How would you describe yourself?

I’m proud to say I was recently voted (by my daughter) to the illustrious title of “World’s Most Embarrassing Dad!” So that’s my full-time gig, but I also masquerade as the Founder of my firm, The Haney Company, advising our clients on how to achieve financial freedom. I think my role is fairly straightforward -  build our brand and develop the right relationships so we can help as many clients as possible. My market development responsibilities have me running a podcast, writing 1-2 articles a month for a variety of industry publications such as Associations NOW, Insurancenewsnet, Advisor Today, Adviser Perspectives, and Kiplinger to name a few. I am also a professional speaker, speaking over a dozen times a year to a variety of audiences, and also launched a Brand Development and Coaching consultancy within our firm to help financial professionals develop a brand and stand out in the digital marketplace. I not only want our practice to thrive, but I also want my industry to thrive because removing financial barriers is better for everyone!

When it comes to my “job,” I consider myself very fortunate to view it as a calling, not just a profession. I deeply care for all my clients beyond what I do for them professionally. It’s such a blessing to feel like work isn’t “work,” and I’m doubly fortunate to work every day with people I deeply respect. I know that not all family businesses are great, especially when the family dynamic breaks down. We are fortunate that we not only love and care for one another, but we like each other too!

Tell us about The Haney Company’s mission and goals?

It might surprise you to know that the most important business lessons I learned were taught to me when I was 8 years old working with my father as a paperboy. Delivering newspapers 365 days a year to 72 houses at 5 am each day, wasn’t exactly every young boy’s dream. Beyond the meagre amount of income it provided me, those 11 years were some of the most formative moments of my life. The most significant lesson I learned was when my dad told me, “If you’re going to do anything, do it with excellence.” This has been our business mantra ever since. So, fast forward to our family business today: our team has embraced several core values that guide everything we do:

• Family – Those we care for most
• Equity - Diversity and inclusion
• Education – Financial empowerment
• Social justice - Addressing poverty & economic inequality
• Green living – Caring for our culture and our planet

We all strive to live life on purpose and mission. Whether an Association driven by mission, a business hoping to be sold one day, or a family eager to send kids off to college and retire to the beach together, our finances should be a means to that end, never a stumbling block. With so much information out there, much of it conflicting, it can be hard to navigate a way forward with confidence. We want to cut through the noise and help you interpret that information so you can apply it properly to your situation. Good financial advice can be the key to achieving your mission and life goals. One of the underlying goals of our firm is to empower people to live enriched lives and not be held captive by financial stress. I firmly believe that means we are in the human transformation business.

What are the things that make a great insurer in your opinion?

I think great insurers and insurance professionals see insurance for what it is, not just what it does. Insurance shows up when others run away, insurance lifts up when everything falls apart, insurance repairs broken lives and gives us a chance at new ones. While the industry is fighting commoditisation, great practitioners and companies alike see the continued need to properly assess and address the risks we all face. Don’t buy and build risk around price, build price and policy around risk. In our practice, we understand that our brand is not just the corporate name that shows up on our clients’ insurance statements, but it’s our emotional connection to our clients and the value of their experience working with us. It’s not only our promise fulfilled, but the life that becomes possible after the storm hits. We aren’t bartering a commodity, we are protecting and preserving love and human dignity. We offer hope and new beginnings.

Insurance shows up when others run away, insurance lifts up when everything falls apart, insurance repairs broken lives and gives us a chance at new ones.

What is your favourite thing about your job?

I am passionate about seeing people achieve financial freedom. Making the most of your money doesn’t come easy! Knowing what to do, how to do it, and wondering if you made the right decision can be challenging. I understand how that feels and I am fanatical about helping you make the financial decisions you want to make but may not understand how to make. There’s a lot of information out there, much of it conflicting, so it can be hard to know how to make sense of it. I want to cut through the noise and help you interpret that information so you can apply it properly to your situation. I help people understand, not just to do something, buy some policy, make some investment and hope it works out. In 15 years, I have found one thing to be universally true: we all want to make the right financial choices for ourselves, our businesses, and our families. So, it’s never a lack of desire that prevents us from doing certain things, it is usually a lack of understanding, not just what to do, but how to do, and why to do it. Following a financial plan, properly investing overtime, offering employees benefits that are competitive but don’t bankrupt you, selecting insurance that adequately protects those you care for, none of these are intuitive, nor are they something that is taught in school.

I joke sometimes that I’m a Financial Therapist. So much of finances is emotional because so much of it deals with relationships and people that we care for. No, I don’t sit people down on a couch a have them spill their guts over bad financial decisions and offer them tissues at $200/hour. My role is simple: I help my clients make the financial decisions that they want to make, but just don’t know how to make. I help my clients frame the decision the right way (specific to them, not some generalisation about what everyone “should” be doing), understand the variables involved, then assess the landscape of options that may be a fit. We weigh out pros and cons, and ultimately, I help facilitate the option that my clients feel suits them best. At the end of the day, they control their money instead of having their money control them. I think that financial peace is some of the best kind of peace and helping clients achieve it is perhaps the most exciting part of every day for me.

What does this award mean to you?

This award is so incredibly humbling because, for me, success is team success and not the function of any one person in our practice. I would not be here without the incredible team behind me, nor without the incredible community of colleagues that have mentored me, picked me up when things got rough, helped me and constantly pointed me in the right direction to be the best professional I have hoped to be. Organisations like the National Association of Insurance and Financial Advisors (NAIFA) have been foundational to me, and I could not imagine any recognition being possible without them. I’m so grateful for this recognition and hope it can be an opportunity to offer encouragement to other industry professionals so we can all collectively become more and help our industry make a more significant impact in our culture.

