Posted under Commercial Insurance, Cyber Liability, News and Announcements, Safety.

A Business Insurance Update

Your business insurance can respond to many kinds of risks and losses.  Protecting your business from loss can mean the difference between having a great year, and having to close your doors.  According to the Insurance Information Institute, 30% of businesses that have a fire never re-open.  Therefore, it pays to have the right business insurance and to manage your tops risks.  However, do you know the most common risks faced by most businesses?

Business Risks

Cyber breach – Your small business has a greater chance of having a data breach than it does of having a fire.  Make sure you have a cyber liability insurance policy.  Don’t save passwords on your computer, use the latest security software, train your employees on cyber security, and never use an open network.

Customer trip and fall – Make sure you keep your business entry clean and clear of clutter.

Flood – Your business insurance excludes flood damage.  If you are close to water, make sure you consider flood insurance.

Fire – Every business is subject to fire. Install automatic alarms to ensure proper notification, disconnect equipment when not in use, and never overload sockets with plugs.

Theft – Develop a system for end of day closure procedures. Keep a light on at night.  Burglars are less inclined to break in if they think someone is there.

Innovative Insurance Services LLC understands the value of good employees. We know that your day-to-day operations depend on their hard work, expertise, and dedication, and if you supply them with quality benefits and plans, they can work with the peace of mind assurance that they are properly protected. Innovative Insurance Services LLC provides insurance to businesses in Shakopee, Savage, Prior Lake, Bloomington, Eden Prairie, Burnsville, and surrounding areas.

 

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Posted under Commercial Insurance, Workers Compensation.

While these are responses from large corporations, we take away many applications for medium and small businesses. Here are some of the risk issues for 2021. According to a recent AMEX survey, 92% of businesses pivoted last year, and 76% of small businesses believe they will need to pivot again in 2021. The 2021 pivot may have a different nature, however. 2020 pivots were mainly adjustments to shock changes in customer demands due to safety measures.

workers on ladder
  1. Cyber Liability– Cyber liability and data theft is one of the hottest topics for businesses, risk managers, and insurance companies.
  2. Employee Safety– Making sure your business follows all COIVD compliance protocols will be a top priority.
  3. Remote workers– In 2021, remote working and safety measures should become more routine. How businesses recruit, onboard, train, and terminate employees has changed, some say permanently. How businesses are dealing with employee burnout, talent management, and allocating will need to be addressed.
  4. IT security– Remote workers will require new IT protocols.
  5. Slow economic recovery– Businesses will need to do planning to manage the recovery in 2021.
  6. Government mandates and regulations – There continues to be increased oversight from the government in healthcare and financial reporting that creates new risk and liability for businesses.
  7. Political and Civil Issues – As seen in 2020, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
  8. Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation. You may even need to continue payroll for a period of time. Business interruption insurance can provide these resources.
  9. Class actions and COVID-19 cases- This year has also seen the first class-action lawsuits directly related to COVID-19. Examples include lawsuits against cruise lines that suffered coronavirus outbreaks, as well as suits regarding the business impact of COVID-19 on companies’ financial performance or operations and misrepresentations about COVID-19-related therapies.

Whether your business is large or small, we have the business insurance products to meet your needs. Every business and industry is unique. As business owners ourselves, we understand the special protection businesses need to prosper.

We are the smart way to buy insurance. As a leading Kansas City Independent Agency, we offer a broad selection of insurance policies, companies and financial services. We are licensed in Kansas, Missouri and Nebraska and are not limited to placing your insurance with just one carrier. By representing multiple carriers such as Travelers, Allied, Kemper, Encompass and Progressive, we have the flexibility to choose the insurance company that can best serve your individual needs. Having choices is our advantage… and it benefits you the customer.

Sources: Forbes, Insurance business

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Posted under Uncategorized.

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The latest news from the Small Business Administration is that only 60% of new businesses survive at least 2 years. Of that 60%, only 44% survive another two years. It is a fact that more small businesses fail then succeed. The two main reasons for failure are lack of planning and funding. While we can’t help with the funding part, we can offer some ideas about new business planning.

