Why You Need Flood Insurance

| February 12, 2024
Flood in the Midwest

Do you ever wonder whether you should worry about flooding?

Well, consider that more than 20% of flood claims come from properties outside high-risk flood zones, according to the Federal Emergency Management Agency (FEMA). You certainly don’t have to live in a coastal area to be affected by flooding. Anyone who owns a home near a body of water, including lakes and streams, is vulnerable.

In addition, if your community is experiencing overbuilding, dealing with an antiquated sewer system or has severe weather, you’re also at an increased risk of flooding. Floods are the nation’s most common and costly natural disaster, causing millions of dollars in damage annually.

How can you lessen your risk? Flood insurance is a particularly valuable option, especially because homeowners and renters policies typically do not cover flood damage.

A smart choice

It doesn’t take a national disaster declaration for flood insurance to be used. When you consider that just 1 inch of water in your home could cost more than $27,000 in damages, according to FEMA, the benefit of having flood insurance is well worth the cost of the policy.

What exactly is flood insurance? It’s a special policy that is federally backed by the National Flood Insurance Program (NFIP), a program created when the National Flood Insurance Act of 1968 was passed. 

NFIP provides affordable insurance to property owners, renters and businesses, and is designed to reduce the socio-economic impact of disasters. What’s more, many private insurance companies have entered the market in recent years, so there are other options for obtaining flood coverage besides the NFIP. And some insurance companies even offer greater coverage than NFIP for about the same cost.

What the NFIP covers

NFIP policies cover damage from overflow of inland or tidal water, unusual and rapid accumulation or runoff of surface waters from any source and mudflow. Simply put, direct physical damage to your home or your belongings as a result of a flood is covered. For example, damages caused by a sewer backup are covered if the backup is a direct result of flooding. If, however, it’s caused by another problem, the damages are not covered.

How to buy flood insurance

To purchase flood insurance through the NFIP, contact your insurance professional, as you cannot buy flood insurance directly from the NFIP. Keep in mind that NFIP flood insurance rates don’t differ from company to company or agent to agent.

Here are 10 important questions to ask about flood insurance.

  1. Does my community participate in the National Flood Insurance Program? Flood insurance from the NFIP is only available in participating communities, but most communities do participate. Your insurance professional can tell you if your state and community participate.
  2. Do I qualify for a Preferred Risk Policy? Preferred Risk Policy (PRP) is a Standard Flood Insurance Policy(SFIP) that offers low-cost coverage to owners and tenants of eligible buildings located in certain moderate-risk zones in the National Flood Insurance Program.
  3. What flood zone do I live in? What is my property’s flood risk?
  4. Is flood insurance mandatory for my property? Will the lender require it?
  5. Will the federal government back my flood insurance policy?
  6. How much coverage should I get for my home/building and for my belongings?
  7. How can I reduce the cost of my flood insurance?
  8. Are there additional expenses or agency fees?
  9. Will my policy provide Replacement Cost Value or Actual Cash Value? Actual Cash Value is equal to the replacement cost minus any depreciation (ACV = replacement cost – depreciation).
  10. Who should I call if I have a flood claim?
Your insurance professional is a valuable resource

When shopping around for flood insurance, your insurance professional can point you in the right direction. Flood insurance is an absolute must if you live near a body of water. Even if you don’t, it’s still an important safeguard, as heavy rains, overbuilding and outdated sewer systems can make flooding a problem just about anywhere. Flood insurance is a smart option to protect against financial damage to your home and valuables.

For more information

If you have questions about flood insurance, reach out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2021 Applied Systems, Inc. All rights reserved.

11 facts you should know about renters insurance.

| February 9, 2024
Photo of busy family couple unpack personal stuff from carton boxes, dressed in casual clothes, hold white plates, pose in spacious kitchen with modern furniture, surrounded with pile of packages

Do you need renters insurance?

Many people rent homes at some point in their lives, from college students in their first off-campus apartments to retired couples who are downsizing. If you’re a new renter, you might not be clear on what renters insurance is and whether you need it.

Find out what a renters policy covers and how it can protect you in unexpected (and important) ways.

