Mid-Illinois Insurance Team

President Ron Murphy's leadership of the agency team is guided by his personal values of integrity and customer appreciation. Ron has dedicated some 35 years to helping individual and commercial customers with their insurance needs.

Larry Hardesty is the Vice President of our Employee Benefits and Life & Health Insurance Lines. His 25 year career has been focused soley on insurance, including experience with Prudential and the James M. Hardesty Company.

As Vice President of our Property & Casualty Lines, Mark Alwan (left) sustains a stellar record of customer service in his 21 years of work devoted solely to the role of an independent agent, focusing on business, auto, and home insurance, and agency management.

To find out more go to www.southsidebank.com and click on Insurance

If I turn in a claim will it increase my premium?

It depends on whether you have had any prior claims. It also depends on the type of claim you are turning in.

How much should my house or building be insured for?

We give reconstruction guides that are area-sensitive and also depend on the type of construction. Once that is determined, we multiply the cost per square foot times the area of your building.

How much life insurance do I need?

This is a very personal question. The answer varies depending on each person’s circumstances, needs, and desires. We have formulas we can refer to that are based on age of the applicant, number of dependents, and income level. For example, studies say that a breadwinner with a spouse and two children should own seven times their annual income in life insurance. Unlike automobile and homeowners insurance, many people do not own any life insurance. In the vent of a breadwinner’s death, most times life insurance becomes the survivor’s most valuable asset. This is why life insurance is many times called “I love you insurance.”

As a business, when an employee leaves what do I need to do regarding their group health insurance?

Any time group health insurance covers employee, those employees have certain rights when employment is terminated. Generally, based on the size of your business, either COBRA (over 20 employees) or Illinois State Continuation (under 20 employees) applies. COBRA is federal law that allows an employee or dependent whose employment is terminated, either voluntarily or by the employer for any reason other than gross misconduct, to continue on the employer's group plan for 18 or 35 months. Illinois State Continuation allows employees or dependents to stay on the coverage for up to nine months. The terminated employee or dependent that has lost coverage must pay the employer for the coverage. “Generally” is the key word here. There are exceptions to which law applies. Things like Illinois Spousal Continuation and half a dozen other government mandates can play a role, depending on special circumstances. The key things as an employer to remember include: whenever possible have an exit interview with the employee, explain the continuation rights to the employee, and have the employee sign that he received the dated information. If an interview cannot be conducted, send the continuation information by certif1ed mail. Keep detailed records regarding terminated employees and document your file as to the date the employee last worked, the date the employee was notified or his or her rights, and a copy of the signed and dated election or declination of the benefit. A valuable group benefit advisor will help you set up a procedure to deal with these laws. Always seek the counseling of your group benefit advisor whenever there is any question as to how to proceed.

How does replacement cost insurance work?

Replacement cost insurance means that at the time of a loss the insurance company is required to replace either the building or contents with new.

Why are my premiums so high?

High premiums for autos can be a result of a ticket or accident surcharges. Type of construction and level of fire protection can also be a factor for homeowners or commercial property.

How can I reduce my insurance costs?

Insurance costs may be reduced by increasing deductibles, installing alarms or taking safe driving classes.

What is the difference between term life and whole life insurance?

Term life insurance does not build a cash value as you pay in premiums. You must die for your beneficiary to collect. While it is the least expensive type of life insurance as you pay for it, over the long haul it is the most expensive. Whole life accumulates cash value the longer you own it. It actually becomes a valuable asset over the years that can be borrowed against, used as collateral, or cashed in. After a number of years, depending on the contract, these policies may become “paid up” or have enough value to maintain themselves with no additional premium payments. When the cash values are taken into account, the net cost of these policies over the years is much less than the outlay for term insurance.

Do I have to carry workers' compensation insurance?

Yes, it is required by the State of Illinois on all employees.

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