Matt Lehmann, VP and
Marc Dorman, President

Moran Insurance
696 Ritchie - Severna Park, MD 21146
P: 410-544-3422
F: 410-544-6834

www.moraninsurance.com
info@moraninsurance.com

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Worth Reading

Selections from the best articles seen online this month.

How to Hire an Executive Assistant
from Inc.com
 
Christine Lagorio offers a guide for finding and hiring a good executive assistant (EA). Before beginning the hiring process, she says, it’s important to identify exactly what the position entails and to draw up a job description that includes a summary overview and a list of duties and responsibilities. The article goes on to outline what tasks an EA can be expected to take on, what skills are necessary and what qualifications an employer should look for.

How to Become a Social Entrepreneur
from Inc.com

At age 28, Scott Harrison conceived the idea to launch Charity: Water, a nonprofit organization that delivers clean drinking water to more than 1 million people in 17 different countries. His experience as a social entrepreneur shows turning a passion into a successful nonprofit venture takes real business acumen.

BOOK REVIEW
Words That Work, by Frank Luntz

Frank Luntz is best known for the work he has done to help elect presidents, mostly on the Republican side of the spectrum. He is a master at understanding the power of words - not just to help politicians get votes, but also to help businesses thrive.

In this book, which is packed with corporate and political examples, Luntz says that it's not the words that are said that are important, it's what is actually heard and understood. And that means that the significance of various words culturally can have a huge effect on your message.

In the business context, for example, Luntz talks about Las Vegas promoting "gaming," not "gambling." The actual product didn't change, but the switch in words changed how people saw the industry. Similarly, "liquor" became "spirits" - erasing the negative connotations of one word with the uplifting sense of another. Many businesses could benefit from these kinds of changes.

August 2011
INSURANCE
Do You Need Errors and Omissions Coverage?

Once considered a relatively exclusive form of insurance, errors and omissions (E&O) insurance is now believed to be one of the most important forms of coverage available to many busy professionals.

Who Needs E&O Insurance? E&O provides an additional layer of protection for lawyers, architects, financial consultants and other small-business owners who routinely provide services to others. In fact, nearly anyone who provides services or information to others may be at risk of a lawsuit. Rather than risk your financial future, E&O insurance provides the peace of mind in knowing you are protected in the event of a problem. By transferring risk to the insurance company, you have a powerful partner on your side in the event of a claim.

What's Covered? E&O policies typically help defray the cost of defending against litigation arising from professional liability claims due to mistakes. Legal costs and damages are usually included up to the specified limit.

What's Not Covered? Intentional, illegal or fraudulent activities are excluded, along with punitive damages. Specific limitations or restrictions may be included in your individual policy, so it is important to work closely with your insurance agent to select the right coverage options for your specific needs.

Is E&O Insurance Expensive? E&O insurance rates vary by the type of services provided, annual revenue generated, type of policy and prior claim history. In general, E&O can be structured to fit nearly any type of budget, depending upon selected options.

Agency News:
Congratulations to our July employee of the month Stephanie Machin. Stephanie has been an Administrative Executive with the agency for two months and is a recent graduate of University of Maryland College Park.
   
Moran Insurance believes in supporting community organizations. We have partnered with Hospice of the Chesapeake to create awareness of the value their organization provides to our community. In support of this effort, Moran will donate $500.00 to this wonderful organization when we reach 500 “likes” to our Facebook page. Please take a moment to join us on Facebook to help this great organization.
www.Facebook.com/Moraninsurance. 

Congratulations to account manager Renee Smith who just celebrated her tenth anniversary with The Moran Team.
 
Matt Lehmann,VP has been appointed to the Opportunity Builders Inc. board of directors. OBI provides vocational training and employment services to nearly 400 adults with developmental disabilities. Find out more about there wonderful organization at  www.obiworks.org. 
 
Refer a friend campaign: Refer a friend for an insurance quote and be rewarded with a $10.00 gift card and be entered into our I-pad giveaway drawing.Please see complete contest rules at http://www.facebook.com/MoranInsurance#!/MoranInsurance?sk=app_199911730038708
 
 

Are You Properly Covered for Flood Damage?

