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Year-end HR Activities

Year-end HR Activities

The last months of the year are a great time for HR professionals to ensure they’re prepared for everything that needs to be done. It’s also an opportunity to evaluate which HR processes organizations want to take forward 
into the new year and which to leave behind. While certain HR compliance activities must be completed by the end of the year, HR professionals can also use this time of preparation to focus on tasks that will set their organizations on the right course for next year.

This article provides an overview of general, compliance-related, and employee compensation and benefits activities HR may need to tackle at the end of each year. The activities outlined in this article are not exhaustive. 
Because an organization’s failure to comply with certain year-end requirements can result in significant legal and financial consequences, employers are encouraged to seek legal counsel to discuss any specific issues.

General Activities

The end of the year is usually a busy time for HR professionals. They must accomplish a lot in a 
relatively short time period to close out the year and prepare for the upcoming one. These tasks may include:

Completing annual performance reviews

Asking employees to update their personal and contact information Backing up HR data and personnel files

Establishing an annual budget and allocating resources Reviewing recruiting and hiring processes

Creating plans for new hires

HR can also create and update succession plans and job descriptions.

The following tasks are general activities HR professionals should consider completing at the end 
of the year.

HR Metrics Development

The year’s end is an opportunity to review the year, analyzing what went well and where 
improvements can be made. This provides HR a chance to develop meaningful metrics for the upcoming year. These metrics may measure:

Employee engagement and satisfaction Employee productivity

Turnover rate, including new hire turnover HR growth compared to revenue

Average time to fill open positions Offer acceptance rate

Promotion rate Time to hire

HR-to-employee ratio

By aligning HR metrics to long-term organizational goals, HR can positively impact an organization’s growth and facilitate strategic decision-making.

Workforce Analysis

Workforce planning is a common year-end HR task. Such planning allows organizations to forecast staffing needs for the upcoming year. This also provides HR with an opportunity to review and analyze an organization’s 
workforce strengths. By engaging with leaders and managers, HR can help identify outstanding talent and ways to develop their capabilities. This allows an organization to maximize the full potential of its workforce.

Value Alignment

HR is generally responsible for an organization’s values. HR can have a positive impact on an organization by aiding employees in understanding the significance of their contributions and how they align with the organization’s values. The year’s end is a great opportunity to review an organization’s core values and define employee 
engagement initiatives. HR can help engage and align employees with the organization’s purpose and values, which can positively impact an organization’s attraction and retention efforts.

Employee Feedback

The end of the year can be an opportunity to identify areas of improvement. Employee
engagement surveys can give organizations meaningful feedback from employees about what is working and what isn’t. By soliciting employee feedback, organizations can gather insights to improve employee engagement and morale, boost productivity, strengthen retention, refine internal processes and meet organizational goals. With a better understanding of existing 
issues, HR professionals can not only identify areas of improvement but also implement changes that can positively impact the organization in the upcoming year.

Employee Communications

HR tends to receive an influx of employee questions at the year’s end regarding benefits, holiday schedules and tax information. Clear and frequent communication is essential to keep employees informed of year-end information and responsibilities. Communications can address topics such as required training or W-2 distribution. HR can even hold office hours to allow employees to ask questions.

Compliance Activities

Year-end is an excellent time to review how well an organization is complying with current laws and regulations. To ensure organizations follow all applicable laws and regulations, HR can conduct a compliance audit. 
Common items reviewed during a compliance audit include the following:

Employee classification Personnel files Employee handbook Employment policies

Employment and labor law posters

As part of its audit, HR can review employee documents, such as tax forms or beneficiary designations, to ensure they’re completed properly and signed, if necessary. HR can also confirm employees have completed all required trainings and move terminated employee personnel files to storage. If HR uncovers issues during its audit, it can ensure they’re corrected before the start of the new year. For example, if HR discovers the organization’s employment and labor 
law posters are out of date, it can order updated posters.

Many organizations are legally required to submit year-end reports or notices, such as an EEO-1 Component 1 data collection report, Medicare Part D notice or annual reporting under the Affordable Care Act for qualifying employers. Despite all that must be done at year’s end, HR must ensure these reports and compliance notices are prepared and submitted in a timely manner to avoid penalties and fines.

