Eighty billion dollars. That’s how much insurance fraud costs American consumers each year, according to the Coalition Against Insurance Fraud. This amount of money could buy new vehicles for 2.4 million people (which would cover every driver in Oklahoma.)

This alarming cost takes many forms. It might involve staging an accident to make false injury claims. Or it might include inflating damages to get a higher insurance payout.

Whatever scam is involved, the cost of the fraud ultimately gets passed along to consumers as they are forced to cover false claims, investigations, legal activities, and (potentially) higher insurance premiums.

To protect yourself from these costs, take the following precautions against insurance fraud.

Drive defensively: Never tailgate. Other drivers may take advantage of the situation to stage an accident.

Report accidents: Even if the damage is minor, always report any auto accident to the police. Be sure to obtain a copy of the police report. This will provide proof if the other driver tries to make false claims down the line.

Document everything: Take pictures of the vehicles involved in an accident. These images will document what damage (or lack of damage) is present to prevent false claims or exaggerations. Additionally, record the details of the incident. This should include license plate numbers, contact info and driver’s license numbers of all drivers, and contact info for any witnesses.

Avoid scammers: If anyone appears at the scene of an accident and attempts to guide you to an attorney or a specific doctor, turn them away. This is a red flag that they are attempting insurance fraud. The same is true for doctors who insist that you file an injury claim even if you’re not hurt. If this is the case, you may need to find a new doctor.

Consult quickly: Regardless of fault, report auto accidents to your insurance company as soon as possible. We’re here to help you navigate any claims and protect you from insurance fraud.

As the new year approaches, many people review their lives and make new goals for the future, to maybe eat better or exercise more, for example. This turning of the calendar page is also a good time to review your insurance coverage. An annual review allows you to update information and policies to ensure you are appropriately protected in the coming year.

To complete this process, take the following key steps.

Take inventory: Create a home inventory (or update your current one). Be sure to add any major gifts you receive this holiday season and remove anything you have donated, sold, or thrown away in 2019. In your inventory, include a description and the cost of items. Scan or photograph receipts to save with your list. Store everything online and/or off-site so you can access it in case of disaster.

Assess automotive needs: Consider the age and value of your vehicles. Is your coverage still appropriate? Have the primary drivers on any vehicles changed this year, or will they soon? Make sure deductibles, limits, and primary driver designations all make sense for your current needs.

Look for changes: Have you experienced any changes in the past year that might affect your insurance coverage? Renovations, births, purchases, and commute changes can all affect your insurance considerations.

Check for savings: Don’t miss out on any savings opportunities. Check for multiple policy discounts, changes in requirements, or new programs that may cut your insurance costs.

Contact our office for a quick review of your policies. I can help you evaluate your insurance needs to make sure you have the right coverage as you head into the new year.

Each year, open enrollment allows new enrollment in the  Affordable Care Act (ACA). This period also gives those already enrolled a chance to review their coverage, change deductibles, and fine-tune their ACA plans.

For example, according to CNN, the average deductible for a Bronze plan is about $5,900, with an average out-of-pocket limit of a little under $7,000. Upgrading to a Gold, Silver, or Platinum plan will cost more per month; however, this could allow you to lower your out-of-pocket costs. How? A Bronze plan covers about 70 percent of your medical costs per year while a Platinum plan covers about 90 percent of your yearly health care costs.

Our no-obligation consultation about your 2020 ACA coverage can help you determine if you should stick with your current plan or consider upgrading to save on annual health care costs.

We do get busy during open enrollment, so do not hesitate to call us now. We can discuss your options and help you determine if you want to make the switch when open enrollment begins November 1, 2019. If you miss the last day of open enrollment (December 15, 2019), you will not be able to enroll for 2020 unless you qualify for coverage due to a special life event, like losing your group insurance.

Do not wait until the last minute to discuss your ACA options with us. Plans sold during the 2019 open enrollment period go into effect on January 1, 2020. If you had coverage under the ACA in 2019, your re-enrollment is automatic. However, your plan’s cost may increase, or you may find that you have different medical needs and would like to switch plans.

Don’t struggle alone with the online options when professional help is available. Contact us today.

The 2019 Verizon Data Breach Investigation Report indicates that one third of cyberattacks involve phishing traps. These scams involve imitating a reputable source to induce staff to reveal sensitive information. As companies increase awareness of these cons, cyber criminals increase their efforts, making tactics more sophisticated.

How can you protect your company?

First, educate yourself and staff about current phishing techniques. Cybercriminals often use links embedded in emails to direct employees to unsecure sites. A second common method is to spoof a sender email address and request secure data. Scammers may also impersonate a known IT department or vendor and ask for sensitive information over the phone. Recently, phishing tactics have expanded to texting, which can be particularly effective, since staff may be more distracted and less vigilant when it comes to these informal interactions.

In addition to education, protect your business from phishing methods by using appropriate security software and remaining current on all updates. Use spam filters and web filters to block malicious content. Develop solid security protocols for password protection and encrypt all sensitive business data. Don’t forget to require encryption for telecommuters, too.

Even with the best measures in place, you may be susceptible to attacks. To fully protect your business, establish appropriate insurance coverage. Cyber insurance policies offer protection for these situations. If you suffer a data breach, data loss, business interruption, or other expenses due to cybercrime, insurance is essential for covering the resulting costs.

Contact our office to find out more about available coverage for your company.

A spin around the lake or a cruise down the river can be a great way to spend an August afternoon. Just make sure you have the necessary coverage to protect your boat (and your wallet).

The type and amount of boat insurance you need depend on the kind of vessel you own and how you use it. Simple craft such as kayaks, smaller sailboats, and small powerboats may be covered by your homeowners policy. Larger, more powerful vessels such as yachts and Jet Skis require separate coverage.

A boat insurance policy typically covers damage to the boat itself, theft, and general liability. Additional coverage, including protection for trailers and boating accessories, may also be available. 

These insurance policies typically offer one of two types of coverage: actual cash value or agreed amount value. Actual cash value pays for the cost of replacement minus the depreciation of the boat. Agreed amount value policies pay the total that you and your insurer have agreed upon as the value of the vessel. Under this coverage, old items are replaced with new without subtracting depreciation.

As a boat owner, you may be eligible for discounts to your insurance premiums. Common discounts include those for multiple policies with the same provider, safety equipment onboard the vessel, and crew’s completion of safety education courses. Remaining claims-free for a certain period of time may also qualify you for a discount. 

In addition to obtaining proper insurance, maintain best practices to protect your boat and its passengers. Equip your vessel with proper lighting, an emergency signal (horn, whistle, or bell), and life jackets. Stock your boat with an emergency kit that includes fresh water, a flashlight, a radio, flares, tools, and a first aid kit, and keep a fire extinguisher readily accessible. Lastly, always adhere to marine traffic laws.

Not sure if you have the coverage you need for your boat? Give us a call to review your current coverage and discuss the options available. We’ll make sure you and your vessel are well protected the next time you set sail.