The basics of renters insurance

Renters insurance has three main components:

Personal property coverage. Renters insurance covers the contents of your residence including clothes, furniture, dishes, (most) bicycles, TVs, computers and other electronics.

Liability coverage. The liability component might be the biggest reason to get renters insurance because it can protect you from huge financial losses. Renters insurance can cover you if you’re sued by someone injured in your home or if your dog bites someone outside your home.

Additional living expenses coverage. If you cannot stay in your apartment after a fire, a burst pipe or another disaster, this coverage will pay for temporary lodging.

Here are 11 other key facts you should know about renters insurance:
  1. Renters insurance costs less than $25 per month — The average renters insurance premium is $179, according to NerdWallet. Your specific premium will depend on a number of factors, including where you live and the type of coverage you choose.
  2. Named perils — Standard renters policies cover named perils, or events that may damage your possessions. These include fires, lightning, windstorms, hail, smoke, vandalism, theft, freezing, and damage from aircraft, vehicles and riots.
  3. Deductibles — Deductibles for renters policies tend to start at around $500 and can go up to $1,000 or $2,000, according to the finance site The Simple Dollar. Higher deductibles tend to mean lower premiums but also higher floors before coverage kicks in.
  4. Belongings away from home — Your belongings are covered away from home for the perils listed on your policy. If a thief swipes your luggage from a hotel room, you are covered. This off-premises coverage is usually limited to a portion of your total coverage for personal belongings, such as 10%, according to NerdWallet.
  5. Car interior — If you keep personal belongings like books in your car, your renters insurance policy may cover them.
  6. Landlord requirement — A landlord’s insurance covers their property (the building and grounds), but not your belongings in it. A growing number of landlords require tenants to purchase their own renters insurance policies to reduce potential liability at the landlord’s end.
  7. Actual cash value versus replacement cost value — Something to take into consideration is actual cash value (ACV) or “replacement cost value” (RCV) coverage for your belongings. ACV is what the item is worth right now. ACV is generally less than the amount it would cost to replace the item. For this reason, RCV coverage tends to be more expensive. But RCV also provides you with more protection than ACV coverage. 
  8. Roommates must be named — A renters insurance policy will not extend coverage to any of your roommates unless their names are specifically written in the policy. Though it’s not recommended, sharing a renters insurance policy with your roommate is possible. However, most insurance professionals suggest getting your own customized policy to fit your particular needs.
  9. Floods aren’t automatically covered — Standard renters insurance policies exclude damage to your possessions from flooding (this is true of homeowners policies, too). You can get a separate flood coverage policy from the National Flood Insurance Program (NFIP) and from some private insurers.
  10. Earthquakes aren’t automatically covered — As with flooding, standard renters policies do not cover earthquake damage. You can get earthquake coverage from a private insurance company; renters in California can get coverage from the nonprofit California Earthquake Authority (CEA).
  11. Floater — A floater is a separate policy that provides additional coverage for more costly valuables if they are lost or stolen. If you have expensive jewelry, collectibles, sports equipment or musical instruments, consider adding a floater to your policy to protect against their loss.
Know the facts

Don’t make the common but costly mistake of thinking your landlord’s insurance protects you and your belongings. It doesn’t. The time to secure your renters insurance is now, before a major calamity occurs.

Talk to an insurance professional to determine the correct type and amount of renters insurance coverage for you, reach out to our Personal Insurance team to learn more.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2019 Applied Systems, Inc. All rights reserved.

Strategies for Managing Team Conflict

| February 9, 2024
pexels fauxels 3184315

Three steps to resolving team conflict.

If there is occasional friction among your team members, rest assured you’re not alone. In fact, because we spend so much of our time at work — most often with others — there’s bound to be some level of conflict. Conflict isn’t necessarily a bad thing — it can help us understand different points of view and perspectives. Learning how to work through conflict is a life skill, and its value is something you can provide to your employees.

Why team conflict occurs

Your team members likely have different backgrounds, experiences and skillsets — and that’s part of what makes a diverse team highly effective. But, those differences can also lead to differences of opinion. As a leader, your role is to help your team discuss differences, overcome any conflict and reach a decision collaboratively.

