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Risk Manager Newsletter Spring 2012
Spring 2012 Jack of All trades and Master of None? Not Smart! For those of us old enough to remember how baseball and football were played in the ‘50s and ‘60s, it’s interesting to see how these games and their players have evolved over time. What happened to the starting pitcher who could stay in for 12-15 innings? What happened to the running back that doubled as the field goal kicker? As sports buffs know, in baseball, situational pitching has become an art. Today is the day of the six inning starter, a middle reliever, an eighth inning set-up man and a closer. A football running back doubling as a kicker today? No way. Kickers are smaller, slender guys who can generate so much foot speed that they can kick 60 yd. field goals all day long in practice. Those bulky, muscular running backs could never do that. As busy professionals, you know the limits of your skills as well. There are times when you need to bring in a specialist to perform duties that you don’t do regularly. And so it is with Professional Insurance Programs. We pride ourselves in being the experts in two main areas, employee benefits and property/casualty insurance. We can’t afford to be Jacks of all trades in our industry. There is just too much to know about certain specialty areas of insurance. We want to get it right so we hand off the ball. As a result of this dilemma, we engage key partners in areas of insurance that require years of training, continuing education and keeping up with current laws. These two areas include advanced life and disability insurance planning and long term care insurance. Mr. Michael Dow, CPA, of Next Level Planning and MetLife is our “go to guy” for advanced life and disability planning. Mr. Dow has decades of experience in these areas and has worked with our members on buy-sell agreements, business succession planning and estate planning, just to name a few areas. Mike has assisted many of our clients with complex business and personal situations. Melissa Coppage with John Hancock Financial Services has done an outstanding job working with our clients on Long Term Care insurance planning. She has extensive knowledge of the senior care industry, the types of care facilities, charges by area and statistics that will help determine what type of long term care policy is best for you. There are times when you can do it on your own and times when you have to call in a specialist. Call our specialists today by contacting Professional Insurance Programs at 800-637-4676 or emailing us at pip@execpc.com . Our specialists will help you get it right! In all sincerity, Thomas A. Witkowski President back to top Catastrophic Long Term Care costs -One of biggest risks to retirees by: Mara Roberts, CLU, RHU, REBE, Vice President Most people planning for retirement overlook one of their biggest exposures : how they will pay for Long Term Care costs (this includes assisted living and home health care). If not addressed early in the planning stages, you may find that your options have become very limited later on either due to poor health or unaffordable premiums. No one wants to buy long term care insurance – just as most people don’t like to save money for retirement. However if you were disciplined enough to save for retirement, why wouldn’t you protect those assets? Common Objections: • I might not need it Statistics indicate 40% of Americans will require some form of long term care in their lives either as “assisted living” in their home or at a nursing facility. Studies indicate that 2 out of 5 will, at some point incur significant LTC expenses for a period of 6 months or longer. • It’s expensive Yes, however if you think annual premiums are expensive that’s nothing compared with the cost of care itself -$60,000 - $80,000 year on average • My own assets will cover the cost Have you really budgeted for the cost of LTC in retirement? How have market fluctuations affected your retirement savings? Is this the best use of your money? • Government will pay for it Most people misunderstand what Medicare will cover and are misinformed regarding Medicaid eligibility requirements. Having insurance means your policy will pay for your choice of home health care, assisted living , or privately funded nursing homes. • Policy prices might rise Insurers may raise premiums for everyone who purchased a certain policy if the state insurance regulator deems it necessary. One way to guard against this is to buy only from a strong company with experience in this area. Another way to avoid premium increases is to purchase a 10-pay policy-this is expensive but it limits your exposure to future premium increases. • The insurance company might fail Yes, that’s a legitimate concern however sticking with the larger, best-rated companies for your LTC policy is still a better bet than being uninsured. Our Long Term Care specialist, Melissa