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Archives for August 2018

Protecting Your Business With Surety and Fidelity Bonds

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When it comes to securing your business and its activities, one important issue to include — as you consider your business insurance needs — is that of “bonding.”Though you may associate the word “bond” with investments (or even “007”), when it comes to business, bonds are quite different: Instead of being a debt instrument or a dashing British spy, a business bond is an important risk management tool, offering protection when certain types of agreements are breached.

Here’s what you need to know about protecting your small business with surety and fidelity bonds — which are the two main types of business bonds.

What Is a Business Bond?

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What’s the Difference Between General and Professional Liability?

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The terms general and professional liability insurance are often confused. General liability helps cover the costs of damages and lawsuits if your business is held responsible for things like property damage, bodily injury, libel, and slander against another. Professional liability helps cover the costs related to claims your business committed errors or omissions in the advice or services it provided.

It’s more important than ever to know how to protect your business from a lawsuit. According to the U.S. Chamber Institute for Legal Reform, in 2008 (the most recent data available), small businesses paid out more than $105 billion in tort liability costs. Unfortunately, small businesses are often underinsured. Of that $105 billion, over $35 billion was paid out-of-pocket to settle claims.

If you want your business to be a success, you’ll also want to understand which types of small business insurance you need. Most liability claims costs can be covered with general or professional liability insurance. A better understanding of the differences between general and professional liability insurance is critical in an environment in which the threat of lawsuits continues to grow.

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How to Keep Your Small Biz Running Without You in 5 Steps

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If you’re a hands-on small business owner, it’s crucial to plan for a day when a crisis — a sudden illness, family emergency, or travel disaster — keeps you away from the office.

Smart business owners get business insurance to help protect against common risks like natural disasters and theft, but then some fail to put a plan in place to safeguard the company if an unanticipated event detains the owner for days, weeks, or even months.

That’s what happened to Teana McDonald, founder of 3E Connections, a social media and public relations agency in Florida. Her attitude before a crisis hit? “I’m Superwoman, right? There’s no way I’ll ever catch the flu and be ordered to stay in bed for five days,” she says.

When she did get felled by influenza, she panicked and got sicker because she was not 100% confident that her one employee could run the business while she recovered. So she switched all in-person meetings to phone conferences. She also managed billing, customer inquiries, client proposals, and more from her bed, “while near death,” she says.

However, you can avoid a similarly dramatic scenario if you take these five steps to prepare your company for your absence in an emergency:

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Does Business Insurance Cover The Costs Of a Product Recall?

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Manufacturing Industry Risks

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Manufacturers reported greater concerns about attracting and retaining talent, safety on the job and returning employees to work after an injury, compared to businesses overall.

As increased automation, globalization and a changing workforce continue to reshape manufacturing, the top manufacturing concerns reflect these emerging trends. With a growing skills gap for highly technical jobs, manufacturers are more concerned about attracting and retaining workers (63%) and workplace injury (47%) than the general business population.

The impact on the business if highly skilled employees are injured can be significant, both in terms of lost productivity and increased medical costs. With soft tissue injuries and chronic pain bleeding into healthcare costs, manufacturers need proactive management of their workers compensation process to contain costs and help employees through the process of returning to work. Manufacturers are more worried (35%), compared with other industries about effectively returning employees back to work after an injury.

The loss of critical equipment can also present challenges for manufacturers, particularly if that equipment is not insured for its full replacement cost. Contrary to what manufacturers may believe, the cost of replacing aging equipment may actually increase over time. And while two-thirds of manufacturers say they have a business continuity plan in place, it may not address leased equipment, another area in which manufacturers are often not fully insured.

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Power in a Pinch: Emergency Generator Maintenance Tips

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During an extended power outage, an emergency generator can keep essentials like your refrigerator and microwave or computer and Wi-Fi router up and running. If your house is prone to frequent outages during summer storms or severe winter weather, an emergency generator may be a smart investment. Whether you choose a permanent standby or a portable model, you’ll want to keep your generator in top shape so it’s ready to go when a power outage strikes. These are some considerations when selecting and maintaining your generator.

Know your options: permanent versus portable

There are two main types of generators: permanent standby generators and portable generators. A permanent standby generator can be an expensive investment but offers consistent power to keep most of your appliances running simultaneously, including a central air conditioner. Standby generators are quieter than portable generators and automatically turn on in the event of a power loss.

Portable generators are a smaller, more affordable option that can power a few electrical devices and are used more for temporary outages. Portable generators run off gasoline and need to be run at least 10 feet from your home to protect against dangerous carbon monoxide buildup, cautions FEMA. This means you’ll need to run long, heavy-duty extension cords from the generator to your appliances. Another option is to have an electrician install a manual transfer switch subpanel off your main circuit panel. In the event of a power outage, the backup generator can directly power the subpanel using a single extension cord.

Once you have selected a generator, basic maintenance will help keep it ready for use at any time: Click to see tips…

DISTRACTED WALKING DANGERS

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Distracted walking is becoming a major safety concern. In 2017, almost 6,000 pedestrians were killed.