Team conflict can be a detriment if leaders don’t step in and mediate. Conflict in the workplace can happen when there is:

  • Disagreement over positions, opinions or strategies
  • Mistrust or poor communication
  • Personal agendas
  • Personality differences
  • Unfair treatment between employees
How to resolve team conflict

Recognizing and resolving team conflict before it escalates into a tense situation is an essential role of a leader. Conflict resolution takes time and skill. Rather than focusing on a quick fix, take the time necessary to turn around a challenging situation or work environment and create a harmonious, productive environment. Use this three-step process to help your team work through differences and reach a mutually agreeable outcome.

Step 1: Acknowledge the conflict

Ignoring the problem certainly won’t make it go away, so begin by acknowledging the conflict. Then, ask each team member to:

Agree to the cooperative resolution process. You won’t get anywhere if everyone doesn’t agree to be civil and agree that resolution is the best path forward.

Keep communication open. After you have spoken to each team member individually (if needed),come back together as a group and ask each person to begin open communication and active listening. Doing so reinforces respect and trust in the team.

Step 2: Understand the situation

Once everyone has agreed to do their part to seek resolution, you’ll need to work to get to the bottom of the conflict. This is not a blaming opportunity or a he-said-she-said situation. Ask each individual team member to:

Take a stand. Each person should feel supported and safe when candidly explaining where they stand in relation to the conflict. This step allows each person involved to share their view of the situation.

Take a step back and consider a different perspective. You may need to speak with each person individually if emotions are high. Encourage them to describe what the other person’s perspective is— this helps build understanding and empathy. This step should work to validate differing opinions, not personally attack another’s viewpoint.

After you have gathered the facts and opinions about the situation, you should bring the team back together as a group. Outline the information as objectively as possible before opening the floor for discussion.

Step 3: Reach resolution

Once you have shared the facts and opinions during individual and small group discussions, it’s time to work toward reaching a resolution. The team must use the facts of the situation to work through the conflict and come to a resolution that is agreeable to all. Identify strategies that blend opinions and input for a better solution to the original problem.

Examine what led to the conflict. Was there a breakdown in communication? Did someone not follow standard procedures? Is there a personality conflict?

Remember, the team is looking to you as a leader to bring stability, collaboration and common ground. You can help guide the team to determine what can be done in the future to help move the team forward more productively and effectively. By productively managing conflict, your team will better understand each other and trust one another’s intentions.

For more information

To learn more, reach out to our Human Resources Consulting team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

Cut Your Commercial Construction Risk

| February 7, 2024
Tower crane and building construction site silhouette at sunrise.

If you construct commercial or institutional buildings, you know the market for new construction has had its ups and downs.

Contractors benefited from an uptick in commercial and multifamily starts in 2021 and 2022 only to see demand fall in 2023 due to rising interest rates and tight credit.

According to construction market research company Dodge Construction Network, higher interest rates, increased energy costs and continued political uncertainty mean a “return to broad-based growth in construction starts is still some time away.”

Contractors must also contend with building material inflation, a skilled labor shortage and catastrophic weather events. Transferring some of your financial risk can make the difference between surviving an adverse event and jeopardizing your company’s future. Here, we’ll look at some of the most important contractors insurance coverages you should consider.

Liability coverage is essential

One major lawsuit could be catastrophic for your company. Many things can go wrong on a project, from design mistakes and faulty workmanship to injuries and fires. You may also have additional risk exposure from your use of multiple subcontractors.

Commercial general liability (CGL) is a baseline policy all contractors need. CGL covers claims of property damage, bodily injury and personal injury to non employees. It helps with medical expenses, property damage, attorney fees, judgments and settlements.

The owner of a project will usually require the general contractor to have CGL coverage. Most general contractors also require proof of coverage from their subcontractors. And banks usually require contractors to have CGL insurance to get a loan or line of credit.

Bear in mind that CGL insurance by itself doesn’t cover workers if they’re injured on the job. For those types of claims, you’ll need workers’ compensation insurance. CGL doesn’t cover professional or employment practices liability, either. You can purchase these types of coverage separately.

If you’re a general contractor, you’ll want to make sure the subcontractors you hire, particularly critical-path subs, carry sufficient liability coverage. One way to ensure that everyone who works on a large project is adequately covered is to use a wrap-up policy, or controlled insurance program.

