R&R Insurance Blog

Many employee benefits are subject to annual dollar limits that are periodically updated for inflation, such as HSAs, health FSAs, and transportation fringe benefit plans. This Compliance Overview includes a chart of the inflation-adjusted limits for 2019. Although some of the limits will remain the same, many of the limits increase for 2019.

The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year to give employers time to update their plan designs and make sure their plan administration will be consistent with the new limits.

Contact a Knowledge Broker for more information.

Effective October 16, 2018, OSHA launched a "Site-Specific Targeting (SST) inspection program".  The goal of the program is to ensure that employers provide safe and healthful workplaces by directing enforcement resources to those workplaces with the highest rates of injuries and illness.  Read the full OSHA notice here

Targeted Employers or Workplaces for SST Inspection Program:

• All industries EXCLUDING construction, schools, or municipalities
• 20+ employees
• Injury and illness information submitted calendar year 2016 under 29 CFR 1904.41

How can you prepare for a potential OSHA visit?

1. Awareness: do your company have a plan if OSHA would come knocking? 
   • See OSHA inspection fact sheet
2. Benchmark: how does your company's injury and illness rates compare to industry peers?  Are you a red flag for OSHA? 
   • See comparisons from Bureau of Labor Statistics (BLS)
3. Review applicable OSHA compliance programs compared to your company practices.
   • See OSHA inspection fact sheet
   • See OSHA Required Safety Health Programs
   • Review frequently cited OSHA standards as reported by NAICS code

Preparing for any type of OSHA audit takes commitment from leadership.  The best success are organizations with safety teams to champion safety 24/7.  R&R Insurance can help support safety personnel with self-audits, policy review, training content, and much more.  Start the conversation with an email: safety@rrins.com.

Whether we're ready for it or not, winter weather is upon us. And with colder temps comes an obvious increase in the use of fireplaces. For many of us, our fireplaces/chimneys haven't been touched in months. However, chimneys account for 75% of home heating fires - meaning homeowners should actively maintain and follow the necessary upkeep.

Property Casualty 360 provides the following tips to prevent chimney fires in your home.

1. Have your chimney inspected and cleaned at least once a year by a professional, and more than that if creosote builds up on the chimney walls more rapidly.
2. Consider installing a stainless steel liner that will withstand even the highest temperatures and will keep the embers contained.
3. Watch out for soot buildup. Soot is softer than creosote, but is also flammable and should be cleaned up regularly. 
4. Between the professional inspections / cleanings, be sure to check and monitor your wood-burning fireplace for signs of buildup or other problems.
5. Clean the interior of your fireplace, including the floor, regularly. Sweep or vacuum up cold ashes.
6. Your chimney has a cap on the top of it with open sides (usually covered in mesh to keep rain, birds, squirrels, and debris out). Make sure this cap is regularly inspected and replaced when necessary.
7. Check the interior of your fireplace for creosote buildup. It is flammable, therefore too much buildup is a fire hazard and should be cleaned away with a creosote remover as soon as possible. 
8. Anytime there is smoke indoors from your fireplace, troubleshoot and immediately correct any problems you find. Possible causes are a dirty chimney, soot or creosote buildup, other debris, a sample that isn't open or fully opened, or wood not building completely.
9. To improve your fireplace's efficiency, you should also consider installing heat-proof glass doors to protect against heat loss and a fan or blower to direct heat into the room.
10. If possible, burn hardwoods like oak, maple, ash, and birch. These woods burn hot and long, are cleaner to handle, and have less pitched sap. They also tend to leave less creosote buildup but can be more expensive.

Looking for additional safety tips for your home? Contact a KnowledgeBroker at R&R Insurance.

In simple terms, Trade Credit Insurance protects B2B companies or sellers of goods and services against bad debt, including insolvency, slow payment, and political risks. When these issues arise, they can be detrimental to a business. In fact, approximately 82% of bankruptcies are triggered by cash flow problems caused by issues like customer non-payment. In addition, accounts receivables typically represent more than 40% of a company's assets, and one in ten invoices becomes delinquent.