About Brian Haney

Brian has been in the Financial Services Business since 2003, working with a diverse group of clients representing a slice of the Washington DC marketplace. As a native of the Washington area, he grew up in Chevy Chase, Maryland, attending high school in Bethesda. He founded The Haney Company with his father 9 years ago, combining 2 generations of industry experience. With more than a decade of experience in Banking, Investments, Asset management and insurance, Brian’s expertise and keen insights provide organizations, businesses and individuals with unique and innovative strategies to meet their insurance needs and financial goals. The marriage between his father’s association/non-profit expertise and his private industry background give the Haney Company a substantial edge in the marketplace.

​Brian is active in the industry and has received much recognition during his time. He was a SunTrust Bank EdgeMaster Conference Qualifier 2006, the West Financial Group New Agent of the year in 2008, MassMutual Life Insurance Company Rising Leader 2009, 2010, 2011, MassMutual Life Insurance Company Leaders Qualifier 2009, 2010, 2011, 2013, 2016, MDRT Qualifier every year since 2009, MDRT Court of Table Qualifier every year since 2014, and a Top of the Table Qualifier every year since 2016. Brian is also a NAIFA National Quality Award recipient each year since 2013. Brian was also named one of NAIFA’s prestigious 4 Under 40 in 2017, as well as their Diversity Champion in 2018. Brian was honored to be one NAILBA’s ID 20 winners and one of the Washington Business Journal’s 2019 40 UNDER 40 winners. Brian was recognized by ThinkAdviser as a 2021 Luminary Awardee for Diversity and Inclusion. He is an active Board member of NAIFA Greater Washington, and an active MDRT volunteer leader.

​Brian’s professional designations include:

• Certified Funds Specialist (CFS®)
• Certified Income Specialist (CIS®)
• Certified in Long Term Care (CLTC®)
• Certified Family Business Specialist (CFBS®)
• Life & Annuity Certified Professional (LACP®)
• Certified Association Executive (CAE)

Brian was formerly a Private Banker & Investment Associate for SunTrust Investment Services, and a Licensed Banker at Wachovia bank where he began his career. Brian resides in Silver Spring, Maryland with his wife and daughter. He is a 2002 Graduate of Indiana University.

Firm Profile

The Haney Company offers financial services advice and guidance, including strategies for aligning values and mission with investment decisions, based on decades of experience and the highest level of personal attention. These advantages provide an uncompromising dedication to our clients and the ability to find the right financial solutions for you and your goals. As specialists in insurance and retirement programs for Associations and their executives, we’ll always dig deep to find the insurance and affinity plans that work for your organization. And because of our extensive training and experience, we can also provide you with innovative solutions that fit best.

Brian Haney

CLTC, CFBS, CFS, CIS, LACP, CAE

Founder, Vice President

The Haney Company

308 Southwest Drive

Silver Spring, MD. 20901

T: 301-593-0600

F: 301-593-0800   |   C: 240-888-8630

Web: www.thehaneycompany.com

LinkedIn: www.linkedin.com/in/brian-haney-thehaneycompanyfinancialguy/

Jeff Arnold is the founder of RIGHTSURE, one of the most awarded insurance firms in North America.  He is the author of five books with four of them holding the highly coveted spot of #1 Bestseller.

Jeff has been called a Thought Leader and Global Ambassador for the Insurance Industry. A title he maintains that most executives in insurance should be noted for.

The way you got into the insurance industry is quite interesting – can you tell us a little bit about it?  

You know, I used to say that after leaving Hollywood as a failed comic and actor, I applied for a very cliché newspaper ad that said: “Insurance Salesman Wanted”.  But after so many interviews and podcasts for my books over the years, it became clear to me that I have admired this industry from the time I was 12 years old and working on a farm in Western Kentucky.

I was standing on a trailer separating tobacco leaves for harvesting when a guy drove up in a brand new four-door Buick with the windows up (which means he had air conditioning ). Out stepped this guy in a crisp white shirt and tie – which prompted me to ask my friend on the hay bale next to me: “What does that guy do?”, to which he replied: “Insurance or something like that”.

So after nearly three decades in Insurance, I can confidently say that – the industry called to me when I was still a teenager – working in the tobacco fields. It just took me another decade to answer that call.

What made you fall in love with the job?

From day one of answering the aforementioned ad, I was hooked. I couldn’t read enough, learn enough and I couldn’t stop telling people about insurance.

The sophisticated risk transfer features we use, the joy of packaging up legal contracts and offering them to the public, all of it, everything from our rich history to how our industry impacts so many parts of the world for good and social betterment.

What has the COVID-19 pandemic been like on the insurance industry in North America?

Certainly, the past couple of years have impacted everyone in different ways. Personally speaking, the entire event drastically changed my leadership style. Pre-COVID, I was hyper-focused on goals, targets, revenue improvement and of course expense management. During COVID, I had to pivot and become more emotionally engaged and compassionate. Maybe our goals had to be dialled back, but our staff needed adjustment time, mental breaks and check-ins to make sure everyone was ok.

I don’t think anyone came out of COVID with the same leadership skills they entered it with. We all had to change. How could we not have and be relevant?

 “Nearly Every Insurance Executive I know – gives back and speaks wonderful things about the spectacularly awesome products we offer.

What are some of the challenges you’ve been faced with and how have you adapted to them?

I think that every firm is wrestling with talent issues. Recruiting new staff, keeping existing staff, fine-tuning a more balanced workplace that is compatible with a shifting expectation. Firms that want to remain relevant have to adapt, enhance offerings, improve messaging and become engaged in not only re-recruiting their existing staff but continually identifying what the next wave of onboarding insurance geeks wants work to look like.

I would submit to your readers that it most certainly begins with a “remote first“ offering where workers may choose to live and work anywhere they want.

You’re also an author of five books, including four #1 bestsellers – tell us a little bit about them.

Thank you for that question and I could spend forever on this, but I’ll try to be succinct.

