August 7, 2012

How to Minimize a Loss Within Your Organization


Last week I spoke about Prevention of Risk, this week I will discuss how to mitigate or minimize the impact of an adverse event if and when it occurs.  An example of how we might help you with that at VAST would be in a work comp situation.  When an employee is injured our goal is to get them back to work as soon as they are medically able to do so.  This helps the organization in several ways: It assists the employee in their recovery and helps them earn their full wage. It lifts the morale of the rest … Continue reading

August 6, 2012

Recreation Nation


So we’re in the dog days of summer. It’s warm, the sun sets late, and everyone wants to be outside.  What are we all doing outside? Well see, that’s another fun thing about summer. Boats, jet skis, atv’s, dirt bikes and everything in between. But whether we’re entertaining friends at the lake or dirt biking down that country road, we probably aren’t thinking too hard about the risks we face while operating these items. Unlike a motor vehicle, there isn’t anyone telling you that you must carry insurance on those items. In fact, many people insure the items themselves for physical … Continue reading

July 31, 2012

How to Prevent Risk Within Your Organization


In this week’s blog Kelly Reed begins a five part series on how to proactively manage risk.  The first is through the prevention of risk.  This can be accomplished in three ways: education, communication and by having a great culture within your organization. Education – Education can come in many different forms including: webinars, live seminars, podcasts and email blasts to name a few.  What we recommend is a personal development plan for key people within your organization.  This plan should be tailored to each individual and provide the education that they need to help your organization and to grow … Continue reading

July 30, 2012

5 Common Questions About Insuring Cell Phones


Now that the cost of the average smart phone rivals the cost of your monthly mortgage payment, it is becoming a more common item of concern on peoples personal balance sheets. Have you been the person to lose your smart phone and feel like all connection to the world is gone? Over 300 million cell phones are active in the US and a surprising number of those phones are lost on a yearly basis. It is partially because of our extreme reliance on these devices that I am often asked about insurance options on them. People want to know that these high dollar items are … Continue reading

July 16, 2012

Five Mind-blowing Teen Driving Statistics


When parents call in to add teen drivers to their auto policies, the first thing they think about is the effect it will have on their rates.  Often, it is a pretty significant impact.  Is this fair?  We always assume that teen drivers pose a higher risk while driving a vehicle due to their lack of experience.  Recently, I came across some interesting information regarding teen drivers and it gave me a better grasp on just how much of a risk there is.  Here are five mind-blowing statistics on teens and driving: Vehicle crashes are the leading cause of teen … Continue reading

July 10, 2012

3 Factors Impacting the Transparency of Healthcare Providers


What will tomorrow bring?  The ability to predict the future would be quite special, but how about an educated prediction based on data from other industries, the pace of change, and emerging trends in healthcare.  My prediction is “all patients will be able to obtain information (past disciplinary actions, medical malpractice history, personal information, etc…) in one fashion or another about their healthcare providers.” I say this for three main reasons: Transparency – in virtually every industry and all spaces of our lives we are becoming more transparent.   For example – Social media such as Facebook, Twitter, Google+, MySpace, LinkedIn, … Continue reading

July 9, 2012

Insurance is Like a Dating Website


You probably wouldn’t compare your agency company to a dating website, but there is a lot of similarity! Let me tell you how: Building a profile – no we don’t ask you to create a funny or descriptive username like “lovemachine” or “2HOT4U.” But we will get to know each other.  Questions will be asked about your current stage in life, what your goals for the future are and how we can design an asset protection plan that works for you in the long run. We help you find your perfect match – match.com has a lot of options for … Continue reading

July 2, 2012

The Three Types of Collision Coverage In Michigan


Most people who purchase collision coverage on their vehicles do so to protect their out-of-pocket costs if in an accident. But what many people don’t know is that their out-of-pocket costs can change depending on how the vehicle is damaged. In the state of Michigan, there are three type of collision coverage to choose from. Below I will describe each of them in simple terms. 1. Broadform – it sounds the best, because it is the best. If you are the not at fault party in an accident, you don’t pay your deductible. Not a dime. This is important to … Continue reading

June 27, 2012

5 questions to ask when building a Medical Malpractice RFP


When considering a potential change in Medical Professional Liability carrier, there are many things to think about.  A traditional approach is to build a RFP and identify what items are needed|required from your future carrier and what information you would like to know about the carrier: A.M. Best rating Price of the product Limits of liability Percentage of claims settled vs. cases tried Historical experience in my state, region, and county With a Supreme Court decision pending, I believe it is safe to say that healthcare is in a state of uncertainty and is constantly changing.  Uncertainty and change yield the creation of … Continue reading

June 25, 2012

What does Full Coverage Mean when it comes to your Auto Insurance?


When it comes to giving clients advice on how to properly cover their vehicles, the first discussion point is this: if you got in your car, left the driveway, and got in an accident would you want your vehicle repaired? Most people say yes. This is always funny to me because usually that same person has told me two seconds earlier that they want the cheapest coverage available. It is always at this point where I transition into a little insurance education on the topic. The Three Layers of Coverage 1. Liability – aka “crash and burn” or “plpd.” In many states where insurance is … Continue reading

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