Shield Insurance Agency Blog

Welcome to the Shield Insurance Agency Blog. 

Here you will find a ton of articles on each of these topics: Auto Insurance, Boat/Watercraft Insurance, Business Insurance, Flood Insurance, Health Insurance, Home Insurance, Insurance, Life Insurance, Michigan Auto Insurance Reform, Recreational Insurance, Renters Insurance, RV Insurance, Things To Do At Home, Umbrella Insurance, and even a list of the Shield Agency Weekly Gift Card Winners,

If you have any suggestions for content, please drop us an email.

One of the most common questions people have is why it takes longer to get a business insurance quote than an auto insurance quote.

Cracking the Code: Why Auto Insurance Quotes Beat Business Insurance Quotes in Speed

Posted on by Shield Insurance Agency

Shield Insurance Blog | Business Insurance | Insurance Quotes | Start A Quote Today!

Business Insurance Quotes vs Auto Insurance Quotes

When it comes to insurance, there are many factors that can affect the time it takes to get a quote. One of the most common questions people have is why it takes longer to get a business insurance quote than an auto insurance quote. In this blog post, we will explore the reasons behind this and provide some insights into the process.

Firstly, it is important to understand that business insurance is a much more complex and specialized type of coverage compared to auto insurance. Business insurance covers a wide range of risks and liabilities that are unique to each individual business. This means that the insurance company needs to gather more information and assess a greater number of factors in order to provide an accurate quote.

One of the main reasons why it takes longer to get a business insurance quote is the level of customization required. Unlike auto insurance, which has standardized coverage options, business insurance needs to be tailored to the specific needs of each business. This means that the insurance company needs to gather detailed information about the business, such as its size, industry, location, and the specific risks it faces. This information is used to determine the appropriate coverage and limits for the business, which can take time to assess.

Insurance Quotes

Another factor that can contribute to the longer quote process for business insurance is the number of insurance companies involved. Unlike auto insurance, where there are a limited number of providers, business insurance has a much larger market. This means that there are more insurance companies to choose from, each with its own underwriting guidelines and pricing models. In order to provide the best quote for a business, the insurance company needs to shop around and compare quotes from multiple providers. This can take time, especially if the business has unique or specialized needs.

Additionally, business insurance often requires more documentation and verification compared to auto insurance. This is because businesses typically have more assets and liabilities that need to be assessed. For example, a business may need to provide financial statements, inventory lists, or proof of compliance with certain regulations. This additional paperwork can add to the time it takes to get a quote, as the insurance company needs to review and verify the information provided.

Furthermore, the complexity of business insurance policies can also contribute to the longer quote process. Business insurance policies often have more coverage options and endorsements compared to auto insurance. This means that the insurance company needs to carefully review and assess each option to ensure that the policy meets the specific needs of the business. This level of detail and customization can take time to evaluate and determine the appropriate coverage and pricing.

In conclusion, there are several reasons why it takes longer to get a business insurance quote compared to an auto insurance quote. The level of customization required, the number of insurance companies involved, the additional documentation and verification, and the complexity of the policies all contribute to the longer quote process. However, it is important to remember that the extra time and effort put into obtaining a business insurance quote is necessary to ensure that the business is adequately protected. So, if you are in need of business insurance, be patient and provide the necessary information to get the best coverage for your unique needs.

If you are looking for the best RV insurance quote, camper van insurance, or the best insurance for Motorhome Insurance near you, Shield Insurance Agency can help. With over 40 insurance companies represented, they have the expertise and resources to find the right coverage at an affordable price. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. Protect your family and your business with the right insurance coverage from Shield Insurance Agency.

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The ‘Do Good Fest’ Raised Nearly $1.5 Million for Vermont After Historic Flooding

The Do Good Fest Raised Nearly $1.5 Million for Vermont After Historic Flooding

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Good News Network | Jul 30, 2023 | Do Good Fest | Shield Insurance Blogs | Start A Quote

The National Life Insurance Company was founded 175 years ago in Montpelier, Vermont—and, following historic flooding, they are still living up to their motto: ‘Believe in tomorrow. Do good today.’