• My first book The Art of the Insurance Deal is a look back on insurance firms acquired and lessons learned. It lists more failures than successes and therefore is a great “what not to do” read for anyone in the M&A space.
• My second book How to Beat Your Insurance Company has a bit of a misleading title (or a hook as my publisher called it). This one is mostly about the value of using a professional insurance representative or agent to get the best value in all insurance purchased.
• My third book is Tech Enabled, Tech Forward and Tech Shackled. This was a primer reflecting on how integrating tech in our industry should and should not be done.
• My fourth book Insurance Evolved is another very short primer on where I see our industry in 2025. A date that is rapidly approaching. The content, though brief, is super thought-provoking.
• Lastly, my fifth book is Moments with Mucka. Though this one has not made it to number one yet, I hope that it will join the other publications one day. Moments with Mucka is about my firm RIGHTURE and our journey to become a highly awarded workplace and technology firm. It includes emails and memos from me to staff in our early days and discusses the operational, cash flow, staffing issues that nearly every agency owner or insurance executive can relate to.

When can we expect a new book and what topic do you plan to explore next?

I think I am always working on the next book in my mind and candidly I am probably already three books ahead in my imagination. The book I am consolidating the most notes about right now is The Rise of the InsurTechs and am quietly speaking to founders I believe are transforming the landscape of how insurance is bought, sold and serviced.

Finally, can you tell us a little bit about this award and what it means to you?

RIGHTSURE has been so very fortunate to be a recipient of so many awards, but the thing about winning is that it never ever gets old.

It is actually quite addicting and pushes everyone at our firm to improve, be better, work smarter and harder.

Winning is for everyone a validation that we are on the right path, working as a team.

From the meticulous levels of organisation to creating careful hiring strategies, there are a huge number of caveats to consider and decisions to navigate when trying to scale your business and ultimately, become successful.

One of the most important examples of this is your finances – the money your business has available - to not only get up and running but also sustain it throughout the initial period. Managing finances correctly is imperative to ensuring long-term success, and without taking the time to carefully think about how to correctly maintain the finances of your start-up, you could end up in trouble a lot sooner than you might think. So, to help stop this from happening to you, we thought we’d lend a helping hand. Join us as we run through some of the key things you should and shouldn’t do when trying to finance your start-up business.  

Do: Understand the tax implications involved

Regardless of the size or nature of your start-up business, there is one financial implication you simply can’t avoid: tax. From the income tax your employees pay to the national insurance contributions you make personally, it is vital to understand which types of tax you will be liable for – and why. Corporation tax, for example, is a form of tax payable on the profits your business makes as a limited company. This is typically charged at a single rate of 19% but can vary depending on where your company is registered. If, for example, you were registered overseas in Gibraltar, your corporation tax rate would be lower at 12.5%. Therefore, if you aren’t sure which types of tax you will owe, or how to work out what your tax liability will be, it could be worth getting clued up by speaking to a professional within the country you operate in. 

Don’t: Forget to reclaim your business expenses

Since money will most likely be fairly tight to begin with, the last thing you will want to do is miss out on being able to reclaim any expenses you incur while building up your business. There are, after all, a wide variety of things you can and can't claim for expenses on, so it's important to know the difference. Otherwise, you could unintentionally be leaving yourself vulnerable to committing tax fraud. 

Listed below are some of the key things to be wary about, helping you save those precious pennies during the early stages:

• Pre-setup costs. Did you know that you can claim relevant expenses for up to seven years before the business begins operations? That means things like computers, software, internet, travel and professional services may all be tax-deductible depending on, firstly, when you purchased/used them and, secondly, their exact intended use.
• Business insurance. Any business insurance policies you have can be claimed as limited company expenses, as long as they are strictly used for business purposes. This includes public liability insurance, employers’ liability insurance, professional indemnity insurance, contents insurance, and many others.
• Travel & accommodation. Any mileage, food, drink and accommodation costs associated with overnight business trips can typically be reclaimed, helping lower your total Corporation Tax bill. Likewise, parking costs, congestion charges and public transport fares can also be claimed as business expenses.

Do: Draw up a budget

A start-up business often spends more than it earns for the first two to three years. Therefore, the amount of financing you need may continue to increase even after you've finally broken even. As such, it's important to draw up a budget in line with your business plan, outlining your sales forecasts, potential expenditure and capital costs. This should be realistic and allow for contingency funding if the worst were to happen – whether that be your website being hacked or a product launch being delayed.

Similarly, this budget should identify the types of borrowing that suit your business model – both long-term and short-term. From sourcing loans to arranging overdrafts, it's imperative to know what you can and can't afford, only ever entering into financial arrangements that are practical.

Don't: Forget to check the small print

If something sounds a little too good to be true then, in all likelihood, it probably is. Therefore, it always pays to double-check the small print of any loan or financial agreements that you decide to sign up to.

Whether it be the overall term of the loan, the proposed APR after a set period of months or the total number of payments you're expected to make, the last thing you want is to be caught out by anyone you owe money to. 

About the author: Annie Button is a professional content writer and branding aficionado. 

Some of the most successful businesses have come about because the founder was trying to solve a problem that they had experienced, often just for their own benefit. There is nothing wrong with setting up a money-making project as a hobby, and no need for a hobby to necessarily turn into a full-fledged business. But it is worth understanding your own motivations and being clear with yourself about what you want to achieve.

What is the difference between a hobby and a business?

There are no hard and fast rules that distinguish between a hobby and a business. For me, it is a state of mind – what are you trying to achieve? Is this a project to fill time, or are you single-minded in your desire to set up a successful business? It’s an important point as businesses take time and devotion. Many businesses fail because their founders aren’t prepared to make the sacrifices necessary to make the business a success. 

What business structure should I use?

There are a large number of potential legal structures available for people setting up a profit-making enterprise. However, in most cases, only two are relevant: sole trader and limited company. 

A sole trader is when an individual begins to trade in their own name. For example, I decided to set up a coffee shop, and call it “Beans Coffee”: the business would be “Michael Buckworth trading as Beans Coffee”. Setting up as a sole trader is a quick and easy way to get up and running: all you have to do is notify HMRC that you are now self-employed. You can find out how to do that here. 

