June 15th, 2017 — General Insurance
There’s been an incident. You need to start the claims process. To many in this scenario, this responsibility not only looms large, but can feel intimidating. Whether the situation involves an employee injury, an auto accident, or property damage, follow this PIE recipe to make the process faster, easier, and less intimidating.
Photograph: Capture images of the scene. Photograph vehicle damage, physical injuries, and the location of the incident. Documenting everything when it happens will help provide accurate information for all parties involved.
Inscribe: In addition to taking photos, write down all the details. Things may seem crystal clear at the time, but memories fade. Create clear notes that cover who is involved, where it happened, what time, what the circumstances were, and any other pertinent data. This material will be helpful for insurance providers as well as for you when you review the situation later on.
Expedite: File the claim ASAP. The sooner you can get all the information to your insurance provider, the better. Fresh information is clearest. Supplying details right away also allows the carrier to provide quicker and more accurate service.
As you go through this process, keep in mind that your insurance provider is your partner, there to help you through every step. Like you, the insurer wants your claims process to be as efficient and painless as possible.
Contact my office if you have questions, and respond as quickly as possible to your insurer’s requests. Providing additional documentation or statements in a timely way will help create a seamless process for your claim.
May 15th, 2017 — Commercial Insurance, Sign Of The Times
A good benefits package can enhance your business by attracting employees and retaining current staff. But there’s a downside: errors in the administration of benefits can result in lawsuits against your company. If this happens, your employee benefits liability (EBL) policy will kick in. How? Here are some FAQs on this important coverage.
What is employee benefits liability coverage? Employee benefits liability insurance protects your company against suits that result from administrative errors. If someone managing your employee benefits makes a mistake and this error results in a lawsuit, EBL protects you from the associated costs. These types of suits are not covered by general liability policies, making this additional coverage a very important add-on; EBL coverage is typically added to your general liability policy as an endorsement.
What kinds of mistakes? Employee benefits packages can be extremely complex. From life insurance policies to maternity leave, these benefits involve minute details and significant administration. When an error is made, affected employees can suffer major financial losses. EBL is available to cover these situations, including:
- Descriptions of benefits and eligibility. When explaining coverage to your employees, you or your benefits manager may convey incorrect information, and the employees are more than likely to make benefits choices based on this erroneous info. This decision could cost them down the road, and they may hold you liable for their financial burden. If a lawsuit is filed because of your error, EBL has you covered.
- Losses of electronic and/or paper records. Maintaining records of all benefit information is essential. If your HR department accidentally loses a benefit file, the loss could prove costly. If your employee suffers because this information is missing and sues you, your EBL insurance covers the costs.
- Enrollment, maintenance, and termination of employees and beneficiaries. If your benefit packages are complex, it can be easy to miss a detail. One mistake on a form could omit an employee’s beneficiary from that person’s plan. Mistakes such as these are covered by EBL insurance.
What plans are covered? EBL offers coverage for a full range of benefits. These include insurance benefits, financial benefits, disability and worker’s compensation benefits, and other fringe benefits such as tuition reimbursement and maternity leave.
Who needs EBL insurance? If your staff includes a large number of employees and you offer a full benefits package, it’s wise to have this policy in place. If you have few workers and offer few benefits, you may not need it, although it’s always wise to check.
As the goal is to provide coverage against large claims by employees or their dependents should they suffer financial loss due to your mismanagement of their benefits, the size of your risk will determine the coverage required. When in doubt, discuss EBL coverage with your agent, who will help you review your insurance policies and decide whether EBL coverage is necessary for your business.
Mistakes happen. If they do, EBL can provide you with peace of mind. And it may prevent the unthinkable: a suit that will sink your company.
May 15th, 2017 — Sign Of The Times
You’ve heard of employees filing a suit against their company. You’ve also heard of people making a claim against their employer to demand financial compensation. So what’s the difference? Are these the same? Do you need separate insurance policies to cover claims and suits?
Suit definition: A suit is a proceeding involving damages due to personal injury, property damage, or bodily injury. It is a civil action, not criminal. Suits also may involve arbitration proceedings and other forms of alternative dispute resolution.
Claim definition: A claim is a “demand” for damages. If a lawsuit involves demands for damages, it is considered a claim. However, not every claim is a lawsuit. Some claims are “requests” for damages, as occurs when an employee doesn’t file a lawsuit but has sent a letter with a complaint requesting money for specific damages. If the request is not met (or not met by a specified date), the employee may then file a lawsuit.
