Author: Shield Insurance Agency

Choose a health insurance plan that meets your specific needs

Peace of Mind: Understanding the Importance of Health Insurance for Your Well-Being

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Shield Insurance Blog | Health Insurance | Start a quote today! Contact Brianna or Carlos for help

Health insurance is an important aspect of life in Michigan. Understanding the different types of health insurance, key terms, availability, and cost is vital to finding the right policy for you. Shield Insurance Agency understands the importance of finding the best health insurance plan for you and they have the expertise to help determine the best coverage to fit your needs. Read on to learn more about health insurance in Michigan, including HMOs, PPOs, HRAs, HSAs, and more.

HMOs and PPOs

Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs) are two common types of health insurance. HMOs are health insurance plans that provide access to a network of healthcare providers and usually require referrals in order to see a specialist. PPOs also provide access to a network of healthcare providers, but they allow you to choose your own doctors and do not require referrals. Both have different structures that affect how much you pay for services and how much deductible and copayments you pay.

HRAs and HSAs

Health Reimbursement Arrangements (HRAs) are employer-provided plans that allow employees to set aside pre-tax dollars to use for eligible medical expenses. Health Savings Accounts (HSAs) are also employer-provided plans that allow employees to save pre-tax dollars to use for eligible medical expenses. They are similar to 401k accounts, in that investments are allowed and the money rolls over from year to year. Both of these accounts can be used to help pay for out-of-pocket medical expenses, such as copays and deductibles.

Key health insurance terms

When thinking about health insurance in Michigan, there are several key terms to keep in mind. Copayments (or copays) are fixed amounts that customers pay for services, such as doctor visits or prescriptions. Deductibles are the amount of money the customer pays out of pocket before the insurance company pays for services. Coinsurance is the percentage of costs the customer pays once the deductible is met.

How much does health insurance cost


The cost of health insurance is different for everyone depending on factors such as age, family size, location, and type of plan. Generally speaking, HMOs tend to be less expensive than PPOs, and the higher the deductible, the lower the monthly premium. Health insurance premiums also depend on whether or not you receive subsidies or tax credits. In Michigan, the average monthly premium for family coverage with an employer-sponsored plan is about $735.

What are the different health insurance metal levels are

Health insurance plans also differ from one another depending on their level of coverage. Platinum plans typically have the highest premiums but also the most coverage, while bronze plans have the lowest premiums with the least coverage. Silver and gold plans are in the middle, offering somewhere between the two extremes of platinum and bronze plans.

When you can buy health insurance

The Annual Open Enrollment Period (OEP) is the time when everyone can buy a health insurance plan or make changes to their existing plan. In Michigan, the OEP runs from November 1st through December 15th each year. If you miss the OEP, you can still buy coverage outside of open enrollment if you experience certain life events, such as marriage, the birth of a child, or a move to a different state.

Where you can buy health insurance

You can buy health insurance from Shield Insurance Agency which represents over 40 insurance companies and specializes in helping individuals and businesses find the right plan for them. They can help determine the best level of coverage and answer any questions you have about health insurance in Michigan. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

Health insurance in Michigan is an important aspect of life and it is essential to understand the types of health insurance, key terms, availability, and costs when shopping for a plan. Shield Insurance Agency has the expertise to help guide you through the process of finding the right policy for your needs and they can provide a free quote. For more information about health insurance in Michigan, contact Shield Insurance Agency at (616) 896-4600 today or visit this LINK to start the quoting process.

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Commercial Liability Insurance Exclusions

Commercial Liability Insurance Exclusions: Unveiling the Hidden Secrets

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Shield Blog | Commercial Liability Insurance Exclusions | Contact your Shield Agent Today! | Start Quote

What are Commercial Liability Insurance Exclusions?

Commercial general liability insurance, commonly referred to as CGL insurance, is a crucial component of any comprehensive business insurance plan. It provides coverage for bodily injury, property damage, and personal injury claims arising from your business operations, products, or services. However, it’s important to understand that CGL insurance policies also have exclusions, which limit the coverage provided.