Limited companies are separate legal persons meaning that they exist separately from their owners. They can enter contracts, borrow money, and are liable to pay tax on their profits. You can register a company easily by filling in an online form and paying £12. One of the most important differences between a sole trader and a limited company is that a limited company has limited liability whereas a sole trader doesn’t. With a sole trader, if something goes wrong, you are personally liable for all the debts of the business, whereas (in most cases) if a limited company can’t pay its debts, it goes bust, but the assets of its owners and directors are protected. 

Which one to choose? As a rule of thumb, it is fine to operate a (low risk) hobby via a sole trader. However, if you are planning to grow and scale a business, I would suggest incorporating a company from the get-go. There is one footnote to this advice: once you incorporate a limited company you have to make an annual filing with Companies House and file accounts each year, so there is a cost associated with it. It isn’t a problem if your business is going to grow and scale, but it could be an unwelcome cost if you don’t intend to generate more than modest amounts of revenue. 

Are any profits I make on a hobby tax-free?

There are two certainties in life: death and taxes. However, there is a small allowance for people making modest amounts of money from hobbies and side hustles. If you have earned less than £1,000 from your hobby (and any other side hustles you may have in play) during a tax year, you don’t need to declare that to HMRC as income. However, any more than that must be declared, and you have an obligation to keep track of your earnings to make sure that you don’t exceed the limit. 

Do I need to worry about contracts and insurance for my hobby?

In my view, any business should have in place contracts with its customers as soon as it starts to trade. Contracts are hugely important as they limit your liability if something goes wrong and protect your revenue stream (as well as providing protection in a number of other important areas as described in detail in my book, Built on Rock, an entrepreneur’s legal guide to start-up success.) Most businesses will also want to have in place insurance to provide protection if something goes wrong. 

Whether you need insurance for your hobby depends on what you are doing, and the likelihood of you becoming liable if something goes wrong. Imagine you sell face creams online: you would want insurance in case a customer suffered an allergic reaction to your cream and sued you for personal injury. By contrast, if you are selling birthday cards online: you probably don’t need to bother with insurance as the risks are minimal and can be covered off in a simple customer contract. The key questions for you to consider are “what can go wrong?” and “what is my likely exposure if something does go wrong?”

What happens if I change my mind and want to flip my hobby into a business idea?

If your hobby really takes off and you realise that this is something that could make a viable business, congratulations! It probably makes sense to flip the business into a limited company sooner rather than later. Why? Firstly you can’t raise investment from third party investors as a sole trader – you need a limited company to do that so that you can issue them with shares. Secondly, you probably want the protection of limited liability if you are going to try to scale up your idea: the more customers you sell to, the greater the risk. Thirdly you want to make sure that the intellectual property rights in your business idea (the intangible stuff that you create as you develop your business such as your logo, the design of your product and the source code in any software you create) are created in and belong to your company, as this optimises the chances that you will later be able to qualify for a bunch of tax reliefs for start-ups. 

I have no business experience: can I really set up a business?

Over the years, as founder of Buckworths, I have spoken to many would-be entrepreneurs who worry that they don’t have any business experience, or the skills to be able to run a business. The good news is that it generally doesn’t matter. You can figure out the answers to most problems through research and  by speaking to people who have already figured it out. It doesn’t matter if you are a student, a stay-at-home mum, a retiree or a person working a 9 to 5 job. You have a uniquely personal experience that has led you to come up with your idea; you have a set of skills that can be harnessed to get your idea off the ground, and you have as good a chance as anyone else of making a success of it. Grab the bull by the horns, launch yourself onto its back and enjoy the ride. 

This is a key component in understanding debt and its potential impact on your life. For your convenience, we’ve put together a short list of things you can do to disaster-proof your finances. 

1. Make Sure You’re Properly Insured

There are a few types of insurance that help disaster-proof your finances. The first is one we don’t like to think about: life insurance. It’s more for the family members that you leave behind than for you personally, but you should have it, especially as you start a family of your own. Protect your loved ones from the crushing debt that often comes after a major household earner passes away. Other insurances you should include are medical insurance and homeowners’ insurance if applicable. If you’re getting on in years, you might also want to consider long-term care insurance to cover nursing homes or LTC facilities. These are all areas where unexpected expenses can run several thousand dollars, so it’s worth paying the premiums.  

2. Create A Budget So You Know What Your Expenses Are

Spending money without knowing exactly how much you can afford to spend is a surefire path to financial devastation. Spending a few hours creating a budget can prevent this. Make a list of all your expenses, even the small and infrequent ones. Compare that to how much income you have coming in. The remainder is what you have left over to work with. (You can eliminate unnecessary expenses if you’d like to have more flexibility for emergencies, savings, or paying off debt.) As part of this process, put together a savings plan. It’s prudent to have an emergency account that you can draw off when life throws you curveballs. It’s also a good idea to start an investment portfolio and a retirement savings account. These give you an added security blanket and can help ensure financial stability in your golden years.  

3. Avoid “Get Rich Quick” Schemes

Hitting the lottery is not a financial plan. Play if you like, but don’t count on winning that big jackpot to cover your living expenses. Life generally doesn’t work that way. Disaster-proofing your finances requires hard work, not a random game of chance. That doesn’t mean you shouldn’t play, just make sure lotto tickets are in your budget. This same principle applies to “business” opportunities that look like get rich quick schemes. If it looks too good to be true, it probably is. Carefully review any business venture and make sure income estimates are realistic. Don’t be that person who fails because you believed the hype about something you saw on the internet.

4. Don’t Buy What You Can’t Afford

This is the simplest suggestion on this list and maybe the most difficult to implement. We all want that bigger house or nicer car. The question is, “can you afford it?” Just because the bank will approve you for the loan or mortgage doesn’t mean you should follow through with it. Taking on too much debt can make your finances unmanageable. 

Life is full of surprises. Some of them are pleasant and others can cause financial disaster. It’s best to be prepared for anything, and the suggestions above should help you do just that. 

