Long Insurance Services of Kernersville, NC


  Contact : 336-992-5664

All posts by Duane Long

6 Tips to Track Your Small Business Expenses

Small Business InsuranceIf you’re a small business owner, chances are you didn’t start your company out of a passion for bookkeeping. But as you grow, financial management becomes an increasingly important responsibility.

For many, it’s an unfortunate truth. We all know that running a small business takes long hours and a lot of hard work. And this often means tasks like tracking expenses can easily fall by the wayside. But this important job plays a critical role in successfully managing your cash flow.

If you don’t keep tabs on how much money is going out, you can quickly find yourself in a difficult situation. Keeping an eye on your expenses will not only help you reach financial goals, it can also provide some extra deductions come tax time. (For specific advice about your individual tax situation, remember to always consult a tax professional.)

So how can you make sure you’re tracking your costs wisely? Use these six tips as a guide:

  1. Keep business and personal expenses separate. One of the biggest mistakes many small business owners make is mixing their personal and company expenses. Not only is this difficult to track, it can also be problematic in the event of a tax audit. Always use separate bank accounts to pay your bills and carry two separate credit cards – one you use for personal purchases and one that’s just for business expenses.
  2. Know what qualifies as a business expenses. According to the IRS, a business expense is one that’s both ordinary and necessary. Taking a client out for lunch? That will likely qualify as a business expense. Taking your client out to a baseball game afterwards? New changes in the tax law have made most entertainment expenses no longer deductible. Consult your tax adviser for further clarification.
  3. Log expenses immediately. We’ve all gone through a credit card statement and found purchases we didn’t remember making. For this reason, it’s important to record your purchases as soon as they’re made. Taking this diligent approach will help reduce the risk of an accounting error. And there are plenty of technologies that make it quick and easy (see No. 6).
  4. Organize your records. It’s time to ditch that shoebox full of crumpled receipts. Instead, keep all your receipts in a folder according to their month. Or better yet, scan them or snap a picture on your phone to store the images digitally. For recurring payments like utilities, create a notification on your calendar so you can remember to print and save your bill.
  5. Review your expenses regularly. Now that you’re tracking expenses, be sure to take a routine look at where your money’s going. Check your books every week to ensure expenses appear in good standing. This will help reduce the risk of bounced checks or unpaid invoices. Then, at the end of each quarter, look at your expense trends. This can help you identify areas where cuts can be made.
  6. Use technology to your advantage. Keeping a written ledger or updating an endless spreadsheet can be exhausting. Luckily, there are plenty of mobile apps and online tools that can do the job for you. If you’re already tied to an accounting software, major players like Concur and QuickBooks may be a good solution. But there are plenty of other great (and often low-cost) options available. Some other popular options include Zoho ExpenseExpensifyRydoo and Shoeboxed.

As a small business owner, you’ve got a lot on your plate. So when it comes to protecting everything you’ve built, you need someone you can count on.

https://www.erieinsurance.com/blog/how-to-track-business-expenses

Read More

Help Teens Drive Safer

This Program Uses Brain Science To Help Teens Drive Safer

For many teens, getting a driver’s license is a prized rite of passage. But with drivers age 16 to 19 involved in more accidents than any other age group – it’s also a risky and nerve-wracking time for parents.

So, what’s a safety-minded family to do?

Enter teenSMART®, an award-winning crash reduction training program from ADEPT Driver®. A new partnership between Erie Insurance and ADEPT Driver offers special discounted access to the program to teen drivers covered by ERIE policies in Wisconsin and Virginia.

Read more: What To Know About Insuring a Teen Driver

Using advanced behavioral science and research, teenSMART offers youthful drivers realistic and challenging driving simulations. Teens that complete the computer-based course learn skills proven to dramatically reduce teen driver crash frequency and severity.

Even better? Teens who complete the program may be eligible for an auto insurance premium reduction when they’ve finished.

HOW DOES IT WORK?

