Blog

March 30, 2020
wharton & Power

Words to Thrive By | Business Quotes from Wharton & Power Insurance

March 26, 2020
auto insurance

Expecting New Driver? Review Your Auto Insurance Before They Start

Getting a driver’s license is a rite-of-passage for both your teen and you. After all the potentially harrowing lessons and practicing, the day arrives that your baby is now out on the road by his/herself. While this time can be exciting, it can also be expensive, especially if you haven’t done any research on the implications of having a new driver – or a new car – on your auto insurance costs. At Wharton & Power Insurance, we feel it is best for our clients to reach out to us before the big day. That way, we can help them weigh the effects on their insurance premiums once they have a youthful driver. Most of our clients purchase a car for their child. However, the car they choose can make a huge difference in the cost of insurance. The value of the car will affect the insurance rate – so waiting to reach out to us until after the car purchase means it’s too late to include that factor in their choice. Insurance companies typically require that the youngest driver be placed on the highest rated car in a family fleet, or on the car they drive. If parents purchase a new car for their child, there is little wiggle room since that new car is often also the highest valued car. Once the driver turns 23 or 24, insurance companies assume he or she is entering young adulthood with a job and independent responsibilities, so insurance rates start to go down. The bubble from 16-22/23 is the most expensive time, and if you add accidents or tickets on, it gets even more so. Below we cover some strategies that can help keep youthful driver auto insurance costs down: 1) Purchase a Used Car In the insurance world, a new car is anything 2-3-year-old and under. These vehicles cost more to insure because they cost more to repair or replace. Also, each car has an insurance industry symbol; the higher the symbol the more expensive the car will be for the insurer. Underwriters look at financial risk – putting a youthful driver on an expensive car means a greater risk of shelling out more money. The higher the risk, the higher the insurance cost. 2) Pay Cash If you are in a situation where you are able to pay cash for an older vehicle, then you can save money by only insuring it for Liability. Collision and Comprehensive are the most expensive coverages. Collision helps when your car is involved in a crash, so removing that coverage means you will have to pay out of pocket for repairs. However, rather than pay money to the insurance company for a potential occurrence, you will be paying a repair person for an actual situation. Comprehensive covers you if someone breaks into your car and steals something or if a tree falls on it, etc. If you are willing to cover the cost of the stolen item or the cost of repair, then […]
March 23, 2020
Wharton & Power

Words to Thrive By | Business Quotes from Wharton & Power Insurance

March 16, 2020
wharton & Power

Words To Thrive By | Business Quotes from Wharton & Power Insurance

March 11, 2020
social media policy

Should Your Company Have a Social Media Policy?

Organizations have to consider the role of social media not only in their marketing efforts but also in their employees’ activities. Creating policies addressing time spent on Facebook, Instagram, LinkedIn and the like at the office must be weighed carefully. Limiting employee access to digital communication tools can impede how they do their job or diminish morale. If it appears that no one in the office is abusing the privilege or is not communicating in a way detrimental to the organization, one may be inclined to just leave the topic unaddressed. However, if abuse or unlawful use does occur, there is little to fall back on if an internal social media policy has not been created. It is essential for businesses to understand how social media sites are used and to monitor mentions of the brand name to stay ahead of potential issues. Employees should be notified of the expectations of the company while they are at work, from both the use and content viewpoint. In this day and age, it is most likely unreasonable to bar employees from checking their Facebook Page occasionally while they are working.  And, there can be some benefits to allowing your workers access, such as mental breaks, strengthened workplace relationships and increased employee retention. Setting clear policies can get everyone on the same page and set a process for appropriate use if necessary. Items to Consider When Creating a Social Media Policy – Defining work-related and non-work related social media use – Setting an acceptable level of personal social media use at work – Balancing employer monitoring of at-work social media use and employees’ desire for privacy – Determining which online safeguards are needed to protect proprietary information and your computer system – Communicating the social media policy to employees – Enforcing the social media policy – who monitors, how monitored, and enforcement procedures For the most part, employees should not expect privacy when they are using a workplace tool such as a computer, phone or internet access. Therefore, monitoring at work the type of websites employees visit and the frequency is a reasonable activity. Keeping an eye on the use of company electronic tools may help ward off reductions in productivity, or even dangerous or illegal downloads or website hits which can expose an employer to criminal liability. An area of confusion for employers is their ability to terminate an employee for posting negative comments about their company. According to National Labor Relations Board regulations, employee social media use is designated as protected concerted activity. Therefore, as long as the activities do not occur during work time and only wages or working conditions are discussed, employees have the right to communicate negatively about their employer.  Firing an employee for venting about those aspects of a business could end up in a wrongful termination suit. WorkSmart Systems, an Indiana-based PEO, assists organizations in creating and implementing social media policies. Send us an email, or give me a call at 317-663-4138 for more information.
March 9, 2020
wharton & Power

Words to Thrive By | Business Quotes from Wharton & Power Insurance

March 2, 2020
Wharton & Power Insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

