risk management
The following blog posts have the category Risk management
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In last week's blog post, we explored three foundational types of insurance for small businesses: General Liability Insurance, Business Owner's Policy (BOP), and Professional Liability Insurance. This week, we'll expand on that foundation by discussing additional types of coverage that are crucial for more specific business needs. Today, we'll focus on Commercial Auto Insurance, Business Property Insurance, and Umbrella Insurance.
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As a small business owner, protecting your investment is critical. Small business insurance can serve as a safeguard against a wide range of risks that could jeopardize your success. Today, we'll explore three essential types of insurance that every small business should consider: General Liability Insurance, Business Owner's Policy (BOP), and Professional Liability Insurance. These coverages form the foundation of protection for most small businesses.
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Whether you specialize in carpentry, web design, or accounting, the availability of online resources and professional networks enables almost anyone to engage with potential clients and manage essential day-to-day business tasks independently. This growing pool of freelancers and self-employed professionals has simplified the process for employers, making it easier than ever to hire independent contractors to fulfill specific business needs.
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As a business owner in New York, you have the option of hiring contract or permanent employees – and many more businesses are using contract workers while sorting out the uncertainty in the economy. A contract employee is essentially a freelancer who has agreed to work for you for a mutually-agreed upon period of time, which may be extended if you see fit. A permanent employee has been hired with the understanding that he or she will go on working for you until a termination or a resignation. Both types of employees have their advantages and disadvantages. Some of the advantages of contract employees, however, are illusory.
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We've said it before: the distinction between a small and large business is somewhat arbitrary. At what point in the business growth life cycle do you cross over? One way to answer the question is when your business no longer qualifies for a Business Owners Package Policy. The BOP bundles up several kinds of insurance protection in one policy. But as business become larger the risks they pose become more varied and difficult to address in one policy.
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Considering the barrage of daily concerns, your homeowner's insurance policy may be the last thing on your mind. And yet, examining and reevaluating home insurance policies on an annual basis is a critical facet of homeownership, ensuring adequate coverage and protection for the most valuable asset and source of equity for many people in New York and beyond. Premiums, like much else in the current economic climate, are forecasted to see some big increases in the coming year, with some expected to exceed $1,000 a year and many slated for rate hikes in the double digits.
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Summer's generally agreeable weather and extended daylight hours in New York make it an ideal season to tackle renovations, remodels, and other household fix-its. Still, these projects aren't without inherent challenges and risks. A little due diligence at the onset can do much to minimize unhappy surprises and make for successful, stress-free (or, at least, as close as it gets) renovations.
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An impending lawsuit is never good news. Not only are they costly, but, perhaps worse, they can permanently damage a company's reputation, an expense no business can easily afford during highly competitive consumer and employee markets like the current. While companies are sued for a range of reasons, there are a few recurring culprits that can be avoided with appropriate planning, clear communication, and due diligence.
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When COVID-19 shut the entire world down two years ago, many wondered how businesses would pivot and persist. As closures and restrictions continued far beyond anyone's initial projections, it became obvious that "business as usual" was going to be anything but. And, while the transition to a remote model for schools and businesses throughout the world was an unprecedented shift with no real map for structure or outcomes, many made the adjustment with relative ease and found the remote model was not without benefit. Now, as the corporate world attempts a return to what was, it faces a number of concerns and considerations, not the least of which being a pool of employees that might rather remain remote.
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Internet queries for advice about finding success in life, love, and business consistently top trending charts, while self-help titles touting one route or another as the road to greatness never fail to make their mark on the New York Times Bestsellers list. So, if you've ever wondered how to make that proverbial lemonade from the lot of lemons life may have dealt you, here are some bits of entrepreneurial wisdom from some of the world's most successful people.
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You hear a lot about water conservation lately, but what about water quality? Where does a household's water even come from, how is it maintained, and how can you know if it's safe for you and your family? Here's what you need to know about the water in your home, and what might indicate a problem
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Utilities, such as electricity, water, and natural gas, allow us to complete the tasks of daily living. Now that working from home has become the norm, it's that much more important that these critical services work reliably, day after day. As the chances of extreme weather and natural disasters continue to increase, here's what you should know about maintaining your home utilities, and what to do if there's a problem.