Coppage, would be happy to cover the options available to you and help you put together a plan which would meet your needs. Contact us at 414-277-0154 or via pip@execpc.com to arrange an introductory meeting. back to top Individual Dental Insurance Options by: Christine K. Bachmann, Senior Account Representative Are you looking for affordable dental coverage for you and your family? Do you want the freedom to see the dentist of your choice? Delta Dental offers two plans; the Enhanced Plan or the Standard Plan. Both plans offer preventative and diagnostic services with no waiting period and an annual benefit maximum of $1,000 per person per calendar year. The Enhanced Plan offers 100% for Diagnostic and Preventive, 60% for fillings and 50% for services such as Crowns, Root Canal and Periodontics; while the Standard Plan offers 80% for Diagnostic and Preventive, 50% for fillings and 50% for services such as Crowns, Root Canal and Periodontics. As an extra added benefit, a Vision Discount program is included with no additional charge to you. To discuss your dental options, please contact your PIP Account Representative at 800-637-4676 or 414-277-0154. back to top Insurance Check by: Nicole Cutraro, Personal Lines Supervisor As you bring out the Boats and Jet Ski’s from hibernation, consider reviewing your insurance coverage before hitting the water. Do you know what coverage you have on these item? Do you have coverage if an uninsured boater hits your boat? Do you have an umbrella policy which extends to liability losses relating to your boats and personal watercraft? Insurance claims relating to water sports may be more common than you think. Some of those losses can be quite significant. Review your insurance policy this spring and enjoy peace of mind on the water all summer long! back to top Keeping Your Computer Safe by: Amanda Gorman, Account Coordinator II Some easy tips to keep yourself safe when using email, downloading data onto your computer, and shopping online include: 1. Only open attachments from people you know or are expecting attachments from. 2. Create difficult passwords by integrating numbers and symbols as well as mixing upper and lower case letters. 3. Back up your data for your operations. This duplicate copy of your information should be kept separate from your office. 4. Make sure your anti-virus and firewall software are current and active. Many software providers offer automatic updates to ensure this. Our staff here at PIP is committed to your insurance needs! We hope that you will keep in mind that we handle a full line of property and casualty, life and health insurance for both individuals and businesses. Please contact us at 800-637-4676 or pip@execpc.com for a no obligation quote! back to top Life Insurance is Easy as 1, 2, 3! by: Kim Waisanen, Senior Account Representative Today, half of the American households have no life insurance. How would you like to support your family when you are gone? Life insurance rates have never been more affordable, now is the time to look at life insurance to protect your family! If you’d like to take the next step in protecting your family, here’s all you’ll have to do: 1. Decide how much coverage you need 2. Decide how long you would like the policy to remain in force 3. Contact your Account Representative at 414-277-0154 or 800-637-4676 back to top May is Lymes Disease Awareness Month by: Kim Waisanen, Senior Account Representative Everyone should take precautions against bites from blacklegged ticks, especially between May and August when people are more likely to be exposed, It's important for people to check themselves for ticks as soon as possible when they come indoors. People can take steps to avoid tick bites and reduce the chance of getting Lyme disease: • Avoid wooded and bushy areas with high grass and leaf litter since ticks prefer these areas. Stay to the center of a trail to avoid contact with grass and brush. • Use effective tick repellants and apply according to the label instructions. The U.S. Centers for Disease Control and Prevention recommends that adults use repellants with 20-30% DEET on exposed skin and clothing to prevent tick bites. Repellants that contain permethrin can also be applied to clothing. • Wear clothes that will help shield you from ticks. Long-sleeved shirts and long pants are best. Tuck your pants into the top of your socks or boots, to create a "tick barrier." Light-colored clothing makes ticks easier to spot. • Landscape homes and recreational areas to reduce the number of ticks by creating tick-safe zones using woodchips or gravel along the border between lawn and wooded area. Continue to remove leaf litter and clear tall grass and brush around the house throughout the summer. • Check frequently for ticks, and remove them promptly. Blacklegged ticks are small and may be difficult to find, so tick checks must be done on all parts of the body carefully and thoroughly. Pay special attention