Insurance Coverage: Both claims and suits are typically covered by general liability policies. However, specific circumstances may require endorsements that protect against those particular scenarios.
It’s important to respond promptly to either a suit or a claim made against your company. If you are faced with one, it’s also essential to contact your insurance provider as soon as possible to determine your coverage. Often, providers must approve settlements, such as those made in arbitration, for coverage to kick in.
Ensure you have the proper policies in place by discussing options with my office
April 17th, 2017 — Personal Insurance, Sign Of The Times
A few simple maintenance tasks can help prevent major liability insurance claims. The following tasks, completed annually, will help protect you from several types of homeowners insurance claims, such as:
Liability
Inspect your driveway and walkways. Are these areas safe and smooth? Repair any broken, cracked, or uneven areas. This helps prevent accidents on your property. And don’t forget to fix fences and gates.
Winter weather may have taken a toll on your home’s exterior. Check hinges, latches, and locks to ensure they work. If you have a pool, maintaining these deterrents is especially important to keep your own kids or neighboring children away from the pool area and out of danger.
Fire damage
Change batteries in all your smoke detectors and ensure they’re functioning correctly. Also clean your dryer’s lint hose. Your lint trap doesn’t catch it all. You should clean the hose once each year to prevent fire. (And as a bonus, it also increases dryer efficiency.)
Moisture damage
Check the water heater, and if you notice any corrosion or leaks, get it repaired right away. As well, seams and caulking on doors and windows can crack over time and allow moisture to enter your home. This can cause further damage to its structure. Reseal or recaulk where needed.
You also should clean out your gutters and clear away all the debris left by winter storms. The gutter and downspout system protects your home from water damage by directing water away from your roof and foundation. When it’s clogged, it can’t do its job.
Theft
Overgrown bushes can block windows and create shelter for thieves. Trim the landscaping so everything (and everyone) is out in the open. Also check outdoor lighting for burned-out bulbs; ensure your home is well lit to discourage any unwelcome visitors.
If you’re worried about a homeowners insurance claim, this annual checkup can give you a safe home and peace of mind.
April 17th, 2017 — Personal Insurance, Sign Of The Times
With the arrival of spring, many homeowners equip themselves with cleaning supplies and tackle the accumulated winter grime. If you’re making a checklist for spring chores this month, include a quick cleanup of your personal insurance policies. This yearly review of your coverage should include:
Top-to-bottom cleaning: Review your home from shingles to cellar. Have you made any renovations or improvements since last spring? Did you add a room or remodel a kitchen? Examine your policy to ensure it offers proper coverage to rebuild your home to its current state.
Asset organization: Go through your stuff. Did you receive expensive jewelry for Christmas or purchase any other valuable items in the past year? Check to see if their total value exceeds the limits on your homeowners policy. If so, consider a personal property endorsement or floater to get proper coverage.
Car detailing: What is the current value of your vehicle? You might be able to save money by lowering your coverage. Here’s a good rule of thumb: if your car is worth less than $1,000 or less than 10 times your premium, comprehensive coverage may no longer be cost-effective.
Rain forecast review: Do you need an umbrella? If your assets have increased, they might be at risk if you are showered with lawsuits. Consider an umbrella policy, which kicks in if you reach the liability limit of a standard homeowner or auto policy.
To complete your spring cleaning, consult with my office to determine what changes, if any, are best for you this season.
March 15th, 2017 — Personal Insurance
We’re all looking for ways to save a buck or two. When it comes to homeowners insurance, a great way to put more money in your wallet is to bump up your deductible.
“Won’t I have to pay more when I make a claim?” most people ask. Yes, but you’ll likely save in the long run.
If you’re like the average homeowner, you’ll make a claim only once every nine years (and often wait considerably longer). If you can save a little more than $100 a year in premiums by raising your deductible, the math typically works out in your favor.
Making this adjustment to your deductible results in a threefold benefit:
Lower premiums: A higher deductible reduces the cost of your insurance.
Increased cash flow: With less money flowing out of your account to cover insurance premiums, you have more on hand to cover other regular expenses (like groceries, the heating bill, and transportation expenses).
Reduced claims: If you have a small loss or theft, where costs will likely fall short of your deductible amount, you can opt to not file this claim and decide whether you want to replace the item. Fewer claims help keep your premiums lower.
