Entries Tagged 'Sign Of The Times' ↓

Reduce Their Risk: Safety Tips for Teen Drivers

It’s time for a teen to get their driver’s license. Who is more nervous – the teenager or the parent? 

Parent anxiety during this rite of passage is understandable. According to the Insurance Information Institute, motor vehicle accidents are the number one cause of death among those age 15 to 20. 

Fortunately, teens and parents can take steps to improve safety on the road. If you have a teen behind the wheel, try these best practices. 

Choose a safe car: Sure, your teen will probably prefer to drive that sporty convertible, but giving a teenager the keys to a sleek, fast car will only encourage speeding and other unsafe driving habits. For a teen’s first vehicle, choose a car that is easy to drive and offers solid protection during an accident. Avoid small cars and SUVs, which are prone to rollovers.

Limit their risk: Consider following a graduated driver’s license (GDL) program. These are in place in some states, and parents can institute similar policies in areas where they aren’t required. Under these programs, teens’ driving privileges are restricted until the teen has gained experience behind the wheel. Restrictions may prohibit driving at night or with teen passengers. 

Emphasize safe habits: Talk with teens about risky driving behaviors. Explain the dangers involved with distracted driving caused by phone use, radio use, or conversations with passengers. Stress the importance of remaining focused while driving. 

Additionally, certain practices, such as enrolling teens in a safe driver program or using electronic devices to monitor their driving, may qualify you for insurance discounts. Contact our office to discuss what programs are available in your area.

Cybersecurity Glossary: What You Need to Know

According to information from Cybersecurity Ventures, cyberattacks are the fastest-growing crime in the world. Yet PricewaterhouseCoopers reports that less than half of companies are sufficiently prepared for one of these attacks. 

Is yours? 

A good first step to protect your company from cybercrime is education. Learn the language of the world of cybercrime to increase awareness. Use the following list of basic cybercrime terms to get started.

Access control: This involves permitting or prohibiting access to information or physical locations. Proper monitoring and limitation of this access is essential to maintain company security.

Cyber insurance: This coverage protects your business from damage that results from electronic threats to your operations, including liability and recovery costs.

Cybersecurity: This encompasses all policies, standards, and strategies relating to the security of company operations that occur in cyberspace.

Encryption: This is the process of converting data from basic format into one that can’t be easily interpreted by those who are unauthorized to access it.

Hacker: A hacker is someone who attempts to gain access to a system in an unauthorized manner.

Incident response: When a cyberattack occurs, the activities that occur to address its effects are referred to as an “incident response.” This involves responding to the crisis, mitigating potential threats, preserving property and information, and analyzing response activities for optimal results.

Intrusion detection: These processes analyze information from security systems to determine whether a security breach has occurred.

Keylogger: This software tracks keystrokes to monitor a user’s actions. 

Macro virus: A macro virus can replicate and spread itself by attaching to documents and using the macro capabilities of an application.

Malware: This software performs unauthorized processes that compromise the integrity of a system.

Passive attack: With these types of attacks, the perpetrator doesn’t try to alter the system but simply makes use of it to obtain information.

Phishing: This refers to attempts to deceive people into providing sensitive information.

Redundancy: These are additional systems or subsystems that are operated to maintain functionality if another system should fail.

Spoofing: This involves impersonating an email address to gain unauthorized entry to a system.

Ticket: In relation to access control, a ticket is the data that authenticates someone, as a credential for that person to gain access.

Trojan horse: This type of computer program appears to be useful, but has a hidden function that circumvents security and accesses confidential information or otherwise negatively affects the system.

Worm: This program is self-contained and self-replicating and uses networking mechanisms to spread itself.

Would you like to learn more about cybercrime, cyber insurance, and what coverage is available to protect your business from cyberattacks? Contact our office to review your current policies and determine what coverage is appropriate for your company.

Deck the Office Halls…and Avoid Damage

A little festive cheer can boost office morale and make surroundings more appealing to employees and customers. With this in mind, many businesses decorate for the holidays; however, it’s important to also keep safety in mind. Unsafe decorating practices can lead to personal injury or property damage. To avoid these disasters and the ensuing claims, use the following precautions:

The gift of gravity: Don’t take chances when stringing lights on doorways or windows. Rolling office chairs do not make good step stools. Always use a stable, well-positioned ladder to reach decorative heights.

A sprinkling of good cheer: As you decorate, it might be tempting to hang items from sprinkler heads. Don’t do it. The decorations can prevent the system from working properly.

Chestnuts roasting on an open fire: Do you plan to plug in lights or other electrical décor? Inspect all cords before using them. If any items have frayed cords, exposed wiring, or damaged prongs, do not use them. These pose a fire hazard.

An extended holiday: If you need to use extension cords for your decorations, be careful about placement. Avoid stringing these cords in high-traffic areas or under rugs, as they can create a tripping hazard.

Stuffed with goodies: Be careful not to overload circuits when powering electrical decorations. You may cause shorts that damage office equipment or cause overheating that starts a fire.

To all a good night: Put a system in place to ensure all indoor and outdoor electrical decorations are turned off at the end of the day or before everyone leaves the building.