They were set to hold their annual benefit concert, the Do Good Fest, historically held on the company’s back lawn, when disastrous flooding hit the area.

Within three days, they transformed the event into an indoor acoustic performance that was live-streamed so that viewers across Vermont, the nation, and globally, could support the rebuilding of Vermont through online donations.

Do Good Fest Fundraising

The Do Good Fest fundraiser exceeded expectations and the company raised their original promise to match $500,000, when donations poured in.

During the July 15 event, company CEO Mehran Assadi announced that National Life will match donations, now nearing $750,000 for a total of $1.5 million, making it the largest gift so far to the VT Flood Response & Recovery Fund 2023.

The money will go to the Vermont Community Foundation’s VT Flood Response & Recovery Fund 2023, with the first $500,000 dispersed to local relief agencies immediately.

The tax-exempt public charity, as of ten days ago, had collected more than $2.5 million in gifts or commitments to the Recovery Fund since in its first week, but donations are still being accepted.

“National Life Group is an insurance company with a soul,” Mr. Assadi said. “We have been a part of this community since 1848, and this is what a good company does – it takes care of its neighbors.”

“As an employer and a neighbor, National Life has embodied that for over a century and has done so again with this incredible commitment.”

“We are so grateful to be able to put these resources to work for families, farms, and small businesses affected by this catastrophic storm. Together we remain Vermont-strong.”

KINDNESS: 3 Officers Escort Lost Man with Autism from NYC to Philadelphia

You can watch the telethon-type event and donate to the rebuilding at DoGoodFest.com/Vermont.

Click here for the rest of the story…

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Fiduciary liability insurance

Fiduciary liability insurance: Your ultimate shield against financial risks!

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Shield Insurance Blog | Fiduciary liability insurance | Contact TJ Simmons

Fiduciary Liability Insurance (FLI) is a type of insurance policy that provides coverage for fiduciaries against claims made against them for alleged breaches of their fiduciary duties. Fiduciaries are individuals or organizations that have been entrusted with the responsibility of managing assets or making decisions on behalf of others. This can include trustees, directors, officers, administrators, and other similar roles.

So, when do you need to be aware of fiduciary liability insurance? If you are in a position of fiduciary responsibility, it is crucial to understand the potential risks involved and the protection that FLI can offer. Whether you are managing a retirement plan, an employee benefit plan, or any other type of fiduciary duty, having the right insurance coverage can provide you with peace of mind and financial protection.

Fiduciary liability insurance

It is important to know that fiduciary liability insurance is not just for large corporations or financial institutions. Any organization or individual that acts as a fiduciary can benefit from this type of coverage. This includes nonprofit organizations, government entities, small businesses, and even individuals who serve as trustees or executors of estates.

Potential claims against fiduciaries can arise from a variety of situations. Some common examples include allegations of mismanagement of funds, failure to diversify investments, breach of fiduciary duty, errors in plan administration, and failure to comply with legal requirements. These claims can result in costly legal expenses, settlements, or judgments, which can have a significant impact on the financial stability of the fiduciary and the organization they represent.

But how do you know if you are a fiduciary? If you have been entrusted with the responsibility of managing assets or making decisions on behalf of others, you are likely a fiduciary. This can include managing retirement plans, employee benefit plans, charitable trusts, or any other type of financial arrangement where you have a duty to act in the best interest of others.

Now, let’s dive into what a fiduciary liability insurance policy covers. FLI policies typically provide coverage for defense costs, settlements, and judgments related to claims made against fiduciaries. This can include legal fees, court costs, and any damages awarded to the claimant. It is important to note that coverage may vary depending on the specific policy and insurer, so it is essential to carefully review the terms and conditions of the policy.