to areas where ticks tend to hide, such as the head, scalp, and body folds (armpit, behind the knee, groin). • Remove attached ticks slowly and gently, using a pair of thin-bladed tweezers applied as close to the skin as possible. Folk remedies like petroleum jelly, nail polish remover, or burning matches are not safe or effective ways to remove ticks. • Protect pets from tick bites by checking dogs or cats for ticks before allowing them inside. While a vaccine can prevent Lyme disease in pets, it will not stop the animal from carrying infected ticks into the home. Speak to a veterinarian about topical tick repellant available for pets. back to top Pet Aid by: Nicole Cutraro, Personal Lines Supervisor The West Bend Mutual Home & Highway policy is one of a kind. It offers extremely comprehensive coverage AND each policy term you complete without claims, they send you a check back for 5% of your premium! In addition, Pet Aid coverage is automatically included in the policy. That¡¦s right, West Bend Mutual didn¡¦t forget about the furry members of your family. Pet Aid provides you with coverage for some of the expenses you incur if your domestic dog or cat experiences a sudden or accidental injury or death caused by: ƒæ Fire and Lightening ƒæ Vehicles and aircraft ƒæ Smoke ƒæ Falling objects ƒæ Explosion West Bend Mutual will pay up to $500 for each pet injured or killed in a covered event, up to $1,500 total for any one event. Payments include reasonable and necessary veterinarian expenses as well as the cost to adopt another pet if your dog or cat should pass away from the injuries. This coverage is included with the Home & Highway policy at NO CHARGE and there is no deductible. If you would like additional information regarding Pet Aid and/or home & auto insurance, please contact Nicole Cutraro at (414) 755-4182. back to top Professional Liability Insurance for CPA's by: Amanda Gorman, Account Coordinator II Professional Insurance Programs is proud of our relationship with the Wisconsin Institute of CPAs (WICPA). As an endorsed agency of the WICPA, our agency can provide valuable services to its members. We work with several carriers to provide you with competitive pricing and industry-specific coverage. Our professional liability carriers specialize in handling a traditional as well as a multi-dimensional base of professional services. We also have access to wonderful risk management resources so you can prevent claims from happening. These resources include helplines, document reviews, case studies, and educational seminars. We can also provide quotes for other lines of coverage such as business owners, workers compensation, home, auto, umbrella, and health insurance. Our staff here at PIP is committed to your insurance needs. Please contact us at 800-637-4676 or pip@execpc.com for a no obligation quote! back to top Sellers Errors & Omissions Protection for Realtors by: Amanda Gorman, Account Coordinator II The Sellers Errors & Omissions endorsement, also known as Sellers’ Liability Protection, provides the seller of a home with legal defense and indemnification in the event the buyer files a lawsuit. This protection can be added to an E&O policy in the form of an endorsement subject to policy terms and limits. Benefits of Sellers E&O include a competitive advantage in the listing presentation, reinforcement of a realtor’s services, and a method of transferring risk. Contact Professional Insurance Programs today for information on Errors & Omissions Insurance, or any other of your insurance related questions at 414-277-0154 or pip@execpc.com. back to top Spring Home Maintenance Tips by: Nicole Cutraro, Personal Lines Supervisor As a surprisingly mild winter winds down and spring approaches, it is time to think about getting your home ready for the warmer weather. Here are some simple tips to remember as the fresh air begins to blow through your windows. • Clean or replace your furnace filter. A dirty filter can lower the efficiency of your HVAC system and return dust and allergens back into the air. • Test smoke and fire alarms, replacing batteries and cleaning off dust from the covers • Clean out your refrigerator and freezer. Wipe down interior and exterior surfaces and place boxes of baking soda in each to maintain freshness. • Check and replace the caulking around doors and windows, damaged caulking allows for moisture to get in the walls and cause mold. • Inspect for roof damage. Look for missing, cracked or broken shingles. • Clean out your gutters and down spouts to avoid water damage from spring rain. • Pressure wash and inspect your deck boards for potential rotted or softened spots. • Start your lawnmower early to ensure repair service is not needed. Happy Spring! back to top The Fountain of Youth by: Kim Waisanen, Senior Account Representative We are made to move. Exercise, breathing, flexibility and movement keep us feeling young and alive. However, as we age, most of us move