Health Insurance Doesn’t Have to be Scary! Stop by Our Booth at Ghost Walk On Main

As part of the Ghost Walk on Main, Health & Life Agent Colleen Corrigan will have a booth at this spooktacular haunted history walk through Uptown Centerville on Thursday, October 14, 2021. Stop by and say hello and ask your pressing health insurance questions.

Ghost Walk on Main tour groups will be led by a storyteller guide. Learn and be entertained by local history, hear spooky stories, and enjoy refreshments and drinks compliments of HOCWT businesses. This is a 1.8 mile walking tour so make sure you wear comfortable shoes. Participants must be age 21 or older.

Proceeds from this event benefit Friends of Washington-Centerville Public Library, Centerville-Washington History, and a named charity by HOCWT. The ticket price is tax deductible.

Learn more here.

Does Homeowners Insurance Cover Natural Disasters?

Whether you’re renting, buying, or building a home, natural disasters are something to consider when it comes to your insurance coverage. Common natural disasters in the U.S. include:

• Hurricanes

• Tornados

• Floods

• Wildfires

• Hail damage

• Earthquakes

• And more

A standard homeowners insurance policy may cover a wide variety of situations, e.g. wildfires, wind, hail, though some natural disasters such as flood and earthquake will need to be added to your policy. To avoid expensive out-of-pocket costs in the face of a natural disaster, you’ll want to add protection for items lost due to fire, flooding and other damages. It’s worth noting that flooding and earthquakes are the most underinsured natural disasters.

Do you live in a high-risk area?

Generally, most natural disasters are not covered by a basic home insurance policy. For those who live in flood-planes, like the southern coast, or in the midwest where tornadoes are common during summer, you’ll want to consider purchasing additional coverage to insure a specific type of natural disaster. Living in a high-risk area for any natural disaster also means that you will most likely be paying more for your general policy to help make up for some of the increased risk.

Storm insurance coverage

Wind damage caused by hurricanes and tornadoes are generally covered by home insurance policies, but flooding damage is not. Flooding is the major cause of costly hurricane damage, making it necessary to add in flood coverage to your policy. Hurricanes are some of the costliest natural disasters in the U.S. and can cause billions of dollars of damage. It’s critical to understand what your policy covers, as there are many claims that are disputed based on how wind and flood damage are defined by individual insurers.

Tornadoes don’t generally cause a large amount of flooding, but talk to your insurance agent to see if they recommend it for your location.

Insuring natural flood disasters

Because flooding can occur due to a handful of situations, flood coverage is not always handled the same way. Various sources of flooding can include:

• Rivers

• Excess rain

• Plumbing issues

• Storms 

Remember that most, if not all, homeowner policies exclude flood-related damage. Flood damage can be so costly and extensive that it’s a smart add-on. Don’t let flooding damage put your finances under and open your house to mold and other health risks. All types of natural disasters can cause costly damages, but flooding is especially nefarious.

Wildfire damage protection

Wildfires are becoming increasingly common in the U.S., making the need for wildfire coverage more critical than ever. Standard policies in high-risk areas typically cover the damage that happens to your home and belongings. Keep in mind that some insurers do not offer wildfire protection in high-risk areas. If you are in a high-risk area, make sure that you understand what if you’re covered, what is covered, and how much is covered.

Know how your home insurance protects you from natural disaster damage

Insurance can be complicated and it’s essential to understand what is protected under your policy and isn’t. When you live in a high-risk area—whether it’s for hurricanes or tornadoes or wildfires—you’ll want to be familiar with your coverage, additional add-ons to protect your home, and speak with your agent to know what will happen in the event of an emergency. Don’t let a natural disaster wreck you financially due to not understanding your policy’s coverage.

Questions about flood insurance or other natural disaster coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com. 