On the other hand, there are certain things that an FLI policy does not cover. These can include intentional acts, fraud, criminal acts, and certain types of professional liability claims. It is crucial to understand the exclusions and limitations of the policy to ensure that you have adequate coverage for your specific needs.

When looking for a fiduciary liability insurance policy, there are several factors to consider. First, you should assess the specific risks associated with your fiduciary duties and ensure that the policy provides coverage for those risks. Additionally, you should review the policy limits to ensure that they are sufficient to cover potential claims. It is also important to consider the reputation and financial stability of the insurance company offering the policy.

Fiduciary liability insurance policies can cover a wide range of plans, including retirement plans, employee benefit plans, health and welfare plans, and even non-qualified deferred compensation plans. It is important to understand the specific types of plans covered by the policy to ensure that you have the appropriate coverage for your fiduciary responsibilities.

In conclusion, fiduciary liability insurance is a crucial form of protection for individuals and organizations that have fiduciary responsibilities. It provides coverage for potential claims and can help safeguard your financial stability. When considering FLI, it is important to understand the coverage provided, the exclusions, and the specific needs of your fiduciary duties. Shield Insurance Agency represents over 40 insurance companies and can help you find the right FLI policy for your needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK, and an agent will be in touch soon.

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Quotes from Women Labor Leaders

Women Labor Leaders: Unforgettable Quotes that Will Resonate with You!

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US Department of Labor | By: Jordan Steinberg | March 2, 2023 | Women Labor Leaders | Shield Blog

Women Labor Leaders: Throughout our nation’s history, women have frequently been influential leaders in the fight for workers’ rights. Women have been pioneers of workplace safety, fair wage advocates, and labor organizers have helped to uplift and improve conditions for all workers. In honor of Women’s History Month, here are eleven inspiring quotes from women labor leaders.

Throughout our nation’s history, women have frequently been influential leaders in the fight for workers’ rights. Women have been pioneers of workplace safety, fair wage advocates, and labor organizers have helped to uplift and improve conditions for all workers. In honor of Women’s History Month, here are eleven inspiring quotes from women labor leaders.

“I am sick at heart when I look into the social world and see woman so willingly made a dupe to the beastly selfishness of man.”

–Sarah Bagley

Sarah Bagley was an influential leader for working women’s rights in the industrial city of Lowell, Massachusetts. In the 1840s and 50s, Lowell was filled with cotton factories and mills, most of which were staffed by women. In 1844, women of such mills who were working under oppressive conditions for low wages came together to form the Lowell Female Labor Reform Association. Sarah Bagley was president of the Lowell Female Labor Reform Association. Bagley advocated for a 10-hour workday in front of the Massachusetts legislature. She continued to break barriers when she became the nation’s first female telegraph operator in 1846.

“You show me the women and I’ll turn them into organizers.” 

–Kate Mullany

An early, ardent advocate for the rights of working women, Kate Mullany helped organize her fellow laundry workers. Mullany helped start the Collar Laundry Union, the country’s first all-female union to advocate for shorter hours, higher wages and safer working conditions. Following a five-and-a-half-day strike, the union secured safer working conditions and fairer wages. In 1868, Mullany became the first woman appointed to a labor union’s national office.

“There is no possible conflict between the good of society and the good of its members, of which the industrial workers are the vast majority.”

 –Margaret Haley

Born in 1861, Margaret Haley was an educator and a prominent leader in the national push to unionize teachers. Chicago was the first city to have a major teachers’ union, and Haley was a leader for the Chicago Teachers Federation. Her 1904 speech “Why Teachers Should Organize” was immensely influential in the growing movement of teachers’ unions.

More quotes from Women Labor Leaders…

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Commercial General Liability Insurance

Commercial General Liability Insurance: The Ultimate Guide to Understanding

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Shield Insurance Blog | Commercial General Liability Insurance | Contact Comercial Specialist TJ Simmons

Commercial general liability insurance (CGL) is a crucial component of any business’s risk management strategy. It provides coverage for a wide range of liabilities that a business may face, protecting it from financial losses due to lawsuits and claims. In this blog post, we will explore what is covered by a commercial general liability insurance policy and why it is essential for businesses of all sizes.