Common Commercial General Liability Exclusions

While the specific exclusions may vary depending on the insurance carrier and policy, here are some common exclusions you should be aware of:

  1. Professional Services: CGL insurance typically excludes claims arising from professional errors or omissions. If your business provides professional services, such as legal advice or consulting, you may need additional coverage through professional liability insurance.
  2. Intentional Acts: Claims resulting from intentional acts, such as fraud or assault, are generally excluded from CGL policies. It’s important to note that intentional acts are not insurable, as insurance is designed to protect against unforeseen events.
  3. Employee Injuries: CGL insurance does not cover injuries sustained by your employees. For this, you will need workers’ compensation insurance, which is a separate policy designed specifically to protect your employees in case of work-related injuries or illnesses.
  4. Property Damage: Damage to your own property is typically excluded from CGL policies. To protect your business property, consider obtaining commercial property insurance, which covers damage to your buildings, equipment, and inventory.

Additional Commercial Liability Insurance Exclusions

In addition to the common exclusions mentioned above, it’s important to be aware of other potential exclusions that may apply to your specific policy. These can include:

  • Pollution: CGL policies often exclude claims related to pollution, including the release of pollutants into the environment. If your business involves handling hazardous materials or operates in an industry prone to pollution risks, you may need specialized pollution liability coverage.
  • Cyber Liability: As technology continues to advance, the risk of cyberattacks and data breaches has become a significant concern for businesses. CGL policies typically exclude coverage for cyber liability, so it’s essential to consider obtaining separate cyber liability insurance to protect your business from these evolving risks.

Understanding the exclusions on a commercial general liability insurance policy is crucial for any business owner. By being aware of these exclusions, you can take proactive steps to mitigate potential risks and ensure your business is adequately protected. Remember, insurance is not a one-size-fits-all solution, so it’s essential to work with a knowledgeable insurance brokerage like mine to tailor coverage to your specific needs. If you have any questions or require personalized assistance, don’t hesitate to reach out to Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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By Denis Riek via The Global Ocean Surface Ecosystem Alliance, CC license

Pacific Garbage Patch Is Full of Life

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Goodnews Network.org | By Andy Corbley | Jul 27, 2023 | Pacific Garbage Patch | Shield Insurance Blog

Pacific Garbage Patch Is Teeming With Life–An Ecosystem Older Than Plastic But No One Saw it

Pacific Garbage Patch Is Teeming With Life–An Ecosystem Older Than Plastic But No One Saw it

In the northern Pacific Ocean, a powerful ocean ‘gyre’ pulls together several ocean currents into a single region—the site of the infamous Great Pacific Garbage Patch (GPGP).

However, longer before there was plastic waste in these waters, and in spite of it, the Northern Pacific Ocean gyre is teeming with specially-adapted marine organisms that drift through the sea.

Take this beautiful violet snail above, constructing floating bubble rafts by dipping its body into the air and trapping one bubble at a time, which it then wraps in mucus and sticks to its floater.

Scientists recently documented hundreds of different life forms all concentrated within the center of the GPGP, where 1.8 trillion pieces of plastic have created an environmental feature like no other on Earth.

A swimmer named Benoît Lecomte completed a swim of 389 miles across the GPGP in 2019 and asked the scientists at Georgetown University to accompany the support crew in order to document the sea life.

The work they did has now been published in the journal PLOS One. They found greater concentrations of wildlife inside the GPGP than on its periphery. This is not because of, but in spite of, the trillions of pieces of plastic, as these living ocean hitchhikers evolved to use ocean gyres and currents to get around over thousands of years.

Violet snails, blue button jellies, by-the-wind sailor jellies, and sea slugs called blue sea dragons that hunt the tentacles of man o’ wars to use as makeshift protection, are all found there in large numbers.

“We saw just massive amounts of life at the surface,” study senior author Rebecca Helm, a marine biologist at Georgetown University, told National Geographic. “We’ve seen so many pictures of plastic from the Great Pacific Garbage Patch, but we’ve never seen any pictures of life there.”

“These places that we’ve been calling garbage patches are really important ecosystems that we know very little about.”

MORE SURPRISING OCEAN LIFE: Scientists Discover Pristine Deep-Sea Coral Reefs in Galápagos Marine Reserve ‘Teeming With Life’

The technical term for all this floating sea life is called neuston, and much of it is colored blue atop, and white beneath—a sort of camouflage Helm and her team believe.

Most of our children will never be able to see the GPGP, because it’s currently on track to be totally cleaned down to the microplastic level over the next 20 years.

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Boat Insurance and What You Need to Know

Boat Insurance and What You Need to Know

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Shield Insurance Blog | Boat Insurance | Start A Quote Today!