Guest post authored by David Cruz

Annual Harvest Breakfast 2021 – Wallace & Turner Sponsors Second Harvest Food Bank of Champaign Clark & Logan Counties “Food is Health” Event

Second Harvest Food Bank of Champaign Clark & Logan Counties is hosting its first annual Harvest Breakfast on September 3, 2021 with keynote speaker Feeding America CEO, Claire Babineaux-Fontenot. She will discuss national food insecurity trends and how food banks have positive, long-lasting social impact on the communities they serve. This event will also highlight Second Harvest’s collaborations with local medical and health organizations to improve the health of food insecure individuals in Champaign, Clark, and Logan Counties. Wallace & Turner is serving as a sponsor. 

The Harvest Breakfast will be held at Hollenbeck Bayley Creative Arts and Conference Center with doors open at 8 am for networking and breakfast and the program from 8:30-10 am. For complimentary registration, click here.

5 Questions to Ask When Choosing an Insurance Company

Selecting the right insurance company can feel overwhelming – there are so many options and you want to make sure you’re working with someone that will be there for you when the unthinkable happens. While price and coverage are essential considerations, what about customer service? When you have a question or a claim, you want to be able to speak with someone that knows your situation and you’re not “just an account number.” Have you considered financial strength? You also want to be certain your insurance company can pay and settle your claim fairly. 

The following are a few tips to help guide your decision and ensure you have a smooth experience protecting your family and assets.

Financial Strength

Financial ratings of insurance companies describe how financially stable they are, meaning their ability to meet ongoing insurance policy and contract obligations. There are five main ratings companies – A.M. Best, Fitch, Kroll Bond Rating Agency, Moody’s and Standard & Poor’s – and they consider a variety of criteria to determine financial health, including how well the business is doing financially, can it withstand increased claims and vulnerability to natural disasters. Every rating agency has its own methodology, so ratings may vary somewhat among insurers. 

This rating information is important to be aware of when you’re seeking insurance coverage because in the instance of a claim, you want to know the insurance company will be able to pay. Wallace & Turner has worked with top-rated insurance companies such as Westfield Insurance and The Cincinnati Insurance Companies for decades and has a proven track record of financial stability.

Reputation 

Hearing first-hand what customers’ experience with an insurance company has been can be one of the most helpful ways to determine credibility and responsiveness. People often focus on cost when purchasing a policy, but when it comes time to file a claim, they may regret not having considered feedback from current or past customers which provides insight into how the company operates.

An insurance company’s website can give you a good sense of their professionalism, but go beyond this in your research – look at Google reviews, Facebook reviews, LinkedIn testimonials and other online resources such as the Better Business Bureau. Also, your state insurance department can tell you if the company has had consumer complaints about its service.

However, keep in mind that people are often more likely to head online to rant about a one-time bad experience rather than spend time to post about a positive experience. 

Customer Service

Insurance can be complex so it’s critical to work with a company that will spend time from the outset explaining your options and tailoring a policy that best fits your needs.  

This is especially true if you ever have a claim and need timely assistance. Find out if the company has a designated customer care center or in-house claims department. Many companies offer 24-hour claims reporting and will even text with customers to ensure they are being helped in a timely manner. You don’t want to have an accident or loss and end up sitting on hold for hours or not receiving a call back for several days.

Digital Capabilities

Rather than going in to your insurance company’s physical office, many would prefer to pay their bill or file a claim digitally. Also, in rare circumstances like the COVID pandemic, you want to know that your insurer can quickly pivot to continue serving you remotely.  

Talk with the prospective insurance company about their options for paying bills online, managing your policy via an app, or even creating a digital home or business inventory. These are all benefits that can make your insurance experience seamless. Moreover, if you’re not as comfortable with technology, it’s equally important that your insurance company isn’t strictly online/digital and you have the opportunity to sit down face-to-face and ask questions or update your policy.

Expertise

Yes, cheap insurance is great for your wallet, but it doesn’t mean you have the right coverage for your needs – which becomes problematic come claims time. Unfortunately, many people look for a policy with a lower premium and they don’t realize this doesn’t cover them for a major accident. Rather than focusing on price alone, choose an insurance company that will take the time to help you understand coverage options and create a tailored policy.  