Understanding Commercial General Liability (CGL)

Commercial general liability insurance, also known as CGL, is a type of insurance policy that provides coverage for third-party claims against a business for bodily injury, property damage, personal and advertising injury, and medical payments. It is designed to protect businesses from financial losses resulting from lawsuits and claims filed by customers, clients, or other third parties.

Understanding the Special Considerations

When purchasing commercial general liability insurance, there are several special considerations that businesses need to keep in mind. These considerations include the type of business, the industry it operates in, the size of the business, and the specific risks it faces. It is crucial to work with an experienced insurance agent who can help assess the unique needs of the business and tailor the insurance policy accordingly.

Here are some Examples of Commercial General Liability

Commercial general liability insurance covers a wide range of liabilities that businesses may face. Some examples of situations where CGL insurance would provide coverage include:

  • A customer slips and falls in a retail store, resulting in injuries. CGL insurance would cover the medical expenses and any legal costs associated with the claim.
  • A contractor accidentally damages a client’s property while working on a construction project. CGL insurance would cover the cost of repairing or replacing the damaged property.
  • A business is accused of copyright infringement in its advertising materials. CGL insurance would cover the legal costs associated with defending against the claim.

How Much Does Commercial General Liability Insurance Cost?

The cost of commercial general liability insurance varies depending on several factors, including the size of the business, the industry it operates in, the location, and the coverage limits. It is essential to work with an insurance agent who can provide a customized quote based on the specific needs of the business.

What Is Not Covered Under Commercial General Liability Insurance?

While commercial general liability insurance provides broad coverage, there are certain exclusions that businesses need to be aware of. Some common exclusions include:

  • Professional liability: CGL insurance does not cover claims arising from professional services or advice provided by the business. For this, businesses may need to consider professional liability insurance.
  • Employee injuries: CGL insurance does not cover injuries to employees. Businesses are required to have workers’ compensation insurance to cover employee injuries.

What is Coverage A: Bodily Injury and Property Damage Liability

Coverage A of a commercial general liability insurance policy provides protection against claims for bodily injury and property damage caused by the business’s operations, products, or premises. It covers medical expenses, legal costs, and damages awarded to the injured party.

What is Coverage B: Personal and Advertising Injury

Coverage B of a commercial general liability insurance policy provides protection against claims for personal and advertising injury. This includes claims for libel, slander, defamation, copyright infringement, and false advertising. It covers legal costs and damages awarded to the injured party.

What is Coverage C: Medical Payments

Coverage C of a commercial general liability insurance policy provides coverage for medical expenses incurred by a third party due to an accident on the business’s premises or as a result of the business’s operations. It covers medical expenses regardless of fault and can help prevent small claims from escalating into larger lawsuits.

What are the guidelines for Purchasing commercial general liability insurance?

When purchasing commercial general liability insurance, businesses should consider the following guidelines:

  • Assess the risks: Identify the specific risks that the business faces and determine the appropriate coverage limits.
  • Work with an experienced agent: Find an insurance agent who specializes in commercial insurance and can help assess the unique needs of the business.
  • Compare quotes: Obtain quotes from multiple insurance companies to ensure that the business is getting the best coverage at the most competitive price.

What Additional liability coverages should be considered

In addition to commercial general liability insurance, businesses may need to consider additional liability coverages depending on their specific needs. Some common additional liability coverages include:

  • Directors and Officers liability: Provides coverage for claims against directors and officers for alleged wrongful acts in the performance of their duties.
  • Liquor liability: Provides coverage for claims arising from the sale or service of alcoholic beverages.
  • Pollution liability: Provides coverage for claims arising from pollution or environmental damage caused by the business’s operations.