We found at least five things entrepreneurs should consider as part of their development process. We understand there are more, but this is a good start.

  1. Understand the risks and legal issues – It is important to any new start up to understand all the legal and regulatory statutes and laws surrounding their business. Hire a good attorney to help you; it will be worth the expense. Hire a professional insurance agent to help you understand what your risks are, how to manage the risks, and how to protect yourself from the risks.
  • Start with a good name – Your name needs to tell the story of what your firm does. For example, if you are starting a bakery, the name “Smith Brothers” fails to tell the public what you do. Also, depending on your market, it is probably not a good idea to use a foreign language as part of your name. Keep your name simple but innovative.
  • Develop a Web strategy- It doesn’t matter what business you are in, you must develop a web presence. This would include a web page, social media (Facebook & LinkedIn) and a blog. For some industries, Twitter and Pinterest are important as well.
  • Seek out mentors and advisors- Whether your mentor provides pointers on business strategy, helps you bolster your networking efforts, or acts as a confidant, it is good to have someone on your team. Hire a competent attorney, insurance agent, accountant and payroll HR/firm

Get The Right Commercial Insurance Coverage

There are insurance companies which have policies that combine protection for all major property and liability risks into one package. You can also opt for separate coverage. Such a policy is called a Business Owners Policy (BOP). Larger companies tend to purchase a commercial package policy.

Good luck and call us with any questions so we can help you achieve your goals! With over 40 years of experience in the industry, Brad Runnebaum and Jeff Hartman established PlatinumOne Insurance Agency in 2008. We have established relationships with some of the top carriers in the industry including Travelers, Allied, Kemper, Encompass, Progressive and many others.

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Posted under Auto Insurance, Homeowner’s Insurance, Life Insurance, News and Announcements, Personal Insurance.

insurance

When was the last time you reviewed your insurance coverage? The start of a New Year is a great time to review your personal insurance. Most of us know that major life events can make it necessary to update our insurance coverage. But did you know that even subtle changes can have an impact on your financial needs and plans?  Call our office today, and we can help you find the right combination of coverage and price.

Insurance “To Do” List

General or Personal Items

  • Review my insurance to make sure I have the right coverage
  • Take the time to read my insurance policies
  • Does my agent have all my correct information, including new phone number, address, and newly purchased property?
  • Make sure I have identity theft insurance
  • Do I have enough life insurance?
  • Do I need life insurance for my spouse?

Auto Insurance

  • Check my credit score
  • Consider increasing my auto deductibles on my older vehicles

Home

  • Get a quote for earthquake or flood insurance
  • Combine my auto and home insurance to save money
  • Complete a home inventory to ensure my property values are correct
  • Consider purchasing or increasing my umbrella coverage

Safety

  • Consider an alarm system
  • Clean my gutters
  • Have I replaced all the batteries in my smoke detectors?

Have I experienced any of these changes?

  • Bought  a new car or sold a car
  • Changed your marital status
  • Bought a boat, RV or ATV
  • Change of address
  • Started a home business
  • Remote working in 2021
  • Welcomed a new baby into the family
  • Received a major inheritance
  • Have a new teen driver in the family
  • New purchases of guns, jewelry or art
  • Purchased second home

Please call our office today if you need to make any changes in your insurance program. We can provide valuable information regarding each of these concerns so that you can make the right decision for you and your family.  Our team will never push you into a hasty decision.  That is because we will only offer you an insurance solution after we fully understand your needs.

Connect with us and let us show you how we do it—and help you get a good night’s sleep. We are always searching for ways to help our clients save money on their auto insurance. Saving money on auto insurance is a relatively quick way to lower the cost of operating your car, and can be accomplished with a quick phone call to PlatinumOne Insurance. There are many ways to lower your insurance costs without eliminating needed coverage. Here are a few ideas to consider:

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Posted under Life Insurance, News and Announcements.

PlatinumOne Insurance Agency understands that a conversation about life insurance is not always an easy one, but should be part of your long term planning. There are many good reasons to consider purchasing life insurance. Life insurance gives your loved ones the resources to pay off debt, continue living the same standard of living, and provides added financial security.  Also remember, the tax-free proceeds from life insurance will provide your loved ones with a tangible expression of your concern and thoughtfulness.

