One of the most difficult discussions to have with a client is one about their life insurance program. Many people call in thinking they know what they want and some people don’t have a clue where to start.  The next series of blogs will focus on life insurance, some of the common types and the reasons to purchase.  Here are ten of the most common reasons people purchase life insurance.  Buying a Home College Expenses Family Living Expenses Business Loan Coverage Key Person Insurance Buy/Sell Arrangements Child Care Expenses Charitable Giving Final Expenses Estate Planning If you see yourself in … Continue reading

I want to start my own practice, what do I need to know about insurance?   Whether you are directly out your residency or breaking off from a hospital|private practice; the following will outline the insurance needs of a private practice into three simple categories [Personal Insurance, Business Insurance and Employee Benefits]. Personal Insurance: In college, I had a finance professor teach the concept of “pay yourself first.”  In order to run an effective practice, first make sure your personal house is in order. Life Insurance Disability Insurance Property + Liability Homeowners Policy Personal Auto Policy Umbrella Policy Business Insurance: Properly … Continue reading

Is my company taking on too much, too little or just the right amount of risk in my insurance program? Investigating a Captive is on my 2012 strategic initiative list? Is my company large enough to start or join a captive? What are the benefits of doing so? Ultimately what all of these questions come down to is “How do I take on more risk?”  Before we discuss how you take on more risk, we need to understand where you are currently at today.  Picture a straight line with multiple points on it.  The far left side of the line … Continue reading

Like Vince Vaughn said in Wedding Crashers, “It’s wedding season!”  Whether you are entertaining a small group of family and friends or throwing your own version of the royal wedding – one thing the bridal mags forget to mention is the potential for accidents to happen.  If you are going to rent a hall, banquet room or other facility something you may not be thinking of is the risk of liability once all of your guests arrive.  Whether it is required by the facility or not, it is a good idea to obtain wedding insurance and here’s why: Unlike your … Continue reading

How does a physician know if they are getting a good quote on their Medical Professional Liability (medical malpractice insurance)?  In a prior blog, I indicated a cheap price may lead to a below average policy the time of a claim.   This blog is not meant to get you the cheapest price for a medical malpractice policy in Michigan, but is designed to educate you on what questions to ask and how to better understand the pricing model. Not asking for all available credits – I once heard from an underwriter that most agents and policy holders do not ask … Continue reading

There are many myths about what makes a vehicle cheap or expensive to insure.  Below are the three most common myths about finding a cheap vehicle to insure. MYTH 1:  The smaller the vehicle, the more cost effective to insure – totally untrue.  In order to understand this one, you have to spin it around and look at it from the insurance carriers mindset – if a small vehicle is in an accident, it will most likely suffer greater damage than a larger vehicle.  Chances are, the amount paid out on a claim would be greater thus making small compact … Continue reading

Nationally Medical Professional Liability (medical malpractice) premiums have been flat, declining, or had substantial coverage endorsements added over the past decade.   What could bring this to an end and again cause premiums for physicians and hospitals to rise?  The conventional wisdom is one if not two critical indicators would have to change.  Critical indicator #1 is frequency or the number of medical malpractice suits filed.  Critical indicator #2 is Severity or size of losses. The 2011 year brought some interesting developments.  According to Hiscox (super losses in US healthcare on the rise), the frequency of catastrophic claims has increased.  For … Continue reading

The Society of Automotive Engineers [SAE] published a paper in 1995 that suggested ways to eliminate blind-spots in your vehicle. However, many people have never heard of this of refuse to change the way that they are comfortable having their outside mirrors adjusted. If you are willing to be uncomfortable for a short amount of time, the change is worth it.  You will no longer have to wrench your neck to check your blind-spots. HERE’S HOW IT WORKS 1. INTERNAL REAR-VIEW MIRROR – Adjust your mirror so that you can see straight back behind your car. 2. LEFT SIDE MIRROR – … Continue reading

Kelly Reed is one of VAST’s Professional Solutions advisors.  He is an expecting father and former college football player at Northern Michigan University.  Kelly primarily works with physicians, community based hospitals and integrated health systems throughout the Midwest. He spends much of his time assessing risks in professional organizations and sees similarities to how he and his offensive line assessed risks before each snap in a college football game.  Watch the video above to see how they are similar.

WHY ARE MY AUTO RATES GOING UP?!  This is a common question that we hear from clients.  One of the reasons we are seeing increases in Michigan is due to Personal Injury Protection coverage (PIP). In the insurance world today, especially in the State of Michigan, the discussion of Personal Injury Protection has never been more important.  It is Michigan Law that every vehicle has PIP, which covers medical costs and lost wages in the event of an accident.   Medicare/Medicaid does not cover injuries sustained in an auto accident.  This means insurance companies, in the unfortunate event of an … Continue reading