Thursday, February 25, 2016

Understanding Auto Insurance: Full Coverage vs. Liability

One of the golden rules of driving is that you never drive without auto insurance. While all states require auto insurance, the type of coverage required can vary from state to state. Plus, that minimum coverage requirement isn't necessarily what you need. Knowing the difference between types of coverage is almost as important as knowing the rules of the road. Let's take a look at having 'full' coverage vs. liability coverage on your Lake of the Ozarks auto insurance policy.

Liability Coverage 


The majority of U.S. states have a minimum requirement of liability insurance. Liability insurance is a way for you to take responsibility for your own actions on the road. If you hit another vehicle or damage someone's property, you are under obligation to pay for the damages. In many cases, you probably don't have enough spare change laying around to cover it and that's where liability coverage on your auto insurance at the Lake of the Ozarks comes into play.

Your auto Liability insurance limit covers 3 different areas: bodily injury per person, bodily injury per accident and property damage. Your liability coverage will be listed in numbers such as: 50/100/25. You also may see a limit behind CSL that refers to Combined Single Limit which is one limit for the liability portion of the policy.  Regardless, these numbers represent the dollar amount in thousands that your insurance will cover for each of the categories. Unfortunately, many state laws don't require an adequate amount of liability coverage. When the liable party doesn't have enough liability insurance to cover the damage, the other party may have to cover it under their own policy under uninsured or underinsured motorists.  Keep in mind that their insurance carrier will likely subrogate back against the at fault driver, possibly going after other assets beyond the insurance.

Full Coverage 


The term "Full Coverage" is used by most people when they are referring to insuring the vehicles they own for physical damage.  This term is not the best description of the insurance product as it gives the feeling to insureds that it covers everything and that is definitely not the case as there are always exclusions on policies.

While it is not required in any state, it's a good idea to consider purchasing physical damage coverage for your vehicles. In addition to the liability coverage above, this coverage protects your vehicle through collision and comprehensive coverage and is typically subject to a deductible in the event of a claim. Should an accident occur, collision will pay for the damages to your vehicle. Comprehensive coverage will cover damage that occurs from weather, vandalism, broken glass, deer and auto theft. Depending on the year, make, model and value of your car this can increase the cost of your insurance dramatically.

While insuring your own vehicle for physical damage is not required by law, keep in mind that most lending institutions will require those financing a vehicle to purchase the coverage. This protects you as well as the lender.  Many people may think of it as an unneeded expense, but think about coming up with the money to get your car fixed on your own. Do you have enough cash lying around to get by if something were to happen to your vehicle?

What Coverage Do You Need? 


The choice of coverage is ultimately yours, but you'll want to make sure that it covers the most important aspects to you. Talk to your Lake of the Ozarks insurance company about your auto coverage. From personal auto insurance to insurance for your business fleet of vehicles, Insure the Lake has you covered. Give us a call at 573-348-2794 to review your coverage today!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


FOLLOW US ON SOCIAL MEDIA
Facebook 
Twitter
LinkedIn
Google+ 
Pinterest

Wednesday, February 17, 2016

Winterfest 2016: Roaring 20's Speakeasy

Put on your Glad Rags, jump in your Jalopy and come join us for a night of fun to celebrate the 20th Annual Winterfest event! This year’s theme is “Roaring 20's Speakeasy”. It's the BIGGEST charity event happening at the Lake of the Ozarks this winter and you won't want to miss it! 


About The 1920's


The Roaring Twenties is a term for the 1920's in the Western world. It was a period of sustained economic prosperity with a distinctive cultural edge, particularly in major cities such as New York, Chicago, Detroit and Los Angeles. It was an era of dramatic social and political change. The nations total wealth doubled between 1920 and 1929. People from coast to coast bought the same goods, listened to the same music, did the same dances and even used the same slang! 

The most familiar symbol of the 1920's is probably the "flapper." The term flapper refers to a young woman with bobbed hair and short skirts. Many refer to this era as the Jazz Age, where dances such as the Charleston, the cake walk, the black bottom and the flea hop all became popular. Due to the prohibition, people simply went to nominally illegal speakeasies instead of ordinary bars. These speakeasies were controlled by bootleggers, racketeers and other organized-crime figures such as Chicago gangster Al Capone.

