Blog

How is Huff Insurance different from other insurance agents?

The more I learn about the insurance industry the more I see how Huff insurance is different than the rest.

First:  None of our employees are paid on a commission basis.   Our team is given a salary and then has an opportunity to earn a bonus.

Why is this important?

When the Huff Insurance team members are recommending additional coverage, they are doing it because it is what you need!   Not because they are trying to make a few extra dollars this week.

Second: We work in a team approach.   Although we are divided between personal and business departments, anyone in the department is equipped to help you.   Why is this important?

Working in a team means that your file is documented so that anyone else on the team can pick up where the other left off.   This means that we can help you when you need to be helped, even if someone is on vacation.   More than one person helps on your account; therefore, you get the experience of more than one person.

Like I said earlier, our team is not paid on commission.  So having someone else help you is not affecting the compensation of the team member.

Talking to another team member that is available allows you to get service when you want and need it.  And there may be someone else on the team that is better equipped to help, especially if it is for billing or claims questions or servicing.

Third:  We make sure that our team is educated about insurance.  I have been interviewing for the past few months and I am amazed how little people know about the policies that they are selling when they have been licensed for a few years.

Fourth:  Our team takes seriously the responsibility of protecting you.  Therefore, when they make coverage suggestions or ask questions, it is so that they can make sure that the coverage you have matches your needs.

Account reviews are very important

Each year something changes; you get older; the house gets older etc.   We need to reevaluate your exposure as these changes.   We cannot do that when you do not respond to account review requests.

Huff Insurance is different for a reason

We want to meet the needs of our clients as appropriately as possible.

Meet Our Team

Have you ever heard of Juice Jacking?

Juice jacking is a type of cyber attack that takes place when a user connects their device, such as a smartphone or laptop, to an unsecured charging station. The charging station is usually located in public places such as airports or coffee shops.  It can be equipped with malicious software that can allow the hacker to gain access to personal information stored on the device. In some cases, the hacker can also install malware onto the device without the user’s knowledge.

The television show CSI:Cyber aired an episode with juice jacking way back in 2015.  I remember watching the episode and not thinking much of it because there was nothing in the news about this type of cyber hacking.  Well, it is a reality that we all have to be aware of when we are plugging our USB devices into public charging stations.

Why public charging stations?

A public charging station is a welcome convenience when your device’s battery is running low. Airports, rest stops, hotels and malls usually have places to charge your devices, but cybercriminals know about these amenities, too.

The danger lies in the fact that users often assume public charging stations are safe and do not take additional security measures to protect their devices.

The FBI and Federal Communications Commission (FCC) have warned the public of scams at public charging stations. Criminals can load malware onto public USB charging stations. They can also install skimming devices (similar to card reader scams) that read your device after it’s plugged into the USB port. This is known as juice jacking.

Corrupted USB ports can lock your device, export personal data or install keystroke monitoring software. Keystroke monitoring software records every key you depress on your device, allowing criminals to see your confidential information, like banking logins.

In addition to compromising personal data, juice jacking can also lead to ransomware attacks. Ransomware is when a hacker gains access to a user’s files and data and locks them out until they pay a fee for it. This means that even if you disconnect your device from the public charger quickly, you could still be vulnerable to attack due to the malicious software installed on your device.

How to protect your device from juice jacking

Here are some tips to guard against device juice jacking:

• Carry a portable charger or power bank.
• Use a wall outlet to charge your device. Bring your AC chargers, adapters, car chargers and USB data cables.
• Carry a charge-only cable for use at public stations. These cables support charging, but not data transfers.
• Bring a USB data blocker. These adapters block unauthorized transfers between your device and the charging port.
• Choose the lowest privileges when your device asks you to select trust options. For example, choose “charge only” instead of “share data” or “trust this computer” when prompted.
• Install antivirus software on your devices and update it regularly.

One charging kiosk provider also suggests looking for:

• Steel lockers or other containments to prevent unauthorized access to cables
• Security camera monitoring
• Stations in well-lit, populated areas
• Stations that use charge-only cable systems
• Check the charging station for any signs of tampering

According to an FCC post, juice jacking is theoretically possible, but they’re unaware of confirmed instances. Even so, staying vigilant about data security in a world of fast-paced tech advances is your best route for protection. Stay cybersafe out there!

