Safeguard valuable business records and papers

Take steps to protect paper documents and records

Even in our electronic, computer-driven world, few businesses can operate without acquiring a number of valuable papers and physical records. Losing them to a fire or natural disaster could seriously affect business operations. Before you have a loss, take steps to protect valuable papers, or consider ways to store copies.

You know your specific business needs, but valuable papers and records may include:

• property deeds or construction plans
• patient, customer or employee records (remember that some may contain information protected by state and federal privacy laws, requiring additional protection measures)
• financial documents
• original copyrights or patents to key products
• product specifications
• manuscripts or blueprints
• customer lists
• licenses, permits, contracts

Any business could experience a loss of valuable papers and records, most commonly from an accidental cause such as a fire. Earthquake or weather events such as tornado, hurricane or flood also account for a significant number of losses. Water damage can also occur from a plumbing failure, accidental discharge from a fire suppression system or backup of sewer and drains. And documents sometimes are the target of criminals seeking proprietary data or information for identity theft.

Replacing your valuable papers and records can be expensive and time consuming. Take precautions to protect your business by storing copies of documents and records at an off-site location.

Most commercial insurance policies include limited coverage to replace valuable papers and records. Additional coverage can be added to your policy by endorsement to cover certain situations at your business or when working off-site. Your insurance agent can help you determine how much coverage you need to protect your business.

When a loss occurs, your insurance claims representative can assist you with locating vendors that specialize in remediation and restoration of valuable papers and records.  USA.gov provides assistance with replacing vehicle registrations, tax returns, county and federal documents.

Submitted by Karen Roop

Insuring Your Peace of Mind: Why we do what we do (Part II)

Greetings fellow Erie-area residents!

Like you, this week in itself could not go by quickly enough. Stress? Nah. My life’s work is in insurance. My job is to give you peace of mind, to alleviate your potential stresses. Naturally, I feel the need to set a worthy example.

But in the event that it wasn't obvious – although I’m not originally from Colorado and therefore cannot claim to be a natural Broncos fan, I’m looking forward to the big game this Sunday. I have one word for the many of you who are… Omaha!  

Hi, I’m John. I’m the President and founder of Pure Risk Solutions. If you live in Erie, you may know me. If not, there’s a chance you've seen me around. Why? Well, this community is extremely important to me. I’m the guy who lives up the street; who you may have sat next to at the last Chamber of Commerce meeting; who you perhaps saw at our tent at one of the many Town Of Erie events. I earned my degree from the University of Colorado at the Leeds School of Business (go Buffs!), and ever since, my family and I have been fortunate enough to call this area home. There’s a sense of pride that comes with that and a certain peace of mind it instills. I couldn't possibly be more appreciative for both.

I also consider myself to be an avid and loyal supporter of local business. Along with Pure Risk, I recently partnered in opening a new cidery and brewpub (The Old Mine) in Erie just below the insurance office. To me, it’s incredibly rewarding to be able to engage with the community. When I see friends, neighbors, and fellow residents come through the door of either establishment, I know I’m accomplishing my goal.

Speaking of small businesses, at Pure Risk, a large number of our clients include those who own them. If you are a small business owner and don’t feel like you’re adequately covered, or if you simply want to see what you may be missing – please call us. We have the expertise in this area to help you get the most out of your money.

Last week, my colleague, Dave Godel, kicked off our two part blog post series on why we’re passionate about what we do at Pure Risk and what drives us as insurance agents. I’d like to continue that discussion.

Simply put – I got into the insurance industry because I like helping people. And insurance is about people. If you were to break it down, that’s really what it was created for: to prepare folks for the future and to protect them from the curveballs that life can sometimes throw.

And what’s worth protecting? As a husband and father of two young children, to me, it’s family. There is nothing more reassuring than to know that I’m doing everything I can for them. Of course, insurance is also about ensuring peace of mind (a common theme at PRS!) in protecting anything that you consider to be important – be that family, your home, car, or business.

Overall, to me, insurance is only successful when it adequately protects the people it covers. You see, after graduation, I worked for one of the big conglomerate agencies. As Dave mentioned in his post – the general focus of those places tend to be “the next sale.” and not providing proper client service.