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This year, many of us got a much more up close and personal relationship with our families, our houses, and our things. And many of us realized: we have way too much of all three. While you can't get rid of your 6-year-old or your spouse, there are plenty of places you can go to unload excess stuff.
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In many cases, a warranty can seem like a sneaky way for manufacturers to squeeze a few extra bucks out of their customers. In some cases, purchasing a warranty might actually be a good idea. Whether you're thinking about signing up for a warranty on a major purchase, or deciding whether to pay a few extra bucks for a warranty on a small appliance while standing in line at Target, here's what you need to know in order to make the best decision.
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Whether you use a single vehicle or an entire fleet for your business, keeping them running smoothly is critical to fulfilling your business goals. And if employees are using those vehicles, that adds in another layer of complexity. Here's what you need to know about how to keep your business vehicles well maintained, and keep your employees safe on the job while using them.
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We all start the New Year vowing to do better, with our health, our relationships, and of course, our finances. But how do you even begin to make improvements if your financial situation is far less than ideal? And if you're on the right track, how do you keep it going? Here's what you need to know about building and maintaining good credit.
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When it's time to store your boat for the winter, sit down with a member of the marina's staff and discuss what you can expect to have done. Most marinas are prepared to service your boat efficiently, but you are responsible for seeing that all work is done. Ask that they call you when the winterizing is complete.
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Dear Valued Client:
Finance and romance, both can make people crazy. Put them together and you might just double the insanity. If you're in a committed relationship, however, there's no way around it. Whether you're already married or on your way, here are some tips for managing your money as a couple:
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In early February, the U.S. celebrates the truly American sport of football. Recently we've heard some pretty tragic stories about the effects of head injuries on professional football players but did you know that regular people who play contact sports or participate in activities like skateboarding or snowboarding are also at risk? Keep reading to find out everything you need to know about sports-related head injuries and how to reduce your risk:
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Much of our lives are spent online these days, so it only makes sense that insurance companies are starting to offer products to help protect consumers from the significant losses that can occur related to their online activity. And it's not just identity theft that's covered by these new cyber insurance and related "cyber loss" policies. Here are a few of the most popular new coverages to protect yourself online and ultimately, off.
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A 5-Step Checklist for Financial Health in 2017
For the average American, it's nearly impossible to get by in the modern world without taking on some debt. But, used wisely, debt can be a part of a healthy financial picture and not a chain around your neck. Keep reading to learn the difference between good debt and bad debt, what to do about old debts, and how to choose which debts to take on in the future.
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If you're heading for retirement or even if it's a ways off, you might already be writing that bucket list of things to do and places to see as soon as you don't have to show up to work every day. But before that happy day arrives, there's a different list of things you should cross off to ensure that your golden years are truly carefree.
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Tips for Parents To Help Prevent Teen Car Crashes
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Some states mandate comprehensive liability, which covers bodily injury and property damage.
May is Motorcycle Safety Awareness Month, designed to encourage all drivers and motorcyclists to share the road with each other. Increased awareness of motorcycle safety has helped improve the number of injuries and fatalities of motorcyclists.
National Fire Prevention Week is October 4th through the 10th this year. Prevent household fires and protect your family by using some of these helpful tips!
Are your independent contractors really independent?
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Last week, we discussed what other personal belongings you may want to insure separately. Here, let's look at some business assets that might warrant additional coverage.
