Beehive Insurance http://beehiveinsurance.com Business Insurance, Personal Insurance, Employee Benefits, Trucking Thu, 06 Jul 2017 18:29:10 +0000 en-US hourly 1 https://wordpress.org/?v=4.8 100397162 Clyde Companies Named Top Workplace http://beehiveinsurance.com/blog/2014/11/20/clyde-companies-named-top-workplace/ Thu, 20 Nov 2014 20:48:20 +0000 http://beehiveinsurance.com/?p=4987 OREM, Utah, Nov. 18, 2014 /PRNewswire/ — Clyde Companies, a leading construction services organization and one of Utah’s largest suppliers of ready-mix concrete, is pleased to announce it has been selected as one of The Wasatch Front Top Workplaces in 2014. “Clyde Companies is thrilled to be recognized as a Top Workplace. This honor reflects the camaraderie, respect and passion ...

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OREM, Utah, Nov. 18, 2014 /PRNewswire/ — Clyde Companies, a leading construction services organization and one of Utah’s largest suppliers of ready-mix concrete, is pleased to announce it has been selected as one of The Wasatch Front Top Workplaces in 2014.

“Clyde Companies is thrilled to be recognized as a Top Workplace. This honor reflects the camaraderie, respect and passion for quality results that our employees commit to on a daily basis.” said Company President Wilford Clyde. “At Clyde Companies, our culture doesn’t just reflect what we do, it defines who we are – a work family dedicated to building a better community.”

Since opening its doors nearly 90 years ago, Clyde Companies has offered employees a fair, fun and family-oriented place to work. Clyde says the company’s core directive to ‘Value People’, makes it easy to ensure employees’ needs are a priority. In addition to top compensation, paid time off, generous health incentives and one of the best benefits packages in the state, Clyde Companies has maintained an aggressive 401k match even during downturns in the economy.

The company also provides other resources for the benefit of employees, including a company store, Clyde Companies mobile app, onsite workout facilities and various safety incentives.

The Top Workplaces program recognizes companies that have a great work environment in the Wasatch Front area. Rankings are determined based solely on employee feedback. Opinions on culture, pay, management, benefits, employee recognition, job satisfaction, community involvement and more are gathered through anonymous employee surveys organized by a leading, independent research firm. Clyde Companies was the only construction-based organization of its size to make the Wasatch Front list.

Clyde Companies employs over 2,000 professionals at more than 60 locations throughout Utah, Idaho, Nevada and Wyoming.

The Salt Lake Tribune published the complete list of Top Workplaces on November 16th.

 

About Clyde Companies

Clyde Companies, Inc. is a Utah-based construction organization that opened its doors in 1926. The Clyde Companies – W.W. Clyde& Co., Geneva Rock Products, Sunroc Corporation, Sunroc Building Materials and Beehive Insurance – have been involved in almost every aspect of building and construction in the Intermountain West for nearly a century. With a reputation for tackling tough projects with innovative solutions, the Clyde Companies provide a wealth of knowledge and expertise that spans the field of construction. We are proud to offer a wide variety of services to the communities we serve.

Our goal is to Build a Better Community. We are proud to support the communities in which we do business. For more information about the Clyde Companies, please visit www.clydeinc.com.

Media Contact:
David Przybyla, Marketing Manager
Clyde Companies Inc.
1.801.802.6900
pr@clydeinc.com

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The Hottest Thing out there for Retirement Income http://beehiveinsurance.com/blog/2014/09/09/retirement-income/ Tue, 09 Sep 2014 17:16:13 +0000 http://beehiveinsurance.com/?p=4894 Need Retirement Income? Here is the Hottest Thing out There. The above title is not mine; it’s a headline from a TIME Magazine article dated June 16, 2014 by Dan Kadlec. I’d like to use this retirement income article as a basis for our discussion today. Secure Your Retirement Income It’s 2014, and the decision to self-manage your retirement wealth ...

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Need Retirement Income?
Here is the Hottest Thing out There.

The above title is not mine; it’s a headline from a TIME Magazine article dated June 16, 2014 by Dan Kadlec. I’d like to use this retirement income article as a basis for our discussion today.

Secure Your Retirement Income

It’s 2014, and the decision to self-manage your retirement wealth can be risky business. In his article, Kadlec says that lifetime retirement income has emerged as perhaps the biggest retirement challenge of our decade. Would you like to see a safe retirement management option others are choosing?

According to Kaldec:

  1. Annuity sales are exploding higher as retiree’s look to lock up guaranteed lifetime income.
  2. The push is on to help these retirees convert their 401(K) and IRA savings to a guaranteed income stream.
  3. In a sign of wise planning, easy-to-understand basic income annuities are among the greatest growing of these insurance products.

Immediate annuities are what most investors think of when they ponder buying an income stream. With an immediate annuity you plunk down cash and begin receiving pre-set guaranteed income over a period of, say 10 or 20 years, or life.

