Dear Fellow Floridians,

With the 2019 Hurricane Season just weeks away, I urge you to be prepared long before a storm heads our way. There were many lessons learned during the onslaught and aftermath of Hurricane Michael last October.

First, make plans to protect your home and family. Next, take time to assess your business preparedness and take steps early to safeguard your business and customer records.

All Floridians hope for the best every year, but the lessons of the past have warned us to always BE PREPARED!

Sincerely,
- Doug Myrick

Breathe fire into your employees’ benefits with better education

I’m a huge fan of Game of Thrones — and I’m far from alone. Millions of us spend an hour watching the HBO hit every week (or more, if we’re binge-watching to catch up on back episodes).

There’s nothing wrong with a 60-minute escape into the world of noble dynasties and fire-breathing dragons. What is a problem, though — especially for those in our industry — is that hour is more time than most workers spend all year thinking about their employee benefits choices and options.

That’s one of the unfortunate findings in new research from Colonial Life. A survey of 1,500 full-time U.S. employees showed 70 percent of them spend less than one hour each year considering their benefits choices and options. In fact, a third say they spend less than 30 minutes learning what their employers provide to help them protect their families, their finances and their futures.

I get it. Talking about legendary creatures and battles for independence is more exciting than benefits. But this skewed priority has far-reaching implications — not only for workers, but for employers and their business. Why?

Lower morale and higher turnover are two big reasons. The research showed employees who spend less than an hour considering their benefits at enrollment time are significantly less likely to report they understand their benefits moderately well or very well. That might not be surprising, but they’re also more likely to:

• Feel dissatisfied in their jobs
• Think their employer doesn’t care about them
• Leave their current jobs within the next six months

That last point — employee turnover — comes with a hefty price tag. Consider it takes 51 days on average to fill an open position. During that time, employers have both direct costs, such as payouts for accrued vacation time and unused sick time, unemployment taxes, advertising job openings, paying overtime for employees to take on more work until the position is filled, perhaps paying referral bonuses, and also indirect costs such as decreased productivity, knowledge loss and lowered morale.

Employers are likely investing considerable resources in a comprehensive, competitive benefits package to attract and keep top talent. But just offering benefits isn’t enough to ensure employees understand, value and participate in them. To make that investment pay off, the benefits program must be complemented by an equally strong education and communication program.

Get personal for greater effectiveness

An effective benefits communication plan will include a variety of tactics and tools to reach different employees and allow them to access information when and where they want. The plan can include group and individual meetings, call centers and online chats, websites or portals, and print and digital materials over a period of several weeks.

But research shows the single most effective benefits education technique is a one-to-one benefits counseling session.

The Colonial Life survey showed more than half of employees make some kind of change to their benefits every year. And the vast majority of them (76 percent) want to talk to someone about it. Many turn to HR professionals, family members, friends or co-workers for advice. Yet these sources — including overburdened HR folks wearing numerous hats — aren’t likely to have the knowledge and expertise to help employees determine their needs and understand the sometimes-complicated types of coverage available.

Professional benefits counselors are trained and often certified to provide this service. And the survey showed it works. Nearly all (92 percent) of employees who’ve attended an individual benefits counseling session reported the meeting was valuable. Employees who enrolled in their benefits by sitting down with someone said they understand their benefits better.

Benefits education is a no-cost investment

Why then, did only about a quarter of employees in the survey say they enroll in their benefits with help from an expert? The number one reason is they didn’t get a choice. In other words, their employer simply didn’t offer individual benefits counseling sessions.

Some employers think they don’t have the manpower or money to organize benefits education sessions or hire enrollers to meet with all their workers. But they don’t have to, if you partner with the right benefits provider: one that offers this kind of benefits education support as a standard service at no direct cost. A top-tier benefits partner will communicate with every employee individually to ensure they understand all their employer’s benefits, not just those the provider offers.

Some employers may also think they’re too small to qualify for, or benefit from, individual, personalized counseling sessions. Wrong again. This level of support isn’t available or valuable to only your large clients. In fact, the survey showed the smaller the company, the more interested employees are in one-to-one meetings.

Be sure you are taking advantage of benefits education and individual counseling services that will help your business get the most out of your benefits program. You’ll look like a hero when participation, satisfaction and productivity go up. And you can leave the heavy sword at home.                                                       ********

Doug Myrick is an Account Executive at Colonial Life & Accident Insurance Company. He can be reached at 941-661-9323 or doug.myrick@coloniallifesales.com.

Because Things Happen...

