promoting fitness, this activity can create more camaraderie among coworkers-always a good thing!
Make Small Changes to the Environment - Post a picture or sign near the door of the elevator that will inspire people to use the stairs. For example, a simple graphic showing a person walking up a stairway with the words "Stay Healthy" printed on it can be motivating without having the effect of a shaming lecture. If your business has a snack or drink machine, keep it filled with healthful options like whole grain crackers, fresh fruits, juices, and waters. Even better, have a well-equipped kitchen available for your employees so they can prepare their own healthful lunches and snacks each day rather than ordering less-healthful options from restaurants and fast food chains.
Exercise to Benefit Your Community - Does your community ever have walks, races, triathlons, or other similar events to raise funds for non-profit organizations? If so, encourage your employees to participate. If not, consider creating an event-like a 5K walk to raise money for your local animal shelter. Doing so will have many benefits: it will be good for employee health; it will increase the visibility of your business; and it will benefit the organization for which the funds are being raised
Host a Healthy Recipe Potluck Invite all your employees to participate in a company potluck. Make the theme of the potluck low-fat, low-calorie, healthful recipes. Use this as an opportunity for employees to share healthy eating tips and recipes. As an incentive for participating in the potluck, have the evening culminate in a "tastiest dish contest"; employees can sample each dish and vote on their favorite one, with the winner receiving a prize or cash reward.
As North Carolina business owners, you have the option of hiring contract or permanent employees - and many more businesses are using contract workers while sorting out the uncertainty in the economy. A contract employee is essentially a freelancer who has agreed to work for you for a mutually-agreed upon period of time, which may be extended if you see fit. A permanent employee has been hired with the understanding that he or she will go on working for you until a termination or a resignation. Both types of employees have their advantages and disadvantages. Some of the advantages of contract employees, however, are illusory.
Some business owners favor contract employees for insurance reasons. They believe they will not be liable if the contract employee causes any injury or damage while doing work for the business. They may also believe that they will not be responsible for providing workers' compensation (where applicable) insurance in the event that a contract worker is hurt on the job. In fact, both of these assumptions are incorrect. Contract employees can end up costing business owners just as much as permanent ones when they cause injuries or damage to people or property, or sustain injuries of their own.
In some instances, insurance auditors can actually categorize a contract employee as a permanent one. They use several criteria to determine whether an employee is truly an independent contractor or may be considered a permanent employee. Some of these criteria may surprise you.
In the event of a claim, a contract employee may be categorized as a permanent employee if:
He or she provides services on an ongoing basis
The business owner provides the materials, tools, and equipment that the employee uses
The business owner pays the employee by the hour, week, or month
The employee is dependent on the business owner for economic survival
The contract employee works the same time of that permanent employees do for the business owner
Conversely, a contract employee may retain his or her status as an independent contractor in the event of a claim if:
The business owner does not provide the employee's materials, tools, and equipment
The business owner pays the employee a fee established in a contract bid proposal
The employee is free to choose his or her own helpers
The employee has his or her own business
The employee determines the hours and pace of his or her work
Keep these criteria in mind when you hire contract employees to work for your business, because they may become relevant in the event of an injury or property damage, and you may be held liable in situations when you thought that wasn't possible. Insurance auditors can verify these criteria using a variety of methods, including written contracts, invoices, other written records, and interviews. If the line between your contract employees and permanent employees is blurred, and they are more or less indistinguishable from each other in terms of what they do and how and when they do it, be careful. There might not be much benefit from a liability standpoint in hiring the contract employees. In addition, you may be saddled with a hefty tax fine if the IRS discovers that your "contract employees" better fit the definition of permanent ones.
Resolving to make improvements to your health and habits in 2013 can do more than just improve your longevity, your quality of life, your appearance, and your attitude; it can also work to put more money in your pocket! How? Well, in addition to all the cash you'll save by foregoing that daily double mocha with whipped cream, you can also reap the benefits of having decreased insurance rates. That's because many insurance providers will give you a break if you make changes for the better. For example:
If you resolve to improve your credit, you may eventually see decreased home and auto insurance premiums. This is because, in some states, home and car insurance providers look at your credit report and score before determining just what your monthly premium will be. So, by keeping credit card balances under 30 percent of the credit limit, paying bills on time, or, better yet, paying them off, you can improve your credit rating and possibly get a lower rate on your insurance. To request a free copy of your credit report and check it for any factual errors (which are not unheard of), visit annualcreditreport.com.
Quit smoking and see your life insurance premium go down. Quitting smoking cannot only add years to your life; it can also drastically reduce the amount of money you spend on term and permanent life insurance, along with disability and long-term care insurance. Though the majority of life insurance companies require you to have been cigarette-free for at least a year before endowing you with "nonsmoker" status, some offer quit smoking incentive programs that enable you to save money sooner.