Another type of popular fixed annuity is called a deferred income annuity or longevity annuity. This retirement vehicle lets you put down a lump sum in return for income that starts years later. It’s basically a form of insurance for old age.

The type of fixed indexed annuity that will be right for you is dependent on your age and retirement plans.

Real People – Real Retirement Income

This past week, I had a client in my office to discuss his retirement strategy. At age 60 he’s done very well for himself and expects the same during retirement. For him, the solution was a deferred income annuity starting at age 66 which guarantees he and his wife will have healthy retirement income for the rest of their lives.

Another client came in wanting guaranteed income to start now. She is 62 and single. For years, she had received a pay check each month and she wanted the same dependable monthly income in retirement. She had saved well and wanted safety in retirement. An immediate income annuity was her solution for retirement income. This allowed her to have money coming in now and protection for peace of mind.

Another important decision many baby boomers are starting to face, is when to retire. An annuity can help with that decision. You may be able to retire now or seeing your options, know when is the best time to retire to ensure your expected levels of retirement income. Check out our Retirement Calculators to get a better idea of the amount you’ll need to secure a comfortable retirement income.

Retirement Income Concerns

Some people seem to consider buying an annuity as a gamble, in which one has to live a certain number of years to break even. With the guarantee of any remaining principal, interest and bonus income being returned to beneficiaries, there really is no gamble. Talk with an income retirement specialist when choosing an annuity product, to make sure you are getting these guarantees, as not all annuities are created equal.

Another concern for many prospective retirees is turning their money over to an insurance company. If you’re working with a trusted agency, this should not be a concern. I’ve seen insurance companies pay claims for the past 35 years. Insurance companies are considered one of the safest organizations to place your money.

I thought I was in control of my retirement with conservative investments in my 401K when the Great Recession took 42% of my nest egg. I value the security offered by these A rated insurance companies.

The decision of self-managing your retirement wealth can be risky business. I recommend insuring a successful retirement income with a portion of your retirement savings placed with a strong insurance carrier.

Please let me know if you’d like a free no pressure consultation about your retirement income concerns.

Cory Payne
Beehive Insurance Retirement Planning Services

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Rideshare Liability http://beehiveinsurance.com/blog/2014/08/28/rideshare-liability/ Thu, 28 Aug 2014 17:18:16 +0000 http://beehiveinsurance.com/?p=4738 Are you seeing the fuzzy pink mustaches around town? The ones on the cars? Yep, we are too. It’s all part of a new ridesharing movement that matches local drivers (aka ordinary people with cars) with individuals who need a ride. The transportation network or rideshare company, Lyft, has found the pink mustache to be a catchy way to mark a vehicle operated by one ...

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rideshare liability, uber liability, lyft liabilityAre you seeing the fuzzy pink mustaches around town? The ones on the cars? Yep, we are too. It’s all part of a new ridesharing movement that matches local drivers (aka ordinary people with cars) with individuals who need a ride.

The transportation network or rideshare company, Lyft, has found the pink mustache to be a catchy way to mark a vehicle operated by one of their drivers. Lyft and its competitor Uber are both actively working the Salt Lake City rideshare scene.

So, how does this type of ridesharing work? Well, it’s easy. Anyone who needs a ride can create an account via the transportation company network’s app. They’ll enter their location and a nearby driver, who’s been pre-approved by the company, is sent to their location. Like a taxi, the driver delivers the person to their intended destination. Unlike a taxi, the person is using their own personal vehicle and working on their own time frame. They also may start the ride with a fist bump.

While the idea sounds great. As an insurance agency, we want to make sure that drivers and riders take into consideration rideshare liability and the potential risks of this type of business model.

Are you a rideshare driver? Or looking into becoming one?

Rideshare companies may ‘approve’ you to be a driver and make the money transaction happen, but they are technically not hiring you as an employee. That means your personal vehicle is only covered by your personal vehicular insurance. Why does that matter? Well, the majority of personal auto insurance policies contain exclusions for livery services. That means your policy will most likely not provide coverage for accident liability incurred while driving passengers in exchange for payment.

You should read your own policy to determine its specific exclusions from coverage, but a typical exclusion is set forth below:

‘We do not provide coverage … arising out of the ownership or operation of a vehicle while it is being used as a public or livery conveyance. This exclusion does not apply to a share-the-expense car pool.’

Based on this or similar exclusions, insurance companies might deny coverage to transportation network company drivers who are involved in an accident while driving for hire.

Rideshare Companies May Offer Limited Insurance

Some transportation network companies are acquiring commercial policies to help cover their drivers. While this offers additional protection, there is still cause for concern in two areas:

Amount of Coverage: The degree of coverage, or even having commercial coverage at all varies among transportation network companies. A few rideshares have liability policies in place that provide a degree of protection for their drivers in terms of injuries and damages to other parties.

