NEW YORK, February 16, 2012 — Being an informed consumer means not only reading your homeowners insurance policy closely but also asking experts what constitutes the right type, and amount, of coverage you need for your home, according to the Insurance Information Institute (I.I.I.).

“Besides knowing the basics of what a standard homeowners insurance policy covers, consumers should ask a series of questions, and receive satisfactory answers to each of them, before buying a new policy, or renewing an existing one,” said Michael Barry, vice president, Media Relations, I.I.I. , A qualified insurance agent or insurance company representative can guide you in your choices. Here are six basic questions everyone should ask before buying or renewing a homeowners insurance policy: 

1. How much would it cost to rebuild my home in its current location in the event of a total loss? Your homeowners insurance policy should cover the cost of building a new home from scratch. Your insurance agent or insurance company representative will have knowledge of your neighborhood, and familiarity with the construction materials used when your home was originally built and can accurately calculate this cost. In general, homeowners policies cover partial or total damages caused by fire, hurricane, hail, lightning or any other disaster listed in your policy. Flood and earthquake-related losses must be insured separately because both perils are excluded in standard homeowners insurance policies.

2. How much is the personal property in my home worth in the event of a total loss? Your homeowners insurance policy should cover the cost of replacing all personal property (furniture, appliances, clothing) should it be stolen or destroyed by fire, hurricane or another insured disaster. Most companies provide personal property coverage equal to about 50 to 70 percent of the amount of insurance you have on the structure of your dwelling. So if you have $100,000 worth of dwelling protection, most insurers would recommend $50,000 to $70,000 worth of personal property coverage. The best way to determine if this recommendation is appropriate for your specific situation is to conduct a home inventory. To make creating your inventory as easy as possible, the I.I.I. provides free Web-based home inventory software, Know Your Stuff®. The software includes secure online storage so you can access your inventory anywhere, anytime. If you have an iPhone, you can also download the new Know Your Stuff® – Home Inventory app in the iTunes App Store (or search for “iii inventory”).

3. How much liability protection do I need? Liability covers you against lawsuits for bodily injury or property damage that you, or your family members, cause to other people. It also pays for damage caused by your pets. The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world. Liability limits generally start at about $100,000. Most insurance agents and company representatives recommend that you purchase at least $300,000 worth of liability protection. If you have significant assets and need more liability protection than is offered under the standard homeowners policy limits, ask your agent about umbrella liability. 

4. What level of additional living expense coverage do I need? The Additional Living Expenses (ALE) provision is found in standard homeowners insurance policies. It pays for the costs of living away from home if you cannot reside there due to damage from an insured disaster. ALE covers hotel bills, meals and other expenses over and above your customary living expenses. ALE coverage differs from company to company. Many policies provide coverage equal to about 20 percent of your dwelling protection. For example, if the structure of your home is insured for $100,000, you would have $20,000 of ALE coverage. Some companies impose a time limitation, such as 12 to 24 months. 

5. Should I buy a separate flood and/or earthquake insurance policy? There were numerous flooding events and earthquakes in the U.S. in 2011 but relatively few Americans had coverage for either type of natural disaster because these perils are excluded from standard homeowners insurance policies. Check with your insurance agent or insurance company representative to see whether you might need specialized coverage beyond your standard homeowners insurance policy. Flood coverage for homeowners is available from the federal government’s National Flood Insurance Program (NFIP) and from a few private insurers. Earthquake coverage is usually available in the form of a supplemental policy from your insurance company, or, in California, from the California Earthquake Authority. Fire and water damage due to burst gas and water pipes following an earthquake is covered under standard homeowners policies in most states. 

6. Do I qualify for any discounts? If you have smoke detectors, burglar alarms and/or dead-bolt locks in your home, you can often get a premium rate discount. Sophisticated sprinkler systems and alarms that ring at monitoring stations often reduce your homeowners insurance premium, too. Ask your agent or company representative about discounts available to you. If you are at least 55 years old and retired, for instance, you may qualify for a discount of up to 10 percent at some companies. If you have completely modernized your plumbing or electrical system recently, a few companies may provide a price break. 

 The I.I.I. also advises homeowners to take the time to review and understand their coverage choices by taking an annual homeowners checkup.

 Please contact Whitaker-Myers Insurance to discuss your needs today!  

Brought to you by Whitaker-Myers Insurance Group in Wooster Ohio and Insurance Information Institute. Please visit their website for more tips and information.

 

What is a Data Breach? – When personal data or information is lost, stolen or accidentally made public.