When should businesses consider Trade Credit Insurance?

Trade Credit Insurance applies to businesses of all sizes and in a variety of industries. Trusted Choice states that companies that sell goods and services on credit terms rather than requiring payment up front are exposed to the risk of nonpayment and should consider this coverage. In addition, companies that work with international exports have an increased risk and should take this insurance into account as well.

While there are alternatives to Trade Credit Insurance, they may not be the best option for businesses. According to James Daly, CEO and President of Euler Hermes, the main alternative is self-insurance, a practice many US organizations opt for. Businesses can put a reserve on their balance sheet to cover any bad debt that may occur over the year. However as Daly states, "rather than have capital in your balance sheet doing nothing but waiting for bad debt, why not purchase Trade Credit Insurance and then invest that excess capital into growth or new products?"

How can Trade Credit Insurance benefit your business?

Trade credit solutions can support sales growth while reducing trade risk and giving you the ability to:

• Avoid catastrophic bad debt losses
• Expand sales to new and existing customer with less risk
• Secure better borrowing terms with a lender
• Reduce bad debt reserves
• Enhance credit department efficiencies and results

The value of Trade Credit protection extends well beyond the insurance policy.  A key benefit is the extensive financial database available from partners of R&R such as Euler-Hermes, the world's largest Trade Credit provider. The information available at their fingertips provides proactive notifications and protection from adverse financial issues that could be developing with your key business partners. In addition, their data is an excellent evaluation tool when making decisions on partnering or prospecting potential growth partners. 

As a partner of premier trade credit insurers, R&R can assist your company with properly protecting its largest asset - accounts receivable. Contact a KnowledgeBroker for more information.

As of 2018, the videos below are ranked as the most popular by OSHA and the US Department of Labor.

Whether you're looking to train employees, or just share knowledge with members of your organization - these videos provide insight into serious safety topics.

1. Five Ways to Prevent Workplace Falls
2. Stop Silicosis (Inhalation of Silica Dust)
3. Excavation in Construction: Trenching
4. OSHA Heat Illness Prevention
5. Falls in Construction: Floor Openings

For more information on any of these topics, contact safety@rrins.com.

Insurance needs are often overlooked for college kids in the hustle and bustle of preparing for college. It's not uncommon for college kids to have thousands of dollars of electronic equipment and a closet bursting with clothes in the dorm rooms, as well as bicycles and instruments.

Students living on-campus:
Generally, this coverage is part of the parents’ existing policy and will cover up to 10% of the policy personal property limits for when a student is enrolled on a full-time basis.

Students living off-campus:
Generally, if a student maintains their parents’ address as their primary address and is enrolled as a full-time student, they will continue to be eligible for coverage under their parents’ policy. Students who have established their permanent primary address off-campus and no longer maintain their parent’s address as their primary address, and students who are enrolled only on a part-time basis, will need a separate renters policy to cover their personal belongings. Make sure that your student living off-campus is protected with this low-cost policy.

What about car insurance for the student who is away at college?
If your student is more than 100 miles away from home and does not take a car with them, you will get a discount on your car insurance rate because your vehicles are not being driven by your college student when the student is away at school.

Good Student Discounts:
Students who maintain a grade point average of a 3.0 / "B" or better will qualify with most companies for a "good student discount".

Wisconsin residents interested in a free insurance analysis for their personal insurance, please contact a knowledgebroker.

Provided By: U.S. Department of Labor (DOL), Occupational Safety and Health Administration (OSHA) and the Centers for Disease Control and Prevention (CDC), National Institute for Occupational Safety and Health (NIOSH)

While we had a cool start to the summer, there are plenty of hot days ahead of us. And studies show that working in direct sunlight can increase the heat index by 15 degrees. If you or your employees are working in the heat, OSHA's Heat Safety App is an important one to have at your fingertips.

According to OSHA, the App allows workers and supervisors to calculate the heat index for their worksite, and based on the heat index, display a risk level to workers.

