Disaster Recovery

Having the right insurance coverage is one important piece in maintaining business continuity.

However, many business owners don’t realize how important a disaster plan is until it’s too late.  Ninety percent of businesses fail within a year if they are unable to resume operations within five days of a disaster.  Yet only 35% of small to medium size businesses have a comprehensive plan.   The best time to get your plan together is well before you ever need it, so that you have ample time to test its components and make necessary modifications. 

To get started, determine all the critical components to operation of your business, from computer and phone systems, to electrical, plumbing, suppliers, shipping, mailing and staffing and communication (both within the company and to the outside community).  For each area, a detailed guide that describes the steps necessary for a substitute or workaround to the problem and then a permanent solution must be provided.  Remember that the person normally responsible for each critical area may not be available at time of need.  In that event, the disaster plan must be written so that a lay person can follow the right steps to getting your business back in operation as quickly as possible. 

Once you have the critical areas of operation identified, set up a timeline for completion of the plan and stick to it.  Assign appropriate “experts” for each area to carefully lay out instructions.  Test each portion of the plan along the way.  Be sure to appoint a continuity team within your organization—these members will work together on disaster situations of a larger scale to coordinate efforts. 

An important component of the disaster plan will be lists, such as employee contact information, inventory, vendors and suppliers, repair persons, customers and insurance information.  Be certain that your computer data is being saved and stored off-sight.  Prepare ahead of time for the possibility of having to conduct operations at an alternate location. 

These guidelines should start you on a path to prepare for the worst and be ready when it happens.  That is true peace of mind.

Students at College

Students at College

Sending your children off to college is both rewarding and scary, for BOTH of you!  You have thought of everything- meal plans, roommates, class schedules, etc.  Don’t let one last important aspect escape you.  Contact your agent to confirm your college student has proper insurance coverage. Consider these important questions to ask before your child leaves for college to be reassured they’re fully protected. 

Know your limits: many homeowners’ policies will consider a dorm room an extension of your personal home and therefore extend up to 10% of your personal property to a child away at school, as long as the child is still considered an insured under the policy (meeting requirements outlined by your policy).  If your child chooses to live off campus the parent’s homeowners coverage may not automatically extend to them. In some cases, you need to consider a renter’s policy in their name.  You’ve spent a lot of money on laptops, cell phones, iPods, Mp3 players and much more- make sure you have them covered properly in case of theft, fire, etc!  Don’t forget: liability will also extend from your home policy but there are requirements for this as well.  Check your policy: does your child have to be a full time student AND be under a certain age (usually between 24-29)?

Don’t make the mistake of removing your child as a driver to save money on your auto insurance.  What would happen if your child came home for the weekend and drove your car?  You know – home cooked meals, laundry, cash, we all remember the routine!  Or what if your child was struck by a vehicle as a pedestrian?  Make sure they still have coverage by leaving them on your policy as a driver; there are other ways you can reduce your auto premiums.  For instance, ask your agent about “good student” and “away at school” discounts.  Usually a B average or higher will land your son or daughter a nice discount.  A child who is attending school 100 miles or more away from home will also give a helpful discount.  Be sure to let your agent know if your son or daughter has their vehicle at school with them as well!  Depending on where they’re attending school, the garaging zip code might be another way to lower your rates! 

A healthy student is a good student!  Most students can stay on their parents’ health plan as long as they’re considered a full time student but restrictions vary greatly by state and become a little more complicated if your child is attending school out-of state.  Verify coverages and restrictions with your provider.

Plan ahead: though it is something none of us want to consider, it is just as important to have adequate life insurance in place in the event something tragic would happen to you.  College students are often dependent on their families to get them through the financial aspect of college; talk to an agent to determine a suitable amount to carry. 

Remember to count on us!  If you haven’t looked into adjusting your coverage after sending a child off to college contact us for help.  You could save money and protect your child from unexpected large expenses.

What Should I Look for in an Agent?

UGH – insurance can be one of the more frustrating aspects of life – whether for a business or an individual. We want to provide an outlet for it and an opportunity to lessen it. There are so many reasons we buy insurance – someone makes us, like the government or the bank. We want to protect our assets or our employees. We always have and just keep doing so. It’s important to understand what insurance you have and sit down with an agent to discuss if it’s right for what you need. You can be insurance rich or insurance poor. Neither option is ideal  - it’s like going on vacation to a tropical climate and returning either sunburned or paler than when you left instead of with a nice even tan.  Here are some tips when sitting down with an insurance agent:

1 – Have an idea why you are purchasing insurance. Are you required? Are you protecting something?

2 – Ask questions. If your agent uses a term you don’t know, ASK. Your insurance agent can provide you with an explanation and an example of how it applies to you.

3 – Be prepared to answer questions. One of the “jobs” of an agent is to help you figure out what is important to you, how it can be damaged or lost and what can be done about it.

4 – Take time to think about what you and your agent have discussed before making a decision. Sleep on it if you can. It’s amazing what a few days can do to your perspective on what’s important and what needs to be covered. I may be terrified that a tornado will destroy my house because I grew up in tornado alley. If I live on the West Coast, I need to be more concerned about earthquake than tornado. This is an extreme example but here’s my point . . . Listen to what your agent says is important. Listen to what you think is important. Weigh the costs versus the risks you are willing to take.

Insurance can be scary. You pay money to protect something IN CASE something goes wrong. This is also another reason it can be frustrating. BUT – if something does go wrong, it’s not something you want to be without. Keep that in mind when making your decisions as well.

Why Millhiser Smith?

We know that people have lots of options when it comes to insurance. We also know that lots of companies tout their discounts and low prices, and while we have lots of discounts and low prices, we know that it comes down to more than that.  Millhiser Smith prides itself on commitment, relationships and integrity.  We are dedicated to excellence in every area.  This means finding you the lowest rates AND providing you with the best claims service.  We foster and cultivate strong relationships with our clients and our carriers to provide this service.  We strive to exceed ALL of your expectations. Our actions reflect the principles that Millhiser Smith was founded on over 80 years ago.  So, to answer the question, why Millhiser Smith? The answer is because we are committed to you. Through our risk management services, discounts and low prices, 24/7 service, claims handling and customer service we focus on your needs.  Call or email us today to find out how we can help you with all of your insurance and risk management needs.