The Bull Stops Here Blog

Interesting article in the Wall Street Journal about life insurance.
Have you purchased life insurance to cover your estate taxes in your
estate planning?  If so, this is a worthy read…

http://online.wsj.com/article/SB124328892384452197.html

Be safe and be well.

The Insurance Go2Guy Forum just hit double-digits!  Now up to 10 members, this exclusive community is perfect for business owners who want to get straight, unbiased answers to their tough problems.  The membership is lifetime with only a one-time $500 membership fee.

To see all the value you will receive, go visit the page on my web site by clicking here.

Be safe and be well.

If you follow my insurance consulting articles, you’d know I’ve been touting employment practices liability insurance for years. This is front page of today’s Wall Street Journal. Pretty staggering numbers over the past decade.

Click here to read the article at WSJ

Be safe and be well.

Dan

Check out my re-designed web site with more information for you…

Click here - www.InsuranceGo2Guy.com

Be safe and be well.

I just finished a new position paper on insurance for home based business entrepreneurs.  It’s free for the asking.  Just e-mail me your request and I’ll send you the paper.  If you’re a home-based business of any kind, this is information you must have to protect your business.

My e-mail is dan@danweedin.com.

Be safe and be well.

Health care is certainly a hot and contentious topic these days. In fact, I recently had a cyberspace “debate” with a friend on Facebook when he took umbrage with my commentary on the Obama administration plan for Universal Health Care in the United States. I subscribe to information releases from the White House and read an intriguing article in the New York Times. As an insurance consultant, I have over 20 years experience in the industry and certainly have my views on what is wrong with medical insurance and suggestions on how to improve it.

Let’s start by getting something straight. This is not an apology for medical insurers. I don’t represent any of them nor their agents. Their hands are dirty just like many others I will mention in this article. This conundrum we face doesn’t have easy fixes or else it would be done by now. Unfortunately, the fix of a government-sponsored universal health care program doesn’t solve the problem and probably exacerbates it.

Here’s why government-sponsored health care is a problem…

1. Politicians make decisions based on their ability to get re-elected, not necessarily what’s best for the country. Doubt me? See Arlen Specter’s defection to the Democratic Party after nearly 30 years in the GOP. Why would we trust that a group that is concerned about their ability to retain power would better make decisions on our health care?
2. The government has bigger fish to fry. The economy, Iraq, Pakistan, their own legal issues. This is an issue of big vs. small government. I opt for small.
3. Politicians don’t understand the industry. Insurance isn’t the easiest concept to grasp, much less to make decisions on. You may not like how the medical insurers have run the show but the reality is they at least work in the industry every day and understand the actuarial and coverage implications.
4. Living in Washington State, I see a large amount of Canadians coming down here for care. Canada has universal health care and it certainly has its issues. Regardless of what the media tells you, our system of health care is the best in the world. I recently spoke to a hospital administrator from Switzerland who was awed by our ability to care for patients.
5. Competition is always a good thing, and it’s true among private insurers.
6. Guess who ends up paying? Us.

Here are five solutions to improve the problem…

1. Tort Reform. Frivolous lawsuits have negatively affected health care costs. They lead to increased professional liability for medical providers (which also go up every year), providers making more expensive decisions based on being afraid of being sued, and higher expenses to defend claims. All these higher administrative and legal costs lead to passing it on to you, which leads to higher losses for the insurers who raise premiums to offset. The definition of a vicious circle.
2. We need a paradigm shift in this country. Health care isn’t a right. I don’t recall reading we all are entitled “Life, Liberty, and Universal Health Care.” Yes, it’s a desired state but so is financial security for everyone. The reality is that health care comes at a cost. Once we take accountability for our own health care instead of thinking of it as an entitlement, we may be able to make headway.
3. Skin in the game. I believe you will see Health Savings Accounts (HSA) becoming the norm over the next 10 years. By using high deductible programs, we make it more affordable for businesses to provide coverage, and increase the flexibility for individuals to manage their own health care. The $20 co-pay system is expensive. When we each have “skin in the game” then we make wiser financial decisions.
4. Generic drugs. They do the same thing and they are cheaper. Many insurers give discounts if you opt for generic alternatives. Prescriptions have been a killer to costs. This eases the pain (pun intended).
5. There needs to be more incentive for business owners to pay for their employees’ health insurance. They have almost been priced out of the market. They need more options and tax breaks to make it feasible for them to provide coverage for their workers.

We have the best health services in the world. I wouldn’t want my family treated anywhere else in a life-threatening situation. It comes at a cost. Health care for all sounds great on a campaign trail (regardless of party), but the reality is that we all need to take responsibility for our health care. That includes paying for it.

Be safe and be well,

© 2009 Dan Weedin – All Rights Reserved

In these tough economic times, every dollar counts, right?  Are you spending too much money and time on your insurance?

Here are two recent examples of how I help my clients…

• One just renewed their policy with the same agent they had for years, but this time with competition.  They saved 25% overall ($15,000) AND increased their protection.  Their premium savings ended up being more than my fee.  That doesn’t count the hours of time they saved by not doing the work themselves.  Knowing how to negotiate with insurance companies and brokers is part of the value I bring my clients.