The teenSMART training is divided into short 30-minute chapters that teens can complete at their own pace on their home computer. It takes about 8 hours to complete. The program is designed to address these six behavioral and social factors that cause 90% of all teen car crashes:

  • Visual Search
  • Hazard Detection
  • Speed Adjustment
  • Space Management
  • Risk Perception
  • Lifestyle Issues

The curriculum is reinforced with in-car driving exercises and other activities for parents (or another licensed adult, age 25 or older) and teens to complete together. Learn more about the curriculum on the teenSMART website.

ADEPT’s teenSMART program has been proven to reduce crash frequency by up to 30% and bodily injury by over 50%. Read more about the research in this whitepaper from the Traffic Injury Research Foundation.

ABOUT THE NEW PARTNERSHIP

“ADEPT Driver incorporates cutting-edge behavioral science to improve driver behavior and reduce teen drivers’ risk of collisions,” said Jon Bloom, vice president of personal auto, Erie Insurance. “One of the key components of ERIE’s mission is to provide as near perfect protection as is humanly possible. Offering our customers proven tools to protect their new driver, when they are at the greatest risk of injury, helps us fulfill this mission. We encourage all teen drivers to complete teenSMART training.”

“We are delighted to partner with Erie Insurance to reduce teen driver crashes,” said Dr. Richard Harkness, CEO of ADEPT Driver. “ERIE is a premiere brand and insurance industry leader. We are proud to join with them to improve safety on our roads and highways by making teenSMART available to their customers.”

HOW CAN I SIGN UP?

This program is currently available to ERIE customers in Wisconsin and Virginia. If you’re an ERIE customer, contact your local ERIE agent for more details or visit the teenSMART website.

Read More

Business Risks You May Not Think About

Risk control consultants are the preventative care professionals of business insurance. They can help you detect potential hazards to your business’s well-being and help you understand what actions you can take to keep things healthy.

Good news: Qualifying customers who have business insurance with ERIE have access to customized risk control services. That’s just one more way we’re looking out for you.

Learn more: How an ERIE Risk Control Consultant Can Help You

Bob Kupris, a commercial insurance veteran with more than 30 years in risk control, leads ERIE’s team of risk control consultants. We asked him for an insider’s perspective on what consultants look for – and the surprising things they find.

RISKY BUSINESS

To get things started, let your ERIE agent know that you’re interested in focusing on risk control for your business.  ERIE’s professional consultants can offer many resources to help, including a walk-through for  businesses who qualify. . They’re looking for ways for you to mitigate risks by identifying potential loss exposures and providing information on solutions to control and/or eliminate them.

ERIE’s consultants have specialized areas of knowledge –property, commercial auto, workers’ compensation, products liability and construction/contracting – to better meet customers’ needs.

Their keen eyes are quick to spot things you might expect, such as fire protection. However, there are a few less obvious risks Kupris says are equally as common and – in some cases – on the rise.

SURPRISING CULPRITS

You know the ins and outs of your business better than anyone. So, what might a risk control consultant be able to see that you might not?

Here are a few surprising trends risk control has noticed:

  • Lack of commitment from management. Maintaining a hazard-free workplace is the law, according to the U.S. Department of Labor. What’s more, it’s more likely to happen if owners and managers make it a priority. A recent OSHA study found that non-fatal workplace injuries cost businesses more than $125 billion a year.With that in mind, Kupris says the first thing he notices is management controls to determine the commitment to workplace safety. “It’s one of the most important things we look at,” he said. “Companies that have management support tend to have better safety records and also tend to be more productive.”
  • Data breaches caused by your company. According to the Insurance Information Institute, credit card fraud and employment-related fraud are two of the top five ways consumers fall victim to identify theft. It’s the area of risk Kupris says he’s seen grow the fastest. Having iron-clad cyber security safeguards against hacks and the right coverage is the best way to prevent your company from experiencing, or potentially causing, a data breach.Related Reading: Is Your Business Data Secure?
  • Employees distracted behind the wheel. In ERIE’s 2018 distracted driving study, it was discovered that in fatal car accidents caused by distracted drivers, 61 percent were generally inattentive. Kupris says drivers of commercial vehicles are no exception to this scary statistic and he’s seen a spike in commercial auto claims, which can affect your insurance rates and everyone’s safety. Does your business employ a no cell phone policy for your drivers?If your drivers have to use GPS, is it hands-free?