Look at the company’s website and social profiles to see what their professional designations are and if they are providing educational resources to clients. This demonstrates their credibility and willingness to share their expertise.  

To speak with a Wallace & Turner insurance agent in Springfield, Ohio or Urbana, Ohio, click here.

Expertly reviewed by Wallace & Turner Team Members 

Wallace & Turner is an award-winning independent insurance agency with offices in Springfield, Ohio and Urbana, Ohio. Since 1870, we have worked with top-rated insurance companies to provide auto, home, business, life and health insurance.

Wallace & Turner Hosts Book Signing with Springfield/Urbana Author Martin Manuel

Author Martin Manuel held a public signing event for his book “Manuel Strong: The Life and Legacy of James and Florine Manuel,” which tells the story of his parents’ life in hopes that he can inspire others and offer an alternative perspective to negative stereotypes of African American families. Martin is one of 17 children born to James and Florine Manuel. The family moved to Urbana from Springfield in 1966, and they overcame adversity and faced hardships as they strove to raise their children in love and faith. 

Wallace & Turner Insurance hosted the book signing with comments from former Partner Mike Trempe who spoke on the agency’s relationship to the Manuel family. Wallace & Turner Founder Harry M. Turner sponsored the Turner Baseball Team which was coached by James Manuel, and Jim Story of Wallace & Turner. Trempe and Manuel’s son Sherman, were players on the team that went on to be City and State Champs.

Pictured in team photo: Harry Turner (Far Left), James “Jinx” Manuel (Beside Harry), Jim Story (WT), Sherman Manuel (Son of Jinx, holding sign), Mike Trempe (WT, with glasses above Sherman).

Wallace & Turner Sponsors 180th Champaign County Fair

Wallace & Turner is a proud sponsor of the 180th Champaign County Fair in Urbana, Ohio from August 6-13, 2021. The Fair will feature a Demolition Derby, Queen Contest, 4H and FFA Boys and Girls of the Year, Pig & Calf Scramble, rides and more.

View the schedule and fair book here. We’ll see you at the Fair!

Wallace & Turner Sponsors Clark County Fair 2021

Wallace & Turner served as a sponsor of the Clark County Fair which ran from July 23 - 30, 2021, located at 4401 South Charleston Pike, Springfield, OH 45502. Events included Junior and Senior shows, outstanding food including the famous grilled pork chops, and a 25 ride midway. This year’s theme was All American Flair!

Wallace & Turner Sponsors Champaign County Chamber 2021 Annual Golf Outing

Wallace & Turner served as a hole sponsor for the Champaign County Chamber Annual Golf Outing on June 23rd at the Urbana Country Club. Producer Ben Galbreath played with a foursome and the team shot a 64.

The Champaign County Chamber of Commerce advances the business and community interests of Champaign County and its trade area.

Restorative Day of Art & Picnic with WellSpring

Wallace & Turner hosted a picnic lunch for WellSpring, following the organization’s Restorative Day of Art at the Springfield Museum of Art. WellSpring is a a private rehabilitation facility located in Springfield, Ohio, specializing in the treatment of addiction and mental health.

Wallace & Turner Sponsors Shop Urbana - June Second Saturdays

In support of local businesses in downtown Urbana, Ohio, Wallace & Turner is serving as the sponsor for June Second Saturdays. The event takes place now through October 2021 with extended hours for shopping and dining, entertainment, food trucks and more!

Learn more here.

Support the Champion City Kings Meal Train

Wallace & Turner is organizing pre-game meals for the Champion City Kings players and coaches throughout the summer and would appreciate your support!

Click the link to volunteer for a specific date: https://www.mealtrain.com/trains/9w6dql

Questions? Contact lmiller@wtins.com

I’m Moving. How Does This Impact My Car Insurance?

P.J. Miller - Partner

Why must you inform your car insurance company when you move  residences?