We walk through life saying, "that won't happen to me" or "what are the odds I get injured or sick". The truth is the odds are pretty high - against us.Take this actual case for example: Steve is a 45 year old , self-employed contractor making $75,000 annually and the sole breadwinner for his family, while his wife Emily cares for their three small children at home. Steve became ill and was no longer able to work. Steve had added a short term disability income policy a few years ago and that provided benefits for the first 3 months of illness, but that ran out. How were Steve and Emily going to pay their bills and feed their kids? Steve is a fairly typical case, the average person has 30% chance of becoming disabled for 3 months or longer during their working career; with a 38% chance that the disability would last 5 years or longer. In addition, we know that 76% of Americans are living paycheck to paycheck. It’s a perfect, toxic brew that creates family financial disasters across the USA. Fortunately, Steve had a smart financial advisor who had previously recommended that he take a long term Disability Income Policy. Steve and Emily have used the money from the disability policy to pay the mortgage, utilities, car payments, credit card bill, and keep food in the refrigerator. The kids are safe because Dad and Mom planned ahead. Steve's case is reality. People we know and love get sick, and they get injured. When this happens are we prepared? In this case, I had the answer for Steve and Emily. And we could have the answer for all the good people out there in similar situations. Affordable, Disability insurance replaced Steve’s income fully until he can get back to work. It can do it for you and your clients too and it’s a lot cheaper than you think. Look at these prices!

Healthy Contractor making $75,000

Male 45 – Pays $106 per month and gets $3,800 per month of income for 5 years Male 50 – Pays $134 per month and gets $3,800 per month of income for 5 years

Healthy Business Owner making $150,000 annually

Male 45 – Pays $213 per month and gets $6,930 per month of income to age 65 Male 50 – Pays $256 per month and gets $6,930 per month of income to age 65

Healthy Attorney or Doctor making $150,000 annually

Male 45 – Pays $249 per month and gets $7,175 per month of income to age 65 Male 50 – Pays $301 per month and gets $7,175 per month of income to age 65

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Be a hero to you and your family by getting coverage! Help them secure their future. We recommend a product that can really make a difference in their lives. 

Take ACTION Today by calling or emailing Doug!

Call 305-741-DOUG (3684)

         or Email: dougmyrick@gmail.com

Key Person Life Insurance

If you have a family, you probably know life insurance can help protect your loved ones financially if you pass away. But do you have life insurance to help protect your business? Yes, there is such a thing: It's known as key person life insurance or business life insurance. 

What Is Key Person Insurance?

Key person insurance is a type of life insurance policy that provides a death benefit to a business if its owner or another significant employee passes away, according to the Insurance Information Institute (III).

Key person insurance may make sense in many circumstances:

• If the business' reputation and financial viability are critically linked to the key employee's name, reputation or unique skills, and the key employee's death could end the business.
• If the death of a key employee (like a top salesperson) could quickly threaten the company financially.
• If a financial institution or other creditor needs collateral for a business loan and requires the option of putting a lien on a key person policy. (This is sometimes called collateral assignment.)
• If the business is a partnership and each partner wants to be able to buy out the other's shares in case of an untimely death.

How Much Coverage Should I Buy?

There's no set formula for deciding the monetary value of your key person insurance, says the III. You may want to start by considering the financial effects a key employee's death would have on your company.

For instance, if you're a sole proprietor buying key person insurance on yourself, you may want enough coverage to help your heirs close your business and pay off any company debts. If you own a larger company and are insuring a key employee, you may need enough coverage to replace that person's sales income, for example, or to provide a financial cushion while you search for the employee's replacement.

Who Owns The Key Person Policy And Who Benefits?

How your policy is structured may depend on your company's legal structure. Typically, the company pays premiums for the key person policy, and also owns it and is the beneficiary, says the III. The key employee must provide consent, in writing, to your company owning the policy.

Is Key Person Insurance Tax Deductible?

According to the Internal Revenue Service (IRS), premiums paid for a life insurance policy are not a deductible expense on a business' federal income taxes.

For more information about key person insurance, get in touch with a trusted agent. www.DougMyrick.com

What are Loss Runs & How are These Reports Vital for Insurance Businesses?

The word “Loss Run” or “Loss Run Report” is a very common term used in the insurance sector. Very frequently insurance firms are asked to provide the loss run reports when the client is about to switch their agent or there’s a renewal of their existing policy.

Typically, an insurance company will ask for the loss run report that includes up to 5 years of history or for how long coverage was provided. Rarely in some cases, insurance companies provide the loss run reports every year, the reason behind this is whether your previous claim is open or your policy will be an occurrence policy.

So let’s discuss the significance of loss run reports in the insurance industry:

What exactly are loss run reports?

In simple words, loss run reports are the history of the applicant’s insurance claims activity throughout the duration of the policy. Insurance companies keep a track of each claim of the clients and how effectively those claims were settled down.

Loss run reports are just like credit card statements issued by banks and it is asked when the client is applying for a loan, similarly if an insurance agent asks a business owner to provide a loss run report on its previous insurance policy, that’ll be just for the purpose of understanding what sort of risk his business has undergone earlier and on that basis they offer the policies and set premiums.

Why Insurance Companies ask for loss report and what information is mentioned in the loss run report?

When there is a policy renewal or the user is applying for a new policy, for sure they will be asked for loss run reports. Before underwriting policy as per the requirement of the client, it is necessary to check the claims history of the client.

On the basis of the claims history, underwriting team frames the policy and sets the premium, that’s the reason agents ask for loss run report, just to help the underwriters and get approval from the client on the policy they framed as per their needs.

