Financial Wellness Begins at….the Workplace?

February 24, 2019 By Amy Hammond

Inspire Employee Stability,
Productivity Through Financial Education

Many workplaces are adding financial wellness education to their list of classic wellness offerings like biometric screenings and fitness/weight loss programs. For many, the catalyst for this focus is the recent government shutdown, which brought a disturbing reality to the forefront. At best, many Americans have a shaky hold on financial stability. According to the Federal Reserve, nearly half lack an extra $400 in emergency savings.

Imagine asking each of your employees to give their pocketbook a physical. What would the outcomes reveal? Is your workplace full of Adonis-level investors with stacked emergency funds and 501K maxes, or would the exercise expose overspending and a lack of savings? The detrimental outcomes associated with unstable finances are well-documented. Financially stressed employees can see dips in productivity and increased health risks. That’s not good for anyone.

Thankfully, employers can do plenty to educate their employees regarding sound financial practices, and some are making a huge difference by tailor-making their program. Pitt Ohio is one such example. The provider of transportation and logistics surveyed their employees to reveal where any ‘financial literacy holes’ existed. The company then created a custom plan to educate workers and to meet their specific needs. Financial counseling was made available. Weekly payroll deductions to a savings account began.

What should an employee financial wellness program look like for your workplace? It depends what your employees are most receptive to. Some programs are completely online; others incorporate seminars and teleconferences. A third-party vendor is suggested, as employees may not feel comfortable revealing the state of their financial health to an employer. Expect education regarding such subjects as debt, mortgages, insurance, wills and trusts, budgeting, financing a home and more.

Just as with a wellness program focused on individual physical health, participation is key to success. Therefore, be open with employees that their privacy is protected. Encourage them to become more financially literate, and facilitate this by making the program easy to navigate. Remember: the return on investment for participating in such a program can be lifechanging. Removing financial uncertainty from an individual’s To-Do list can have a positive lifelong effect.

Physical health is important, yes, but so is peace of mind. Accordingly, so is peace of pocketbook. Consider financial wellness a pivotal part of your business wellness program.

Are you looking to begin or expand your organization’s financial wellness offerings? Contact Trish Blocker at tblocker@w3ins.com for tips and advice.
Source: https://www.forbes.com/sites/jennifertescher/2019/01/18/many-just-a-paycheck-away-from-financial-ruin-employers-and-fintech-can-help/#1dbc96c53e4e

Life Insurance: The Ultimate Valentine’s Day Present

February 14, 2019 By Amy Hammond

Take Valentine’s gifting to a new level this year with the ultimate present: life insurance. Chocolate says: You’re sweet. Roses declare: Our relationship is beautiful. Life insurance promises: I’ll take care of you even if I’m gone. Which is the most meaningful option?

We’re here to help you make this February the month your loved ones find peace of mind. Read below as we answer some of the most frequently asked questions regarding the purchase of life insurance:

How do I know which type of life insurance is right for me? Learn the difference between term life insurance, which locks in your rate for the just the duration of the term and whole or universal life options that accrue cash value. One size of life insurance does not fit all, and that’s why the advice of an experienced advisor is so helpful.
Do I need life insurance if I’m single? YES. Others may not be depending on your income, but if something were to happen to you, your family will incur the expense of final arrangements. Also, it’s advantageous to lock in your insurability while you are healthy and qualify for favorable rates.
I’m young and healthy, so why do I need a life policy? Congratulations – it’s the perfect time for you to apply! The healthier you are when you request life insurance, the lower your cost is likely to be. There’s a common saying that life insurance isn’t for the living – it’s for those they leave behind.
My health isn’t the best – should I still seek to purchase life insurance? Of course! And if your health conditions improve, your rate may as well. For example, if you are a smoker and are 30 pounds overweight at the time of policy purchase, you may be able to seek a re-evaluated rate if your health changes for the better in the future.

Take the next step by contacting Abbey J. Bowersox CLU, your W3 Insurance life insurance advisor, at 727-522-7777 x150. She specializes in finding the right policy for each client.

Keep the flowers. Buy the chocolates. And inside the card, tuck a printout of a life insurance policy with the message:

New Year, New Exposures – The Importance of Holiday Gift Insurance

January 25, 2019 By W3 Insurance

Everyone who fit a trampoline, puppy, drone or diamond under the tree, listen up: you are not only popular in your home right now, but you also likely need to adjust your personal lines insurance. For many of us, the New Year came with new exposures. Here’s how to back some of those fun and precious gifts from Santa with the proper holiday gift insurance protection.

