Simply Explaining Insurance

This pandemic sure is giving me an opportunity to field some new questions. The latest question is, “Does workers comp cover anything if I have an employee test positive for Covid-19? Would it cover any of the testing for other employees that they may have come in contact with?”

Unfortunately, the answer to both of those is “no”. Workers comp will pay for injuries or illness that were sustained on the job. The language that I was given says this:

 As to Worker’s Compensation coverage for an employee’s disease, in general, the particular disease must arise in the course and scope of employment, and the risk of contracting the disease must be unique to the type of employment or the employee’s duties. Similarly, under employer’s liability coverage, the employee’s disease must arise out of and be caused or aggravated by the conditions of employment.

Of course, each claim must be evaluated on its own merits, applying the actual policy language, and all claims should be reported to the Claims department.”

Essentially, if you get sick on the job, the only way it would be covered is if it was determined you get sick BECAUSE of the inherent risk of the job. For example, if you got black lung disease because you worked in a coal mine. Or cancer because you installed asbestos siding for 30 years.

Your workers comp doesn’t cover you if you get sick, or a virus. Things may change in the future, but as of this writing, there wouldn’t be coverage if your employee was ill. As always please call your agent and you can always file a claim to be 100% sure.

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The post Simply Explaining Insurance #125- Covid-19 and Workers Comp appeared first on Dietz Agency.

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Updated thoughts and information on business income and coronavirus.

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Where will you find coverage if some property is stolen from your car? This is a question I get from time to time when a client reaches out after a theft. The simple answer is, the coverage will come from your homeowners policy or your renters policy.

Your auto insurance policy will cover physical damage to your car. Listen here for how that works. There is no personal belonging coverage on your auto policy.

That coverage will come from your home or renters policy. The deductible to that policy will apply. In the event of your car being broken into, you may need to file two claims. One to repair the damage done to your car, and one to recover your stolen property.

As always, contact your agent for specifics.

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Music by Roger Clyne and the Peacemakers

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The post Simply Explaining Insurance #123- Property Stolen from car appeared first on Dietz Agency.

The post Simply Explaining Insurance #123- Property Stolen from car appeared first on Dietz Agency.

Business income is a coverage you can find on a commercial policy that will pay you income lost due to a business shut down due to a covered loss. The last two words of that sentence are probably the most important.

I have been involved in a number of conversations with clients recently asking if this coverage will kick in. I was asked today if this coverage would kick in due to shutdown because of the coronavirus. I’ve been asked if this would cover if income dropped due to road construction. I have also been asked if it would cover if business shut down because of smoke from forest fires. The answer to all three is “no”.

Fear is not a covered loss. Neither is construction or environmental factors. The most common loss when this would kick in is a fire or water claim. If your business cannot operate due to a fire, you will receive your average monthly receipts while you are down. Same with a covered water loss such as a burst pipe.

There may be a waiting period before this coverage is available. It is not uncommon for that to be 72 hours. Sometimes this coverage will max out at 6 months and some policies will extend as far as 18 months. As always, it’s best to consult your agent about the details of coverage on your policy.

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The post Simply Explaining Insurance #122- Business Income appeared first on Dietz Agency.

The post Simply Explaining Insurance #122- Business Income appeared first on Dietz Agency.

Billing within insurance policies can be confusing. The billing systems that we use aren’t the most user friendly. It’s helpful to have a conversation with your agent if you have any questions if your bill looks off.

The issue we see most is when a change is made to an auto policy after a bill has been generated. After a bill has been generated, our billing doesn’t change for THAT bill.

If a new vehicle is added onto a policy and you don’t pay anything for it, you will owe extra. You may think that whatever is owed, will show up on the next bill. Sometimes that is the case. Sometimes, they take what is owed, and spread it over the remaining months of the policy period.

This makes it look like you are paying more for the policy that you were initially told, but the reality is, you are paying the proper amount. I always say, our billing is confusing, but it is rarely wrong.

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Music by Roger Clyne and the Peacemakers

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The post Simply Explaining Insurance #121- Billing appeared first on Dietz Agency.

The post Simply Explaining Insurance #121- Billing appeared first on Dietz Agency.

I came across an article recently that had some interesting statistics. What better way to address these than do a simple podcast episode? The article listed three things that some Millenials do not know about life insurance.

1. 35% of millennials do not know that life insurance costs less for a healthier person. It’s true! Part of being underwritten for a life insurance application is a medical exam. They do a cholesterol screen, blood pressure, height and weight, and a drug screen. The underwriters will reward you for living a healthy lifestyle.
2. 39% don’t know that life insurance costs less for younger people. This is true as well. The younger you are, the less expensive life insurance is. It is one of the most important factors of determining cost. My experience is that clients start seeing the price spike significantly is when they are starting their policies after they are 40 years old.
3. 50% of millennials state they haven’t purchased because “no one has approached me”. This is a call to everyone in my industry. We need to be having this conversation with everyone and I would encourage millennials to feel comfortable starting the conversation with your current agent.

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Music by Roger Clyne and the Peacemakers

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The post Simply explaining Insurance #120. What millennials do NOT know about life insurance appeared first on Dietz Agency.

