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Category: Safety Tips

Steps for Better Personal Risk Management

Posted on by Ownby Insurance Service

You could probably guess that companies need to take steps to reduce their risks, including safety programs, cybersecurity, and more. But should you be taking risk management steps for yourself? Do you have ways you can lower your own risks and potentially reduce the chances you have a loss or an insurance claim? The answer to both these questions is “yes” of course!

Driving Risks

Over 36,000 automobile accidents occur every day1 in the U.S. Many of these accidents are caused by distracted driving. One of the simplest steps you can take for better personal risk management is to avoid using your devices while driving. And while texting may be the most obvious, many people are using their phones for searches, looking up directions, or even watching videos! Avoid these while you aren’t parked in your vehicle whenever possible.

In addition, keeping your car in good working order is also a way to reduce your risk. Keep your tires properly inflated, have brakes and safety mechanisms checked, change windshield wiper blades as needed, and keep up regular maintenance to prevent mechanical issues that could cause an accident.

Cyber Risks

The average American accesses the internet for around seven hours of their day!2 Much of that may be for work, but many Americans also work from home. If you’re using your personal devices, take steps to protect your data:

  1. Protect your passwords and create stronger passwords whenever possible.
  2. Use multifactor authentication when it is an option for logins.
  3. Avoid using “open” or unsecured internet network connections.
  4. Be careful visiting websites and especially entering data on sites that do not have SSL encryption (https://).

Liability Risks

Lawsuits are on the rise in our country, and larger verdicts and judgments are more common. You can protect your own liability at home by taking steps that include:

  1. Fence in your yard, especially if you have a trampoline, pool, treehouse, etc.
  2. Avoid “overserving” alcohol to adults at your home – even friends and neighbors.
  3. Monitor and control your dog and/or other pets, even if they haven’t been known to bite.
  4. Talk with your family about being careful in their interactions with others, and the importance of safety.

These are just a few of the examples of ways you can be safer and also lower your risks. But accidents can still happen, and you need to have the right coverages in place in case they do. Contact Brandon Patterson from our team to better understand what those coverage options may be for you – brandon@ownbyinsurance.com or 865.453.1414.

1-per Progressive Insurance data

2-per Forbes data

Restaurants, Alcohol Sales Percentage, and Liquor Liability

Posted on by Ownby Insurance Service

Restaurants and bars have specific, and sometimes unique, risks to cover. One of those risks centers around alcohol sales and consumption on their premises. And while it may seem obvious, how much they sell is key. But how much is too much? The corresponding coverage for this risk is called Liquor Liability Insurance, and there are a few ways it is underwritten by most carriers.

Many insurance companies measure alcohol sales risk by comparing it to the amount of food sold by the venue. If the percentage of alcohol sales is high, the classification of a restaurant may be changed to a “bar” instead. If that “bar” also has a stage, live music, a dance floor, etc., it may be considered a nightclub. Both bars and nightclubs have higher risk potential when considered by underwriters.

In addition, different states have very laws around liquor sales. Often called “Dram Shop Laws,” these regulations take into account the potential of alcohol contributing to liability claims. This might include actions that a patron took after being served alcohol by the establishment. In very strict states like Alabama, this is more prevalent, while in a state like Nevada, there may be less liability.

As mentioned earlier, the type of venue is a key piece of liquor liability coverage. A restaurant may have less risk in an underwriter’s eyes, while a nightclub or tavern might have a higher level of concern for them. And again, the key to that determination may center around alcohol sales as well as the characteristics of the venue.

So, what does liquor liability actually cover for these establishments? In most cases, these policies will help cover damages caused by a patron that has been served alcohol by the venue. These damages may be related to bodily injury or property damage. One of the best ways for a venue to protect themselves is to have proper risk management in place for the sales and service of alcohol, and to have the right liquor liability coverage in place in case an incident does occur.
What is the right policy for your restaurant? We can help you determine that! Contact Brandon Patterson from our team at 865.453.1414 or  brandon@ownbyinsurance.com.