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Put a hold on your mail and your newspaper deliveries, or have someone take in the mail so your home doesn’t look empty. 2. Don’t Broadcast Your Trip Don’t tell too many people you will be away, you don’t want the wrong person to know that you left your home empty. Don’t post your upcoming trip on Facebook, Twitter, or any other Social Networking site. Don’t “check in” to restaurants, stores or tourist sites online while on vacation. Don’t post daily updates or blog about your trip while you’re away. Resist the urge to post pictures from your trip online until you get back home. No matter how tight your privacy settings are, broadcasting your trip over a blog or social networking site allows strangers (or worse, untrustworthy friends) to know that your home is empty. 3. Have a friend watch your home. Ask someone you trust to drive by your house daily.Give that person or a key to get in incase of an emergency like a water leak or an alarm sounding. If you have more than one person visiting your house (such as a dog walker or someone watering your plants) make sure they know about each other. 4. Make Sure You can Be Reached The same someone watching your house should have a way to reach you by phone.If you will be out of the country or on a cruise, plan ahead and test the number, to make sure that you can give your contact person a working phone number to reach you.Give this person other important contact numbers, including your insurance agent’s phone number.(For E.I.F.S. its (888)343-7463) 5. Make Your House Look Lived In Use timers to have lights go on and off so they think someone is home. Set at least two lights to go on and off at different times in different parts of the house.Leave curtains as you usually keep them; noticeable changes will hint that you’re not around. Ask the person watching your house to do small things to make your home look lived in.Have them move a car, park in your driveway, or take out the trash and put the garbage can away again the next day. 6. Hide Valuables Move expensive items such as jewelry, cash, and silver so that it is out of site. Make sure you can’t view anything valuable from the windows of your home.Put laptop and other electronics safely away and out of site. Do not leave purses or bags sitting out where they can be seen, even if they are empty. 7. Change Your Answering Machine Callers don’t need to know you’re not home. Change your message so it says “we can’t come to the phone right now.” 8. Protect Your Home from Danger (such as Water or Fire) Unplug all small appliances (such as the toaster oven, coffee pot, TV, and computer). Don’t leave the house until you check that there is no water left running. If you’re going to be gone for a while turn off the water to your washing machine, icemaker and dishwasher. 9. Lock all doors and windows. It sounds simple enough but check all doors and windows.Did you forget the garage and basement entrances?Make sure cat/dog doors are locked up tight. Remove your spare key from its hiding place. 10.Don’t Leave Burglars a Map to Your Empty Home Don’t leave your portable GPS unit in the airport parking lot with your “home” location programmed into the system.Add a working garage door opener and you have not only left them with a convenient map to your home, but also a way to enter it. Also make sure nothing else in the car identifies the address of your empty home. The best way to protect your home is with a good Homeowner's Insurance Policy. Call E.I.F.S. today and let us help you relax by making sure your home is protected. (888)343-7463 or Contact Us By E-Mail Now that your home is secure, have a great vacation and relax!
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How Technology E&O Coverage Differs from General Liability: You Should Buy BOTH General Liability and E&O Insurance from the same company. This helps ensure that there are no unintended gaps in coverage between the two policies.It also eliminates the issue of coverage disputes between carriers if a claim triggers both policies. At E.I.F.S we know that insurance is not your business.While we encourage you to understand the basic differences between General Liability and E&O Insurance, it is important to discuss your coverage needs with an insurance professional who has experience working with technology companies. EIFS will be happy to discuss your insurance needs with you and find the best coverage for your company. For more information call us at (631)563-8433 or e-mail us.
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Did you know that deaths resulting from Heart Attacks & Cardiac Arrest rise 22% or more in the weeks during and after a heavy snowfall?
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According to the National Highway Traffic Safety Administration, driver distractions are a contributing cause in approximately 25 percent of all motor vehicle crashes or about 1.2 million accidents. However, distractions can be hard to quantify, and the number of accidents due to driver distractions is difficult to define. What can further complicate matters is that there may be more than one distraction, such as texting while chastising a child in the backseat. Cell phones are considered one of the leading driver distractions. As a result, more communities are placing restrictions on drivers' use of cell phones. And more states are now passing laws banning the practice of texting while driving. The U.S. Congress is even considering a federal law related to this ban. The following tips are offered to motorists in regards to cell phone use in vehicles.
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Yes. Floods, earthquakes, and acts of terrorism are typically not included in coverage.
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Risk management is the process of identifying, assessing, and controlling risks to an organization. It is important for businesses of all sizes to have a risk management plan in place to protect themselves from financial losses.
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Today many of us have a multitude of passwords to keep track of at work and at home. As passwords multiply it is easy to succumb to the temptation of using easy to guess words or simply leaving a sticky note on your computer. But these are generally bad ideas. Better is to come up with a strong password and keep it secret.
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What is "Identity Theft" or "Identity Fraud"? Simply, identity theft is committed when another person's name, Social Security number or other personal information is used to apply for credit, buy goods and services, or commit other fraud. Identity theft is now a federal crime and recently stiffened penalties were put in place but you should still take measures to protect yourself. And if you should be victimized there are steps you can take to minimize your loss.
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