Ihry NewsJune 2017

The Smartest Insurance You May Not Have Article provided by MetLife.

A publication brought to you by Ihry Insurance Agency, Inc.

Disability insurance prevents injury or illness from becoming a major financial catastrophe.

After Erin Kerr, an elementary school teacher in Bend, Oregon, dislocated her shoulder on a weekend mountain bike ride last April, she assumed she’d be back to work the following Monday. But a visit with her doctor confirmed otherwise.

Kerr’s shoulder injury required surgery, and the preparation and recovery would keep her out of the classroom through the end of the school year.

Thankfully, the mother of two had signed up for short-term disability insurance. “I thought it would be a good idea a couple years ago – then I just kept renewing it,” she says. That coverage ended up helping to pay for several thousand dollars in medical bills while she was out of work.

Disability insurance can help replace your income if you’re unable to work due to a non-work related injury

or illness. For various reasons, it’s often overlooked – young people especially don’t expect health problems will prevent them from working. Yet, regardless of your age, disability insurance can prevent an accident or ailment from becoming a financial catastrophe.

Paycheck insurance

According to the Bureau of Labor Statistics, 39 percent of workers have long-term disability insurance plans and only 33 percent have short term disability insurance plans. The latter typically covers illnesses or injury lasting less than six months, while the first can provide coverage for the duration of the disability, sometimes until retirement.

You can think of it as insurance for your paycheck. Most policies may even cover between 45 percent and 65 percent of your pre-disability earnings, a report from the nonprofit LIFE Foundation explains.

What’s considered a disability varies. Some policies pay

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out only in the case of an accident, while others pay out if you’re unable to perform your job for any health-related reason. For example, you could use your coverage to deal with a mental health crisis or provide some much-needed income during maternity leave. Short term disability for pregnancy can be especially helpful given that only 12% of private sector workers have access to any type of paid family leave.

If your employer does offer paid maternity leave, you could also use disability insurance to supplement what you receive. For instance, if you receive three months of leave after the birth of a child, but only six weeks of that leave is paid, short-term disability insurance could help fill the gap.

Determine what you need

Consider the fact that you have a 30 percent chance of suffering a disability over your career that keeps you out of work for more than 90 days. That could be a major hit to your income, especially since only 38 percent of Americans have enough savings to cover $1,000 in unexpected expenses.

In Kerr’s case, her banked sick leave paid for most of her time out of the classroom, but her

disability coverage helped pay for the avalanche of medical bills that followed her injury. “I had a high-deductible insurance plan, so it was incredibly helpful,” she says.

Kerr obtained her insurance via her employer. You can also purchase individual policies if your employer doesn’t offer such a benefit or to supplement an employer-sponsored policy. If you’re self-employed, disability insurance can be especially crucial in providing an income source in the event you can’t work. Most experts recommend a policy that replaces 60 percent to 80 percent of your after-tax, monthly income, though the right amount of coverage depends on your individual circumstances.

Kerr recovered from her accident, is back to teaching – and riding her bike. She now pays close attention to how much disability insurance she carries and plans on buying a bit more just in case. She notes that disability insurance offered her a financial cushion— and peace-of-mind— that lessened the blow of her unexpected mishap. “It took so much of the stress away,” she says.

5 Wedding Tips You Won’t RegretArticle provided by Ihry Insurance.

Getting married is often as stressful as it is exciting. Planning, coordinating, and anticipating quickly takes its toll and your sanity becomes uncomfortably vulnerable. In order to curb this stress, we have compiled 5 wedding tips we believe you should implement into your wedding planning, along with the big day itself.

1. Dream VenueWhile your friends and family begin their attempt to plan the wedding of THEIR dreams, it’s important to avoid wavering from your dream location or venue. However, certain factors should be considered before signing:

Climate. If you are planning an outdoor wedding, it is crucial to consider the seasonal climate of your location when selecting a date. An outdoor, February wedding in the Midwest is not something we advise. Additionally, we all know how unpredictable the weather can be. A backup indoor venue may be necessary to keep the day from spiraling out of control.

*Immediate Reservations*. It is very likely thatmany of you reading this have similar venues inmind. Our best wedding venue tip is to check venueavailability immediately. Many popular venuesrequire couples to book at least a year in advance.You can never book a wedding too early.

2. Go ProI think all of us have at least one friend who has “always dreamed of being a DJ.” Whether it’s the music or photography, avoid hiring an

amateur in an attempt to make your wallet happy. Your wedding day deserves better.

If possible, we highly recommend meeting with your DJ and photographer at least once before the big day. During these meetings, it is equally important to let them know what you don’t want as it is to let them know what you do.

3. Wedding InsuranceWedding insurance exists? Yes, yes it does. And it has the potential to save your day from total disaster. It is naive to think

you are in full control of all factors on your wedding day. Weather events, photography cancellation, vendor absence, unavoidable postponement, and more are all very real occurrences. Because of the unpredictable nature surrounding the most crucial elements, wedding insurance may be the smartest investment to protect yourself against financial loss.

Learn more about our wedding insurance here.

4. Soak It All InAlthough cliche, it truly is no joke how quickly your wedding day will find its way from beginning to end. Attempting to hold on to each

and every moment will prove futile as the day plays itself on fast forward.

Step back. Observe. Reflect. Soak. It. All. In.

