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4 Trends to Watch in 2022

Business Owners: 4 Trends to Watch in 2022

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Each new year brings its own unique set of opportunities and challenges for small business owners.

And 2022 is no exception.

From shifting consumer shopping habits and government regulations to emerging technologies and the continued effects of the pandemic, it’s enough to make any small business owner take a moment to seriously consider what’s coming their way in the next 12 months ‒ and how it will affect their life’s work.

While there’s no way we can predict the future (if only), we’re taking a look at four business trends that could potentially impact businesses in 2022.

4 BUSINESS TRENDS TO WATCH IN 2022

1. An e-commerce uptick

$1 trillion (yes, trillion with a “t”). That’s the amount that Americans are projected to spend online in 2022, according to a report by Adobe. Has your business taken steps to fully leverage this shift? With the increasing number of online shoppers, the U.S. Small Business Administration says that now is the time to ensure that your e-commerce platform is easy to use ‒ especially on mobile devices. If you don’t currently sell any products or services online, it may be time to assess your operations and see if e-commerce is a smart or feasible option for your business.

See also: 11 Curbside Pickup Tips for Your Business

2. Contactless payments and additional oversight on cash app business transactions

The pandemic saw a huge increase in people paying for goods and services using online payments or mobile cash apps like Venmo, PayPal and Zelle. It’s a trend that many believe will continue. So if your small business doesn’t currently offer this feature, it’s time to start investigating your options.

And whether you’re new to using cash apps or are a seasoned pro, you should be aware of a regulatory change on the horizon. On Jan. 1, the IRS will begin keeping a close eye on all business transactions of $600 or more made on cash apps. This differs from earlier statutes, where the IRS only received notification when business transactions made on these platforms reached the $20,000 threshold. While it’s not a new tax, it will be more important than ever to keep accurate financial records.

See also: 6 Tips to Track Your Small Business Expenses

3. Remote work

The pandemic forced many employers to make the transition from on-site to remote work. Now, it’s projected to become a longstanding expectation of many workers. This could be a challenge for many employers given the current competition for skilled workers. So what can you do if remote work is an option for your business? The U.S. Small Business Administration recommends that you invest in the right technologies and software systems your employees need to work remotely in the long term. Make sure your business insurance policies are up-to-date, including your workers’ compensation coverage as your employees working from home. You also should look for new ways to stay connected with your remote workforce to strengthen their commitment to your company ‒ and to keep them.

See also: 8 Tips for Working from Home (from ERIE Employees Who Do it All the Time)

4. 5G wireless technology

5G (short for “fifth generation”) is the next iteration of mobile communication network technology that’s poised to fully replace 4G in the coming years. 5G will enable wireless internet access at much higher speeds, and it’s particularly designed to support data transfer for complex networks like homes and internet-enabled appliances ‒ to name a few. According to Rogers Communications, 5G will help benefit businesses with:

  • Lower latency: Latency is a fancy word for response times between sending and receiving something electronically. Right now, 4G latency is about 50 milliseconds. 5G will whittle that time down to one millisecond, which is 400 times faster than blinking an eye (seriously technology, you never cease to amaze us). So imagine the potential this holds for businesses who need things to “respond” quickly, like self-driving vehicles and augmented and virtual reality. On a potentially smaller scale, you will be able to almost instantly stream high-res audio, videos and more. A win for customers and employees working remotely.
  • More connectivity: Extra network capacity means more machines and devices will be able to talk with each other in our age of the Internet of Things (IoT). This is the networking capability that allows information to be sent and received from objects and devices (such as fixtures and kitchen appliances) using the internet. The potential is huge for businesses. Warehouses equipped with smart shelves can monitor when product inventory decreases and “trigger an action,” bolstering supply chain efficiency. And delivery companies with fleets of vehicles can give real-time delivery information to recipients.
  • More bandwidth: 5G networks will add new channels to logged and bottlenecked 4G networks. So say buh-bye to crazy long download times (we all loathe that spinning wheel). On the practical side, that means large presentations or video files can be downloaded a lot faster.

The rollout of 5G is still in the early stages, so it could take several years for all the benefits to come to fruition. But Verizon recommends that small-business owners should start preparing now by doing things like moving management tools and other systems to the cloud, digitizing business processes, becoming familiar with new technologies like augmented reality, and securing and protecting your business data.