A wrap-up insures your company and your subs. Either you or the project owner can purchase the policy. Wrap-ups usually include CGL and workers’ comp and may sweep in other policies you need for a job. The advantage of a wrap-up is that you or the owner controls the coverage. This can give you peace of mind while reducing the overall insurance costs for the job based on economies of scale.

Commercial auto and property insurance

You’ll need commercial auto insurance for your trucks and vans. Commercial auto covers costs from property damage and liability. You may also need insurance for heavy equipment and machinery. Commercial coverage allows you to name your employees on your policy as additional insureds so they are financially protected when they are operating your vehicles.

Pricing for commercial auto coverage depends a lot on your fleet’s loss history. Safe driving is the key to holding the line on premium increases, so consider instituting a safety program and monitoring driver behavior through telematics.

As you weigh your risk management decisions, be aware that premiums have increased considerably. Your agent or broker can negotiate with insurers to get the higher insurance limits required for large projects, as well as the best terms and prices.

With all the uncertainty in the commercial construction market, be sure you’re well-positioned to take advantage of new opportunities when they come along. Make risk management a key aspect of your planning. Securing the appropriate protection takes time, but it will pay off if you have a large claim or loss.

Commercial property insurance covers your business property, including buildings, office equipment, computers, furniture, supplies, tools and materials. Check the types of perils your policy covers and whether your limits are high enough.

Most property insurance policies only cover items located at your business address. You’ll probably need to purchase a separate inland marine policy to cover tools and equipment you transport to and from job sites.

Workers’ compensation insurance

Workers’ compensation insurance is essential for any contractor who has employees. It’s required by law in nearly every state. You can usually purchase it in the standard insurance market. Some states have their own purchasing arrangements, and most offer coverage through assigned risk pools if you are declined by regular insurance companies.

Workers’ comp provides benefits if one of your employees is hurt on the job or becomes sick from work-related exposures. Many health and safety programs are designed to help construction companies lower their workers’ comp premiums. Adhering to Occupational Safety and Health Administration requirements and state regulations is a good first step. By making safety awareness part of your work culture, you can reduce accidents and your workers’ comp premiums.

Builders risk insurance

Builders risk insurance, or course-of-construction insurance, covers hazards from ground-up construction as well as renovations and remodeling. Builders risk allows for multiple insureds on one policy. Usually the owner, general contractor, subcontractors, architect and lender are named on the insurance contract, depending on who has a financial interest.

Builders risk covers property losses for building materials, supplies and equipment while on-site or in transit. Like a property insurance policy, builders risk protects against many perils, including theft and vandalism, fires, hurricanes, earthquakes, lightning, explosions and sewer backups. The coverage remains in force until the project is completed.

Builders risk policies can cover soft costs, such as additional interest on a loan if the project is delayed.You can also add loss-of-earnings coverage to protect against lost income if a commercial building doesn’t open on time.

Understand that builders risk losses have increased in recent years, especially due to natural catastrophes. This has led to higher premiums and constrained availability of coverage.

Surety bonds for large projects

Many commercial and most institutional projects must be bonded. Almost all public projects require bid and performance bonds, which protect the owner (obligee) if the contractor (principal) defaults. Surety companies, which are regulated by state insurance departments, issue these bonds based on their examination of a contractor’s financials, past job performance, managerial experience and capacity to take on new projects.

Underwriting for bonds is usually extensive. You’ll be asked to provide the following:

  • CPA-prepared financial statements going back several years
  • Tax returns
  • Balance sheets
  • Work-in-progress schedules
  • References
  • Letters of recommendation

Bonding is important because it ensures the contract will be executed as agreed to by all parties. In the event of a default, the surety company will step in and take over the project. An insurance agent who specializes in bonding, known as a surety bond producer, can help you secure a surety bond.

Work with an insurance professional

Insurance for contractors requires knowledge of the construction industry, including the opportunities and constraints in the insurance market. Working with an insurance professional can save you time and help you get the best financial protection. 

Learn More

To learn more reach out to Brett Findlay, Senior Vice President Business Risk Specialist at BFindlay@OneGroup.com.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2023 Applied Systems, Inc. All rights reserved.

