Educational Opportunity: Risk Management

HS Students earn credit and learn about insurance industry

Farm Bureau Insurance is pleased to announce we will continue partnering with the Eaton Intermediate School District (EISD) for the 2017-‘18 school year by hosting the Insurance and Risk Management class in the Farm Bureau Center.

High school students participating in this program will explore careers in the Insurance and Risk Management industry in a nationally-recognized risk management program, taught by an Olivet College instructor. Students will investigate the process of risk management and the field of insurance, including:  social value, economic influence, loss exposures and protection, marketing, claims adjusting, underwriting, personal insurance, financial planning, and commercial insurance. This program is highly recommended for students planning to pursue a career in Business or Finance.

Students learn a transferable skill, earn high school credit, and have an opportunity to earn actual college credit upon completion of the program. Successful graduates of the Eaton RESA Career Prep Center programs found employment in their program area, entered into an internship program, continued at LCC to earn an Associate’s Degree, or transferred to a university to continue their education.

If you have a child, friend, or neighbor with a child who may be interested in getting on the path to a great career, please share this Eaton County Flyer 2017-2018 with them.

For more information, please contact Lori Conarton, communications director, Insurance Alliance of Michigan at 517-371-2880 or iim@iiminfo.org.

Farm Insurance: What You Need to Know

If you’re a farmer, your life is set at a different pace than the rest of society. You rise early, and you work late. Between planting, livestock, and harvest, the demands that you face on a daily basis don’t leave a lot of time for much else, let alone insurance. And let’s be honest, how often do you really think about your insurance? Probably not that often, right? Yet, you pay a decent chunk of money every month for protection that you know is necessary. But are you certain you have the correct coverage or even enough?

At Farm Bureau Insurance we take farming seriously. Did you know that the very first farm policies (in existence!) were created by Farm Bureau Insurance? And you know what’s even cooler? Farmers wrote the policies – not insurance agents. This is proof that our farm policies account for the complications of farming firsthand.

In today’s blog post, we will share some important reminders and details you won’t want to overlook as you continue operating your farm.

Who Owns What?

Many farms are owned by separate entities – maybe one business owns the farmland, another owns all the farm equipment, and another owns all of the farm buildings. If this is similar to your situation – it is important that you verify that the name of each entity is on your farm or auto policy. There must be a policy that names each unique business for liability insurance and other insurance coverages.

Inform your agent as soon as possible if more than one entity has ownership in your farm. Here is what we will need:

● Legal name of each entity

● Who is in the partnership

● Who the members are in the LLC

● Who the owners are in the corporation

● Federal ID number for each entity

● What each entity owns – is it land, farm equipment, buildings, dwellings, etc. Be specific!

● Who does the title of your trucks, semi, trailer, or cars show as the owner?

As another reminder, this all applies to Worker’s Compensation insurance as well. Whoever’s name is on the policy should be the name of the entity that is employing and paying the employee.

Do You Have Enough Pollution Accident Coverage?

The issues revolving around pollution are getting more and more serious – and the fines are pretty hefty to go along with them! Whether it is liquid manure, chemicals, gasoline, or diesel fuel, your farm needs to be protected. Many farms have $500,000 of bodily injury insurance and property damage liability and $100,000 of sudden and accidental pollution liability insurance. The question is whether or not that would be enough if something went wrong on your farm.

We understand that you take every precaution to make sure that a pollution accident does not happen, but the problem is that we can never be 100% certain it won’t. Be sure to review your policy with your agent to verify that your assets are properly protected. You have the option of enhancing your farm policy to $2,000,000 of bodily injury and property damage liability and $200,000 of pollution liability insurance for around $430 a year. This investment may be the protection you need.

Are Your Unattached Truck Parts & Accessories Protected?

The value of unattached truck parts and accessories in storage has recently increased significantly. However, it is important to note that these parts and accessories are not covered under your FBI Business Auto Policy. In fact, they are only covered for $5,000 under your FBI Farm Owners Policy. If you have more than $5,000 in unattached truck parts and accessories and want proper coverage follow this process:

● Create an itemized list by category of what those UNATTACHED parts and accessories are.

● Sign the list and send it to your agent.

● Your agent will calculate the increased premium cost and added proper coverage to your policy.

Unattached truck parts and accessories may include transmissions, axles, tires and rims, oil, lube and filter, potato and grain boxes, brake parts, misc.

Do You Have the Proper Coverage for Your Irrigation Pivots?

As much as you may not want to think or deal with insurance, we promise it is worth it. If you experience a loss, our number one goal is to be able to pay you what it is going to take to adequately repair or replace your equipment. Challenges arise quickly if you do not have the appropriate amount of coverage.

