Simco Blog

If you recently received notice that your Medicare plan, or Medicare Advantage plan, is being discontinued, you’re not alone. Across the country (and right here in New York), insurers are scaling back or exiting less profitable markets ( Kiplinger ). While this can feel stressful, there are steps you can take to make sure your coverage doesn’t lapse and to find a better plan for your health and budget. Why Are Plans Being Discontinued? A mix of financial pressure, federal reimbursement changes, and rising health costs is driving insurers to reduce their Medicare Advantage footprints: Some major insurers are cutting back or exiting entire counties. For example, UnitedHealth announced it will discontinue its Medicare Advantage presence in 109 U.S. counties in 2026, according to Reuters . Local carriers in New York are also making changes: MVP is dropping several plans, and CDPHP is eliminating certain drug-coverage options, the Times Union explains . These shifts are happening alongside tighter government funding and increased regulatory strain. Because insurers must absorb the extra cost of covering benefits while meeting regulatory caps (for example, on prescription drug out-of-pocket limits), some plans become financially unsustainable and are discontinued ( the Kaiser Family Foundation ). Steps to Take if Your Plan Is Discontinued Here’s how to act so you don’t lose coverage: 1. Review the notice you received carefully Your insurer is required to send you a non-renewal or discontinuance notice. It often includes deadlines, whether you can enroll through a Special Enrollment Period (SEP), and what options you have. 2. Note the relevant enrollment period The Annual Enrollment Period (AEP) runs October 15 to December 7, 2025 , during which you can switch Medicare Advantage or Part D plans. If your plan was discontinued, some notices allow you to select a new plan until December 31 without penalty. In limited cases, you may qualify for a Special Enrollment Period (SEP) following the discontinuation. 3. Research your options early Don’t wait until the last minute. Compare plans available in your area. Key things to look at: Provider networks: Will your doctors still be covered? Drug formularies: Does the plan cover your medications and at what cost? Premiums, deductibles, and out-of-pocket max: These can vary significantly. Benefit trade-offs: Some plans reduce supplemental benefits (vision, dental, wellness perks) when trying to maintain financial viability. 4. Enroll in the new plan Submit your enrollment by the relevant deadline (typically December 7 for the Annual Enrollment Period (AEP). However, If your plan was discontinued, you may have until December 31 to choose a new one without penalty). Make sure the new plan starts January 1 to avoid coverage gaps. 5. If your plan wasn’t discontinued, still review Even if your current plan remains active, benefits, networks, and costs often change each year. It’s wise to compare alternatives anyway, especially after insurer shake-ups. Why Timing & Support Matter Delays cost you: Failing to enroll by deadlines could mean losing drug coverage or being locked into a less ideal plan. Support can ease the burden: Licensed agents can help you compare side-by-side, explain trade-offs, and guide you through enrollment. You deserve the best match: Everyone’s health and financial needs differ. Don’t settle for the first available option unless it truly fits. How Simco Can Help At Simco, we understand the stress of sudden plan changes. Our licensed insurance advisors are ready to: Help you interpret your discontinuance notice Compare plan options available in your area Assist with enrollment paperwork Explain benefit trade-offs and cost implications You don’t have to navigate this alone. Whether your Medicare Advantage plan was discontinued or you’re simply exploring your options, our team is here to support you. Contact us today to schedule a 1-on-1 consultation, and let us help you find the plan that keeps you covered and confident in 2026 and beyond.

In today’s digital-first world, small and mid-sized businesses are just as vulnerable, if not more so, than large corporations when it comes to cyberattacks. Limited budgets, fewer in-house IT resources, and the perception of being “too small to target” often leave business owners dangerously exposed. The reality? Hackers don’t discriminate based on size; they look for the easiest entry points. Here are the top five mistakes businesses make, how to avoid them, and what steps you can take today to protect your company, your employees, and your bottom line. 1. Relying on Weak or Outdated Passwords Passwords are often the first line of defense, and also the weakest. Too many businesses rely on simple or reused passwords that can be cracked in seconds with modern tools. The Modern MFA Landscape While passwords remain standard, multi-factor authentication (MFA) has become the new baseline. However, how you implement MFA matters: Avoid email for MFA codes. If a phishing attack compromises an employee’s inbox, bad actors can intercept the code and access sensitive systems. SMS is better but not bulletproof. Text messages provide an extra layer of security but can still be intercepted. Authenticator apps are the gold standard. Tools like Authy, Microsoft Authenticator, or Google Authenticator create time-based one-time codes that aren’t tied to email or SMS. Forward-looking companies are also exploring passwordless authentication, a model that reduces dependence on static credentials altogether. Until then, tightening password hygiene and upgrading MFA methods should be immediate priorities. 2. Overlooking Employee Training Even the most advanced cybersecurity tools can’t stop an employee from clicking a malicious link or downloading infected files. Human error remains the biggest vulnerability in most organizations. What Employees Need to Know Instead of broad, once-a-year sessions, ongoing training should focus on real-world risks employees face daily. Consider including: How to spot suspicious links and attachments Why “urgent” or “CEO fraud” emails are red flags Safe internet practices for remote or hybrid workers How to report suspicious activity without fear of blame Building a Culture of Cyber Awareness Cybersecurity isn’t just an IT issue; it’s a company-wide culture. Leadership should model secure behavior and celebrate employees who catch threats. Over time, security becomes second nature rather than an afterthought. 3. Neglecting Regular Software Updates Software vendors release updates for a reason: to fix vulnerabilities. Delaying or ignoring these updates gives hackers a direct pathway into your systems. The Risk of Outdated Systems Running outdated operating systems, browsers, or applications often leaves “open doors” attackers can exploit. Businesses that don’t patch quickly enough have been at the center of major breaches. Automating updates or assigning a designated IT contact for patch management ensures vulnerabilities are closed before they can be exploited. Even for smaller businesses without dedicated IT staff, outsourced providers or managed IT services can fill this role affordably. 4. Failing to Prepare an Incident Response Plan (IRP) Too many businesses wait until a breach happens to figure out how to respond. By then, panic sets in, time is lost, and the financial damage increases. Why an IRP Matters An Incident Response Plan is essentially a playbook for what your business will do in the first 24–72 hours after an attack. It should outline: Who is responsible for containment and communication Steps for isolating affected systems Legal or regulatory reporting requirements How to restore backups and resume operations Tip: Run Cybersecurity Fire Drills Just like fire drills, businesses should run simulated cyber incidents. Testing your IRP helps employees understand their roles and uncovers gaps before a real attack occurs. 5. Assuming Insurance Alone Is Enough Some business owners mistakenly believe their general liability insurance will cover cyber-related losses. Unfortunately, most policies exclude data breaches, ransomware, or social engineering scams. The Role of Cyber Liability Insurance Cyber liability insurance fills these gaps by covering costs like forensic investigations, customer notifications, legal fees, regulatory fines, and even ransom payments (where legal). For small businesses, this coverage can mean the difference between survival and bankruptcy after a breach. But insurance should never replace prevention. Instead, think of it as a financial safety net that complements strong security practices, not one that replaces them. Click here to learn more about how Simco’s Commercial Insurance team can help protect your business with cyber and data breach coverage and beyond. Secure Your Business for the Future Cybersecurity is no longer optional for businesses; it’s a core part of protecting your employees, customers, and reputation. By addressing these five common mistakes, you’ll not only reduce your risk of an attack but also build trust with clients who want assurance that their data is safe in your hands. Taking proactive steps now, including strengthening authentication, investing in training, creating an IRP, and supplementing with cyber liability insurance, can save untold amounts of money, stress, and reputational damage later.