Peer-to-Peer Home Rentals: Here’s What You Need to Know

Are you considering renting out your home, guest room, or basement? Peer-to-peer home rentals and services such as Airbnb have grown in popularity. Discovering the income potential in these opportunities may entice you to hand over your keys.

While this may be a good option for you, it’s important to first consider the insurance implications involved. Do you have the right coverage for peer-to-peer rentals? If a renter starts a fire in the home, will you be covered? Always consult with your insurance provider before pursuing any rental arrangements.

If you will be renting all or part of your property on a regular basis, your homeowner’s policy is likely insufficient. You may need business coverage, such as a hotel or bed-and-breakfast policy. Month-to-month home-sharing liability policies may also be available that suit your circumstances. On the other hand, if the rental situation is a one-time occurrence, you might be covered by your current homeowner’s policy, or you might be required to add an endorsement.

Either way, notify your carrier about your intent to determine whether your current coverage is appropriate. Your agent can help you make any changes needed to ensure you and your property are fully protected.

Additionally, if you are considering renting someone else’s peer-to-peer rental space, confirm your coverage with your carrier. Typically, your homeowner’s policy will provide coverage for stolen possessions and accidental injuries you cause to others. However, you should verify this with my office before making any rental agreements.

Car Sharing and Auto Insurance: What You Need to Know

More and more car owners are looking to their vehicles as sources of potential income. The family sedan is no longer simply a tool to get to work, and it does more than deliver pizzas.

Peer-to-peer car-sharing services have made it possible to “rent” a personal vehicle to other drivers who are seeking transportation. If you don’t drive your car every day, this can be a fairly simple way to earn a little extra cash.

However, there are a few important considerations to keep in mind regarding car sharing and auto insurance. Using your vehicle in this way can greatly affect your coverage.

First, your policy may not cover your vehicle while it is being driven by other people under a car-sharing agreement.

Your carrier doesn’t have any information about who is driving your car or their driving record, so the coverage cannot extend to them. If someone is in an accident or your car is stolen while he or she is using it, you may not have coverage.

Second, you are making money with this arrangement. This puts your vehicle use into a business category, rather than personal. Again, this might negate coverage from your personal policy.

Due to these circumstances, car-sharing services typically offer their own auto insurance.

If you’re considering offering your vehicle for peer-to-peer car sharing, first consult with my office.

Someone here can advise you about your coverage and help you determine if this is a viable option for the use of your vehicle.

Protect Your Rep or it Could End Up Costing You

How can business owners best protect their companies? You may have heard the most common small business claim is theft. This is true, but it’s not the most costly one. Reputational harm claims top this list. These claims include libel, slander, and violation of privacy.

The average cost for these claims is $50,000. If the claim involves a lawsuit, the price skyrockets. Costs to defend and settle the suit raise the average cost for these types of claims to more than $750,000. Typically, around one-third of all general liability claims result in a lawsuit. For small businesses without proper coverage, these suits can prove devastating.

Of course, the preferred solution is to avoid these claims altogether. To protect your business from reputational harm claims, take the following precautions.

Ask permission, not forgiveness. Would you like to post photos on your website or use them in your marketing materials? Do you plan to use a quote or other content for your next marketing campaign? Before you launch your initiative or post your social media blast, get permission to use these items. Copyright and privacy suits can prove costly. Obtain written permission to avoid reputational harm claims. Additionally, ensure all employees are aware of your permission policies.

If you can’t say something nice… Cutthroat competition can make criticizing competitors a tempting tactic. Don’t do it. When speaking publicly or with customers, avoid criticizing competitors. If you never say anything negative about them, they will not have any ammo to use for a slander suit.

Do I Need Extra Insurance for Exterior Rebuilds?

You’re planning your next remodeling project. Perhaps you’re expanding your home to enjoy more living space. Maybe you’re replacing the 1990s siding. Whether your project is a minor exterior renovation or major roofing repair, it’s important the work is properly insured. This may or may not involve the purchase of additional insurance.

In dealing with a contractor: If you are planning to hire a contractor to perform the work, protect yourself and your property with proper coverage. For example:

  • Ask for proof of insurance. Examine dates and coverage carefully to ensure coverage is current and legitimate.
  • Ask to have your name added in writing as an additional insured on the contractor’s liability policy. Some contractors offer this free, but you may have to pay a small fee for this service.
  • Make sure the contractor’s insurance coverage includes workers’ compensation. You don’t want to have to pay for injuries occurring to contract workers on your property.

By placing yourself as an additional insured on your contractor’s policy, you’re also covering the gray areas that include situations such as a roofer’s ladder falling over and damaging your neighbor’s property. The additional-insured documentation should protect you in these types of third-party cases.

For major projects, such as additions or new homes, you might want to consider purchasing temporary builders risk insurance. This will cover mishaps during construction.

Contact your insurance agent: Whatever type of project you’re planning, contact your insurance agent early in the process. Your agent can advise you on the best type of coverage to add. He or she can also make the proper adjustments to the value of your home.

