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When I order a purchase online, it seems like for the next month, I see similar items pop up as ads whenever I am browsing the Internet. I find this disconcerting to say the least. Big Brother from George Orwell’s 1984 seemed so remotely possible when that book was required high school reading (I will NOT tell you how long ago that was!), but Big Brother is here and truly is watching.
Property and Casualty insurance companies have become the latest to use Big Brother techniques. In particular, many auto policy offerings, including our flagship product from Travelers Insurance, are using a virtual black box of a plug-in technology to your car’s computer or a cellphone app to monitor how you drive in exchange for a discount to your premium.
The average cost of a simple slip and fall claim for a small business is $20,000 – those are the small ones!. So, although that liability component to your Business Owners’ Policy may look expensive, compared to paying $20,000, the cost of a general liability insurance premium looks low!
Avoiding liability risks will help to hold your premiums down as a small business owner.
Here is food for thought as to how to accomplish this avoidance:
Safety First
Putting safety first is always a good idea, no matter whether your company deals with dangerous tools or heights or if you are an office employer. The safer you make your workplace, the less you have to worry about causing injury or harm to someone.
• Stay on top of new safety standards for your industry, equipment, or products.
• Keep a clean working environment, free from clutter, fire hazards, and trip/fall hazards.
• Make sure that exits are clearly marked, and that there is adequate lighting during operating hours.
Making workplace safety a priority will reduce the risk of an accident that can injure an employee, customer or other third-party.
Did you know…. The United States is already the most litigious society in the world. We spend about 2.2 percent of gross domestic product, roughly $310 billion a year, or about $1,000 for each person in the country on tort litigation, much higher than any other country. If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgements against you and your attorney's fees, up to a limit set in the policy. But, given the statistics on how much is spent in the U.S. on law suits, you may want to have an extra layer of liability protection for yourself and your family, personally, and perhaps more importantly, your small business. That's what an umbrella liability policy provides. An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy or your small business Business Owners’ Policy. It will also cover you for things such as libel and slander. Perhaps most importantly, if sued, the insurance company provides the legal representation for you and your business.
Pictures like this are a dime a dozen this week. This particular picture is from a neighboring town to mine in Southern New Jersey. All of a sudden this week, the skies have opened up everyday with buckets of rain. We are in a static weather front and the result? FLOODING even in towns that do not normally flood.
I am often asked, "If I don't live in a zone where my mortgage company requires me to have flood insurance, why would I want it?" This picture answers the question -- it truly is worth a thousand words. If your mortgage company does not require flood insurance, it does not mean that you won't have a flood. It means that you are in a preferred flood zone ("X") and can pay less for flood insurance, but if you experience rising water in your home, the damage associated with that peril is NOT COVERED BY HOMEOWNER'S INSURANCE -- only Flood Insurance will cover such damages.
What steps do you need to take for Flood Safety?
Yesterday was one of the first breaths of spring. So, it occurs to me that we should begin to think about protections for our homes for the Spring Thaw. We have been inundated with rain. It has to go somewhere, so we need to be aware of the consequences of water damage caused during the spring thaw. You can't control Mother Nature, but you can implement measures that will help prevent water damage and save on costly water damage restoration repairs.
Have you ever felt ignorant when an insurance agent is throwing terms around that you don’t understand? Before becoming an agent, I did. I felt stupid and refused to ask the questions I should have asked about what on Earth he was talking about.
So, here are some explanations.
Homeowners’ Insurance is required for any homeowner who has a mortgage. And those lucky few who do not have a mortgage, it is highly recommended to hedge against a catastrophic loss. But, do you know enough about your policy?
Over the next few weeks, we will provide a description of the basics of Homeowners’ Insurance and provide some information for you to think about including in your policy or even the opposite – that it is an added feature of your policy that you do not need.
As I think about those in their 20s who are beginning their careers in this very difficult economic environment as they graduate from college, I wanted to pass along a few thoughts from my many years as a C.P.A. to those who choose to hear them.
Well, now is the time to start thinking about whether you want to risk all of your hard work going up in flames because you don’t have the proper insurance coverage. You need to consider insurance in two major arenas: coverage of you, the most important cog in your business’ wheel and the business itself.
Too many small businesses cut corners (either financial or time) and do not adequately cover their business with property and casualty insurance. Are you among those? It is critical for a small business to have a Businessowners’ policy and perhaps other liability policy(ies) not only for the coverage of your business property, but most importantly to cover all the significant liabilities that your business may face.
My recommendation is that you have the answers to at least the following two questions:
1. What will you do with all of your extra time?
2. Does your long-term financial plan work?
Perhaps you will want to reconsider it and choose “prepare for retirement” instead. Over the holidays, I read an article that quoted a national survey of people aged 60 to 75 that concluded that just 20% of retirement aged individuals can even pass a basic quiz on how to make their nest egg last through retirement. Yet, the same survey indicated that a majority of the same people are confident that they are on the right track to be comfortable, financially, during retirement.
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