These professionals must also update organizational documentation and policies yearly.

Document and Policy Updates

A full review of an organization’s policies and procedures may be necessary at the end of the year, as policies can quickly become outdated or need to be updated to address any legal or organizational changes. This allows adjustments to be made and processes to be improved so they run smoother in the new year. HR can verify that the most 
recent workplace policies are up to date and make any necessary revisions. This may include confirming employees have signed employee handbooks and forms for the code of ethics or conflicts of interest.

In addition, each year brings new regulations and compliance standards that organizations need to follow. HR can help organizations prepare for these changes by researching new laws and regulations and implementing all 
applicable changes.

Employee Compensation and Benefits Activities

Organizations often review employee compensation and benefits at the year’s end. HR can 
compare employee salaries to the market average and consider making cost-of-living adjustments to stay competitive. It can also do the same for its benefits offerings. By conducting employee benefits surveys, organizations can learn what benefits employees want and value most and then update or tailor benefits packages to enhance their attraction and retention efforts.

HR professionals should consider completing following year-end compensation and benefits activities.

Employee Bonuses and Payroll

To avoid potential payment issues, HR can review employee wage, tax and withholding information at the end of the year to ensure it’s accurate for the upcoming year. HR can also establish next year’s payroll schedule 
and prepare for the first payroll run of the new year.

Many organizations distribute employee bonuses at the end of the year. HR needs to ensure that 
employees receiving bonuses have satisfied all requirements and that the payment amounts and information are accurate.

Time-off Calendar and Balances

Verifying employee time-off balances that will carry over to the upcoming year is a critical year-end HR activity. Carryover balances should be reviewed for accuracy to ensure time-off eligibility and carryover rules are applied correctly and employees are provided with accurate information. Any unused time off that can be paid out will need to be reviewed and added to the payroll. HR can also ensure next year’s calendar includes the correct dates for company holidays. This is a simple task that can prevent headaches in the upcoming year.

Summary

Year-end activities can seem limitless, which may leave HR professionals feeling overwhelmed, and 
some tasks can be easily overlooked. By preparing early, HR can wrap up this year properly and set their organizations up for success next year.

For more HR-related resources, contact Bassler & Co. Insurance today.

This HR Insights is not intended to be exhaustive nor should any discussion or opinions be 
construed as professional advice. © 2022 Zywave, Inc. All rights reserved.

Why Are Auto Insurance Rates Rising?

Increasing auto insurance premiums have been troubling for policyholders and their wallets. Ac- cording to statistics released in May 2023 by the U.S. Department of Įabor, auto insurance premiums increased 17.1% in the previous 12 months. Although the cost of insurance may change each year for various reasons, this infographic can help shed light on current market factors influencing policies across the country right now:

  • Vehicle inventory—While the availability of new cars has rebounded since the COVID-19 pandemic, inventory levels overall are still below average, and prices for used vehicles remain relatively high. As cars remain more costly, insuring them may be more expensive.
  • Higher repair costs—Inflation, supply chain issues lingering from the pandemic, high de- mand at auto shops and a car technician la- bor shortage have contributed to increased repair costs and the related price of auto insurance claims.
  • Rising medical bills—As health care costs have risen, auto insurance companies must pay more for medical services from MedPay and personal injury protection (PIP) cov- erage. Consequently, premiums have also increased.
  • Increased claims—Car accidents and thefts have become more common in recent years, leading to more claims being filed against auto policies. As the number of claims rises, so too does the cost of insuring against them.

In response to rising auto insurance premiums, policyholders should consider the following ways to save on their rates:

  • Stay safe.

Avoid blemishes on your driving record by practicing safe habits behind the wheel.

  • Tafie courses.

Completing driving safety courses may unlock discounted premiums.

  • Bundle coverage.

Purchasing multiple types of coverage from the same insurer may reduce overall costs.

  • Maintain good credit.

High credit card balances, late payments and other negative effects on a policyholder’s credit score may lead to higher premiums.

  • Reconsider policy details.

Adjusting your coverage, such as increasing your deductible, may help limit premiums.