When you own a boat, whether it’s a small fishing boat or a luxurious yacht, it’s important to protect your investment. Boat insurance is designed to provide coverage for different types of watercraft, and in Michigan, having boat insurance is a legal requirement. Shield Insurance Agency represents over 40 insurance companies and can help you find the right policy that suits your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

Michigan is known for its beautiful lakes and waterways, making it a popular destination for boating enthusiasts. However, it’s important to remember that accidents can happen, and having boat insurance can provide financial protection in case of an unfortunate event.

Boat insurance policies typically provide coverage for the following:

  1. Physical damage: Boat insurance can cover the cost of repairing or replacing your boat if it is damaged in an accident or other covered event. This includes coverage for collisions, fire, theft, and vandalism.
  2. Liability coverage: Liability coverage is essential for boat owners as it protects you if you are responsible for causing damage to someone else’s property or injuring someone while operating your boat. This coverage can help cover legal expenses and any damages awarded in a lawsuit.
  3. Medical payments coverage: Boat insurance can also provide coverage for medical expenses for you and your passengers in the event of an accident. This can help cover the cost of hospital bills, doctor visits, and other medical services.
  4. Uninsured/underinsured boater coverage: If you are involved in an accident with an uninsured or underinsured boater, this coverage can help cover your medical expenses and property damage.
  5. Personal effects coverage: Boat insurance policies can also provide coverage for personal belongings that are aboard the boat, such as fishing equipment, water skis, and other gear.

It’s important to note that boat insurance policies can vary in terms of coverage, limits, and exclusions. Therefore, it’s always a good idea to review your policy with an experienced insurance agent to ensure that you have the right amount of coverage for your specific needs.

When shopping for boat insurance in Michigan, it’s important to consider the following factors:

  1. The type and size of your boat: The type and size of your boat will impact your insurance rates. Generally, larger and more expensive boats will require higher coverage limits and will therefore have higher premiums.
  2. The value of your boat: It’s important to insure your boat for its full value to ensure that you are adequately protected in the event of a total loss. Working with an experienced insurance agent can help you determine the appropriate value of your boat.
  3. Your boating experience: Some insurance companies may offer discounts for boaters with a clean driving record and extensive boating experience. Make sure to inquire about any available discounts when shopping for boat insurance.
  4. Storage and security: Insurance companies may also consider where and how your boat is stored when determining your premiums. Having a secure storage facility or anti-theft devices installed on your boat can help lower your rates.

Michigan has specific regulations and requirements for boat insurance, and it’s important to be aware of these to avoid any penalties. In Michigan, all motorized boats must be covered by liability insurance with minimum coverage limits. Failure to comply with these regulations can result in fines and other penalties.

Boat insurance is not only a legal requirement in Michigan, but it’s also a smart investment to protect your financial well-being. Accidents can happen at any time, and the costs of repairs, medical bills, and legal expenses can be significant. Having boat insurance can provide peace of mind and help you navigate through any unforeseen circumstances.

When shopping for boat insurance in Michigan, it’s important to work with an experienced insurance agency that understands the local market and can help you find the right policy for your needs. Shield Insurance Agency represents over 40 insurance companies and can provide you with options and competitive rates. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. Protect your investment and enjoy your time on the water with the right boat insurance policy.

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Important details about Home Insurance

Home Insurance and Important Details about Your Home Insurance

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Shield Insurance Blog | Home Insurance | Start A Quote Today!

Home insurance is a type of insurance that provides financial protection for homeowners and their property. It is designed to cover the costs of repairing or replacing a home and its contents in the event of damage or loss caused by various perils. Home insurance also provides liability coverage, which protects homeowners in the event that someone is injured on their property and files a lawsuit.