Shield Insurance Agency represents over 40 insurance companies

At Shield Insurance Agency, we understand the importance of having the right insurance coverage for your business. As an independent insurance agency, we represent over 40 insurance companies, allowing us to find the best coverage at the most competitive price. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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Experience the Ultimate Retro Vibes with the Lámpago Electric Trike!

Experience the Ultimate Retro Vibes with the Lámpago Electric Trike!

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Shield Insurance Blog | Only Good News Daily | Electric Trike | Auto Insurance | Start a Quote Today!

The fun-looking short-haul ride merges urban e-trike vibes with a vintage micro-car design, offers luxury seating for two, a bunch of branded accessories, and even includes a spare tire mounted to the back.

It’s Lámpago first electric vehicle and looks perfect for an emissions-free drive to the beach or grocery store. The vehicle lacks pedals but rides as a moped in Europe – which may require an appropriate permit – throttling up to 25 km/h (15.5 mph). So, not a speedy mode of transport but, if the sun’s out, and you haven’t got far to go, who cares?

Electric Trike

It has a relatively small battery that’s good for between 30 and 50 km (19 – 31 miles) every three hours on a charge, and anyone who wants one can choose from a range of body and fabric colors.

Elsewhere, there’s a digital dash at the center of the motorcycle-style handlebar, with an analog timepiece underneath, a funky LED headlight rising out of the hood, and a bunch of accessories such as a branded umbrella, thermos flask, and key holder.

Lámpago, based in Turkey, says export pricing starts at US$10,860. The video below offers brief a look around.

Click here to see the Electric Trike story

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Business Owners: The Surprising Ways BOP and General Liability Differ

Business Owners: The Surprising Ways BOP and General Liability Differ

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Shield Insurance Blog | Business Owners | Business Insurance | Start A Quote Today!

How is a Business Owners Policy (BOP) Different from General Liability?

When it comes to protecting your business, insurance is a must. However, with so many different types of insurance policies available, it can be confusing to determine which one is right for you. Business owners often consider two common types of insurance: a Business Owners’ Policy (BOP) and General Liability insurance. While they may seem similar, there are some key differences between the two. In this blog post, we will explore how a BOP differs from general liability and help you understand which one may be the best fit for your business.

What is a Business Owners Policy (BOP)?

A Business Owners Policy, or BOP, is a comprehensive insurance package for small to medium-sized businesses. It combines several types of coverage into one policy, providing a convenient and cost-effective solution for business owners. A BOP typically includes property, liability, and business interruption insurance.

What Does a BOP Cover?

A BOP provides coverage for a wide range of risks that businesses commonly face. Here are some of the key coverages included in a typical BOP:

1. Property Insurance: This coverage protects your business property, including buildings, equipment, inventory, and furniture, against damage or loss caused by fire, theft, vandalism, or other covered perils.

2. Liability Insurance: Liability insurance protects your business from claims of bodily injury or property damage caused by your products, services, or operations. It also covers legal fees and settlements if you are sued.

3. Business Interruption Insurance: If your business is forced to temporarily close due to a covered event, such as a fire or natural disaster, business interruption insurance can help cover lost income and ongoing expenses, such as rent and payroll.

What Isn’t Covered by a Business Owners Policy?

While a BOP provides comprehensive coverage, there are some risks that are typically not covered. These may include:

  • Professional Liability: If your business provides professional services, such as consulting or advice, you may need a separate professional liability insurance policy to protect against claims of negligence or errors.
  • Workers’ Compensation: If you have employees, you are required by law to carry workers’ compensation insurance, which provides coverage for medical expenses and lost wages if an employee is injured on the job.
  • Auto Insurance: If your business owns vehicles or if employees use their personal vehicles for business purposes, you will need a separate commercial auto insurance policy to cover accidents and liability.

What Other Types of Coverages Are Needed?