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Employee Compliance Training

| February 6, 2024
Aerial panorama over Plattsburgh iN New York state

Does your workplace safety training program meet your needs?

A workplace safety training program is a mandatory approach to educate employees about potential workplace hazards, safe work practices, and emergency procedures. The program aims to ensure that all employees understand and follow safety protocols, reducing the risk of accidents, injuries, and illnesses in the workplace.

The key components of a workplace safety training program may include:

  1. Hazard Identification: Educating employees on identifying potential hazards in their work environment and understanding the associated risks.
  2. Safe Work Practices: Teaching employees the correct procedures and best practices to handle tools, equipment, and machinery safely.
  3. Emergency Response: Training employees on how to respond to emergencies such as fires, chemical spills, or medical incidents.
  4. Personal Protective Equipment (PPE): Educating employees on the proper use, maintenance, and disposal of personal protective equipment required for their job tasks.
  5. Ergonomics: Providing guidelines on maintaining proper posture and ergonomics to prevent musculoskeletal injuries.
  6. Workplace Violence Prevention: Training employees on recognizing and responding to potential violence or aggression in the workplace.
  7. Health and Wellness: Promoting overall well-being and encouraging employees to take care of their physical and mental health.

The importance of a workplace safety training program cannot be overstated, as it offers several benefits:

  1. Injury Prevention: Properly trained employees are less likely to be involved in workplace accidents and injuries, leading to reduced workers’ compensation costs and downtime.
  2. Legal Compliance: Compliance with safety regulations and standards is essential to avoid legal penalties and liabilities.
  3. Productivity: A safe work environment boosts employee morale and productivity, as employees feel confident and secure in their tasks.
  4. Employee Retention: Demonstrating a commitment to employee safety fosters a positive work culture and can improve employee retention rates.
  5. Reputation and Public Image: Companies with strong safety records are often perceived more positively by clients, partners, and the public.
  6. Cost Savings: Preventing accidents and injuries through proper training can save significant costs associated with medical expenses and lost productivity.

A workplace safety training program plays a vital role in creating a safer and healthier work environment, benefiting both employees and employers alike.

Contact Us

For more information, please contact Risk Management Consultant Todd Goodman at TGoodman@OneGroup.com.

Building a Modern Wellness Program

| February 5, 2024
People Meeting Seminar Office Concept

Support employees’ well-being while building your bottom line.

Early employee wellness programs were designed to control health care costs. Success was measured by a reduction in medical claims, disability claims and employee absences. Today’s programs emphasize employee engagement and total performance as the measures of success. Only one in four employers offer a wellness program to control costs, according to the International Foundation of Employee Benefit Plans (IFEBP).

Modern plan and design

While savings still matter, wellness programs are more focused on employees’ health and well-being. This can be something as simple as providing fresh fruit in break rooms or creating walking groups during lunch. Some companies have even installed workspaces with more natural light, clean air systems and ergonomically correct furniture.

Modern wellness programs are also finding new ways to communicate with employees. They are combining seminars, testimonials and social media posts with activities like team outings and corporate charity drives. Families are often invited to take part, and employee feedback is encouraged.

Contemporary incentives

Most employees aren’t motivated by small reductions to their health premiums. With no time to complete health risk assessments or simply a lack of interest, they are looking for a more immediate impact. 

Incentives like free company merchandise, gift cards and cash are perks that employees can realize almost immediately.

Updated wellness programs get results

Disengaged workers cost the U.S. economy more than $4.5 billion in lost productivity each year, according to Optum. But employers that offer wellness programs report increased productivity and higher morale.

And the IFEBP reports that 63% of companies with a wellness plan have reported financial sustainability and growth. Employees offered wellness benefits were:

  • One and a half times more likely to continue working for their employer
  • Over three times more likely to be proud of where they worked
Employee burnout

An improved culture of wellness can also be seen. Companies with successful programs report employees engaging in healthier behaviors like getting more sleep and drinking water instead of soda. They also see employees moving around the office and taking fewer trips to fast food restaurants for lunch.

All of this can take time. In some cases, it can take more than 12 months for changes to make an impact. Successful plans evaluate what worked and what didn’t on a regular basis. Getting employee feedback on wellness programs is key as you continue to make improvements.

