Community Insurance

How Employers Can Support Employees Amid Economic Uncertainty

Fri, 08 Nov 2024 14:00:00 GMT

In today's uncertain economic landscape, businesses are looking for effective ways to support their employees while managing costs. At Community Insurance LLC, we understand the challenges employers face and offer diverse employee benefit options, including group health and voluntary benefits, to help companies provide meaningful support.

1. Financial Benefits to Reduce Stress

Financial worries can impact employee performance and morale. By offering financial benefits, employers can help ease this burden:

Financial Education Opportunities: Providing access to financial advisors, workshops, or seminars is a low-cost way to guide employees in setting and achieving financial goals. Financial stress is known to affect productivity and turnover; by addressing this, you enhance not just your employees' well-being but your company's bottom line as well.
Short-Term Savings Assistance: Helping employees build emergency funds through payroll-deducted savings accounts can prevent them from dipping into retirement savings during crises. This proactive approach supports financial stability without the need for matching contributions.
Local Business Discounts: Partnering with local businesses to offer discounts can make daily expenses more manageable for employees while boosting the local economy. Polling employees on preferred businesses ensures the discounts are relevant and valuable.

2. Mental and Physical Health Benefits

Mental health support is critical, especially during periods of heightened stress. Investing in mental health yields substantial returns, with studies showing a $4 return for every $1 spent.

Flexible Work Arrangements: Offering flexible work schedules can significantly improve mental health and doesn't negatively impact productivity. This benefit helps employees balance work and personal responsibilities more effectively.
Health and Wellness Stipends: A yearly stipend for wellness activities can cover gym memberships, health apps, or weight management programs. While it may not fully cover these costs, it motivates employees to prioritize their health.
Prescription Drug Discounts: Rising medication costs can burden employees. Providing prescription discount cards helps them manage healthcare expenses, ensuring faster recovery and improved productivity.

Start Supporting Your Team Today

We hope these insights inspire you to explore new ways to support your workforce. For tailored solutions and guidance on the best benefits packages, schedule a consultation with Community Insurance LLC today. Let's build a benefits plan that helps your employees thrive and aligns with your budget.

Restaurant Self-Inspection Checklist

Mon, 01 Apr 2024 22:31:04 GMT

Preparing for an Audit

Mon, 01 Apr 2024 22:29:53 GMT

Help Employees Find the Behavioral Health Care They Need

Mon, 01 Apr 2024 22:28:39 GMT

Risk Assessment for Painting Contractors

Mon, 01 Apr 2024 22:27:08 GMT

Preparing for an OSHA Inspection

Mon, 01 Apr 2024 22:25:10 GMT

Loss Control with Security Systems

Mon, 01 Apr 2024 22:23:53 GMT

Contractor Safety Focus Four

Mon, 01 Apr 2024 22:22:18 GMT

Fire Prevention for Residential Builders

Mon, 01 Apr 2024 22:19:50 GMT

State of the Cyber Marketplace

Mon, 01 Apr 2024 21:45:30 GMT

Darrin & Jennifer Waldkoetter

Mon, 23 Oct 2023 21:33:20 GMT

Mike Tamer with Colonial Life

Wed, 11 Oct 2023 22:07:52 GMT

Meet Dennis Elwell with Davy Crockett BnB

Thu, 22 Jun 2023 22:09:48 GMT

Jim Hock with Greeneville Signs

Fri, 02 Jun 2023 22:11:25 GMT

Top 5 Pitfalls for Business Startups

Fri, 12 May 2023 14:31:00 GMT

I love hearing the stories of entrepreneurs as they talk about starting their new business venture. There is always excitement in their voice as they express dreams and plans for success. Facing known and unknown risks is a challenge accepted with enthusiasm. There are always pitfalls in any new endeavor, so good planning is imperative. This is just a simple list that will help you get off on “the right foot!”

Some helpful information can be found with these organizations.

Small Business Administration

Tennessee Secretary of State

What is an Entrepreneur

Why should a contractor have a commercial auto policy?

Wed, 15 Mar 2023 19:13:00 GMT

If you’re a contractor who drives a normal size truck for work like a Ford F-150 or a GMC Sierra, for example, you probably don’t see a need for that truck to be on a commercial auto policy when you can have it on your personal auto policy.