Make sure to check with your company to learn about the limits of their policy, if one exists at all. Note, that this would still not cover damage to your own car – only the car/property/damages to the other involved parties.

Period of Coverage: One of the perks of the ridesharing business model is that drivers can choose when to offer rides. This convenience brings about issues with possible gaps in insurance coverage.

The general debate is deciding when a transportation network company’s commercial insurance policy is in effect and when a driver’s personal auto policy will be expected to cover incidents. Does coverage come in to play whenever the driver is actively logged in to the rideshare smartphone app? Or after he has secured a new pickup? Or when he has actual passengers in his vehicle?

At this point, the battle has escalated to the legislative level. Which means, for now, we err on the side of assuming the policy not will cover drivers at the debated periods

Tips for Rideshare Drivers:

  • Review your personal auto insurance policy.
  • Ask to see a copy of any commercial policy held by the transportation network company you are looking to work with. Look specifically for coverage and limits offered by the company to protect its drivers.
  • Make sure the commercial policy includes coverages required by law for medical benefits, bodily injury and property damage liability
  • Before any rides are negotiated, contact your insurance agent to identify potential gaps in your personal automobile insurance policy and the transportation network company’s policy.
  • Let your insurance company know of your intent to participate in the program.
  • Understand and consider acquiring optional coverages for collision damage, or injuries caused by an uninsured or underinsured motorist.
  • Be aware that any coverage to address these gaps should include the period before, and during, the times when you are designated to drive passengers.
  • Consider buying your own commercial automobile insurance policy with coverage for bodily injury or property damage to you and others, and/or for damage caused by an uninsured or underinsured motorist while you are driving passengers for payment.

For more information, the Insurance Department of the State of Utah release this press release earlier this summer.

 

 

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Understanding Fixed Indexed Annuities http://beehiveinsurance.com/blog/2014/08/27/fixed-indexed-annuities/ Wed, 27 Aug 2014 15:37:08 +0000 http://beehiveinsurance.com/?p=4859 What is a Fixed Indexed Annuity? Fixed indexed annuities are secure investment vehicles issued only by life insurance companies. Fixed index annuities offer the guarantee of principal and the potential of market-linked growth, with no risk of losing principal due to market swings. The fixed index annuities have the same features, benefits and guarantees as traditional fixed annuities plus the ...

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Fixed Indexed Annuities, Fixed Annuities, Retirement PlanningWhat is a Fixed Indexed Annuity?

Fixed indexed annuities are secure investment vehicles issued only by life insurance companies. Fixed index annuities offer the guarantee of principal and the potential of market-linked growth, with no risk of losing principal due to market swings. The fixed index annuities have the same features, benefits and guarantees as traditional fixed annuities plus the potential for you to earn greater interest credits.

Annuities are like pensions, most pension plans use insurance companies for their pension payouts.

Benefits of Annuities:

Guarantee of Principal: With a fixed indexed annuity, you are guaranteed the safety of your principal, regardless of stock market fluctuations. The insurance industry is regulated and cannot place policyholders’ money at risk.

This was big deal for me after the 2007-2008 crash. If my retirement money in 2009 had stayed the same as it sat in 2006, I would be doing cartwheels. Instead, because my money wasn’t in a fixed indexed annuity, I had a 42% loss of my retirement savings – even while making 401K contributions during that time.

When nearing retirement age, don’t make the mistake I made. Protect your retirement income by transitioning to the security of a fixed indexed annuity.

Tax Deferred Growth:  Any interest earned in your fixed indexed annuity is tax deferred. What does that mean for you? Quicker growth over a shorter period of time.

Guaranteed Lifetime Retirement Income Stream: People are living longer than ever. That means your retirement income must last longer than ever before. Retirement Income Author Tom Hegna suggests planning for longer than you expect. He says, “You cannot plan to have income until age 90 any more – you really need to plan to have income until age 100 and possibly beyond.”

My parents are 87 and 84 and going strong. I feel I need to plan on 30 years and probably an extra 5 years for my wife in retirement. Will your money last 30 years?

A fixed indexed annuity guarantees a yearly sum, no matter how long you live. That means you’ll have the security of a check in the mailbox every month for the rest of your life.

Liquidity:  Typically, you can get penalty free withdrawals up to ten percent, once each year after the first year (check your contract). While somewhat limited, the benefits of the guaranteed annual payments outweigh the liquidity concerns for most investors. Especially when close to retirement age, this level of liquidity should not be cause for concern. Give a trusted insurance company your money and they’ll guarantee X dollars now and X+ dollars in the future.

I placed $100,000 in a fixed indexed annuity with a strong A-rated insurance company. My wife and I will receive a minimum guarantee of $10,000 per year the rest of our lives at age 67.  This money was originally banked for retirement and my bank’s returns were not satisfactory. While I will not touch this money until I retire and I know exactly how much the monthly guaranteed payment will be.

