R&R Insurance Blog

Have you ever wondered why your auto insurance increases year after year? If you've ever found yourself asking the question, "Why am I paying more for auto insurance," take a look at the graphic below. There are more reasons than you might realize.

Contact a KnowledgeBroker for more information about the recent auto trends and to make sure you have the right coverage.

Content provided by Hanover Insurance.

It’s an unfortunate fact that accidents happen – and it’s not uncommon for jury awards and out-of-court settlements to run into the millions.  While it’s difficult to pinpoint the monetary consequences of the risks you and your family take each day, are you certain your current liability insurance offers you enough protection?

For example, what if:

• You accidentally run a stop sign, causing a serious accident?
• The Amazon delivery person falls on your sidewalk and is seriously injured?
• You are sued for liable/slander for posting a seemingly harmless comment on-line?

If you are found to be legally responsible for injuring someone or damaging their property, without a personal umbrella, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket.  A personal umbrella liability policy protects your personal assets – and future earnings – by kicking in when your standard liability coverage is exhausted.  Additionally, a Personal Umbrella will cover the cost of a legal defense if a suit is filed against you.

How Much Coverage Do I Need?

You’ll want to take into consideration not only your total personal assets but also your potential personal risks.  For example, does your profession or location of your home make you an easy target for a big settlement?  Do you have a busy lifestyle that puts you behind the wheel frequently?  Coverage starts at $1 million, and it’s not uncommon to see limits as high as $10 million. 

How Much Does Coverage Cost?

Additional liability insurance is inexpensive when compared to the added coverage you gain.  A $1 million umbrella policy typically costs less than $300 a year, and increases by $50-$100 annually for each million thereafter.

2017 Data Breach Forecast Report from Experian:

"Of the potential sources for a breach, electronic health records (EHR) are likely to be primary target for attackers. The portable nature of his information and the number of different entities and end-points that need access to them mean the potential for them to touch a vulnerable computer system is high. While there may be significant protections in place to secure them in transit, it only takes one compromised or outdated system to lead to exposure. Further as more healthcare institutions deploy new mobile applications, it's possible that they will introduce new vulnerabilities that will also be attractive targets for attackers."

"Ransomware attacks may also move from just locking systems to outright stealing information to either sell or leverage for identity theft. Additionally, with the recent Office of Civil Rights (OCR) guidance classifying ransomware attacks as requiring consumer notification, we are likely to hear about a larger number of these types of cases when compared to other sectors".

Think your organization is immune?  Think again:

• Global malware attack hits Wisconsin health care providers
• 43K affected in Wisconsin data breach
• 93,000 patient records exposed by Pennsylvania provider
• Vendor error causes major patient record leak at New York hospital
• ...and the list goes on

What is your plan when the inevitable happens to your organization?

Contact your knoweldgebroker for a free analysis of your cyber insurance policy and disaster recovery plan.

This week Lloyd’s of London released a report that stated “a major, global cyber attack could trigger an average of $53 billion of economic losses, a figure on par with a catastrophic natural disaster such as Superstorm Sandy in 2012.” So far in 2017 The WannaCry and Petya/NotPetya attacks affected hundreds of thousands of computers in over 150 countries in an alarmingly rapid period of time.

As reported in The Hill, the Petya malware, which first hit the Ukraine, spread to other areas of Europe and the US. The malware forced a hospital in West Virginia to replace its entire computer system, disrupted operations in Merck, FedEx and Cadbury, as well as stalled operations at the Port of Los Angeles.

Security experts agree that the attacks will continue and will impact more US businesses. And not just giant corporations are at risk. One of the commonalities in these attacks is that they were spread through unsupported software. Many businesses were impacted not directly but through a third party vendor.

• How well do you know the security of your vendors?
• How will you recover loss of income when an attack impacts any of your vendors and indirectly impacts your operations?

Imagine a scenario where a global attack comes on the heels of a natural disaster. What about an attack on major cloud provider? Will your business survive? Can your business survive?

Cyber Insurance is not a substitute for cyber security. However, policies are available that will be a valuable asset in responding and recuperating from a cyber attack. Logically, those businesses that understand their risk, have taken all possible precautions and are prepared to respond will be in a better position than those that do not.

Many people are exposed to heat on the job, outdoors, or in hot indoor environments. Operations involving high air temperatures, radiant heat sources, high humidity, direct physical contact with hot objects, or strenuous physical activities have a high potential for causing heat-related illness. When the body is unable to cool off by sweating, heat-induced illnesses, such as heat rash, cramps, heat exhaustion, and heat stroke can occur. These illnesses can be serious, sometimes even resulting in death. However, these illnesses and deaths are preventable.

Did you know that replying to a text message while driving 55mph is like driving blindfolded the length of a football field? Answering a text message takes your eyes off the road for an average of 4.6 seconds - which would be approximately 100 yards.

In 2016, texting while driving became outlawed for all Wisconsin drivers. In addition to the danger you pose to yourself and others, the tickets you may be penalized with are often considered "major violations" by insurance carriers. Which can result in an increase to your insurance premium.

While there are many distractions on the road today, your mobile phone is one of the worst offenders. Take this quiz for the essential facts on distracted driving and your phone.

For more information on your auto insurance, contact a KnowledgeBroker at R&R Insurance.