About the author: Kevin Flynn is a former fintech coach and financial services professional. When not on the golf course, he can be found travelling with his wife or spending time with their eight wonderful grandchildren and two cats. 

Not all entrepreneurs are good with numbers and keeping records, which is why it’s so crucial that they have a solid plan in place for money matters. Whether you’re thinking of starting a small business or want to improve the way you handle your books, these tips can help you to achieve more control over your financial situation.

Accounting Software

If you’re still using spreadsheets to keep track of your finances, it might be time to invest in accounting software. This will help you to keep all your records secure while maintaining accurate information. There’s less room for human error thanks to the software’s ability to make calculations for you and you’ll never misplace an invoice or receipt again. What’s more, many types of accounting software will also help you to handle payroll and have better visibility over your cash flow.

Invest Your Money

When starting out it can be tempting to hold onto your money tightly, but this can often do your business more harm than good. While you need to be making a profit, it’s important that you reinvest your money in your business. This is crucial for future growth and will help you to increase your profits in the long term. Whether you’re thinking of hiring a marketing agency, upgrading your website or building an app, take some time to improve the services you’re offering to your customers to see your revenue increase.

Be Aware Of Tax

Everyone knows they have to pay tax, but are you planning for it throughout the year? Many business owners only start thinking about tax as their deadline approaches, but this can put you in a tricky financial situation if your payment is bigger than you expected. Make sure you’re calculating tax as you go and setting aside funds that you know aren’t really yours. This way you can avoid any disasters at the end of the tax year that could potentially see your business folding before it’s even had a chance to grow.

Choose Loans Carefully

People have different attitudes to loans, with some refusing them completely and others taking out too many. Loans aren’t all bad but you do have to choose them carefully. If you need an injection of cash to get your business off the ground, a loan could be well worth your time. But taking out loans with high interest rates could hurt you in the long run, especially if you’re not investing the money as wisely as you should.

Insurance

Finally, insurance might be an extra expense in the short term, but it can save you thousands further down the line. Make sure you thoroughly research the types of insurance your business can benefit from to give yourself complete coverage. You want to be fully protected from potential lawsuits as well as natural disasters like floods and fires. 

Hit-and-run victims usually feel vulnerable and powerless since they are unsure who to turn to for help. If ever you get involved in a hit-and-run accident, here are some essential steps you need to take to ensure that you get adequately compensated. 

1. Seek medical attention

If you were inside the vehicle when the accident happened, check yourself for any visible injuries and call the emergency services immediately. If there are other people injured, assess their injuries and inform the operator of their current situation so that they can receive the necessary medical attention. Never disregard or underestimate your injuries, as some of them may cause severe complications later on. Even if your injuries are not life-threatening, you must get evaluated and treated by a medical professional. Moreover, never say you’re okay or downplay your injuries as it may hurt you once you file your insurance claim. The insurance company can use your statement to its advantage and may deny you coverage. 

2. Never leave the accident scene

While it may be tempting to follow the hit-and-run driver, it is highly unwise to do so. Leaving the scene can cause further problems and jeopardize your chances of getting justice. It will also make it harder for the authorities to sort out what really happened and they might even accuse you of being at fault. Moreover, because of your emotional and physical state, there’s a chance that you might get into another accident or place yourself in a dangerous situation once you confront the driver. 

3. Report it to the police 

A hit-and-run is considered a major offense, so you must notify the police right away. Make sure to take note of the responding officer’s information so that you can pass it on to your lawyer or insurance company if needed. The police report will be helpful once you file a claim or if you decide to pursue a legal case. It will also help the police to track down the suspected driver. 

4. Look for evidence

According to legal professionals, it is essential to gather as much evidence as possible after any car accident. Take as many photos or videos as you can, and talk to potential witnesses, since they might be able to give you a more straightforward version of what happened. Witnesses always play an important role in car accident cases, but they are more valuable during a hit-and-run, especially if you were not inside your vehicle when the accident occurred. Make sure to write down their contact information and ask them to stay until the police arrive to provide their official statements. 

5. Remember as much information as you can

Try to recall as much information about the other vehicle. If you could not take note of the license plate, make sure to note the vehicle’s color, make and model, the time and location of the accident, the direction to which the car was headed, and other distinguishing factors. It is also vital that you consult with a legal professional and never attempt to resolve the accident on your own. A reliable law firm can help you secure the compensation that you rightfully deserve. 

In a hit-and-run accident, it is crucial that you stay composed and follow the necessary procedures. Doing so will not only save your life but will also help you get the justice that you deserve.

If you’ve been involved in a road accident and the vehicle has taken a serious beating, it will most likely be considered totaled by the insurance company. An automobile is declared a total loss when the cost of undertaking repairs is bigger than the actual cash value of the car. To put it simply, your vehicle is beyond repair. Calculating the total loss value of a car isn’t an exact science. Therefore, the result may vary from state to state and from insurer to insurer. If you don’t agree with the insurance company’s evaluation, you should take action. 

Your car’s value might be higher than what the insurer says 

Whose insurer will pay for the vehicle damage? Well, it depends on the circumstances. If the car crash took place in a no-fault state, the insurer has to pay for certain damages no matter who was at fault. On the other hand, if the accident occurred in a traditional fault state, fault and liability are based on negligence. So, the insurance adjuster has determined that the cost to fix the damages to the car exceeds the actual cash value. You’re wondering if this decision is correct. Take as much time as necessary to investigate the matter because, if you accept the settlement check, everything is over. The outcome may not be in your best interest. 

The insurer should write you a check for the actual cash value minus your policy’s deductible. The higher it is, the more benefits you can leverage. As mentioned earlier, understanding what defines a total car loss is a subjective matter. Some states go by what’s referred to as a total loss threshold.  What happens is that the damage must slightly surpass a certain percentage of the automobile’s value to talk about a total loss. More than half of states resort to the total loss formula, where the vehicle is considered a total loss if the total amount of the repairs and the estimated value of the asset beat the automobile’s genuine cash value. If you strongly disagree with the insurer’s valuation of the damages, you can file a lawsuit. 