There are different kinds of life policies, but we usually recommend term life.  Life insurance works just like other insurance policies. You pay your premium and sign a policy that binds you and your insurance carrier in an agreement where upon your death, policy benefits will be distributed to your beneficiaries. Here is a quick overview of a few of the types of life insurance policies:

Term life insurance is very cost effective.  The price is based on how much coverage you need, current age, and length of time you would like the coverage. You pay as you go and can drop the policy at any time. Usually term insurance is purchased in 5, 10, or 15 year terms, but again you don’t have to renew. It is cost effective to purchase a longer policy term, as it locks in the premium. 

Whole life policies are more expensive but have some advantages.  The premiums never change, and they can gain cash value based on how the issuing insurance company does financially, while having a death benefit if you pass away.

Universal life policies have all the benefit of whole life polices, but the difference is the performance of your cash. Universal life policies usually generate the current interest rate, or a minimum guaranteed interest rate. Also, the premiums are flexible.

How Much Life Insurance Should I Buy?

The amount of life insurance you buy will depend on your individual circumstances, but generally 8-10 times your annual earnings is a good starting point. For example, if you earn $50,000 annually, we assume that your standard of living is in that range. In order for your loved ones to continue in that standard, you would need an investment that generates around $50,000 in yearly interest income. $500,000 in life insurance could return $40,000 to $60,000 per year, depending on the market and economic conditions.

It is important the insurance you purchase is suitable for your particular needs. PlatinumOne Insurance Agency can shop all the best companies and provide you with many different life insurance options.Facebooktwitter

Posted under Uncategorized.

While these are responses from large corporations, we take away many applications for medium and small businesses. Here are some of the risk issues for 2021. According to a recent AMEX survey, 92% of businesses pivoted last year, and 76% of small businesses believe they will need to pivot again in 2021. The 2021 pivot may have a different nature, however. 2020 pivots were mainly adjustments to shock changes in customer demands due to safety measures.

  1. Cyber Liability– Cyber liability and data theft is one of the hottest topics for businesses, risk managers, and insurance companies.
  2. Employee Safety– Making sure your business follows all COIVD compliance protocols will be a top priority.
  3. Remote workers– In 2021, remote working and safety measures should become more routine. How businesses recruit, onboard, train, and terminate employees has changed, some say permanently. How businesses are dealing with employee burnout, talent management, and allocating will need to be addressed.
  4. IT security– Remote workers will require new IT protocols.
  5. Slow economic recovery– Businesses will need to do planning to manage the recovery in 2021.
  6. Government mandates and regulations – There continues to be increased oversight from the government in healthcare and financial reporting that creates new risk and liability for businesses.
  7. Political and Civil Issues – As seen in 2020, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
  8. Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation. You may even need to continue payroll for a period of time. Business interruption insurance can provide these resources.
  9. Class actions and COVID-19 cases- This year has also seen the first class-action lawsuits directly related to COVID-19. Examples include lawsuits against cruise lines that suffered coronavirus outbreaks, as well as suits regarding the business impact of COVID-19 on companies’ financial performance or operations and misrepresentations about COVID-19-related therapies.

Whether your business is large or small, we have the business insurance products to meet your needs. Every business and industry is unique. As business owners ourselves, we understand the special protection businesses need to prosper.

We are the smart way to buy insurance. As a leading Kansas City Independent Agency, we offer a broad selection of insurance policies, companies and financial services. We are licensed in Kansas, Missouri and Nebraska and are not limited to placing your insurance with just one carrier. By representing multiple carriers such as Travelers, Allied, Kemper, Encompass and Progressive, we have the flexibility to choose the insurance company that can best serve your individual needs. Having choices is our advantage… and it benefits you the customer.

Sources: Forbes, Insurance business

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Posted under Uncategorized.