Your rate or cost of coverage is partly due to your “territory," or residence location – city, state, etc. If you’ve moved out of state, your auto insurance company might not operate in your new state. That could cause your policy to not be eligible on the renewal date and you would need to secure other coverage.

Your new state might require evidence of insurance for that particular state and might require that to be done within a certain number of days.

Also, so your billing gets to you – don’t let your payments lapse and then your coverage is canceled!

If you are a college student going to school out of your home state, what does it mean for your car insurance if you take the car with you?

Typically, if you take your car with you, you might not receive a discount. That usually applies when a college-age student doesn’t have the car with him/her and leaves it at home with the parents.

More cautionary than technical, the student should be reminded that allowing others to operate the vehicle could jeopardize the policy and coverage. Plus, it creates a mess come claim-time with a college-age student giving another student “permission” to drive the non-parental vehicle – usually, permissive use of the vehicle has to come directly from the Named Insured, the policyholder/parents.

How much time do you have to change over your car insurance when you move out of state?

This is subject to the new state, so always check the guidelines, but it could be as soon as 90 days. Otherwise, it should be done as soon as possible or by the next renewal date. States have different guidelines as to the minimum standard of coverage and even though your policy would usually automatically “convert” to the new state required minimum or as close to your existing equivalent, it’s always good to be aligned with your new state coverage. For example, the new state might be a “No-Fault” state and when you change over to the new coverage, there will most likely be differences in coverage for you to select from.

Questions about car insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Wallace & Turner Sponsors Wild Baseball 10U Team

Wallace & Turner is proud to support the Wild Baseball 10U team! Producer Ben Galbreath coaches and loves coaching his son, pictured second from the right-hand side. If your business would like to be a part of Wild Baseball send them a message: springfieldwild@gmail.com GO WILD!

Renters Insurance: Why You Need It & What’s Included

Myles Trempe - Producer

Consumers need to understand what their renters insurance policy covers and does not cover. Many assume that if something happens to the building, it’s the responsibility of the landlord to protect their property. This is generally not the case and the exact reason renters need personal coverage.

What Renters Insurance Covers 

Renters insurance covers most specifically your personal property (your belongings) and your personal liability. Consumers should take inventory of their belongings to determine the total value if a loss took everything. Talk with an insurance agent who can explain if those contents are covered on replacement cost or actual cash value. Actual cash value policies are generally less expensive, but your personal property is depreciated, therefore, leaving you unable to replace some items.

Renters Personal Liability Exposures

Be aware of your personal liability exposures and talk with your agent regarding which limit of liability should be on the policy. Many policies have exclusions to personal liability as well; review those exclusions with your agent to make certain you have coverage if the claim arises. For example, certain dog breeds are excluded for liability if a dog bite occurs. If you have a dog or plan to purchase one for your apartment, make that call to your agent.

What’s Excluded in a Renters Policy

Renters should also be aware of what is excluded in the policy. Floods and earthquakes are not covered by renters insurance. Depending on where you live, these are two coverages that you may want to have, even though they are an additional cost. 

Why Talking to a Local Insurance Agent is Important

A first-time buyer, unless well-versed in renters insurance, should have an agent or broker explain the complexities of a policy, rather than using an online quoting tool. These tools are only as good as the information provided and often don't provide a complete quote for coverage that will actually be needed. This would leave many renters underinsured in the event of a loss.

It’s best to talk with an insurance agent who can help advise on policy language, coverage offerings, exclusions and financial information pertaining to the insurance company they may be working with. Most renters insurance policies offer similar coverages, and an agent can speak on firsthand knowledge of which coverages may best fit the consumer’s situation and budget.

 Questions about renters insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Wallace & Turner Returns as Sponsor for Happy Half Marathon 2021

Wallace & Turner is thrilled to once again sponsor the Happy Half Marathon on August 14, 2021 in Springfield, Ohio at a brand new course that starts and ends in historic Downtown Springfield. We hope to defend our victory as 2019 Water Table Competition Champions!

