Today and we’ll start the first blog in a series designed to answer our customers most frequently asked questions.  Our first topic is no-fault insurance and what this means you as a driver in the State of Michigan.  No-fault insurance in its most basic terms means that if you are driver and you get into an accident with someone else on the road in the State of Michigan, you’re going to go back to your own insurance company and have your claim filed.  The other party is also going to go to their own insurance company and have their claim … Continue reading

At 5:45 this morning, I googled “Challenges that Hospital CEO’s Face.” In 0.53 seconds, the search returned 3,600,000 results.   By 6:20, I realized that I could write a 3,600,000 word blog by just naming problems.  Needless to say, there are plenty of challenges.  In my research, the top five most common challenges included: Financial Challenges Physician/Hospital Relationships Personnel + Talent Shortage Legislation Perpetuation Planning + Leadership Succession Each one of these risks can put you out of business if you do not manage well. Who and/or how can these risks be effectively managed?   What about the other 3,599,995 risks your facility … Continue reading

According to a 2010 study by PGP Corporation and the Ponemon Institute,the average cost of a data breach is north of $200 per record. As the delivery of healthcare continues to evolve, the system of care becomes more digital in nature. Examples of technology include: Smart phones – physician to physician and physician to patient communication Email IPad’s Laptops|tablet computers Video chat Robotics Electronic health records Information exchanges Wired + wireless networks Metadata What will tomorrow, the next five years, or the next ten years bring? Most would agree the answer will in one way or another include new technologies that have not … Continue reading

When it comes to heating a home for the winter months, more and more people are turning to wood stove installations to supplement their heating costs. While the pros generally outweigh the cons, there are some important things your insurance carrier will ask about before approving coverage. 1. UL approval – acceptable wood stoves will need to carry a UL approved label including important information about the size, make, and model of the unit. A surprising amount of people have homemade style wood stoves installed in their homes. Due to lack of controls on these stoves, they are generally unacceptable and you could find yourself without an … Continue reading

Watching a recent episode of AMC’s Mad Men (set in the 1960’s era in New York) – I had to stifle a laugh at the character portrayal of the old school life insurance salesman. It was the typical middle aged man dressed in a suit and carrying a briefcase with charts upon charts of life insurance prices. Yes, they made house calls. Oh, and sold primarily to men. Fast forward 50 years and the world of life insurance has changed dramatically. Approximately 35 million middle class households in the United States are with little or no life insurance. This number is up significantly from even … Continue reading

What is Buy-Sell Life Insurance? It is a tool that is used to help a business fund the purchase of a deceased partner’s shares. I am often approached by businesses that explain they need Buy-Sell Life Insurance. My immediate question following is, “What does your Buy-Sell Agreement State?” Many times I get a blank stare, a moment of silence, and a question: “Why do I need an agreement?” I am not an attorney, but I am certain that purchasing life insurance to fund a buy-sell agreement needs to follow a process and it does not start with a life-insurance policy.  Here are three things … Continue reading

Over the past four weeks I have shared four ways of managing risk.  the first being prevention, the second being mitigation, the third being transfering and finally ways to assume risk. In the video above, I will share thoughts with you about the financing of risk with an insurance policy or through an alternative risk vehicle. To learn more about financing risk, contact Kelly Reed  |  906.315.7227  |  kellyr@vastsolution.com.  

One of the biggest hurdles to helping people put a life insurance plan into place is the uncertainty around how much to purchase.  There is often a lot of anxiety around the idea that the person may be under or over-shooting their needs.  This then become one of the most crucial parts of the conversation when speaking to new clients about their life insurance needs.  It would be easy to say that there is a magic formula which allows us to give each person an EXACT amount of coverage if that time ever arises.  The fact is, there is not … Continue reading

Over the past three weeks we’ve discussed ways for your organization to manage risk.  The first week we discussed prevention strategies, then mitigation or minimizing risks, followed by transferring risk away from your organization.  This week, we will focus on the assumption of risk or choosing to assume risk within your insurance portfolio or outside of your insurance portfolio. What we have found through our analysis of many businesses is that most businesses will take on a significant amount of risk in one area, yet they take on very little risk in other areas of their business.  What we help … Continue reading

The state of Michigan has had many changes to auto insurance coverage and rates this past year. There also continues to be many items up for debate. This year one of those items revolves around the Michigan Mini Tort. With auto insurance policies in the state already being complicated for consumers to understand, this adds one more element or coverage that most drivers are unaware of or don’t understand. What is the mini tort coverage and why does it exist? With the no fault auto insurance system, there is often confusion as to how claims are handled in the event of a collision accident. For … Continue reading