When was the last time you reviewed your insurance coverage? The start of a New Year is a great time to review your personal insurance. Most of us know that major life events can make it necessary to update our insurance coverage. But did you know that even subtle changes can have an impact on your financial needs and plans?  Call our office today, and we can help you find the right combination of coverage and price.

Insurance “To Do” List

General or Personal Items

  • Review my insurance to make sure I have the right coverage
  • Take the time to read my insurance policies
  • Does my agent have all my correct information, including new phone number, address, and newly purchased property?
  • Make sure I have identity theft insurance
  • Do I have enough life insurance?
  • Do I need life insurance for my spouse?

Auto Insurance

  • Check my credit score
  • Consider increasing my auto deductibles on my older vehicles

Home

  • Get a quote for earthquake or flood insurance
  • Combine my auto and home insurance to save money
  • Complete a home inventory to ensure my property values are correct
  • Consider purchasing or increasing my umbrella coverage

Safety

  • Consider an alarm system
  • Clean my gutters
  • Have I replaced all the batteries in my smoke detectors?

Have I experienced any of these changes?

  • Bought  a new car or sold a car
  • Changed your marital status
  • Bought a boat, RV or ATV
  • Change of address
  • Started a home business
  • Remote working in 2021
  • Welcomed a new baby into the family
  • Received a major inheritance
  • Have a new teen driver in the family
  • New purchases of guns, jewelry or art
  • Purchased second home

Please call our office today if you need to make any changes in your insurance program. We can provide valuable information regarding each of these concerns so that you can make the right decision for you and your family.  Our team will never push you into a hasty decision.  That is because we will only offer you an insurance solution after we fully understand your needs.

Connect with us and let us show you how we do it—and help you get a good night’s sleep. We are always searching for ways to help our clients save money on their auto insurance. Saving money on auto insurance is a relatively quick way to lower the cost of operating your car, and can be accomplished with a quick phone call to PlatinumOne Insurance. There are many ways to lower your insurance costs without eliminating needed coverage. Here are a few ideas to consider:

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Posted under Homeowner’s Insurance, News and Announcements, Personal Insurance.

The holiday season is filled with fun, parties, food, gifts, overeating and unfortunately some risk. One of the fasted growing risks for many people are stolen packages by porch pirates.  According to proopertycasualtiy360, over 26 million packages are stolen during the holiday season.  Need more bad news?

Your homeowners or renter’s insurance generally may not cover this loss as it tends to be under your deductible.  There could be coverage if you have personal property off premises insurance.  Also for theft coverage to apply generally, you need proof of loss by a broker indoor, etc.

Call our office for a review of your homeowner’s insurance, as each policy is unique to your circumstances.

Things To Do

  • Delivery confirmation is a good way to prove the package was delivered.
  • Thieves will follow delivery trucks, waiting for the perfect target.
  • These thieves commonly strike during working hours as many homes are empty at that time.
  • You can insure your packages.
  • Consider having a person there when the delivery is scheduled.
  • Install a security camera.

High Tech Solutions

There are a few high tech solutions to consider.

  • Landport or BoxLock provides a delivery box on your porch that has an electronic lock.
  • Amazon Key, which has a fairly simple premise:  When a delivery arrives at your house, and you’re not home, the courier scans a barcode that sends a request to Amazon’s cloud. If it’s approved Amazon remotely unlocks your door and starts recording video through the online retailer’s Cloud Cam.
  • Install a front door camera.  Many shippers will not replace the item with this kind of device.

What To Do If A Package Is Stolen

  • Track your package. Check the delivery confirmation and tracking number.
  • Make sure a neighbor did not pick it up for you.
  • Contact the seller.  Different retailers have different policies and processes for handling stolen items, but usually, you are entitled to a refund or a replacement item.
  • File a claim with the shipping company.
  • Check your Credit Cards for Purchase Protection.

Call us today and let us help protect what is important to you. We are a full service insurance agency representing individuals, families and businesses in the Kansas City area. We are licensed professionals who are not limited to placing your insurance with just one carrier. We have the flexibility to choose the insurance company that best serves your individual needs. Having choices is our advantage and it benefits our customers.

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Posted under Homeowner’s Insurance, News and Announcements, Personal Insurance, Safety.