The idea for the Happy Half comes from family members running the 13.1 mile course from Springfield to Yellow Springs to train for a full-marathon in which they would be raising money to help cover the cost of cancer treatment for Mike Maloney, father of Co-Director Alex Maloney. The first official Happy Half Marathon was held in 2012. The race brings together runners from all over to support the cause and gives them a chance to achieve their fitness goals. Proceeds benefit Mercy Health Springfield Cancer Center.

Register here.

Homeowners Insurance vs. Renters Insurance — Which Coverage is Needed

Myles Trempe - Producer

Homeowners insurance and rental insurance have a similar responsibility of covering the physical structure and other structures on the property. A homeowner’s policy will provide coverage for personal property (contents) and personal liability for the household members. Typically, rental insurance will not provide personal property coverage as that would be the responsibility of the tenant. Additionally, liability coverage on a rental policy would only provide protection for that specific location. For example, if a tenant gets hurt and the landlord is found legally responsible, the liability coverage would protect the landlord against medical expenses and legal costs. An insurance agent can help explain what types of scenarios may and may not be covered by homeowners insurance while you're renting your home to tenants and why you may need to purchase rental insurance. 

Producer Myles Trempe addresses common questions about homeowners insurance and renters insurance below.

Which type of coverage is needed if you simply plan to rent out a spare room in your home?

If a homeowner rents out a portion of their home or even a spare room, they should contact their local insurance agent to better understand how their homeowner’s policy will respond. Some insurance companies may allow for a short-term rental situation assuming they have been made aware by the agent or insured. Most likely, the company is going to require the insured to move the risk to a commercial policy or rental dwelling policy as it would constitute as a business. Standard homeowners’ policies do not provide any coverage for business activities conducted in the home.

Do you ever need both homeowners insurance and landlord insurance?

Yes, this is a very common scenario if you own a home and additionally own rental dwellings. Your primary residence that is not rented should have a homeowner’s policy in place that will provide personal liability, personal property coverage and building coverage. If you have a portfolio of properties that are rented, those should be insured on a rental property policy or what is called a DP3 policy. A landlord should have a DP3 policy for all rentals as it will provide coverages specific to his investment, specifically “loss of rents” which will allow the landlord to recover loss rent while the house is being restored due to a covered peril of loss.

What is the typical cost for landlord insurance versus homeowners insurance? 

A standard homeowner’s policy is more comprehensive than a DP3 policy but in turn actually costs less than a DP3 rental policy. A homeowner’s policy as mentioned will not provide coverage for the person purchasing a home to rent to others. The transaction of you renting out the home is an increased risk exposure in the eyes of an underwriter with an insurance company. As we examine our book of business and compare homeowner and rental polices with similar rebuild costs, the premiums are anywhere between 20-30% higher for rentals. 

What factors can influence how much you pay in premiums for either type of insurance?

Many factors can impact the cost of homeowners and/or rental insurance. Underwriters examine prior losses, conditional factors of the risk, location, cost to rebuild, credit score and deductible limits, just to name a few. 

What are some coverage additions worth evaluating when it comes to landlord insurance?

A landlord will want to work with a local insurance agent to better understand which coverages will best protect them and their investments. Depending on the cost of each investment and the requirements, they may have their bank (if a loan is applicable) decide to insure the property for replacement cost, actual cash value, agreed value or functional replacement cost. A rental property should have liability coverage which will protect from the legal and medical costs associated with someone being injured on the rental property. An agent should also provide an umbrella quote if the limits of coverage may not be sufficient to cover potential liabilities. Rental properties should be covered for loss of rents which will provide protection for lost rent payments due to the property being uninhabitable due to a covered peril of loss. A local insurance agent will have a better understanding of the risk exposures due to the geographic location of the risk. An agent may recommend flood or earthquake coverage as those are excluded from a standard home or renal dwelling policy. 

To what extent an umbrella policy is needed or recommended when you have landlord insurance?