When the client wants to renew the existing policy, loss run report comes into the picture. Insurance companies track the history of claims and how effectively they were processed.

Now, what information is included in this loss run report? It includes the same details that the client has filled while initiating the policy such as:

1. Your Name
2. The dates of any losses you have claimed and the dates when you submitted your claims
3. Information about the loss incident
4. The date of the total amount of benefits paid to you
5. The amount of reserve fund set aside for your claims account
6. The status of your claim, whether it’s open or closed

Should Insurance Companies Outsource their Loss run processing?

The insurance industry has various complexities and the underwriters are usually occupied with the excessive workload of policy management and claims handling. These loss run reports play a crucial role when it comes to renewal of a new policy or fresh insurance applications. If the agency or the underwriter fails to provide these losses run reports on time, it may harm the reputation of the agency or insurance company.

Instead of hiring an in-house team for loss run report processing, a good option you can opt for is to outsource insurance loss runs processing services to a reliable partner that can help you to save your time, cost and efforts and also help you in enhancing the reputation of your insurance firm.

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How to Help Prepare Your Boat for Spring

Are you one of the millions of boaters with spring fever, itching to get your vessel out of winter storage and back onto the water? If so, be sure to take the time to properly de-winterize and prepare your boat before taking it out for its first voyage of the season.

Having a spring ritual that includes recommended inspection, tune-up and cleaning of your boat before setting out on your first trip can help prevent a host of problems that could keep you off the water later in the season — not to mention, help keep you and everyone aboard safe during your adventures.

Following are some tips to help get your boat as ready as you are to hit the water this year.

Prepare for the Season Ahead

Use some of those pre-season days to plan for brighter days of boating ahead:

• Take a boat safety course, and obtain your boating certificate (if you have not already).
• Read your owner’s manual and consult the manufacturer’s recommended maintenance guidelines.
• Familiarize (or re-familiarize) yourself with your boat — its components, features and safety precautions.

Complete Your Pre-Launch Inspection and Maintenance

To help ensure a smooth, safe start to the boating season, have an American Boat and Yacht Council (ABYC)-certified technician or mechanic perform the recommended maintenance on your vessel. Whether or not you get a professional tune-up, be sure to complete the following checklist before leaving the dock:

• Inspect all of the safety equipment on board, including fire extinguishers, flares, personal flotation devices and first-aid kits, and repair, recharge and restock them as necessary.
• Check all lights on your boat to make sure they are in place and operating properly.
• Open the engine compartment to check for excess water in the bilge.
• Check for any electrical issues, such as loose, disconnected or corroded conductors.
• Check that the battery is properly secured to the vessel.
• Check the fuel tank for leaks, and ensure there is proper ventilation.
• Check the fuel filters to make sure no water is present.
• Fill your tank with the freshest, highest-quality fuel available.
• Change and check the oil level before starting the boat for the first time.
• If you will be towing your vessel to its launch point, you will also need to properly inspect and maintain your trailer prior to your first outing.

Get In, On and Out of the Water Safely

Once all tasks on your pre-launch checklist are complete, you can start your engine and get out on the water. It is important on your first, and every trip of the season, to:

• Follow safe launching practices.
• Monitor the engine temperature to make sure it is not overheating.
• Monitor the cooling system to make sure it is operating correctly.
• Ensure you and your passengers know and follow safe boating practices.

Remember: Every Vessel is Unique

The work required to get your boat water-ready will depend on whether it is used in fresh or salt water, its size, manufacturer, model, and the state in which it is registered. Be sure to get the information you need, then develop and follow the right spring ritual to help ensure every trip of the boating season is safe and fun for all.

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Spring Break Safety

Spring break –

The best part of the Spring Semester for many families and students. It can also be a potentially dangerous or stressful time for many travelers! The tips below can help aid you during your spring break travels:

1. Make a game plan – If you are traveling with others, prior to leaving, ensure everyone in the party has the travel itinerary, a list of phone numbers, and a travel buddy!
2. Travel Smart – If you’re driving, double check your car is in proper working order before hitting the road! Also remember to drive during times you’re sure to be awake and alert. If you’re flying, make sure to know your itinerary and check for delays prior to getting to the airport.
3. Do Your Research – Prior to leaving, look up destination specific tips from other travelers. Think ahead to prearrange travel from the airport to your destination, plan our excursions beforehand! Make sure you know the emergency contacts in the area, as well as general knowledge about the location you’re going to.
4. Pack Appropriately – Planning to lie on a beach? Don’t forget the sunscreen! Skiing sound like a more desirable spring break trip? Remember warm clothes! Check the weather prior to leaving to make sure you’re prepared!
5. Be Aware and Responsible – Spring break may be a time to let loose and enjoy yourself, but be aware and responsible, especially if there’s alcohol involved! Never go out alone and always make sure someone knows where you’re at. If you are drinking, know the liquor laws of wherever you’re vacationing.

Keep yourself and your family safe during your spring break travels this year! Happy Travels!