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Talking Point Tuesday

11/19/2019

Tools & Equipment Coverage

In the contracting world, your tools and equipment are the backbone of your business. Would you be able to complete your next job without your tools or equipment? It is important to have an insurance policy in place to protect those valuable assets.

Tools and equipment coverage, which is also known as “Inland Marine” insurance, is set up to protect mobile property, such as skid loaders, generators, welders, and compressors. An Inland Marine insurance policy can also protect high-value handheld power tools with comprehensive coverage and other small pieces of equipment used to operate your business.

For example, let us say you just won a large project that will bring in big revenue for your construction company. You gather the tools necessary to complete the job, and advise your team where and what time to meet the following day. In the morning, it is discovered that someone has smashed the lock on your truck’s tool chest, and has stolen several important pieces of tools/equipment.

Inland Marine or tools and equipment insurance, saves the day!

The Inland Marine insurance policy would cover this loss of the stolen tools/equipment. By having your insurance with ALINK Insurance Services, you can quickly call us, file the claim, and be able to quickly replace your stolen tools, so you can get back to work. Having the tools and equipment insurance is key to making sure your business can grow and thrive without interruption.

Let ALINK Insurance Services be our "Your Link to Security!"®

Please call us to be connected with one of our insurance professionals.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

TALKING POINT TUESDAY

10/1/2019

The Importance of Cyber Coverage

NAS Insurance’s 2019 Cyber Claims Digest reported that cyber claims among its non-healthcare policyholders grew by a staggering 38%. Cybercrime claims, across both the healthcare and non-healthcare segments, were up 68% over 2017, led by financial fraud, which saw a 79% rise.

One study found that 43% of cyber-attacks target small business, and 60% of small companies go out of business within six months of a cyber-attack.

The truth is Cyber claims are on the rise for all sized commercial accounts. Just recently, another US city elected to pay a ransom to hackers that took over their entire system and encrypted their data.
Read the story here: http://bit.ly/CYBER2WTOPz3

Most of our commercial customers will purchase General Liability coverage to protect themselves for potential lawsuits or claims. They will also purchase professional liability insurance to protect themselves for costly errors, negligence, or malpractice. Workers’ compensation insurance is necessary when you have employees. With the over whelming amount of cybercrime, why don't they purchase cyber insurance to help protect them from First and Third party claims?

Here are three top reasons why you should invest in Cyber Insurance:

Data breaches are costly. Small businesses lose $80K on average to Cybercrime according to the Better Business Bureau’s 2017 State of Cybersecurity Among Small Businesses in North America report.

Cyber incidents are on the rise and are increasing in severity. Colorado ranked 9 in the Top 10 States in 2018 with 9,328 Cybercrime Victims. (1)

(1) Based on the total number of complaints submitted to the Internet Crime Complaint Center via its website from each state and the District of Columbia where the complainant provided state information.
Source: Internet Crime Complaint Center.

Don't believe that Cyber Security is the same as Cyber Insurance. All the technology solutions you can implement and awareness training you can provide your employees will not completely eliminate your risk from cyber threats.

We have options for all sized commercial accounts, packaged coverage as well as build your own, and several price points to choose from.

To learn more about Cyber insurance click on the photo above.

Please call us to be connected with one of our insurance professionals.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"

HailStorm Driving

6/2/2019

Tips When Driving in Severe Weather

Can you guess what a king's favorite kind of precipitation is? That's right, HAIL. But that doesn't mean it's our favorite. Hailstorms can cause some pretty significant damage and, unfortunately, Colorado is no stranger to them. The diameter of hailstones can range from 3/8 of an inch to 4 1/2 inches. To give you a better visual that's roughly the size of a pea to the size of a softball. Hail can do tremendous damage to vehicles, buildings, crops, and can even be life-threatening to animals and people that don't take proper cover. When a severe thunderstorm warning is issued in your area, avoid driving and stay inside. However, if you happen to be behind the wheel when a severe hailstorm strikes, please do the following:

Turn on your low beams. Be alert and pay attention to surrounding vehicles.

