Blog

Several of our business clients have been impacted by a wrongful termination lawsuit that nearly put them out of business, and I felt the need to reach out to those of you I haven't discussed this topic with. With three out of every five companies suffering discrimination, harassment, or wrongful termination lawsuits during their business’s lifespan, it is unfortunately likely that your business will, too. Consider these hard-to-answer questions: 1. While you work hard to exercise impeccable judgment and eliminate discrimination in the office, are you 100% certain you’ve never grossly offended a member of your team? 2. What about your employees? Do they maintain the same level of awareness and integrity? 3. Will all of your employees — past, present, and future — fully understand your reasons for demoting or terminating and know it had nothing to do with sex, race, religion, or gender? Our agency has deep experience in the growing field of Employment Practices Liability Insurance (EPLI). Why is it growing? Because every year more and more employees sue former employers with allegations of discrimination, harassment, or wrongful termination. If you have employees, you need Employment Practices Liability Insurance. Please contact our agency if you have more questions about EPLI, one of our knowledgeable agents would be happy to assist! ☎️ 661-942-1101 ✉️ info@marvinins.com Do you like this content? You can similar content on our Facebook & Instagram!

April is Distracted Driving Awareness Month, and it's the perfect time to refresh our commitment to safe driving. Here's how we can make our roads safer.

April 7th is National Pet Insurance Day! We know that your furry friends are very important, and here are some reasons why you should consider pet insurance.

As we step into the vibrant season of spring, it's not just the flowers that bloom, but also the anticipation of unpredictable weather. With March marking the National "Umbrella Month," it’s a timely reminder from us at ISU Stephen B. Marvin Insurance Agency about the importance of being prepared for those unforeseen storms life may throw your way. This month, we encourage our valued clients to consider the benefits of umbrella insurance—a critical layer of security that ensures peace of mind during turbulent times. Understanding Umbrella Insurance Umbrella insurance is designed to provide an additional layer of protection beyond the limits of standard insurance policies, such as homeowners, auto, or watercraft insurance. This type of insurance steps in where your other policies reach their coverage limit, offering extended protection against a wide range of potential financial storms that could otherwise devastate your savings and future earnings. One of the most compelling aspects of umbrella insurance is its affordability. Compared to the extensive coverage it provides, umbrella policies are usually significantly more cost-effective. This makes them an invaluable addition to any insurance portfolio, acting as a safety net that's there when you need it most. Why Consider Umbrella Insurance Now? The symbolism of March as National Umbrella Month couldn’t be more appropriate. Just as we use physical umbrellas to protect ourselves from rain, umbrella insurance serves as a protective canopy for your assets and future income against severe financial downpours. Whether it’s a lawsuit, major accident, or another unforeseen event, having umbrella insurance means you have a broader coverage to shield you from the financial impact. The truth is, no one ever wants to be in a situation where they need to rely on their umbrella insurance. However, life’s unpredictability makes it essential. Having that extra layer of insurance isn’t just about managing risks; it’s about ensuring that when the storm passes, you and your loved ones can move forward without the burden of financial strain. Take Action Today As we celebrate National Umbrella Month, we invite you to consider how an umbrella policy can fortify your personal insurance coverage. It’s a simple, proactive step you can take to safeguard your peace of mind and financial wellbeing against life’s unpredictable moments. Don’t wait for the clouds to gather before thinking about your umbrella. Get in touch with us today to discuss how an umbrella insurance policy can be integrated into your current insurance plan. Our team is here to guide you through your options and help you secure the additional protection you deserve.

Navigating the insurance landscape has become increasingly challenging for many, with noticeable upticks in premiums across various policies. At ISU Stephen B. Marvin Insurance Agency, we understand the importance of transparency and education for our clients. Therefore, we're shedding light on the pivotal factors contributing to the rise in insurance costs and offering actionable advice to help manage these changes effectively. Here's what you need to know: 1. Higher Rebuilding Costs The cost to rebuild homes has surged, primarily due to increased material and labor expenses. The ongoing supply chain issues further exacerbate this situation, making it inevitable for carriers to adjust premiums to cover these rising costs. 2. Elevated Vehicle Repair Expenses Auto repair costs have risen by 20%, driven by the higher prices of auto parts and labor. Modern vehicles, equipped with advanced technology features, demand more sophisticated (and pricier) repair methods. 3. Skyrocketing Medical Costs The healthcare sector has seen a significant increase in costs, especially for bodily injuries resulting from auto accidents, contributing to higher insurance premiums. 4. Increased Litigation Costs Litigation expenses have soared, marking a 30% increase in 2022 alone. This trend adds considerable financial strain on insurance carriers, influencing premium rates. 5. More Frequent and Severe Auto Accidents The post-COVID era has witnessed a rise in auto accidents and fatalities, necessitating adjustments in insurance pricing to accommodate the increased risk. 6. Higher Reinsurance Costs Reinsurance rates are climbing, reflecting the insurance industry's response to manage catastrophic losses effectively. This situation impacts the overall pricing structure for consumers. Proactive Measures to Mitigate Rising Costs While the industry faces these challenges, there are steps you can take to navigate the current market conditions: Consider Higher Deductibles : Opting for a higher deductible may not suit everyone, but it could be a strategic choice for some. We're here to discuss if this option aligns with your situation. Ensure Continuous Coverage : Avoid lapses or cancellations in your policy. The current market is less forgiving, and reinstatement might require upfront payment or lead to cancellation based on the carrier's risk assessment. Value Tenure : Loyalty pays off. Frequently switching insurers can disadvantage you in the long run. Continuity with an insurer is often rewarded with better terms. Handle Small Claims Independently : Whenever possible, manage minor claims out of pocket to avoid increasing your premium due to claim frequency. Additional Tip: Maintain Your Property A well-maintained home can prevent unnecessary claims and potential premium hikes. Keep your yard clear of debris and manage overhanging trees to mitigate risks that could lead to insurance claims. Ready to Discuss Your Options? Understanding these dynamics is crucial, but knowing how to navigate them is even more important. At ISU Stephen B. Marvin Insurance Agency, we're committed to guiding our clients through these turbulent times with personalized advice and support. If you're feeling the impact of rising premiums or have concerns about your coverage, don't hesitate to contact us. Together, we can explore strategies to manage your insurance costs effectively while ensuring your peace of mind.