February 28, 2020
personal insurance

Downsizing? Don’t Forget About Changing Your Insurance Coverage Too

Each cycle of life brings its own considerations when it comes to protecting your assets. If you are considering downsizing, you will want to talk to your insurance broker about what that change will mean to your insurance coverage. Whether you are buying a smaller home or renting, or selling valuables or gifting them to family, this new phase also brings new situations to consider. Renting vs Buying a Smaller Home If you are like our typical clients, you are selling a large family home to move into smaller, more manageable space. If you choose to buy one of the new homes popping up in this area, you are most likely spending 85% of the value of the home you sold. So, there is little savings when it comes to homeowner’s insurance. Renting is also an option for many downsizers, and in this situation, significant savings can be found. Renter’s insurance covers the contents of the home only – wall-to-wall, ceiling to floor. Most landlords require renter’s and liability insurance, which will still be less than insuring a large home. Fun Yet Expensive Toys The toys you once enjoyed with your kids and friends – wave runners, boats, motorcycles – are now sitting idle in the garage or storage. It may not make sense to keep these items around since they increase your overall liability and therefore your costs. And, if those toys are older, you may end up paying premiums higher than their value. You may want to consider selling rarely used items. You can always rent them for that annual family event. Jewelry Schedule Most likely you have a jewelry schedule attached to your homeowner’s insurance that has not been looked at for a long time. Perhaps you have given pieces away and no longer need to insure them. Or, as prices of gems and precious metals have changed, it may be that your special pieces are over- or under-insured. This time of change offers a good opportunity to reevaluate, ensuring you are appropriately covering what you still own. Antiques, Collections and Other Valuables Downsizing tends to lead to getting rid of things, some of which may be of value. If you are selling or gifting things like antiques, art pieces, silverware, or place settings, you no longer have to insure them! And, just like jewelry, you may be holding on to an article whose value has changed, leaving you over- or under-insured. Life Insurance Coverage The kids are no longer depending upon you, college is paid for, and the balance of your large mortgage has been significantly reduced. Do you still need a $1.5 million term-life policy? It may make sense to reduce that insurance coverage and therefore your premium. That way, you are still leaving wealth behind for your beneficiaries, but saving a bit more for enjoying your life right now. The downsizing phase of life is a significant moment of change, making it a good time to reevaluate if your insurance dollars are providing accurate […]
February 24, 2020
Wharton & Power Insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

February 18, 2020
cloud-based HRIS

The Ins & Outs of a Cloud-Based HRIS

Human Resources Information System, or HRIS, are centralized computer programs to manage the processes associated with having employees. While they have been around for a long time, the introduction of cloud-based HRIS systems has made them even more powerful. Employers who have not used this new technology may not be fully aware of what these updated programs are capable of, particularly in terms of efficiency, trackability and compliance. At WorkSmart Systems, our newly launched cloud-based HRIS offers a great deal of flexibility, allowing employers to pick and choose the services that best suit their employee base. However, it all starts with payroll and benefits, combining what used to be many vendors into one centralized platform. Imagine having just one log-in, one place to store and track all employee information, and one partner to help you with all of your employee management needs. WorkSmart’s Cloud-Based HRIS Service Modules: Payroll Module – Our system has been designed to offer greater flexibility so you can customize your services based on the needs of your workforce. Consultancies have different needs than manufacturers, who have different needs than labs. Employees receive their own log-ins and are able to make changes to items like mailing addresses, direct deposit information and dependent numbers. Varying levels of access allow managers and executives to see employee group information as appropriate. Also, all of your payroll information is stored in the same place as your benefits plan, streamlining tracking and compliance reporting. Benefits Module – WorkSmart’s group health benefits program offers four plan choices to your workforce. Once our benefits team meets with your employees one on one to help them choose the best option, each employee can log into the HRIS to sign up and track their claims. Paid Time Off Module – Executives, managers and employees can all have appropriate access to PTO information, monitoring time accrued and taken, as well as requests and approvals. Removing the paper and email trail by placing this data into a centralized place can help eliminate miscommunication and tracking issues. Employee Filing Cabinet Module – In keeping with WorkSmart’s goal to centralize all employee information, employers can scan previously created paper-based human resource files into this system (the perfect job for a summer intern!). Anything that has to do with having employees can be stored here: employee evaluations and certifications, tracking of company cell phones, computers and keys information, and the employee handbook are all examples of the kinds of information businesses can store in their personalized file cabinet. Employee Intranet Module – Businesses can use WorkSmart’s HRIS as an intranet system, a powerful way to communicate with all of your employees if you do not already have an internal system. You can easily notify everyone about company holidays, employee anniversaries and birthdays, and get-togethers. Applicant Tracking Center Module – Turnover is a part of being an employer, and WorkSmart’s HRIS not only makes the separation process easier, but it also aids in hiring. Job openings can be listed on the system […]
February 17, 2020
business insurance Carmel

Words to Thrive By | Business Quotes from Wharton & Power Insurance

February 10, 2020
wharton & Power insurance

Words to Thrive By | Business Quotes from Wharton & Power Insurance

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