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Safest Cars of 2022

The Safest Cars of 2022

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Car buyers who consider safety a must-have feature can now choose from an even greater variety, according to the 2022 Insurance Institute for Highway Safety’s TOP SAFETY PICK award list.

This year’s list recognized 101 vehicles in all, naming 65 models TOP SAFETY PICK+ choices and another 36 TOP SAFETY PICKs.

In the annual TOP SAFETY PICK awards, the IIHS announces which new models performed best in their evaluations. The list is organized by size and type on the IIHS website.

HOW ARE TOP SAFETY PICKS DETERMINED?

Each year, the IIHS, a nonprofit research and education organization, conducts tests to determine how vehicles fair in two aspects of safety: crashworthiness and crash avoidance/mitigation. It also evaluates other elements of vehicle safety, such as headlight ratings.

The IIHS awarded winners in 11 size categories, from small cars to large pickups.

All award-winning models earned “good” ratings in six crashworthiness tests and offer trims with front-crash prevention systems with “advanced” or “superior” ratings. Every winner must also have at least one headlight system that earns a “good” or “acceptable” rating.

While no new award criteria were introduced this year, some features were common among the winners. Front-crash prevention systems with “advanced” or “superior” ratings in vehicle-to-vehicle and vehicle-to-pedestrian evaluations are standard on all but two TOP SAFETY PICK+ winners and 30 out of 36 TOP SAFETY PICK winners. And although standard “acceptable” headlights can qualify for the higher award, 31 models come exclusively with “good” headlights.

Headlight and front-crash prevention improvements are increasingly becoming standard across the industry. Carmakers have pledged to make vehicle-to-vehicle automatic emergency braking standard on nearly all the light-duty vehicles they produce beginning this September.

(See also: The Driver’s Guide to Headlights)

IIHS has already announced two new evaluations to its awards requirements for 2023: an updated side test and a nighttime pedestrian crash prevention test.

THE 2022 TOP SAFETY PICK WINNERS

This year’s 101 overall picks and 65 TOP SAFETY PICK+ winners surpassed last year’s list of 90 total winners and 49 “plus” vehicles.

Hyundai Motor Group, consisting of Hyundai, Kia and Genesis, led all manufacturers with 21 total TOP SAFETY PICKs, including 11 “plus” award winners. The Korean automaker placed vehicles in nine categories, including four models in the Small SUV class (the Hyundai Tucson was a TOP SAFETY PICK+, while the Hyundai Venue, Kia Seltos and Kia Sportage were all TOP SAFETY PICKS).

The Volkswagen Group, which comprises the Volkswagen and Audi brands, earned 11 accolades, including eight plus selections. Volvo, which led manufacturers with nine TOP SAFETY PICKs+ a year ago, placed 10 in the same category in 2022.

This year’s minivan and pickup truck classes also grew to include four vehicles apiece after only two minivans and one pickup qualified in 2021.

For the full list of winners and ratings, visit iihs.org/ratings.

INSURANCE FOR NEW AND USED CARS

Car shopping doesn’t just mean kicking tires and taking test drives. It’s also an ideal time to examine your auto insurance options. For both endeavors, here are a few articles from our blog that might help:

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Questions You Should Never Ask in a Job Interview

Questions You Should Never Ask in a Job Interview

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Imagine this hypothetical scenario: you’re a small business owner who needs to fill an open position at your company. After sorting through resumes and interviewing four candidates, you hire the one you think will be the right fit for the job. Your new employee joins your team, and business continues as usual.

Three weeks later, you’re notified that one of the candidates you didn’t choose is suing you for discrimination. After reading this, you may think, “How is that even possible?”

Whether you are hiring your first employee or are looking to fill an existing position, there are certain things you should never ask a job candidate — even if the questions seem like innocent “small talk.”

To help protect you and your business during your next interview, we’re breaking down the questions you should steer clear of, courtesy of the experts at the U.S. Equal Employment Opportunity Commission (EEOC). The information below gives you a good launching point to reexamine your HR hiring practices and ensure you’re asking the right interview questions that won’t put you and your company at risk.