If you decide to go this money-saving route, it is important to establish a savings “buffer” by creating an emergency fund that you can easily access if you need to cover the full deductible. My office can review deductible and premium options with you to determine the best fit for your financial needs.
February 15th, 2017 — Sign Of The Times
Cyber-crime is no longer a plot device for sci-fi flicks. It’s here, and it’s rampant. It affects countless companies around the world every day. Allianz’s Risk Barometer ranked cyber incidents as the third-highest global risk in 2016. The Insurance Information Institute reports that the average cost of a breach in 2016 was $7 million.
Clearly, cyber insurance has become an essential for business owners. However, not every entrepreneur has a healthy understanding of this coverage. What types of protection are available? What policies are appropriate for you? Where are your greatest risks? It’s important for business owners to answer these questions and get the proper coverage.
Following is a breakdown of the most common types of coverage. Familiarity with this terminology will help as you partner with your insurance provider to determine the best coverage for your company.
- Business Interruption: A cyber-attack can limit your ability to continue operations. You may lose a lot of business while you sort things out. This covers loss of income during that time.
- Crisis Management: If a data breach affects customers, you will incur costs to notify consumers and provide credit monitoring services for them. This also covers the cost of public relations/advertising campaigns you must run in order to rebuild your reputation.
- Cyber Extortion: If your network is threatened by blackmailers, this covers the payment of an extortion threat. It also provides coverage for the cost of tracking down the criminals.
- Loss of Data: Cyber-crime often involves sending a virus or other damaging code into your system. Loss of Data or Data Corruption policies cover the destruction of valuable information.
- Criminal Rewards: If a cyber-criminal attacks your systems, you may offer a reward for information leading to the criminal’s arrest. This insurance will cover the cost of that reward.
- Data Breach: If your data is breached, you are legally liable. This covers expenses related to that legal liability.
- Identity Theft: A common cyber-crime is the theft of customer or employee personal information. If this happens, Identity Theft coverage gives you access to an identity theft call center for assistance.
- Directors & Officers Liability: Company leaders may be at risk or liable for decisions made on behalf of the company. With this policy, key decision makers are protected from cyber liability.
- Cyber Liability: This basic coverage protects you from costs such as legal fees and court judgments that you incur after a cyber-attack. It also covers unintentional cyber mishaps by your company or another company, such as transmission of a computer virus.
- General Liability: It’s important to note that most general liability policies do not cover cyber-crimes.
Don’t leave your business vulnerable to these prevalent attacks. To protect your assets, employees, and company future, educate yourself about cyber-crime. Learn your weak spots and speak with my office about how you can strengthen these areas with the right coverage.
January 16th, 2017 — Commercial Insurance, Sign Of The Times
| How much do you spend on workers compensation?
Between insurance premiums and claim payouts, this figure could be significant. But by improving safety measures in your business, you can significantly impact this cost.
To keep these expenditures down, many business owners are turning to technology.
Today’s tech often gets a bad rap (“Employees are on their smartphones instead of working.” “Robots are stealing jobs.”) But technology can also prove useful in making work environments safer and reducing costs. Following are a few tools that business owners can implement in their company operations to cut risk. The results should be lower insurance costs and safer employees.
Instant access – Upload manuals, instructions, and safety reports to your company website, and allow employees to access this information easily on tablets and phones while on the job. They can quickly reference the appropriate procedures for potentially dangerous situations. In case of an accident, they can easily and instantaneously complete required reporting.
Apps – Most employees now carry smartphones, and many apps are available to boost on-the-job safety. With the addition of a few apps, a smartphone can also be a flashlight, a level, or another tool. Does your business have a unique need? Work with an applications developer on the perfect app for your employees to make their jobs easier and safer.
Cameras and video – Surveillance cameras can help protect against break-ins and theft, but portable cameras and videos can do so much more. They can record safety walk-throughs for future reference and review, take pictures of hazards to report them, and photograph accident sites for accurate, instant reporting.
Drones – In addition to handheld or hard-hat-mounted devices, drones are great tools for photographing or recording a worksite for safety evaluation. Reviewing these images allows analysis of risk factors that could pose safety concerns or cause errors.
Personal sensors – Like boots, hard hats, safety harnesses, and vests, sensors can be used as personal safety equipment. These can let employees know if they have been standing too long or their heart rate is too high.
Site sensors – Sensors can be set up in at-risk areas of worksites to detect specific safety concerns: they can alert employees if they are in an area where it’s too hot to safely work, or alert them to potential hazards ahead that may cause slips or falls.