Types of Home Insurance

There are several types of home insurance policies available, each offering different levels of coverage. The most common types of home insurance policies include:

  • Homeowners’ Insurance: This type of insurance is designed for homeowners who live in their own homes. It provides coverage for the structure of the home, as well as personal property and liability protection.
  • Condos/Strata Insurance: This type of insurance is specifically designed for condominium owners. It provides coverage for the interior of the unit, personal property, and liability protection.
  • Tenant/Renter’s Insurance: This type of insurance is for individuals who rent their homes. It provides coverage for personal property and liability protection but does not cover the structure of the home.
  • Seasonal/Secondary Residences: This type of insurance is for homes that are not occupied year-round, such as vacation homes or second homes. It provides coverage for the structure of the home, personal property, and liability protection.
  • Heritage Homes: This type of insurance is for homes that are designated as heritage properties. It provides coverage for the unique features and historical value of the home, as well as personal property and liability protection.
  • Short-Term Rentals: This type of insurance is for homeowners who rent out their homes on a short-term basis, such as through platforms like Airbnb. It provides coverage for the structure of the home, personal property, and liability protection.

Levels of Home Insurance Coverage

Within each type of home insurance policy, there are different levels of coverage available. The levels of coverage determine the amount of protection provided and the cost of the insurance premium. The most common levels of home insurance coverage include:

  • Basic Coverage: This level of coverage provides protection for the structure of the home and limited coverage for personal property and liability.
  • Broad Coverage: This level of coverage provides more comprehensive protection for the structure of the home, personal property, and liability.
  • Comprehensive Coverage: This level of coverage provides the highest level of protection for the structure of the home, personal property, and liability. It typically includes additional coverage for perils such as water damage, earthquakes, and sewer backups.

Understanding the Perils of Home Insurance

Perils are events or circumstances that can cause damage or loss to a home or its contents. Common perils covered by home insurance include fire, theft, vandalism, and natural disasters such as hurricanes or tornadoes. It is important to review the specific perils covered by a home insurance policy to ensure that it provides adequate protection for your needs.

Personal Property Coverage

Personal property coverage is a key component of home insurance. It provides protection for the contents of a home, such as furniture, appliances, electronics, and clothing. In the event of damage or loss, personal property coverage will reimburse homeowners for the cost of repairing or replacing their belongings.

Personal Liability Coverage

Personal liability coverage is another important aspect of home insurance. It provides protection in the event that someone is injured on your property and files a lawsuit. Personal liability coverage will cover the cost of legal fees, medical expenses, and any damages awarded to the injured party.

Shield Insurance Agency

When it comes to choosing the right home insurance policy, it is important to work with a reputable insurance agency. Shield Insurance Agency represents over 40 insurance companies, ensuring that they can find the best coverage options for their clients. Whether you are a homeowner, condo owner, renter, or have a seasonal residence, Shield Insurance Agency can help you find the right policy to protect your home and family.

Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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Wounded Soldiers are being enlisted to restore coral reefs of the Florida Keys, giving them a new mission and purpose.

Wounded Soldiers Help Scientists Save Coral Reefs

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GoodNews Network | By Andy Corbley | Jul 28, 2023 | Wounded Soldiers | Shield Blog

‘A Blessing’ For Wounded Soldiers Who Help Scientists Save Coral Reefs

Wounded US Army veterans are being enlisted to restore coral reefs of the Florida Keys, giving them a new mission and purpose.

Feeling like they have no purpose is a common despair from veterans of several generations, and the work under the waves is helping combat that sense of listlessness, not to mention putting them in an environment where a lost leg is not nearly as impeding.

The work is part of a collaboration between the Mote Marine Laboratory and the non-profit Combat Wounded Veteran Challenge (CWVC).

Veteran Woulded Soldiers

For a week every year, a team of veterans comes down to help Michael Crosby “re-skin” coral reefs below the waves off the southern tip of Florida.

Crosby has been breeding corals of specific phenotypes that demonstrate tolerance and resilience to rising temperatures and more acidic water, representing conditions that may arise during the next 50 years as the climate changes.

Taking the nursery-raised coral down with them, this year’s work saw a team of 31 veterans seed 1,040 new corals in a reef called Higgs Head. This takes the total of such corals planted by the Mote Laboratory to over 200,000.

They dive down to first clean the dead or dying corals of algae, then use an epoxy resin to glue new, lab-grown coral fragments.

MORE GOOD CORAL NEWS: $25 Million Donation Launches Largest Coral Restoration Project in Hawaii to Renew 120 Miles of Reef

“They have been instrumental in my recovery, helping me learn what I was going to be able to do after losing my leg,” said 41-year-old Army veteran Billy Costello. “It’s great for the heart and the soul, especially when you’re around a group of veterans that have gone through very similar situations and have beat the odds and recovered in such a positive way… It is such a blessing.”