Just keep in mind that hiring rules and regulations can be complicated. They also can vary by situation. If you have specific questions or need professional input on what you can or cannot ask, it’s always best to consult a lawyer for legal advice tailored to your business or situation.

QUESTIONS YOU SHOULD NEVER ASK IN A JOB INTERVIEW

Anything that has to do with a disability:

 

The Americans with Disabilities Act provides civil rights protections to individuals with disabilities and guarantees them equal opportunity across a spectrum of areas, including employment. So you legally cannot ask questions about an apparent disability, or ask questions fishing for one.

This includes questions like:

  • Why do you need to use a wheelchair?
  • How did you lose your vision?
  • What medications do you take?
  • Have you previously filed any workers’ compensation claims?

The exception to this rule has to do with accommodations. The EEOC states that you can ask questions about any accommodations that the candidate may need if the disability is apparent or if he or she already disclosed it to you, such as:

  • If they need help with the application process, or if you need to make any adjustments to the process for them.
  • If they will need a change to the work environment or to the way work is typically done for their job.

Anything concerning a job candidate’s genetic information:

 

It sounds a bit highbrow, but stay with us. The EEOC defines genetic information as “information about an individual’s genetic tests and the genetic tests of an individual’s family members, as well as information about the manifestation of a disease or disorder in an individual’s family members.”

This includes details such as family medical history or tests the candidate has undergone to identify risks for diseases like cancer. Asking these types of questions is considered genetic information discrimination.

The EEOC gives a few examples of what these could look like:

  • Does anyone in your family have a history of mental illness?
  • Has anyone in your family been diagnosed with a heart condition?

Anything related to the personal attributes of a job candidate:

You might think that you’re trying to get to know someone better, but characteristics like race, color, religion, sex and national origin are legally protected by the Civil Rights Act of 1964.

You should avoid talking about these topics entirely. This includes questions like:

  • Where do you go to church?
  • Are you pregnant? Or are you planning on starting a family any time soon?
  • How old are you? (Note: the only scenario in which you can ask this question is if you’re confirming that the candidate is legally old enough to do the job.)
  • Your name is unusual. Where are you from?
  • What kind of religious holidays do you observe?
  • What language (or languages) do you speak at home?
  • Are you biracial?

The bottom line is, if you’re on the fence about whether a question is appropriate, it’s probably best to avoid it. Instead, keep your questions focused on the requirements of the position for which you’re hiring.

BUSINESS INSURANCE THAT WORKS AS HARD AS YOU DO

You’ve worked hard to build your business and your team. But these days, hiring, firing and day-to-day employee management can be risky. If a claim is made against your business, you could spend valuable time and resources defending it. And many business owners may not realize—or may realize too late—that they have a gap in their insurance coverage.

Employment Practices Liability (EPL) coverage from Erie Insurance can protect you when facing charges alleging discrimination, wrongful termination or harassment from an employment candidate or a current or former employee—even if the charges aren’t true. It’s your line of defense against those who pose a serious threat to your bottom line and your business’s reputation. All it takes is purchasing and adding the coverage to your business policy as an endorsement.

 

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Home-Value

Losing your Home – What is Guaranteed Replacement Cost?

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Losing your home to a natural disaster is something you prepare for but hope to never experience. One thing most may not consider is the actual cost to rebuild. Learn how Guaranteed Replacement Cost can help make sure you won’t be ill prepared to build your house back to its original condition.

What is Guaranteed Replacement Cost?

There are few things in life worse than losing your home to fire or a natural disaster.

Except, that is, discovering in the aftermath that you don’t have enough homeowners insurance coverage to rebuild the house back to the way it was before trouble struck.

If you get guaranteed replacement cost coverage, that is unlikely to happen. Why? Because guaranteed replacement cost will pay for the full cost of rebuilding your house back to its previous size and specifications1 – right down to the granite countertops, custom bookshelves, and gleaming hardwood floors that you so love.

WHY SHOULD I CONSIDER GUARANTEED REPLACEMENT COST?

“Guaranteed replacement cost gives you peace of mind,” says Bob Buckel, vice president and product manager at Erie Insurance. “The reality is that it’s almost impossible to estimate to the penny what it’s going to cost to rebuild a home. We take that worry away from you.”