Shed excess pounds to save on life insurance. As is the case with being a smoker, being overweight can add digits not only to the numbers you see on your scale, but also to your life insurance premium. It's possible to save as much as fifteen percent on your life insurance costs if you get yourself into shape; this can be true whether you are applying for a new policy or are already insured. Some life insurance providers will reconsider your policy rates if you prove you participate in a health diet and exercise program. Talk to your insurance agent for details.
Decrease your home insurance costs by increasing your home's safety. Some homeowners' insurance providers offer safety and security discounts. Call or contact Wayah Insurance Agency to see if this is a possibility for you. This could be the easiest New Year's resolution of all: simply vow to install deadbolts on your doors and better locks on your windows. In some cases, this is enough to see a decrease in your premium. To take things a bit further, you can also install a home security system, or upgrade to a fire-safe roof.
Bike to work and save on auto insurance. Getting out of the car and onto a bicycle can do wonders for your heart health, your physique, and for the environment. Moreover, it can also decrease the cost of your auto insurance premium. You already know that the less you drive, the less you pay. This is even better now with the pay-as-you-drive plans that some auto insurance providers are offering. They install a special device on your vehicle that records how much you drive, as well as how good of a driver you are (Braking too hard? That's a no-no.) In order to determine the fairest possible premium.
So, if you make a change, you might save some change-and it may be more than mere pocket change. Happy New Year! Here's to sticking to those resolutions!
The invitations have been sent, the hors d'oeuvres ordered, the house decorated, and the liquor cabinet replenished. You're ready to host a fabulous holiday party! Before you open the front door to a flurry of friends and family, however, make sure that you have the necessary insurance in place.
Insurance?
That's right. Just thinking about it may seem like a great big party pooper, but having the right homeowners' insurance coverage will protect you from an assortment of not-so-far-fetched holiday party mishaps. In addition, there are simple steps you can take to make sure your holiday party is one that will go down in history-for all the right reasons.
Serve Alcohol Sensibly:
Alcohol is typically the go-to social lubricant at parties. We even serve special drinks (eggnog, anyone?) exclusively during the holidays. As a party host, however, you may be declared responsible for injuries or accidents suffered or caused by guests who drink alcohol at your house. Keep this in mind when you're tending bar, and keep a close eye on your guests. Stop serving guests who have imbibed too much alcohol, and prevent those who have had too much to drink from driving home. Never serve alcohol to any minors, and put an immediate stop to illegal drinking in your home. (Keep an eye out for the neighbors' teenage son sneaking sips of peppermint schnapps behind the Christmas tree.) Have a homeowners' insurance policy in place that will protect you in the event that someone gets hurt on your property due to overconsumption of alcohol. That way, when your Uncle Charlie pulls a groin muscle while enthusiastically showing off his dance moves after one too many whiskeys, you won't have to pay out of pocket for his medical expenses.
Before you host a party, check out your property to make sure your guests will be safe. Fix any potentially dangerous structural problems before the party takes place, and get rid of problematic features-a puddle or a patch of ice on the front walkway, for example. During the event, make sure to light up any dark nooks and crannies both inside and outside of your home to prevent guests from slipping. Guard the swimming pool carefully; either lock up the fence around it, or, if it is in use, make sure an adult supervisor is present to look after any children who may be swimming. If you have an outdoor fire pit, make sure to keep a hose nearby to extinguish any wayward flames. If your dog likes to bite strangers, consider keeping him away from the party. Once again, a good homeowners' insurance policy will protect you in the event that any guests are hurt on your property.
Be a Good Neighbor:
Be considerate of the neighbors who aren't attending your party. Ask your guests not to block their driveways with their cars or, worse, park on their lawns; a disgruntled neighbor can always ask you to pay the towing company's bill or to cover the cost of any damage to his landscaping. Keep your music at a reasonable volume, and try to quiet down any screamers. If your community has a "quiet hour," make sure to observe it and avoid a visit from the cops.
Keeping all of this in mind will not only save you from added stress, but also ensure your holiday shindig is a true success.
Most of us in North Carolina have insurance for our homes, cars or businesses. We know life insurance is part of any good financial plan and health insurance can protect us from catastrophic medical bills. But there are a few other programs that we come in contact with - we don't usually think of these programs as insurance, but they are.
Social Security
Social Security is a form of social insurance that began when Franklin D. Roosevelt was president. Its purpose was to improve poverty rates among senior citizens, which, during the Great Depression of the 1930s, exceeded 50 percent. Today, Social Security benefits people of all ages. In 2010, it functioned to lift over 20 million people out of poverty. Those people included: over 1 million children; over 5 million non-elderly adults; over 13 million adults over the age of 65. In that year, the poverty rate among senior citizens decreased from 44 percent to a mere 9 percent. If you haven't already benefitted from Social Security, chances are you will when you reach age 65.