What about electric car charging stations?

Somethng to ponder is, will juice jacking become a problem with the public charging stations for electric cars?  These days, cars are just computers on wheels and are a target for cyber criminals.

Is Cyber Insurance Important?

Cyber insurance is an important tool for protecting yourself from cyberattacks, including those that occur through juice jacking. Cyber insurance typically provides coverage for the costs associated with responding to a data breach or other cyber incident, as well as any associated losses.

In addition to covering financial losses, cyber insurance could also provide assistance with the technical aspects of responding to a cyber attack. This might include access to forensic experts who can help investigate the source of the attack and determine how best to protect against similar incidents in the future.

As juice jacking attacks are becoming more common, it is important for individuals and businesses alike to make sure they have adequate protection in place. Personal cyber insurance policies typically cover both individuals and their families, making them an affordable way for people to ensure they have some degree of protection from these types of attacks.

Businesses should also consider investing in a comprehensive cyber insurance policy that covers all potential areas of risk as well as access to expert advice and guidance on how best to respond in the event of an attack.

Each personal and business cyber policy is different.  So make sure you read the coverage and exclusions for your specific policy.

Why is a strong web presence important for a business?

Having a strong web presence is extremely important for businesses these days.  This is true for any size business.

A strong web presence is essential for businesses in today’s digital world. In the midst of a highly competitive marketplace, having an effective online presence can be the difference between success and failure for any business.

Your potential customers are searching online, so a strong web presence will help your business grow.

Here are some interesting stats regarding consumer behavior:

• 81% of shoppers conduct online research before buying
• 57% -70% of buyers are through their buying research before contacting a business – Their mind is made up and it is up to you to close the sale.
• Prospects feel they know you before they reach out.  It can turn a cold lead into a warm lead.

Having a strong web presence enables businesses to connect with prospective customers, build brand loyalty, reach new markets, increase sales, and boost their overall visibility.

A website serves as an important platform for engaging with potential customers and gaining valuable insights about them. It can be used to inform strategic decisions such as product design, marketing campaigns, pricing strategies, and customer service approaches. It also helps businesses gain better control over customer experience.

After you have a decent website, start focusing on your ability to be found on Google searches.

Why focus on Google?

Google OWNS the search market.  Google is the number one search engine in the world.  And number two is YouTube, which is also owned by Google.

Check out these state on Google:

• Google is most visited website in the world with 89.3 Billion visits per month
• Google dominates the search engine market with 91.9% of web searches being done on Google
• 8.5 Billion Google searches per day
• 63% of Googles organic searches are done on a mobile device (being in the map pack results is very important)
• 84% of Google searchers use Google 3 times per day or more
• 46% of product searches begin in Google
• Google organic search results produces 23% of all site visits.  (Our site is 68.9%)

Are local search results important for a business’s web presence?

Local search results on Google are an important tool for businesses to reach their target customers. By appearing prominently in local searches, businesses have the opportunity to get their products and services in front of people who are already looking for solutions that they can provide. This allows businesses to maximize their visibility and reach more potential customers within a specific geographic area.

Claiming and optimizing your Google maps listing is critical for being found in the local search results.

5 reasons to have an optimized Google Business listing

1. Get Discovered for FREE in Google results
2. Improve your local SEO with Google Maps integration
3. Build social proof with Google My Business customer reviews
4. Easy way for your customers and prospects to find your business
5. Total control over your online presence on Google

Be found in the Google map pack

When Google delivers the local search results, they list the top 3 search results in their “map pack”.   They also provide a link below the top 3 listings to see more results.  The fact is that very few people click past the first page of results.  And most who do are looking for a specific business.  So in essence, if you are not in the top 3 local results, you are invisible to the searching public.

What factors determine who shows up in the Map Pack?