Is your business,at risk? – Yes – Every business collects personal data including:
1.,credit/debit account numbers
2.Driver’s license information
3.Social Security numbers
4.Other sensitive information

Please follow the link below to view Westfield Insurance Groups short presentation to learn more about Data Compromise and what you can do to protect your business whether large or small.

http://hsb.com/eLearning/Westfield%20DC%20Recording%20November%202011/player.html

Brought to you by Whitaker-Myers Insurance Group in Wooster Ohio and Westfield Insurance Group.

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Commercial insurance covers the financial costs of a loss or an accident to insulate a business from the ugly surprises of injury, theft, fire, litigation, or any other number of innumerable hazards facing today’s job creators., Insurance is the vehicle that helps your organization stay financially viable to compete the day after a loss., However, there are many other impacts of an accident that insurance cannot fix and for which safety programs, policies, and procedures can prevent.,

The best way to explain this is the Iceberg theory., The tip of the iceberg is the financial impact that insurance will help recover; the hidden costs are everything that’s under the water that you can’t immediately see, but still exist., These hidden parts of the iceberg are what sunk the Titanic.

,Hidden Costs of Accidents:
Lost productivity
Deductibles
Personnel loss and replacement time (HR fees, training, and knowledge base)
Loss of reputation (imagine your accident on the cover of a newspaper!)
Loss of customers due to delivery delays
Inability to attract quality workers if you have an unsafe reputation
Time to replace damaged equipment
Loss of market share as competitors take advantage of your down time
Loss of opportunity (some companies won’t do business without a strong safety plan)

Some reports show that these hidden costs can actually add up to 70% of the perceived claim cost as reported to insurance., Some managers chalk this up to “business as usual,” but a savvy company knows that these costs are lost dollars and that investing in safety makes financial sense., 70% of a $100,000 claim is $70,000 – just how much revenue would your organization have to take in to cover that loss?

There are many a sad story of companies shuttering their doors or good people losing their jobs due to a careless accident that was covered, but that could have been prevented., At the end of the day, safety isn’t about insurance – it’s the only way to run a smart business.,, Please click here to follow the related blog.

Brought to you by Whitaker-Myers Insurance Group in Wooster Ohio and Westfield Insurance Company.

Carbon Monoxide (CO) is the cause of hundreds of deaths and thousands of injuries which require hospitalization each year. CO is an odorless, colorless and tasteless gas otherwise know as “the invisible killer.” CO comes from unburned products of combustion. Since this gas is undetectable, it is imperative to reduce the danger to people and have CO detectors installed in your business and/or private dwelling.

Click here to learn more about the following areas of Carbon Monoxide safety,and prevention.

• Sources of CO
• Where to install detectors
• Types of detectors
• How CO detectors work
• Health effects of CO
• Safety tips
• Know how to respond to a CO detector alarm
• Resources

 

Brought to you by Whitaker-Myers Insurance Group in Wooster Ohio and Philadelphia Insurance Company.

IMPORTANT NOTICE – The information and suggestions presented by Philadelphia Indemnity Insurance Company in this e-brochure is for your consideration in your loss prevention efforts. They are not intended to be complete or definitive in identifying all hazards associated with your business, preventing workplace accidents, or complying with any safety related, or other, laws or regulations. You are encouraged to alter them to fit the specific hazards of your business and to have your legal counsel review all of your plans and company policies.

As if learning that an employee was involved in an accident on company time isn’t alarming enough, what happens when you find out the at-fault driver doesn’t have coverage or is underinsured? While most states require drivers to maintain auto insurance, according to a 2011 Insurance Research Council (IRC) study, t one in seven motorists remain uninsured.

The IRC study indicates that the magnitude of the uninsured motorists problem varies widely from state to state from 4.5 percent in Massachusetts to 28 percent in Mississippi*. Uninsured motorist (UM) and underinsured motorist (UIM) are coverage options added to your commercial auto policy for transferring risk in such unfortunate circumstances.

Coverage Overview
In the event a driver or passengers are injured due to the negligence of an uninsured or underinsured driver, you may seek compensation for injuries and damages through the UM and UIM portions of your policy.
• Uninsured motorist coverage is used when the at-fault driver can’t pay due to lack of insurance.
• Underinsured motorist coverage is used when the driver’s liability limits are lower than the costs of the accident.

The coverage typically has two components, but it varies from state to state:
• Coverage for bodily injury provides insurance for medical bills, funeral expenses, lost wages, pain and suffering, disfigurement and permanent or partial disability.
• Coverage for property damage provides insurance for auto repairs, total loss, rental car and damage to personal items carried in the vehicle.

