7 Tips for finding flight deals now that everything is so expensive - Shield Insurance Agency Blog

7 Tips For Finding Flight Deals Now That Everything Is So Expensive

By Caroline Bologna | 07/01/2021 07:00am EDT | Updated July 2, 2021 | Huffpost.com | Flight Deals

It feels impossible to book cheap flights at the moment, but experts say there are still deals to be found.

If you’ve tried to book a flight lately, you might have noticed a couple of things: The prices are looking high, and the options are looking limited.

This isn’t particularly surprising. On Sunday, the Transportation Security Administration says, it screened 2,167,380 passengers at airport security checkpoints, the highest volume since the beginning of the pandemic.

Meanwhile, airlines have not yet resumed offering as many flights as they did pre-pandemic, after making schedule reductions over the past 15 months. The result is higher demand and lower supply ― ergo, expensive tickets.

Click here for the rest of the story…


More articles from Shield Insurance Agency

Read More
Property Losses to Anticipate after a severe weather event - Shield Insurance Agency Blog

Property losses to anticipate after a severe weather event

Recovering your business after a storm: 5 property losses to anticipate after a severe weather event

As natural disasters become increasingly costly, property damage claims are on the rise. Since 2011, the U.S. has seen at least $20 billion a year in estimated insured property losses. Alarmingly, that number has risen annually, culminating in a 2020 insured property loss of more than $74 billion, according to the Insurance Information Institute.

Property claims are often a given in the aftermath of a severe weather event, meaning that business leaders need to have a plan to prepare for potential property loss or damage. Follow along to learn about five common property losses businesses can expect after an extreme weather event.

1. Property damage

After the storm has passed, evaluating and addressing the damage done to your business’ infrastructure is a pressing concern. Extreme weather events like hail, tornadoes, flooding, and even strong winds can cause extensive property damage, and you’ll need to work with your insurance provider to determine the extent of the damage and the estimated funds required for repair. If property damage has destroyed your building or rendered it temporarily uninhabitable, you should have a contingency plan in place to resume normal business operations, store equipment, and protect existing inventory.

2. Equipment breakdown

Weather events, particularly those that involve flooding or heavy rainfall, can damage equipment needed to maintain business operations. Servers, electrical systems, heavy machinery, and other equipment might be damaged or destroyed entirely. Before reopening, ensure your equipment is functional and safe for use. You should also talk to your insurance provider about how to account for unexpected wear and tear, which may shorten the life of your equipment and lead to financial losses down the road.

3. Theft and vandalism

During and after natural disasters, many business owners worry about theft and vandalism, although sometimes it can be hard to determine whether looting has occurred, given the existing property damage. Regardless, vacant buildings can be susceptible to vandalism and theft without proper security and oversight. If your property requires post-event construction, you should work with your insurance provider and contractor to discuss potential liabilities during rebuilding. You can also take precautions, like hiring security, to help reduce your risk.

4. Business interruption and continuity plans

Click here for the rest of the story…

Read More
Retail Banking Bonds and Bitcoin - Shield Insurance Agency Blog

Retail banking, bonds, and Bitcoin: 3 financial institution trends to watch in 2021

Liberty Mutual | financial institution | Business Insurance |

“The banking industry can uniquely act as a primary source of stability,” McKinsey journalists wrote in an article on U.S. banking and the pandemic in May 2020. Despite the fluctuating economy, financial institutions rose to meet the challenges posed by the pandemic. They stayed strong for the last year and a half, acting as a stabilizing force for both national and local economies—and that stability makes them an attractive market for sureties in 2021 and beyond. But stability isn’t permanent. In this piece, we’re investigating three trends that will likely shape financial institutions and their relationships with surety agents this year.

1. Banks expand in underserved communities

In the surety underwriting space, larger financial institutions remain strong, particularly in major metro areas like New York City. While the pandemic has shifted the need for retail space across the industry, many banks continue to grow their retail footprint in select growth markets and underserved communities. According to a recent article from S&P, many large consumer banks experienced a net growth in retail space—particularly ATM locations—in select urban areas, despite a net decline in retail space for financial institutions nationwide. JP Morgan’s 2020 Annual Report reflects that trend. The report states that the bank will open “16 new community branches in traditionally underserved neighborhoods and hire 150 community managers by 2022… Another 100 new branches are being opened in low- to moderate-income communities across the United States as part of the firm’s market expansion initiative.”