Can Your Business Improve Your Work Comp Experience Mod?

Posted on by Ownby Insurance Service

Owning and operating a business can be very rewarding and potentially very profitable, but it can also be very expensive. Having inventory, property, taxes, and especially employees – it all comes with costs. But some of those costs can be controlled, is your workers’ compensation insurance one of them? Possibly so, and the source of control may be your experience modification factor (also known as experience mod rate, EMR, xmod, Mod, and more). Let’s review how.

Safety Programs

As you can read in another of our Blogs, your Mod is based on the comparison of your business to others in your industry. The average Mod is 1.0, so your business will be higher or lower depending on the circumstances. If you have a good business history with minimal and less severe claims, you will likely have a Mod lower than 1.0.

So, can you lower this Mod? Yes, and having a safety program in place is a great first step. To build one, take steps that include examining your risks, determining processes, deciding who is responsible for them, documenting the plan, and implementing/reviewing the plan and its results.

Your Data

Insurance companies are underwriting your coverage to predict future losses. They’ll review your company’s history and compare it to others in your industry. Making sure this data is accurate is critical. What are your employees’ roles, and are they classified properly. Is the industry you’re being compared with accurate to the work your company does? Do they understand your safety plan and the risk management measures you have in place. Work with your agent and the insurance company to be sure this information is complete and accurate.

Covering Investment Property Risks

What you actually need to cover investment property may still vary, but let’s start with the basics. Investment property, rental property, or even sometimes call landlord risk – these insurance policies are designed to cover you for losses to property you are renting out to others. Property damage, injuries, theft, and liability are all parts of this coverage you need to understand and know your limits for in the policy you have in place. You also need to keep in mind that while some coverages may be “bundled” into policies, there are often additional gaps to address. For example, sewer backup or flood insurance are unlikely to be included in these policies. Other considerations like loss of income or tenant rent default should also be discussed.

Claims Prevention

In addition to safety on-site, preventative measures can be taken before the job ever starts. Onboarding, training, screening, and testing of employees and potential hires can help you save.

In addition to safety, the above steps may help your company run more efficiently – which may lead to happier employees and higher profit margins. It’s a win-win!

Let us help you understand your Mod and the options you have to improve it! Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and let us help you get started.

Do Your Cabin & Vacation Rental Risks Change During Busy Season?

Posted on by Ownby Insurance Service

If you own or operate Cabin and Vacation Rentals, it’s likely that one of your busiest seasons is Memorial Day through Labor Day. You may have more occupants, and at a higher frequency than during the slower months of the year. So, does more use – and more users – equate to higher risks for your property? It may, and let’s take a look at how.

Damage from Renters

Even well-intentioned renters of your property may cause damage by accident, and these could be small concerns or large issues. The more people that are using the property, the higher the likelihood that an issue will occur. Doing a thorough check after renters complete their stay may help you identify any issues that need to be addressed before they become larger problems.

Risks for Liability

Having families or groups on your property under their own supervision can sometimes lead to accidents or injuries. And while you may have the proper structure in place to avoid significant liability, that doesn’t mean lawsuits can be completely prevented. In the litigious world we live in, there are unfortunately some “bad actors” as well. Having as much documentation of maintenance and systems in place might help you avoid a lengthy legal issue.

One specific area to monitor liability is for properties with pools and/or hot tubs. Be sure to have clear rules of use and waivers of liability in your rental agreement to help protect the interests of you and the renters.

Seasonal Risks

The Summer months also have concerns around their weather impacts. Dry weather can result in wildfire conditions; heavier storms can result in flooding, lightning strikes, or hail; and more active wildlife can also be a concern for property.

