I get asked by most lawyers who are cutting back on their practice hours if and how that will affect their legal malpractice insurance premiums.  

Most are surprised when I tell them that it really won’t have much of an impact on pricing this renewal.  Or for the next couple of renewals for that matter.  

Insureds need to keep in mind that your future workload/hours plays only a part in the pricing and underwriting process of your renewal.  

Another much larger part in the underwriting/pricing process is your prior acts coverage/hours.  For example if you have been insured for 10+ years, working 50 hours per week, and this renewal you decide you’re cutting back to 30 hrs per week to spend more time at home.  Granted you will be creating less exposure for the carrier by working 20 hrs per week less but the 50+ hours per week you worked for the last 10+ years doesn’t go away and that exposure to claims still exists.  

Carriers do and will price for that.  Overtime, the reduced hours you work will have an impact on pricing but not in the near future.  

It is always nice to be in a position to work less hours per week, but don’t expect it to have an immediate impact on your malpractice pricing.  Overtime, yes but not immediate.

Most people think obtaining life insurance is a long and arduous process. It isn’t! At INF, we really try to make the process as simple and easy as possible. 

We start by completing an indication sheet. You’ll sit down or talk on the phone with either myself, Don Ivol, or Mark Schnelzer and we’ll ask you a few simple questions such as your name, your address, height, weight and gender. We’ll also ask just a couple of questions with regards to your health history. 

At that point, we use the information that you provided and we send it to our managing general agent who has access to 20-25 different insurance carriers. These carriers will look at the information that you provided and come back with a preliminary pricing report. Then, we’ll get back in touch with you and review the available amounts and pricing. 

From there, you can make your decision based upon the amounts, the carrier, and the pricing. At that point, things become a little bit more detailed and there will be a life insurance application that’s required. 

We will always be at your side to walk you through the process, help you answer those questions and get the information to the carrier to verify the original pricing and the coverage terms. So don’t put off applying for life insurance because you think the process is too difficult.

Although it can be quite a depressing subject to discuss, life insurance is something that everyone needs to consider. Life insurance is a necessary tool when it comes to financial planning.

Life insurance can be used for a variety of purposes, including paying for funeral expenses, paying off a mortgage, paying for a child’s college tuition, and providing a significant sum of money to your surviving spouse to help pay for everyday expenses for years to come.

There is no better time to consider it than now, especially since it is the start of a new year. We commonly make New Year’s resolutions to eat healthier, lose weight, exercise more, read more, improve our relationships, and a variety of other things.

Make reviewing your life insurance portfolio, if you have one, one of your New Year’s resolutions.

Is the amount sufficient, or do you need more? Have you bought a new house, sold a house, have a child, or become empty nesters in the last year? All of these factors will have an impact on your need for life insurance and the amount you need. If you don’t have a life insurance portfolio, you should ask yourself the same questions and make adjustments accordingly.

I remember not that long ago at Christmas time, we used to go shopping at the mall and we were always worried about someone breaking into our cars and stealing the gifts we just purchased.  We had to make sure that when we went back out to the car to put the gifts away so we could continue shopping, that we put the packages in the trunk or worse yet put them in the back seat and cover them up with a blanket or something else.  

Although I still think you have to be careful at the mall, most of us shop online and we have different types of worries, online and cyber threats.  Be careful when you’re shopping online, make sure you’re on a secure site when checking out, to who and when you provide your confidential information and be wary of bounceback emails advising you that your credit card was rejected or not recognized and you need to re-enter it. 

I know you have heard it a million times, BUT be careful with your confidential information.  The hustle and bustle is still a big part of the holidays, it is both online and at the shopping malls….be alert, don’t let someone steal your purchases from your car or your computer!

Happy Holidays and  Tis the season for Family, decorations, cookies, gifts and the office party!  Especially this year since most if not all of our offices were closed last year due to the pandemic. 

If an office party is on your calendar enjoy it and have a great time but as my mom always told me be careful and watch what you drink.  Especially if you are the owner of the business. 

Not only do you have to watch yourself, but you have to watch what your guests are drinking.  It is easy to over indulge at any parties but it seems like it is easier to do so at the office Christmas/Holiday Party and as you know accidents do happen.

So if you’re planning a holiday party and are going to be serving alcohol, consider the purchase of what is known as host liquor liability coverage.  It can provide you protection in those situations when an over-served guest at your party is involved in some sort of accident, causes harm to someone and that someone looks to you for damages.  

I’m not trying to be a holiday grinch here – just trying to help you be prepared for the unexpected and keep those holidays happy!  Enjoy your office party and have a wonderful holiday season! 

If you have any questions about liquor liability insurance, or any other type of insurance, call us at 412-563-2106.