Even if it’s only for a few minutes, separating yourself from the excitement and wonderful chaos is key to appreciating the day and securing your favorite memories. Intently observing your family and friends have the time of their lives is priceless and eternal.

Tip: Conduct this reflection session BEFORE consuming too much dancing juice.

5. Thank You Very MuchThe dreaded thank you’s. And no, thanking your guests throughout your wedding day is not enough. It’s not that you don’t sincerely

appreciate each and every person who joined in the celebration of one of the best days of your life, it’s that you want to spend each moment of your newlywed period with your favorite person.

That being said, we can’t stress enough how amazing it feels to knock out your thank yous right away. The more you procrastinate, the worse it gets. Stock up on coffee and spend a Sunday writing, massaging your wrist, and writing some more. You will thank us later.

Your wedding day, and the experience surrounding it, should be nothing short of unforgettable. As one of the biggest events in your life, we hope thesewedding tips will help you get the most out of it.

Contact your Ihry agent with any further questions on wedding insurance!

At 10:30 on a Sunday evening, Steve Lapenta’s phone rang. An employee of Lapenta’s small natural foods business, The Bridge in Middletown, Conn., was on the line.

“You should come down here,” the employee said. “A truck just crashed into the building.”

Lapenta hurried to the scene where he met a cadre of police cars, fire trucks and flashing lights—and a carpet cleaning van that had plunged halfway through the front door of the small storefront where he and his staff of eight make tofu and other soy-related food products.

Luckily, no one was injured. The van driver was taken to the hospital as a precautionary measure and the one employee who was working at the time saw the van heading for the building and quickly moved out of harm’s way. But the damage to the 900 square-foot plant was extensive.

“The door was taken down and the masonry was buckled for six to eight feet on either side,” Lapenta said. “One of the front windows was broken and the interior of the building was a mess. A table was smashed and there was equipment and foodstuff all over the place.”

The City of Middletown’s building official declared the building unsafe and prohibited its use or occupancy until the necessary repairs were made.

Storefront Crashes: A Nationwide ProblemVehicle-into-building crashes are not uncommon in the United States. Such accidents occur 60 times a day, leading to more than 4,000 injuries and as many as 500 deaths annually. Most are caused by pedal or other operator errors, says Rob Reiter, spokesperson for the Storefront Safety Council.

“The driver thinks they have their foot on the break when it’s really on the gas,” Reiter said, “or a driver pulls out of a parking space thinking they have the car in reverse when it’s actually in drive.”

The driver, looking backward, is unaware that the car is actually accelerating forward into the building—until it’s too late. Other major causes of storefront crashes include drivers who are distracted or under the influence.

In Lapenta’s case, the van driver was trying to avoid an accident with an oncoming vehicle while traveling on the four-lane state highway where Lapenta’s business sits just 20 feet from the curb. It’s a busy commercial area, and traffic moves rapidly day and night—well over the 35 mph speed limit, according to Lapenta.

A Costly Risk for Business OwnersStorefront crashes put lives at risk, including pedestrians, customers, employees, the driver and any passengers, and they always cause property damage. This often means costly repairs and renovations, days or weeks of business downtime, and expenses associated with setting up shop in a temporary location while the damaged building is restored.

But there are ways to protect your storefront from errant vehicles, according to Reiter. The simplest solution is to minimize nose-in parking spaces at storefronts. Another method is to install safety barriers or bollards that prevent vehicles from crashing into your business and injuring pedestrians who may be on the premises, or to at least minimize the damage such accidents may cause. In 2015,ATSM International released a standard for barriers that can protect against vehicles traveling at speeds of 30 mph or lower.

Here’s What Happens When a Vehicle Crashes into Your Small Business

(and Why You Need Business Insurance)Article provided by The Hartford.

The Value of Business InsuranceShould an accident occur, business insurance can be a business-saver—and it’s likely you need more than one type of protection to cover the range of losses that can occur:

• Property insurance protects your building (if you own it) and your business personal property, such as office equipment, computers, inventory and tools.

• General liability insurance covers your defense and damages if you are held liable for bodily injury or property damage to a third party.

• Business interruption insurance protects your earnings if your business is unable to operate.

• Worker’s compensation provides coverage for employees who are injured on the job.

A business owner’s policy is designed specifically for the needs of small businesses, and combines business property, general liability and business interruption insurance in one policy.

Lapenta’s Quick RecoveryLapenta, who had a business owner’s policy, contacted his insurance company immediately upon seeing the accident. The claims adjuster arranged for a contractor to build a temporary enclosure for the damaged part of his building, and Lapenta’s business experienced only one full day of downtime.

“We were up and running by noon on Tuesday,” Lapenta said. “Everything was cleaned up and we were working again. We didn’t skip a beat. We missed a few deliveries, but nothing significant.”

Three weeks later, the restoration of his building was complete, including a rebuilt front wall, new front door and window, new stainless steel tables and other essential sundries that had been damaged in the accident. The total cost covered by insurance was about $35,000.

“The whole process was pretty painless,” Lapenta said.

Even the most careful drivers make mistakes, and with the increased use of cellphones and in-car entertainment, the risk of operator errors is on the rise. It’s more important than ever to take measures to protect your business, employees and customers from the risk of a storefront collision.

On behalf of all of us at Ihry Insurance, we wish you a safe and wonderful summer with family and friends!