FBI underwriters and adjusters have recently told us that irrigation pivots need to be covered with the value of $12,000 - $14,000 per span to accommodate the cost of repair or replacement. They have also guided us to encourage farmers to verify coverage for phase converters/electrical panels/ wells/frequency drive/pump, motor, panel, wiring & base. If you have recently made a purchase or if you want us to review your coverage, please send us the following:

● Description

● Location

● Value



Our hope is that this information gives you the necessary reminders and insight to make the best decisions for your farm. If you have any further questions about your farm insurance, our team at J.R. Schultz Agency is available to answer. Contact us today!

4 FAQs About Insurance that You Need to Know

The insurance industry has a reputation for having confusing, small print and elusive agents that disappear once you sign on the dotted line. I’ve heard the complaint many times before, “I was more confused after leaving a meeting with my insurance agent than before I arrived!” Don't let that be you!

Sometimes it seems like people view getting insurance as a check box that once marked, can be forgotten. That is, of course until there is a claim to file. Many consumers avoid asking about their coverage because they are worried that the result will be a higher premium. The perceived notion of “If I don’t think about it, it will go away” is prominent in the minds of today’s policyholders. The key to making insurance work for you – whether it is home, auto, lake, farm, or life, is to ask the right questions, choose an insurance firm and agent that will be your advocate, and stay informed about your coverage.

In today’s blog post, we will cover 4 of the most frequently asked questions we receive at J.R. Schultz Agency. Our promise as your agent is to be transparent and do everything in our power to protect you from the risk of everyday life.

1.      How do I find the right agent/agency for me?

When faced with finding a new insurance agency and agent, consumers often feel like they don’t know where to start. What should they look for? Which questions should they ask? There are so many different options, promotions, and entertaining ads, it’s hard to know when you are truly comparing apples to apples. But when you consider what you’re shopping for – protection – don’t you think you’d want to get to know your agent in person?

First and foremost, your agent should be willing to sit down with you face to face and discuss your coverage and your individual situation. As uncomfortable as it may be to think about the risks of life, these conversations are vital to selecting the right agency, agent, and coverage. Having these discussions means that you need to be willing to answer the hard questions as well. Yes, these conversations will get personal, but we want to get to know you, to create a customized plan that will protect your family, and to make certain that in the event that something happens, you’re covered.

All in all, you want to find an agency that you believe in, an agent that you trust, and a policy that is in your budget but most importantly, offers you the highest and best protection.

2.      What’s the best way to determine how much insurance coverage I need?

This is where those personal, in-depth conversations with your insurance agent come in. Your agent needs to be asking you the right questions in order to create a customized plan for your unique needs. There are critical discussions you need to have with your family and your agent to help minimize your risk. For example, from our experience at J.R. Schultz Agency, the biggest obstacle of life insurance is that everyone understands they need it – it’s simply a matter of whether or not they will take the steps to do something about it, or even more specifically, be willing to think about it.

Another challenge when it comes to insurance is that as a society, we are designed to think that insurance should be cheaper. With all of the 15%-off ads, we are groomed to ask, “Well what’s the cheapest coverage I can get?” Instead, we should be asking, “What kind of coverage am I really getting?” The truth is, at the end of the day, if something bad happens, consumers will come to their agents and ask them “Did you do it right?” They won’t say, “I’m sure glad I lowered my coverage so I could get a lower price.” The thing to remember is that if the price is going down, something is changing, make sure you know what "it" is. In short, make sure you clearly understand what you are paying for and what you are getting in return. 

3.      What should I do if I need to file a claim? (How quickly do I need to act?)

Having an insurance plan you are confident in can give you peace of mind that you and your family are protected. If something happens – no matter what it is – you should file your claim promptly. Contact your agent right away – this means knowing their number and also knowing the number for your insurance agency’s 24/7 call center if your agent is not available.  It’s never too soon to contact your agent. 

4.      How often should I be meeting with my agent?
While every agent is different, we recommend meeting with your agent anytime there is a major life event/change. That means getting married, having a baby, a death in the family, buying a home, etc. This will help make sure that your plans are up to date, and you have the coverage you need. If things are staying pretty constant in your life, the rule of thumb is to meet with your agent at least every two years. 

Our goal at J.R. Schultz Agency is to keep you informed and provide confidence in your insurance plan. We are here to be your advocate!

Have other questions? Share them with us and we may cover the answers in a future blog post! If you’d like to set up a meeting with us, feel free to contact us today. 

Welcome to The Insurance Advisor

Our goal with The Insurance Advisor is to have a simple format to assist in fulfilling our mission to:

Protect the people of Michigan from the risks of everyday life.

So we will use this simple tool to publish & share information that is valuable to our clients and our community.

We hope you find our efforts useful and we'd love to hear from you if you have any suggestions.

Sincerely,
Jeremy Schultz