Preparation is the Key

Preparing your property for these risks and having the right coverages in place should an issue occur is critical. Some steps for preparation to consider include:

  1. Have very clear policies in procedures in place. Have extensive language in your rental agreement that addresses use and liability. Ideally, work with an attorney to review the language.
  2. Maintain your property. When you keep up with maintenance and fix issues as they arise, you are much more likely to avoid something larger occurring. Small leaks, loose fixtures, and unchecked equipment can result in larger problems if left unchecked.
  3. Review and understand your insurance. What would you be covered for, and what may be excluded or uncovered under your policies? What other options – like umbrella coverage – may be available?

Let us help you review these options and determine the coverages that are best for you! Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and let us help you get started.

Are Your Valuable Items and Collections Covered?

Posted on by Ownby-Client-Login

If you have jewelry, firearms, or art in your home – or if you have collections like coins, stamps, or other valuable items – you may assume that you have coverage for those items in your insurance policies. And you may be right, up to a point. The key is understanding the limits of your current insurance, and what other options you may have for coverage. Let’s take a look at how these items might be covered.

In Your Homeowners Policy

If you have home or renters insurance, you likely have coverage in your policy for specific valuable items up to a certain amount. For most policies, this limit is as low as $1,500. The question for you is, are the items covered worth more than your limit? Jewelry, fine silverware, furs, art, and other luxury items are likely worth more than that $1,500 limit (or other such low limits).

On a “Scheduled” Addition

You may have heard this term before, but scheduling your valuable items may be one way to increase the coverage for them on your current policy. Typically, this will require specific info about the item(s), including appraisals, serial numbers, photos, and other “proof” depending on what the item(s) is. This method will also likely require additional premium for your coverage. This is often a solution when you have a few items like engagement and wedding rings.

Valuable Items Insurance

There are policies available that may provide you more coverage if your valuable items are lost, stolen, or damaged. These “standalone” options can typically offer “blanket” coverage up to $10,000 – possibly more in certain policies. However, they typically do require valuations and details about the items so that amounts can be determined and agreed upon. This is often a solution when you have several specific items you’d like covered.

Specialty Insurance

If you have a collection, or very specific valuable items like firearms or art, you may want to consider a specialty insurance policy. Much like the standalone coverage of valuable items, these policies will require valuations, appraisals, details, and other verification of the items being covered. However, the difference here is that more specialized coverage – and possibly against broader causes on loss – may be available. Flooding, other natural disasters, and possibly even losses in shipping may be covered. If you have a large, unique, or more valuable collection, this may be the best path for you.

Let us help you review these options and determine the coverages that are best for your valuable items! Contact Brandon Patterson at 865.453.1414 or email brandon@ownbyinsurance.com and let us help you get started.

Our Business has Workers’ Comp – Why do we Need Disability Insurance?

Posted on by Ownby-Client-Login

You know you want to protect your employees, but sometimes the different options for covering them can be confusing. If an employee gets hurt at work, you want to have coverage in place to help them and also protect the interests of your business. As a result, you purchase a workers’ compensation policy that will help support you both should that happen. But then your insurance agent asks you about short-term and long-term disability insurance – why do you need those policies if you’re already covered? Let’s break it down.

Workers’ Compensation Coverage
Workers’ comp coverage will typically cover medical expenses of employees that get injured on the job doing tasks related to their role. It may also replace a portion of their wages while the miss work to recover from the incident. Other claims, such as training replacement staff, permanent injuries, and in the worst case – death benefits – may also be payable from workers’ comp.

However, these injuries have to be work-related. What happens if your employee is an accident outside of work that leaves them unable to perform the duties of their job? That’s where disability coverage may come into play.

Short-term Disability Coverage
If you have an employee that is injured – let’s say in a car accident as an example – and needs time to recover, a short-term disability policy may help pay them a percentage of their salary for a time determined by the policy. This is often for a term of weeks, months, or possibly a year. And while disability “insurance” from Social Security may be available, that only applies after a term of five full months of the disability has occurred.

