Steps to Lower Your Insurance Premiums

All insurance premiums are based on the risks involved. The insurance company evaluates the situation to determine the risks—or potential for losses—and bases its rates on the results. Therefore, deliberate steps you take to lower your risks not only can help safeguard your business but also may make you eligible for lower insurance rates.

Consider these steps:

Maintain adequate lighting throughout your business premises.

Keep electrical wiring, stairways, carpeting, flooring, elevators and escalators in good repair.

Install sprinkler systems, smoke and fire alarms and adequate security devices.

Keep only a small amount of cash in the cash register.

Keep good records of inventory, accounts receivable, equipment purchases and the like. Consider keeping a second set of records off site, such as with your accountant, insurance agent or at home.

Make sure your employees have good driving records.

Make sure your employees know how to lift properly and use all necessary safety equipment, such as goggles, gloves and respirators.

Consider using the services of a risk manager. Such an outside consultant can advise you of any safety or environmental regulation you may have overlooked or not been aware of and talk to your employees about safety practices. You may also wish to raise your deductible.

Consider raising your deductible where appropriate to lower your premiums. How high to raise the deductible should be governed by how much you can afford to pay out of pocket. Be careful not to raise it so high that you cannot cover it should a loss occur.

Make sure your agent is familiar with your business and the risks inherent in it. He or she should be able to advise you on risk management techniques and their benefits to both you and the insurer.

A Vehicle Is Stolen Every 25.5 Seconds

Hot Wheels, the National Insurance Crime Bureau's companion study to its annual Hot Spots auto theft report examines data reported to the National Crime Information Center (NCIC) and determines the vehicle make, model and model year most reported stolen in 2005.

The Most Stolen Vehicles Were:

1.1991 Honda Accord

2.1995 Honda Civic

3.1989 Toyota Camry

4.1994 Dodge Caravan

5.1994 Nissan Sentra

6.1997 Ford F150 Series

7.1990 Acura Integra

8.1986 Toyota Pickup

9.1993 Saturn SL

10. 2004 Dodge Ram Pickup

In 2005, 1,235,226 motor vehicles were reported stolen which is 2,625 fewer than in 2004. Using the FBI's average valuation of $6,173 per stolen vehicle, this amounts to more than $7.6 billion in losses in 2005—just in vehicle value alone.

Independent Contractors & Workers’ Compensation

There are special provisions in Wisconsin law covering independent contractors and workers' compensation insurance.

An independent contractor, subcontractor or owner/operator may actually be a statutory employee of the employer for whom he or she is working unless they meet the nine-point test under s. 102.07(8)(b) of the Wisconsin statutes, according to a Wisconsin Division of Workers' Compensation brochure.

An independent contractor, subcontractor or owner/operator who employs others must provide insurance for his or her employees. The independent contractor/employer must obtain insurance in his or her personal or trade name. No employer may elect to be under the insurance coverage of another employer or contractor.

Independent contractors who do not have employees or who are not required to be insured may choose to purchase insurance for self-coverage. The policy must be endorsed to name the sole proprietor or partners for them to be covered. Employers and independent contractors may purchase insurance without personal benefit coverage.

Retirement Saving Are Small

A majority of American workers continue to believe they'll have enough money for a comfortable retirement, but few have saved enough to be sure that will happen, a new study shows.

The annual Retirement Confidence Survey, released by the nonprofit Employee Benefit Research Institute in Washington, D.C. found that 65 percent of workers are "very confident" or "somewhat confident" of funding their retirements. That's down slightly from 68 percent last year, despite the improving economy.

Although the overall confidence reading remains high, workers acknowledge that they haven't saved as much as they should.

In fact, most haven't saved much at all.

The study found that 52 percent of those surveyed have less than $25,000 set aside for retirement; 13 percent have $25,000 to $49,000, and 11 percent have $50,000 to $99,999. Just 21 percent have $100,000 or more, and most of those are workers 45 and older.

What this symbol means to you…

There is a difference in where you buy your insurance.

Many don't realize there are three sources for insurance:

Captive Agents / Who can sell you the insurance of only one company.
Telephone & Internet Representatives / Who can offer you the insurance of one company only on the telephone or via computer.
Independent Insurance Agents, like us / Who represent an average of eight insurance companies and research with these firms to find you the best combination of price, coverage and service.

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