Additional coverage considerations include: 
• For UM/UIM to pay, it must be established that the other driver was at fault. Comparative negligence allows for more than one person to be at fault for an accident. As a result, your company can reduce the settlement of your uninsured/underinsured motorist claim by the percentage of fault attributable to you.
• UM coverage pays losses up to the coverage limits from an accident caused by a hit-and-run driver, but be sure to report the accident promptly.
• Commercial excess liability policies typically exclude UM/UIM coverage.

Coverage Limits
A risk management best practice for UM/UIM is to set the limits equal to your commercial auto bodily injury and property damage limits. Since UM and UIM coverage protects you, adequate limits are critical. Please contact us to learn about all the limit options available. 

Knowledgeable and Trustworthy
Whitaker-Myers Insurance Group understands state automobile policy coverage requirements and will work with you to ensure you have the right coverages and limits in place that minimize your uninsured/underinsured exposures on the road. Contact us at (330) 345-5000 to learn more.

*Estimated Percentage of Uninsured Motorists for Ohio is 16% based on IRC.  IRC  estimates the uninsured driver population using a ratio of insurance claims made by individuals who were injured by uninsured drivers to claims made by individuals who were injured by insured drivers. Based on 2009 UM to BI frequency ratios, released April 20, 2011.

Does your business have potential automobile loss exposures that you are not aware of? You’ve taken all of the necessary steps to ensure that your own fleet operation is properly covered in the event of an accident. But what about the potential loss that arises from individual employees who operate their own personal vehicles for company business?

There are many situations that present a potential for you to be held accountable for the actions of your employees while they are driving their own vehicles.
•,Do administrative employees use their own vehicles to go to the post office or bank on your company’s behalf?
•,Do you occasionally send an employee to pick up a visiting client at the airport?
•,Have you sent employees to pick up lunch, drop off mail or pick up office supplies?
•,Have you ever rented a vehicle while on a business trip?
•,Do you have a sales force to which you provide a car allowance for business use of their personal vehicles?

If an employee has an accident under any of these situations, your business can be held accountable and sued for damages. Basic business automobile policies only cover employees while they operate company-owned vehicles to perform company business. Your best protection: non-owned and hired automobile liability coverage. This type of coverage will kick in if there is an accident and your company is found legally liable. Typically, an employee’s personal automobile insurance will provide primary insurance to both the employee and the business if the employee is using their own vehicle on company business. However, there is the chance that charges will exceed the employee’s policy limit and would then be passed on to the company. Without non-owned and hired automobile liability coverage you may be vulnerable to a potentially costly exposure.

Non-owned and hired automobile liability insurance covers bodily injury and property damage caused by a vehicle you hire (including rented or borrowed vehicles) or caused by non-owned vehicles (vehicles owned by others, including vehicles owned by your employees). This coverage is typically added to your business automobile policy; however, it can be added to your general liability policy if you do not have a business automobile policy. It protects your company if it is found legally liable as a result of an automobile accident that you or your employee has in a hired or non-owned vehicle while on company business. Hired automobile coverage replaces or augments the liability coverage offered by automobile rental agencies.

Non-owned and Hired Automobile Coverage: The Basics

Who needs non-owned and hired automobile coverage?
If you or your employees ever drive vehicles not owned by your business for business purposes, then you need non-owned and hired automobile coverage.,

What is non-owned automobile coverage?
Non-owned automobile insurance provides liability protection when an employee occasionally has to drive his or her personally owned vehicle for business purposes. It assumes that the vehicle is not owned, registered or contracted in your name or on your behalf.

What is hired automobile coverage?
Hired automobile insurance provides liability protection when you or an employee is driving a rented, hired or borrowed vehicle.

Next Steps
If you do not already have this type of coverage and your employees occasionally use their own vehicles for business purposes — even quick errands — consider adding it to your business insurance package today., Consult with Whitaker-Myers Insurance Group to review your business automobile and general liability policies to ensure you have adequate coverage and liability limits for non-owned and hired automobiles.

Any type of loss exposure, no matter how small, is too big to ignore. Call us today at (330) 345-5000 to ensure that your automobile coverage meets your needs.

Your livelihood is dependent on the survival of your business, so it is imperative that you protect it against any potential threat – big or small. For instance, a fire could destroy your business’s warehouse and the contents inside, or a burst frozen pipe could damage important documents and valuable papers. Worse, you could have trouble paying your employees during a loss because your funds are devoted to repairing damage.

If self-insuring is not an option to combat these risks of loss, it is wise to obtain Property Insurance. This coverage comes in many forms to suit your specific needs. Before purchasing coverage, take a complete inventory of all your business property to determine how much you need to insure. This important step ensures you will have adequate coverage to continue your business in the event of a covered loss.