If you are building an addition, for example, your home will be worth more than when your homeowners policy was originally written. Communicate with your agent to ensure you have appropriate coverage based on the new value of the property.

How to Enjoy a Claim-Free Holiday Season

No one puts “insurance claim” on their holiday wish list. Most would rate this item right below a lump of coal. Yet, due to a lack of safety measures, this is what many people get.

Accidents and fires related to decorations are fairly common during the holiday season, but they are avoidable with the proper precautions. Avoid holiday hazards and enjoy a claim-free season with these tips:

Trim the tree with care: Will you be using a real tree? Keep it stable and hydrated with a large, non-tipping tree stand that holds water. Place the tree away from heating ducts, doorways, and busy areas. Well-placed and well-watered, your tree will stay fire- and accident-free for the season.

Keep your cords nice, not naughty: Exercise caution when working with electricity. Don’t overload your outlets. Use extension cords sparingly. Check flickering lights. Immediately replace those with loose connections or corroded sockets.

Be cautious with candles: Candles add ambiance and appeal to your space, but they can also cause devastation. Keep them away from flammable materials. Never leave them burning unattended. If you don’t want to worry about extinguishing candles before leaving or going to bed, consider using the flameless ones this year.

Don’t fall for outdoor lighting: Yes, your roofline may look great with perfectly strung lights, but don’t risk your life to get them up there. Use proper safety measures and products designed for outdoor use.

Take the time to do décor right. Be happy, healthy, and, most of all, wise this holiday season.

Guess Which Holiday Tops the Fire Claims List?

That’s right. Thanksgiving is the number one fire insurance claim day; claims are typically twice that of any other day in November.

Most Thanksgiving fires boil down to cooking error; unattended stovetops and grease fires top the list. But there is good news: most of these fires are preventable, and all of them can be covered by insurance. To create a safe atmosphere for your holiday gathering, take the following steps:

Don’t get distracted: Many Thanksgiving Day fires occur because the cooks get distracted. Family time, football, and festivities pull them away from the kitchen, and the unattended food goes up in flames. Keep a close eye on anything currently “under fire.”

Put a lid on it: If you experience a grease fire, don’t try to put it out with water. While cooking, keep a lid nearby to smother the fire. Slide the lid over the pan, and turn off the element.

Don’t try to fry: Many hosts want to impress their guests with a deep-fried turkey. It might taste good, but it may not be worth the risky process. If you do go this route, fry the turkey outdoors, away from buildings and trees; carefully determine how much oil you need; and never leave it unattended.

Insure your holiday: Homeowners insurance typically covers your home and its contents if they are damaged by fire. If you aren’t sure what your policy covers, or what the limits are, now’s a good time to review your policy with my office

And have a safe Thanksgiving!

‘I Only Sell Online. Why Do I Need Insurance?’

There’s an easy – and important – answer to this question. The truth is, online entrepreneurs need protection just as much as traditional brick-and-mortar (B&M) businesses. Specific coverage will vary somewhat, but commercial insurance is still a must. Here’s why:

  • Your physical assets, whether inventory or equipment, still need protection.
  • You are not immune to lawsuits simply because you never see your customers in person.
  • You may suffer cyberattacks that cripple your business.

With this in mind, online business owners should discuss with their insurance agent what types of insurance coverage are appropriate for their operations. And soon.

Typically, online business owners should carry:

Commercial property insurance: Many home-based business owners assume their homeowners policy will cover their business assets. This is generally not the case. For proper protection of inventory, tools, materials, or equipment, you should have a commercial property insurance policy. This will provide coverage in case of theft or damage. Without it, one storm or one criminal could bankrupt your operations.

Commercial liability insurance: What happens if a customer sues you? Any lawsuit related to your business operations will not be covered by your homeowners policy. You need commercial liability insurance to provide coverage for the settlement and your defense costs. Even if you win the case, attorney fees add up quickly. Some companies are more likely to be sued than others, but anyone who provides a service or a product (either online or via B&M) is vulnerable.

Cyber liability insurance: Internet security is essential in today’s online marketplace. Even with the best protocols in place, you are still at risk. If your system is hacked, you may lose sensitive information about your business and your clients. You may suffer costly downtime. And it may impact your customers as well. With so much at stake, you can’t afford not to have cyber coverage.

Workers’ compensation: Do you have employees? Even if they don’t work in a B&M location, both full- and part-time employees must have workers’ compensation coverage. Consult with your insurance agent on exactly what coverage you need based on your operations and employee responsibilities.

Professional liability insurance: Those who don’t sell a product can still get sued. If advice provided in a consultation causes harm, or is perceived to have caused harm, you might get sued. This policy will cover you in these potentially costly cases.

Products liability insurance: This coverage is only needed by those who sell a product rather than a service. Even if you believe your product is completely benign, it’s a good idea to have coverage in place. You might be surprised at how children (or even adults) can hurt themselves. As they say: Better safe than sorry.

Loss of income: Do you have a backup plan for a business interruption? Loss of income insurance offers coverage if your online business ceases due to a fire or other covered disaster. With it in place, you can bridge the gap and get things flowing again. Without it, you might be up the creek without a paddle.