Winterfest 2016


Winterfest is a great event that raises funds for over 40 charities in the Lake Area. This party will be the Bee’s Knees with live and silent auctions, wine pull, gangster cocktails, mugshots, live music by the i-Berrys, costume contest and more.

Date: Saturday, February 27, 2016

Time: 5:30 PM
Location: Tan-Tar-A Resort
Tickets: $60 each or a Table of 10 is $600 

Event Sponsors:  


This year's event is presented by the following Diamond Sponsors: 
  • Naught-Naught Agency 
  • Hy-Vee
  • Central Bank of Lake of the Ozarks
  • Missouri Association Management, LLC
  • Redhead Lakeside Grill
  • Mpix
Without these community minded businesses we could not put on this great event that helps so many people in the Lake Area! 

Steve Naught and his Lake of the Ozarks insurance company are proud supporters of this annual celebration benefiting Lake area charities through the Lake Ozark Daybreak Rotary. Sponsorship opportunities are available. Contact Steve Naught at 573-348-2794 or any Daybreak Rotarian for tickets. We hope to see you there! 

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


FOLLOW US ON SOCIAL MEDIA
Facebook 
Twitter
LinkedIn
Google+ 
Pinterest

Thursday, February 11, 2016

What is Spear Phishing?

The Increased Need for Cyber Security


In a world revolving around technology, business need to understand the importance of not only protecting their physical store, products, etc., but also their information. Increases and advances in technology lead to increased cyber crime. Insure the Lake wants to make sure you're aware of the possible threats related to cyber crime and how to protect yourself and your business.

Spear Phishing


You've probably heard of "phishing," a type of cyber attack in which the hacker disguises himself as a trusted source online in an attempt to acquire sensitive information. Now, more resourceful criminals are resorting a more sophisticated technique called "spear phishing." With this new technique, the scammer uses personal information to pose as colleagues or other sources specific to individuals or businesses. Due to the personal information involved, these attempts at cyber crime are much more believable than traditional phishing attempts. Any information posted online can potentially be used as bait in an attack. The more the criminal learns about a potential victim, the easier it is for them to gain the victim's trust. Once that trust is there, the hacker will usually make a reasonable request such as to click a link or open an attachment.

Personal Risk 


One common example you may have witnessed is when you receive a Facebook friend request from someone you thought you were already friends with. The scammer will take your friend's name and profile picture, setup a new account and then try to add you as a friend. Anytime you get a friend request, be sure to go to that profile and make sure it's actually your friend's page and not a fake profile before accepting it. Falling victim to one of these attacks can provide the hacker with all the personal information on your computer. 

Business Risk 


For businesses, the potential risk for spear phishing is monumental. According to the Internet Crime Complaint Center, there were over 120,000 cyber crime-related complaints against businesses last year. This resulted in loss of over $800 million. A large majority of these attacks involved spear phishing, as the messages are designed and customized to make the victims feel safe and secure. Even if spear phishing perpetrators target just one employee, it can put your entire business at risk. Falling for an attack like this gives the hacker access to any information they want across the entire network. A successful spear phishing attack often goes unnoticed, which increases the risk of large and continued losses.

Protecting Your Business


While it's impossible to completely avoid these types of cyber risks, there are some things you can do to protect your business from further damage. Be sure to educate your employees on how to reduce the risk of cyber crimes in your workplace by discussing these simple techniques:
  • Never send financial or personal information electronically, even if you know the recipient well. It may be possible for a third party to intercept this information, especially if the recipient is later subject to a spear phishing attack. 
  • Be cautious when you are asked to divulge personal information in an email. Even if it appears to be from a trusted source, it could be a hacker impersonating another person or group.
  • Only share personal information on secure websites or over the phone. When in a Web browser, you can ensure a website is secure when you see a lock icon in the URL bar, or when an “s” is present in the “https” of a URL. The “s” stands for “secure” at the end of the normal “http”.
  • Some spear-phishing schemes use telephone numbers, so be sure to never share information over the phone unless you initiate the call to a trusted number.
  • Never click on links or open attachments from unknown sources. Even opening a file that seems familiar can give a spear phishing attacker access to personal information stored on your device.
  • Ensure that your company’s security software is up to date. Firewalls and anti-virus software can help protect against spear phishing attacks.
  • Encourage employees to think twice about what they post online. Spear phishing hackers often attain personal information through social media sites. Make sure that employees know how to keep this information private to protect their own security as well as that of your business.
  • Regularly check all online accounts and bank statements to ensure that no one has accessed them without authorization.
  • Never enter any personal or financial information into a pop-up window or a Web browser.