That makes sense, until it doesn’t. When you look at typically limits on personal auto policies, they are usually a lot lower than those limits on commercial auto policies. The Tennessee state minimum limit requirements are only $25,000 per injury, $25,000 per property damage, and $50,000 per accident. Those amounts do not go far when it comes to accidents!

We always recommend a combined limit of 1 million on commercial auto policies. This ensures that you aren’t responsible out of pocket for expenses related to an accident!

So, are you going to pay more for that policy? The simple answer is yes. You have a lot more coverage so you will pay more. That is still a better option than having to come up with money or be in debt due to not having high enough limits.

Nobody wants to think about having a catastrophic accident that seriously injures another person or causes a huge amount of damage but they do happen sometimes! We need to be as prepared as possible!

The post Why should a contractor have a commercial auto policy? appeared first on Community Insurance .

Why home insurance rates are rising.

Tue, 18 Oct 2022 18:30:00 GMT

Inflation is no secret, and after the past few years, it has hit us all fast and hard. Let’s take a look at some reasons why inflation is affecting your home insurance premiums.

During 2020 when the world shut down, we all experienced a supply chain shortage and felt the impact of increasing prices on materials and labor. However, the truth is it went up and never really came down. According to Travelers Insurance Company, materials for new construction increased by 18.6%, roofing materials increased by 16.3%, and lumber prices increased by 6.2%. Not only did the prices of materials increase but so did labor costs. According to Grange Insurance, there is over 400,000 job openings in the construction industry alone contributing to the labor storage and the increase cost of hiring someone to do the repairs.

Aside from the impact covid had on the economy, the world also saw a rising number of weather-related disasters. According to the Travelers Insurance Company, in 2021 alone there were 20 separate 1 billion dollar weather related losses here in the US. As of right now, there have been nine weather-related losses in 2022.

Remember that even though you have not had any claims this past year someone has, and insurance is essentially the “law of large numbers.” All this will more than likely affect your home insurance premium if not this year more than likely next year as most insurance companies have taken higher-than-normal rate increases in order to have the reserves necessary to cover these catastrophic claims when they happen.

Protection Tip

Be sure to contact your insurance advisor to keep your home’s value updated and ensure that it is fully protected.

Three ways to prevent Information Overload for Contractors

Fri, 02 Sep 2022 18:30:00 GMT

Just Google it! I know you have heard that phrase, maybe used it yourself or told someone else to do it. Of course, it works and the information returned is useful, that is if you can sift through the 234,567 results and determine which one is really the info you need to make a decision. I am sure you have heard the term information overload and have probably personally felt that too.

If you are out wiring a building, installing the plumbing, or on a machine excavating dirt, we feel your pain!

That’s why we research and sift information constantly to help you find things you need to keep the business running smoothly!

1. We send a weekly newsletter that learns what you like and are interested in reading. Yes, it learns by looking for more information related to the items you click on. How cool is that? So check your email every Monday to see relevant articles and information that will help with things that you are interested in.

2. Search our website for information on every part of business protection. The why and how to get Tailored Protection for everything important to you. Don’t like reading, then watch an informational video to learn exactly what you need. Take a quick look here to get the information you need. https://communityinsurancetn.com/video-library/

3. Business Content Libray on our web page is available 24/7. We add articles regularly related to business operations to assist with everyday issues you need to address. So easy you can read it right on your phone here. https://communityinsurancetn.com/library/

Ok and if you have read this far you get the $bonus$! Just Ask us! That’s right! If you need information, we are your resource. Call, text, email or message us on social media and we will do the searching for you. Can it be any easier than that? We think not. So take us for a test spin and see how we can help!

Why are auto insurance premiums going up so much when I haven’t had a claim?

Tue, 02 Aug 2022 13:14:00 GMT

There are several reasons insurance costs rise, and it seems we are now in a perfect storm.

The National Highway Traffic Safety Administration, a division of the Department of Transportation, estimates that 42,915 people died in motor vehicle traffic crashes in 2021, a 10.5% increase from the 38,824 fatalities in 2020. The deaths include pedestrians, cyclists and others who may have died during a crash. The larger payout from litigation in these claims continues upward pressure on insurance company coffers. See the full article here- NHTSA Road Fatalities .

Parts aren’t readily available due to ongoing supply chain issues, so repair times take longer. Fewer qualified technicians mean delays and more rental costs. US Bureau of Labor Statistics Towing costs are increasing as well. Lawsuits cause higher payouts, with some claims exceeding a million dollars.

