R&R Insurance Blog

I attended the recent 2013 State of WI Homeland Security Cyber Conference. The overall message from the day: it is not IF you will suffer a breach but WHEN you will suffer a breach. I'm to passing along a few notes:

• Back in 2012 the State of South Carolina suffered a breach that exposed 3.8 million taxpayers, 1.9 million dependents, 700,000 businesses and 3.3 million bank accounts. The Breach occurred because an employee inadvertently opened a pfishing email. This error cost the state over $20 million—all because of an email. The State didn’t realize that they had been attacked until notified by law enforcement.
• Lockhead Martin had discovered an attack of their network that came in the form of emails sent to employees that had attended a conference by sending emails that appeared to send follow up slides and information to the conference attendees.

The FBI reported that the landscape for cyber crimes is changing to state sponsored attacks, i.e. countries trying to steal US companies R&D trade secrets from the private sector. Attacks are advanced and aggressive.

• As individuals we should be aware that our greatest vulnerability is using credit/debit cards at places such as gas pumps, bus rides, remote vendors, etc. Companies that accept credit cards and are PCI compliant need to realize that this compliance is a baseline minimum.
• The biggest threat to networks are the employees: "Think before you click" / "Beware before you share" should be the mantra. Businesses need to promote a culture of security awareness.
• Private companies are urged to join InfraGuard which is a way to communicate with the FBI regarding threats and for the FBI to communicate back to businesses. www.infragard.org

No matter what precautions a company takes, you will never get ahead of a hacker.

The speakers included representatives from Utility Companies, Banking, Security Consulting, FBI, SC Dept of Revenue, and The State of Wisconsin National Guard/Homeland Security.

See the conversation on Twitter by searching #WICyber.

Recently, a large tanning insurance provider Thomco (Thompson Insurance Enterprises) chose to exit the tanning salon insurance marketplace. This leaves hundreds of tanning salon owners without insurance coverage for their tanning salon when their policy expires.

R&R Insurance Services, operator of www.InsuranceForTanningSalons.com is accepting applications for tanning salon insurance from any tanning salon in the Midwest: Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Ohio, and Wisconsin. A simple form gets the quote process started with a Tanning Insurance Specialist.

Customized Tanning Salon Insurance Program is designed with specialty coverages for sun tanning salons, including spray-on and air-brush tanning. Key elements of this insurance coverage for tanning salons includes:

General Liability:

• Limits up to $1 million occurrence/$3 million aggregate
• Automatically includes Professional Liability
• Medical Payments coverage of $10,000 per person
• Cancer/Long Term Skin Damage included at policy limits
• Employees as automatic insureds
• Employment Practices Liability
• Fire Legal Liability - $200,000
• Building Owner as Additional Insured
• BOP Plus Pak
• Personal and Advertising Injury
• Optional coverages:
  • Hired and Non-Owned Vehicle Coverage
  • Employee Benefit Coverage
  • Employment Practices Liability

Umbrella Coverage:

• Umbrella limits up to $10,000,000

Property Coverage:

• Replacement cost of buildings and contents
• Business Income and Extra Expense on an ALS basis
• Crime coverage: Money & Securities $15,000 Inside/$7,000 Outside
• Sign and glass coverage
• Law and Ordinance
• Equipment Breakdown coverage

www.InsuranceForTanningSalons.com offers a quick, easy application process, payment options and additional optional coverages. Call any of our knowledgeable Tanning Salon Insurance Representatives for a no-obligation quote or consultation. 262-953-7200.

Important Note For Tanning Salon Owners: No new business quotes will be accepted by Thomco, and all active policies will remain in effect until the expiration date. At expiration, tanning salon owners will receive a non-renewal notice in the mail. When you receive this notice - please contact R&R Insurance: www.insurancefortanningsalons.com or 262-953-7200.

As a hockey player myself, I find this story truly amazing. Thank goodness for the foresight Adam's parents had in obtaining whole life insurance.

There were no children on the horizon yet for Norm and Sandy Page, but this young couple, in their early 20s, decided to buy whole life insurance policies. Their financial professional explained that whole life insurance builds cash value and that it would help them with their goal of saving for retirement, while also protecting them in case either were to die prematurely.

The Pages’ plans changed in an instant when their son, Adam, was born with spina bifida, a malformation of the spinal cord. The couple had good health insurance coverage through their jobs, but there were certain things it didn’t cover like special braces that Adam needed to walk. To pay for these items, the Pages tapped into the cash value that had accumulated in their whole life policies.

The money from the policies even allowed Adam to pursue a special dream. He developed a passion for sled hockey, and Norm and Sandy borrowed from the life insurance policies to pay for some of his equipment and training needs. At 15, he became the youngest person to make the U.S. National Sled Hockey Team and at 18, he won gold at the Paralympic Games in Vancouver.

Over the years, the Pages have purchased more life insurance to make sure that Adam will be adequately provided for should he outlive his parents, which doctors say is likely. For his part, Adam is now attending college to pursue a career in sports management. He even bought his own whole life policy, as he prepares for his life ahead. “I’ve seen what it’s done for me,” says Adam. “Whole life insurance has provided me the opportunity to live a whole life.”

For more information about life insurance, estate planning and mortgage protection, contact knowledgebroker Tom Driscoll.

As a third-generation dairy farmer, Paul Krzewina’s priority was keeping his 585-acre farm in the family. But doing that meant modernizing, and Paul needed to take out a mortgage to build new barns and buy additional cows. He was concerned, though, that the mortgage would be a burden to his wife, Michele, and their four young children if something were to happen to him.

When Paul was diagnosed with a brain tumor three years later, the life insurance proved invaluable. He was able to use a loan against his policy’s cash values to pay his health insurance deductible. In addition, Paul didn’t have to worry about keeping his policy in force because of a provision that waived his premiums in the event of a disability. More on Michele and Paul's story and how life insurance enabled the family to save the farm!