Additional Liquidity Safety Net:  Some contracts give you a 100% penalty free withdrawal for a terminal illness after the first 12 months. And a 100% penalty free withdrawal after the 3rd year if confined to a qualified nursing home.  Not all contracts are created equal please get competent advice.

Annuities Avoid Probate:  In almost all cases, annuity proceeds go to your beneficiaries upon death of the investor. This benefit helps you avoid the additional loss of probating.Depending on the terms of your annuity, the beneficiary may receive a lump sum or number of payments.

Upfront Bonus:  Some annuity companies offer incentive bonus money for moving your IRA, 401K, savings and or investments.

Do you have Long Term Care Coverage?  Some fixed indexed annuity contracts offer additional payouts – up to five years – if you’re unable to do two of the following tasks: bathing, dressing, feeding, toileting, continence and transferring (moving in or out of bed) by yourself.  The additional payments could provide the necessary care needed.

Commonly Asked Questions:

Are Fixed Indexed Annuities registered investment products?  No. Almost all fixed indexed annuities are insurance contracts, regulated by state law and state insurance departments.

Can Contract-holders make withdrawals from their Fixed Indexed Annuities? Yes, see the section on liquidity above.

What is the likelihood that the insurance company will go out of business?  Very unlikely. Guaranteed fixed indexed annuities are considered safe because the underlying premiums are not subject to loss in the stock market.  Each state has an insurance commissioner who reviews products issued by that company in their own state. That commissioner makes sure that the company keeps a sufficient surplus on hand to satisfy claims.

Also, your premiums are primarily put into U.S. Treasury and investment grade corporate bonds, so the money is not at risk in the equity markets.

The fixed index annuity is a proven success story for retiree’s needing guaranteed income during retirement.

Insurance = Safety

 

Cory Payne
Beehive Insurance Retirement Planning
cpayne@beehiveinsurance.com
801-685-6860

 

 

 

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Nearing Retirement: Are you Prepared? http://beehiveinsurance.com/blog/2014/08/21/nearing-retirement-are-you-financially-prepared/ Thu, 21 Aug 2014 18:23:35 +0000 http://beehiveinsurance.com/?p=4804 A client and his wife – both in their 60’s – recently came in to my office. They are nearing retirement and were preparing for this event by reviewing their financial reserves. Knowing they had just three to five years before retirement, they were uneasy about the total they’d accumulated. They couldn’t get one thing off their mind. Will we ...

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Nearing Retirement Financial PlanningA client and his wife – both in their 60’s – recently came in to my office. They are nearing retirement and were preparing for this event by reviewing their financial reserves.

Knowing they had just three to five years before retirement, they were uneasy about the total they’d accumulated. They couldn’t get one thing off their mind. Will we have enough? Will we run out of money during retirement?

Their story is similar to many ‘nearing retirement’ clients I’ve helped in the past few years. In 2006, this couple had over $500,000 in 401K programs and felt fairly confident in their financial future. But by the end of 2008, their funds had plummeted to less than $300,000. Ouch!

They wanted to make sure that type of loss never happened again.

When I asked, “What did your financial adviser offer for a solution?” I was shocked at the reply. “Nothing can be done. Shifting more into bonds and less into stocks might help, but will not guarantee your investments won’t drop when the next crunch comes.”

This response made me angry. This typical Wall Street answer of ‘stay the course’ is not relevant or helpful for soon-to-retire or retired individuals.

How do I know? Well, this exact scenario happened to me. When my portfolio – which took me 15 years to accumulate – dropped by 42% in 2008, my financial advisor gave me the same answer: “a market event, beyond your control”.

I knew there had to be a better way.  So, I set out to find one.

Planning for Retirement

My search for secure financial options for my own retirement sent me on a five year journey. Today I am happy to be helping individuals, couples and families prepare to have a stable, enjoyable retirement.

What I’ve found is that the majority of soon-to-be retired individuals in our community are not prepared for their nearing retirement. And, even fewer will have their retirement funds in the proper plans to give them the safety, security and prosperity they desire for their retired years.

My search results were not atypical. According to the Center for Retirement Research at Boston College, “Less than 10% of baby boomer retirees will be lucky enough, and smart enough, to plan and…. prosper in retirement.” The researchers went on to say three things are needed to ensure your retirement is financially stable.

1. You must have a plan

2. You must evaluate your risk tolerance

3. You must act now.

5 Questions to ask yourself to when Nearing Retirement

Back to the couple I spoke of in the beginning of this article.

My soon-to-be-retired clients were sitting with the entirety of their retirement funds in the stock market. While the stock market can present a great opportunity to build on your principal, the market is high-risk for anyone at or near retirement age. This situation did not offer the safety and security my clients wanted for their nest egg.