THE ERIE APPROACH TO RISK CONTROL

Providing preventative plans to these risks and more is where ERIE’s risk control consultants shine. Here are some examples of the most unique support in the industry they provide to commercial customers, at no additional fee:

  • All the tools in their toolbox. For qualifying ERIE customers,consultants offer a wide range of risk control services, including OSHA Outreach Training Programs, customized written safety programs and disaster planning resources from The Insurance Institute for Business & Home Safety.

  • Support that isn’t just for the big guys. ERIE offers follow-up consultations to help businesses, regardless of whether they’re the biggest fish in the pond. “Many insurance companies won’t go out on something small,” Kupris said. “But at ERIE, we don’t operate that way.” If you want follow-up assessments or training for your business, ask your agent how ERIE can help.
  • A close working relationship with your ERIE agent. “It’s really a joint effort,” Kupris said. “ERIE agents really take a genuine interest in their customers and our team of consultants. That’s something you don’t always see at other places.”
Read More

ERIE Earns Top Ranking in J.D. Power Shopping Study

The results are in: Thousands of people shared their experiences about shopping for auto insurance in a national study, and Erie Insurance was awarded “Highest Satisfaction with the Auto Insurance Purchase Experience.”

Erie Insurance earned the highest score among auto insurers in providing a satisfying purchase experience in 2019, with a score of 917 on a 1,000-point scale. The industry average was 852.

ERIE has ranked highest in the study consecutively since 2013.

JD Power 2019

“This recognition speaks directly to the importance of an insurance agent in the shopping experience. The guidance, insight and personal attention ERIE agents give to their customers is not something that can be replicated online,” said Tim NeCastro, president and CEO of Erie Insurance. “To receive this distinction for the seventh consecutive year is a tremendous honor.”

The U.S. Insurance Shopping Study measures auto insurance shopping, purchase behavior and purchase experience satisfaction among customers who recently purchased insurance. Satisfaction is measured on three factors (in order of importance):

THE STUDY METHODOLOGY

The J.D. Power 2019 U.S. Insurance Shopping Study SM provides an in-depth look at the auto insurance policy selection process. It explores why customers shop, their attitudes toward and perceptions of auto insurance brands and how they make their final purchase decision.

The study is based on responses from more than 14,400 insurance customers who requested an auto insurance price quote from at least one competitive insurer in the past nine months and includes more than 38,800 unique customer evaluations of insurers. The study was fielded in April, July and October 2018 and January 2019.

Read More

April is Distracted Driving Awareness Month

Distracted Driving 2018Can You Guess When Most Distracted Driving Crashes Occur?

Daydreaming while driving is more dangerous than you’d think – and our new review of police data shows just when drivers might be “lost in thought” enough to cause a fatal crash.

According to a new review of Fatality Analysis Reporting System (FARS) data, Saturdays in September are the biggest days for fatal car crashes involving daydreaming while driving, and Tuesdays in February are lowest.

The new review builds upon Erie Insurance’s previous analysis, which found that being “generally distracted” or “lost in thought” – otherwise known as daydreaming – is the number-one distraction noted in fatal crashes.

Related: See the 2018 data on the top 10 distractions involved in fatal crashes

The FARS data includes information from police reports on the causes of fatal car crashes. Erie Insurance consulted with the Insurance Institute for Highway Safety to analyze the data, which is maintained by the National Highway Traffic Safety Administration (NHTSA).

“We released this data to raise awareness of the ongoing need to combat distracted driving in all its forms, whether it’s texting while driving, or simply letting your mind wander behind the wheel,” said Jon Bloom, vice president of personal auto, Erie Insurance. “No matter what day of the week or what month it is, we urge all drivers at all times to keep their eyes on the road, their hands on the wheel, and their attention on what they are doing.”

The most recent NHTSA distracted driving crash data shows 3,166 people were killed in distracted driving crashes in 2017.

LIKELIHOOD OF FATAL “DAYDREAMING WHILE DRIVING” CRASHES:

The most recent review of FARS data by Erie Insurance resulted in a ranked list of more than 84 combinations (with some ties) of days and months associated with daydreaming while driving. Below are the top and bottom five from 2013 through 2017.