With a simple click, you can also receive reminders about:

• Protective measures that should be taken at specific risk levels
• Drinking enough fluids
• Scheduling rest breaks
• Planning for emergencies
• Adjusting work operations
• Monitoring each other for symptoms of heat-related issues

Click here for more information about OSHA's App and for download instructions.

80% of Homeowners Overlook Costly Water Leak Exposure When Heading on Vacation

A study by Chubb Insurance shows that while on vacation, just 19% of homeowners view internal water leak damage as the most concerning threat to their home, despite the fact that water leaks are a more frequent risk than fire and theft. Homeowners are particularly vulnerable during summer travel season.

According to Chubb, "the time between when a leak occurs and when it is discovered is the single greatest factor in determining the amount of damage. As a result, leaks that occur while you're away result in greater amounts of damage in terms of both cost and severity."

Water damage claims have been rising over the last few years as well. In the last 10 years, the frequency of pipe bursts has nearly doubled. In addition to the increase in leaks, 90% of homeowners rate themselves as "vigilant" at preventative home maintenance, yet only 22% shut off the water main before heading out of town.

Before leaving on your next vacation, here are quick steps to properly protect your property:

1. Be sure all appliances and hoses are in good working condition
2. Inspect your sump pump 
3. Have your gutters cleared of debris
4. Ask a friend or neighbor to keep an eye on your house
5. Install a water leak detection device
6. Add a yellow tag to your water main shut off valve in case of a water emergency. Click here to receive free tags from us!

To learn more about water leak damage and protecting your home, view the following infographic, "Don't Get Water Logged" or contact a KnowledgeBroker.

Summer in Wisconsin is filled with a wide range of temperatures, which can lead to severe storms. While many of us enjoy a good summer storm and the lightning show that comes along with it, we can't forget how dangerous they can be.

In May of 2018, the National Weather Service reported two fatalities from lightning strikes, including a field worker and a child playing underneath a tree.

According to AAA, lightning can strike up to 15 miles from thunderstorms - even when skies are clear. If you hear thunder, slow rumbles, or loud cracks, lightning is close enough to strike you or your home. In recent years, the average cost of lightning damage to a home was $7,639.

Our partners at West Bend Mutual provided the following tips for Lightning Safety.

Real Life Example:
Ted Marino, resident of Brookfield, WI and an R&R customer since 1984, explains the peace-of-mind he had immediately after his home caught fire from a lightning strike during a storm in 2010. Ted and Chris escaped without harm, but their house was another story...

For additional resources to protect your personal assets from storm damage, contact a KnowledgeBroker at R&R.

To illustrate the benefits of rebalancing an insurance program to strengthen wealth protection and better manage expenses, the following example presents a before-and-after comparison for one of our newest valued clients.

Jason and Susan are a successful couple in their early 40’s, with two young children.  They have two autos and a new home in Colgate, WI.  They said they had a good relationship with their previous agent, however during a discussion with their wealth manager realized that they hadn’t had a coverage review in quite some time.  During our initial 30 minute meeting at Jason’s office, we discovered some major coverage deficiencies:  unfortunately a vehicle that had been traded in a few months ago and replaced with a newer vehicle was not accurately updated on their auto policy, leaving the vehicle uninsured.  While that issue was quickly remedied, we also significantly reduced their risk exposure while decreasing their total premium 20% by rebalancing their program as follows:

Savings Opportunities:

• Incorporate an association discount related to Susan’s profession.
• Correct an error on their prior policy related to an auto claim: they were being charged for an “at-fault” accident, despite being rear-ended two years ago.
• Add a valuable discount for having a central alarm in their home.

Program Improvements:

• Decrease their homeowner’s deductible – including wind/hail – from $4,000 to $1,000.
• Add full value replacement cost on their home.
• Add personal injury protection.
• Despite having a recognizable name in the community, they did not have a personal umbrella. The cost to add $1 million of coverage was just $260 annually.  $5 million? Just $500 more.

*Client names have been changed to maintain anonymity.