When I created Pure Risk Solutions, I was inspired to start an agency to take insurance back to the basics. The goal was and is still today, to cultivate a culture founded on integrity, hard work, responsiveness, and an ever-growing knowledge for our clients, our industry, and the ways they can most positively connect. This is what I stand for, and the foundation upon which Pure Risk is built.

So as we get further into the new year, I encourage you to think about the people and things around you that you consider to be most important. I understand the peace of mind that comes from protecting the things I love most, and I want to help those around me to do the same. Please feel free to call me, or stop by the office or brewpub. We are right around the corner.

As a conclusion, I’m going to say it now – Broncos 24, Seahawks 20. Celebrate safely, Colorado!

Warmest regards,

John

303-834-1001

Insuring Your Peace of Mind: Why we do what we do (Part I)

Dear Neighbor,

A belated Happy New Year 2014!

It’s January in Colorado. It’s cold. Your neighbor didn't shovel their share of the sidewalk. Starbucks just discontinued making the banana-ginger-rosemary latte, you so dearly love. You’re kicking yourself for not spending the extra $500 to have seat warmers installed in your new car (#firstworldproblems)… ugh, winter in suburbia.

Obviously we all know that we’re fortunate in some way. But those items – and due respect for lack of political-correctness here – still suck. Funny enough, over my time working at Pure Risk Solutions, I've encountered numerous people who have said the same about insurance.

Why? Well, I get it. I dearly love the industry, and its innovation and ability to help people. But some have had bad experiences - perhaps a claim which was never paid, or three hours spent filling out a mind numbing application. Let me try and counteract the stereotype a bit - or at least show you how you can be proactive in mitigating these common frustrations, by pointing some of them out.

       Confusing Policies

“You need to obtain this policy because of x/y/z, and although this other policy is perfect for you in 99 ways, the 100^th will disqualify you.” It can be smoke and mirrors, and also frustrating, indeed. In an ideal world, there would be one policy perfect for everyone. But it’s important to realize that there’s no one-size-fits-all explanation or policy. Which can become even more apparent if you have...

Bad Agents

Seriously. Not to throw any of our competitors under the bus or write a Jerry Maguire-esque manifesto, but a good agent (such as those you’ll find at PRS), should be someone you can trust and relate to. A good agent will take the time to learn about the needs of you and your family, and through knowledge and experience within the industry, provide policies, understanding (explain the technical jargon!), and results which are best for you. Goals should not be driven primarily by sales, or boxed into quotas, but should focus on the satisfaction of clients.

Insurance is Intangible with no Return on Investment

Hey, we’re 21^st century Americans here. There’s no shame in saying that we enjoy material items. But you can’t hold an insurance policy in your hand or display it on your mantle (and by this I mean the benefits, not the actual paper contract), and unless you need it, it may feel like you’re getting absolutely no return on your investment! The thing is – you don’t want to have to collect that return. Think of it as if you’re paying for peace of mind. It’s not 'glamorous', but it’s necessary, even if…

Some Insurance is Mandatory

Do you drive? Do you like to do it legally? Boom – you need car insurance. Live in the United States? Bam – you need health insurance. It’s a fact we all need to live with. But in an imperfect world, accidents happen. The peace of mind mentioned above is worth the part of your paycheck that is extracted to provide it.  

Please just know that like my colleagues at PRS – I, Dave Godel, am in the insurance business because I’m in the business of helping people. My goal is to get to know my clients and earn their trust, so as to take the guesswork out of choosing a policy by providing them with options. Attention to detail is a big thing to me, and one I pride myself in having. It’s also the reason why I work at a small agency - to avoid the corporate bureaucracy, to be able to do just that.

Further, the insurance industry is important to me now more than ever because I’m a father. If I were to tell you honestly, my main goal in life is to provide guidance for my children so that they can become caring, productive adults, who are hardworking and honest. Their protection and the steps I can take to ensure their future peace of mind and successes are of the utmost importance to me. In this, like with insurance, I’m looking at the long term rather than just the present.

Overall, insurance can be confusing, but it doesn't have to suck. Please feel free to call me, and allow me to take care of the legwork for you. Oh, and of course - all the best to you and yours as we embark on 2014.

