The Concklin Blog

Universal Life vs. Whole Life Insurance - What's the difference?

Universal life insurance and whole life insurance are both types of permanent life insurance, which means that they provide coverage for the entirety of the policyholder's life. However, there are some key differences between the two types of insurance.

Business Email Compromise & CEO Fraud

Business Email Compromise (BEC), also known as CEO Fraud, is a highly targeted form of a phishing where the scammer impersonates a high-level executive, such as a CEO or CFO. Generally, this scam involves hijacking emails, faking social media accounts, spoofing websites, and other tactics to convince people of their fake identities. More advanced tactics can also include the use of deepfake video and voice calls.

Top 3 reasons why you should get an insurance review annually

Getting an insurance review annually is an important part of managing your insurance coverage and ensuring that you have the protection you need. Life changes and your insurance needs can evolve over time, so it's important to review your insurance policies on a regular basis to make sure that you are still adequately covered.

3 Tips on Preventing Frozen Pipes

Frozen pipes can be a major problem for homeowners, particularly during the colder months of the year. When water inside a pipe freezes, it expands, which can cause the pipe to burst and result in significant water damage to a home. There are several factors that can contribute to the formation of frozen pipes. One of the most common is a lack of insulation in the home's plumbing. Pipes that are located in unheated areas of the home, such as basements or crawl spaces, are more likely to freeze. Cold outdoor temperatures and strong winds can also contribute to the formation of frozen pipes.

Restaurants: Do you have a nightly closing checklist?

A restaurant closing checklist is a list of tasks, to be completed by restaurant staff at the end of the workday.  You can provide this checklist either as a printed list, or as a digital form that can be completed and submitted. While many closing checklists focus on the cleanliness of the restaurant, a few items should be included to help prevent fires and other insurance claims from occurring.

Buying a new home?  You should talk to your insurance agent before closing the deal!

If you are in the market to buy a new home, you should reach out to your independent insurance agent to discuss any property you are seriously considering purchasing. Here are some ways your insurance agent can help you during the search for a new home:

How Does Third-Party Employment Practices Liability Protect My Business?

Employment Practices Liability Insurance (EPLI) offers protection against lawsuits arising from current, prospective, or former employees who make claims of wrongful acts, including wrongful termination, sexual harassment, or discrimination. A wrongful employment practice claim, even when false can damage your reputation and lead to financial damages.  If you have employees, it is strongly encouraged that you should carry EPLI.

My mortgage lender is asking for hazard insurance, is this part of a homeowner's policy?

Homeowners’ insurance is a package policy combine property insurance and liability insurance into one policy.  Most standard policies include four types of coverage: Structure, Personal Property, Liability and Loss of Use / Additional Living Expense. Additional coverage and limits can be added to your policy depending on your unique needs.

3 steps to effective Cyber Risk Management Planning

In today’s technology driven world, it is almost guaranteed that your business stores data and information digitally.  This could be customer and client information, payment information, personal files, bank account details, etc. As such, you need to have a cyber risk management program that addresses prevention, response management, and insurance coverage in the event of a data breach.

State Minimum Car Insurance? No Thank you!

Every state has minimum car insurance requirements (the amount of coverage you need to be legally insured) and generally, you need to have this coverage to drive your car. For example, Illinois requires you have liability insurance in the following minimum amounts:

General Liability Goes Further For Restaurants

When we think about general liability we think of bodily harm or property damage resulting from accidents, such as slip and falls.  However, General Liability goes much further for restaurant owners with product liability – often called Products and Completed Operations Coverage. 

My insurance company non-renewed my policy – what does this mean?

Either you or your insurance company can decide not to renew your policy when it expires.  This can come as a shock when it is the company that decides to non-renew – especially if you have paid your premium on time and have had no claims. It is important to understand that a non-renew is different than a cancellation.

What is an Experience Modifier and how does knowing yours help?

When it comes to Worker’s Compensation polices many business owners only look at one number – the premium quoted. Yet taking a deeper look into how your premium is calculated can provide valuable insights on ways to lower your premium in the future.

Your home’s hidden insurance gap – it’s underground!

We don’t often think about what is going on underground.  Out of sight – out of mind.  But there is a lot going on down there. As a homeowner you are responsible for maintaining the service lines from your home to your property line – and a standard homeowner’s policy does not include cover service line damage.  This means you could find yourself responsible for potentially thousands of dollars in repairs.

6 things you can expect to be asked when your business applies for cyber insurance

In less than 9 years, ransomware attacks are predicted to attack and encrypt businesses or devices every 2 seconds.  In 2021, the average ransom payment was $812,000 and 46% of businesses who had their data encrypted paid the ransom according to CybersecurityDIVE.  For technology-based industries this number is even higher with 83% of companies paying the ransom.

Can I choose my own coverage limits for my home?

Coverage limits are the max amount an insurance policy will pay out in the event of a covered loss. When we are talking about the structure of your home, we are referring to Dwelling Coverage, or Coverage A in your homeowner’s policy. In the event of a complete loss, such as if your home burns down or is hit by a tornado, you’ll want these limits to be high enough to cover the costs of rebuilding your home.

Top 4 risks when offering outdoor dining – and how to minimize them

Many restaurants are offering outdoor dining options on sidewalks, in adjacent open spaces, and in their own parking lots. Offering outdoor dining options at your restaurant comes with risk – here are the top 4 risks you should consider when opening an outdoor area.

Motorcycles are valuable targets for thieves. Help protect yours with these 10 simple tips.

Did you know motorcycles are prone to theft?  In some areas, motorcycle owners have over 13% chance of having their bike stolen! While your location and the style of bike you have will affect the likelihood of a theft, following these 10 easy steps can help reduce your bike from being a target.

Does your company have a Distracted Driving Policy? Empowering employees to focus while driving.

Does your business have a distracted driving policy? When employees drive distracted their chance of being in an accident increases tremendously. Not only is this dangerous for your employees and the others sharing the road, if the employee is in an accident while doing their job – such as driving to meet a client, to the bank, to make a delivery, or another task in their job description – a claim could be made against your company for damages. On average distracted driving costs employers $75,176 per non-fatal incident, a fatal crash is 10 times more costly - and that was back in 2019. Costs have only increased since then. This doesn’t even take into consideration the lost workdays.

Why HO3 is often the best option for homeowners

HO3 Insurance Policy If you own your home, it is likely you have an HO3 insurance (Homeowners 3), as this is the most common – and deservedly so – homeowner’s policy there is.  You might wonder why HO3? What are HO1 and HO2? How many different types are there?  How can you be sure the policy you have is the right policy if you don’t understand your other options?

Flood Insurance for your business, what you need to know

Flooding is a risk to your business, regardless of if you are on the coast or inland – all 50 states experience floods.  The average commercial flood claim is around $89,000 in the last 5 years.  In fact floods on average cause $3.5 billion dollars in damage annually.  The risk is so massive that insurance companies would need to charge outrageous premiums in order to cover the damages. This led to the creation of the National Flood Insurance Program (NFIP) in 1968. Without the NFIP those most in need of coverage would not be able to afford it.