• Relevance – How relevant is your listing in relation to the search parameters? Does the description of the business and services offered match what the searcher is looking for?
• Distance – How close is your business to the searcher or the location that the searcher is looking?
• Prominence – How well known and well liked is your business?  Number and Quality of reviews, Number of back links to your site, Consistent NAP in online listings (Name, Address, Phone Number)

Manage your Google listing to bolster your web presence

• Name, Address, Phone Number – (You can hide your address and phone if needed)
• Business Categories – You can choose up to 10 categories for your business. You have to choose pre set categories from Google.
• Business Description – Make sure it gives an accurate description of what you do and that it contains some relevant key words for your business. Don’t stuff it with key words though.
• Service Areas – You can list service areas where you can provide your service or products. List states and major cities, counties, or towns where you can do business
• Hours – Very important to keep your hours updated and include any holiday hours and closures. Many times during Covid, we came across businesses who had outdated hours which did cost them business and money
• Products and Services- List the products and services that you provide. Can be more detailed than the categories section.
• Photos – Add photos regularly so the public can know that you are real. Use people and products. If you have a physical location, think about doing a virtual tour of your place of business.
• Post Updates – You can post an update (blog, press release, etc.), add an offer (sale, coupon, etc.) or add an event. If you have a blog, these links back to your website are important.

Google Reviews – Can they help your web presence?

In addition to managing the listing, getting customer reviews is extremely important for ranking on Google.  In addition to helping your rankings, reviews can also be a factor in the decision making process for a prospective customer.

Think about it.  If you see two search results and one has a review ranking of 3.5 with 5 reviews and the other has a review ranking of 4.9 with 225 reviews, which one are you most likely to reach out to?

Managing Google Reviews

• Ask for reviews – If you have satisfied customers, ask them for a review. If you have referral partners that you deal with, ask them too. Google will provide a link that you can send.
• Give a little guidance – Give your client guidance. Ask them to mention your name and your industry to put a few keywords in the review… Don’t provide a template as Google will catch on an penalize you.
• Respond to them (good and bad) – Reply to your reviews. It shows that you care. Thank the positive reviewers and address any negative reviews professionally. Do not get into an online fight with a negative reviewer.  I like to address them, take them offline, and then bury them with positive reviews.  Google does let you report reviews, but it is very difficult to have them removed.
• Do not pay for reviews – You may be tempted to offer an incentive for clients to leave you a review.  Please do not do it.  If Google discovers that you are paying for reviews, they can not only remove all of your reviews, then can also make your listing disappear.  That is the last thing you want if you are building up your web presence.

What other listings are important for establishing a strong web presence?

Once you have claimed and optimized your Google business listing, you can start to build up other listings.  The more valid online listings (or citations), the better it will be for your business web presence.

Some of the other listings to claim and optimize are:

• Bing business listing
• Yahoo business listing
• Apple maps business listing
• Better Business Bureau
• Next Door
• Manta
• Yellow Pages
• Yelp (free listing)
• Linked In
• Facebook
• Twitter
• Etc.

In conclusion, a strong web presence is critical for any business looking to succeed in today’s digital era. By leveraging the power of the internet to reach out to potential customers and engage them through relevant content, businesses can drive conversions while optimizing costs at the same time.

Is the security for your home or business up to par?

Are your security measures for you home or business good enough to deter potential thiefs or burglars?

Increase in theft crimes in recent weeks.

Recently, we have seen a rash of thefts from homes and businesses.  Some of the most common thefts we are seeing are:

• Car break ins
• Catalytic converter thefts
• Car thefts
• Shed break ins
• Theft of items from outside of homes/business buildings

What can you do to increase security to prevent or deter the above crimes?

For car break ins, the number one thing you can do is to lock your car doors.  The police state that the overwhelming majority of car break ins happen to an unlocked car.  Most of these criminals are looking for easy access and do not want to draw attention by breaking windows.  For the ones that do break windows, it is usually because there is something valuable in plain site.

So the best advice to deter car break ins is to lock your doors and put any valuable items out of plain site, lie in your trunk.

For shed break ins, a good lock can deter the common thief.  Again, most criminal are looking for convenience.  And the harder you can make it to break in, the less likely you will be to have a break in.  Adding any level of security can make a thief move on to the next target.