So, I asked them the five crucial questions to prepare you for retirement. If you are in or nearing retirement, you should be asking yourself the following questions.

1. What does your retirement plan look like?

If you response was similar to “What is a retirement plan?” you are not unlike my nearing retirement clients. Often, couples assume they should stash away money and at retirement this miracle occurs where all your needs are taken care. This is not realistic. Planning for retirement, is not only about putting away money.

2. How much income will you need during retirement?

This number she be based off more than just your day-to-day needs. How about fun things like dinners out, visiting the grandchildren, going on that dream cruise you’ve had on your list for years?

3. How long will your income last during retirement?

It’s great to know how much money you have put away, but if you have no idea how much you’ll be spending, that large looking nest egg might not last as long as you’d like.

4. Can your income go down during retirement?

Retirement is not a good time to run out of money or have a reduction in monthly income. If like many couples, if you’re nearing retirement and have a suspicion that you may run short on funds, we need to get planning.

5. Are you protected if you have a health event?

Are you prepared for a long term care situation, or even standard health care deductibles? A recent study by the Employee Benefit Research Institute estimated that a 65-year-old couple that retired in 2012 will need from $227,000 to $240,000 to pay for out-of-pocket medical costs throughout retirement.  That’s just the expected out-of-pocket cost after Medicare. What types of health benefits have you procured?

Security in Your Retirement

If the previous questions gave you cause for concern, you’ll be happy to know about the plans I’ve found on my quest for secure retirement. I’ll list them plainly.

  • There are insurance products that can guarantee you will not lose your principal investment.
  • These annuity products guarantee competitive growth for retirement income streams that will never stop until you both die.
  • These income streams will never go down and income continues even if the account value goes down to zero in case of longevity.
  • Guaranteed retirement money is available to you every month in your mailbox – in addition to your social security checks.
  • There are places to put some of your money where you cannot lose your principal and get guaranteed lifetime retirement income that will never go down.

My goal is to offer safe retirement income solutions. This is what I know and this is exactly what I do for my clients. I have found great satisfaction in showing people in their late fifties through sixties how to create an income stream from their money that they’ll never outlive.

Isn’t this what we all want for retirement?

Now for that couple nearing retirement that I told you about? I helped them develop a comprehensive plan based on their risk tolerance. They acted and moved a large portion of their money to the safety of a fixed indexed annuity – a plan that offers security and prosperity for the future.

And for you, what now?

Stop worrying about your nest egg, it’s time to act. A fixed indexed annuity plan guarantees you can’t lose your principal and offers a revenue stream that will stand the test of time.

If you are close to or nearing retirement, and can’t afford to lose 40% of your retirement income again, contact me for a no obligation and no pressure consultation. Let’s make sure you get what you want out of retirement.
D. Cory Payne
Beehive Insurance Retirement Planning Services

801-685-6875
cpayne@beehiveinsurance.com
www.linkedin.com/pub/cory-payne/17/885/33a/

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Top Ten Backyard Safety Tips http://beehiveinsurance.com/blog/2014/07/03/backyard-safety-tips/ Thu, 03 Jul 2014 18:13:33 +0000 http://www.beehiveinsurance.com/?p=4720 It’s here! Tomorrow is the Fourth of July. We hope you are set to grill up some steaks, make a splash in the pool, celebrate your freedoms and enjoy a well-deserved day off of work with your family. What would make it even better? Doing it safely. Before you fire up the grill or put on your swimming trunks, take ...

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Backyard Safety, Backyard Safety Tips, Pool Safety, Grill SafetyIt’s here! Tomorrow is the Fourth of July. We hope you are set to grill up some steaks, make a splash in the pool, celebrate your freedoms and enjoy a well-deserved day off of work with your family. What would make it even better? Doing it safely.

Before you fire up the grill or put on your swimming trunks, take a few minutes to evaluate your backyard safety readiness. A few small steps can keep your holiday memories based on enjoyment and not injury.

Here are our Top Ten Backyard Safety Tips to ensure you make the most of this glorious weekend.

At the Pool

  • No one swims alone. No matter the age, make sure all pool parties include a party of at least two.
  • Before the guests arrive, check all gates to ensure the locks latch and any door alarms or motion detectors are working.
  • Ensure life-saving equipment is permanently stored in a nearby, visible location.
  • Never leave furniture near the fence that would enable a small child to climb over the fence and into the pool.

Grilling Grub

  • Place your barbecue a minimum of 10 feet away from your home. Don’t ever grill in a garage or enclosed space.
  • Protect yourself from burns by wearing a heavy apron and oven mitts.
  • Keep children away from grilling areas. Keep in mind that grills can stay hot (especially in the summer) long after the meat has been served.