For surety underwriters, this trend offers the opportunity to provide major consumer banks with several types of bonds:

  • Mechanic’s lien bonds, which protect contractors that have filed a lien by guaranteeing that any payment that is due to them (including interest) will be paid should they win the case.
  • Site improvement bonds, which protect the local government by guaranteeing that the improvements will be done in accordance with the applicable regulations.
  • Utility bonds, which protect utility companies by ensuring the banks pay for their utilities on time

3. The rise in court bonds

In the aftermath of Covid, many industries—not just financial institutions—will likely experience a greater need for appeal bonds. A type of court bond, surety firms offer these bonds to guarantee payment of monetary damages from civil lawsuits during and after the appeals process.

The need for additional appeal bonds across industries is due primarily to pandemic-related litigation. One study by an analytics company tracking the rise in Covid-related court filings found more than 1,500 cases in just four months, from March 1 to July 4, 2020. By May 2021, that number had increased to 6,900 Covid-related cases, with pandemic-related filings likely to continue for months, or even years. For some companies, audits and investigations prompted by pandemic-related suits may uncover other areas for potential scrutiny—for example, if a company is not following a proper procedure.

Surety companies should anticipate a rise in appeal bond demand for years to come, both from pandemic-related filings and cases brought to light by Covid-era investigations.

3. Accelerated interest in cryptocurrency

Click here for the rest of the story…

Read More
Mold A Silent But Rapidly Growing Environmental Exposure - Shield Agency Insurance Blog

Mold: a silent but rapidly growing environmental exposure

At first glance, mold may seem unassuming but for commercial property owners, mold can be a highly problematic hazard that presents significant environmental risk.

Although frequently associated with the aftermath of natural disasters, mold is much more likely to result from routine maintenance issues such as leaky pipes or HVAC malfunctions. Taking a proactive approach to address mold is critical to help reduce the risk of property damage, guard against personal health effects, and avoid potentially costly future claims.

The health risks of mold

Concern about indoor exposure to mold has been increasing as the general public becomes aware of health risks and symptoms. According to the Centers for Disease Control and Prevention, potential adverse health risks can include a stuffy nose, sore throat, coughing or wheezing, burning eyes, or skin rash–with increased concerns for those with asthma or immuno-compromised individuals. Given these potential issues, commercial owners should prioritize mold as part of risk-management planning.

Industry-specific factors driving mold claims

While any business can be at risk for mold, certain sectors have experienced a significant uptick in the frequency and severity of costly environmental claims due to mold and indoor air quality issues. Here’s a look at the factors driving this trend in these sectors.

Heat and humidity create fertile breeding grounds for mold in schools.

Elementary and high schools (K-12) are vulnerable to mold growth for several reasons, including:

  • increased moisture due to painting or carpet cleaning
  • high humidity with reduced air conditioning or outdated heating systems
  • Especially during the summer, a lack of ventilation combined with heat and humidity creates a perfect mold incubator.  

Without regular maintenance, a school can rapidly experience significant mold growth. To mitigate the risk of mold outbreaks, schools should perform regularly scheduled inspections for signs of mold, moisture, and leaks, including during long breaks. The Environmental Protection Agency’s  Mold in Schools fact sheet provides additional guidance on how schools can mitigate this risk.

Renovations can lead to contamination surprises for hospitals and hotels.

Deferred maintenance can lead to delayed problems for healthcare and hospitality sectors, especially when it comes to larger projects such as roof or room renovations:

  • As a roof comes closer to the end of its useful life, the likelihood of leaking increases exponentially, as does the risk of mold growth.
  • Mold thrives where there is plenty of organic material, such as wood, paper, paint, drywall, and insulation—frequently uncovered behind walls, under carpet and ceiling tiles, and surrounding corroded pipes during routine maintenance or renovation projects.

Not having a plan to address this risk can be very costly. In addition to the costs to address structural damage, hospitals and hotels may also experience lost revenue if facilities need to cease operations or are held liable for mold-related exposures of individuals.