  • Drive less. Insurers may consider how far a policyholder drives annually. By reducing mileage and reporting accordingly, costs may be decreased.

Even among increased rates, auto insurance remains a critical loss control measure for U.S. motor- ists. Insufficient coverage could lead to legal noncompliance penalties and, in the event of an acci- dent, catastrophic out-of-pocket costs.

Contact us today to learn more about potential auto insurance discounts and other ways to save on your premiums.

Am I liable if a trick or treater falls on my property?

Whether you are liable if a trick-or-treater falls on your property and the insurance coverage that may apply can vary depending on several factors, including the circumstances of the fall and your homeowner’s insurance policy. Here are some key points to consider:

Premises Liability: Homeowners can be held liable for injuries that occur on their property if they are found to be negligent in maintaining a safe environment. This is known as premises liability. If a trick-or-treater falls on your property due to a hazard that you were aware of or should have been aware of and failed to address, you may be held responsible for their injuries.

Trespassing vs. Invited Guests: The legal status of the person on your property is important. If a trick-or-treater is on your property with your consent (i.e., you are actively participating in trick-or-treating and have welcomed them onto your property), you may have a greater duty to ensure their safety. However, if someone is on your property without your permission, the level of responsibility may be different.

Homeowner’s Insurance: Most homeowner’s insurance policies include liability coverage that can help protect you in situations where someone is injured on your property. This coverage may extend to injuries that occur on Halloween if they are the result of negligence on your part.

Insurance Policy Limits: It’s crucial to check the limits of liability coverage in your homeowner’s insurance policy. The policy will have a maximum amount it will pay for injuries or damages resulting from a liability claim. If the claim exceeds this limit, you may be personally responsible for the additional costs.

Reporting Incidents: If an accident or fall occurs on your property, it’s essential to report it to your insurance company promptly. They can advise you on how to proceed and may provide legal representation if necessary.

Prevention: To minimize the risk of injuries on your property, take preventive measures. Ensure your walkways are well-lit, clear of obstacles, and in good repair. Address any hazards, such as loose steps or uneven pavement, before Halloween. Being proactive about safety can help reduce the likelihood of accidents.

In summary, your liability and insurance coverage regarding a trick-or-treater’s fall on your property depend on the specific circumstances, your homeowner’s insurance policy, and whether negligence on your part is a contributing factor. It’s advisable to consult with your insurance provider to understand your coverage and responsibilities and to take precautions to maintain a safe environment on Halloween and throughout the year. To review your homeowners insurance policy and prepare for those trick-or-treaters, contact Bassler & Co. Insurance Agency in Northbrook, Illinois. You can reach us by phone at (847) 480-0800 or online at https://www.basslerins.com/.

Why It’s Important to Replace Your Roof for Your Homeowners Insurance

Whether it’s raining, hailing, or windy outside, your roof takes the brunt of all the harsh elements. However, if your roof has been neglected and isn’t in tip-top shape when bad weather hits, then you could be putting your home at risk for leaks or other potential severe damage. If your roof is old, faulty, or on its last leg, your home may be categorized as high risk. This also means you may be paying a higher premium for your policy. Here, we’ll review what’s typically covered for roof damages and why a new roof could decrease your homeowners insurance.

Keeping your roof well-maintained is a general best practice to avoid extensive repairs or premature replacements of your roof. Typically, insurance policies may cover the following roof damages:

  • Rain
  • Hail
  • Wind
  • Fire
  • Fallen objects
  • Hurricanes
  • Tornadoes

Some insurance companies will provide discounts to homeowners after they’ve installed a new roof. An asphalt shingle roof that’s 15 years old is more prone to leaks simply due to the fact that it’s near the end of its lifespan and has taken the brunt of 15 years of weather. For this reason, older roofs can be categorized as high-risk since homeowners are more likely to file a claim for damage, which results in a higher insurance premium.

On the other hand, a newer roof is less likely to be susceptible to weather damage simply due to the fact that it’s new. Different states and different insurance companies have their own discounts for new roofs, so you’ll want to consult with your insurance agent to determine how much of a discount you can receive as each insurance company has their own set of requirements for what qualifies for a new-roof discount.