The post Simply explaining Insurance #120. What millennials do NOT know about life insurance appeared first on Dietz Agency.

There are inherent risks to becoming a landlord. There are some things that you cannot foresee or plan for and I have a story to share, about a client going through a tough situation.

Essentially, my client, the landlord, got a call from their tenant about some water damage in the bathroom. A landlord policy has very similar coverage as a homeowners policy. It will cover fire, a burst pipe, an act of god and theft. It will exclude coverage for neglect, wear and tear and faulty installation.

In this situation, the client had been using the bathtub but the secondary drain was leaking for an extended period of time. This caused water damage and mold. Visible mold in the bathroom. This wasn’t reported to the landlord until the damage was rather severe.

The question is, is this covered and if so, on what policy. You will have to listen to the podcast to find out!

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Music by Roger Clyne and the Peacemakers

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The post Simply Explaining Insurance #119- Landlord Risks appeared first on Dietz Agency.

The post Simply Explaining Insurance #119- Landlord Risks appeared first on Dietz Agency.

If you own a business and your business requires you to have a lot of equipment, it’s important to make sure it is covered properly on your insurance policy.

I had a client tell me a story recently. He told me he was with the same insurance agent for 15 years before he filed his first claim. He had some equipment stolen from a trailer and he filed a claim on his general liability policy for his company.

There were 4 pieces of equipment stolen and they were all worth $2500 apiece. The policy covered only up to $2000 per piece. My client was understandably upset that he had been covered wrong for the past 15 years and that conversation about proper coverage had never taken place.

There are two places on a commercial policy you can cover your stuff. One is called “Contents” or “Business personal property”. This coverage is for everything in your space or in the address listed on your policy.

If you are a retail location or a restaurant or an office space, this is for everything in your space. Desks, chairs, computers, stock, food, supplies, etc.

If you take things out in the field, there is a different line you need these items to be on. There is another coverage called “tools and equipment” that will cover everything outside of your space.

This is for artisan contractors who work in the field. For example, plumbers, painters, electricians, lawn care and more. There is a higher risk to these being stolen and it may be slightly more expensive of a coverage.

There is one caveot to this coverage. Many policies have a limit, to how much will be covered PER ITEM. The limit I am familiar with is $2000. If you have any piece of equipment that is worth more than $2000, it most likely needs to be scheduled. Not unlike an engagement ring on a homeowners policy.

Check with your agent to make sure your stuff is covered properly!

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Music by Roger Clyne and the Peacemakers

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The post Simply Explaining Insurance #118 – Scheduled Equipment appeared first on Dietz Agency.

The post Simply Explaining Insurance #118 – Scheduled Equipment appeared first on Dietz Agency.

One of our most common claims, is to replace or repair a windshield for a customer. So what exactly do you need to know when going through this process?

Will is raise your rates? Unlikely.

What do you need to know when talking to the glass repair company? Knowing your VIN # is a good start. After that, it’s important to know if your car has certain kind of tech. Like rain sensors for example. Also, how many doors your car has. These will help determine the exact windshield your vehicle needs.

Can you choose who repairs your glass? Absolutely! What are a few questions that you can ask a glass company to properly vet them? Always ask if they are insured, and ask what their warranty is.

Do you know how many chips in your windshield will damage the integrity of your windshield? It’s 3. If you have 3 or more chips filled on your windshield, it’s time to replace it.

These are just a few things that we run into when assisting clients with windshield repair or replacement. Listen to the episode for more in-depth information.

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Music by Roger Clyne and the Peacemakers

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The post Simply Explaining Insurance #117- Windshield appeared first on Dietz Agency.

The post Simply Explaining Insurance #117- Windshield appeared first on Dietz Agency.

How do I find a great agent? I was asked this question by a good friend of mine recently who lives out of state. I figured it was a good opportunity to share my thoughts on what you should look for when looking for a good agent or agency.

In my experience, people buy insurance based on a mix of three things. Price, service and product. Service is really the only real X factor that can truly differentiate one agency from another. Price will always play a role in a buying decision.

Products in the insurance industry on the home and auto side are 95% the same. Most home and auto policies are just about the same regardless of whatever company you go with. Each company might have it’s own bells and whistles inside of these products, but as a consumer, you need to do your research and know if those are worth the extra expense.

At the end of the day, being with a professional agency is the best way to go. How do you find one? Start with asking your friends. If your friend rants and raves about their insurance agency, that’s a good start.

Check online reviews in your area. People that are willing to actually write a review on their insurance agency should tell you that they are doing a good job.

Once you identify a place, I would get a quote. I would then see what kind of turn around they have on that quote. If they can get you a full-blown proposal while they are on the phone with you, that’s a good start. If they take your info and you don’t hear from them for 3 days, that can be telling too.

You are looking for a place that will be there for you during what could be some of your worst days. It’s important to have a place that will be there for you and that you are comfortable with.

My Website

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

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The post Simply Explaining Insurance #116- How to find a great agent appeared first on Dietz Agency.

The post Simply Explaining Insurance #116- How to find a great agent appeared first on Dietz Agency.