Long-term Disability Coverage
As you might imagine, long-term disability typically has a greater amount of time that the policy will provide income replacement. While the amount and time period depends on the policy, some terms are as long as though retirement age.

In addition to policies through a business, some people decide to purchase individual disability policies. These may cover more income replacement, and/or may have longer terms of coverage. What’s right for your business and your employees? Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing kevin@ownbyinsurance.com to discuss your insurance options.

Am I Covered in an Accident with an Uninsured or Underinsured Motorist?

Posted on by Ownby-Client-Login

As we all know – accidents happen. But what if you have an accident with a motorist that doesn’t have insurance, or maybe doesn’t have enough insurance to cover the claim? That all depends on the policy(ies) you have in place. But with around 24% of Tennessee motorists uninsured*, and many more with the “minimum” coverage required by state law, making sure you’re properly covered on your own policies is the best preparation.

Uninsured Motorists
For claims that involve uninsured motorists, having your own coverage in place is critical. Uninsured motorist coverage is not required in Tennessee – but it is available. And with the third most uninsured drivers in the country residing in our state, it’s definitely a priority you want to have. So, what is it and how do you get it?

Uninsured motorist coverage may be in your policy, it may be available to be added to your policy, or it may be able to be “extended over” your policy with a personal umbrella policy (PUP). Whatever route you take for coverage, you will typically have protection for bodily injury – medical bill payments for you and any of your passengers, and protection for property damage – repair payment for your vehicle’s damage. As you might imagine, uninsured motorist coverage is not used to pay claims for the uninsured driver’s vehicle or injury. However, it may help pay for damages that your collision coverage might not in this situation – such as if your vehicle damages other property as a result of the accident.

Underinsured Motorists
While it may seem self-explanatory, the real key for underinsured motorist coverage is how often it may come into play. With the “minimum” limits in Tennessee now at $25,000 for property damage, you have a relatively question you can answer – is the total value of my vehicle greater than $25,000. Even if it is not, there is also a $25,000 for each injury, and a $50,000 for total injury per accident. That means if you have medical bills greater than $25,000, you may need other coverage. While your own auto policy – or even your health insurance – may provide coverage, they also may not. That’s why it is important to understand all the components.

As you can see, there are various policies and options for how to properly insure yourself against uninsured/underinsured drivers. Some of these options are extremely affordable when added to your current policy(ies). We’d love to review it and help you choose what’s best for you! Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your insurance options.

*INSURANCE INFORMATION INSTITUTE DATA – 2019

Long Term Care Insurance: A Smart Investment

Posted on by Ownby-Client-Login

As we get older, it’s important to start thinking about our long-term health care needs. That’s why Long Term Care Insurance (LTC) is such a great option for those who want to ensure that they receive the best possible care if and when the time comes. Let’s take a closer look at why LTC Insurance can be beneficial for you and your family.

What Is Long Term Care Insurance?

LTC Insurance helps cover the costs of extended medical and non-medical services for those who are unable to perform basic daily activities due to age-related conditions or disabilities. This type of policy is designed to help those individuals with tasks like bathing, dressing, eating, transferring from bed to chair, using the bathroom, etc. The policy pays out a certain amount of money each day or month depending on the terms of the policy and can be used in a variety of ways such as assisted living facilities or home health aides.

The Benefits of Long Term Care Insurance

The main benefit of having LTC Insurance is that it helps provide financial security in case one cannot pay their own medical expenses due to age-related conditions or disabilities. It also offers peace of mind knowing that if something were to happen to you, your family would not be left with an enormous financial burden.

Additionally, LTC Insurance can help reduce stress on family members who may otherwise have difficulty providing physical and emotional support for their loved one with limited resources. And finally, it can help protect one’s assets since any unused funds would remain with the insurer in case they need them later on in life.

Should You Get Long Term Care Insurance?

