We strongly encourage all our clients to consider the value of cyber insurance, especially if they handle digital information or store sensitive data on customers.
One of the first topics to cover with many new cyber insurance buyers and small businesses, is the business’s regulatory or contractual responsibility with regards to customers’ personal data. If your business stores customers data such as names, addresses, credit card information, Social Security numbers, and more, on any type of computer system on or offline, then there is a regulatory obligation to keep that data secure, and therefore, a higher price tag in the event of a breach.
Many are surprised to learn the real costs associated with a breach. According to a USAToday report from 2021, cyberattacks cost small and medium-sized businesses an average of $2.235 million. On top of that, the study showed that 60 percent of the businesses that were polled said that attacks are becoming more severe and more sophisticated each year.
Small business owner's are wise to invest in a cyber security policy for their business. Maybe even more important than a fire insurance policy.
For those driving to your Thanksgiving destination, a few tips:
Put some bottled water in your car. Add in a few energy bars too.
Have an older blanket in your car too, you never know!
Put a small shovel in their too, you never know when you'll hit snow!
Make sure you windshield solution if full.
If you need new window wipers, get them now before the trip.
A brush and ice scraper too (but you knew that already)!
Be safe, drive safely, your family and friends will be there when you get there, no reason to hurry!
And maybe check your auto insurance policy for proper limits of insurance before your go 😉 😉 😉
Considering Going All In for a Fixer-Upper? Here’s What You Need to Know Before You Do
Fixing up and flipping a property is a popular trend many entrepreneurs are buying into nowadays, mainly because of its lucrative profit-earning potential. Furthermore, many ‘flippers’ will agree that it’s one of those projects that’s worth seeing through to the end because you’ll undoubtedly be proud of all that you’ve managed to accomplish in such a short space of time. If you’re already sold on flipping properties, Larsen Insurance provides what you need to know before you get started.
How to select a feasible fixer-upper property
When selecting a fixer-upper, not all properties will be feasible in terms of profitability. While some may look great at first glance, it can be deceiving if you haven’t done the necessary research. Moreover, not investigating properties can lead you into a lot of financial trouble. Here are some things you should look into.
Location matters a great deal
As is generally the case with the housing market, location matters significantly when it comes to your return on investment when you eventually sell the property. As a general rule, the more upmarket the area, the more profit you’re likely to make when closing a deal (provided you’ve worked out the profit margin correctly).
It’s wise to investigate current home trends when evaluating properties. Knowing what desirable features a home already has, and those that can potentially be added, can help you separate the best candidates for flipping from those that leave something to be desired. Having several desirable features will make your flipped house more attractive to potential buyers.
Try to keep renovation costs as low as possible
Indeed, your main aim will be to make as much profit as possible when you flip the property. However, renovation costs can quickly eat into your profits if you’re not careful. Therefore, you’ll want to ideally choose a fixer-upper that needs mainly superficial renovations if you're going to keep costs as low as possible.
What not to buy into
There will be specific properties that will be a no-go from the very start. These include fixer-uppers that don’t have a sound structural foundation or roof, those that have faulty electrical installation, insect infestations, water or mold damage, and more. These are the types of costs that can put you instantly in the red-for good.
What to address first
As far as tackling renovations goes, it can be overwhelming when you have to decide on what to start on first and the many factors that can influence this. For instance, it can come down to something as simple as your available budget, as well as addressing any safety concerns that require urgent attention to get the property as move-in ready as quickly as possible. When it comes to renovations, you can do it yourself. The more straightforward tasks are usually the best, like painting and general decor, if you don’t have specialized knowledge of more in-depth processes like electrical wiring or plumbing, for example.
Don’t neglect what’s outside the home. An attractive landscape can make a home much more appealing. Search online for tips for finding local tree trimming services and landscapers to give the natural features around the home some TLC. And read service reviews first; you want to source companies with a reputation for quality work. Once you have a list of good companies, reach out to them to get quotes for work.
Other potential business prospects
Apart from fixing and flipping a property, you could opt to hang onto it a little longer and turn it into a vacation rental instead. Just remember to register your new venture as you would any other business. For example, applying for an Employer Identification Number or EIN can help you obtain tax deductions down the line.