Open Enrollment season is just around the corner, running from October 15 to December 7 for Medicare and November 1 to January 15 for Marketplace/individual health plans (NYSOH in New York) . This is the annual window when you can review, change, or enroll in health insurance and Medicare coverage. But with deadlines, plan changes, and fine print to consider, many people unintentionally leave themselves exposed to gaps in coverage: periods when they aren’t insured. These gaps can lead to unexpected costs, denied claims, and stress for you and your family. Here’s how to make sure your coverage is seamless heading into 2026. 1. Know Your Enrollment Dates Missing the open enrollment deadlines is the most common cause of coverage gaps. Mark your calendar for: Medicare Open Enrollment : October 15 – December 7, 2025 Health Insurance Marketplace (NYSOH in NY) : November 1, 2025 – January 15, 2026 Employer-Sponsored Benefits : Dates vary by employer Tip: Don’t wait until the last week. Plans can take time to process, and waiting until December may mean your new coverage isn’t active on January 1. 2. Review Any Notices From Your Current Plan Insurance companies often send letters in the fall about plan changes for the upcoming year. Some plans are discontinued, premiums may rise, or provider networks may shrink. If you ignore these notices, you could roll into a plan that doesn’t meet your needs, or worse, be left without coverage. Check your mail and email for plan notices and share them with a licensed agent if you need help understanding the changes. 3. Don’t Assume Last Year’s Plan Is Still Best Healthcare needs change year to year, and so do insurance options. Prescriptions, providers, or even your financial situation may mean another plan is a better fit. Sticking with last year’s plan without comparing options could result in higher costs or limited benefits. Make a list of your current doctors, prescriptions, and expected healthcare needs for 2026. Use this to compare plans carefully. 4. Watch for Coverage Overlaps or Lapses Switching from one plan to another? Be mindful of dates. Sometimes old coverage ends before new coverage begins, leaving a gap. Other times, both plans overlap, causing billing confusion. Confirm your effective date for the new policy. For most enrollments completed by December 7 (Medicare) or December 15 (Marketplace), coverage will start January 1. 5. Get Help From a Licensed Professional Navigating Medicare Advantage, Part D, Medigap, or Marketplace health plans can feel overwhelming. Working with a licensed agent can help ensure your coverage aligns with your needs, and that you won’t face any surprises when you need care. Reach out to Simco’s licensed agents for one-on-one guidance. We’ll walk you through your options and help you avoid coverage gaps. Final Thoughts Avoiding gaps in coverage during open enrollment comes down to being proactive, reviewing your options, and enrolling on time. Don’t wait until the last minute. Give yourself the peace of mind that you and your family will be covered heading into 2026. Simco’s licensed agents are here to help. Whether you’re reviewing Medicare plans, Marketplace options, or supplemental coverage, we’ll make sure you stay protected without interruption. Contact us today to schedule your coverage review before open enrollment begins.

Navigating health insurance options can feel overwhelming, especially with all the terms and guidelines around coverage and affordability. At Simco, we want to help you and your employees make sense of it all, from understanding what qualifies as credible coverage to how affordable coverage is determined, and what the income limits mean for Marketplace tax credits in 2025. What Is Credible Coverage? Credible coverage refers to health insurance plans that meet or exceed the minimum standards set by government regulations. This is important because if you have credible coverage, you generally don’t qualify for premium tax credits through the health insurance Marketplace. Examples of credible coverage include: Employer-sponsored group health plans Medicare and Medicaid Certain veterans’ health plans Individual health insurance plans that meet minimum essential coverage standards Most employer-sponsored health plans, whether from small businesses or large corporations, are considered credible coverage. This means if you or your employees have health insurance through your job, it likely meets these standards, protecting you from paying unnecessary penalties and possibly disqualifying you from claiming Marketplace subsidies. Why does credible coverage matter? Because if you already have credible coverage, you generally won’t qualify for premium tax credits on Marketplace plans. The government uses this benchmark to ensure people aren’t “double-dipping” by receiving subsidies when they already have adequate insurance. What Does Affordable Coverage Mean? Affordable coverage refers to the cost threshold for employer-provided health insurance that determines if it’s affordable relative to your household income. The IRS sets this threshold annually, and for 2025, the maximum employee-only premium cost to be considered affordable is 9.02% of your household income . Here’s how it works: If the monthly premium you pay for employee-only coverage is less than 9.02% of your household income, your coverage is deemed affordable. If it costs more, you or your employees may be eligible for Marketplace subsidies or tax credits if you choose to enroll there instead. This affordability standard helps employees understand if they have access to reasonably priced insurance through their employer or if Marketplace options might be a better fit financially. Income Guidelines for 2025 Marketplace Tax Credits To qualify for premium tax credits that help lower the cost of Marketplace health insurance, your household income must fall within certain federal poverty level (FPL) ranges. For 2025, individuals and families with household incomes between 100% and 400% of the federal poverty level may be eligible for these credits. The exact dollar amounts vary depending on your household size and location, but generally, the lower your income within this range, the greater your potential tax credit. These credits are designed to make health insurance more accessible and affordable for people who do not have credible or affordable coverage through an employer. Why This Matters as the 2025 Annual Enrollment Period Approaches With the 2025 Annual Enrollment Period (AEP) approaching soon (October 15 to December 7), it’s the perfect time to review your Medicare coverage and evaluate your options. Many people discover that their current plans may no longer be the best fit, or that marketplace options and tax credits could help bridge coverage gaps. Simco is here to guide you and/or your employees through the complexities of health insurance during AEP and beyond. We’ll assess your situation, explain your options, and guide you through enrollment with confidence. Have questions? Contact us today! We’ve got you covered. 