Paul died in 2010, but his dreams for his family are very much alive today. His eldest son, Chad, 28, now runs the farm, and used part of the death benefit to add new barns, including a maternity barn. He plans to expand the operation to 500 cows, from the current 200. Michele works on the farm, too, though in the warmer months her attention is on her ice cream restaurant, The Iceburg. “We couldn’t have done any of these things without the insurance money,” Michele says.

For more information about life insurance, estate planning and mortgage protection, contact knowledgebroker Tom Driscoll.

No one insurance agent or broker has a monopoly on cost effective, great ideas. With that in mind, I have set out to interview 52 Wisconsin professionals in 52 weeks.

Here at R&R Insurance our tagline is, "We are the Knowledge Brokers." Because of that, I do my best to pass along important information on emerging issues and I don't limit it to insurance. I will be interviewing business professionals from a variety of industries including insurance, IT, Human Resources, real estate, wellness experts, local business alliances, and many more.

Take a look at the interviews and share the knowledge! Questions? Just drop me a line.

Uninsured motorist coverage, in Wisconsin, provides protection for bodily injury caused by a motorist who is not insured. This coverage allows you to collect from your own insurance company as if it provided liability coverage for the negligent and uninsured driver. Underinsured motorist coverage, in Wisconsin, provides protection for bodily injury sustained by you when a motorist who is not sufficiently insured negligently causes an accident.
Why carry UM/UIM coverage:

1. The chance of being hit by a negligent uninsured or underinsured motorist in Wisconsin is approximately 15%.

2. UM and UIM coverage is broad and could contain benefits for you and your family members' injuries sustained in your own covered auto, autoss you do not own, and as pedestrians.

3. The cost is reasonable.

Kent Wainscott of WISN12 reported on September 4th that local home owners have been seeing huge increases in their home insurance policy rates - especially those placed with direct writers such as American Family Insurance, Allstate and State Farm. Direct writers like these have national exposures like huge forest fires, Tornado Alley or hurricanes. They only represent themselves, and therefore generally pass on the hardship to everyone in their book of business.

Here in Wisconsin, we have many options to combat this huge increase in home insurance premiums by direct writers like American Family Insurance. The major difference with an independent agent like R&R Insurance is that we are not a “one size fit’s all”. We have numerous carriers with local or regional exposure - thus less risk for the carrier and less costly for you.

At R&R Insurance we'll find the best combination of coverage and the best value for your insurance dollar. Wisconsin residents, if you are seeing increases in your home and auto policies that are too heavy to bare, we can help! Click on the Get a Quote button, fill out a few fields and you're on your way to better prices for your home and auto policy.

If you prefer to talk on the phone, we can have a knowledgebroker give you a call - just click on the Start A Call button to let us know. We'll be there with affordable coverage that most likely is better than what you were getting with the direct writer.

With the onset of The Affordable Care Act (PPACA), many small employers will see their costs rise, despite successful efforts to encourage healthy habits and smart consumer choices - just another reason why smaller employers are taking matters into their own hands and self-funding. (Actually the healthier your employees, the better off your plan will be if you self-insure...here's why.)

At R&R Insurance, we get weekly inquiries about self-funding or self-insuring health insurance for their employees. This is a very hot topic right now, and we are here to help. This Self-Insurance Guide covers the basics of self insuring your company's health insurance. Download your Self-Insurance Guide here.

Recent articles about self-funding:

3 Guidelines driving small employers to self-funding
Health Benefits Continue to Be Key for Employers Despite Obamacare
How to Get, or Keep, Health Insurance if You Are Self Employed
Self-Insurance is a Loophole for Small Businesses

R&R is well versed in the self funded options available to small groups and has first hand experience transitioning small employers to partially self funded and self funded options. For more information about self funding your health insurance, contact a knowledgebroker today!

Key Man or Key Person Insurance helps to keep your business afloat in the event of the death of a key colleague. If such a tradgey could lead to your company's demise, then you should consider key man insurance. Key man insurance is basically life (or disability) insurance on specific individuals in your company that play a major role in your company's survival.

Key Man Insurance is a life or disability policy taken and paid for by the company. The company is the beneficiary. In the event of a death or disability to a mentioned key employee, the company then has the funds to make appropriate business changes to stay in business. It can cover debts, payments to investors or day-to-day expenses for the business.

Three Main Reasons to Have Key Man Insurance:

• The business cannot continue in the event of a loss of particular individuals
  Consider how much knowledge your key individuals have. Are you in the services industry? Key partners such as attorneys or physicians, if gone, would surely affect your business performance. How fast can key employees be replaced? Consider the revenue impact of these individuals being gone, and insure for that coverage to get you back on track.
• Business continuity is a concern
  If there is not business continuation plan in place, who will take over the business? If it is a family business, is the spouse willing and able to resume the role? Perhaps they simply want to be bought out and not have anything to do with the busness moving forward. The insurance could take care of the partner buy/sell issues when a tragedy occurs. More on business continuation planning.
• Future growth or financing needs
  Banks or financing institutions may require key man insurance coverage to be in place before extending any financing or credit to the company. This ensures the stability and longevity of the business plan and therefore reduces the risk for the lending institution.

Keep in mind that younger vs more seasoned key individuals will have different coverage needs. Younger key employees are more likely to be disabled verses dying. Consider disability in addition to life insurance for younger key employees.

Key man or key person insurance coverage is usually accomplished with a term life product for 10, 15 or 20 years depending on how many more productive years the key employees have in the businesses.

For more information on key man insurance, life insurance or business continutation planning, contact knowledgebroker Tom Driscoll.