Putting risk mitigation plans to work

Click here for the rest of the story…

Read More
Purchases Protected The Top Bonds In The Retails Sector - Shield Insurance Agency Blog

Purchases protected: the top bonds in the retail sector

Shield Insurance Agency Blog | Top Bonds | Start A Quote Today!

Purchases protected: the top bonds in the retail sector

Because of COVID-19, businesses across every industry have pivoted quickly to try to recover their losses and guard against future potential risks. Retail businesses are especially sensitive to seismic shifts in the economy as political factors, consumer trends, and technology are variables that can impact a retailer’s success.

Traditionally, consumers have preferred hands-on experiences such as test-driving vehicles at their local dealership, dining at their favorite restaurant or jumping into a fitting room at a boutique store, but the on-going pandemic has changed that. Although certain businesses have benefited from these changes to consumer behavior, others have struggled — grocers, home improvement stores and wholesaler retailers perform well, while apparel and department stores have wrestled with COVID-imposed restrictions, heavy debt burdens, and compressed margins. 

Reducing top bonds risk in retail

As a pivotal piece of the supply chain, a healthy retail sector is good business for everyone — from manufacturers and wholesalers to the end consumer. To help safeguard against risks to the retail space, surety bonds are a valuable way for businesses to build an extra layer of security for themselves. Here are a few of the more common bonds across four key retail sectors: automotive, food and beverage, general merchandise, and online. 

Automotive sector top bonds
The retail automotive sector is comprised of two types of companies: those that sell auto parts and those that sell new and used vehicles.

  • Motor vehicle dealer bonds
    These bonds guarantee that the motor vehicle dealer and/or manufacturer will comply with outlined protections for warranty promises, fraudulent practices and misrepresentation of the motor vehicles dealer.
  • Game of chance bonds
    If a dealership or auto parts company runs a promotion or sweepstakes, this type of bond guarantees that any prizes offered are awarded to the winner. It is required in some states, including Florida and New York.

Food and beverage sector
The food and beverage sector is comprised of grocers, restaurants, food packaging companies, liquor stores and fast-food companies.

  • Tax bonds
    Frequently required by local and federal law, food and beverage retail sellers must post bonds to guarantee they will collect and remit taxes for business activities. Common tax bonds include sales tax, use and consumer tax, alcohol, liquor, and tobacco.
  • Utility payment bonds
    Used as an alternative to a traditional cash deposit or Line of Credit (LOC), this bond guarantees timely bill repayment to the utility vendor.

General Merchandise
General merchandise is a catch-all term for items that include clothing, apparel, appliances, sporting goods, etc.

  • Lease bonds
    A financial guarantee that ensures payments of assessments under a rental agreement. A principal may post this type of bond in lieu of a cash deposit or traditional LOC, freeing up their capital for other uses.
  • Workers’ compensation on bonds
    Employers are required by all states to guarantee payment of statutory workers’ compensation benefits to their employees. Companies that elect to self-insure any portion of this risk must post security with the state using a cash deposit, letter of credit or a surety bond. Given their long-term nature, workers’ compensation bonds are typically reserved for very strong credits.
  • Customs bonds
    The primary purpose of a customs bond is to ensure payment of import duties and taxes, as well as complying with all regulations governing entry into the U.S. of merchandise from foreign sources.

Online retail
Otherwise known as e-commerce, online retail stores are virtual establishments that sell a variety of consumer or business-to-business products over the internet. 

  • Money transfer bonds
    Required by a business that provides money transfer services or payment instruments, money transmitter bonds guarantee that the principal will follow applicable state rules and regulations of the industry, safeguarding the end consumers well-being.
  • Collection agency bonds
    These bonds are required by some states to assure the principal will function according to state collection agency laws and in conformity with the standards issued by the Fair Credit Reporting Act. A business that extends credit card services may be required to post collection agency bonds.

The future of retail – what you need to know

Click here for the rest of the story…

Read More
10 Tips To Get The Most Out Of A Tank Of Gas - Shield Insurance Agency Blog

10 Tips to Get the Most Out of a Tank of Gas

10 Tips to Get the Most Out of a Tank of Gas

Rising gas prices and summer travel highlight the need to squeeze every mile out of a gallon of gasBy Jeff S. Bartlett

Published May 13, 2021 | Updated June 2, 2021

Summer travel season is underway, and gas prices are on the rise. Pump prices over Memorial Day weekend were the highest since 2014, and the current national average is $1.05 above this time last year, according to AAA. Now is as good a time as ever to fine-tune your driving strategies and techniques to maximize your fuel economy and ease the squeeze on your wallet.