Cars just cost more to repair than ever before. You may be involved with a vehicle with a value that exceeds $100,000, so repairs can be higher than you may think. The current inflation rate is at lifetime highs for most of us, and its effects touch everything from new cars to used cars and the parts needed to repair them when there is damage. Couple that with Healthcare Inflation, which is over 9%, and the resulting costs appear in every auto-related claim.

Of course, changing companies for potential savings may help, but work with your insurance advisor to find longer-term solutions and stability for the insurance protection you need. Ask about available discounts and consider Telematics if you are not already using this feature to personalize your insurance cost.

5 Things to know about home insurance claims

Tue, 19 Oct 2021 13:31:00 GMT

5 Things to know about home insurance claims that many people do not understand.

OK, you have insurance from a reputable insurance company and the peace of mind that brings. But last night the storm did more than wake you up; you see water, and when you go outside there is roof damage and a tree limb is against the house. Time to call the office and report a claim. But is that all you need to do? Well, the short answer is no, but let’s look at the process and your responsibility as a property owner.

Some things are your responsibility

Did you know that you have a responsibility to actually read your insurance policy? Well, yes you do! Isn’t that why I have an agent, you may ask? Of course, having a good agent to help with questions and assist at the time of claim is an important element for your insurance planning. However, you do need to understand what your particular policy covers and how a claim will be paid when it occurs. There are many different types of property insurance policies with different levels of protection and reasons that each one exists. Everyone does not have the same type of home located in the same place and different insurance policies reflect that fact. But that variable and details are for another post.

Today let’s look at your responsibility as a property owner and review 5 things to know about home insurance claims even before a claim happens. These have a direct bearing on how a claim is resolved and whether you should report it in the first place.

Taking Care of Business!

Thu, 05 Aug 2021 21:18:00 GMT

I was walking down a street the other day and viewed this mailbox. We all know that the mailbox is in front of our house, right. So every day we look at it without really seeing it. I am not picking on this person as I know I do this and have done this more regularly than I care to admit. I overlook the obvious because it becomes “too familiar”! Sometimes we walk past the most obvious things that need attention without seeing them. Being blind to anything because it is familiar is a trap in all areas of life. What about your mailbox? Have you looked at it lately? What about behind the commode in your bathroom? Ugh! I am just making the point that some places are easier to see than others but they all need attention at some level to keep our lives and relationships on track.

We intentionally work on this as a team business project that is always ongoing. Asking questions about how we communicate important information to clients and pre-clients is necessary if we are to improve our relationships that depend on trust as the mainstay.

Assessing risks and communicating this to clients is a major element of what we do as insurance advisors. We work every day to live up to the professional advisor’s name. That means skill, knowledge, and communications that make a difference and keeps our clients informed. It is a daunting task to be sure as the number of communication mediums continues to grow and challenges even the most “digitally accomplished”!

So when you get our text, email, snail mail, (yes, we still do that) phone call, tweet, Facebook message, or Instagram post, just know we are trying to keep you informed. Risk in life is not static but ever-changing. We endeavor to help you manage it, transfer it or eliminate it when you can.

That is why we have a Director of Communications and Public Relations now as a full team member. We are really glad Nikki Wines is helping us improve our communications.

For us, that is just “taking care of business” and we love doing it for you.

Rising Cost of Property Replacement

Wed, 23 Jun 2021 14:46:00 GMT

“Home is where the heart is”, they say. It is also where your pocketbook is!
It is most often your largest personal investment and asset. Protecting that asset is extremely important to your overall financial health. When its value changes your protection needs to change as well. Many insurance policies stop at the value listed on your policy declarations page. Some can have additional protection for up to 50% above that limit when a proper endorsement is added. These are important elements that a trusted insurance advisor can help you understand. Choosing options and making informed decisions is part of the process that enables you to recover from disaster when it strikes. Whether fire, storm, or another unexpected peril strikes you need to correct protection to avoid disaster.

The cost of replacing your home continues to rise as raw material prices increase. As you can imagine So what happens to your insurance? Does it go up as well? In most cases the answer is yes, you will see changes when your renewal arrives in the mail. If not, you need to contact your agent or another insurance advisor that you trust to determine if your protection is keeping up with these changes. When a claim occurs, it is too late to adjust values or add protection that is missing. We always recommend doing a full review at least every 3 years and sooner if you have made any changes to your property. Planning ahead and staying informed is always in your best interest. You may find helpful information about protecting your home here. Tailored Protection for your home