Reach out to a lawyer for help when your vehicle is a total loss 

No matter if you want to negotiate or sue, it’s necessary to provide irrefutable evidence for disagreeing with the insurer’s figures. You must provide proof as to what type of shape the vehicle was in and proof to the automobile’s actual value. Photographs can turn out to be useful in this sense. You’ll be able to ask for more if you can show that the car has a higher market value. Doing some research can increase the settlement amount. If you’ve been involved in a motor vehicle accident, it’s advisable to contact a lawyer and obtain relief from negligent parties. It’s essential to seek assistance immediately from an experienced personal injury lawyer. They will fight vigorously in court for your rights. Most importantly, don’t waste time. The sooner you take action, the sooner you can get back to your normal life. 

What are the most common property insurance claims you help your clients with?

We assist our clients with any insured sudden event, termed a peril, that results in a significant insurance claim. This includes fire, water, wind (storm, hurricane, tornado), explosion, hail, theft, flood, collapse, and mudslides. Cyber claims are also becoming a significant loss event that we can help our clients recover from.

Tell us a little bit more about what a public adjuster is exactly.

A public adjuster is an insurance claim expert that works as an advocate exclusively for the policyholder, never the insurance company, to assist in preparing, adjusting, and negotiating property insurance claims. We are licensed by the departments of insurance in 46 states, the District of Columbia, US Virgin Islands, Puerto Rico, and several provinces in Canada. We assist the insured to:

• Analyze the insurance policy for recovery options, policy limitations, and exclusions.
• Measure the loss amount.
• Document the claim detail.
• Present the documentation to the insurance company representatives.
• Negotiate settlement amounts for maximum recoveries.

We do so by executing the following functions:

• Perform all on-site inspections.
• Prepare damage assessments to buildings.
• Prepare a detailed inventory of all personal or business personal property [contents] and determine the extent of loss and damage to the contents and equipment including pricing.
• Appropriately calculate the depreciation, if applicable, to the damaged structure and contents.
• Prepare a financial statement of the loss of income calculation and the extra expenses a commercial insured incurs as a result of the peril.

Immediately after the loss event, our team, led by our adjusters (all formerly employed by insurance carriers and/or as independent insurance adjusters), along with our in-house attorneys, review the policy for all available entitlements. We then meet with the insurance company and their representatives at the loss location, strategize with the insured for the best course of action for the insured to achieve its goals in response to the peril, which often involves recovering the maximum benefit of the policy conditions. We also assist in helping the insured make sound insurance decisions that ensure their goals for the future of their home or business.

We represent the insured in all negotiations and discussions with the insurance company’s adjuster until the final settlements are received by our clients.

What are the first things people should do if their property is damaged?

The policyholder has many obligations in the adjustment of a claim but the most urgent responsibility is to protect the property from further damage by acting with reasonable care. Examples are calling the fire department, stopping water flows, covering holes in roofs, boarding up windows, etc.

The policyholder should report the loss to the agent or directly to the insurance company claim department within a reasonable amount of time.

Next, the insured must immediately decide who will professionally represent their interests in connection with managing the insurance claim, understanding that once a claim is made, an insured should not expect that its agent, broker or insurance company and adjuster will be acting in the insured’s best interest. The insurance company will enlist professionals such as contractors, cleaning companies, accountants, etc. to represent its interests on the claim. Consider speaking to a licensed, experienced public adjuster as soon as possible. You may ultimately decide not to hire them, but their advice early on can make the difference between your success and full recovery - or not.

We will relieve the insured of most of the daily, time-consuming details of the claim process, allowing the insured to concentrate on the details of getting their lives and businesses back in order.

What are the benefits of using a public adjuster?

We will relieve the insured of most of the daily, time-consuming details of the claim process, allowing the insured to concentrate on the details of getting their lives and businesses back in order. Preparing an insurance claim under the best of conditions is extremely stressful to a homeowner or business owner, let alone at a time of physical and emotional duress of trying to recover from a disaster. The insured must also understand that the burden of proof of damages is on them, not the insurance company. Hiring a professional public adjuster which can help an insured meet that burden of proof of damages is essential to a successful claim resolution.

In addition to relieving an insured of preparing the estimates required in the claim process, the added benefit of our involvement is that it results in a net recovery far in excess of what the insured would obtain on their own.

What are the key things that insurance adjusters often overlook?

There are many things, but I will list three important ones:

Coverages

In addition to the basic coverages of building and personal property, there are many other recoveries available in the policy that the insured may not know about or know to maximize. Examples are extra amounts for debris removal, code upgrades, landscaping, property of others, etc. We often say that no one in the history of the world has ever read their property insurance policies. And if they did, the policies are intentionally written both ambiguously and using industry terminology that make understanding the policy extremely difficult. We also often comment that the first page(s) called Insurance Declarations (AKA Dec Pages) of a policy giveth coverage and the next hundreds of pages taketh away coverage, thus mandating that an insured hire a professional public adjuster who deals with and understands these policies in the regular course of business.

Repair Scope

Most claims are underpaid as a result of being under-scoped by the insurance adjuster. This means only a portion of the correct repairs is identified. An example is hidden smoke in wall cavities, water behind cabinets, etc.

Like-kind and quality

The policyholder is entitled to have a replacement of the same materials that were damaged. Often, the repair estimates the insured receives substitute cheaper materials and convenience for original high-quality materials and skilled labor. For example, replacing plaster walls with drywall or replacing ornate moldings with more common standard “big box store” products.

In what ways has the pandemic affected Sill’s work?