If you are concerned about your future healthcare needs and want some extra financial protection in case you ever require long term care services, then getting a long term care insurance policy might be a good choice for you. It’s important to shop around and compare policies from different companies before making your decision so that you know what kind of coverage is available and how much it will cost you each month/year. Keep in mind that premiums vary depending on age and pre-existing conditions so make sure to factor this into your decision as well.

Ultimately, purchasing LTC Insurance provides an extra layer of security that could prove invaluable down the line. Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your LTC insurance options.

Protect Your Business from Seasonal Risks with the Right Insurance

Posted on by Ownby-Client-Login

If you’re a business owner, you know that the seasons can bring unexpected surprises that can disrupt your operations. You may face risks from extreme weather or product shortages due to seasonal changes that could cost you time and money. But did you know there are insurance policies available to help protect your business against some of these seasonal risks? Let’s dive in and explore the different types of insurance options out there for seasonal changes in your business.

Property Insurance for Extreme Weather Events

We all know how unpredictable Mother Nature can be. Heavy rain, hail, and windstorms can cause property damage to your business premises or equipment. A good property insurance policy will protect you against losses related to damages caused by severe weather events. But did you know that most business property policies do not include coverage for floods or earthquakes? There are options available for covering against these risks, and your business may be better protected if you have them in place.

Business Interruption for Contingent Businesses

If your business relies heavily on seasonal products or inventory, a product shortage could have serious financial implications for you. If you rely on suppliers to provide you materials, supplies, food products, or other goods and services – your business may have a contingent risk. Business interruption coverage may help protect you if a supply chain issue results in your business being unable to build inventory or meet increased demand.

Increased Value for Seasonal Changes                                                                              

If Spring is one of your busiest times of year, it is likely you stock up on inventory or increase your production to meet demand. This may mean you have higher than normal value on this inventory, seasonal employment increases, higher operating costs, more business income, and additional risks that may be significantly different than other times of year. It is important to factor these into your coverages, and possibly even look at “peak season endorsements” or other options for coverage.

We may not know what’s in store as the seasons change, but we can be better prepared. Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your seasonal risks and the coverage options you may have available.

Insurance for Your RV: Home or Vehicle?

Posted on by Ownby-Client-Login

Whether you’re a weekend warrior or an RV full-timer, insurance is an important part of owning a recreational vehicle. But when it comes to insuring your RV, should it be treated as a home or a vehicle? The right RV insurance for you will blend aspects of each type of policy together and give you the coverage you need for your specific situation.

The “Vehicle” Aspects of RV Insurance

If you use your RV as a motor home and drive it on public roads under its own power, state laws require you to carry a minimum amount of liability insurance. The required minimum amounts of liability insurance that motorists must carry in Tennessee are:

  • $25,000 for each injury or death per accident
  • $50,000 for total injuries or deaths per accident
  • $25,000 for property damage per accident

The “Home” Aspects of RV Insurance

RV insurance is generally divided into two categories: recreational and full-timer. If you don’t live in your RV full time, recreational insurance will likely cover your RV inside and out when you’re on the road or parked at a campsite.

A full-time RV insurance policy is for those who use a motor home or travel trailer as their primary residence. It may include higher personal liability coverage, medical payments coverage, personal property/contents coverage, and possibly loss assessment coverage that could help cover RV park or association fees for common areas where your RV is parked.

Additional RV Coverages to Consider

Your unique RV use may also benefit from having specialty coverages added to or endorsed on your policy. Some examples would be:

  • Attached accessories coverage – May coverage damages from antennas, awnings, or other added accessories
  • International travel coverage – May cover you for traveling with your RV into other countries such as Canada or Mexico
  • Personal property coverage – May cover your personal property including tools, equipment, electronics, and more

Get in touch with Brandon Patterson at our agency by calling 865.453.1414 or emailing brandon@ownbyinsurance.com to discuss your RV’s coverage before you hit the road!