Types of Property you may Need to Insure
• Buildings and other structures (leased or owned)
• Furniture, equipment and supplies
• Inventory
• Money and securities
• Records of accounts receivable
• Leasehold improvements and betterments you made to the rented premise
• Machinery/boiler
• Electronic data processing equipment (computers, etc.)
• Valued documents, books and papers
• Mobile property (construction equipment, etc.)
• Property in transit
• Cargo
• Satellite dishes
• Signs, fences and other outdoor property not directly attached to the building
• Intangible property (goodwill, trademarks, etc.)
• Business contingency for suppliers
• Ordinary payroll
• Extra expenses as a result of loss

Types of Property Insurance Policies
Basic Property Insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. Should you want to purchase more than basic coverage, you can buy a standard policy that provides coverage for extended perils, such as floods, windstorms, hail, earthquakes, acts of terrorism, explosion, riots, smoke, civil commotions and vehicles that damage your property. Beyond that, coverage for vandalism and malicious mischief can also be included.

Are You Buying Enough?
One of the most important aspects of purchasing Property Insurance is making sure that you have purchased enough coverage to be adequately protected. A typical policy will provide the replacement cost value for your building and the actual cash value for your business property. Replacement cost value is the amount that is necessary to replace or rebuild your building or repair damages with similar materials, without considering depreciation. Actual cost value, on the other hand, is the value of your property when it is damaged or destroyed. This amount is typically determined by subtracting the depreciation from the replacement cost value.

Most property insurance policies include a coinsurance clause, which requires you, the policyholder, to share the cost of covered services up to a moderate percentage of the actual cash value of the property. This will allow you to receive full coverage for your losses. Should you decide to purchase inadequate coverage for your property, you may be obligated to pay a percentage of all losses, even if they are listed in the policy.

Whitaker-Myers Insurance Group understands that determining your business’s value is critical, so we’re here to help. Contact us today at (330) 345-5000 to learn more about our Property Insurance and loss control solutions to protect your business.

Heart disease kills more women than all cancers combined., Wear Red on National Wear Red Day to promote awareness about Heart Disease.,

HEART ATTACK WARNING SIGNS

CHEST DISCOMFORT -,,Most heart attacks involve discomfort in the center of the chest that lasts more than a few minutes, or that goes away and comes back. It can feel like uncomfortable pressure, squeezing, fullness or pain.

DISCOMFORT IN OTHER AREAS OF THE UPPER BODY -,,Symptoms can include pain or discomfort in one or both arms, the back, neck, jaw or stomach.

SHORTNESS OF BREATH -,,with or without chest discomfort.

OTHER SIGNS -,,May include breaking out in a cold sweat, nausea or lightheadedness.

STROKE WARNING SIGNS
If one or more of these signs is present, don’t delay:
,- Sudden numbness or weakness of the face, arm or leg, especially on one side of the body
- Sudden confusion, trouble speaking or understanding
- Sudden trouble seeing in one or both eyes
- Sudden trouble walking, dizziness, loss of balance or coordination
- Sudden sever headache with no known cause

CARDIAC ARREST WARNING SIGNS
SUDDEN LOSS OF RESPONSIVENESS – No response to tapping on shoulders.
NO NORMAL BREATHING -,,The victim does not take a normal breath when you tilt the head up and check for at least five seconds.

For more information about Heart health and what you can do to build awareness and lower your risk please visit:, http://www.heart.org/HEARTORG/

Brought to you by Whitaker-Myers Insurance Group in Wooster Ohio.

It’s a new year, and Mother Nature can be unforgiving in the winter months. To protect against frostbite: 1.Dress properly by protecting your hands, feet, nose and ears. 2.Bundle up in warm, layered, loose-fitting clothing. 3.If you are doing activities outside, periodically go inside to warm up. 4.Remember that wet skin and clothing will increase your risk of getting frostbite, so try and keep your skin and clothes as dry as possible. 5.Do not drink alcohol before or during exposure to cold temperatures; your body may not be able to realize that it is getting too cold. 6.Avoid smoking in cold weather. The nicotine affects your blood vessels and increases your chance of frostbite. Keep a close eye on your body; if your skin begins to turn red, it may be an indication that frostbite is developing. Head indoors immediately and get warm. Brought to you by Whitaker-Myers Insurance in Wooster Ohio. © 2011 Zywave, Inc. All rights reserved.

Hartford has created a short video to help address some of the common misconceptions about cyber risk.

The video will help you develop a basic understanding of cyber risk, the types of companies that are commonly exposed, what happens when a company faces a breach and the importance of having cyber liability coverage to protect their business.

For more information or to inquire about adding Cyber Liability to your Insurance Policy, please contact us at 330-345-5000.

Brought to you by Whitaker-Myers Insurance Group and The Hartford.