Unfortunately, all are aware of the devastating effect this pandemic has had on all of us, both physically and emotionally. As caring, considerate human beings, the effects of this pandemic are well beyond the measurable economic impact. However, the economics cannot be ignored and like any disaster, people protect themselves from economic disaster with insurance. It is extremely disappointing to see what the response has been from the insurance industry. Individuals and business are struggling for their existence and the insurance carriers have responded to this struggle with denials and policy exclusions on why they should be absolved from sharing in the recovery.

We are documenting many claims for recovery and continue to press the insurance companies for proper responses to our clients’ needs.

Tell us about some of Sill’s most recent successes?

We handle hundreds of claims per year from medium-sized homeowner claims to large, complex manufacturing claims. Each one has its own success story. Here are a few examples of very typical claim experiences:

The Diversity Center of Northeast Ohio

A charitable human relations organisation dedicated to eliminating bias, bigotry, and racism, which experienced a significant flood that resulted in the destruction of some of its business personal property and the interruption of business operations. After unsuccessfully attempting to resolve the loss claim with its insurance company, The Diversity Center turned to Sill to help settle the claim. Sill’s team was able to dramatically increase, by 261%, the property and business income settlement over the offer by the insurance company, prior to Sill’s involvement.

Leonard’s Big Valley Farm, Goldthwaite, Texas

A major pecan processing plant in Texas was ravaged by fire along with 100,000 pounds of pecans. Although initially estimated as a $1MM loss by third parties, Sill’s adjuster, building expert, contents estimator, and business income loss accountant inventoried the damage, prepared comprehensive damage estimates and presented the detailed and overwhelming documentation to the insurance company. The result was a final loss settlement of nearly $3MM.

Alberta Central, Portland, Oregon

A flare from a July 4^th fireworks celebration landed on the roof of the retail centre at Alberta Central causing a major roof fire. We sent our staff of adjusters, building appraisers and forensic accountants to the site to put loss estimates together on the building and business loss. Initially, the insurance company’s estimate for damages was a fraction of what the Sill Company had documented. Ultimately, after several go-arounds with the insurance adjuster and their building consultant, they agreed to Sill’s numbers, resulting in a recovery for the insured 144% above the insurance company offer.

What is the company’s ultimate goal?

Our goal is to represent the policyholder to arrive at a fair and timely settlement that allows the insured to continue to return to life as normal as possible.

For business owners, more businesses will fail after a disaster than fully recover. We want to change that narrative for our clients. We are a vital part of their recovery and the continuation of their businesses.

For homeowners, we help them by taking the heavy burden of the claims process off their shoulders. With our support, they can recover quickly and completely with far less interruption to their normal way of life.

We feel strongly that anyone representing you should do so professionally and ethically, in a manner that you would be proud of. For that reason, we employ the most technically trained professionals in our industry, dedicated to complete customer satisfaction.

We are expanding our practice throughout North America, and we can mobilize our staff at a moment’s notice to respond to your needs.

So, you were involved in a car accident, and one of the vehicles was a rental. Unfortunately, the conditions when a car rental agency is a liable party are few and far between. Many steps throughout the rental process and paperwork are set up expressly for the purpose of shielding the agency from liability.

Protections for the Rental Agency

There are a lot of built-in protections for car rental agencies. Understanding these protections is crucial if you want to know what your options are.

The Rental Agreement

Most rental agreements between a car rental agency and renter are set up to limit the liability for the company. Whenever the driver of the vehicle is responsible for an accident, this holds the blame on them, protecting the company.

It is vital to read rental agreements before signing because some will even make the renter solely responsible for any type of damage to the vehicle. This is meant to protect the agency from the cost of a hit-and-run or damage while the driver is not in the car.

If your rental car has been damaged, check your rental agreement to make sure you do not have to pay for rental days while it is being repaired. This is included in some agreements.

Primary and Secondary Liability Insurance

In many states, drivers must have liability insurance to operate any motor vehicle. Likewise, many car rental agencies must have liability insurance. In an accident involving a rental car, the driver’s insurance is triggered first and becomes the primary liability insurance. If the driver’s coverage can not cover all of the damages, only then will the agency’s insurance help.

Most rental agreements between a car rental agency and renter are set up to limit the liability for the company.

Entrustment

A precedent has been set that car rental agencies are not liable for negligent entrustment. This means if they rent a car to someone with a bad driving record, they are not liable. Rental agencies do not need to perform any sort of criminal or driving-specific background check before renting someone a car. To make them do so would place a large burden on the company.

Car Rental Agency Liability

There are a few conditions where a car rental agency is exposed to liability for injuries to the renter. These conditions look at negligence or shady business practices. Learn more about what a lawyer must prove in order to establish liability before deciding if you should take your situation to court.

Preexisting Conditions

If a rental vehicle has a dangerous flaw or necessary repair and the rental agency knows about it, they must fix it before renting out the vehicle again. If an agency employee rents out a dangerous or risky vehicle, they could be liable for the resulting injuries.

This can be hard to prove since you need to show there was a warning from a mechanic or a recall issued by the car’s manufacturer.

Lack of Maintenance

Car rental agencies must maintain their vehicles. If you can prove the agency or branch you used does not have or follow guidelines for routine inspections and maintenance, they may have missed a dangerous condition with the vehicle. This can help you prove the agency is liable for damages due to their negligence.

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State and Federal Laws

If the state or federal laws were broken in the rental agreement or during the rental process, this could show that the agency is liable. For example, if a car rental agency allows a driver without a current driver’s license to rent and operate their vehicle, they have engaged in illegal business practice. If the agency has put a potentially untrained or dangerous driver on the road like this, they could share liability for the actions of that driver.

Other unethical and illegal business practices can open the rental agency to liability, too. Using defective auto parts or unlicensed employees to service their vehicles is another way some rental companies break the rules.

Should You Sue?

Everyone’s situation is unique somehow, so to plan your next steps, speak to a professional with legal experience about injury damages or liability.

Author’s Bio - Michelle Eddy

Michelle Eddy is a staunch consumer advocate, fresh libertarian convert, a mother of three, and a part-time blogger. She covers topics from parenthood and child development to education and law. With a strong emphasis on consumer rights and helping the little guy stand up for their rights. Her favorite quote is “Sir, we are outnumbered 10 to 1." "Then, it is a fair fight!"