Industry Worker

According to insurance experts, here are the top five business risks. The Allianz Risk Barometer surveyed more than 500 managers and corporate insurance experts in 47 countries, to identify the primary challenges facing businesses this year.1 

While these are responses from large corporations, we take away many applications for medium and small businesses. Here are some of the risk issues for 2020.

  1. Natural Disasters – These issues are always a concern for small and medium business. We can offer flood, earthquake and wind insurance as your needs arise.
  2. Cyber Liability– Cyber liability and data theft is one of the hottest topics for businesses, risk managers and insurance companies. 2019 had some of the biggest data thefts that we have seen. But even more interesting, is that small businesses are exposed more than large businesses. In fact, 25% of data breaches affect businesses with less than 50 employees. A small business has a greater chance of having a cyber breach than it does of having a fire.
  3. Government mandates and regulations – There continues to be increased oversight from government in healthcare and financial reporting that creates new risk and liability for businesses.
  4. Political and Civil Issues – As seen in 2020, political and civil issues have a direct impact on many small businesses. Having the right kind of business insurance is important to protect your business in the event of civil riots.
  5. Business Interruption – If your business has a loss and you are unable to operate for a period of time, you will need financial resources in order to get back in operation. You may even need to continue payroll for a period of time. Business interruption insurance can provide these resources.

We are committed to providing clients with the highest quality insurance plans available combined with some of the lowest possible rates. Whether you are shopping for auto insurance, home insurance, life or business insurance, we can help you obtain the best coverage available with the lowest rate possible. 

All of us value the long term relationship with our clients, and are proud to give families, individuals and businesses the personal attention required when it matters most. When claims arise, we realize that it can be very stressful and will do everything possible to assure timely and complete recovery.

Our business success depends on how effectively we serve our customers. As a designated Trusted Choice agency, we are dedicated to providing the best service in the industry. Experience the difference by giving us a call today. Our friendly and knowledgeable staff are here to assist you in any way possible.

See which companies we represent.

We are licensed in Kansas, Missouri and Nebraska.

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Posted under Homeowner’s Insurance, Personal Insurance, Safety.

 

The rain, snow and cold weather has arrived. It time to shop for new winter clothes, time to consider how to protect your home from the winter conditions that are fast approaching. PlatinumOne Insurance Agency offers these ideas for your review. With temperatures falling and meteorologists predicting a colder than normal winter, the easiest and most cost efficient way to keep your home’s heat inside, while keeping your heating bill respectable, is to add fresh insulation to your attic, ceilings, basement, and walls.

Time For Home Insurance Check Up

Let PlatinumOne Insurance Agency provide you with an insurance check-up to make sure you have the best possible coverage. We have many ways to save you money on your homeowners insurance. We can also determine if you have the right homeonwers insurance for your individual needs.

Prepare For Winter

Have an emergency kit ready; an emergency kit is simply a collection of basic items your household may need in the event of an emergency.  Include the following: water, flash lights and batteries, first aid kit, whistles to signal for help, basic tools, manual can opener, small supply of food, radio, candles, lighter, blankets and rope.

The following is a checklist for what homeowners ought to be doing when prepping for the cold season. Stick to it, and you’re sure to have a warmer and more relaxed winter experience (scraping and digging out your car notwithstanding).

  • Reverse ceiling fan rotation
  • Inspect your furnace and replace filters
  • Insulate water pipes
  • Turn off all outside water and sprinklers
  • Clean wood stoves and chimney’s
  • Install window insulators
  • Store summer tools and prep winter ones
  • Get a programmable thermostat
  • Make sure you caulk or repair and replace any siding that is failing
  • Stock up on emergency supplies
  • It’s always wise to provide an outside air supply for combustion appliances like gas stoves and furnaces. You may need a professional to check this for you
  • Make sure your recreation vehicles get the same care as your home
  • Seal cracks in windows, doors, foundations, and ducts
  • Replace batteries in smoke detectors
  • Clean gutters
  • Add insulation where needed
  • Check for leaks in gutters, windows and roofs
  • Cut shrubs away from your home

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