Causes of Distracted Walking
Interestingly, the rise in distracted walking accidents has occurred at the same time the US experienced an increase in smartphone usage. Millennials between the ages of 18 and 34 are more likely to engage in common distracted walking behaviors. What might be surprising, though, is that evidence indicates women ages 55 and older are the most likely to suffer serious injuries.

While one may suspect that smartphone use contributes to this trend, it is by no means the only cause of inattentiveness while walking.  Other possible causes of distracted walking may include personal problems, deadline focus, or complacency.

Common Risks Associated With Distracted Walking
Common injuries pedestrians risk when they engage in distracted walking include

  • Sprains and strains
  • Fractured or broken bones
  • Cuts
  • Bruises

Many people believe themselves to be the exception when it comes to distracted walking. However, a study by the American Academy of Orthopaedic Surgeons found that 75 percent of respondents said that “other people” walk around distracted, while only 29 percent admitted to being guilty themselves. Moreover, only 46 percent of these considered their behavior “dangerous.”

There is scientific evidence suggesting that no one can truly multitask and people can only give their full mental attention to one thing at a time. Trying to keep track of more than one activity or thought process leaves you switching focus constantly and your brain playing catch-up.

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How can specialty insurance help you?

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The facts on specialty insurance
You might have heard the term before—”specialty insurance”—and thought it wasn’t for someone like you. After all, it sounds more like the insurance athletes buy to cover lost income in case of a career-ending injury, or coverage that billionaires get for kidnapping or extortion situations.

Yes, those policies really exist. But when you hear Safeco or your independent agent talk about “specialty,” it means something quite different: It means protecting your labors of love and lifelong passions (even if you’re not a billionaire).

Do you have a motorcycle? A boat? What about a classic car or an RV? Maybe you own a home that you rent out.

In all of those instances, you need the additional protection of specialty insurance.

Why do I need it?
Unique situations and specialized items, such as motorcycles and boats, need specialized protection that go beyond what standard auto and homeowners policies can provide. For example, if you are a landlord and you decide to evict your renters, you could be sued. A homeowners policy doesn’t cover that—but a Landlord Protection policy does.

If you have a boat, your state might not require you to have insurance for it. But homeowners policies often only provide limited coverage (if any), and they usually don’t cover injuries or accidents that happen on the water. Watercraft coverage protects you against theft, liability and more.

Perhaps the most common specialty coverage is umbrella, which provides an extra layer of protection beyond your home and auto policies. Say you’re responsible for a crash with multiple injuries. Your auto liability limits likely aren’t enough to cover all of those expenses, which means you could be on the hook for the additional costs. An umbrella policy is designed to kick in at that point, paying the amount above your other policy’s limits.

 

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When We Need To Hear From You

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As your professional insurance partner, we are here to help you manage risk, but even the best-made plans change or unexpected situations come up. That’s when we need to hear from you.  It is important that we are advised of any changes in your business or personal life that may have a bearing on the validity and/or adequacy of your insurance.

How has your business evolved?

  • Expansion, layoffs, mergers and/or acquisitions
  • Changes in company succession plan
  • Change in scheduled equipment such as contractor’s equipment, electronic processing (computers), etc.
  • Circumstances which may require increased liability insurance limits
  • Interest in maximizing efficiencies in employee benefits, payroll, retirement and human resources
  • Changes in company goals that may impact your company’s employee benefit strategy
  • Changes in any operation, such as expansion to another state or new products
  • Need for risk management services/OSHA compliance

These are some examples of when we need to hear from you in order to keep help your business growing and keep your employees happy and engaged.

How has your personal life changed?

  • New vehicles, drivers or changes in driving use
  • Improvements or additions to your home valued at $5,000 or more
  • Change in mortgage company
  • New jewelry, fine arts, collectibles or other specialty items
  • Recreational vehicles? ATV, camper, or boat
  • Need for life insurance or increasing current amounts

A lot can happen in a year and we want to make sure your policies keep up with you.

Insurance policies should not be stagnant; they must reflect changes with you or your business. We are part of your professional team that provides protection.

 

Contact us at 800-733-2530

HEADING TO COLLEGE: WHAT TO INSURE

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College can be an exciting time for young people. It often serves as the first major step on the road to independence. For a parent, it can be both exciting and sad to watch your child leave home. This time also can be fraught with worries. Will they get enough to eat? Will they succeed without help? Will they and their possessions be safe away from home?

The last question, of course, is a significant concern and, for parents of first-time college students, the ins and outs of insurance coverages are not always clear. From auto coverage to renters insurance, there’s a bit to learn about the life of a college student.

Protecting Possessions
When a student moves to college, she or he often brings many belongings from home. In addition to clothes, shoes and toiletries, most college students take stereo systems, cell phones, laptops, jewelry and other valuable items to their dorm room. At home, possessions are protected under a homeowners policy. But what happens when a child is away at school?
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In an environment where theft is a real problem – there are approximately 798 burglaries for every 100,000 students – proper coverage is important. For students living in dorms, the family’s homeowners insurance can protect many possessions. But don’t take this for granted. Be sure to contact an independent agent to verify the coverage you may already have. As Selective notes, some policies limit coverage on dependents’ dorms to 10% of the value of the home’s total coverage amount. So be sure you know the coverages for your homeowners insurance policy.

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