“The coral planting gives the wounded, ill, or injured service member a new found sense of purpose, they get to help the environment and work as a team with other military members who have been what they have been through,” said Lt. Col. (Ret) Andrew Lourake, CWVC Vice President of Operations. “The challenge, camaraderie, and knowing they are making a difference is the highlight of the year for almost all our participants.”

Click here for some more images of wounded soldiers helping the great reefs.

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Personal Auto Insurance & Shield Agency

Secure a hassle-free Auto Insurance Quote From Shield Agency

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Shield Insurance Blog | Auto Insurance | Start A Quote Today

Personal Auto Insurance

Car insurance is a type of insurance that provides financial protection in the event of an accident or damage to your vehicle. It is a legal requirement in most states to have car insurance if you own a vehicle. Automobile insurance policies vary depending on the coverage you choose and the insurance company you select. In this blog post, we will explore the basics of personal auto insurance and answer some common questions.

Click here to choose your own auto policy with your specific carrier, and we will contact you with the details.
Click here to choose your own policy with your specific carrier, and we will contact you with the details.

What is car insurance?

Auto insurance is a contract between you and an insurance company that protects you financially in the event of an accident or damage to your vehicle. It provides coverage for liability, which means it pays for the damages you cause to others. It also provides coverage for your own vehicle, depending on the type of coverage you choose.

Do I need car insurance?

Yes, car insurance is mandatory in most states. It is required by law to have at least liability coverage, which pays for the damages you cause to others. Driving without car insurance can result in fines, license suspension, and even legal consequences. It is important to have car insurance to protect yourself and others on the road.

What does auto insurance cover?

Auto insurance covers a range of situations and damages. The main types of coverage include:

  • Liability: This coverage pays for the damages you cause to others in an accident. It includes bodily injury liability, which covers medical expenses and lost wages, and property damage liability, which covers the cost of repairing or replacing someone else’s property.
  • Comprehensive: This coverage pays for damages to your vehicle that are not caused by a collision. It includes theft, vandalism, fire, and natural disasters.
  • Collision: This coverage pays for damages to your vehicle caused by a collision with another vehicle or object.
  • Medical Payments/Personal Injury Protection (PIP): This coverage pays for medical expenses and lost wages for you and your passengers in the event of an accident, regardless of who is at fault.
  • Other optional coverages: There are additional coverages you can add to your policy, such as uninsured/underinsured motorist coverage, which protects you if you are involved in an accident with someone who does not have insurance or has insufficient coverage.

What does car insurance not cover?

Auto insurance does not cover regular maintenance and wear and tear on your vehicle. It also does not cover intentional damage or illegal activities. It is important to read your policy carefully to understand what is covered and what is not.

How is auto insurance priced?

Car insurance premiums are determined by several factors, including:

  • Your driving record: If you have a history of accidents or traffic violations, you may pay higher premiums.
  • Your age and gender: Younger drivers and male drivers tend to have higher premiums.
  • Your location: Insurance rates can vary depending on where you live. Areas with higher crime rates or higher accident rates may have higher premiums.
  • Your vehicle: The make, model, and age of your vehicle can affect your insurance rates. Newer and more expensive vehicles may have higher premiums.
  • Your coverage limits: The amount of coverage you choose will affect your premiums. Higher coverage limits will result in higher premiums.

What is a car insurance premium?

A car insurance premium is the amount you pay for your insurance coverage. It is typically paid on a monthly or annual basis. The premium is based on the risk factors associated with insuring you and your vehicle. Insurance companies use complex algorithms and statistical data to calculate premiums.

Does auto insurance cover maintenance?

No, car insurance does not cover regular maintenance and wear and tear on your vehicle. It is your responsibility to maintain your vehicle and keep it in good working condition. Car insurance is designed to protect you financially in the event of an accident or damage to your vehicle, not for routine maintenance.

How to get car insurance

It is important to shop around and compare quotes from different insurance companies to find the best coverage and rates for your needs. Shield Insurance Agency represents over 40 insurance companies and can provide you with a free quote. You can contact them at (616) 896-4600 or start the quoting process by visiting their website.

In conclusion, personal auto insurance is a necessary protection for you and your family. It provides coverage for liability, damages to your vehicle, and medical expenses. It is important to understand the different types of coverage and choose the right policy for your needs. Remember to shop around and compare quotes to find the best coverage and rates. Contact Shield Insurance Agency for a free quote today and ensure the protection of your family on the road.