Each spring, New York State enforces a residential burn ban from March 16 through May 14 to help prevent wildfires. As of yesterday, the ban has officially been lifted , but fire safety should remain top of mind. While the Finger Lakes has seen steady rain this week, the risk of fire can still escalate quickly with a few dry, breezy days. If you’re planning to burn brush, enjoy a backyard fire pit, or take part in spring clean-up, it’s important to do so with caution. Why Does the Burn Ban Exist? The annual burn ban is in place to reduce the threat of wildfires during one of the most vulnerable times of the year. In early spring, before trees and vegetation fully green up, dead grass, leaves, and branches are dry and highly flammable. Combined with seasonal winds and low humidity, even small outdoor fires can spark large, fast-moving wildfires—especially in rural areas. This proactive ban has proven to significantly lower the number of wildfires across the state each year, protecting homes, farmland, and natural habitats. What Homeowners Should Do Now With the ban lifted, it’s a good time to: Review your homeowners insurance to ensure you're protected against fire-related damages. Practice safe outdoor burning , such as keeping fires a safe distance from structures and never leaving them unattended. Consider additional coverage for properties with wooded acreage or high-risk features. At Simco , we’re here to help you navigate risks like these—before they become problems. Whether you need a policy review or simply want to make sure your coverage keeps pace with your lifestyle, we’re just a call or click away .

The cost of personal insurance—homeowners and auto policies—has seen significant increases in recent years. Between 2021 and 2023, the average annual rate for homeowners insurance jumped by nearly 20%, according to Insurify . Auto insurance premiums, too, have risen by 16.5% in just the last year, based on data from the Bureau of Labor Statistics . With these rising costs, staying with your current insurer without exploring other options could mean you're overpaying. Here’s what you need to know about why rates are increasing and how you can mitigate those costs. Why Are Insurance Rates Rising? Several factors are contributing to the rise in personal insurance rates: 1. Climate Change and Natural Disasters: Extreme weather events, including hurricanes, wildfires, and floods, have caused a surge in claims, leading insurers to raise premiums to cover future risks. 2. Increased Cost of Materials and Labor: Rebuilding or repairing homes and vehicles is more expensive today due to rising costs in construction materials and labor. 3. Higher Medical Costs: Auto insurance premiums are also influenced by the cost of treating injuries after an accident. As healthcare costs continue to rise, so do insurance premiums. 4. Supply Chain Disruptions: Global supply chain issues have made vehicle repairs and replacements more expensive, driving up auto insurance rates. What You Can Do to Manage These Costs 1. Shop Around Regularly: While many people tend to stick with the same insurer year after year, it’s always a good idea to shop around. Comparing quotes from different providers can help you find better rates or discounts that you may not be aware of. Often, new customers are eligible for introductory offers that can save you money in the short term. 2. Review and Adjust Your Coverage: It’s important to ensure your coverage accurately reflects your current needs. For instance, you may be paying for unnecessary add-ons or more coverage than is required for your vehicle or home. On the flip side, underinsuring can be costly in the event of a claim. A thorough review of your policies can help you strike the right balance. 3. Bundle Your Policies: Many insurance companies offer discounts for bundling multiple policies, such as home and auto insurance. Bundling can be a simple way to reduce your premiums without sacrificing coverage. 4. Take Advantage of Discounts: Insurance companies often provide discounts for things like installing a home security system, having a good driving record, or being a long-time customer. Be sure to ask about available discounts when reviewing your policy. 5. Reach Out to a Specialist (Us!): Navigating the world of insurance can be a daunting task, especially with the rising costs of homeowners and auto policies. That's where having a specialist on your side can make all the difference. At Simco, we’re committed to helping you find the best coverage at the most competitive rates. How Simco Can Help Our team works with multiple insurance carriers, allowing us to shop the marketplace for you. This means we can deliver not just the lowest rates but also maintain the coverage you already have or suggest any changes that better suit your needs. Plus, switching is a breeze! We handle the entire process for you, including canceling your old policies—no hassle on your end. Working with a specialist at Simco means you can also benefit from annual policy reviews. This proactive approach ensures that if you notice a significant increase in your rates, we can quickly explore other options to save you money and guarantee you’re getting the best deal available. You’re never stuck with the same company, and we’re here to help you find the right coverage for your unique situation. At Simco, we understand the frustration that comes with rising insurance costs, and we're here to support you every step of the way. If you’re looking for guidance or want to explore your options, don’t hesitate to contact us today!