Keep your distance. Avoid a rear-end collision by allowing 3X the usual distance from the vehicle in front of you.

Slow down. Hail has a greater impact on a moving vehicle. The faster you drive, the greater the impact.

Find a safe area to pull off. Turn on emergency flashers when stopped and make sure you are completely out of the traffic lane.

Find cover for your car. Look for a nearby parking garage or gas station canopy to wait out the storm. Do not stop under an overpass to avoid obstruction of emergency vehicles and collisions.

Angle the car. If you are unable to find cover, angle the car so falling hail hits the front windshield. The windshield is stronger than other windows in the car. If applicable, move away from the sunroof.

Don't leave the vehicle. Stay in your car to avoid injury. Lie down and cover your head with a coat or blanket to protect yourself from flying glass. Face away from windows.

For additional information on driving safely in a hailstorm, click here or watch the video below.

Got questions? Let's talk! Give ALINK Insurance Services a call today to discuss all of your insurance needs. We are "Your Link to Security!"

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

Talking Point Tuesday

5/14/2019

Common misconception: Insurance replacement cost vs. market value

One common misconception insureds have is that a home should be insured for its market value. While market value takes that great view, school district, distance to shopping, and land into consideration among other things, insurance replacement cost only takes into consideration what it would cost to re-build a home, exactly as it is, at the time of a loss.

When the real estate market is up, a home can often be sold for more than it would actually cost to re-build it. When the market is down, homes often sell for less than it would cost to re-build them. The way insurance carriers determine a home’s estimated replacement cost value is by completing a replacement cost estimate.

Each insurance carrier usually has its own estimating tool, but the tools are all similar in that a home’s features such as flooring, bathroom and kitchen finishes, interior and exterior finishes, lighting, etc. are input into the tool, which determines the estimated home replacement cost based on the geographical area, availability of materials and cost of labor among other factors.

It is important to contact your insurance provider when you make any substantial changes to your home such as a kitchen or bathroom remodel, addition, solar panel installation etc., so they can make sure your policy’s dwelling coverage is sufficient for re-building your home with these changes.

To learn more about home insurance click on the photo above.

Please call us to connect with one of our ALINK Insurance professionals to review your home's replacement value.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"

Is your Auto Insurance Creeping Up?

3/27/2019

Reasons for an Auto Insurance Rate Increase

Have you noticed your auto insurance rates increase over time? Believe it or not, there's a reason for that. Rising insurance rates are an insurance company's way of trying to balance its risk-to-reward ratio, so you can expect your rate to go up if you have a driving history that indicates you may pose a greater risk on the road. Fortunately, many insurance companies will remove minor violations and accident claims from your record after a designated period of time. However, there are some conditions we have no control over, like state auto insurance laws, that can also cause a rate increase. The first step you need to take to help safeguard your rate is understand the different factors that can affect it.

Traffic Violations
This is one of the most common reasons for an auto insurance rate to go up. Violations are typically classified as either minor or major. Minor traffic violations include things such as speeding, failure to yield, driving without a license, using an uninsured vehicle, following too closely, improper backing/passing, running traffic lights or signs, failure to signal, parking violations, etc. Some examples of major traffic violations are reckless driving, driving under the influence, leaving the scene of an accident, failure to stop for a police officer, driving with a suspended/revoked license or vehicular homicide. If you do receive a traffic violation, there are a couple of things you may be able to do to avoid an increase in your premium. If you fight a ticket in court and win, it should not affect your driving record. Traffic school, which involves taking a course and passing a test, is another option in some states to avoid an insurance rate increase.

At-Fault Accident
If you are the cause of an accident and a claim is filed, you can expect your insurance rate to go up. Some insurance companies offer accident forgiveness which allows each driver to have one at-fault accident claim, or a buffer that allows for a small payout (usually under $500) without a premium increase. However, you will be charged more for this type of coverage without knowing if you'll need it or not. Know what kind of driver you are and check with your insurance provider to see if this coverage is available and how much it will cost.