In summary, flipping a property you helped transform into something new is extremely rewarding. This is one of the reasons why many choose this career path. And they have never looked back since. So, if you're considering heading this route, it could be one of the best things you ever decide to do. Reach out to Larsen Insurance for custom insurance solutions to protect you and your investment during your house flipping journey.
Q-Is there any website where we can compare different auto insurance companies and their quotes online without having to call them all individually?
A-Most of the “so called” auto comparison sites are there to sell your information as a “lead” to insurance agents. In my office we do NOT buy leads, as they sell them to 4 or 5 agents. Do yourself a favor and look up Independent Insurance Broker in ______________ (your town inserted). Most will have 6 or 8 or 12 insurance companies they quote through. They will give you an honest answer and comparison from all the companies.
This is what we do in my office.
Do you have at least $1,000,000 of life insurance protection? Why not? Isn't your ability to earn money now and in the future worth at least $1,000,000? Or pay off your home? Or give your family peace of mind?
We have a wholesale life insurance company, who represents over 30 life insurance companies, that can do a free analysis of you current policy. No obligation, no sales pitch, just a free review of your current life insurance. Not sure if it is performing well? They will tell you. Should you stop paying it and get a new policy? Will it run out of funds?
A lot to think about, which is why a free analysis would be smart to do. We have a form to get you started that goes directly to the insurance wholesaler - not us.
Email me if you'd like the form email@example.com
Funny Insurance TV Commercials - Miss the Mark!
When they think they are being "cute & funny" (I say NOT!), what the message is...buy me, buy me, buy me! That is not the way a smart consumer buys insurance today. You don't want to be sold to, want an insurance policy not covering your important assets. But they are all following each other to see who can not only be cute but gain market share from each other.
On the other hand, their are insurance agents like us, who want to create relationships, not sell insurance policies. Ever been asked to buy a personal umbrella insurance policy? No? Because those other auto & homeowner insurance companies don't know your need, never ask! Only sell on price, as if that is the end game!
Oh sure, price is important, that is why we represent 18 insurance companies to find you the best price but not at the expense of coverage! Imagine being sued for, oh $500,000 and you have a $100,000 insurance policy (liability on your cars or home), where are you getting the other $400,000 from? Know where? You salary, your income will be garnished at 10%! Do you wish to lose 10% of your income until this is paid off?
Smart insurance consumers know to seek out an insurance professional they can get to know, like and trust. Then they are in a relationship status and not a sold policy status. You'd be wise to seek out such a relationship.
Here in this quick video, we explain what the comprehensive coverage is on your auto insurance policy. It's important to consider always leaving comprehensive coverage on an auto because it is where you get Full Glass coverage on your auto.
Go watch it now!
Many restaurant owner's, especially new one's, don't realize that they can cut costs on worker's compensation insurance. There are "safety groups" out there that ban together in the same class code for the spreading of risk on injured employees. Using these "safety groups" is quite often a 20% discount up front and then a back-end dividend, the dividend depending on the experience of the whole group.
Once the restaurant owner is accepted into a group, they never leave, as the discounts are too large to replace elsewhere. It's what every pizzeria, brew pub, wine bar & sub shop should be doing. You can request a quote by going to www.nyrestaurantinsurance.com
Solution to Every Insurance Problem-Larsen Insurance Agency (subkit.com)
They wanted to ask questions about starting a small business. I gave them honest answers that I thought could help someone starting a business like I did. Look at the article to see my answers to their questions!
Client calls with this exact problem and says, "I am waiting for my neighbor to come home to find out who his insurance company is." Um, Mr. client, this claim will be on your homeowner policy, not your neighbors. in insurance terms, we call it "Act of God", as nobody was negligent in having that tree fall. Doesn't matter who's land it was on, neighbors, the towns, the city...wind or soil erosion caused the tree to fall. Can't blame it on the neighbor or the town, it happened!
So the claim is your, whether fail or not. No negligence was involved in your homeowner claim.