Keep in mind a couple of things regarding insurance coverage for the contents that you may have in your shed.  Most people think that everything they keep in their shed will be covered on their homeowners insurance policy.  That assumption is not always correct though.

Real claims scenario:

We had a scenario recently in Severna Park, Maryland where someone had dirt bikes stolen from their shed and wanted to report a homeowners claim.

Unfortunately these types of motorized vehicles are specifically excluded from the homeowners insurance policy.  If you have motorcycles, ATV’s, golf carts, etc., they will not be covered on your home insurance for liability or physical damage/theft.

You will need to get a separate Motorcycle/ATV insurance policy for coverage. For these off road vehicles, you can list minor children as operators and we suggest you do so.  By doing this, you can also add the coverage to your umbrella insurance policy, which can be very important in protecting your family’s assets.

Steps to take to deter all of the above scenarios:

Install good outdoor lighting:

Thieves love to operate in the dark.  Shine some light on them by installing a good outdoor lighting system will deter them from committing a crime on your property.

Motion sensors are ideal for this purpose since they will only turn on when there is movement detected in their vicinity, This provides an extra layer of security against potential intruders. Furthermore, placing lights at entry points (such as gates and walkways) allows you to see who is accessing your property after dark.

Install a security system

Security systems such as CCTV cameras, alarms and motion detectors can be used to monitor your home or business and detect any suspicious activity.

The presence of a security system also acts as a deterrent, making potential burglars think twice before attempting to break-in.  Put signs up in your yard and on your business letting potential burglars know they are being monitored.

Utilize locks

Investing in high-quality locks for all doors and windows is one of the best ways to increase security around your home or business.

Consider purchasing double-cylinder deadbolt locks for main entry points and window locks for ground floor windows. Additionally, it’s important to ensure that all exterior doors have a secure locking mechanism that cannot be easily forced open.

Utilize fences and gates:

Installing fencing and/or gates around the perimeter of your property can provide an extra level of protection against trespassers and burglars who could otherwise gain easy access inside your home or business space.

If possible, opt for tall fences with spikes on top as these will provide additional deterrents against potential intruders.

Conclusion

Security is essential for any property and can be improved through various measures mentioned above.  Taking that small extra step to improve security around your home or business can save you a lot of time, money and frustration in the long run.

If you need a referral to any  of the following to help with your security, please let me know:

• Security Company
• Fence Installer/Contractor
• Locksmith
• Lighting contractor/electrician

Contact Huff Insurance

If you have any questions on this article or on any insurance coverage, please reach out to us at 410-647-1111.

Do you have a secondary home to insure?

Many people dream of having a second residence, or secondary home. If you’re lucky enough to own one, you have important considerations that go beyond normal homeownership. You’ll need adequate secondary home insurance and maintenance to keep that protection in force. We receive hundreds of questions every year on how to insure a secondary home. We’ll look at the nuances of owning and insuring second home here.

Secondary Home Insurance

Unlike primary home insurance, secondary home insurance is designed to meet the unique needs of properties that are used primarily for vacation or rental purposes.

Moreover, secondary home insurance policies typically offer flexible coverage options to accommodate the varying needs of different types of vacation homes.  From apartments, to cottages to luxury villas. This can include coverage for personal belongings, rental income, and additional living expenses incurred due to damage or displacement.

For these reasons, your secondary home insurance considerations will largely depend on what type of property you have.

Apartments

An apartment is probably the easiest type of secondary residence to care for because renters insurance policies focus on two basic issues:

• The contents of the apartment (your personal possessions)
• Your liability for accidents due to your actions or negligence

Renters insurance policies are affordable and can be placed rapidly. The key is having an inventory of your belongings and their value so you get adequate coverage.

Condos / Condominiums

With a condo, the structural risks are handled by the condo owners association’s (COA’s) master policy. It’s important to coordinate your condo owners insurance with the master policy, though. Otherwise, you could be left with surprise costs in the case of fire, wind or water damage.