In addition to a BOP, there are several other types of insurance coverage that may be necessary depending on the nature of your business. These may include:

  • Professional Liability Insurance: This coverage is essential for businesses that provide professional services, such as doctors, lawyers, or architects. It protects against claims of negligence, errors, or omissions.
  • Cyber Liability Insurance: In today’s digital age, businesses are increasingly vulnerable to cyber threats. Cyber liability insurance provides coverage for data breaches, cyberattacks, and other cyber-related risks.
  • Employment Practices Liability Insurance: This coverage protects your business against claims of wrongful termination, discrimination, harassment, or other employment-related issues.

Do You Need a Business Owners Policy?

Whether or not you need a BOP depends on the size and nature of your business. If you are a small to medium-sized business owner, a BOP can provide comprehensive coverage at an affordable price. It offers convenience by combining multiple coverages into one policy, saving you time and money. However, if your business has unique risks or requires specialized coverage, you may need additional policies to ensure adequate protection.

What Types of Businesses Are Eligible for a Business Owners Policy?

A BOP is typically designed for small to medium-sized businesses that operate in low-risk industries. Some examples of eligible businesses include retail stores, restaurants, offices, and small manufacturing operations. However, eligibility requirements may vary depending on the insurance company, so it’s best to consult with an insurance agent to determine if your business qualifies for a BOP.

What Does a Business Owners Policy Cost?

The cost of a BOP depends on several factors, including the size of your business, the industry you operate in, and the coverage limits you choose. On average, a BOP can cost anywhere from a few hundred dollars to several thousand dollars per year. To get an accurate quote for your business, it’s best to contact an insurance agent who can assess your specific needs and provide you with a customized quote.
In conclusion, a business owner’s policy (BOP) and general liability insurance are two different types of coverage that offer varying levels of protection for your business. While a BOP provides comprehensive coverage for property, liability, and income, general liability insurance specifically covers claims of bodily injury, property damage, and personal injury.

It’s important to assess your business’s specific needs and consult with an insurance agent to determine the appropriate coverages for your situation. Shield Insurance Agency represents over 40 insurance companies and can provide you with a free quote tailored to your business’s needs. Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon.

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Understanding matresence – the word every new mother needs to know

Understanding matresence – the word every new mother needs to know

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Positive.News | by Lucy Jones | August 2, 2023 | matresence | Health Insurance | Start A Quote!

During pregnancy and early motherhood, women undergo seismic psychological and physiological changes, yet this life-altering transition is neglected by society. Now the emerging concept of ‘matresence’, like adolescence, is opening up a new conversation about the bind of modern motherhood, helping to birth a new mothering culture

Before I had my first child, I had little idea about what becoming a mother would entail. I thought pregnancy was a straightforward physical process with a few ‘hormonal’ days. I thought that I would still be the same person when she was born. The experience of motherhood from a mother’s perspective hadn’t interested me before, I thought it was boring, banal. The proper work happened in an office. Most of us regard it this way: just look at that prefix in “just a stay-at-home mum”. I was overjoyed to be pregnant, but I realized, as the baby grew, that I had picked up strange notions about the value of the work of mothering. It’s no surprise: care work in our society is undervalued, unsupported, and disavowed.

In fact, it would be the wildest, hardest, most enlivening, and extreme psychological, existential, social, physical, and socio-political experience of my life.

When the baby was born, I had an uncanny sense that the old me was dead. I found this disturbing. I had gone, but I didn’t know where. My brain and patterns of thought felt different as if I had been rewired. I was expected to breeze through new motherhood, to ‘bounce back’ and crack on as normal. But I felt as if I’d been cracked open. After a gnarly birth and struggles with breastfeeding, hardcore sleep deprivation and the stress of looking after a newborn, mostly on my own – as is the way in our society – began to take a toll on my mind. But I was told to enjoy every minute. What on earth was wrong with me?

Around that time, I happened upon a word in an article written by a reproductive psychiatrist called Alexandra Sacks. It brought together everything I was feeling. Matrescence.

“The process of becoming a mother, which anthropologists call ‘matrescence’, has been largely unexplored in the medical community,” Sacks wrote. The word was like adolescence, and described the emotional, physical, and identity changes having a child triggers.