Workers' Compensation
Workers' Compensation is another form of social insurance that serves to protect working people from losing money due to injuries sustained on the job, which may cause them to have to miss work, sometimes for lengthy periods. If a construction worker, who relies on his job to feed his family, gets hurt while building a house, workers' compensation keeps his wages coming and covers his medical expenses, so neither he nor his loved ones will suffer unduly. In 2010, workers' compensation helped 128,000 people stay out of poverty.
Unemployment Compensation
Unemployment compensation insurance works to assist those who have lost their jobs and are actively seeking new employment. This form of social insurance makes a big difference in the lives of those who have been unexpectedly laid off, often due to the fact that many corporations are scaling down in order to cut costs. Unemployment insurance makes it possible for those who have lost their jobs to continue to eat, pay rent, and cover other living expenses while trying to get back into the workforce. You may be a stellar employee who does everything right, but if your employer can no longer afford to pay your salary and you are let go, it can be comforting to know you'll still have some money coming in until you land a new position elsewhere.
Even with Halloween looming on the horizon, the prospect of so many newly licensed North Carolina teen drivers getting behind steering wheels is undoubtedly the most frightening thing about fall. The new school year is in full swing, and with the abundance of social and extracurricular activities taking place all over town, not to mention the need to get to and from campus, inexperienced teen drivers have every excuse to get on the road.
If you're the parent of a teenaged driver, chances are you're experiencing a whole new kind of nervousness. You made it through your baby's first round of immunizations, your kindergartener's first day of school, your preteen's first date, but this-the prospect of your progeny driving a deadly weapon made of two tons of steel down the highway at 70 miles per hour-inspires a degree of worry you never thought possible.
What can you do to ensure that your teen, and everyone else who happens to be on the road around her, stays safe? Teach, and preach, the following teen driving tips:
When headed for school in the morning, watch-and stop-for school buses with flashing lights. There are likely to be children getting on or off the bus.
Arrive at school five or ten minutes before the first bell rings to avoid the craziness that ensues when everyone is trying to race into the parking lot at the same time.
When cruising around town, avoid making left-hand turns across intersections without turn signals. These are common sites for accidents, as inexperienced teen drivers have not yet mastered the art of gauging the amount and/or the speed of oncoming traffic.
Remember that even though another driver has his or her right turn signal on, he or she may not turn right. Never make assumptions about what other drivers are going to do, even assumptions that seem logical. That driver may have left her turn signal on by mistake, and may keep driving straight ahead when you least expect it.
Instead of competing with aggressive drivers, stay out of their way. Teens may be tempted to race or "get back at" drivers who cut them off or drive in an intimidating way. It's better for a teen driver to swallow his pride than get into a road rage-fueled battle.
When driving in the country, be on the alert for deer and all kinds of other animals. Go slow, and in the evening or at night turn on the headlights. Hitting a deer can do serious damage to a car, and suddenly swerving to avoid wildlife can be deadly.
Keep in mind that deer rarely walk alone. If one is standing near or on the road, chances are there are others nearby. Be aware.
No matter where you're driving, always buckle up, and make sure everyone else in the car has done the same.
Avoid filling the car with more passengers than there are seatbelts.
Instead of driving like you own the road, always drive like you own the car (even if your parents do!).
Don't distract yourself with loud music, cell phone use, texting, or intense conversations with passengers. Teens are less practiced at driving in the midst of distractions, and more likely to crash if their attention is pulled away from the road.
Always keep your windshield clean. A windshield that looks sufficiently clean in the middle of the day can be virtually impossible to see through at sunrise or sunset.
Needless do say, never drink or do drugs before driving.
The law of large numbers is a statistical concept that relates to probability. It is one of the factors insurance companies use to determine their rates.
The Law of Large Numbers Defined
There are several ways to explain the law of large numbers. Unfortunately, they are all rather convoluted and confusing. Basically, the law of large numbers means that the larger the number of units that are individually exposed to an event, the greater the likelihood that the actual results of that exposure will equal the expected results.
In Layman's Terms
Let's try to understand the law of large numbers from a different angle, using eggs as an example. Say that for every three-dozen eggs sold by a grocer, an average of one of those eggs is cracked. Therefore, we expect that every time we buy three-dozen eggs, it is likely (though not guaranteed) we will find one cracked one. The more eggs we buy, the more likely this is. If we buy 12-dozen eggs, the likelihood that one for every three-dozen will be cracked increases. If we buy 18-dozen eggs, the likelihood that one for every three-dozen will be cracked increases even more. The more eggs we deal with, the more likely we are to find that one out of every three-dozen is cracked!