Highlights The final rule’s changes are intended to help consumers differentiate between comprehensive health coverage and certain types of coverage that are not subject to the ACA’s consumer protections. These changes: Amend the federal definition of STLDI to reduce the initial contract period to no more than three months; Prohibit a practice known as “stacking” that allows issuers to evade the duration limits for STLDI; and Expand a consumer notice requirement to apply to fixed indemnity excepted benefits coverage sold in the group market. On March 28, 2024, the U.S. Departments of Labor, Health and Human Services, and the Treasury (Departments) released a final rule on certain types of health coverage that are not subject to the Affordable Care Act’s (ACA) consumer protections, namely short-term, limited-duration insurance (STLDI) and fixed indemnity coverage. This rule finalizes some of the changes included in a proposed rule from July 2023. The Departments are making changes to STLDI and fixed indemnity coverage to help consumers distinguish them from comprehensive health coverage and increase consumer awareness of coverage options that include the ACA’s consumer protections. These protections include, for example, the prohibition of discrimination based on health status, the prohibition of preexisting condition exclusions, and the prohibition of lifetime and annual dollar limits on essential health benefits. STLDI STLDI is a type of health insurance coverage designed to fill temporary gaps in coverage when an individual transitions from one plan or coverage to another. STLDI is specifically exempt from the definition of “individual health insurance coverage” and, therefore, is not subject to the ACA’s requirements for comprehensive coverage. Currently, STLDI is defined as coverage with an initial contract period of less than 12 months and a maximum total duration of up to 36 months, which includes renewals and extensions. Effective for coverage periods beginning on or after Sept. 1, 2024 , the final rule limits the length of the initial contract period to no more than three months and the maximum coverage period to no more than four months , taking into account any renewals or extensions. In addition, the final rule: Prohibits a practice known as “stacking,” where the same insurer issues multiple STLDI policies to the same policyholder within a 12-month period; and Amends the consumer notice requirement to further clarify the differences between STLDI and comprehensive coverage and identify options for consumers to obtain comprehensive coverage. The notice must be prominently displayed on the first page of the policy, certificate or contract of insurance—including for renewals and extensions—and included in any marketing, application and enrollment (or reenrollment) materials. The final rule also includes a reminder that coverage sold to individuals through a group trust or association, other than in connection with a group health plan, is not group coverage for purposes of federal law and must meet the federal definition of STLDI or it is subject to the federal consumer protections and requirements for comprehensive individual health insurance coverage. Fixed Indemnity Excepted Benefits Coverage Certain categories of coverage—called “excepted benefits”—are not subject to certain federal consumer protections, including the ACA’s requirement for comprehensive coverage. Fixed indemnity coverage is exempt from these protections because it is designed to provide a source of income replacement rather than full medical coverage. Effective for plan years beginning on or after Jan. 1, 2025 , the final rule requires a consumer notice to be provided when offering fixed indemnity excepted benefits coverage in the group market to ensure that consumers can distinguish between this coverage and comprehensive medical coverage. Health plans and issuers must prominently display the notice in marketing, application and enrollment (and reenrollment) materials. In the July 2023 proposed rule, the Departments proposed new standards regarding the payment standards and noncoordination requirement for fixed indemnity excepted benefits. The Departments are not finalizing these proposed standards at this time , but they intend to address the issues in future rulemaking after additional study and consideration. Tax Treatment of Fixed Indemnity Health Coverage In the July 2023 proposed rule, the Departments proposed to clarify that payments from employer-provided fixed indemnity health insurance plans are not excluded from a taxpayer’s gross income if the amounts are paid without regard to the actual amount of any incurred medical expenses and where the premiums or contributions for the coverage are paid on a pre-tax basis. This rule also proposed to clarify that the taxpayer must meet substantiation requirements for reimbursements for qualified medical expenses from any employer-provided accident and health plan to be excluded from the taxpayer’s gross income. To provide more time to study the issues and concerns raised by commenters, the Departments are not finalizing these proposed changes at this time.

In the complex world of business insurance, proper classification on your general liability and workers' compensation policies is not just a bureaucratic necessity – it's a critical component that can significantly impact your bottom line and overall business success. Being properly classified means accurately categorizing your business based on factors such as industry type, business size, and the level of risk associated with your operations. It ensures that you pay the right amount for your insurance coverage, comply with regulatory requirements specific to your industry, and have the appropriate coverage to protect your business from potential risks. In this article, we'll explore why being accurately classified is so vital and delve into the potential implications of being incorrectly categorized. Why Proper Classification Matters 1. Accurate Premiums: Proper classification ensures that you pay the right amount for your insurance coverage. Insurance premiums are calculated based on factors such as industry type, business size, and the level of risk associated with your operations. Incorrect classification can result in either overpaying for coverage you don't need or being underinsured, leaving your business exposed to unforeseen risks. 2. Compliance with Regulations: Adhering to regulatory requirements is a fundamental aspect of running a business. Different industries have specific rules and regulations governing insurance coverage. Being properly classified ensures that your business is compliant with these regulations, reducing the risk of fines or legal repercussions. 3. Accurate Coverage: Proper classification ensures that you have the right coverage for potential risks associated with your industry. In the event of a claim, having the correct classification means that your insurance policy is more likely to cover the damages or liabilities, providing the financial protection your business needs. Implications of Incorrect Classification 1. Financial Consequences: Incorrectly classified businesses may face financial consequences on multiple fronts. Overpaying for unnecessary coverage strains resources, while being underinsured can result in significant out-of-pocket expenses when a claim arises. 2. Legal Complications: Misclassification may lead to legal challenges, especially in workers' compensation cases. If an employee is injured on the job and your classification doesn't accurately reflect your operations, you may find yourself in legal battles, facing potential lawsuits, fines, and increased insurance costs. 3. Damage to Reputation: Inaccurate classification can harm your business's reputation. Inconsistent or incorrect information can lead to mistrust among clients, partners, and employees, potentially impacting your ability to secure contracts or attract top talent. Proper classification on your general liability and workers' compensation insurance policies is not just a matter of administrative convenience – it's a strategic decision that can significantly impact the financial health, compliance, and reputation of your business. Taking the time to ensure accurate classification is an investment in the long-term success and resilience of your enterprise. Regularly reviewing and updating your insurance policies to account for any changes in your business operations will help you stay ahead and mitigate potential risks effectively.

Auto insurance costs can be a perplexing landscape, especially with the growing popularity of Electric Vehicles (EVs). Understanding the dynamics behind insurance expenses for EVs and traditional vehicles is crucial for making informed decisions. In this article, we delve into the surprising realities of insuring EVs and the broader considerations for popular vehicles. Electric Vehicle Insurance Expenses The cost of insuring electric vehicles (EVs) often exceeds expectations, with rates generally higher than those for traditional gas vehicles. This increase is attributed to the elevated average cost of EVs, standing at $52,345 according to Cox Automotive, impacting collision and comprehensive insurance expenses. To provide context, this surpasses the average costs for other vehicle types: $31,992 for a mid-size gas car $35,542 for a compact gas SUV $46,100 for a mid-size gas SUV Factors such as the complexity of repairs, necessitating specialized professionals, contribute to higher insurance costs for EVs. Additionally, the extra weight of EVs due to battery components can lead to more substantial damage in collisions with lighter vehicles, resulting in elevated liability insurance payouts. Understanding Insurance Costs for Popular Vehicles The choice of your vehicle significantly influences your car insurance expenses. The potential damage your car can cause to others impacts your liability insurance costs, covering damage or injuries to others or their property. The value of your vehicle and its repair costs play a role in determining the expenses for collision and comprehensive coverage. Car insurance companies consider the historical claims associated with your vehicle make and model when determining your auto insurance rates. As you navigate the terrain of auto insurance costs, whether for EVs or popular gas vehicles, being informed is your best ally. The intricacies involved highlight the need for tailored insurance that comprehensively addresses the unique features and potential risks associated with your chosen vehicle. By understanding these nuances, you can make well-informed choices that align with both your budget and coverage needs.