The idea that what I was feeling was normal filled me with relief. As a science journalist, I started to research the new and growing field of the parental brain. I was shocked by what I found.

Neuroscientists have found that the impact of pregnancy on the brain
is as significant as the impact of adolescence

After childhood and adolescence, there is no other time in an adult human’s life course that entails such dramatic psychological and physical change as matrescence.

In a landmark study published in Nature in 2016, researchers provided evidence, for the first time, that pregnancy renders pronounced changes in brain structure. Soon after, neuroscientists found that the impact of pregnancy on the brain is as significant as the impact of adolescence.

I learned about ‘zombie cells’. During pregnancy, cells are exchanged between the mother and foetus via the placenta. When the baby is born, some of those cells remain intact in the mother’s body. For decades. Perhaps forever. The phenomenon is called microchimerism. The exchange creates what leading geneticist Dr. Diana Bianchi calls a “permanent connection which contributes to the survival of both individuals.”

Click here for the full story on Understanding matresence..

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Understanding Michigan State Short-Term Disability Insurance: Everything You Need to Know

Short-Term Disability Insurance: Everything You Need to Know in Michigan

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Shield Insurance Blog | Short-Term Disability Insurance | Start A Quote Today!

What is Michigan State Short-Term Disability Insurance?

Short-term disability insurance is designed to provide income replacement for individuals who are unable to work due to a temporary disability. This type of insurance coverage typically lasts for a specific period, usually up to six months, and provides a percentage of the individual’s pre-disability income.

What Does Short-Term Disability Insurance Cover in Michigan?

Short-term disability insurance in Michigan covers a wide range of health conditions that prevent individuals from working. These conditions can include illnesses, injuries, surgeries, and mental health disorders. However, it is important to note that not all health conditions are covered under short-term disability insurance. Certain pre-existing conditions may be excluded from coverage.

How Does Short-Term Disability Insurance Work in Michigan?

In Michigan, short-term disability insurance is typically provided through an employer-sponsored group plan or purchased individually. When an individual becomes disabled and is unable to work, they must file a claim with their insurance provider. The insurance provider will review the claim and determine if the individual meets the criteria for disability benefits. If approved, the individual will receive a percentage of their pre-disability income for the duration of their disability.

What Health Conditions are Included and Categorically Excluded?

Short-term disability insurance in Michigan covers a wide range of health conditions, including but not limited to:

– Illnesses such as cancer, heart disease, and diabetes

– Injuries such as broken bones, sprains, and concussions

– Surgeries such as joint replacements, hernia repairs, and appendectomies

– Mental health disorders such as depression, anxiety, and bipolar disorder

However, certain health conditions may be categorically excluded from coverage. These can include pre-existing conditions, self-inflicted injuries, and disabilities caused by illegal activities.

What are the Significant Terms to Remember?

When it comes to short-term disability insurance in Michigan, there are several significant terms to remember. These include:

– Elimination period: This is the waiting period before disability benefits begin. It is typically a specified number of days after the disability occurs.

– Benefit period: This is the length of time that disability benefits will be paid. It is usually up to six months but can vary depending on the policy.

– Benefit amount: This is the percentage of the individual’s pre-disability income that will be paid as disability benefits. It is typically around 60-70% of the individual’s income.

More About Short-Term Disability Insurance

Short-term disability insurance provides individuals with financial protection during a temporary disability. It can help cover expenses such as medical bills, mortgage or rent payments, and daily living expenses. It is important to carefully review the terms and conditions of a short-term disability insurance policy to ensure that it meets your specific needs.

Can I Get Temporary Disability After Surgery?

Yes, short-term disability insurance can provide coverage for individuals who are unable to work due to surgery. Whether it is a minor procedure or a major surgery, short-term disability insurance can help replace a portion of the individual’s income during their recovery period.

What are the Common Procedures that Lead to Short-Term Disability?