With the everchanging price of building materials and labor, it’s easy to see why GRC is the gold standard for homeowners insurance.

REPLACEMENT COST VS. MARKET VALUE: WHAT’S THE DIFFERENCE?

When you purchase a home and start thinking about protecting your investment, this is often the first question. The answer is often: More than you just paid for it, Buckel says.

See also: How Much Does Homeowners Insurance Cost?

“People naturally gravitate to how much they paid for the house, but we’re not insuring it to buy it from you – we’re insuring it to rebuild it in case something happens,” Buckel says. “The question you need to be asking is, ‘How much would it cost if a builder needs to rebuild it?”

This is why replacement cost is often more than market value for your home, or even what you might be able to sell it for.

Figuring out rebuilding costs can be elusive, as a range of factors contribute to what that actual cost might be. Guaranteed replacement cost takes the guesswork out, assuring that you’re covered – even if you need to rebuild your entire home1.

WHAT ARE LOSS SETTLEMENT OPTIONS IN HOMEOWNERS INSURANCE?

Guaranteed replacement cost is one of a range of choices – called “loss settlement options” in the business – which insurance companies offer to homeowners.

Common loss settlement options include:

  • Replacement cost
  • Extended replacement cost
  • Actual cash value
  • Guaranteed replacement cost

Each one works a little bit differently. Different insurance companies offer different things, too. (For example: ERIE does not offer actual cash value loss settlement for the dwelling on your primary home – it’s only available for secondary homes and contents. You’ll learn more about actual cash value below.)

Here’s a breakdown of some of those key differences:

Replacement Cost vs. Guaranteed Replacement Cost

That one word – guaranteed – makes a big difference if you’re facing a total loss of your home. Here’s what makes replacement cost different from guaranteed replacement cost.

  • What is replacement cost? When you’re issued a policy with just replacement cost, the insurance company works with you to project how much it would likely cost to fully replace your home. You can see the replacement cost and the specific limit for your policy on your declarations page. Replacement cost is provided up to the limit shown on the declarations page.
  • What to expect with replacement cost: The replacement cost amount usually gets increased annually – normally by 2 to 5%each year, depending on your area. In periods of high inflation, the increase could be much higher.

Here’s the big difference: If your home is destroyed and a builder actually estimates that the cost to rebuild is more than that replacement cost figure… then you, as the homeowner, are responsible to make up the difference. That’s why it’s important as a homeowner to make sure you know and are comfortable with how much your home is insured for.

  • Here’s an example: If your home is insured at a replacement cost of $200,000, and in reality it is going to cost $250,000 to rebuild, then you either need to come up with an additional $50,000 or find ways to reduce costs… which could result in a smaller, less-appointed house than you originally had.

The premium amount you pay for replacement cost compared to guaranteed replacement cost is typically about the same, although some factors unique to your situation may make one or the other more expensive.

Extended Replacement Cost vs. Guaranteed Replacement Cost

Think of extended replacement cost like a predetermined amount of cash you can dip into in case the cost to rebuild runs high. Still, it’s not the same as guaranteed replacement cost. Here’s how it works:

  • What is extended replacement cost? With extended replacement cost, your insurance company assures that a financial cushion exists in the event that cost of rebuilding is more than the estimated replacement cost.
  • What to expect with extended replacement cost: Specifically with Erie Insurance, that cushion is 25 percent above the dwelling amount, as shown on your declarations page.

While 25 percent may seem like a lot, there are often circumstances that cause costs to soar well beyond that.

See also: How Named Storms Affect Your Insurance Coverage

“When a hurricane or tornado does a lot of damage in a specific area, the cost to rebuild skyrockets,” Buckel says. “Everyone is trying to rebuild, and the cost of lumber, labor and building supplies all go up. If you don’t have the right coverage, you are not going to have nearly enough to rebuild.”

  • Here’s an example: For a home insured at $300,000, extended replacement cost would give you an extra $75,000 to work with. Yet again, if costs go beyond that extra $75,000… you are on the hook to make up the difference, or rebuild a smaller home.

