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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.
Marketing Lessons from Old Spice
from Inc.com
The Old Spice Guy campaign is one of the most popular viral ad campaigns in history. Marketing agency Wieden & Kennedy, which dreamed up the Old Spice Guy, reveals its keys to success. They include focusing on short, snappy videos; pumping out plenty of content; keeping fans involved and engaged; and going big with marketing.
Five Signs It's Time to Change Your Prices
from Entrepreneur
How do you know when your pricing is too high or too low? If your pricing is out of sync with your competitors, if you rely too much on sales and promotions, or if your business is attracting bargain-hunters, these are signs your pricing is wrong. First-time entrepreneurs often feel they must undercut competitors to win business. But good pricing is fair, reasonable and reflects the value of the product or service you provide.
BOOK REVIEW
Zero to One Million, by Ryan Allis
It's never a bad thing to hear about business success from someone who runs a successful business! You might not want to do what they have done, but at least you know that they have walked the walk.
Ryan Allis built a successful Internet business. This book tells his story and then pulls out some essential strategies for building your own company.
Much of the book is aimed at people who have not yet started a business. There's an interesting discussion on whether to go after outside investment or to bootstrap your business, and whether to create an enterprise you can sell for a lot of money or a "lifestyle" business that isn't worth many millions but gives you a comfortable living and a life under your own control.
For those already in business, there's useful information on marketing, product creation and team building - stories based on personal experience but with near-universal relevance.
Wisdom
Quotes by...John D. Rockefeller
"Every right implies a responsibility; Every opportunity, an obligation, Every possession, a duty."
"A friendship founded on business is better than a business founded on friendship."
"Don't blame the marketing department. The buck stops with the chief executive."
"I'd rather earn 1% off 100 people's efforts than 100% off my own efforts."
"Good leadership consists of showing average people how to do the work of superior people."
"I believe in the dignity of labor, whether with head or hand; that the world owes no man a living but that it owes every man an opportunity to make a living."
"I can think of nothing less pleasurable than a life devoted to pleasure."
"I know of nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money's sake." |
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November 2011 HAPPY THANKSGIVING!!!
INSURANCE
Do You Need Employment Practices Coverage?
Business owners and executives - especially those who run small and medium-sized enterprises where rules and procedures are more lax compared to larger corporations - are more vulnerable than ever in the day-to-day operation of their businesses.
As a result, employment practices liability insurance (EPLI) has become more prevalent in the work world of today.
Following are some examples where EPLI would help:
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A male employee is discriminated against because of his sexual orientation.
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A female employee is harassed because she is pregnant with her fifth child.
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A co-worker is berated because of a disability and feels that he has suffered emotional distress.
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An employee sues over what she feels is a wrongful termination because she was ready to retire within a year.
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A delivery person files a suit because he feels sexually harassed while at your place of business.
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A long-term employee sues because she feels she should have been promoted to a high-ranking position.
Should a claim arise of the nature listed above, EPLI coverage would provide for the investigation and defense of the claim as well as provide a limit of insurance should a judgment be made against a business.
Steps can be taken to prevent and minimize the instances of these types of circumstances.
For example:
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Management at all levels should make a very clear, strong and consistent statement to everyone in the company that there is a zero tolerance level for any behavior that makes another employee uncomfortable. This can be done through the employee manual and seminars on harassment in the workplace.
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Management should implement and communicate a procedure that makes employees feel safe to report a situation that may make them feel uncomfortable. Implement an open-door policy between management and employees to keep the lines of communication open and free from anxiety.
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Management should communicate with the person making the claim to let him or her know that his or her statement is being taken seriously. An action plan should be created to investigate all complaints, and discipline and potential termination of the offending parties should be undertaken.
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Management should ensure executives are adequately insured. Up to $1 million in coverage can be included on a business owner's policy for a minimum premium. Higher limits can be quoted as part of the general liability policy or even its own separate policy. Not all insurance carriers offer the same coverage and deductibles.
Your agent would be happy to find the best coverage that suits you.
Why should I buy life insurance?
Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:
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Replace income for dependents
If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
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Pay final expenses
Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
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Create an inheritance for your heirs
Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.
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Pay federal “death” taxes and state “death” taxes
Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules between now and January 1, 2011 will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.
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Make significant charitable contributions
By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.
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Create a source of savings
Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).
Agency News:
Congratulations to our October employee of the month Jennifer Rhodes. Jennifer has been an account manager with the agency since March 2008.
Congratulations to Providence Center for 50 years of providing important services to adults with developmental disabilities and for improving our community. Please help support Providence Center by purchasing your poinsettias and wreaths for the holiday season by contacting Temple Zito at tzito@providencecenter.com or 410 757 7800 ext 118. THE PRICES ARE AMAZING!!!!
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.
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.
Thank you to Account Executive Nancy Egan, 8 year survivor and her mother Doris Egan, 17 year survivor who participated in the Susan G. Komen Race for the Cure.The event was held on October 23, 2011 in Hunt Valley with over
20,000 participants.
Congratulations to long time customers Miller Tree and Norris Taylor who recently celebrated their 25th year partnership with IWIF.
Matt Lehmann's team helped raise over $11,000 for the recent "Cycle for Life" ride for Cystic Fibrosis. For more information about Cystic Fibrosis, click here... http://www.cff.org/LWC/AboutCF/
The Moran offices will be closed at 2pm on November 23rd through Monday the 28th at 9am for the Thanksgiving Holiday. The Moran Team wishes you a wonderful holiday with your family and friends.
INSURANCE
Two Reasons to Think About Commercial Auto Coverage
Business owners get different types of coverage under a commercial as opposed to a personal insurance auto policy. Following are two types of commercial auto policy coverage:
Hired and Nonowned Auto: For any business with employees, this coverage is a must. It provides auto liability to a business when a vehicle must be hired or borrowed to conduct business. The most common scenario is the way this applies to employees. Hired and nonowned coverage will protect the business while an employee is out doing anything from running errands to making sales calls in his or her own vehicle. The business is "borrowing" the employee’s car to do its work. You might say, "Wouldn't my employee's personal auto policy take care of this scenario?" Yes...and no. If an employee is at fault for an accident and is on business time, the injured party could go after the employee personally as well as the business for damages. This is where hired and nonowned coverage kicks in. Coverage is available at a $1 million limit for a few hundred dollars.
Driver Other Car: This coverage is specifically designed for the business owner who may have one or two cars that are used personally and commercially. Most personal auto insurance companies want nothing to do with insuring a business. A personal auto policy was not intended for that purpose. Driver other car coverage provides personal liability coverage to the owner and his or her spouse, thus eliminating the need for two policies.
Review your auto policy, and if you don't find such coverage listed, it's very easy to get a quote from your agent.
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