Self-driving vehicles – Unmanned trucks and cars are still a fairly new idea, but are quickly gaining acceptance. Construction crews in particular are interested in applying this new technology. Drivers of roadwork vehicles are often in danger of being struck by passing traffic. Removing drivers from these trucks would eliminate this safety hazard.
What technology could benefit your business? A quick review of your recent incidents may reveal where you need to beef up safety protocols. Once these at-risk areas are determined, consider what technology could improve employee safety in those situations. Spending a bit on technology could save you a bundle on your workers compensation claims. |
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December 16th, 2016 — Commercial Insurance
| Your business plan for 2017 might look nothing like your competitor’s. But they likely have a common theme: Boost the bottom line. Of the myriad ways to do this, one method is simple: Cut your insurance costs. How? Here are some tips for business owners:
Reduce risk: Fewer claims = savings. Set up procedures that prevent potential claims. Burglar alarms, employee training, and slip-and-fall precautions are great examples. Make a list of your biggest potential losses from accidents, and set up ways to prevent or minimize them. Having the appropriate measures in place will keep your operations running smoothly and your insurance costs low.
Bundle it up: Small businesses are often eligible for a business owner’s policy (BOP). This typically bundles your general liability, property, business interruption, and other riders together in one policy at a discounted rate. Check with my office to see if your business qualifies. Common requirements include a business location and a low-risk profile.
Classify correctly: There are hundreds of worker’s compensation class codes that correspond to various positions. Each has its own ranking for potential risks, and each has its own price. Since your worker’s comp premium is based partly on your class codes, be sure you have designated each employee correctly. Don’t overpay by placing employees in a higher-risk code than required. It might seem simpler to tag everyone under one code, but this is rarely the right move.
Lump your sum: Many business owners pay for their coverage on a monthly basis. This is often done for budgeting purposes. However, paying annually might save you money. Ask about payment plan options that could reduce your overall cost.
Revise restrictions: What are your current policy deductibles and limits? Have you reviewed them lately? If you have fairly low risk, it could be worth taking on a higher deductible to lower your premium. If your business has changed in the past year, you may be able to lower your policy limits. Or if you need to raise your limits, an additional umbrella policy might be the best option.
Make it a habit to review your policies at the end of each year to see what changes might save you money in the next four quarters.
Strengthen safety: Consider beefing up your safety measures in the next year. A safe work environment reduces worker’s comp claims and liability lawsuits. Develop or strengthen safety-training programs. Ensure all new employees are properly trained in your safety measures. Host workshops and training sessions regularly to ensure everyone is engaged. Incentivize safety by rewarding employees who maintain good records.
Call my office: Don’t let the calendar flip without contacting your agent. A quick call to your provider could save you crucial dollars in the next year. Your insurance pro is a valuable resource. Keep lines of communication open as your business needs change. This will ensure your policies not only meet your current demands, but also take less of your hard-earned money. |
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December 16th, 2016 — Sign Of The Times
Grinches aren’t always scary green creatures in caves. Sometimes they are masked men who pick locks and carry away all your presents in their sleighs.
Take steps to stop the Grinches this season. With the proper precautions, you can protect your home and ensure your holiday stays bright. Consider the following:
Chimneys aren’t the only access: Some people develop a habit of leaving patio doors unlocked or propping open apartment-building doors. Keep doors and windows locked. It’s also good to check window hardware regularly to verify it’s secure.
Make a list and check it twice: Create an inventory of your personal property. Be sure to include items you have purchased as gifts. This will allow you to know what’s missing in the case of a burglary.
Santa isn’t the only one who needs landing lights: You do, too. Dark, vacant houses make prime targets for thieves. Leave lights on or set a timer, to give the impression someone is home.
Don’t advertise your trip to the North Pole: Will you be traveling? Keep that under wraps. If you announce on social media that your home is empty, the wrong kind of elf might find out and decide your house is prime for pilfering.
Santa’s not yet in the building: Wait until Christmas Eve to put out your gifts. This avoids putting them on display for potential thieves.
Protect presents: If you’re expecting a package but won’t be home, arrange with the company to have it left at a local shipping center or placed in an inconspicuous area. Even better, ask a neighbor to take it in for you.
Holiday peace: Unfortunately, no matter how much you prepare, a theft could still occur. But you can have peace of mind by investing in homeowners or renters insurance. These policies will help you recover your cheer if the Grinches steal it.
Have a cheery holiday!