• The other client had a gap in their property insurance coverage.  After discovering it, we quickly made a $300 adjustment in their policy.  Had there been a claim, they could have had $100,000 uncovered.  Ouch!

There’s value in being unbiased.  You can always call in another agent to give you a second opinion.  What do you think that opinion will be?  Don’t leave your business’ security and your checkbook to chance.  I guarantee my work.  Give me a call and let’s make sure your insurance is doing all it’s supposed to.

Bottom line - Insurance is complicated.  You don’t know what you don’t know.  My clients find that their investment in me is returned in saved premium dollars, saved time, reduced frustration, and increased peace of mind.

P.S. I have a very inexpensive option for business owners to simply take control of their insurance.  On June 5th, I am holding a teleseminar titled “Your Insurance Stimulus Package: 7 Ways to Reduce Your Insurance Costs.”  For $49, you may be able to save thousands in return.  Even if it’s just hundreds, you will walk away with strategies you can use forever.  To register today, click here.  By the way, you will get an MP3 audio download so even if you can’t make it live you get the information.

(c) 2009 Dan Weedin - All Rights Reserved

Interesting article in today’s New York Times - click here to read (you may need to be a subscriber. It’s free)

Never expected it for my generation anyway. A classic “you can’t have your cake and eat it too” scenario. A choice will inevitably have to be made with universal health are vs. SS and Medicare. Do you really want the government running your health insurance? Let’s think about that for a second…

Be safe and be well.

Memorial Day weekend is two weeks away.  What do you think about when pondering this holiday?  Barbecue, baseball, a day off from work?  How many of you think about death and destruction?

This is a topic I bring up annually for my consulting clients.  It applies to everyone who drives, though.  It’s my opportunity to jump on my soap box to help you stay safe this summer.

The 100 days between Memorial Day and Labor Day are the most deadly when it comes to auto accidents and fatalities.  It’s not hard to determine why.  Here are my top 7 reasons…

1. Increased alcohol.  More parties are happening and not just on the weekend.  As it stays lighter longer, so do the parties and the drinking.
2. Increased traffic.  Even in a recession you can expect more people on the roads for vacations, quick weekend getaways, and business travel.
3. Everyone’s in a hurry.  The desire to get to your trip, your meeting, your picnic, the ball game, et al seems to increase during this time.
4. Cell phones.  I understand these are always a factor, but they still contribute to distracted driving.  With the additional traffic, the number of people chatting while driving will also go up.
5. Eating while driving.  Another distracted driving vice.  Remember I said we are all in a hurry?  That means grabbing and going.  Don’t think that eating that burger while driving with one hand is any less dangerous than talking on your phone.
6. Loss of common sense.  Maybe it’s the sun.  Regardless, it seems that I see more people taking chances behind the wheel when the sun is out.
7. Road Rage.  This may be the biggest and deadliest.  All the above factors tend to lead to this increasing menace.  Just about everyone has been touched by this at some point to some level.

The bottom line is that your family is at increased danger.  Your business vehicles have a larger exposure.  What can you do to protect yourself, your family, and your financial assets?  Here are my 5 tips for summer driving…

1. Don’t drink and drive.  Duh!  Problem is that this happens on a regular basis and some of you reading this are guilty of it.  Be smart.  Get a designated driver or a cab.  It’s not worth your reputation or a life.
2. Leave early.  Give yourself extra time to get to your destinations.  Your stress level will decrease and your driving will be better.
3. Pay attention.  You’ve all heard about being a defensive driver going back to drivers ed.  Practice it.
4. Eliminate distracted driving.  That means cell phone, eating, shaving, reading the paper, texting (I’ve seen them all).  Distracted driving is leads to as many accidents as driving under the influence.
5. Be patient.  This should be our “laid back” time to enjoy life.  Don’t always be in a hurry, inpatient, and stressed when you drive.

Final thought.  If you are a business owner with a fleet of vehicles, train your drivers.  Talk to them about these issues.  Hold a safety meeting and hold drivers accountable.  You are responsible for their actions.

Okay, I’m hopping off my soap box…for now.  As we head into summer, make sure you are doing everything you can to keep our roadways safe.  You never know who’s life is at stake.  Like the old cop on Hill Street Blues used to day, “Be careful out there.”

Be safe and be well.

I just finished a training session for insurance agents on Commercial Property insurance.  One of the topics that is frequently discussed is Agreed Value.

Your insurance policy undoubtedly has a Coinsurance clause in it.  Look for an 80% or 90% on your Property Insurance section.  This clause penalizes you if you are undersinsured.  This is always a bad thing for you the insurance buyer.  Agreed Value is an endorsement where Coinsurance is waived.  It takes a little extra work to determine your values, but virtually costs very little and is well worth the steering clear of penalties.

The next time your insurance comes up for renewal, make sure you discuss Agreed Value with your agent.  If you have Coinsurance, ask them why they never offered to provide you a chance to waive this potential penalty.  It’s your money and your protection.  You have the right to do this.  Give yourself some additional piece of mind and get Agreed Value protection on your business property.

Be safe and be well,