Be sure to carefully read through the COA’s master policy to make sure your possessions, your financial assets and any upgrades you make to the living space are covered.  You can check out our blog titled What’s So Tricky About Insuring A Condo?  The master policy can greatly affect how you insure your condo.

You may be especially interested in loss assessment coverage. This type of coverage steps in when there is a shared financial liability that the COA’s master policy does not adequately cover. Your agent can advise you on what it will and won’t cover based on your COA’s insurance policy and the terms of your loss assessment coverage.

Townhomes and single-family homes

Townhouses and single-family secondary homes require homeowners insurance. If you own one of these types of homes, you have important clauses to consider — especially regarding vacancy. A home that is left unoccupied for months at a time is considered a higher risk than a primary residence.

If your home is only occupied part time, you may need “unoccupied home” coverage to make sure your insurance doesn’t lapse or certain coverages get suspended.

Note that vacant-home insurance is often meant for properties that have no furnishings, such as those up for sale. Unoccupied-home insurance may be a better term for seasonally or periodically used dwellings.

Coverage for cabins also falls under homeowners insurance for secondary residences, but note any wildfire exclusions or restrictions.

Mobile homes

If you have chosen a mobile home as your getaway, there is special coverage just for that — whether it’s on blocks or a slab. Mobile home insurance can cover a manufactured or modular home situated in a mobile home park or on a private lot.

Like other home insurance products, it covers the structure, the structure’s contents and your liability. And you can usually pick from an agreed-loss policy or a replacement cost policy. An agreed-loss policy pays up to a preset amount, and replacement cost policy allows you to replace your mobile home in the event of a total loss.

Secondary home insurance exclusions

Most of these secondary home insurance policies don’t cover earthquakes or floods.  And in some regions, wildfires and hurricanes may also be excluded.

In most cases, these protections can be bought separately or added to your policy by “endorsement.” Your insurance agent can show you your options and help you assess your risk level.

One other important coverage is sewer and drain backup. Nasty water can bubble up at any time, leaving a mess to clean up. And that isn’t covered under standard vacation home insurance. Sewer and drain backup coverage hardly costs anything to add to your policy.

Security and maintenance

With secondary homes, insurance companies want to know how much attention, maintenance and security the property receives. In some locations, theft and vandalism are high-level risks. Especially for homes that are vacant for extended periods. And in all cases, water leaks and fires are serious concerns.

The good news is that you can reduce your risk with affordable technology, and such loss control measures may reduce your insurance premiums. Some insurers will even provide or help you purchase fire and water sensors that are connected to internet apps and send alerts. The more advanced devices can even be activated to turn off water valves or dial the fire department.

Having a local property manager is also a good idea. They can make regular visits while you are away and handle routine maintenance requests as they pop up. They can also make a property look lived-in by simply grooming the yard and porch and adjusting light timers.

Know that damage from most critters is not covered under standard homeowners insurance. This is another reason to have a property or maintenance professional nearby. Wear and tear and neglect are also excluded from coverage.

For example, say a tree limb falls and pokes a hole in your roof. If you don’t repair the hole in a timely manner, rains may invade and cause substantial damage that will not be insured.

Home-sharing and renting

If you intend to let others borrow or rent your vacation home, inform your insurance agent. Guest usage isn’t usually a problem.  But your insurer may require you to disclose extensive permissive use. Using the property for income may also create new insurance requirements, such as landlord insurance.

If you are going to rent your property often through Vrbo or another online booking agent, consider vacation rental insurance. This covers your risks as a homeowner and as a landlord. You need to consider how to protect yourself from income loss as well.

However you handle your vacation property, get a professional appraisal to obtain the right amount of insurance.

Underinsuring your home can leave you liable for costs you didn’t expect, well beyond your deductible. For example, your city may require you to make changes due to updated building codes. This special coverage, called ordinance and law insurance, can help you build a new roof or even fully rewire your home.

In Conclusion

It may sound like a lot to consider, but protecting your investment will give you peace of mind and help you recover if disaster strikes.

Protecting your secondary home means securing your investment and providing peace of mind, whether you use it for personal enjoyment or rental purposes.

