SilverBlog

Wisdom from our industry experts and our SilverLink magazine.

 
 

Blog Tag: insurance

SilverStone Group, the largest Nebraska-based insurance broker, recently announced that it was acquired by Hub International Limited (Hub), the fifth largest insurance broker worldwide. The transaction combines both entities’ shared expertise in employee benefits, risk management, retirement planning and wealth management, paving the way for greater localized service with a stronger global reach.

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Buying insurance for teen drivers can be pricey. Rates for this demographic have been consistently high and we don’t expect that to change any time soon. Teens carry a bit more risk due to their lack of driving experience, so it makes sense that their rates would be higher than someone in their mid-20s. Texting and talking on the phone while driving are also big concerns for this group. Phones are almost always within reach, creating major distractions for drivers who are still learning how to safely operate a vehicle.

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On a nationally syndicated radio program, a caller asked a financial expert the following question: “My wife and I recently retired. We are trying to decide if there’s any reason for us to keep our term life insurance after retirement. What is your recommendation?" The answer was, “No. Drop the policies. There is never a need for life insurance once you retire."

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While looking through a stack of insurance contracts, you’ll likely notice that many include additional insured endorsements – unless you’re looking at workers’ compensation policies. These policies are intended to cover the insured’s employees. Adding an additional insured would require the policyholder to cover an owner or general contractor’s employees for work-related injuries. Therefore, this endorsement is not permitted for workers’ compensation coverage. This restriction has sparked a growing interest in something called the “alternate employer endorsement.”

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In the world of corporate America, the perpetual goal seems to be to climb the “ladder of success.” This hustle can become isolating when we think in terms of competition, self-advocacy and how we define “success.” Finding a person or group of people who support you and whom you support not only alleviates that isolating feeling, but actually provides more opportunities for career growth than you could ever find on your own. Fostering this support system is exactly the purpose of Ignite!

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Life can change in an instant. Residents, business owners, ranchers and farmers across Nebraska, Iowa and surrounding states are currently coping with this reality. Historic flooding has devastated our region, sweeping away homes, buildings, roads and pastures. The destruction is unlike anything we’ve seen and it has directly affected our family, friends, clients and colleagues. As I write this, my own home is sitting in water up to its roofline – and there’s nothing I can do but watch and wait.

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Life insurance can enjoy favorable treatment under federal tax law. When structured properly, beneficiaries can receive death proceeds 100% tax-free, even passing free of probate and federal estate taxes. Furthermore, cash values can grow tax-free within the policy, and tax-free loans can be taken against the cash values. But favorable life insurance taxation isn’t guaranteed. When policies are structured improperly there can be significant consequences.

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When running a business, it can be difficult to keep tabs on your commercial property value because your attention is often pulled in other directions. Losing focus on this number, however, can spell big trouble for your commercial property insurance policy. If you experience a loss and file a claim, your insured property value will be the number that either gets you back to business or forces you to shut your doors – so you better be sure that number is right!

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Aircraft owners and pilots are typically mindful of their fixed costs and the effective management of these expenditures – including aircraft insurance. For more than a decade, aviation insurance rates have declined in an incredibly soft market. Increased capacity in the domestic market has been a significant driver of this trend. But the winds of change are here and the days of paying premiums at a fraction of what they were at the turn of the century are gone.

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Hurricanes.
Cyber attacks.
Flash floods.
Mass power outages.
We live and work in a world where catastrophic events happen and businesses are forced to close down for days, weeks, months – sometimes longer. To avoid a massive loss that could permanently close your doors, you need a solid disaster recovery plan.

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