I trust this message finds you well and that the beginning of 2024 has brought joy and positivity to your life. As we embark on a new year, I wanted to address a common concern that arises among our clients regarding the coverage of valuable holiday gifts under their homeowners insurance policies. The excitement of receiving expensive presents like jewelry, watches, and fine art during the festive season often leads to questions about their protection. To shed light on this matter, I'd like to provide some valuable insights. Understanding Your Homeowners Insurance Coverage: It's important to note that homeowners insurance policies can vary, and while they offer comprehensive coverage for many aspects of your home and belongings, they may not adequately protect high-value items like exquisite jewelry or fine art. In most cases, standard homeowners policies do not extend coverage to these valuable possessions, leaving them vulnerable to potential loss, damage, or theft. The Solution: Supplemental Coverage Made Easy: The good news is that safeguarding your precious gifts is both easy and affordable. Rather than taking unnecessary risks, consider obtaining supplemental coverage specifically designed to protect your valuable items. To assist you in this process, we are offering a quick and complimentary review of your current insurance coverage. If necessary, we can provide you with a quote for supplemental coverage tailored to your unique needs and possessions. How to Get Started: Initiating this process is simple. Just respond to this email or give our office a call, and we'll guide you through the steps to ensure your treasured gifts are adequately protected. Our team is dedicated to providing you with peace of mind, knowing that your valuable belongings are safeguarded against unexpected events. Remember, proactive measures today can prevent potential headaches tomorrow. Don't let uncertainty overshadow the joy of your precious holiday gifts; let us help you secure the coverage they deserve. Thank you for choosing us as your insurance partner. We look forward to assisting you and ensuring that your valuable possessions are safeguarded for years to come. Wishing you a safe and prosperous year ahead!

The past few years have reshaped the landscape of work, and remote operations have become a cornerstone of many businesses. While the necessity for remote work may have evolved, the importance of fortifying cybersecurity measures remains constant. As we navigate this digital era, the threat to networks and business assets is ever-present. With that in mind, I wanted to share some crucial steps to enhance the security of your network and safeguard your valuable business assets. Implement Multifactor Authentication (MFA): Multifactor authentication is a fundamental method to verify the identity of individuals logging into your network. By requiring multiple forms of identification, such as passwords and authentication codes, you add an extra layer of security, reducing the risk of unauthorized access. Limit Access with Least Privilege Principle: Adopt the principle of least privilege access, ensuring that only individuals who require access are granted it. By restricting permissions, you minimize the potential damage in the event of a security breach and enhance overall network security. Regularly Update Devices: Establish an IT protocol mandating the timely update of all devices connected to your network. Keeping software and security programs up-to-date is crucial in preventing vulnerabilities that could be exploited by cyber threats. Protect with Virtual Private Network (VPN): Utilize a Virtual Private Network (VPN) to secure the traffic to and from your assets. VPNs encrypt data, adding a layer of protection against cyber threats and ensuring the confidentiality and integrity of your business communications. Implement a Password Manager: Encourage employees to use a password manager to store and manage their login credentials securely. This not only reduces the risk of forgotten passwords but also promotes the use of strong, unique passwords for each account. Reevaluate Cyber Insurance Coverage: Cyberattacks have surged by 238% since 2020, emphasizing the need for robust cyber insurance coverage. Regularly revisit and assess your cyber insurance policy to ensure it aligns with the evolving threat landscape. A well-designed policy can provide financial protection and support in the aftermath of a cyber incident. In light of the rising cyber threats, it's imperative to acknowledge that a cyberattack could happen despite the preventive measures in place. If you would like a comprehensive review of your current coverage to ensure it provides adequate protection for your business, feel free to reach out. I am here to assist and ensure your business remains resilient in the face of evolving cybersecurity challenges.