So, don’t overlook the importance of securing secondary home insurance and ensuring that you have proper coverage in place.

Contact Huff Insurance Today!

Want one of our Trusted Choice insurance advisors to make sure you have the right secondary home insurance coverage?  Simply fill out the request a quote form or give us a call at 410-647-1111.

Engaging Remote Employees.  5 ways to engage your remote employees.

Engaging remote employees can be challenging for a company.

Here are 5 ways that you can create engagement for your remote employees.

Establish Clear Goals:

Remote employees should have a clear understanding of what their goals are and how they can reach them.

Setting expectations from the start will help remote workers stay focused and motivated. It is important to provide measurable objectives that can be tracked, such as weekly tasks, key performance indicators (KPIs), or other metrics specific to each employee’s job.

This will help employees focus on the most important tasks and feel more accountable for their work.

Encourage Collaboration:

Working remotely can be isolating at times, so it is important to create opportunities for collaboration between remote workers and their colleagues in the office or around the world.

This could involve having virtual team meetings or using tools like Slack, Zoom, Teams or Skype to keep communication open between members of the team.

It could also include setting up a shared document system such as Google Docs so that multiple people can simultaneously work on projects together.

Foster Professional Development:

Offering remote employees access to resources like webinars, online courses, and industry-specific conferences can help them learn new skills and stay up-to-date with industry trends.

Setting aside an adequate budget for professional development activities will demonstrate that employers value their employees’ growth and development as much as they would if they were working in an office setting.

Promote Opportunities for Socialization:

Socializing opporunities are important for engaging remote employees.

Working remotely does not lend itself well to traditional water cooler conversations. Employers should still prioritize providing socialization opportunities for their remote workforce.  This is done in order to foster a sense of community among staff members who may otherwise feel disconnected from one another due to distance or time zone differences.

This could include encouraging virtual happy hours after work, scheduling video conferencing breaks during the day where employees can catch up with one another informally, or starting companywide virtual book clubs where everyone reads and discusses a novel together over several weeks.

Leverage Technology:

Technology has come a long way when it comes to making remote work possible. However, there are still plenty of ways employers can leverage technology even further in order to engage remote employees.   The technology will also help keep your remote employees productive at all times.

• Investing in quality tools such as project management software like Asana or Trello helps keep track of tasks and deadlines.
• Creating chat groups on social media platforms such as Facebook Workplace allows for quick communication among team members.
• Using video conferencing tools such as Zoom encourages face-to-face interaction; establishing a company intranet helps keep everyone connected while providing easy access to documents.
• Finally cloud sharing services like Dropbox or Google Drive allow remote teams to easily collaborate on documents without having to send email attachments back-and-forth constantly throughout the day.

Summary For Engaging Remote Employees

Working remotely can be difficult.  However with the right strategies in place it is possible for companies to create successful remote teams and to engage remote employees. .

Establishing clear and measurable goals is important for keeping remote employees focused and motivated.

Creating collaboration opportunities can help them to stay connected to the company.

Insurance Items To Consider:

If you have remote employees, you want to make sure that you have their locations listed on your Workers Compensation Insurance and General Liability Insurance policies.

Contact Huff Insurance Today

Huff Insurance is a Trusted Choice Independent Insurance Agency in Pasadena Maryland.  Call us today at 410-647-1111.

Make Sure Beneficiaries are up to date

Having a current and properly executed will is an important part of estate planning. That having been said, wills need to go through the probate process, which can be time-consuming.  Having your beneficiaries up to date can make the probate process less complicated.

Assets with named beneficiaries, however, are generally exempt from probate proceedings. That’s part of the appeal: Named beneficiaries can access funds quickly, without waiting for an estate to settle, so they have access to the funds they need for everyday expenses.

Financial and investment accounts that disperse independent of your will include:

• Life insurance policies
• Individual retirement accounts
• 401(k) plans
• Health savings accounts

It’s important to keep the beneficiaries up to date on your financial accounts, especially after significant life events, such as:

• Marriage
• Divorce or legal separation
• Birth of a child
• Birth of a grandchild
• Purchase or sale of a home
• Disability or long-term illness
• Changes to a trust or will
• Creation or dissolution of a business

Absent or outdated beneficiaries

If you fail to specify a beneficiary, the account benefits will likely revert to your general estate, subjecting them to probate and potential dispute.