Putting a plan in place

Simply having a wellness plan is not enough. To see results like those discussed above, you want the right mix of programs and incentives to encourage engagement and drive participation.

Traditional measures of success like blood glucose and cholesterol screenings can still support your wellness program. You may even want to offer regular blood pressure monitoring. By combining these initiatives with more holistic wellness activities like discounts to a local gym or on-site nutritional counseling, you can have a positive impact on the life of your employees.

If you would like more information on how to develop an engaging employee wellness program or improve the one you have, contact your broker or benefits adviser. They can help you put a plan in place that will support your employees’ well-being while building your bottom line.

For support on this or other Employee Benefit topics, please reach out to the OneGroup Employee Benefits team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2024 Applied Systems, Inc. All rights reserved.

Your Home Insurance Has Limited Protection for Jewelry

| January 31, 2024
Jewelry diamond rings in box

Whether it’s a single engagement ring, an heirloom set or a large collection you bought for yourself, your jewelry needs insurance.

Yet most homeowners insurance policies limit the amount of coverage to $5,000 or less. That might not even be enough to cover a single piece, much less a jewelry box full.

For example, the average cost of an engagement ring (2023) is around $5,500, according to weddingstats.org. And the average Rolex watch ranges between $7,000 and $12,000. With prices like these, every jewelry owner should consider their insurance options and protect their investments. 

How to insure jewelry

Jewelry insurance options vary almost as much as the pieces they cover. You can add your jewelry to your existing homeowners, condo or renters policy for only a few extra dollars a year or purchase a separate policy specifically for jewelry. 

Some home insurance policies specify that they do not cover items such as jewelry, musical instruments or artwork. Depending on the details of your coverage and the value of your items, you may need a rider on your home insurance policy or a dedicated jewelry policy.

If you decide to add your jewelry to your existing policy, you will likely be required to list of all your individual pieces, often with supporting documentation such as photos or appraisals. This list, called a “personal articles floater,” will be appended to your home insurance policy. 

It may be a practical and cost-effective option if you want to insure only a few rings and necklaces, but it might not be the best option if you have a larger or more valuable collection. That’s because each piece has to be added to the list of covered items; if you forget to include a piece or you buy another, it won’t be covered until it is “endorsed.” 

Another drawback of using a personal articles floater for jewelry is that your jewelry is only protected in certain situations. While your pieces will likely be covered if they’re stolen or destroyed in an event such as a fire, they will not be covered for other events such as accidental loss or damage. And your policy might not cover losses due to certain natural disasters like floods or earthquakes. 

Lastly, the payout limit on a personal articles floater may be lower than the value of all your pieces together.

Separate jewelry insurance could be a better option if you have a larger collection or need more flexible coverage. A stand-alone jewelry policy typically costs about 1%-3% of the value of the insured piece or pieces per year and may vary depending on your state. 

These policies usually have significantly higher coverage limits, though. They may also cover events that homeowners, condo and renters policies do not, such as worldwide travel, accidental damage, and loss of part of a pair. A jewelry insurance policy offers more flexibility than home insurance, too. For those who collect jewelry or buy on a whim, some policies offer automatic coverage for newly added items. These policies may not require appraisals for pieces under a certain value or may o er agreed-value coverage. Your insurance agent can help you understand the full requirements of your insurance contract.

Remember that the value of some items will increase over time. Whether you have a personal articles oater or a separate jewelry policy, you should review your jewelry insurance periodically to ensure you still have adequate coverage. 

Preserving your pieces

Beyond insuring your jewelry, there are steps you can take to ensure the pieces are yours to enjoy and pass on. 

Use secure storage

The first and most obvious step is securing your jewelry when it’s not in use. Your best option is usually a safe if the items are valuable and not used often. 

You should periodically look at jewelry you have stored away to make sure it hasn’t gone missing. You may have a time limit to file an insurance claim, so report a theft or loss as soon as you discover it. Of course, alarm systems and cameras can also deter and catch thieves.

Research travel-related stipulations and best practices 

If you plan to take your jewelry on a cruise or to an international destination, research any stipulations in your insurance policy. Safe storage of your pieces while traveling is important, so learn about best practices before tucking thousands of dollars’ worth of jewelry into your luggage.