Of course, your ultimate decision will depend on several factors, from how long you want the policy to last, how much you want to pay, and whether you’re happy for the policy to simply pay out a death benefit or whether you also want to use it as an investment tool.

The Differences Between Term and Permanent Contracts

While there are many different types on the market, all types can be categorised as either term life insurance where, as the name suggests, the policy lasts for a specific number of years but will only pay out if you die before the policy expires and permanent life policies which cover you for your entire life and will always pay out a guaranteed death benefit. But which type will be the best option for you? We take a quick look at the pros and cons of each type of coverage – but, of course, you should always consult a financial advisor to help you to assess your situation and make the final decision.

The Pros and Cons of Permanent Insurance

Several different types of cover come under the umbrella of permanent policies; however, the most common, the whole life policy, typically lasts until your death providing you have paid your premiums.

• Pros:
  • It covers you for your whole life.
  • Premiums remain the same throughout the life of the policy.
  • You will receive a guaranteed payout on your death.
  • It also acts as a savings plan, building a cash value which can be withdrawn or borrowed against.
  • You can also sell your policy to one of the companies that will buy existing life insurance policies. Of course, you will need to research your options to find out whether this is the best solution for you.
• Cons:
  • This type of coverage is typically more expensive than term life or other types of permanent policies such as guaranteed universal life.

The Pros and Cons of Term Insurance

With term insurance you opt to cover your life for a specified period of time, so you can choose a policy that will just cover you for a year or one that provides cover for ten, twenty or thirty years or another specific time period.

• Pros:
  • Premiums are fixed throughout the term and amongst the lowest of all types of policies for the level of cover provided.
  • If you simply need a policy to cover you for a brief period of time, an annual policy is a great option. This kind of policy can be renewed annually.
• Cons:
  • If you don’t pass away within the timeframe specified in your policy, it will expire, and no payout will be made to your beneficiaries.
  • There is no savings or investment element to this type of policy. It only provides a payout on death.

Well, the good news is that as the year draws to an end, there are plenty of great deals to be had for a variety of reasons. Anyone who wants to get a great deal when it comes to their new vehicle will find that this time of year is a great chance to get some fantastic 2020 car deals. In fact, 2020 car deals could be a golden opportunity in the US for those who want to purchase a new vehicle.

There are many reasons why you may be looking to get a new vehicle at this time of year. Some people are looking forward to starting the New Year off in a nice new car that is perfectly suited to their needs. Others want to upgrade their vehicle and benefit from the great deals at this time of year, while some may be investing in their first car. Whatever the situation, this could be a great chance for you to get the perfect car for your needs without breaking the bank.

Shopping Around for the Right Deals

It is, of course, important that you shop around to find the best deals on a new car, as they can vary from one dealership to another. Make sure you do not just snap up the first deal you come across, as there may be better ones out there, so you need to put in some research. By doing this, you can ensure you find the best vehicle at the best price, and that you get a great deal when it comes to things such as getting finance.

The good news is that you can do this with ease online, so finding the best deals is nowhere near as difficult and time-consuming as it once was. You can even email dealerships to see which of them can provide you with the best driveaway deal, as this is a very competitive market, and many will be willing to be flexible with regard to costs and terms. So, make sure you avoid rushing into any decisions, and be certain to put some time and effort into finding the very best deals.

One other thing you need to keep in mind is the running costs involved for the vehicle you purchase. While the initial price is important too, you need to make sure you look at how much you will need to pay when it comes to repairs, filling up the tank, and even finding the cheapest auto insurance. So, make sure you take all of this into consideration when you are looking for the ideal vehicle among the end of year bargains available.

While the initial price is important too, you need to make sure you look at how much you will need to pay when it comes to repairs,

Why Are Great Deals Available?

So, why are there so many great deals available on 2020 cars at this time of the year? Well, there are many reasons behind this, and a lot of people are eager to snap up vehicles at this time of the year because of these reasons. Some of the reasons there are great deals available include:

Great Financing Deals

One of the reasons why this is such as great time of year for new car purchases is that dealerships often provide access to very attractive finance deals, and this is to entice people to make purchases of 2020 cars as the year draws to an end. Of course, the fact that fewer people have been going to showrooms this year due to the global situation means that dealerships are under even more pressure than usual to try and make deals more appealing to drivers. So, this year you could be especially lucky when it comes to bargain vehicles.

Selling 2020 Stock

Another reason why this is a great time to get excellent deals on 2020 year cars is that dealerships are getting themselves ready for the next models for 2021. Naturally, in order to do this they need to shift as much of their 2020 stock as possible, and in order to do this they are prepared to offer some very attractive deals to motorists.

Achieving Sales Targets

Of course, every dealership salesperson has their sales goals and targets on their minds, but never more so than at this time of the year. This is often their last chance to boost their figures and get that bonus next year, so they will go out of their way to secure more sales. For drivers, this means being able to access some great deals and save a lot of money on the cost of buying a 2020 car.

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A Time for Special Offers

This is the time of year that has become known for special deals on cars, so this is one of the reasons why it is a great time to purchase a 2020 vehicle. However, it is also a time of the year when people who bought cars previously on a three-year lease come to the end of the lease. Salespeople at dealerships want to make the most of this situation by offering tempting deals to those who may now be looking to buy a vehicle as their lease nears its end.

Ahead of the Sales Slump

As most people know, January and February can be very difficult months financially following the Christmas splurge. In addition, many people get the January blues and don’t want to start doing things like hunting for cars. Both of these situations can cause a slump in sales for the first couple of months of the year, which is obviously bad news for dealerships. Many try to counteract this by boosting sales before Christmas, and this is achieved by offering great deals.

As you can see, there are lots of reasons why this is a great time to get the best deal when it comes to buying a 2020 car.