On the flip side, if you fail to update your named beneficiary (for example, after a marriage or a divorce), your original beneficiary (possibly a parent or an ex-spouse) will receive the benefits, even if that is not your current preference.

Are contingent beneficiaries up to date?

A contingent beneficiary is a backup beneficiary. You might think you don’t need a contingency plan, but it’s best to cover your bases. 

Let’s say your spouse is the only beneficiary on your life insurance policy. Later, you both die in a car accident together. Since you didn’t name a contingent on your life policy, the cash benefit will be treated as part of your estate and divided in probate court. 

Similarly, if you leave 100% of your retirement account to your child (with no contingency) and they refuse the money, the benefits will be paid to your estate and treated as a cash asset.

You can break down beneficiary benefits into percentages by setting up primary and contingent beneficiaries. For example, you can leave 100% to your spouse as primary and 100% to all your remaining children as contingents. Or you can get granular with the percentages and name multiple people.

Spousal rights

Some accounts require explicit permission from your spouse if you want to name someone else as a beneficiary. Additionally, community property rules may affect this determination. Consult with counsel or your financial advisor as needed. 

Reach out with questions

Take some time to review your assets and keep your beneficiaries up to date.  Do this so the funds are dispersed as you intend. Most accounts have an online portal where you can make changes immediately. Contact your insurance agent, lawyer or account manager if you need assistance changing your beneficiaries.

If you have any questions, please give us a call at 410-647-1111.

Why do you need to do an insurance audit?

An insurance audit is necessary because the premiums that you are paying for your insurance coverage are based either on receipt figures and/or payroll figures.

There is no way to determine what your actual receipts or payroll figures will be in a year.  So the company bases your premium on what you estimate your payroll and/or receipts will be for the coming year.

The insurance company will need to determine what the final premium is at the end of your policy period.   This will be done by performing an insurance audit.

The insurance audit process:

There are two types of insurance audits .  A voluntary insurance and a physical insurance audit.

The type of audit that will be conducted depends on the dollar amount of premium and the type of coverage you have.

• If a physical audit is required then a representative from the company will contact you at the end of your policy term to set up an appointment. It is very important that you meet with the auditor when the appointment is arranged and that you have all information available.  Have an accountant that handles your accounting matters?  be sure to give the auditor their name and number when he calls to schedule the appointment.
• If a voluntary audit is selected, you will receive a form in the mail to complete and return to the company. Be sure to complete the form in its entirety and accurately.  If you have an accountant then please forward the form to their firm to complete.
• When the company receives the audit, they will review it to determine your final premium. If the payroll or receipts figures are lower than the estimates you provided, you may receive a return premium.  As long as your premium was over the minimum premium.  On the other hand, if the figures are higher, the final premium will be more, and you will owe the company the difference. If the audit results in an additional premium , the company usually requires that to be paid in full.

To assist you with the insurance audit process, we have some suggestions of items that you may want to have handy.

• Federal and state quarterly payroll reports
• Individual earnings records
• Cash disbursement journal
• Sales and receipts journal
• Sub-contractor costs (if any) during the period
• Certificates of insurance for sub-contractors- this is VERY important. If you do not obtain certificates, the company will include the cost of work performed by them on your behalf as payroll.   If you have a workers compensation policy- all subcontractors- regardless of if required by law to have coverage or not, must provide you a certificate of general liability and workers compensation.
• Prevailing wage job information

What types of insurance policies are subject to audits?

• Workers Comp Insurance Policies
• General Liability Insurance Policies
• Commercial Package Insurance Policies
• Business Owners Policies (Commonly known as BOP policies)

Contact Huff Insurance

Still have questions on the insurance audit process?  Please feel free to give our team a call at 410-647-1111.

Did you get something shiny and expensive for the holidays or for Valentine’s Day?