Consumer Reports experts pulled together the following series of test-proven tips to help drivers save money.

Fuel-Economy Tips

1. Stay at half: 

Keep at least a half-tank of fuel at all times while there is a risk of shortages. If gas becomes scarce in your area, having gas in the vehicle will give you options. 

2. Check online: 

Apps and websites such as GasBuddy can show local gas prices, making it easy to find good prices in your area or if you need to travel. Generally, gas stations well off major highways and away from city centers tend to have better prices, as do warehouse stores and some major travel centers. 

3. Minimize travel: 

If you can delay errands or other activities, you will preserve the gas that you purchased and reduce overall consumption for the region, helping in some small way to reduce the gas scarcity. 

4. Obey speed limits: 

When you drive, follow the speed limits and drive smoothly. Your driving habits can play a significant role in fuel economy.

A recent CR test shows this: We measured gas mileage while driving at a steady 55, 65, and 75 mph in a Nissan Altima and Toyota RAV4. We found that reducing speed from 65 mph to 55 mph improved fuel economy by 6 mpg in the Altima and 8 mpg in the RAV4. The penalty of cruising at 75 mph, rather than 65 mph, was almost 7 mpg in the Altima and 6 mpg in the RAV4. Higher speeds exact a toll in fuel consumption. Another way to look at it: Speeding up from 55 to 75 mph is like moving from a compact car to a large SUV. Beyond fuel concerns, speeding is, of course, a safety risk.MORE ON FUEL ECONOMYHow Your Car Can Make the Air CleanerMost Fuel-Efficient CarsMost Fuel-Efficient SUVs

5. Drive evenly: 

Avoid hard acceleration and braking whenever possible. In our tests, frequent bursts of acceleration and braking reduced an older Toyota Camry’s mileage by 2 to 3 mpg. Once up to speed, maintain a steady pace. The harder you accelerate, the more fuel you use. Unnecessary braking wastes the fuel you used to get up to speed. Drive smoothly and anticipate the movement of traffic. Smooth acceleration, cornering, and braking also extend the life of the engine, transmission, brakes, and tires.

6. Pay attention to aerodynamics:

Click here for the rest of the story…

Read More
Reducing safety risks for a returning and deconditioned workforce - Shield Insurance Agency Blog

Reducing safety risks for a returning and deconditioned workforce

The pandemic-era trend toward layoffs and early retirement means today’s workforce has less training and experience than in March 2020. On top of that, a year at home has physically changed our bodies, resulting in what experts call a “deconditioned workforce.” Unfortunately, this less trained and deconditioned workforce poses new safety risks for companies, particularly in more risk-prone industries like manufacturing, trucking, and construction. It is important for businesses to consider the safety risks associated with this trend and what they can do to help reduce workplace injury as employees return to work. 

With an accelerated vaccine rollout and the President’s expectation of getting “closer to normal” by July 4, 2021, many companies are thinking about moving back to regular operations before the end of the year. Despite this progress, it’s clear that the pandemic has made a lasting impact on our workforce—and the safety implications of returning to work need to be carefully considered.

Early retirement makes an impact

As a result of the pandemic, many older Americans working in heavily impacted industries retired sooner than planned. According to a study by The Schwartz Center, more than 1 million workers left the workforce between August 2020 and January 2021. In the last year, the unemployment rate for older workers has been significantly higher than mid-career workers—a rare occurrence in the job market.

For companies that laid off a large percentage of their workforce during the pandemic, this means that new hires will have significantly less training and experience than their predecessors. Compounding this problem is the fact that many workers are joining new industries due to COVID-19; according to a study by McKinsey, more than 100 million workers globally, or 1 in 16 people, will need to change occupations because of the pandemic.