With the US Open being hosted in our backyard this week and a whirlwind of summer events on the horizon, there are hundreds of ticket sale transactions taking place each day. While technology has made it easier to purchase tickets with the click of a mouse, it has also come with a price. Unfortunately, with increased sales come increased scams. Here are a few tips to help you avoid falling into the trap:

Take Time to Research

The beauty of the internet is the opportunity to read reviews, check ratings, and find out the good and bad experiences others have had with vendors. An easy way to learn more about the legitimacy of a company is to run their name through a quick online search. If the company is in the business of scamming people out of tickets, there’s a good chance others who have been affected have posted about their experience.

Stick With Reliable Sellers

There are a plethora of opportunities to buy tickets directly from other individuals through social media platforms. Though great deals often appear, purchasing tickets from other consumers is risky as it may result in ticket scams and the misuse of your personal information. It’s also important to be wary of electronic tickets. E-tickets can be easily reproduced and scammers will print off as many copies of a certain ticket as possible. All of these tickets will work perfectly when entering the event, but only the first one scanned will be valid - while the rest will be denied entry. 

Closely Examine the Ticket

After your purchase has been made and your ticket arrives, always take a closer look. Does the ticket include the block, row and seat details? Other easy-to-spot signs of a fake ticket include: incorrect event information, low quality paper, blurry text, uneven margins and jagged paper edges.

Don’t let ticket scams take the fun out of your upcoming summer events. Take the extra time to make a conscious ticket buying decision – and enjoy!

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 valued clients.

Dave and Nicole are a couple in their early 50’s, with two grown children and one still at home.  They have four autos, two homes in Oconomowoc, WI along with a boat, a jet ski, a converted school bus used for tailgating and a moped.  Dave is a business owner and Nicole also works for the business.  They recently purchased a rental property in Madison, WI, and will act as property managers each fall when they spend their weekends cheering on the Wisconsin Badger football team. 

As their previous captive agent recently retired without an adequate perpetuation plan in place, their relationship with their insurance provider was non-existent.  This led to a lack of consistent coverage reviews and resulted in some major coverage deficiencies:  unfortunately a recently constructed detached garage, along with their boat and jet ski, were uninsured.  Dave and Nicole significantly reduced their risk exposure while decreasing their total premium 30% by rebalancing their program as follows:

Savings Opportunities:

• Incorporate substantial “prior carrier” discount provided to direct insurance policyholders.
• Combine all policies into one program, with one bill, and save on service fees by paying in full.
• Extend liability from the primary home to the two other locations.

Coverage Improvements:

• Acquire 30% more replacement cost coverage for their primary and secondary homes.
• Add Original Equipment Manufacturer (OEM) parts coverage to their 2016 Mercedes.
• Increase Other Structures coverage in order to fully protect the newly constructed garage.
• Include coverage for both the boat and jet ski, and incorporate them onto their $2,000,000 umbrella.
• Add Identity Theft and Sewer/Drain Backup coverage to their homes.
• Add Full Glass Coverage and increase Rental Reimbursement Coverage on their autos.
• Include Deductible Dividends and Waiver of Deductible program features.

Contact a Private Client Executive, to learn more about properly protecting your most valuable assets.

*Client names have been changed to maintain anonymity.

Over the last week the WannaCry ransomware was released and spread to over 200,000 computers in over 100 countries throughout the world. Following WannaCry, a new attack called Adylkuzz has crippled computers over 150,000 computers. Both attacks exploit a vulnerability in the Microsoft operating systems that are no longer being supported, even though Microsoft did release a patch in March to protect against an attack. Also this week, a hacking group called Shadow Brokers posted an internet message saying it would release a new trove of cyber-attack tools next month.

Even if your business was not impacted these attacks they should be sounding loud warning bells in your organization.  Let’s consider the following:

1. How prepared are you for the next attack?  While attacks such as these have been released for years, they are indicative of a drastic increase in Ransomware over the last year.   Do you have a response plan in place?  Are you conducting exercises to measure your response and how effective your plan is? 
   
   
2. Are you running any legacy software that is no longer being supported? Many companies have some version of legacy software to power a portion of their business.   Have you identified vulnerabilities in this software?  How up to date are you in installing patches and updates? Are un-patched computers connected to your network?
   
   
3. Do you have a plan in place if you are no longer able to access third party vendors which your business relies upon?  For example, if you are a manufacturer and rely on a product or material obtained through a third party, what happens to your business if that vendor is not able to fill orders due to a cyber attack?
   
   
4. Are you conducting regular training of employees to identify phishing emails?  We know that malware and viruses are delivered by either clicking on a link in an email or an internet site.  Do you have a corporate culture that makes cyber security a priority for everyone in the organization?

If your emergency response plan hasn’t been updated to incorporate a cyber attack, now is the time for action.  Also, if you have not purchased cyber insurance, the coverage, proactive risk management tools, and response services could be a life line for your business. 

There are two significant trends with today’s modern work force:

1. Employees are working longer and retiring at a later age
2. Each day, there are over 10,000 Americans reaching age 65 and becoming eligible for Medicare

At R&R Insurance Services we continue to provide our Medicare counseling services to the employees and dependents of our clients to understand their insurance options. All too often an employee overlooks their Medicare eligibility if they elect to work beyond age 65. However, this may not be their best insurance option when you factor in their cost of insurance (employee contribution) and the plan deductible. 

With most employers embracing a high deductible health plan, employees or dependents of employees who reach age 65 can exercise their option to enroll into Medicare and waive the employer’s group medical plan. Often the cost to elect Medicare Part B and a corresponding private supplement or Advantage plan can result in a medical plan with a $0 deductible and lower direct premium costs.

Our health insurance experts are ready to help you with your needs. Click here to meet our team.