If you received jewelry for the holidays or Valentine’s Day, it’s important to call your insurance agent right away.  This will ensure that your new valuables are properly covered. Doing so will give you peace of mind knowing that if anything were to happen to your new pieces, they would be properly insured with the right jewelry insurance policy.

The best time to call your insurance agent is when you buy the expensive give for your significant other.  Most people do not think about adding the jewelry to the insurance intil after it is gifted.  But a lot can happen between the time you buy the jewelry and the time you gift it.

I bought a nice set of earrings for Nancy a few years ago.  I called into our office to schedule them on our home insurance policy while I was still in the store.  It is a great time to add the jewelry because you have the receipt and probably an appraisal from the store right in your hands.  So, before the paperwork gets shuffled away in your home filing system, why not scan them into your phone and shot them over to your insurance agent?

What are you risking by not having a jewelry insurance policy or schedule?

Most people assume that jewelry is just like any other property you own and is insured on your homeowners insurance policy.  That is correct, to an certain degree.

The standard homeowners insurance policy pits a sublimit on the value of jewelry for the peril of theft.  This sublimit is usually $1500.  Iit does not take a lot to get to a value of $1500 in jewelry these days,  The value of gold is about $1800 per ounce these days.  So a simple 18K gold wedding band could easily exceed the $1500 limit.

When you schedule your jewelry on your homeowners insurance or purchase a separate jewelry insurance policy, you can insure your jewelry for its replacement cost, up to the agreed insured value.  This would not be subject to the special sub limit in the home insurance policy.

Having the jewelry insured on the proper policy also adds a peril called mysterious disappearance.  Sometimes, earrings, rings and necklaces go missing without knowing where or how they went missing.

Mysterious Disappearance could be any of the following:

• An earring falls out somewhere in your travels
• A necklace gets left in a hotel room and goes missing
• A ring that comes off while swimming in the ocean
• You look down at your ring one day and see a missing stone
• Etc.

You would simply be out of luck with no coverage with most standard unendorsed homeowners insurance policies.   Scheduling your jewelry can add these valuable insurance coverages.

Top reasons why people do not buy jewelry insurance

• They don’t think it’s necessary: Jewelry Insurance is often viewed as an extra and unnecessary expense by some people, which can prevent them from scheduling their jewelry on their insurance when they buy it.  And they incorrectly assume that the jewelry is adequately coverage on their homeowners insurance policy.
• They are unaware of the coverage it provided: Some people may not be aware that jewelry insurance typically pays for missing jewelry.  Like providing reimbursement up to the policy limit of its appraised value before the event took place. Or what other coverage options are available. This can lead them to not purchase jewelry insurance at all as they don’t think they need it.
• They feel it is too expensive: Some people may view jewelry insurance as too costly compared to the amount of money they spent on their jewelry item.  This them reluctant to purchase Jewelry Insurance in the first place.  jewelry insurance is not expensive.  Give us a call to ask.
• They worry about out-of-pocket expenses with jewelry insurance policies: Many people fear that purchasing Jewelry insurance will leave them having to pay extra out-of-pocket expenses.  Either up front or if something were ever to happen with their jewelry.

What will you need to schedule your jewelry?

• Recent appraisal and/or receipts of purchase – The insurance company will want to see proof of the value of the item.  If recently purchased, a purchase receipt could be sufficient.  In the absence of a receipt, or if the item was purchases several years ago, a recent appraisal will work.  With the values of metals and jewels rising, it is always a great idea to have appraisals done once every 5 years or so.
• Detailed description of the item – This should be found in the appraisal
• Photos of the item – This should also be part of the appraisal

Don’t get a broken heart by not having your jewelry insured correctly

Your gift is precious and special.  Should something happen to your special gift, you want to make sure it is properly insured.  Your heart will be broken if something happened.  So make sure you won’t have a broken wallet to go along with it.

Call Huff Insurance Today

If you have any questions on whether insure your jewelry or not, please give us a call at 410-647-1111.  One of our experienced agents will be happy to talk to you.

We have been protecting our clients valuables since 1960!