Playing Outdoors

  • In high temperatures, the plastic and metal materials on slides and swings can get extremely hot causing serious burns on kids and adults. Test all play equipment before use. If you can, move smaller play sets into shady areas before you set out to play.
  • Keep the bars and springs of your trampoline covered with a pad to prevent injuries. And, while you’re at it, institute a ‘one-at-a-time’ rule for jumpers to keep kids from being unintentionally tossed around.
  • Roasting s’mores? Only build a backyard fire in an enclosed, contained area such as an outdoor chiminea, fire bowl or fire pit.

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Car Accident Prevention: Utah Texting Laws http://beehiveinsurance.com/blog/2014/06/02/utah-texting-law/ Mon, 02 Jun 2014 23:32:18 +0000 http://www.beehiveinsurance.com/?p=4701 In 2012, nearly 50,000 automobile crashes were reported in the state of Utah. Of those crashes, distracted driving caused 20 fatalities, 125 serious injuries and 4,667 crashes. These numbers are saddening. Like those behind the ‘Zero Fatalities’ campaign, we believe even one fatality is one too many. Since the 1970’s, groups have been working toward improving the safety of our ...

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utah texting lawIn 2012, nearly 50,000 automobile crashes were reported in the state of Utah. Of those crashes, distracted driving caused 20 fatalities, 125 serious injuries and 4,667 crashes. These numbers are saddening.

Like those behind the ‘Zero Fatalities’ campaign, we believe even one fatality is one too many.

Since the 1970’s, groups have been working toward improving the safety of our streets. The installation of seat belts helped drop car-crash fatality rates in the 70’s. Seat belt use is now required for both the driver and passengers in any moving vehicle by Utah law. Not wearing your seat belt could result in a fine of up to $45. In 2013, unbelted motorists accounted for 27.7 percent of all traffic fatalities.  Imagine how many lives could have been saved if seat belts had been worn.

The standardization of airbags in consumer vehicles in the 1980’s also helped the motor vehicle fatality rate drop. According to the Insurance Institute for Highway Safety, the number of deaths from collisions when both seat belts and airbags were used was 24 percent less than when only seat belts were used.

This year, Utah lawmakers have addressed distracted driving head on.  In May, newly passed legislation on cell phone use while driving became law. The laws aim to eliminate unnecessary distractions while operating a vehicle that are commonly caused by texting, dialing and any other sort of handheld manipulation of a cell phone or similar device. The new laws restrict drivers from manually:

  1. Writing, sending, or reading a written communication, including:
    • a text message
    • an instant message
    • electronic mail
  2. Dialing a phone number
  3. Accessing the Internet
  4. Viewing or recording video
  5. Entering data into a handheld wireless communication device

Exceptions to the law include holding the device for voice communication, using the device in an emergency situation, reporting a safety hazard or criminal activity, and a few other exclusions.

We believe these new cell phone laws will make our streets a safer place to be. We encourage all drivers to do the smart thing and refrain from using cellphones while driving.

Those who disregard the law are guilty, at minimum, to a Class C misdemeanor with a maximum fine of $100.

If you would like read the full law, click here.

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10 Tips for Yard Work Safety http://beehiveinsurance.com/blog/2014/04/18/10-tips-for-yard-work-safety/ Fri, 18 Apr 2014 18:24:20 +0000 http://www.beehiveinsurance.com/?p=4637 Have you looked out your window lately? Blue skies, birds chirping and seventy degrees — looks like Spring to us. It’s the perfect time and perfect weather to spend outside getting your yard and outdoor spaces in tip-top shape. But before you head outside, we want to remind you that simple precautions can ensure your spring-spruce up is disaster free. ...

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Yard Safety Lawn Mower Safety TipsHave you looked out your window lately? Blue skies, birds chirping and seventy degrees — looks like Spring to us. It’s the perfect time and perfect weather to spend outside getting your yard and outdoor spaces in tip-top shape.

But before you head outside, we want to remind you that simple precautions can ensure your spring-spruce up is disaster free.

Here are our top 10 yard work safety tips that can help you — and your family — avoid a trip to the emergency room.

1- Know your equipment. Before operating a new lawn mower read the owner’s manual and all of the safety information. Ditto for your weed trimmer. Check with the manufacturer of your tools to make sure there haven’t been any safety recalls.

2- Practice Ladder Safety. You’ve heard it again and again, but always check to make sure your ladder is firmly set on a level surface. Never set ladders on boxes or other objects to make the ladder reach higher areas.  Lock or barricade any doors that may open toward ladders. Also, never stand on the top rung or step of a ladder – your balance could be jeopardized.

3- Watch your children. Every year, thousands of children nationwide are injured by lawn-care tools. That’s why we recommend keeping small children inside while you’re mowing or trimming. At a minimum, do not allow children younger than 12 to operate a push lawn mower and anyone under the age of 16 to operate a driving lawn mower. Do not take children on rides with a riding mower.

4- Check your extension cords. Before use, check your extension cords for cracks and seal them with electrical tape. If you find any frayed wires, replace the cord. And remember, never run extension cords through puddles.