How the Law of Large Numbers Relates to Insurance
Insurance companies use the law of large numbers to lessen their own risk of loss by pooling a large enough number of people together in an insured group. The size of the pool corresponds to the predictability of the losses, just like the more eggs we deal with, the more likely we are to know how many will be cracked.
For example, an auto insurance company may record and study the number of accidents caused by a very large population of 18-year-old males. They will be able to predict how many 18-year-old males will cause an accident in a given year. They will know that in a given year there is a high probability that X number of 18-year-old males will cause an accident. Knowing this, they partially can determine how much an 18-year-old male should pay for auto insurance (excluding other factors, such as the type of vehicle, region where the driver resides, etc.) This is how the law of large numbers helps insurance providers determine their rates, and why the rates vary from one type of individual to another.
For more information about your insurance policy and how your rates are determined, contact Wayah Insurance Agency today.
You may consider yourself well versed when it comes to the ins and outs of business insurance in North Carolina, especially if you own a business in North Carolina. But just how accurate and in-depth is your knowledge? In the spirit of fall, which is back to school time, take this quiz to test your awareness of business insurance myths and truths.
Business Insurance Questions:
True or False The "exclusions" section of your business insurance policy lists the types of claims that you will not have to pay for.
True or False Compared to health insurance, business insurance is generally rather affordable.
True or False Prices for business insurance have lately been at an all-time low.
True or False All businesses are required by law to have insurance.
True or False The premium is the amount of money you are required to pay immediately after a claim, before the insurance company will start paying.
Business Insurance Answers:
False - The exclusion section of your business insurance policy will outline all that is not covered by your insurance provider. Many business owners assume that once they are paying for insurance, every aspect of their business, and everything that could possibly go wrong is covered. This is a myth. Want to know a truth? Most people don't bother to carefully read their policies! Make sure to read yours, and be aware of just what isn't covered. Chances are, you can add coverage to your existing policy to protect those excluded aspects.
True - Business insurance is pretty affordable, so to use the "It's too expensive" excuse is to perpetuate a myth, and hold onto unnecessary risk factors.
True - As recently as 2011, prices for business insurance were at an all-time low. Things haven't changed much in the last year. Business insurance providers are finding themselves in the softest market ever in the history of their business. Too bad for them, but great for us!
False - Although not all businesses are required to have insurance, most smart business owners know that insurance allows them to spread their wings, take risks without undue anxiety, and help their businesses flourish. Without business insurance, a seemingly small calamity, such as a customer slipping on a flower shop's wet floor, can result in closed doors that never reopen.
False - The premium is the regular payment you make to your insurance provider to maintain coverage. The initial payment you make after a claim, before your coverage kicks in, is called the deductible.
For more information about insurance myths and truths, contact Wayah Insurance Agency today.
Be Vigilant About Sun Protection - Severe burns, dehydration, and heat stroke all land kids in the emergency room during the summer months. Make a generous application of sunscreen part of the morning routine in your house, ensuring that every kid is covered in high SPF sun protection. Opt for a chemical-free, physical sunscreen (one that uses physical blockers such as titanium dioxide, rather than potentially toxic chemical screens) that offers broad-spectrum (both UVA and UVB) protection. Make sure kids have hats, as well as lightweight garments with built-in sunblocking capabilities that can offer further protection. In addition, encourage kids to stay hydrated throughout the day by providing each one with her own personalized, easily portable water container (choose a non-toxic metal model rather than a plastic one). 
Make Money the Reward - Enlist the help of an incentive-based health engagement company-there are a few different ones out there-which will set up a program for your employees. In a typical set-up, employees receive points for engaging in different healthy behaviors, such as using the stairs instead of the elevator, and each point has a monetary value. Employees can earn a maximum amount of dollars per year through the accrual of their points. 
In some instances, insurance auditors can actually categorize a contract employee as a permanent one. They use several criteria to determine whether an employee is truly an independent contractor or may be considered a permanent employee. Some of these criteria may surprise you.
The invitations have been sent, the hors d'oeuvres ordered, the house decorated, and the liquor cabinet replenished. You're ready to host a fabulous holiday party! Before you open the front door to a flurry of friends and family, however, make sure that you have the necessary insurance in place.
Let's try to understand the law of large numbers from a different angle, using eggs as an example. Say that for every three-dozen eggs sold by a grocer, an average of one of those eggs is cracked. Therefore, we expect that every time we buy three-dozen eggs, it is likely (though not guaranteed) we will find one cracked one. The more eggs we buy, the more likely this is. If we buy 12-dozen eggs, the likelihood that one for every three-dozen will be cracked increases. If we buy 18-dozen eggs, the likelihood that one for every three-dozen will be cracked increases even more. The more eggs we deal with, the more likely we are to find that one out of every three-dozen is cracked!