If you think your business has been the target of a cyber attack, it's important to act quickly in order to limit potential losses. Your first step should be to change all your passwords to accounts connected to sensitive business information. You'll also want to obtain a list of recent and pending transactions. If necessary, you may need to contact law enforcement. Next an IT consultant should look for any vulnerabilities that remain on your network and advise how to avoid future attacks. In addition to working to prevent cyber attacks, it's important that your business has the proper Lake of the Ozarks insurance coverage for these cyber situations. Give the best insurance company at the Lake of the Ozarks a call at 573-348-2794 to discuss coverage options and make sure you're business is fully protected!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


FOLLOW US ON SOCIAL MEDIA
Facebook 
Twitter
LinkedIn
Google+ 
Pinterest

Wednesday, February 3, 2016

History of Insurance

In this day and age, insurance is not a new concept. We need insurance for everything, from our house and car to health and life insurance. How did we come up with the idea of insurance - a way to protect ourselves and our belongings from disaster? The best insurance company at the Lake of the Ozarks brings you a little history on how the concept of insurance actually came about.

The First Concept of Insurance


The concept of spreading risk has been around since the beginning of human existence. From hunting in groups or shipping cargo in several different caravans, people have always been weary of risk. However, the first actual written insurance policy appeared around 1750 BC on a Babylonian obelisk monument with the code of King Hammurabi carved into it. While the laws were pretty extreme, the code offered insurance in that a debtor didn't have to pay back his loans if a personal catastrophe, such as disability, death or flooding, made it impossible.

Group Insurance Coverage


In the dark and middle ages, most craftsmen were trained through the guild system, where apprentices worked throughout their childhoods for little to no pay. Once they became masters, they paid dues to the guild and trained their own apprentices. The wealthier guilds had large coffers that acted as a type of insurance fund. If a master's practice burned down, was robbed or the master became disabled or killed, the guild would pay for the expenses. This style of insurance is still around today in the form of "group coverage."

Insurance Underwriting


The practice of underwriting emerged in 1688 in the same London coffeehouse that operated as the unofficial stock exchange for the British Empire. The coffeehouse, known as Lloyd's of London, was the primary meeting place for merchants, ship owners and others seeking insurance. A basic system for funding voyages to the new world was established. Venture capitalists would fund the voyages and once funding was secured, the merchants and ship owners would hand over a copy of the ship's cargo to read to the underwriters. Those interested in taking on the risk for a set premium would sign at the bottom of the manifest beneath the figure indicating what share they were taking responsibility for. Therefore, a single voyage would have multiple underwriters that would share the risk.

Home and Life Insurance


by 1654, Blaise Pascal, who also invented the calculator, discovered a way to express probabilities and therefore levels of risk. Pascal's triangle led to the first actuary tables that were, and still are, used when calculating insurance rates. These formalized practices made insurance more affordable. In 1666, the great fire of London destroyed around 14,000 buildings. As a response to the chaos and outrage following the burning of London, a group of underwriters decided to expand their marine insurance into other insurance sectors. Life insurance soon followed the fire insurance.

Insurance in America


Insurance companies thrived in Europe, especially after the industrial revolution. That wasn't the case in America though. Colonists' lives were fraught with dangers that no insurance company would touch. It took more than 100 years for  insurance to establish itself in America. In 1751, Benjamin Franklin founded America's first, continuously active insurance company - The Philadelphia Contributorship for the Insurance of Houses from Loss by Fire. It was a proactive insurance carrier that refused to provide coverage to houses and other structures that were not constructed according to strict business standards.

Many influences throughout history have shaped the insurance industry we have today. There are now many different sectors of insurance from home to business, auto to health and life. At Insure the Lake, we can help you with all of your Lake of the Ozarks insurance needs. Give us a call at 573-348-2794 today!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 


About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.

Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral



stnaught@naught-naught.com


FOLLOW US ON SOCIAL MEDIA
Facebook 
Twitter
LinkedIn
Google+ 
Pinterest