Getting homeowners insurance will allow you to protect your home in the case of unexpected damages during storms or inclement weather. However, the price of protection can be hefty if you have an older roof. Some insurance companies will offer discounts for new roofs simply because it’s a new roof that hasn’t taken the brunt of ever-changing weather. In addition, some insurance companies will offer discounts for impact-resistant roofs. Fortunately, new technological advances in the roofing industry have allowed manufacturers to develop roofs that can withstand high winds, are resistant to moisture-related growth, and are resistant to impact from falling tree branches. Contact Bassler & Co. Insurance Agency in Northbrook, IL to see how your homeowners insurance policy is affected if you decide it’s time to get a new roof. You can reach us by phone at (847) 480-0800 or online at https://www.basslerins.com/.

Source: https://www.stateroofing.com/blog/roofing/why-a-new-roof-will-decrease-your-homeowners-insurance/

Why Single People Need Life Insurance

Many people wonder if single people need life insurance.

It’s easy to believe the answer is “no.” After all, the main purpose of life insurance is to provide cash to your family if you were to pass away. So, it seems logical to think you don’t need life insurance if a spouse or kids aren’t depending on your earnings.

However, there are definite times when single people need life insurance. Here are some of the most common reasons to consider life insurance if you’re flying solo.

7 Reasons Why Single People Need Life Insurance

You have debt.

Not saddling others with debt is a major reason why single people need life insurance. This is typically the case when there’s a cosigner on your loan or when you share a mortgage with a friend, relative or someone else.

Private student loans can be especially burdensome to your cosigners. That’s because unlike federal loans, they aren’t discharged when you die. This could leave a cosigner like a parent on the hook for many thousands of dollars. Shared mortgages could also leave your fellow borrower in the same predicament.

An easy and affordable solution if you have debt like this is to get term life insurance. It will step in and pay off your portion of the loan if you were to pass away prematurely.

You have people who depend on you.

Just because you’re single doesn’t mean people don’t depend on you. Perhaps you’re a single parent with young children. Or you have aging parents or disabled siblings who rely on you. If anyone counts on your income to make ends meet, you almost certainly need some form of life insurance.

You own a business.

In most cases, the financial institution that issues your business loan will require you to have life insurance. That’s to ensure they get their money back if you die before the loan is paid off.

Life insurance is also needed when you have a business partner. Your death will probably leave the business in a lurch. Fortunately, there’s special insurance known as “key person” insurance that can help keep the business afloat in the event of your untimely passing.

You want to pay for final expenses.

Did you know that a funeral can easily cost more than $10,000?

A potential five-figure price tag for a proper burial is a big reason why single people need life insurance. Without it, your friends and family will be on the line to cover those costs.

You want to grow your wealth.

Life insurance isn’t just there to take care of things if you’re not around. It can also benefit you while you’re living if you have permanent life insurance.

Permanent life insurance gives you a death benefit while also accumulating cash value on a tax-deferred basis. You can use that accumulated cash to increase your personal wealth or to buy a home, supplement your retirement income, cover an emergency expense and more.

You want to lock in coverage while you’re young and healthy.

Your health affects whether you get life insurance and how much you pay for it. Generally speaking, younger people in better health have an easier time getting life insurance. They also usually pay less for it.

For these reasons, it’s often a good idea to lock in coverage at an affordable rate when you’re young and healthy. If you wait until you develop a health condition, it can be difficult (if not impossible) to get life insurance coverage. This can be tough news to swallow if you have a partner or children depending on you by that time.

You want to leave a legacy.

Leaving money to a beloved school, religious organization, charity or person is another reason why single people need life insurance. Some or all of the policy’s proceeds could help further a mission near and dear to your heart. It could also help someone realize their dreams if you choose to give the money to someone you care about.