less each day. In a society with drive-through everything, it’s easy to sit on the couch and age into immobility. But you can choose to move, stretch-and feel fantastic. Why are flexibility and stretching important? Youthful means flexible. Age is rigid and stiff. Even if you work out by lifting weights and doing cardio, if you don’t tend to your flexibility, your muscles and joints will become less supple. By stretching regularly, you’ll renew your body and slow down the effects of the aging process. How does stretching enhance wellness? A gentle yet effective stretching program benefits you in numerous ways. It: • Increases energy • Increases range of motion • Relieves the effects of stress • Relieves joint and muscle pain • Improves circulation • Improves posture • Enhances balance What happens when you stretch? Muscles and connective tissues shorten while you sleep. When you stretch, muscle fibers and connective tissues elongate and align, allowing the stretched muscles to become longer. Over time, regular stretching train muscles to contract less after a stretch, so they become both longer and stronger. As you age, this helps prevent joint discomfort and keeps you agile and mobile. When and how should you stretch? A five to 10 minute morning stretching program is ideal preparation for your body to feel good throughout the day. If your day is particularly stressful and makes your muscles tight and fatigued, do your routine at night, just before bedtime. Either way, warm up your body by exercising for at least 10 minutes before you stretch. There are 24 hours in a day; you can spare a few minutes of each one to feel younger, can’t you? back to top Tips for Lawyers to Avoid Lawsuits 1. Be organized-don’t miss deadlines 2. Use check lists 3. Say Please and Thank you 4. Follow the rules –be ethical 5. Avoid conflicts of interest 6. Discuss your fee up front 7. Be selective 8. Don’t share secrets 9. Maintain open communication 10. Tell the truth 11. Do the best you can back to top What to Do After a Car Accident by: Compliments of Davis & Gelshenen LLP A car accident can be a very traumatic event. Stress and injuries may affect your ability to think clearly. How you react to the accident and the information that you obtain can be a critical element in your case. After an accident: 1. Be careful. If you are in severe pain, wait for paramedics to arrive to assess your injuries. 2. Speak with other drivers and witnesses involved only to obtain names, addresses and telephone numbers. Do not discuss the accident with the other drivers or witnesses. 3. Make sure that you acquire each driver’s automobile insurance information including the name of the person insured on the vehicle, the company’s name and the telephone number if known. 4. Contact the police to make an immediate report of the accident and remain at the scene until after an officer arrives. 5. Cooperate with the police in preparing an accident report. After the accident, photograph the exterior and interior of the vehicles involved in the accident. 6. Do not fill out or sign any insurance documents, or provide recorded statements without first consulting a lawyer. 7. If injured, consult with a physician as soon as possible. back to top Wisconsin Dependent Age Reduced by: Kim Waisanen, Senior Account Representative Effective January 1, 2012 the Wisconsin Assembly Bill 40 reduced the mandatory limiting age for dependent children from age 27 to age 26; this brings Wisconsin in line with the federal Patient Protection and Affordable Care Act limit of age 26. Dependents can stay on their parents insurance until age 26, regardless of student status. If looking for health insurance coverage for when your dependent turns age 26, please call your Account Representative at 414-277-0154 or 800-637-4676. back to top WPS Alliance Plan by: Christine K. Bachmann, Senior Account Representative Nervous/Mental Disorders and Alcoholism/Drug Abuse used to have separate limitations depending on what type of treatment was being sought (i.e. Inpatient, Outpatient or Transitions). Starting August 1, 2011 and upon your group renewal, these services no longer have separate limitations; they are now subject to a $2,000,000 policy annual maximum. To discuss these benefits or for questions, please contact your PIP Account Representative at 414-277-0154 or 800-637-4676. back to top Past Issues Fall 2011 Summer 2011 Spring 2011 July/Summer 2010 April/Spring 2009 October/Fall 2008 April/Spring 2008 January/Winter 2008 October/Fall 2007 July/Summer 2007 April/Spring 2007 Oct/Fall 2006 July/Summer 2006 April/Spring 2006 Jan/Winter 2006 Oct/Fall2005 July 05 RM April05RM 4th Quarter 2004 3rd Quarter 2004 2nd Quarter 2004 1st Quarter 2004 2nd Quarter 2003 1st Quarter 2002 1st Quarter 2003 4th Quarter 3rd Quarter 2002 Oct/Fall 2005 2nd Quarter 2002 3rd Quarter 2003 4th Quarter 2003 Jan/Winter 2009 October/Fall 2009 |
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