Several common procedures can lead to short-term disability, including:

– Joint replacements: Procedures such as hip or knee replacements can require a significant recovery period and may result in temporary disability.

– Hernia repairs: Hernia repairs can be a major surgery that requires time off work for recovery.

– Appendectomies: An appendectomy is the surgical removal of the appendix and can result in a temporary disability.

What are the Options After Wrongful Disability Denials?

If an individual’s short-term disability claim is wrongfully denied, there are options available to appeal the decision. It is important to gather all relevant medical documentation and evidence to support the claim. Seeking legal advice from an experienced attorney specializing in disability insurance can also be beneficial in navigating the appeals process.

What are the Common Red Flags that Indicate Bad-Faith Delays or Wrongful Denials of Disability Coverage?

Several common red flags may indicate bad faith delays or wrongful denials of disability coverage. These can include:

– Unreasonable delays in processing the claim

– Inconsistent or contradictory reasons for denial

– Failure to provide a clear explanation for the denial

– Ignoring or misrepresenting medical evidence

– Failing to consider all relevant information

If any of these red flags are present, it may be necessary to seek legal assistance to ensure that the individual’s rights are protected.

Shield Insurance Agency Represents Over 40 Insurance Companies

Shield Insurance Agency is a trusted insurance agency that represents over 40 insurance companies. They specialize in providing individuals with the best insurance coverage options to

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Loss Ratio Can Drastically Affect Business Insurance Premiums

Loss Ratio Can Drastically Affect Business Insurance Premiums – Don’t Miss Out!

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Shield Insurance Agency Blog | Loss Ratio | Start A Quote Today!

When it comes to business insurance, one of the key factors that affect your premiums is your loss ratio. But what exactly is a loss ratio? In simple terms, it is the ratio of the losses you have experienced to the premiums you have paid. It is a measure of how much you have claimed from your insurance company compared to how much you have paid in premiums.

Commercial Insurance

For businesses, the loss ratio is an important metric that insurance companies use to determine the risk associated with insuring your business. A high loss ratio indicates that your business is more likely to make claims, which means that the insurance company will have to pay out more in claims. As a result, they will charge you higher premiums to compensate for the increased risk.

How a Loss Ratio Works

To understand how a loss ratio works, let’s consider an example. Let’s say your business paid $10,000 in premiums over the course of a year, and during that same year, you made claims totaling $5,000. In this case, your loss ratio would be 0.5, or 50%. This means that for every dollar you paid in premiums, you claimed 50 cents.

Loss Ratio vs. Benefits-Expense Ratio

It’s important to note that the loss ratio is different from the benefits-expense ratio. While the loss ratio measures the claims you have made compared to the premiums you have paid, the benefits-expense ratio measures the benefits paid out by the insurance company compared to the expenses incurred by the insurance company.

Deductible

Another factor that affects your loss ratio is the deductible. The deductible is the amount you have to pay out of pocket before your insurance coverage kicks in. A higher deductible means that you will have to pay more out of pocket for each claim, which can lower your loss ratio. On the other hand, a lower deductible means that you will have to pay less out of pocket for each claim, which can increase your loss ratio.

Affordable Protection for Your Business and Family

Understanding how your loss ratio affects your business insurance premiums is crucial for ensuring that you have affordable protection for your business and family. By maintaining a low loss ratio, you can demonstrate to insurance companies that your business is a low-risk investment, which can result in lower premiums.

Shield Insurance Agency represents over 40 insurance companies, which means that we can help you find the best coverage at the most affordable price. Our experienced agents will work with you to assess your needs and find the right insurance policy for your business. Whether you need general liability insurance, property insurance, or workers’ compensation insurance, we have you covered.

Contact Shield Insurance Agency at (616) 896-4600 for a free quote today or start the quoting process by visiting this LINK and an agent will be in touch soon. We understand that every business is unique, and we will tailor our services to meet your specific needs. Don’t let high insurance premiums eat into your profits. Let Shield Insurance Agency help you find affordable protection for your business and family.

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