Umbrella insurance covers you and members of your household against lawsuits involving personal injury to others, damage to other people’s property and a variety of claims such as defamation, landlord liability and false imprisonment, depending on your policy. A local agent will help navigate your underlying liability limits to better recommend if an umbrella is necessary. Being a landlord or property owner comes with serious risk exposures. I always recommend an umbrella policy as the underlying limits of a policy may not be sufficient.

What are the steps involved in transitioning from homeowners insurance to landlord insurance?

This transition must occur if the home becomes rented permanently and is a source of income. If you purchase a property to be rented to others, you will need to notify your insurance agent to secure a rental policy. 

Is it worth it to get landlord insurance?

Absolutely. Whether you own a home or a rental property, it is essential to have liability coverage. As for insuring the building for physical loss, that is a decision the investor would need to make. If a property has a loan, the bank will require property insurance.

Which types of carriers offer the best renters insurance coverage?

A local, independent agent will help you navigate home and rental insurance. Their expertise of the marketplace will allow the property owner to make a sound decision for the best coverage options provided by the best carriers. The independent agent works very closely with their insurance companies to best understand their products and how those offerings best support their clients.  

Questions about homeowners insurance or renters insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Motorcycle Insurance Is a Must-Have – Ben Galbreath Discusses Factors That Play Into the Cost of Coverage with NextAdvisor

Ben Galbreath - Producer

As a motorcyclist, several things may come to mind when you jump on your bike – helmet, leathers, boots, gas, tires – but insurance coverage may not be among them. It should be. 

“Insurance is an absolute when it comes to motorcycles,” Producer Ben Galbreath told NextAdvisor. “I recommend the maximum medical payment amount and advise clients to at least match their auto insurance bodily injury and uninsured/underinsured motorist coverage.”

It’s required for motorcycle riders in most states to buy liability coverage, as that type of insurance compensates others for injuries and damages should you cause an accident. Outside of your state’s minimum requirements, motorcycle insurance coverage can be as broad or as small as you would like it. 

“The hurdles you might run into is each insurance company underwrites motorcycle coverage differently,” commented Ben. “They restrict certain coverages to a maximum they will make available, i.e. medical payment, liability coverage, or even possibly deductibles.”

Galbreath said riders should also consider coverage for people who ride with them, which is also known as guest passenger liability coverage. The coverage that comes into play is medical payments, and possibly bodily injury and or uninsured/underinsured motorist coverage, depending on your state and insurer. Some insurers automatically include guest passenger liability coverage in their policies, and some sell it as a separate add-on.

Read the full article here.

Questions about motorcycle insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Should You Redo Your Healthcare Plan? Colleen Corrigan Weighs in on the Pros & Cons With GOBankingRates

Colleen Corrigan - Life & Health Agent

The wave of job losses caused by the pandemic have disrupted many people’s incomes and insurance arrangements. Beginning in February 2021, President Biden opened a Special Enrollment Period through healthcare.gov for consumers, giving enrollees additional time to re-evaluate coverage needs with expanded tax credits or subsidies which help to reduce monthly premiums.

In an interview with GOBankingRates.com, Life & Health Agent Colleen Corrigan said if you enroll in a new healthcare plan through your employer or through Marketplace, you may be able to save money. On plans purchased through the U.S. government healthcare exchange website, Colleen commented, “Most people who do not have access to health insurance will qualify for a subsidy. The Centers for Medicaid & Medicare Services says on average, one out of four enrollees in Marketplace coverage will be able to upgrade to a higher plan category that offers better out-of-pocket costs at the same or lower premium compared to what they are paying today.” 

It pays to shop around for insurance coverage if you’re interested in getting the best coverage for the best price. Colleen added, “Many shoppers whose income is too high to qualify for a subsidy may be better off with health plans sold directly by insurance companies. These plans will not be listed on Healthcare.gov. A trusted broker can help you navigate these options. However, once a consumer begins shopping for plans outside of Healthcare.gov/Marketplace, the plans are not held to the same standards as the plans offered through the Affordable Care Act/Marketplace rules. These premiums are often lower in cost but will not include minimum essential coverage such as preventive care or pre-existing conditions.”