These scenarios show why single people need life insurance. If any of these resonate with you, show yourself some love by reaching out to Bassler & Co. Insurance Agency in Northbrook, Illinois to get started on your life insurance policy. You can reach us by phone at (847) 480-0800 or visit our website at https://www.basslerins.com/.  Source:  Amanda Austin | https://lifehappens.org/blog/why-single-people-need-life-insurance/

Factors Driving a Hard Insurance Market and How to Respond

From an insurance buyer’s perspective, it can sometimes feel as if premium prices change on a whim. But the truth is that the insurance market is cyclical in nature, fluctuating between soft and hard markets:

  • Soft markets—A soft market, which is sometimes called a buyer’s market, is characterized by stable premiums, broader terms of coverage, increased capacity, higher available limits and competition among insurance carriers for new business.
  • Hard markets—A hard market, which is sometimes called a seller’s market, is characterized by increased premiums, diminished underwriting appetite and capacity, restricted coverage and less competition among insurance carriers for new business.

While many insurance buyers have enjoyed a soft market for years, the market is hardening. As a result, business leaders now face tough choices regarding their insurance, making it all the more important for them to understand what to expect in a hardening market and how to respond effectively.

Factors Contributing to a Hardening Market

In what was one of the longest soft markets in recent years, businesses across several lines of insurance enjoyed stable premiums and expanded coverage for decades. However, after years of gradual changes, the market is firming, leading to increased premiums and reduced capacity.

A number of different factors affect insurance pricing, but the following are common contributors to the hardening market:

  • Catastrophic losses—Floods, hurricanes, wildfires, and similar disasters are increasingly common and devastating. Years of costly disasters like these have compounded losses for insurers, driving up the cost of coverage overall.
  • Claims costs—Claims are increasing in both frequency and severity year over year. One reason for this is that settlement verdicts for bodily injury claims are steadily rising. Attorneys are more inclined to take claims to trial. This extends litigation and significantly raises the cost to defend a claim. Additionally, advances in health care have made treatment more effective, and people are living longer, fuller lives even after a serious accident. While this is a positive trend, it has had an impact on compensatory damages and benefits.
  • Underwriting standards—Insurers are struggling to overcome underwriting losses, especially given how low interest rates have remained in recent times. This has made carriers more cautious, and many are restricting the classes of businesses and lines of insurance they are willing to underwrite.
  • Investment returns—Nearly every insurance carrier uses the funds it receives from premiums to invest in other markets. However, reduced interest rates have negatively impacted profitability, and carriers have a reduced their appetite for risk as a result.
  • Reinsurance—Reinsurance is coverage for insurance companies. Carriers often buy reinsurance for risks they can’t or don’t wish to retain fully. However, reinsurance is becoming more expensive to obtain, which is causing carriers to increase their rates.

What to Expect During a Hard Market and How to Respond

Even the most prepared organizations will have to adapt to the hard market, and businesses can expect to face:

  • Higher premiums
  • Increased scrutiny when it comes to underwriting (e.g., underwriters asking for more information regarding a business’s risk and characteristics)
  • Coverage restrictions (e.g., increased retentions) or exclusions
  • Conditional or nonrenewal notices

Put simply, during a hard market, insurance buyers may face difficult decisions regarding their insurance coverage. Thankfully, however, businesses are not without recourse in the face of a hard market. The following are some strategies to consider to help navigate shifts in the market:

  1. Review your insurance program. Above all, check that your policies account for your business’s greatest exposures. An understanding of your coverage ensures you’re not overlooking any exclusions and will help you secure the right policy for your operations. During a hardening market, it may be necessary to make adjustments to your policies. However, those adjustments shouldn’t come at the expense of the coverage you need.
  2. Bolster your risk management efforts where possible. Doing so makes your business more attractive to insurers. Your broker can also help you review existing policies and procedures, and make suggestions on ways to secure favorable quotes.
  3. Know your loss history. In a hard market, underwriters will be especially critical when reviewing loss trends. Be prepared to explain the factors contributing to a specific loss and the steps you’ve taken to mitigate future losses.
  4. Budget wisely and plan ahead. In some cases, premium increases are unavoidable, and organizations should be prepared. Businesses should budget accordingly and take insurance costs into account alongside their other normal expenses.
  5. Work with the right insurance broker. During a hard insurance market, it’s vital to have a competent insurance professional advising your business. Be sure to partner with a broker that has strong carrier relationships and knowledge of your industry.
  6. Communicate with your broker early and often to determine how the hard market will affect your business. Starting the renewal process early can give your broker more time to secure the best coverage for your business.