Aging
Growing old is out of our control unfortunately. Elderly drivers, typically over the age of seventy, may pose a greater risk on the road due to sight or hearing loss, fading memory, medication with dangerous side effects, stiff muscles and joints, or slower reaction time and reflexes. Because of this, it's common for insurance rates to climb after a certain age.

Moving
Some people don't know that insurance rates are often based on claims in an area. Moving out of state, or even to a different city, can sometimes cause your rate to change. For example, you would likely have a higher rate if you lived in a major metro area rather than a suburb or a rural town. The likelihood of an accident happening or a traffic violation occurrence is greater the more cars and people there are on the road.

Lapse in Insurance
You are instantly pegged as a potential risk taker if you have a lapse in your car insurance. This is any period of time that you have registered a car, but do not have auto insurance. Being uninsured will result in fines and various other penalties, depending on the state. Your rate will be more expensive the longer you wait to renew your auto insurance policy. Many insurance carriers do not allow a grace period for a lapse in coverage unless you are trying to reinstate your existing policy.

Drop in Credit Score
It is common for insurance companies to use your credit score as a contributing factor when selecting your premium. Credit scores are used to determine a person's financial risk and creditworthiness, and studies have shown that there's a good reason to use credit-based scoring when it comes to insurance rates. If your credit score suddenly plummets, there is a chance your insurance rate will go up. California is currently the only state that prohibits insurance companies from utilizing credit scores for this purpose.

There are many factors that go into calculating premiums, and any of the scenarios mentioned above can make a significant impact. The better you understand what causes a rate increase, the better off you will be in preventing it from happening to you.

Let's talk auto insurance! Give ALINK Insurance Services a call today to discuss your insurance needs. We are "Your Link to Security!"

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

Parent-Teen Driving Contract

3/7/2019

"Do your homework. Clean your room. Help with dinner. No phones at the table. Be back by nine. Go the speed limit and drive carefully."

Many parents know that it's important to set certain guidelines and rules in the home - especially when there is a teenager living under the roof. By doing so, it sets an expectation for everyone and helps maintain structure in a household. It also teaches children and teens order, responsibility, obedience, and discipline if needed.

While household chores and curfews are some of the more common house rules, parents should also make it a priority to set driving rules with their teen. Since teenagers are still learning the ways of the road and trying to get comfortable behind the wheel, newly licensed drivers can benefit from having some limitations on their driving privileges. Creating a parent-teen driving contract is a great way to discuss what you expect from your teen driver and set clear rules for when they are driving without adult supervision.

Jointly coming to an agreement with your teen on a list of household driving rules is the best approach. Some obvious and nonnegotiable rules should include wearing a seat belt at all times and not using a cell phone while driving. Other items can be modified over time, depending on if the contract is being upheld. For example, a curfew could be extended an hour or two. New driving privileges can be introduced as teens gain more driving experience and maturity. Likewise, privileges can be taken away when the rules defined in the driving contract are not followed.

ALINK Insurance Services wants your teen, their passengers, and everyone else sharing the road to be safe. Click here to access our Parent-Teen Driving Contract form and talk to your teen today about their responsibilities behind the wheel.

Feel free to give us a call to discuss your auto insurance needs with one of our insurance professionals.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"

TALKING POINT TUESDAYS

3/5/2019

When should you review your insurance coverage?

Review your auto & home policies every year
Colorado is one of the most volatile states in the US when it comes to insurance. You may have had adequate coverage a few years ago but prices to rebuild homes or repurchase items inside your home are constantly rising. Likewise, for auto insurance, rising medical and repair costs might mean you are are under insured. Double-checking will save you money, heartache, and frustration in the future.

Your premiums went up again
If you compare your renewal pricing to the previous year, you will probably notice that your premium has increased. It is important to remember, rates differ from company to company. When working with an independent agent, they can provide you with the power of "CHOICE". They can offer several options that can save you money and still provide you with comprehensive coverage.