Cheers,

Dave

(866) 738-2180

Not All Homeowner’s Policies are Created Equal

Here’s an "apt" comparison – homeowner’s insurance and NFL quarterbacks. Uh, what? How?

Well you see, not all are created equal. You’re playing fantasy football. You’re a few rounds into your draft, and you desperately need a quarterback. Somehow, no one has grabbed Peyton Manning (see definition for hypothetical). But on the other hand, you are one of maybe three Coloradoans who still has a soft spot for former Bronco signal caller Jay Cutler. No matter, the decision is fairly easy, right?

You may have a soft spot for your former coverage or agency, but if a better policy was out there, you’d at least look into it, wouldn't you? In our last blog post, we discussed new regulations with the Colorado Homeowner’s Insurance Reform Act (HIRA), and what that could mean to you as a homeowner. Now, we’ll go into what your policy should have. Or, at very least, what you should be aware of.

Of course, we at Pure Risk Solutions are extremely knowledgeable and can help you get the best protection possible for your home. So, please call us. Ask for me, Dave Godel. We can discuss your policy, or the Bronco’s chances of winning the super bowl. Either one. But preferably both.

So, what should you be aware of?

•  Flood Insurance – are you aware that it’s a separate policy? If not, chances are that you don’t have it.
• Rebuild Costs – Laura talked about these a bit last week, but the thing to know is that they’re always changing. At PRS, we can quickly assess and determine a rebuild cost estimate for your home.
• Extended Replacement Cost – HIRA has an extended replacement cost stipulation. For example, if you are insured for $700K, but the rebuild cost of your home following a loss is actually $750K, you’d actually still be covered. Fairly reassuring.
• Relocation Duration Extension – Say that three times fast. Typically, there’s a 12 month period of coverage for finding another living situation during a rebuild in the event of a covered loss. Now, the period has been extended to 24 months.
• Insurance Packaging Options – While a certain larger carrier with a rather annoying, red haired woman spokesperson has just about trademarked the term ‘bundled’, that’s what we’re talking about in terms of packaging. PRS can help you to package your auto, home, and any other type of insurance together with one carrier, or at very least run a few estimates to see if this would be a beneficial option for your family.
• Medpay – We’ll call this “Friend Coverage”. If someone gets injured on your property, they can actually be covered under your policy. Say it’s Halloween night, with kids trick-or-treating. If one of them were to trip on your front step, you’d both be covered. This is a great way of avoiding a potential lawsuit, or not pissing off your neighbors.

So remember, the next time you’re sitting in front of the TV watching the Bronco’s game and Manning threads a bullet of a pass through the seam to Eric Decker for a touchdown – home insurance. My light-hearted sarcastic prose aside, we do encourage you to call us here at Pure Risk Solutions to let us show you how many options you have for insuring your home. Additionally – have a very safe and happy new year! 2014 looks to be a fantastic one.

Is Your Home Adequately Insured for a Loss?

Yeah, I know. It’s not a fun thing to think about. Let’s flash to a hypothetical.

You’re a homeowner – maybe one just settled in to a new home; your dream home, even, and one you’ve been socking away money in your bank for, for years. You wake up on a typical Saturday, coffee in hand, about to take your jack russell terrier Scout out for a walk. Then, the unimaginable happens. An avalanche! Hail! The slugger on the little league baseball team practicing the next field over comes to bat! In other words, damage to your home.

So what’s the first thought that comes to mind? Likely – am I properly insured?

At Pure Risk Solutions, we would be happy to be your peace of mind when answering that question. If you call me, Laura, or my fellow home insurance savant Dave Godel, one of us can give you an assessment of your current policy, and importantly – let you know how the new Colorado government reform act will affect it.

In case you were unaware, the Colorado Homeowner’s Insurance Reform Act (HIRA) was passed in May 2013. Generally, it’s meant to protect homeowners if their house is seriously damaged or destroyed. That said, policy rates may go up.