5- Protect your body. This one is simple: wear protective gear. We all know that lawnmowers hit rocks, sticks and other items that can be turned into flying projectiles. Wear long pants to protect your legs from flying objects and wear non-slip, closed toe shoes instead of sandals. Don’t forget your eyes and ears! Sunglasses will protect you from sun and earplugs can eliminate loud noises from machinery that could cause a substantial amount of hearing loss.

6- Store tools and materials in safe places. A range of injury can be caused by stepping on, landing on or being hit with garden tools like shovels, rakes and trowels. Do not use these tools when in close proximity to children. When not in use, store them in safe, enclosed areas.  If you have small children or pets, weed killer or lawn fertilizer can be deadly.  Seal bags and store at heights where small children cannot get in to potentially harmful materials.

7- Don’t dig without approval. Check with your local utility companies before you dig trenches, holes or any other cavity in your yard. You do not want to be responsible for accidentally hitting gas, electrical or sewer lines – the results of which can be extremely hazardous, not to mention expensive.

8- Be conscious of electricity. Don’t leave electrical tools plugged in while not in use. When ready to use a tool, make sure equipment is in the off position before you plug it in. And, as is obvious, always turn equipment off and unplug it from an outlet before you attempt to fix the machinery.

9- Get green smart. Before you or your children do any “hands on” weed removal, be sure you know how to identify poison ivy, sumac, oak and similar toxic plants. Find out ahead of time how to treat the rashes they cause to reduce the irritation.

10- Be Smart. It’s obvious. Never operate lawn machinery or use heavy garden tools while under the influence of drugs or alcohol.

The post 10 Tips for Yard Work Safety appeared first on Beehive Insurance.

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The Umbrella Policy: Cause when it Rains, It Often Pours http://beehiveinsurance.com/blog/2014/04/04/the-umbrella-policy-cause-when-it-rains-it-often-pours/ Fri, 04 Apr 2014 16:27:52 +0000 http://www.beehiveinsurance.com/?p=4577 Didn’t think an umbrella policy applied to you? Think again. If you own a home or car, or even have an average amount of money in your bank account, we’d suggest looking into an umbrella policy that protects your present and future finances from expensive lawsuits. Umbrella policies used to be popular among the wealthiest of individuals, but with increasing ...

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Umbrella Policy, Umbrella Insurance, Umbrella CoverageDidn’t think an umbrella policy applied to you? Think again.

If you own a home or car, or even have an average amount of money in your bank account, we’d suggest looking into an umbrella policy that protects your present and future finances from expensive lawsuits.

Umbrella policies used to be popular among the wealthiest of individuals, but with increasing trends of litigation against those with modest incomes, it’s a smart way for individuals of all incomes to protect themselves.

 What is an Umbrella Policy, anyway?

An umbrella policy provides liability coverage for claims that exceed the limits of your underlying homeowners, auto, and other personal liability insurance policies. In essence, it’s a protective layer of insurance that covers damages awarded to another party that your standard auto/home/personal insurance limits won’t cover.

Here are a few examples to help you understand how an umbrella policy could apply to your situation.

Auto accidents beyond your limits: Your auto policy limit is $300,000 for bodily injury and property damage, but the accident you caused incurred $600,000 in injuries. Your umbrella policy will cover the additional $300,000 you would have had to pay out of pocket.

Auto accident in another country: If you’ve caused an accident in a rented vehicle in another country, your standard auto insurance will most likely not cover those damages. Don’t fret. An umbrella policy will cover damages and injuries for this type of incident.

Accidents in your home: Didn’t realize a neighbor could sue you for injuries if they fall down your stairs? Your home is bound to have features that could result in injury, including: trampolines, pools, balconies, play equipment and more. An umbrella policy will safeguard you against having to pay out of pocket for any injuries or damages incurred by others in your home or on your property.

Injury from pets: Yes, you should have paid out for obedience school in the beginning, but hindsight is 20/20 right? You’ll be glad you have an umbrella policy to cover expenses from damages to persons or property on behalf of your dog.

Damages on rental properties: Your pockets are likely deeper than your tenants, so don’t get stuck when someone sues you instead of a tenant who may actually be at fault. Safeguard your assets by getting an umbrella policy for your rental unit and rental properties. This coverage can protect you from trips/falls, property damage and even having to pay out for injuries incurred when a neighbor child gets bit by your tenant’s dog.

Certain personal liability cases: An umbrella policy offers coverage for legal defense of claims that aren’t typically covered by basic liability insurance on your homeowner’s policy, including things like being sued for slander or defamation of character, mental anguish, wrongful eviction and other unforeseen personal liability situations.

These are only examples of what an umbrella policy can cover. You will want to check your own umbrella policy or check with your agent about specific coverages.