Keep jewelry well-maintained

Keeping your pieces in good shape will help you avoid losses due to things like faulty clasps or loose gem settings.

Create a photo inventory

Make a photographic inventory of your collection and any appraisals you’ve had done. Store the photos on the cloud so you’ll still have them if you suffer a large loss due to a fire, flood, windstorm or massive theft. Your insurer will be able to identify what was lost and process your compensation more efficiently. 

Additionally, police and insurance companies often work together in cases of theft to alert pawn shops and other dealers in gems of larceny; photos can help identify your pieces and get them returned to you.

To learn more about jewelry coverage, reach out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2020 Applied Systems, Inc. All rights reserved.

What Do You Do When Your Windshield Needs Repairing?

| January 26, 2024
Woman Phoning For Help After Car Windshield Has Broken

Gravel and rocks, weather damage and even temperature changes can all cause your windshield to crack, chip or shatter.

Windshield damage is common. How insurance handles a windshield repair or replacement depends on what kind of auto glass coverage you have, how the damage happened and the extent of the damage.

Comprehensive coverage

Damage to your windshield and vehicle windows will be covered most of the time as long as you have comprehensive insurance, an optional coverage that’s usually purchased with collision insurance. Essentially, it protects your vehicle from any type of damage not caused by another car, including:

  • A pebble flying into your windshield
  • A tree branch falling on your windshield
  • A baseball crashing into your windshield
  • Acts of vandalism
  • An animal crashing into your windshield

If the damage is minimal, such as an isolated chip or a crack that’s just a few inches long, it may be reparable. But if your windshield has a larger crack or is shattered, it will need to be replaced. You’ll also need to replace your windshield if the damage is in the driver’s line of sight.

Many insurers cover windshield repairs with no deductible as long as you use a company within the insurer’s network.

Full glass coverage

In some states, full glass coverage is included with comprehensive insurance, or you can add glass coverage to your policy. If you have full glass coverage, you likely won’t have to pay a deductible if your windshield has to be repaired or replaced. (Additionally, regulations in some states prohibit insurance companies from applying a deductible to claims for damaged glass.)

Full glass coverage adds glass breakage as a named peril to the auto insurance policy. These policies typically cover broken sunroofs, windows and windshields, but not mirrors, dashboard screens or similar.

Some drivers choose to get full glass coverage if they live on a gravel road or frequently drive off-road.

Accident damage

If your windshield is damaged in a vehicle accident, your collision coverage will likely cover repairs and replacements. If the accident was your fault and you carry collision insurance, your collision policy will cover the windshield, but you’ll have to pay your collision deductible first.

If your windshield is damaged in a vehicle accident and the other driver is at fault, that driver’s liability coverage will pay for the windshield. Since liability insurance has no deductibles, there’s no cost to you.

Safety is important

Your windshield’s primary role is to protect you and your passengers from wind, water and debris, but it also can help reduce crash injuries and even save lives.

Your vehicle’s windshield plays a role in front air bag deployment and supports the roof, helping to prevent it from collapsing in a rollover. For the safety of you and your passengers, windshield damage should be repaired promptly. Plus, a prompt repair can prevent a small nick or crack from spreading into a much larger area of damage.

To learn more about your auto glass coverage or to find out if full glass coverage is available in your state(and worth the investment), reach out to our Personal Insurance team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2020 Applied Systems, Inc. All rights reserved.

WEBINAR: MEDICARE 101

| January 26, 2024
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Medicare can be confusing. Do you find yourself asking questions such as, when am I eligible? What do parts A, B, C, and D mean? When do I sign up? How do you I sign up?

Join OneGroup’s first 101 Series Webinar of 2024! Medicare experts Shane Kelly and Connor Stanton will discuss the ins and outs of Medicare, answer the above questions, and much more.

REGISTER HERE

To learn more about OneGroup’s Medicare Solutions, please visit our Medicare Solutions page.

MEDICARE SOLUTIONS

How to identify High-Potential Employees for Future Leadership Roles

| January 24, 2024
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High-potential employees (HIPOs) are an important segment of the workforce.

In a survey by the organizational consultancy Korn Ferry, 98% of respondents said knowing which employees have high potential is important for their organizational success. And 55% said they have HIPO programs in place as a result.