With an average cost of roughly $600 per year, flood insurance is often considered one of the more expensive forms of coverage.

It can be tempting, then, to skip it when renewing your policy. Unfortunately, that might be a big mistake.

Water-related damage is one of the most common types of claims submitted to insurance agents each year.

Perhaps even more surprising, though, is that as many as one-quarter of all claims are submitted on homes located outside of the designated "high risk" areas.  

Major causes of insurance claims can include:

Rising Waters: Rivers, lakes and even seaside areas are often associated with flood zones, but small ponds, retention areas, canals and other less obvious areas may be subject to rising waters.

Storm Surge: Hurricanes, earthquakes and other natural disasters can create a subsequent storm surge resulting in water damage to homes.

Fortunately, it is possible to plan early in order to minimize or even prevent water-related damage.

Following are some tips to avoid problems:

Insure Ahead of Time: Once a storm or natural disaster is identified, it is difficult to obtain coverage. Spring and summer are traditionally associated with the majority of environmental-related flooding, so purchase your policy as early as possible.

Install Water Sensors: Reduce the risk of severe water damage by installing water sensors in the basement or other moisture-prone areas.
 

Want to Kick That Habit? Check Out These Tips

The Free Dictionary defines a habit as "a recurrent, often unconscious pattern of behavior that is acquired through frequent repetition."

It also says breaking a habit, though, is "not so easy."

Breaking a bad habit is doable, though. All you need is patience, persistence, willpower, lots of support and luck.

As noted in the Free Dictionary, habits are often unconscious. If you don't know when, why and where they're going to arise, they can be hard to kick. Many experts advise journaling. By writing down your habits, you find out what’s behind them and can then substitute an alternative behavior.

You may want to check out a professional program. You can sign up for one of several 42-day programs at www.habitchanger.com. You'll receive daily challenges, email and text reminders, and a tracker to chart your progress.

Consider the cost - monetary or nonmonetary - of your habit. Then consider paying yourself. Give yourself small rewards when you are able to push away from the table, stub out the cigarette or stop swearing in traffic. If you're trying to break the overeating-at-dinner habit, though, don't reward yourself with a midnight snack of cake and ice cream.

Breaking a habit can be incredibly difficult. Be kind to yourself. Zenhabits founder Leo Babauta has developed a guide for beginners at his blog at www.zenhabits.net. Working through the guide may help you keep your equilibrium while you break a habit.

Picture credit.

 Discover the ABCs of Medicare

The Medicare program came into existence 46 years ago when President Lyndon Johnson signed into law the Social Security Act of 1965.

This program is federally administered and provides healthcare coverage to Americans who are age 65 and over, as well as to those under 65 who have certain types of disabilities or illnesses.

Parts A & B

The original Medicare program consists of Medicare Part A and Medicare Part B.

Part A offers healthcare coverage for hospital stays, as well as hospital inpatient procedures.

This part of Medicare will also provide some limited coverage for skilled nursing care. There is no premium required for Medicare Part A as long as the recipient and/or his or her spouse have paid into the Social Security system for 40 quarters, or typically for 10 years.

Medicare Part B offers coverage for physicians' services and outpatient care.

There is a premium that is required for those who wish to participate in Medicare Part B.

The amount of premium due is based on the annual income of the Medicare Part B recipient. Oftentimes, the monthly premium for Medicare Part B is simply deducted from the recipients' Social Security income check.

Part C

Another name for Medicare Part C is Medicare Advantage.

Medicare Part C essentially includes both Medicare Parts A and B. Part C is offered by private insurers, who are approved by the Medicare program to provide this coverage.

In most cases, those enrolled in Medicare Part C are required to use specific hospitals, doctors and other providers similar to the operation of a health maintenance organization or preferred provider organization.

Medicare Part C requires a monthly premium to be paid, and oftentimes co-payments or co-insurance is required for certain services.

 Part D

Medicare Part D offers prescription drug insurance to everyone eligible for Medicare. You are not autimatically enrolled in Part D; you must join a plan yourself. Part D plans are available through private insurance providers.