Don’t have enough assets to warrant getting an umbrella policy?

Think again.

Your retirement funds, investments, savings and even your future earnings are at risk if a judge allows someone to garnish your wages to pay off a settlement. In some states, the equity in your home can be part of the judgment and you would be forced to sell your home to pay someone who sues you.

If you own a house and have a retirement account or other investments, an umbrella policy of $1 million or more should be part of your financial plan.

How much does an umbrella policy cost?

An umbrella policy is one of the most inexpensive insurance policies available. For $1 million in coverage, expect to pay around $150-$200 per year. For each additional $1 million in coverage, you should expect to pay an additional $100. Of course, this can vary depending on the insurance company and your specific situation.

Because an umbrella policy is a form of secondary insurance, it will have specific underlying insurance requirements. This means you’ll have to have certain levels of coverage on both your auto insurance and homeowner’s insurance policies as a condition of being approved for an umbrella policy. The underlying insurance requirements will vary depending on the company you get your umbrella through, but typical coverage includes:

  • Auto insurance bodily injury coverage of $250,000 per person/$500,000 per accident
  • Auto insurance property damage coverage of $100,000 per accident
  • Homeowners insurance personal liability coverage of $500,000

How much coverage do I need?

Coverage is a personal decision that should be made with your assets and earning power in mind. We recommend considering the following when choosing coverage rates: the more you have, the greater the risk and the more protection you need.

If you need assistance in estimating appropriate coverage, a Beehive Insurance agent can help.

 

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Auto Liability: When your Friend Crashes your Car http://beehiveinsurance.com/blog/2014/03/06/auto-liability-when-your-friend-crashes-your-car/ Thu, 06 Mar 2014 20:55:34 +0000 http://www.beehiveinsurance.com/?p=4521 You let your friend or family member borrow your car. Most of us have done it, probably even recently. Problem is, this time they got in an accident. So where does that put you? In terms of insurance, the answer is most often: at fault. To better help you understand the ins and outs of auto liability as it applies ...

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LiabilityYou let your friend or family member borrow your car. Most of us have done it, probably even recently. Problem is, this time they got in an accident.

So where does that put you?

In terms of insurance, the answer is most often: at fault. To better help you understand the ins and outs of auto liability as it applies when a friend crashes your car, we’ve documented what will likely happen in a few of the most common scenarios.

Friend is at Fault for the Accident

Your Friend is Insured

Although your friend is insured to drive his own car, the primary insurance follows the car not the driver. This means your insurance will act as primary coverage for damages. This includes damages to your vehicle and any other property or persons who may be involved in the accident.

If the accident produces significant damages that exceed your policy limits, your friend’s insurance may act as a secondary insurance to cover additional costs up to his predefined coverage amount.

The Takeaway: If your car is involved in an accident, you should expect to see an increase in your premium.

Your Friend is not Insured

Your personal auto insurance will cover the damages incurred from your friend’s accident. If liability costs exceed your insurance limits, then both you and your friend can expect to be held personally liable for the excess.

The Takeaway: Do not allow uninsured drivers to borrow your car unless you are prepared to cover damages that exceed your policy limits.

When Permission to Drive was Not Given

If your car was crashed by someone who stole your vehicle, your insurance would most likely cover damages to your vehicle, but would not be liable for any damage incurred to other property or persons.

Things get a little trickier when a friend or family member takes your car without permission. Unless you have expressly denied them permission to take the vehicle, your personal insurance may assume permission was granted and most likely cover damages.

The Takeaway: If you have a friend or family member you fear may take your vehicle without asking (for which you would not want to provide coverage for in case of an accident), make sure to specifically exclude them in your policy.

 Friend is Not at Fault for the Accident

At Fault Driver is Insured

Just as if you were the driver, when not at fault, the damages to your vehicle, driver and passengers will be covered by the insurance of the driver at fault.

The Takeaway: Drive defensively.

At Fault Driver is Not Insured

Even though auto insurance is required by law, it is estimated that one in seven drivers remains uninsured. If your friend is hit in your car by an uninsured motorist, you must personally seek damages through the court system to account for damage to your vehicle.

What about the physical damage to my car that was borrowed?

The Takeaway: Make sure you have uninsured/underinsured motorist coverage. Whether it’s you or your friend who gets hurt in an accident, this coverage will be there when monetary assistance from the at-fault, uninsured motorist will most likely not.

 Before Lending Out Your Car

  • Confirm your friend or family member has a valid driver’s license.
  • Check to make sure your insurance information and car registration are in the vehicle.
  • Understand your personal auto policy. If you’re unsure of coverage, contact your insurance representative and ask any questions you may have.
  • Find out if your friend has their own car insurance.
  • Know you will be liable for any parking tickets incurred during the period your friend has the vehicle. Parking tickets are connected with the vehicle, not the driver so you’d be liable for any fees of that nature.

 

 

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