The American workforce has gotten older, with people staying in school longer and others delaying retirement. According to the U.S. Department of Health and Human Services, nearly 70% of 65-year-olds will need long-term care (LTC) in their lifetimes. As such, LTC insurance has become a crucial component of financial planning, offering a safety net for individuals facing extended periods of health care and assistance needs. As the workforce ages, employers should recognize the importance of offering comprehensive benefits. This article explores the significance of LTC insurance, outlines the potential benefits and drawbacks of offering such coverage as a sponsored benefit, and offers best practices for employers to consider when incorporating these policies within their voluntary benefits offerings. Overview of LTC Insurance LTC refers to a wide array of medical care, personal assistance and social support services for people who are physically or mentally unable to independently care for themselves for an extended period. This care can be provided in a nursing home, an assisted living facility or one’s home. Individuals needing LTC usually require assistance performing basic activities for daily living or have severe cognitive impairment. Generally, the conditions that necessitate LTC are caused by accidents, illnesses or advanced age. Unfortunately, LTC often carries substantial costs. That’s where LTC insurance can help. Such coverage can protect individuals against incurring large out-of-pocket expenses for LTC in the future through affordable monthly premiums now. There are two different types of LTC insurance policies available, including the following: Individual LTC insurance Group LTC insurance Individual policies are generally purchased by people whose employers do not offer group policies, or by those who feel they need to supplement their employer-provided policies to obtain the most coverage possible. On the other hand, some employers and associations offer LTC insurance to employees in the form of group policies. In these cases, such coverage may not offer the same level of protection afforded by individual policies. Before purchasing group policies, comparing the level of protection offered and the level of protection guaranteed in comparable individual policies is wise. LTC insurance policies should also clearly state whether they are individual or group policies. Pros and Cons of LTC Insurance More employers are expanding their voluntary benefits offerings, including LTC insurance. This coverage augments a medical plan and helps protect employees’ retirement savings. Employers can offer LTC insurance to their employees as a voluntary benefit, allowing them to choose to enroll in the plan and pay the premiums themselves. Alternatively, some employers may contribute to the cost of LTC insurance premiums as part of their benefits packages. If employers are considering offering LTC insurance as a sponsored benefit, they may start by weighing the pros and cons of doing so. Employee benefits have the potential to impact staff attraction, retention and well-being. As the workforce ages, employees are placing greater importance on benefits that address long-term health and financial security. Specific advantages of providing LTC insurance as a sponsored benefit include the following: Financial security —LTC insurance can help protect employees’ assets and savings from being depleted by the high cost of extended health care services. This financial security can contribute to a more stable and engaged workforce. Tax advantages —In some cases, both employers and employees may benefit from tax advantages associated with LTC insurance premiums. Employers should explore these potential tax incentives to make the benefit even more attractive. Workforce support —With many employees delaying retirement, employers are faced with an aging workforce. LTC insurance can be a proactive solution for companies looking to support the changing needs of their employees and foster a culture of care and concern. There are also potential drawbacks of offering LTC insurance as a sponsored benefit, such as the following: Cost concerns —One of the primary drawbacks for employers may be the cost associated with offering LTC insurance. Striking a balance between providing valuable benefits and managing expenses is crucial. Employers should assess their budgetary constraints and explore different insurance options for the most cost-effective solution. Employee misunderstanding —LTC insurance can be complex, and employees may not fully understand its importance. Employers should invest in educational resources and communication strategies to ensure employees grasp the value of this benefit. Employer Best Practices When providing LTC insurance as a sponsored benefit, employers should note that employee education is critical. Simply offering LTC insurance as a voluntary benefit isn’t enough to encourage employee enrollment. Benefits, and insurance policies especially, are complex and require some education so employees can better understand these offerings and determine which ones are a good fit for their lives and budgets. Here are some additional strategies for employers to consider when adding LTC insurance to their benefits offerings: Switch to off-cycle enrollment. LTC insurance is complex, so off-cycle enrollment (outside the annual open enrollment period) can give employees more time to review this benefit and understand how it could meet their health care and financial needs. Offer educational opportunities. When employees understand the risks associated with LTC, they may be more willing to start planning for this care and purchase coverage at a younger age. Educational workshops, seminars, team lunches and emails can help educate employees about the significance of LTC insurance. Bringing in insurance experts to explain the intricacies of this coverage and answer employees’ questions can demystify the process. Personalize the experience. Personalized consultations with insurance representatives can help employees make informed benefits decisions based on their unique needs. A one-on-one approach can address specific concerns and boost employee confidence in chosen coverage offerings. Communicate clearly. Employers should provide clear and concise communication materials, including brochures, FAQs and online resources, to help employees understand the key features and benefits of LTC insurance. Employers should keep in mind that some states have begun mandating LTC insurance, so it’s best to consult with legal counsel before making any benefits changes. Summary Employers have an opportunity to make benefits offerings convenient and economical for their employees, and that includes offering LTC insurance as a voluntary benefit. LTC insurance can provide employees with a sense of security, knowing that they have a financial cushion in place should they require extended medical care. This can contribute to reduced stress levels and improved overall well-being, positively impacting productivity and job satisfaction. However, group LTC insurance, like any type of offered benefit, may not be the right choice for all employers. Contact Simco for more information about LTC insurance.