Adding or removing a car
When adding or removing a car, it's a great opportunity to review existing coverage. Perhaps, your older vehicle still has full coverage (comprehensive and collision) but it may not be worth the amount you are paying for the coverage. When adding a car, be sure you are meeting any requirements your financing company may have.

Adding a teen driver
Teen drivers have the highest rate of accidents and file more claims compared to the average driver. Making sure you have proper coverage is critical. Be sure to ask for discounts to mitigate your cost.

Marriage or divorce
A change in your marital status could possibly affect your insurance rates and coverage needs. Be sure to update this appropriately to ensure you are receiving the best discounts available.

Refinancing you home
Refinancing your home can provide you another great opportunity to make sure you have all the possible discounts and adequate coverage. Prices change and your bank may even require you to review this.

You drive for Uber, Lyft, etc…
Many companies will not cover your vehicle or passengers in an accident unless you report you are a driver for one of these companies. Not all carriers will allow this type of use but some have special endorsements for your protection.

Click here to Schedule A Review

Please call us to be connected with one of our insurance professionals for a free review today.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"

TALKING POINT TUESDAYS

2/12/2019

February: #InsureYourLove

I know most people do not associate life insurance with Valentine's Day but actually it is one of the best gifts you can give to your loved ones! Life insurance is about planning ahead so you and you're loved ones aren't financially disadvantaged if the unexpected happens.

If you're young and healthy, the last thing you're likely to think about is your own mortality. A 2017 Princeton survey commissioned by InsuranceQuotes.com found that 65 percent of 18 to 29-year-olds don't have life insurance. Of those who lacked coverage, 71 percent said it wasn't necessary because they're young and healthy. There are some benefits to consider buying life insurance in your youth.

1. As a general rule, life insurance for young adults is less expensive the younger and healthier you are when initially purchasing it.

2. Life insurance can reduce the stress for your loved ones by paying for burial costs or other final expenses.

3. Cosigners are sometimes legally responsible for shared debts. So if your parents cosigned for your private student loans, the lender may require them to pay what's owed if something happens to you. A life insurance policy could provide the means to your parents to pay off the debt and any other financial obligations.

4. Permanent life insurance policies can serve as a tax-advantaged savings vehicle through the accumulation of cash vale. Life insurance is a great additional option to consider in your overall retirement planning.

To learn more about life insurance click on the photo above.

Please call us to be connected with one of our insurance professionals.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"

Car Insurance + Your 16-Year-Old

2/11/2019

Getting behind the wheel for the first time with license in hand is an exciting time for a sixteen year old - the freedom, the control, the independence! Having an extra driver in the home can be more convenient for the parents as well, but it can also be a scary, stressful, and expensive thought. It's important to make the right choices early on for your new teen driver, like determining the proper vehicle for them and selecting the right insurance coverage.

So, how much will it cost to insure my 16-year-old?

Determining the cost of car insurance for one individual can be tricky as there are various factors that can change a rate drastically. Some of these factors include the state you live in, your insurance carrier, qualified discounts, and whether or not your teen drives their own vehicle. The cost will be lower if you are simply adding a driver to your current policy (roughly an additional $20 a month), but that cost can climb up to $200+ a month if you are adding a teen driver and a vehicle. Call your insurance agent to get a better idea of what you can expect to pay.

Why does car insurance cost more for a 16-year-old?

A driver's experience on the road is a big variable when it comes to insurance. Car insurance companies are designed to minimize their financial risk, so it makes sense that a more experienced driver with a good driving history would be less of a risk on the road than a not-so-experienced driver with no history. Practice makes perfect, right? Good driving status comes with time, and young drivers do not yet have a record to show whether or not they are a safe driver. Insurance rates tend to go down once a driver hits the age of 25.

What are some of the most common driving mistakes for teens?