Business owners who proactively address risk, control losses and manage exposures will be better prepared for a hardening market than those who do not. Work with your broker now to prepare your business for changes down the road. Contact Bassler & Co. Insurance Agency in Northbrook, Illinois today to get started. You can reach us by phone at (847) 480-0800 or visit our website at https://www.basslerins.com/. Source: www.zywave.com

Construction Insurance 101

What is construction insurance?

There are many types of construction insurances (also known as contractors insurance) intended to protect a property developer and other stakeholders throughout the stages of a construction project.

Contractors insurance, which is basically insurance for a construction project, is a wide classification of coverage that relates to the erection of buildings, roads, bridges or any other types of structures.

The following is a list of the most common types of contractors insurance and how they protect those involved in the stages of construction.

Builder’s Risk Insurance

Builder’s risk insurance (all risk insurance) is coverage for buildings and other structures during construction.

This policy should be prioritized even where policies such as commercial property insurance and homeowner’s insurance have been purchased, since the policies do not cover structures under construction.

Builder’s risk insurance covers residential new construction and remodeling projects, commercial property construction, building materials, foundations, scaffolding, fencing, paving, outdoor fixtures, and lawns fitted by the contractor.

In most cases, all risk insurance covers damages caused by fire, vandalism, and weather, although some construction insurance companies can offer special coverage for unique projects.

Construction bonds

Construction (contract) bonds are intended to guarantee that a project will be completed if accepted, and if failed an entity will be made to pay for the damage.

There are several types of construction bonds, including:

⦁ Bid bonds – which guarantee that bid proposals are serious and that the bidder is capable of undertaking the project.

⦁ Payment bonds – which assure that the builder can provide payments to suppliers, subcontractors, and site workers.

⦁ Supply bonds – which guarantee that suppliers will deliver building materials and other supplies as per the contract.

⦁ Performance bonds – which compel the contractor to follow the quality guidelines set out in the project’s contract.

⦁ Maintenance (warranty) bonds – which protect the project owner from poor workmanship for a period of time after the work is done.

Contractor license bonds

This is an agreement – similar to construction insurance policies – which assures that a contractor will obey the rules that pertain to their contractor license.

It is designed to protect members of the public and the people who will work or do business with the contractor.

Contractor license bonds are offered by insurance companies and the cost usually varies depending on the contractor’s historical track-record of income and credit score. The better the track-record the cheaper the bond.

Workman’s Compensation

This type of construction insurance is designed to protect businesses and contractors from any liability in the event their worker is injured while on duty.

It covers medical expenses as a result of a covered incident, ongoing recovery expenses related to an injury, missed wages, legal fees if the policy holder is taken to court, as well as funeral costs and death benefits.

General liability insurance

Also known as commercial general liability insurance, this type of insurance for construction offers a liability protection to businesses in the event of property damage or bodily harm in the course of business.

General liability insurance policies for construction companies usually cover damages relating to defective workmanship, work-related injuries, and defamation.

Like in other types of construction insurances, general liability insurance outlines certain exclusions to protect insurers from having to cover certain risks.

Construction equipment insurance

⦁ Computers and data – desktops, laptops, tablets, and project data.
⦁ Owner’s equipment – forklifts, cranes, loaders, excavators, etc.
⦁ Contractor’s tools and equipment – generators, drills, hammers, saws, etc.
⦁ Leased equipment – leased equipment and tools.

This policy typically covers items at either replacement cost or at the fair market value of the stolen or damaged items.

Coverage of this nature includes equipment stolen from a construction site as well as those damaged in a fire or natural disaster at a jobsite.

Professional liability insurance

Also known as errors and omissions (E&O) insurance, this type of coverage offers protection for a business against claims resulting from errors and mistakes that occur during normal business operations.

A good example of E&O coverage is the case of an engineer who miscalculates the structural requirements of a house – causing the owner to make expensive repairs.

The homeowner may sue the engineer for damages caused by his mistakes. In this case, the E&O policy in the engineer’s insurance policy might cover the claim.

However, unlike other policies that cover property damage or bodily injuries suffered in the line of duty, E&O policies only cover financial losses.