Read the full article here.

Questions about health insurance coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

What Small Businesses Should Know About Accidental Death & Dismemberment Insurance

Ben Galbreath - Producer

Accidental death and dismemberment insurance is insurance coverage similar to that of life insurance, and is commonly used as a supplement to a life insurance policy. It covers an employee in the event of an accidental death, or an unforeseen accident that results in the loss or function of a body part (e.g., arms, legs, eyesight, speech, hearing). AD&D does not cover deaths caused by existing medical conditions.

Producer Ben Galbreath discusses what small businesses should know about accidental death & dismemberment insurance:

What is accidental death and dismemberment insurance (AD&D)?

Accidental Death & Dismemberment insurance is a good coverage to be added to a benefits portfolio. This coverage is on a very limited form, meaning it will only pay a benefit due to an accident.  Definition of an “accident” is an unforeseen incident that happens unexpectedly and unintentionally. The coverage is triggered only by an accident.

Do you have to offer AD&D to employees?

AD&D is an optional benefit that can be added to an employer’s benefit portfolio. If the benefit is offered to one employee, it will need to be offered to all. The employees will have the option to take the coverage or not. An employer does not have to offer the AD&D if they don’t want to. If health coverage is offered, AD&D is usually a rider included on the coverage. It can also be offered individually.

How does offering AD&D to employees benefit employers?

Employers offering AD&D benefits is a way of broadening health benefits to make their business more attractive to prospective employees. With the growing struggle to recruit and retain quality employees, this could attract those employees. 

How does being offered AD&D benefit employees?

The coverage benefits employees to some extent – if an employee has an accidental dismemberment, it would help with the medical bills and rehabilitation. In terms of accidental death, the death benefit would be paid out to the employee’s family.

 What does AD&D cover?

AD&D is only triggered in the event of an accident, meaning unintentional death or dismemberment of the insured. Death is self-explanatory and the death benefit would be paid out. When it comes to dismemberment coverage, this would apply to loss, or the loss of use, of body parts or functions (e.g., limbs, speech, eyesight, hearing).

Anything else a small business owner should know about AD&D?

AD&D is usually added to a group health policy for a very minimal cost, but it can also be offered as standalone coverage. Additionally, AD&D can be added to a life policy or group life policy.

Small business owners need to be very careful when offering this coverage due to its limited coverage for unlikely events. It is supplemental life insurance and not an acceptable replacement for term or whole life insurance. This is why it’s usually added to group health or life coverage.

Generally speaking, I don’t advise small business owners to offer AD&D coverage on its own. This type of coverage can be offered in a better supplemental benefit programs. Many accident policies, critical illness and others, offer similar coverage. The best advice would be to speak with a supplemental benefits provider to understand the different options that are available. Working with an independent broker can help build a strong benefits package that could be more cost effective for the employer and employee.

Questions about AD&D insurance, or group health or life coverage? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.

Wallace & Turner Co-Hosts Food Truck Thursday with Real Estate II

Wallace & Turner partnered with Real Estate II to kick off the first Food Truck Thursday of 2021, held on April 8th. The community gathered for tasty food from Rudy’s Smokehouse and a celebration with Real Estate II to announce their new ownership and partners, Lisa Smedley, Ryan King, Lori and Al Fulk.

Producer Ben Galbreath spoke about WT and Real Estate II’s recent sponsorship of the Clark County Solid Waste District Adopt-A-Drop location at 525 East Home Road in Springfield. The “Operation Adopt-A-Drop” program invites residents or groups to become stewards of the county’s recycling sites, and is aimed at creating a pleasant recycling experience by having volunteers clean up those sites.

Donations were collected at Food Truck Thursday in support of Keep Clark County Beautiful.

View the Real Estate II ribbon-cutting ceremony here.