Top 5 (Most Dangerous):

  1. Saturdays in September
  2. Saturdays in May
  3. Fridays in October
  4. Saturdays in August
  5. Fridays in July

Bottom 5 (Least Dangerous):

  1. Sundays in December
  2. Thursdays in February
  3. Mondays in January
  4. Wednesdays in February
  5. Tuesdays in February

The FARS data is based largely on police officers’ judgment at the time of a crash, and interviews with those involved.

To help drivers better understand and avoid daydreaming while driving, Erie Insurance previously collaborated with internationally known cognitive behavioral researcher Paul Atchley, Ph.D., who has studied distracted driving and worked with national safety organizations to reduce it.

VIDEO: How To Stay Alert While Driving, Explained by a Cognitive Behavioral Scientist

“It’s not clear why people would be more likely to daydream while driving on certain days or in certain months over others,” Bloom says. “Regardless, we think the data is worth sharing if it gets people talking about the serious problem of distracted driving and how to avoid it.”

April is Distracted Driving Awareness Month, but staying alert on the road is a cause to get behind all year long. Learn more about auto insurance from ERIE to stay protected no matter what you encounter on the road ahead.

Read More

Ways to Stay Active This Winter

Looking outside and seeing snow-covered roads can make the decision to stay in bed a lot more tempting. We all know winter weather can get you in a rut – but there are plenty of ways to liven up when you’ve got cabin fever. (Read our list of 21 ways to beat cabin fever.)

Ready to break a sweat? Check out this list.

HOW TO EXERCISE DURING WINTER

One of the best ways to beat the boredom and stay active is to get outside. So, don’t curse the weather… bundle up and enjoy it! Here are some outside winter fitness ideas to try.

Outdoors:

  • Snowshoeing/snow hiking: Snow on the ground doesn’t mean you can’t enjoy your area parks and trails. Many state and local parks stay open year-round in any weather. These hikes can be an easy walk or an intense workout, depending on how hard you push yourself.
  • Skiing/snowboarding/sledding: Making your way to a ski resort or your local hill can make for an exciting trip with friends or family. And it’s a great way to burn calories — especially if you’re walking back up the hill, too!
  • Snowmobiling: If you’ve got the space and the gear, snowmobiling is an intense way to get out and enjoy the winter weather. Don’t have a snowmobile of your own? A quick online search can help you find rental options in your area.
  • Ice skating: Ice skating is good for cardio and building lower body strength. If you can keep your balance, this is another fun activity for friends, family or couples.
  • Ice fishing: For outdoor enthusiasts, ice fishing is an excuse to catch fish year-round while tackling a new challenge. Just make sure you’re prepared before you drill through the lake. Read this how-to guide for safe ice fishing.
  • Walking: A walk through light snow can be just as beautiful as any other season. As long as it’s not too cold, bundling up for a 15-minute walk will get you active and out of the house. In fact, many find the cool winter air to be especially refreshing.

Of course, there are still going to be times when the snow’s thick and the air’s chilly. If you’re stuck inside, there’s no need to worry! Here are some ways to keep active indoors, too.

Indoors:

  • Join a gym. A gym membership will give you a place to go when you can’t get your exercise in anywhere else. It’s an easy way to get a full workout, since gyms have a wide range of equipment that wouldn’t fit in your home.
  • Take the stairs. Not ready to join a gym? Start with something a little less intimidating. Taking the stairs instead of the elevator can help you burn a few extra calories, and will build cardio stamina over time.
  • Join an indoor sports league. Just because winter starts doesn’t mean team sports stop. Check your local gym or community center for indoor sports leagues like soccer, tennis or basketball.
  • Use free weights or resistance bands. Don’t want to leave the comfort of your house? There’s plenty of equipment you can use at home to break a sweat. You can get a full-body workout with resistance bands or free weights, and they don’t take up much room.
  • Watch online workout videos. Even without weights and bands, online workout videos can get you into shape in your own living room. Whether it’s cardio, yoga, pilates or strength training, there are dozens of options available to find the workout that’s right for you.

As the seasons change, your options for staying active do, too – whether it’s a walk through the snow, gliding on an ice rink or other activities that only last for the season.

Read More
Verified by MonsterInsights