Insurance audits are a fundamental aspect of the insurance industry, serving to determine accurate premium rates and ensure that policyholders are paying the correct amount for their coverage. These audits are a collaborative effort between the insurance provider and the policyholder. In this article, we will delve into what insurance audits entail and the essential responsibilities of policyholders to guarantee their accuracy. What is an Insurance Audit? An insurance audit is a review of a policyholder's financial records to confirm that the premium paid aligns with the actual risk exposure and operational changes within the policy period. It's a mechanism employed by insurers to establish accurate premium rates, especially for policies with variable factors such as worker's compensation or general liability insurance. Why Are Insurance Audits Necessary? Insurance audits are vital for maintaining the integrity of the insurance system. They ensure that policyholders are appropriately charged based on the level of risk associated with their business or personal circumstances. Here's why they are necessary: Premium Accuracy: Audits help prevent overpayment or underpayment of premiums, ensuring fairness for both the insurer and policyholder. Risk Assessment: Businesses evolve, and operational changes can affect insurance requirements. Audits allow insurers to adjust coverage to match a company's evolving needs. Legal Compliance: Many insurance policies require audits to ensure compliance with regulations and contractual obligations. Responsibilities of the Policyholder Policyholders play a crucial role in the insurance audit process. Here are their key responsibilities: Accurate Record Keeping: Maintain detailed and accurate financial records, including payroll, revenue, certificates of insurance for all vendors or subcontractors, and any other information pertinent to your policy. Timely Reporting: Notify your insurance provider of any significant changes in your business operations, such as new hires, additional locations, or changes in job classifications. Timely reporting ensures that your policy remains up to date. Cooperation: Cooperate with the auditor when they visit your premises or request information. This includes providing access to financial records, employee records, and any other documents necessary for the audit. Transparency: Be transparent about your operations. Hiding or misrepresenting information can lead to costly consequences and potential policy cancellations. Ask Questions: If you're uncertain about any aspect of the audit, don't hesitate to ask questions. It's essential to have a clear understanding of the process and its implications. Review the Audit: After the audit is completed, carefully review the auditor's findings to ensure accuracy. If you have any concerns or discrepancies, address them promptly with your insurance provider. Insurance audits are a collaborative process that benefits both policyholders and insurance providers. They help ensure accurate premiums, compliance with regulations, and alignment of coverage with changing business needs. As a responsible policyholder, maintaining accurate records, reporting changes promptly, and cooperating with auditors are essential steps to ensure the process goes smoothly and accurately reflects your insurance needs. By fulfilling your responsibilities, you can help maintain a fair and transparent insurance system that benefits everyone involved.

On Tuesday, Aug. 29, the Biden administration unveiled the first 10 prescription drugs subject to Medicare price negotiations. Medicare provides health insurance coverage to 65 million Americans, including 57 million seniors. More than 60% of the 65 million people on Medicare take prescription medication, and 25% take at least four prescriptions, according to a Kaiser Family Foundation survey. Under the Inflation Reduction Act, the Medicare Drug Price Negotiation Program allows the federal government to negotiate directly with drug manufacturers to improve access to some of the costliest brand-name drugs. Many Medicare Part D enrollees depend on medications to treat life-threatening conditions, such as diabetes and heart failure, but may not be able to access them due to costs. The following Medicare Part D drugs will be the first ones subject to these negotiations: Eliquis , for preventing and treating blood clots Jardiance , for treating diabetes and heart failure Xarelto , for preventing and treating blood clots; risk reduction for patients with coronary or peripheral artery disease Januvia , for treating diabetes Farxiga , for treating diabetes, heart failure and chronic kidney disease Entresto , for treating heart failure Enbrel , for treating rheumatoid arthritis, psoriasis and psoriatic arthritis Imbruvica , for treating blood cancers Stelara , for treating psoriasis, psoriatic arthritis, Crohn’s disease and ulcerative colitis Fiasp/Novolog , for treating diabetes These 10 drugs are among the highest costs in total spending in Medicare Part D. In fact, Medicare enrollees taking these drugs paid a collective $3.4 billion in out-of-pocket costs in 2022 to obtain them. Due to the high costs of these prescriptions, many Americans are forced to choose between paying for vital medications or food and other necessities. What’s Next? The Medicare Drug Price Negotiation Program is the Biden administration’s latest effort to combat rising health care costs. As such, Medicare drug price negotiation aims to lower out-of-pocket costs for millions of seniors and offer savings for taxpayers. The first round of Medicare Part D drug negotiations will begin this year, with the new prices becoming effective in 2026. Over the next four years, Medicare plans to negotiate prices for up to 60 Part D and Part B drugs—and up to an additional 20 drugs every year after that. Employers should continue to monitor health care trends, utilization and spending. Contact us today for more information.

Workplace accidents and injuries are an unfortunate reality in many industries. When such incidents occur, it's essential for both employers and employees to understand the differences between Workers' Compensation claims and First Aid claims. These distinctions are crucial because they dictate how injuries are handled, the compensation employees receive, and the potential impact on a company's bottom line. In this article, we will explore the key differences between Workers' Compensation claims and First Aid claims and provide guidance on how employers should handle these situations. Workers' Compensation Claims Workers' Compensation is a state-mandated insurance program that provides benefits to employees who are injured or become ill due to work-related incidents. Here are the key characteristics of Workers' Compensation claims: 1. Eligibility: Employees who suffer work-related injuries or illnesses, regardless of fault, are generally eligible to file Workers' Compensation claims. This includes injuries resulting from accidents, exposure to harmful substances, or repetitive stress. 2. Coverage: Workers' Compensation typically covers medical expenses, wage replacement (usually a portion of the employee's average weekly wage), rehabilitation, and compensation for permanent disabilities. 3. No-Fault System: Workers' Compensation is a no-fault system, meaning that employees do not need to prove that their employer was negligent or at fault for the injury. As long as the injury is work-related, the employee is entitled to benefits. 4. Legal Protection: Employees who accept Workers' Compensation benefits typically waive their right to sue their employer for the same injury. This provides legal protection for employers. First Aid Claims First Aid claims, on the other hand, pertain to minor injuries that can be promptly and easily treated with no more than two visits to a medical provider. Once treatment exceeds two treatments from a medical provider, it must be treated as a Workers’ Compensation claim. Here's what employers should know about First Aid claims: 1. Nature of Injuries: First Aid claims typically involve minor injuries such as cuts, bruises, small burns, or sprains. These injuries require minimal treatment and do not result in a significant amount of time off work. 2. Exclusion from Workers' Compensation: In most jurisdictions, First Aid claims are explicitly excluded from Workers' Compensation coverage. However, the definition of what constitutes "First Aid" may vary by state and should be understood in accordance with local regulations. 3. Employer Responsibility: Employers are generally responsible for providing immediate first aid to injured employees and ensuring that appropriate first aid supplies are readily available. This may include bandages, antiseptics, and basic medical equipment. 4. Employers choosing to handle minor injuries as a First Aid claim, must be aware that they will be responsible for paying any associated medical bills that are incurred from the treatment. The benefit of handling a claim in this manner is to prevent having a claim against your Workers’ Compensation policy, which could have a negative impact on your policy premiums. How Employers Should Handle These Claims Handling Workers' Compensation and First Aid claims correctly is essential for maintaining workplace safety, employee morale, and legal compliance. Here are some guidelines for employers: 1. Immediate Response: When an injury occurs, employers should provide prompt first aid if necessary and seek professional medical attention if the injury is beyond basic first aid. Ensure that any necessary emergency services are contacted promptly. 2. Report the Incident: Establish a clear procedure for reporting workplace injuries. Require employees to report any injury, no matter how minor, to a supervisor or HR department immediately. 3. Document Everything: Maintain detailed records of the incident, including witness statements, photographs of the scene, and any actions taken. Proper documentation is crucial for both Workers' Compensation and First Aid claims. 4. Notify the Insurance Carrier (or Your Agent): If an injury requires professional medical treatment, contact your Workers' Compensation insurance carrier promptly to ensure that you are following the proper procedures based on whether you want to handle the claim at a true Workers’ Compensation claim or a First Aid claim. Both types of claims have specific documentation requirements, and you want to ensure that you complete all of the legally required documentation in a timely manner. 5. Comply with Regulations: Familiarize yourself with state-specific Workers' Compensation laws and regulations to ensure compliance. Consult with legal counsel or an insurance expert if needed. 6. Prevention is Key: Implement safety protocols, training programs, and preventive measures to reduce workplace injuries. A safer work environment benefits both employees and employers. In summary, understanding the differences between Workers' Compensation claims and First Aid claims is vital for employers. Properly handling these claims not only ensures that injured employees receive appropriate care and compensation, but also safeguards the interests of the employer. By following established procedures, providing first aid when necessary, and staying compliant with state laws, employers can navigate workplace injuries more effectively and create a safer work environment for their employees.