Here are some of the highlights:

• Initial changes kick in January 1, 2014
• Replacement cost policies (cost to replace property in the same location, with comparable material and quality), must include an option for:
• Extended coverage of at least 10% of the additional cash limit available in a rebuild event
• Ordinance and Law coverage of at least 25% of the additional cash limit available in a rebuild event
• Replacement cost policies offered by insurers must include at least 12 months of Additional Living Expenses (ALE) coverage, with the option to purchase for a full two years
• Additional time (> 1 year) to file for a claim

With due apologies for all the insurance jargon, we encourage you to ask yourselves if know the answers to the following questions. If you don’t know the answers, your current agent has not been doing his or her job.

How did you determine the replacement cost for your home when choosing a policy?

If your current agent has not run replacement cost estimates for your home, please call Pure Risk Solutions today and allow us to do so for you. It is the crucial piece of information to have in the event damage occurs.

In the event of total loss where you’d have to live elsewhere, have you done an inventory of your home’s contents?

Without the correct inventory information, the most you can receive is 25% of the coverage amount of the lost property.

Are you aware of property sub-limits?

Possessions like jewelry, guns, and fine arts have a maximum replacement value you can receive for each item, unless they are listed individually on the policy. Call PRS for a proper assessment of items valued at over $1,500 (the sub-limit).

Are you aware of Ordinance and Law coverage?

Well, technically – yes, the definition is linked above. In a nutshell, in the event of partial home destruction, a building inspector may require demolition of the undamaged portion of a home to bring it up to code. The undamaged portion would not be covered under your policy unless you had adequate Damage or Loss insurance. PRS can help you determine the total value you need to insure your home to avoid a situation like this.

To sum it all up, there are a lot of changes coming with HIRA. And while you can hope to not have to worry about them, you’ll be happy to know you have, if the unimaginable ever were to happen to your home. Please contact me, Laura Stanko Joy, your helpful local agent at Pure Risk Solutions at laura@purerisksolutions.com or (866)738-2180 for answers to the questions above. Happy Holidays from our family to yours! 

So, you own a Small Business – Are you ready for an Audit??

It may seem cruel to joke about, but if you’re a small business owner, an audit to make sure that your company is in compliance with the new healthcare reform requirements can actually be beneficial. The intent of this post is to keep you informed on auditing types and requirements, and how you can properly prepare your organization.

Ask yourself this – if you have a broker, do they have your back in this process?

Pure Risk Solutions (PRS) specializes in assisting with performing self-audits, or in preparing for one that may be enforced by our Federal Government. We are a certified broker, and would love to lend a hand as an experienced extension of your Human Resources (HR) department. Please call us at (303)834-1001 with any questions you may have.

To start, here’s a breakdown of what you can do to prepare your business for a DOL audit, as well as what the government would ask to see of you to verify that you are in compliance with the new reform.

Throw an acronym out, you’d better elaborate – what is a DOL Audit?

‘DOL’ stands for the U.S. Government’s Department of Labor. While the DOL has always held the right to request an audit, with the advent of Affordable Care Act (ACA – “Obamacare”) guidelines and restrictions, requirements have been expanded accordingly. A DOL audit will not only require you to provide proof of ACA employee health plan compliance, but additional documentation as well.

This webpage does a great job of expanding upon what documentation would be required for each of your employee’s healthcare plans – grandfathered or not. It’s extensive, and a broker can easily help you to find the right information, to ensure success in the process and make it as quick as possible.

Several types of audits that the DOL could perform are:

• Compliance: Focuses on how well a business is complying with current federal, state, and local laws and regulations.
• Best Practices: Helps the organization maintain or improve a competitive advantage by comparing its practices with those of companies identified as having exceptional HR practices.
• Strategic: Emphasis is placed on strengths and weaknesses of systems and processes to determine whether they align with the HR department’s and the organization’s strategic plan.
• Function-specific: Focuses on a specific area in the HR function – this could be payroll, performance management, records retention, etc.

So what can Small Business Owners do to prepare?

First step – be proactive. Period.

A self-audit for your business will leave you feeling like you did your homework. But here’s the best part. We’ll do your homework for you. How great is that? Think of us as if we’re that nerdy kid in your calculus class (we love nerds, by the way – no disrespect), who is more than willing to crank out a few additional functions in return for a smile from you, the pretty girl, in the hallway during passing periods. Anyway – silly analogy and the fact that we’ve clearly been watching too many John Hughes movies lately aside – there are a number of key steps involved in a self-audit (all of which we specialize in).