All of these factors equate to increased risk for companies—especially those in certain sectors. According to David Perez, chief underwriting officer of Global Risk Solutions at Liberty Mutual Insurance: “In any job with a high safety risk, like construction, trucking, or manufacturing, untrained workers present tremendous exposure for accidents to occur.” In high-risk industries where training and experience prevent workplace injury, there is now a much more significant burden on employers to help keep untrained employees safe. 

A deconditioned workforce

Even for experienced employees returning to work, there is a greater risk of workplace injury when they come back to their jobs, post-pandemic. This is the result of worker deconditioning, or the degeneration of physical fitness and flexibility from lack of use. Bottom line? After more than a year of sitting at home, many of us simply aren’t as prepared to do physical labor as we were before the pandemic.

How bad is the problem? According to HumanTech, every day that we don’t use our muscles, we lose 1-3% of our strength. Months of sedentary behavior changes our bodies—and we can’t rebuild that strength overnight. Other factors, like reduced cardiovascular fitness and reduced flexibility, also contribute to workplace injury, particularly in the construction and manufacturing industries. It will take weeks or even months for workers to regain the strength they had before the pandemic. In the meantime, companies need to be aware of the increased risk and adjust their insurance policies to reflect that change.

Reduce risk, invest in training

Click here for the rest of the story...

Read More
Older Workers Get Ready for the Hybrid Office - Shield Insurance Agency Blog

Older Workers Get Ready for the Hybrid Office

by Gwen Moran, AARP, June 3, 2021

Whether you’re in the hybrid office or working from home, finding balance is key

As vaccination rates increase and infection rates decline, companies are exploring what a return to the office will look like. Both companies and employees agree: The future of the office is likely to be a hybrid office model that could require many employees to split time between working from home and working in the office.

A recent joint study by WeWork and Workplace Intelligence defined the hybrid model as a combination of working at home, the company headquarters, satellite offices, co-working spaces and public “third spaces,” like a library or café. In some cases, employees may even split workdays between different locations.

Click here for the rest of the story


Check out more blogs with Shield Insurance

Read More
June 22 Michigan Opens to Full Capacity - Shield Insurance Agency Blog

June 22: Michigan Opens to Full Capacity

Shield Insurance Agency Blog

Gov. Whitmer Announces Michigan Opens to Full Capacity on June 22

FOR IMMEDIATE RELEASE: Michigan Opens

June 17, 2021 

Contact: Press@michigan.gov ernor

Gov. Whitmer Announces State will Open to Full Capacity on June 22 

More than nine million vaccines administered as new COVID cases fall to one-year low. 

LANSING, Mich. – Governor Gretchen Whitmer today accelerated the end of all COVID-19 epidemic orders on gatherings and masking as COVID-19 cases continue to plummet following increased vaccinations. Beginning June 22, capacity in both indoor and outdoor settings will increase to 100% and the state will no longer require residents to wear a face mask. 

“Today is a day that we have all been looking forward to, as we can safely get back to normal day-to-day activities and put this pandemic behind us,” said Governor Whitmer. “We owe a tremendous debt of gratitude to the medical experts and health professionals who stood on the front lines to keep us all safe. And we are incredibly thankful to all of the essential workers who kept our state moving. Thanks to the millions of Michiganders who rolled up their sleeves to get the safe, effective COVID-19 vaccine, we have been able to make these changes ahead of schedule. Our top priority going forward is utilizing the federal relief funding in a smart, sustainable way as we put Michigan back to work and jumpstart our economy. We have a once-in-a-lifetime opportunity to ensure that Michigan’s families, small businesses, and communities emerge from this pandemic stronger than ever before.” 

Nearly five million Michiganders ages 16 and older have received their first vaccine dose, according to Centers for Disease Control and Prevention data. According to data from the Michigan Care Improvement Registry, half of Michigan residents have completed their vaccination and over 60% have gotten their first shots. 

“This is great news and a day all of us have been looking forward to for more than a year,” said Elizabeth Hertel, Michigan Department of Health and Human Services director. “We have said all along that the vaccine would help us return to a sense of normalcy and today we announce that day is here.” 

Case rates, percent positivity and hospitalizations have all plummeted over the past several weeks. Currently, Michigan is experiencing 24.3 cases per million and has recorded a 1.9% positivity rate over the last seven days. 

Michigan Opens 

Click here for the full story…

Read More