If you have any questions regarding contractors insurance or need any additional information, contact Bassler & Co. Insurance Agency in Northbrook, Illinois. We are an independent insurance agency, which means we work for our customers not the insurance carrier! We can shop around to find you the contractors insurance coverage you need at a price you can afford. You can reach us by phone at (847) 480-0800 or online at https://www.basslerins.com/.

Source: https://www.constructionkenya.com/10113/construction-insurance/

Why Auto Insurance is Important: Protecting Yourself and Others on the Road

Auto insurance is necessary for anyone who owns and operates a vehicle. It is required by law in most states and provides essential protection for you and others on the road. In this blog, we’ll discuss the importance of auto insurance and how it can protect you and others on the road.

1. Required by Law

In most states, auto insurance is required by law. You could face legal consequences if caught driving without insurance, including fines and license suspension. Understanding your state’s requirements and ensuring adequate coverage to avoid legal issues is important.

2. Protection for Your Vehicle

Auto insurance can provide coverage for your vehicle in case of damage or theft. If you’re in an accident or your car is stolen, your insurance policy can help cover the cost of repairs or replacement.

3. Liability Protection

Auto insurance also provides liability protection, which means that if you’re at fault in an accident, your insurance policy can help cover the cost of any damages or injuries you cause to others. Without liability protection, you could be personally responsible for these costs, which can be financially devastating.

4. Medical Coverage

Many auto insurance policies also provide medical coverage for you and your passengers in case of injury in an accident. This can help cover the cost of medical bills and related expenses.

5. Peace of Mind

Auto insurance can give you peace of mind knowing that you’re protected in an accident or other event. It’s one less thing to worry about while on the road.

In conclusion, auto insurance is important for protecting yourself and others on the road. It’s required by law in most states and provides protection for your vehicle, liability protection, medical coverage, and peace of mind. When selecting an auto insurance policy, make sure to consider your personal needs and budget, and shop around to find the best coverage and rates for your needs.

If you have any questions regarding auto insurance or need any additional information, contact Bassler & Co. Insurance Agency in Northbrook, Illinois. We are an independent insurance agency, which means we work for our customers not the insurance carrier! We can shop around to find you the auto insurance coverage you need at a price you can afford. You can reach us by phone at (847) 480-0800 or online at https://www.basslerins.com/.

Why Single People Need Life Insurance

Many people wonder if single people need life insurance.

It’s easy to believe the answer is “no.” After all, the main purpose of life insurance is to provide cash to your family if you were to pass away. So, it seems logical to think you don’t need life insurance if a spouse or kids aren’t depending on your earnings.

However, there are definite times when single people need life insurance. Here are some of the most common reasons to consider life insurance if you’re flying solo.

7 Reasons Why Single People Need Life Insurance

You have debt.

Not saddling others with debt is a major reason why single people need life insurance. This is typically the case when there’s a cosigner on your loan or when you share a mortgage with a friend, relative or someone else.

Private student loans can be especially burdensome to your cosigners. That’s because unlike federal loans, they aren’t discharged when you die. This could leave a cosigner like a parent on the hook for many thousands of dollars. Shared mortgages could also leave your fellow borrower in the same predicament.

An easy and affordable solution if you have debt like this is to get term life insurance. It will step in and pay off your portion of the loan if you were to pass away prematurely.

You have people who depend on you.

Just because you’re single doesn’t mean people don’t depend on you. Perhaps you’re a single parent with young children. Or you have aging parents or disabled siblings who rely on you. If anyone counts on your income to make ends meet, you almost certainly need some form of life insurance.

You own a business.

In most cases, the financial institution that issues your business loan will require you to have life insurance. That’s to ensure they get their money back if you die before the loan is paid off.

Life insurance is also needed when you have a business partner. Your death will probably leave the business in a lurch. Fortunately, there’s special insurance known as “key person” insurance that can help keep the business afloat in the event of your untimely passing.

You want to pay for final expenses.

Did you know that a funeral can easily cost more than $10,000?

A potential five-figure price tag for a proper burial is a big reason why single people need life insurance. Without it, your friends and family will be on the line to cover those costs.

You want to grow your wealth.