A relatively high-level overview of these steps looks like this:

• Review of job descriptions;
• Understanding of the differences between federal and state laws to ensure that the laws are properly applied to your company’s employees;
• Confirmation that Fair Labor Standards Act (FLSA) classifications of employees are correct;
• Review of payroll records to verify that they have been kept accurately;
• Validation that policies have been applied consistently across the organization;
• Verification that all records are complete, and if not, proper methodology to resolve any inconsistencies;
• Determination of how to address any areas of concern identified in the self-audit (aka – closing the loop).

Also – obtain your company’s Summary Plan Description (SPD). SPDs are your group health insurance plan administrator’s description of your legal rights under the Employee Retirement Income Security Act (ERISA). Each SPD for an organization should be inclusive of information on co-pay, coverage of dependents, and includes circumstances under which one of your employee’s could cancel your health insurance. It’s important to remember that SPDs are not provided by your insurance carrier. You should obtain your SPD by request of an attorney or legal adviser.

Questions? Confusion? Again, here at PRS we encourage you to contact us to discuss how we can help prepare your small business for the audit process, since we know exactly what to look for to protect you. Our number again is (303)834-1001. Ask for me, Dave (Godel), or email me at dave@purerisksolutions.com.

Happy Thanksgiving to all on Thursday! Enjoy the family time, food, football, and continuous reruns of ‘Planes, Trains, and Automobiles’ (another John Hughes classic).

Affordable Care Act Coverage: Top Reasons to use a Broker

Ok – before this post really gets going, here at Pure Risk Solutions, we need to make a confession.

We are an insurance broker.

*Temporary pause for those who have fallen off their chair to pick themselves back up*

Obviously that’s not groundbreaking information. And therefore, a post entitled ‘Affordable Care Act Coverage: Top Reasons to use a Broker’ may seem a bit like shameless promotion. Of course, it is to an extent – but there really are numerous benefits to using a licensed health insurance agent to obtain Affordable Care Act coverage as opposed to forging your way alone.

Navigator or Broker – What’s the Difference?

Fundamentally, as a broker, we are actually licensed to sell insurance. This is obvious fact number two of this blog post, for those who are keeping track. If you choose to use one of the Affordable Care Act (ACA) Exchanges, you will be provided the option of using a navigator for assistance. Not to downplay the function the people who fill these positions, but it’s basically customer service. Navigators can guide you through the Exchange websites, but cannot answer coverage-related questions or advise you about your specific needs or plan selection. Further to that, it’s worth reemphasizing that they cannot sell you insurance.

So what are the Benefits of using a Broker, then?

Less Hassle

1)      Time is a precious commodity. If you've heard anything about the Exchanges to this point, it’s likely that there have been a litany of glitches, creating for what was already apparent to be a tedious and lengthy process to be even more so for users. While the options are there on the websites, a broker has the ability to purchase coverage in or out of the Exchange, depending on what’s best for you and your family.

Flexibility based on your Schedule

2)      To sum it up, at Pure Risk Solutions, we’re here when you need us – be that during evenings or over the weekend. While the Connect for Health Colorado exchange has a customer service center, calls are only taken 7 am to 8 pm, Monday through Friday. If you contact us, you get to speak with one of us, right away.

Knowledge, Understanding, and Peace of Mind

3)      As a broker, knowing the details of the marketplace and what your options are is our job. It’s one we love doing. We take a great deal of pride in actually getting to know our clients and their needs, so they are fully satisfied that they've found the best coverage possible. You will be assured that your doctor and prescription drug list are covered within the plan you select, and rest assured with the peace of mind you desire.

Avoidance of Pitfalls

4)      If you receive a subsidy in 2014 based on your coverage and income level, there’s a chance you could owe money back at the end of the year. We’ll assist you in providing all of the required information to the federal government, to mitigate this chance.

So there you have it. Though we in no way want to deter you from taking a look at the Exchanges yourself, just know that we are here to help you from start to finish in finding the right healthcare coverage as a licensed broker. Please give our resident expert, Dave Godel, a call at (303)834-1001 to get started, and visit the Pure Risk Solutions website at www.purerisksolutions.com for additional information.