Distracted driving, tunnel vision, and speeding are some of the most common mistakes made on the road by teenagers, according to AAA. Cell phones are the biggest culprit when it comes to distracted driving. Other distractions could include eating, noisy passengers, adjusting the radio, inputting directions in a GPS, or even applying make-up. It's not possible to outlaw all distracted driving, but many states have implemented laws against the biggest offenders. Tunnel vision can be common among new and nervous drivers. This is when a driver focuses too much on the car in front of them and does not scan the surroundings for possible dangers while driving. Teens tend to have tunnel vision on the road which makes it easy to miss cautions like merging cars, pedestrians, or animals crossing. Speeding is another common mistake, but this is not limited to 16-year-olds. It is far too easy to press a little too hard on the gas pedal, and a lot of the time it is not intentional. However, it is dangerous all the same. When it comes to teens in deadly car accidents, statistics have shown that speeding is often a factor.

How can I save money on car insurance for a 16-year-old?

There are a couple ways you can save.

Have your teen on a parent's policy. The cost can be up to 30 percent cheaper this way. There are also discounts, like a multi-policy or multi-car discount, that a teen usually cannot get on their own.
Share vehicles. This can be a huge money saver. The fewer the cars, the lower the cost! Many car insurance carriers allow the teen driver to be added as a secondary driver, or even an occasional driver if they happen to be going to school in another state. Since the teen would not have primary access to the vehicle, typically they would pay a lower rate.

What is the best car for my teen to drive?

If you could make it work, the best car for your teen would be the car you drive. BUT if car sharing is just not an option, you'll want to find something reliable yet affordable. Used cars in good condition would be something to look into. Be sure to check for airbags and other safety features when purchasing a used car. You may even want to consider having a safety inspection. A car with airbags will have cheaper liability insurance than a car without because they reduce the potential for serious injury. And selecting a liability only policy will keep costs down when compared to purchasing a full coverage policy for a young teen driver.

This is an exciting time for your 16-year-old! And it should be for your too. We here at ALINK Insurance Services want your teen to be safe on the road, and we want your family to have the coverage they need. Give us a call today to discuss the effects of having a teen on your auto insurance. We are "Your Link to Security!"

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

Talking Point Tuesdays

2/5/2019

The Importance of Umbrella Insurance

A common question we often receive from our personal and commercial clients is – What is an umbrella, and why do I need it?

To put it simply, an umbrella provides you with additional or excess liability coverage over and above the limits you carry on your standard, underlying insurance. For a personal client, this is commonly your personal liability coverage attached to your home or renters insurance as well as your auto liability. For a commercial client, this can be a number of different policies and coverages, most commonly your general liability, auto liability, and employers’ liability, usually attached to your workers’ compensation policy.

Umbrella policies provide valuable additional protection against loss of your personal assets, income, and future earning potential. It pays when the limits on your underlying policies have become exhausted. For example, a common underlying personal auto limit $250,000 per person, $500,000 per accident, and $100,000 in property damage. What happens if you cause a multi-car pileup that results in the destruction of several vehicles, and injuries (or even death) to multiple people? There is a strong possibility that your insurance limits will not be sufficient to pay for the damages. Conversely, business auto limits are often written with $500,000 or $1,000,000 combined limits. This may not be enough in the event of a multi-vehicle, multi-injury accident. A lawsuit could cost tremendous hardship for you and your family, or your business.

Umbrella policies are available in $1,000,000 increments. Generally speaking, personal umbrella carriers can go as high as $5,000,000. Most commercial insurance carriers can go up to $10,000,000, with some carriers going even higher. Here at ALINK Insurance Services, we’ve written umbrella policies with excess limits over and above $30,000,000 for high risk clients.

The best part is that most umbrella policies qualify for a multi-line discount on the underlying insurance policies, making this insurance one of the most affordable on the market. A $1,000,000 limit can often be purchased for around $15 a month on personal lines, and $40 a month for commercial.

If you would like to learn more about how you can benefit from an umbrella policy, please call us to be connected with one of our insurance professionals.

Denver Metro/Parker: 303-752-6479
Colorado Springs: 719-473-6262
Surrounding States: 877-643-6148

We are "Your Link to Security!"