Premium costs for extended replacement cost are generally comparable to guaranteed replacement cost, although some factors unique to your situation may make one or the other more expensive.

Actual Cash Value vs. Guaranteed Replacement Cost

In simple terms, actual cash value is basic coverage. While there’s no doubt that actual cash value is typically your least expensive option, there is also truth in the old saying, you get what you pay for.

  • What is actual cash value? With actual cash value, you get coverage for a pre-determined set amount to rebuild your home after a covered loss… and no more. Compared to guaranteed replacement cost, actual cash value often offers the least attractive option as you will likely be required to pay out-of-pocket costs if you aim to restore your home to its previous design and condition.
  • What to expect with actual cash value: Some policies also factor in depreciation of things such as an aging roof – so you may end up with even less than the policy states.

See also: Do You Have The Right Coverage For Your Roof?

As we mentioned above: ERIE does not offer actual cash value loss settlement for the dwelling on your primary home – it’s only available for secondary homes and contents.

ASK A LOCAL ERIE AGENT ABOUT GUARANTEED REPLACEMENT COST

Of course, the ideal scenario is that you will never need to use guaranteed replacement cost coverage. Yet, if you do need it, you can rest assured that guaranteed replacement cost coverage will provide the money necessary to rebuild without requiring you to shell out additional cash.

“If it’s a covered loss and costs run high, we will pay whatever the difference is,” Buckel says. “It’s on us, not you.”

Good news for ERIE customers: Guaranteed replacement cost is included in our base ErieSecure HomeÂŽ policy, a feature that will cost you extra with most insurers2.

Upgrading your homeowners insurance to include guaranteed replacement cost is simple1. Just contact your local ERIE agent to make it happen.

1Guaranteed Replacement Cost applies to dwelling and requires home improvements over $5,000 to be reported within 90 days – not available with all policies and in all states. Coverage of costs to comply with laws or ordinances is subject to limits. Depreciation will be deducted until repair or replacement is made. Talk to an ERIE agent for more information.

2The information in this blog is a summary and does not include all coverages and benefits available through an ErieSecure HomeÂŽ policy or apply to all states. Coverage, benefits, limits and deductibles will vary. Conditions, exclusions and limitations will apply. Refer to our disclaimer for more information. Talk to an ERIE agent for state specific policy information.

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Ask ERIE: When Should I Add My New Teen Driver to My Auto Policy?

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ERIE requires new teen drivers to be added to a parent or guardian’s auto policy or take out their ownpolicy once they get their license. If your teen driver only has a learner’s permit, he or she is automatically covered under your policy—so no need to touch base with your ERIE Agent just yet.

ADD TO MY POLICY OR GET THEIR OWN?

Deciding whether to add newly licensed drivers to your existing auto policy or have them take out their own policy comes down to the car they’re using.

If they’re using your car, they will be covered under your policy the same way you are. This means they get policy benefits like Feature 15, which never allows your policy to be surcharged for an at-fault accident after your auto policy has been in force for 15 years. The only things your teen driver won’t have are certain rights like the ability to modify deductibles and other coverages—those are reserved for the main policyholder.

You’ll want to take out a policy in your teen driver’s name if he or she holds the car title. If you buy your teen driver a car and you hold the title, you can still add the young driver to your policy. This is usually a less expensive option since your teen benefits from your driving record.

No matter how you choose to insure your teen driver, it’s important to do it as soon as he or she is licensed. Every driver in your house needs protection—and that’s especially true with inexperienced teen drivers. ERIE also aims to assess a fair and accurate premium based on all the drivers in your house, and that’s impossible to
do when drivers aren’t properly disclosed.

If a new teen driver isn’t added to a policy and gets in an accident, ERIE typically covers the claim. However, you may be charged back premium from the time when the teen driver became licensed and should have been added to the policy up to the present time.

KEEPING COSTS IN CHECK

Teen drivers are typically more expensive to insure because they lack a solid driving record and get into more accidents on average than more experienced drivers. That said, there are a few ways to keep car premiums for new teen drivers under control.