Puppy owners – Congratulations on your new addition! Along with new bowls and chew toys, it may be time to purchase an umbrella policy. No, not because cuteness is now raining down upon your family, though it most certainly is. Many a Florida homeowners policy excludes animal liability. If protection is available through homeowners insurance, it usually offers a lower limit of liability coverage. A personal lines umbrella can extend your limit or close that coverage gap. Also consider purchasing pet health insurance, especially if your fuzzy bundle of joy is of a breed known to develop health problems.
Drones – These unmanned aerial vehicles (UAVs) are classified by the FAA as bonafide aircraft. That leaves your Florida homeowners insurance carrier to decide whether you receive personal liability protection under your current policy. There’s a reason for this. Plenty of accidents have been attributed to drone use. UAVs have been reported to literally fall out of the sky and damage people and/or property. They’re not just ‘remote control cars in the wide blue yonder.’ Check your residential insurance policy with your agent and gauge any additional coverage needs.
Golf cart – We’ll ignore for the moment that you obviously purchased that vehicle for yourself. But know this: that cart and your liability arising out of its ownership and operation is likely unprotected. Specific insurance policies or endorsements for golf carts exist precisely for this reason. Note: When you call your insurance agent for options, be prepared to say, “This sounds like auto insurance!” Florida golf cart insurance is really very similar, with coverage offered for elements such as bodily injury, collision and property damage. It’s also important to note – if your golf cart or low speed vehicle has a 17 digit vehicle identification number (VIN), you are then required by the state to have an auto policy with PIP coverage in place at all times.
Baubles and other bling – Jewelry may be insured under your Florida homeowners policy – or it may not be. Get an appraisal and work with an insurance expert to properly protect your investment.
Additions to existing policies – So you went for the whole bow-on-the-car Christmas morning shock factor? Good for you! Make sure to call your insurance agent and add that SUV to your auto policy. The same goes for a new boat or home expansions.

For all these new exposures and more, you can trust W3 Insurance to offer solid guidance and comprehensive personal lines insurance. Call us today at 727-522-7777. We’ll insure your New Year treasures with peace of mind protection.

The Truth About Jewelry Insurance – Give the gift of COVERAGE

January 10, 2019 By Amy Hammond

It’s time to amend the diamond shopper’s guide referred to as ‘The 4Cs.’ Cut, clarity, color and carat are all important, but what about coverage?

Make sure that you consider insurance for that gorgeous tennis bracelet. The ring nestled as a stocking surprise needs protecting, too. Jewelry insurance is a part of most bauble purchases, yet few consumers understand how the process works.

Here’s the truth about jewelry insurance.

Your homeowners policy may probably does not fully cover jewelry. Most have limited coverage, if any.
Purchased a jewelry floater? That’s a great start, but if you schedule only certain items as part of that floater, those items are all that are covered. Unscheduled coverage is also imperative for smaller items.
The appraisal application is extremely important in securing jewelry coverage, so make sure it’s complete. You’ll be asked for a clear picture of the item as well as essential details unique to the piece. For example, up to 50% of the value of a diamond is derived from cut. If this information is missing, the insurance company cannot denote value.
A Graduate Gemologist who is also a Certified Insurance Appraiser is the ‘gold’ standard of jewelry insurance. Not only will this professional reveal the true worth of your piece, but his word is golden when it comes to securing proper coverage limits for it.
Appraisal forms vary widely. Some are long, some are short – most are downright confusing. Contact your W3 insurance agent to learn more about solutions for jewelry coverage.

Beautiful jewelry isn’t meant to collect dust inside a drawer. Insurance gives the owner piece to the fullest. For more information about jewelry insurance and how you can protect that which you hold dear, contact W3 Insurance at (727)522-7777.

Secure Your Business – Here’s How:

December 31, 2018 By Amy Hammond

Thanks to all the news stories of businesses toppling amidst cyber attack, you’re likely convinced that the threat is real. As cyber insurance advisors, we can assure you that the battle is ongoing and that hackers and other miscreants show no sign of calling for a cease fire. How can you win the war? Besides purchasing cyber attack coverage, there are some relatively simple measures you can take to ensure your organization does not become a cautionary tale. Below is a short list of steps you can take:

Securely back up confidential information/important files in a remote location NOT connected to you business’s main network.
Update software as new updates are released to stay up-to-date with the latest security updates.
Be aware of logins and passwords
- Take special care when dealing with passwords to portals that contain banking information, health insurance, PayPal information, etc.
- Select long passwords with two factor authentication
- Don’t reuse passwords
Always verify any change requests from vendors/clients by calling a pre-determined number. Never call the number ON the change request; it may be fraudulent
Keep employees current regarding all types of cyber scam techniques and the best ways to combat them.
Stay educated through reputable sites and share pertinent information with directors and officers, as well as employees. These include: iii.org, IC3.gov and idtheftcenter.org.
Recognize that prior to your business being targeted by phone or email, your computers likely will have been breached. Consult with computer technology experts and use updated cyber security software, secure Wi-Fi networks, and two factor authorization.

If you haven’t yet purchased cyber insurance, find your coverage here. All it takes is a few minutes to complete the application; afterward we’ll present you with a bindable quote. W3 Insurance is on your side in the fight against cyber attack. Thanks to extensive coverage options, we’re able to be part of the shield that keeps businesses like yours from becoming a statistic.