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Insects That Live In Your House

Insects That Live In Your House

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Reliant Pest Control | BY TREY CLAWSON | October 19, 2022 | Insects | Home Insurance | Start A Quote!

The Roommates You Never Knew About (A Deep Dive Into The Insects That Live In Your House)

Unless you’re an entomologist, the thought of sharing your home with insects might not be a pleasant one. But the truth is, there are probably more insects living in your house right now than you realize. 

In fact, the average home has more than 100 different types of bugs living in it!

So, let’s take a closer look at some of the most common insects you’ll find in your home so you can take pest control steps to get rid of them once and for all. 

Bedroom Hiding Spots for Insects

From the cracks in your floorboards to the gaps between your furniture, there are countless hiding spots for bugs to take refuge in your bedroom. Plus, bedrooms are often full of dust, which provides a food source for many types of insects. And finally, most bedrooms are located near other rooms in the house (such as the kitchen or bathroom), making it easy for pests to travel from one room to another.

Bathroom

The bathroom is one of the most commonly used rooms in any home, and it’s also one of the most likely places to find pests. From ants and cockroaches to spiders and silverfish, a variety of creatures are drawn to the humid, dark environments found in bathrooms. In many cases, these pests are simply looking for a source of water or shelter. However, they can also be attracted by the food left behind on counters and in sinks. 

Common Areas

Your living room is a gathering place for your family and friends. It’s also a common gathering place for bugs. Why are there so many bugs in your living room? There are a few reasons. 

First, your living room is usually one of the warmest rooms in your house. Bugs are attracted to warmth. Second, there are usually lots of food and water sources in your living room. Third, there are usually lots of hiding places in your living room. 

Finally, your living room is usually full of people coming and going. Bugs can hitch a ride into your living room on clothing or shoes.

Click here for the full story and some great graphics… |

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5 simple tips to maintain a healthy cash flow

5 simple tips to maintain a healthy cash flow

Posted on by Shield Insurance Agency

BIZ Journals.com | Oct 17, 2022 | cash flow | Shield Business Insurance | Shield Quoting Portal

Every business needs cash to grow. A healthy cash flow opens the door to new markets, new products and services, and expanded advertising and hiring, among other things.

In short, cash is the lifeblood of a business. If you want to improve your company’s cash flow management, there are five key areas to focus on.

1. Improve your cash flow visibility and control

The first step in improving any business system is evaluating where it is today. For cash flow management, that means understanding your cash inflows and outflows.

Does your revenue vary throughout the year, or is it steady from month to month?

Are your expenses predictable, or are there areas that need a larger cushion?

Which divisions show the highest profit margins?

Are there any “loss leaders” that require cash to support the rest of your operations?

This kind of visibility into your cash flow is important at every stage of business growth, but larger operations have a lot more moving parts. That can make it tough to monitor your business finances.

For example, are siloed departments paying twice for the same service because they don’t realize they could be splitting that cost? Is the insurance plan that started five years ago still the best plan for the company today?

As a business expands and more people have authority to spend, centralized finance teams can find it challenging to oversee expenses.

Entrepreneurs in the early stages of startup growth might get the insights they need from accounting software like QuickBooks alone, but more complex operations can benefit tremendously by adding business payments software, like BILL, to their fintech stack.

2. Limit cash outflows by trimming expenses

Once you have good visibility into your expenditures, you’ll start to see places where you can cut costs and improve your business’s cash flow by limiting outlays that aren’t adding value.

Cut outdated subscriptions

Review business services that bill monthly to make sure your company is still getting value out of them. As people come and go, it’s far too easy to keep paying bills without thinking about it.

Check for any of these cost-bloating culprits:

  • Multiple subscriptions to the same service.
  • Services that duplicate functionality.
  • Services that have lower-cost alternatives.

Compare alternative suppliers and vendors

Shop for new options regularly for everything from internet providers to insurance policies. Remember to check in with department heads to see which services they’re happy with and which ones leave something to be desired. Subpar services are great opportunities to try something better that might be cheaper, more efficient, or both.

Control your energy use

Are you lighting, heating or cooling your buildings even during off hours? Use timers and motion sensors to reduce energy usage when facilities aren’t occupied, and look for energy-efficient upgrades like LED lights or sustainable energy systems that can pay for themselves over time.