They include:

• Choosing ERIE Rate Lock®: With this optional feature, your low, locked-in premium will never change—even if you submit a claim—until you add or remove a vehicle or driver, or change your primary residence.1
• Changing your deductibles: You can choose to have different collision and comprehensive deductibles for your teen driver than for yourself under the same policy. Choosing a higher deductible typically lowers the premium.
• Taking an accident prevention course: ERIE offers a discount to teen drivers who complete certain accident prevention programs. Many states only let insurers offer discounts for certain approved programs, so talk with your ERIE Agent before enrolling your teen in a course to make sure it’s discount eligible.
• Maintaining a clean driving record: ERIE has a youthful driver discount for teens who maintain a clean driving record and who meet a few other requirements. Your ERIE Agent can tell you more about it.

As a parent or guardian, you play a big role in helping your teen drive responsibly. Take the time to talk with your teen about the importance of driving safely and avoiding distracted driving.

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How to Avoid Hitting a Deer

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Autumn is beautiful, but it also introduces some fall driving hazards… deer collisions being one of them. From October to December, mating and hunting season make deer go on the move. For drivers, that means you’re more likely to hit one.

But have you ever wondered how your auto insurance can cover hitting a deer? Are deer collisions covered by comprehensive or collision coverage?

According to the National Insurance Crime Bureau, deer-vehicle collisions are the top animal-related claim in the U.S. Before you get too worried, here are some helpful tips on how to avoid hitting a deer… and how to handle things if you end up hitting one despite your best efforts.

  1. Know where the deer are likely to be. Areas with high deer populations are normally marked with a bright yellow sign. Deer also tend to graze in wooded areas or open fields. When driving your usual route to work, be attentive to areas where you’ve seen deer in the past – they are likely to cross there again.
  2. Be alert at sunrise and sunset. Deer are more active during dawn and dusk hours.
  3. Use your high beams. When possible, use your high beams for better visibility. The extra light will help make it easier to spot a deer, or other animals, lurking alongside the road.
  4. Don’t rely on deer gadgets. Whether it’s a deer whistle, deer fence or other type of product to scare away the deer… don’t rely solely on them to keep deer away. Research isn’t exact on whether or not these products truly work. (Related: Fact or Fiction? Debunking 6 Common Myths About Deer)
  5. When you see one… you’ll probably see more. Deer travel in groups. If one comes across your path, proceed with caution in case there are more.
  6. Don’t swerve. Swerving isn’t always the safest option. Hitting a deer might often cause less damage than swerving to avoid it… and then hitting a more dangerous obstacle, like a vehicle in oncoming traffic. (Related: What’s Safer… Swerving or Staying the Course?)
  7. Wear your seat belt. If you do hit a deer, wearing a seat belt decreases your chances of injury.
  8. Spread the word. When friends or family head out on the road, let them know to be careful and alert. Even a simple reminder can help prevent deer collisions.

WHAT TO DO IF YOU HIT A DEER

Taking the above precautions can help you avoid hitting a deer… but nothing can entirely rule out the possibility. Here are steps you can take after you hit a deer.

  1. Pull over. Move your vehicle to a safe place off the road. Don’t forget to turn on your hazard lights.
  2. Stay away from the deer. An injured deer can still lash out and hurt someone.
  3. Assess the damage. When you’re out of harm’s way, examine your vehicle and take photographs of any damage to your car. Use good judgement to know if your car is safe to drive or if you’ll need to call for a tow truck. Learn how to add Emergency Roadside Service to your ERIE auto policy.
  4. Call for help. Depending on the circumstances, consider calling the police or an animal expert. While it’s not always required to file a police report, it can provide evidence if you decide to make an insurance claim. If the deer is still in the middle of the road, a trained professional from animal control, the game commission or your local fish and wildlife service can move it away for everyone’s safety.
  5. Know if you should file an insurance claim. An insurance professional like an Erie Insurance agent can help you make the decision based on the specifics of your auto insurance policy. Talking with someone you already know and who is familiar with the claims process can help put your mind more at ease.

DOES MY AUTO INSURANCE COVER HITTING A DEER?

You can’t always predict if a deer will walk into your path, but if one does, we’re here to help get you back on the road as soon as possible. At Erie Insurance, deer-vehicle collisions are covered under the comprehensive portion of your auto insurance, which is an optional coverage you can choose to add on. Learn more about how to customize your ERIE auto policy.

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