In the realm of business and risk management, a seemingly unassuming document plays a vital role in safeguarding companies and their interests. Referred to as a "Certificate of Insurance," this piece of paper holds far more significance than meets the eye. In this article, we'll delve into what a Certificate of Insurance is and why it holds paramount importance for businesses of all sizes. Defining the Certificate of Insurance At its core, a Certificate of Insurance (COI) is a document that serves as evidence of an insurance policy's existence. It outlines key details about the insurance coverage held by an individual or organization, shedding light on policy limits, coverage types, effective dates, and the insurance provider's contact information. In essence, a COI provides a snapshot of an insured party's insurance status. The Importance of a Certificate of Insurance 1. Proof of Coverage: Whether you're a contractor, vendor, or service provider, clients often require proof of insurance coverage before initiating a working relationship. A COI offers tangible evidence that you possess the necessary insurance to cover potential liabilities, reassuring clients, and instilling confidence in your professionalism. 2. Risk Mitigation: Businesses face an array of risks, from property damage to liability claims. By obtaining a COI from your vendors, contractors, or partners, you can ensure they have adequate insurance coverage. It is essential that you request a COI from any subcontractors working for you to ensure that they have coverage limits that match or exceed the limits on your own policy before they begin any work. This minimizes the likelihood of legal disputes or financial losses resulting from unforeseen events. 3. Contractual Obligations: Many contracts stipulate insurance requirements for all parties involved. A COI not only verifies compliance with these contractual obligations, but also confirms that the required coverage is current and in effect throughout the contract's duration. 4. Transparency and Trust: In business relationships, transparency is key. Supplying a COI demonstrates your commitment to openness and accountability. It establishes a foundation of trust with clients, partners, and stakeholders by revealing your commitment to responsible risk management. 5. Quick Decision-Making: During project planning or procurement processes, having immediate access to accurate insurance information expedites decision-making. A well-prepared COI allows parties to verify insurance details swiftly, facilitating smoother collaborations. 6. Policy Audits: At the end of each policy period, you may be subject to an audit. Most General Liability and Workers’ Compensation Policy Audits will require you to provide a COI for all subcontractors that have worked for you throughout the previous policy period. Best Practice – Collect a COI before any work begins, then verify coverage limits, and file a copy of each certificate so they are easily accessible to ensure a smooth audit. Obtaining and Verifying a Certificate of Insurance To obtain a COI, contact your insurance provider, who will generate the document with the necessary information. Ensure that the COI aligns with the requirements specified in your contracts and accurately reflects your coverage. When presented with a COI from a third party, don't just file it away. Verify its authenticity by contacting the issuing insurance company. Confirm that the policy is active, the coverage aligns with your needs, and the policy limits meet the requirements. In conclusion, a Certificate of Insurance is not just a piece of paper—it's a powerful tool that reinforces trust, manages risk, and simplifies business operations. By understanding its significance, and incorporating it into your risk management strategy, you're setting the stage for successful, secure, and transparent business endeavors.

Running a successful business requires careful planning and strategic decision-making. While many entrepreneurs focus on aspects such as product development, marketing, and financial management, one crucial area that is often overlooked is protecting the business against unexpected events, such as the loss of a key person. This is where key person life insurance comes into play. In this article, we will explore the concept of key person life insurance, its importance for businesses, and how it can safeguard your company's future. Understanding Key Person Life Insurance: Key person life insurance, also known as key man insurance or key employee insurance, is a type of life insurance policy designed to protect businesses from the financial consequences of losing a key individual who plays a critical role in the company's success. This individual could be the founder, CEO, a key executive, or any employee with specialized skills, knowledge, or influence that significantly contributes to the organization's profitability and stability. Importance for Businesses: The sudden loss or incapacity of a key person can have severe implications for a business. It can disrupt operations, hinder decision-making, and even lead to a decline in revenue and profitability. Key person life insurance acts as a safety net for businesses by providing a financial cushion to navigate these challenges. In the event of the key person's death, the insurance policy pays out a lump sum to the company, which can be used to cover various expenses, such as hiring and training a replacement, paying off debts, maintaining cash flow, or even funding a partial sale of the business. Determining the Coverage Amount: Calculating the appropriate coverage amount for key person life insurance requires a careful evaluation of the individual's contribution to the business. Factors such as their role, responsibilities, skills, experience, and potential revenue impact should be considered. It is advisable to work with a financial advisor or insurance specialist who can help assess the potential financial risks and determine an adequate coverage amount that aligns with your business's needs. Choosing the Right Policy: Key person life insurance policies come in various forms, such as term life insurance or whole life insurance. Term life insurance provides coverage for a specified period, usually 10, 20, or 30 years, while whole life insurance offers lifelong protection. Each option has its advantages and disadvantages, and the choice depends on factors such as budget, the expected duration of the key person's importance, and the business's long-term goals. Consulting with an insurance professional can help you make an informed decision based on your specific circumstances. Qualifying for Key Person Life Insurance: When applying for key person life insurance, the insurance company will assess the key person's health, age, lifestyle, and other relevant factors. The premium rates are determined based on these factors, along with the coverage amount and policy type. It is important to note that key person life insurance is typically purchased and owned by the business, with the company named as the beneficiary. The premiums paid by the business are not tax-deductible, but the proceeds received in the event of a claim are generally tax-free. Key person life insurance serves as a valuable risk management tool for businesses, providing financial protection and stability in the face of unforeseen events. By recognizing the importance of key individuals and taking proactive steps to secure their contributions, business owners can safeguard their companies against potential disruptions and ensure continuity. While key person life insurance cannot replace the loss of a person, it can provide the necessary financial resources to navigate the challenges and minimize the impact on the business's bottom line. Remember, securing your key assets goes beyond tangible resources; it includes protecting the individuals who are vital to your company's success.