Reduce short-term and long-term liabilities

Most companies depend on business loans or other financing to pay for assets and invest in business growth, at least to some extent. Review your current and noncurrent liabilities to compare interest rates and usage.

For example, are you paying high-interest rates on credit card purchases you could finance a better way? Are there long-term loans you could refinance to your advantage?

As your company improves its financials, lenders will be more willing to offer better rates, especially if those improvements include greater cash flow visibility, transparency, and control.

Control cash flow expense accounts

Some of the toughest challenges in managing cash flow are expenses you don’t see until after the fact, like employee reimbursements. Bring expense accounts under control by setting specific budgets ahead of time.

Sound easier said than done? Tools like Divvy, a BILL spend and expense management solution, can help you set and stick to those budgets, so you can release any “cushions” you’ve been holding to cover unknown expense accounts and earmark those funds for other things.

Look for vendor discounts

Many suppliers offer discounts based on volume, early payment or contract length. Call your suppliers and service providers regularly to discuss your accounts and explore opportunities for improved payment terms.

3. Control the timing of your cash flow

Click here for the full story on Cash Flow…

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Group Life Insurance: An Employee Benefit

Group life insurance is a valuable employee benefit.

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Shield Insurance Blog | Group Life Insurance |

Group Life Insurance is a type of insurance policy that provides coverage to a group of people, typically employees of a company or members of an organization. It is a popular benefit offered by employers to their employees as part of their employee benefits package. In this blog post, we will discuss the requirement, purpose, working, advantages and disadvantages, types, and companies that offer Group Life Insurance.

What is the Requirement for Group Life Insurance?

Group Life Insurance is not mandatory, but many employers offer it as part of their employee benefits package. It is a way for employers to attract and retain employees by providing them with valuable benefits. Additionally, some states require employers to offer Group Life Insurance to their employees if they offer other types of insurance benefits.

What is the purpose of Group Life Insurance?

The purpose of Group Life Insurance is to provide financial protection to the beneficiaries of the policy in the event of the insured’s death. The beneficiaries can be the insured’s family members, dependents, or anyone else designated by the insured. The death benefit is typically a multiple of the insured’s salary, and it can be used to pay for funeral expenses, outstanding debts, and other expenses.

How Does Group Life Insurance Work?

Group Life Insurance works by pooling the risk of the insured individuals. The premiums are paid by the employer, and the coverage is provided to all eligible employees. The premiums are based on the age, gender, and health of the group, and the death benefit is based on the insured’s salary. The policy is owned by the employer, and the insured individuals are covered as long as they are employed by the company and meet the eligibility requirements.

What Are the Advantages and Disadvantages?

The advantages of Group Life Insurance are that it is affordable, easy to obtain, and provides coverage to a large group of people. It is also a valuable benefit that can help attract and retain employees. The disadvantages are that the coverage is typically limited, and it may not be enough to meet the needs of all beneficiaries. Additionally, the coverage ends when the insured leaves the company, and it may not be portable.

What Types of Companies offer Group Life Insurance?

Many companies offer Group Life Insurance, including insurance companies, brokers, and agents. Shield Insurance Agency represents over 40 insurance companies and can help you find the best policy for your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

What Happens to Group Life Insurance Coverage After I Retire?

Group Life Insurance coverage typically ends when the insured leaves the company. However, some policies may offer a conversion option that allows the insured to convert their Group Life Insurance policy to an individual policy. The conversion option may be available for a limited time after the insured leaves the company, and the premiums may be higher than the group rates.

What Are the Types of Group Life Insurance?

There are two types of Group Life Insurance: term life insurance and permanent life insurance. Term life insurance provides coverage for a specific period, typically one to five years, and the premiums are based on the age and health of the group. Permanent life insurance provides coverage for the insured’s lifetime, and the premiums are based on the insured’s age, gender, and health. Permanent life insurance also has a cash value component that can be used to pay for expenses or as an investment.

In conclusion, Group Life Insurance is a valuable benefit that provides financial protection to the beneficiaries of the policy in the event of the insured’s death. It is affordable, easy to obtain, and provides coverage to a large group of people. However, the coverage is typically limited, and it may not be enough to meet the needs of all beneficiaries. Shield Insurance Agency represents over 40 insurance companies and can help you find the best policy for your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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