Life insurance isn’t just there to take care of things if you’re not around. It can also benefit you while you’re living if you have permanent life insurance.

Permanent life insurance gives you a death benefit while also accumulating cash value on a tax-deferred basis. You can use that accumulated cash to increase your personal wealth or to buy a home, supplement your retirement income, cover an emergency expense and more.

You want to lock in coverage while you’re young and healthy.

Your health affects whether you get life insurance and how much you pay for it. Generally speaking, younger people in better health have an easier time getting life insurance. They also usually pay less for it.

For these reasons, it’s often a good idea to lock in coverage at an affordable rate when you’re young and healthy. If you wait until you develop a health condition, it can be difficult (if not impossible) to get life insurance coverage. This can be tough news to swallow if you have a partner or children depending on you by that time.

You want to leave a legacy.

Leaving money to a beloved school, religious organization, charity or person is another reason why single people need life insurance. Some or all of the policy’s proceeds could help further a mission near and dear to your heart. It could also help someone realize their dreams if you choose to give the money to someone you care about.

These scenarios show why single people need life insurance. If any of these resonate with you, show yourself some love by reaching out to us to get started on your life insurance policy. For more information regarding life insurance or to begin your free life insurance quote, contact Bassler & Co. Insurance Agency in Northbrook, Illinois. You can reach us by phone at (847) 480-0800 or visit our website at https://www.basslerins.com/. Source:  Amanda Austin | https://lifehappens.org/blog/why-single-people-need-life-insurance/

Water Safety: How to Stay Safe in Pools, Lakes, and Oceans

Water can be a great source of fun and relaxation, but it can also be dangerous if you don’t take proper precautions. Whether swimming in a pool, lake, or ocean, it’s important to be aware of potential hazards and to take steps to stay safe. Here are some tips for water safety that you should keep in mind.

1. Learn to Swim

The first and most important step to staying safe in the water is to learn to swim. Everyone should learn to swim, regardless of age or ability. If you need to learn how to swim, enroll in a swim class to learn the basics. Even if you’re already a strong swimmer, it’s a good idea to brush up on your skills and take a refresher course occasionally.

2. Never Swim Alone

Never swim alone, whether in a pool, lake, or ocean. Always have someone with you who can keep an eye on you and call for help if necessary. If you’re swimming in a public place, make sure there’s a lifeguard on duty.

3. Know Your Limits

It’s important to know your limits when it comes to swimming. Don’t push yourself too hard or try to swim too far if you’re not a strong swimmer. If you’re tired, take a break and rest. Please don’t drink alcohol before swimming, as it can impair your judgment and reaction time.

4. Check the Water Conditions

Before swimming, always check the water conditions. If you’re swimming in a pool, make sure the water is clear, and the pool is properly maintained. If swimming in a lake or ocean, check for signs of pollution, strong currents, or dangerous marine life. Don’t swim in areas that are marked as off-limits.

5. Wear a Life Jacket

If you’re boating or kayaking, always wear a life jacket. Even if you’re a strong swimmer, a life jacket can help you stay afloat if you become tired or injured. Make sure your life jacket fits properly and is in good condition.

6. Stay Hydrated

Staying hydrated is essential when you’re swimming, especially in hot weather. Drink plenty of water before, during, and after swimming to avoid dehydration. Please don’t drink alcohol or caffeine, as they can dehydrate you.

7. Know What to Do in an Emergency

Finally, it’s important to know what to do in an emergency. If someone is in trouble in the water, call for help immediately. If you’re a strong swimmer and you feel comfortable doing so, try to help the person while you wait for help to arrive. If you’re not a strong swimmer, don’t attempt a rescue yourself, as you could put yourself in danger.

In conclusion, water can be a great source of fun and relaxation, but it can also be dangerous if you don’t take proper precautions. By following these tips for water safety, you can help ensure that you and your loved ones stay safe in the water. Always be aware of potential hazards and take steps to stay safe. For more information regarding water safety or to request your free insurance quote, contact Bassler & Co. Insurance Agency in Northbrook, Illinois. You can reach us by phone at (847) 480-0800 or visit our website at https://www.basslerins.com/.

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