Price inflation is expected to continue to increase for the foreseeable future despite the recent decrease in health care utilization. While many employers may not currently be feeling the full impact of price inflation in their health care plans, that may soon change. Employers can act now to reign in rising health care expenses and better position themselves to address future increases within their health care plans.

Whether you own a boat or are thinking about getting a boat, we will share helpful information with you to help you navigate boat insurance. Boat insurance is not currently required in New York, however, like your car it’s recommended to get insurance in case you need to fix or replace a damaged vessel.

Everyone is familiar with a high-level explanation of what Homeowners Insurance is, but what does it really cover? You know it covers your home and personal items from damaging events like a fire, theft or inclement weather, but what else? We have put together this resource for you to help you navigate your way to protecting your home.

In late Fall 2021, Governor Kathy Hochul passed a Senate bill detailing the new lifted restrictions on dog breeds from insurers writing Homeowners’ policies. The law went into effect late January 2022. Insurance companies now, are not allowed to deny individuals coverage for their home based on the kind of dog they own. Not only are insurers prohibited from denying this kind of risk, they also cannot raise the policy’s premium substantially or refuse to renew an existing policy solely based on what dog a family or individual may have. However, this does not mean complete free reign between the tri-relationship of insurer, insured, and dog.

Did you know that snowmobiles usually are not covered by renters, homeowners, or auto insurance policies? During wintertime months snow is definitely present here in Upstate New York. If you take advantage of the winter recreational activity of snowmobiling, make sure both you and your sled are protected.

Auto insurance rates vary a lot from one insurance company to another. Why? Because every insurance company uses their own formula to assess risk and how much coverage will cost. Therefore, no two insurance companies will have the same exact price for the same policy and can vary by hundreds of dollars. So that is why if you don’t take on the responsibility of comparing rates—you might be overpaying when you don’t have to.

Upstate New York has unpredictable winters. It could be sunny and warm one day, and then a heavy snowstorm the next with low visibility, extremely cold temperatures, and slick road conditions. Roadside assistance is highly recommended if you drive often, especially in the winter. This is an add-on to your coverage, but is usually very inexpensive and well worth every penny when you need it.

Have you ever been home with a sick kid watching Let’s Make a Deal and you start to realize that every other commercial on television is an auto accident attorney? Have you been injured in a vehicle crash? You are entitled to compensation. The next thing you hear is the voice of the client, my lawyer got me one million dollars, the insurance company was going to offer me less. Hmmmm….read this blog to learn more.

Each time your employee receives their paycheck, they see a whole lot of money deducted from their gross pay. Their pay stubs show the deductions from things like taxes, health insurance and perhaps more. Group term life insurance (GTL) is one of those items they may discover on their paystub if it is part of your employee benefits package. This employee benefit may be extended to employees’ spouse and dependents. Even though you, as the employer, may pay the insurance premiums on GTL or pass it along to the employee, the employee may owe the taxes on it depending on the amount of coverage that is given. GTL may be taxable or tax-free, but either way is an inexpensive way for your employee to be offered coverage they need.

In prior years, you have always felt a sense of urgency to have your benefits open enrollment wrapped up in a timely manner to ensure your employees have sense of calm knowing they are covered with ID cards in hand. This also ensures your billing is accurate, employees who get deductions taken from their paychecks are correct and allows you to focus on looking ahead. The COVID-19 pandemic put us into unknown territory last year with deadlines being constantly moved, a remote workforce and uncertainty in every market. The job market has changed drastically in one years’ time and employees have started to take stock in what matters to them big picture. When that comes to their career, a benefits package is a huge part of incentivizing new employees to join your team and lets your current employees know you care.

The term audit is often misunderstood and sometimes feared when a business owner receives the notification that their insurance policy is being audited. Never fear, your trusty insurance advisor is here to help you through this sometimes confusing, and often irritating audit process. There are two main types of policies that can be audited. They are the worker’s comp policy and a liability policy.

Recently, I had a discussion with a property manager who has several rental properties of all types and sizes. I was able to share with him the value of requiring renter’s insurance to mitigate his risk when dealing with multiple tenants and properties. Landlords know that they should carry insurance on their properties for both property and liability to protect their investment, but many do not go the extra step of ensuring that their tenants have insurance as well. A well-written lease including the requirement of renter’s insurance protects both the landlord and the tenant in the event of a catastrophe.

Demystify Certificates of Insurance and learn what is a Certificate of Insurance and terminology.

Tips for Certificate of Insurance Management Process for Sub-Contractors/Independent Contractors

In simple terms a bond is a guarantee. They can guarantee compliance with laws or contracts, the performance of an act or can guarantee payments. They can be used to ensure compliance with governmental licensing and permit requirements or may be used to guarantee payment of taxes or other financial obligations. Surety bonds do not protect the buyer of the bond. They protect, indemnify, or provide financial guarantee to third parties such as customers, suppliers, or state taxpayers.

The COVID-19 pandemic brought into focus a part of the business owner’s policy coverage that’s not usually at the forefront of business owners’ minds, loss of income. Business owners who had to shut their doors due to state mandate, sometimes for months on end, felt the sting of little to no inflow of income. Some policy holders argued that the mandated shut down of their business should have triggered the business owners policy coverage for loss of income.

Over the years, one thing has remained constant in the world of an insurance agent, the ever- increasing cost. Every year, your business is probably paying more than they did the year before for premiums. Most customers focus on their personal performance and respond to the increase by saying “but I’ve never filed a claim before,” which is the most popular answer received. While that may be true, that doesn’t mean that the business down the street didn’t and insurers do not like losing money. While losses are not the only driving factor in this equation, it is the one this article will focus on and some things you can do to prepare.