How to recognize a HIPO

Who qualifies as a HIPO? According to the leadership development research firm Zenger Folkman (Zenger), HIPOs usually rank in the top 5% of their organization. They’re perceived to be highly capable and motivated, and are likely to rise up the corporate ladder.

Once identified, organizations are often quick to involve them in HIPO development programs, Zenger notes. But the path to success is not one size fits all. Zenger reviewed close to 2,000 employees across three organizations and found that many employees identified as HIPOs might not be good candidates for future leadership roles.

After evaluating 360 assessments, Zenger found that more than 40% of the employees designated as HIPOs were below average for leadership effectiveness, and 12% were in the lowest quartile. This is a long way from the top 5%.

Korn Ferry’s data mirrors Zenger’s. Just 29% of its survey respondents said they had confidence their businesses had the leaders needed for future success.

So how can you identify who is a HIPO and who is not

To avoid misclassifying workers as HIPOs when they are not, Zenger identifies several traps to steer clear of:

  • Don’t assume that just because someone is a top performer in their current role they’re leadership material. While technical experience and knowledge are important, a person with superior technical skills may still require leadership development. Leadership isn’t necessarily innate.
  • Don’t place too much emphasis on whether an employee is productive and self-motivated. Having a desire to achieve results is a top trait managers look for in direct reports. But just because an employee is a top individual contributor doesn’t necessarily mean they’re leadership material.
  • Don’t rely on an employee’s track record of honoring their commitments. A can-do attitude and reliability are great assets, but they don’t always translate to success in leadership roles. If a leader refuses to delegate, they can become overwhelmed by the sheer amount of work they’re responsible for.
  • Don’t fixate on any one trait. One of the organizations Zenger researched placed a heavy emphasis on being nice. For other organizations, volunteering to take on new challenges was highly valued. As a result, managers misidentified employees as HIPOs simply because they displayed characteristics that aligned with their organization’s core values — even though they weren’t all that effective in other areas of work.

The key takeaway: Don’t zero in on one quality to determine if someone is a match for HIPO development. And don’t overvalue things like cultural fit in deciding whether someone is a HIPO.

So, what traits should you look for?

According to Zenger, two traits that all HIPOs share are the ability to motivate others and strategic vision. The firm believes these factors far outweigh things like cultural fit or an employee’s individual results.

Zenger also recommends paying close attention to what employees want out of their career paths. Steering high-performing employees toward senior management could backfire if they’re better suited as individual contributors. That miscalculation could have consequences that go beyond derailing the individual employee. If they become a bad boss, they and their team may end up unmotivated and leave the organization altogether.

On the other hand, don’t write off under qualified employees who want to assume leadership roles, Zenger notes. Instead, focus on providing them with learning and development opportunities in leadership.

According to Zenger, strong leaders excel in: 

  • Innovation
  • Relationships
  • Acumen
  • Inspiration
  • Strategic vision
  • Execution

Developing these skills can help you spot and nurture employees with innate leadership potential.

Other ways to identify HIPOs

Close to 20% of the respondents to Korn Ferry’s survey lacked confidence that they had selected the right people for their HIPO development program. And 66% of respondents said their organization may be missing out on identifying HIPOs because they aren’t looking deep enough.

Plum, which helps organizations make talent decisions, says psychometric assessments may help identify attributes that aren’t evident from performance reviews or a person’s resume. These assessments can evaluate personality, social intelligence, problem-solving skills and other key traits. To build an effective, long-term strategy for developing HIPOs, being able to objectively measure aptitudes for adaptability, communication and innovation is key, according to Plum.

The bottom line

Whether you use personality assessments, manager feedback or a combination of both, learning how to spot HIPOs in your organization can help you fast-track them into valuable leaders.

For more information

To learn more, reach out to our Human Resources Consulting team.

This content is for informational purposes only and not for the purpose of providing professional, financial, medical or legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or problem. Please refer to your policy contract for any specific information or questions on applicability of coverage.

Please note coverage can not be bound or a claim reported without written acknowledgment from a OneGroup Representative.

Written content in blog post: Copyright © 2022 Applied Systems, Inc. All rights reserved.