risk management
The following blog posts have the category Risk management
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Ordering MVRs in Pennsylvania
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 Pennsylvania, 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.
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 Pennsylvania 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 Pennsylvania 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.
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've had a number of clients ask questions about not just insurance but small business loans, grants, payroll protection, and the family first act. We're trying to keep informed to help direct those questions. We can't offer legal of financial advice, but we've been trying to help our clients wade through the muddy waters of the information that is out there and give advice about how this effects their insurance and how they can prevent or mitigate new risks that could arise. (And advice is always free).
We've had a number of clients ask questions about not just insurance but small business loans, grants, payroll protection, and the family first act. We're trying to keep informed to help direct those questions. We can't offer legal of financial advice, but we've been trying to help our clients wade through the muddy waters of the information that is out there and give advice about how this effects their insurance and how they can prevent or mitigate new risks that could arise. (And advice is always free).
Getting married this summer? Read on for ways that marriage affects insurance and other financial considerations to handle before tying the knot...
Anyone that has been around computing for a period of time knows the name Citrix.They have been around for a lllloooooonnnnggg time and have lead several tech segments including computer connectivity and remote computing.Sadly, it has been reported that this amazing company has had its systems compromised and the compromise lasted for approximately five months.
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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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Opening a restaurant is a lifelong dream for some small business owners. And as with starting any business, it takes a lot of guts, not to mention blood, sweat, and tears, just to get it up and running.
The question I hear most from Non Profits is "can you help us with our directors & officers coverage?"
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There is a PA work comp statute - 305.2 that says if you have employees who travel out of state to work and they have a work comp claim, the claim will be covered by your Pennsylvania work comp policy.That statute is in force to protect your employees and assure that mandated coverage will be provided.
If you're a business owner, you need insurance. But how much and what type can vary greatly depending on your type of business, resources, assets and specific needs. So what should you consider before purchasing a business policy? Here are some risks and coverages you will want to take into account as you work with Mitchell Insurance, Inc. to find the right plan for you.
I was reading the * Malwarebytes 2019 'State of Malware' Report today and one part of it that particularly interested me was related to Phishing Attacks.The reason I found this particularly interesting is that I seem to get A LOT of phishing emails.I won't go into all of the reasons why, but a lot of it has to do with the fact that I own a couple dozen domain names including this one and I don't try to hide my identity on any of them.You can easily find me at Bill@Since1849.com on many of those sites as well as on the sites of many of our insurance companies.I HATE phishing emails and I particularly resent what is called 'spear phishing' attacks.Simply put, a phishing attack might appear to be from American Express or Google or Sam's Club or a bank.They are often fairly general and claim that you need to log on to a website to check or reset your password.Spear phishing on the other hand is very direct and appears to be a more personal email from someone that you work with or perhaps someone that is a vendor or insurance company.They may have links, but more likely they might have attachments that are named things like Invoice or Your Order or Payment or SexyPic or whatever - - - all of these are designed to trick you into opening the document and view it.Sometimes they are harmless, but more often they contain Trojans or Viruses that are designed to compromise your computer or help the 'actor' gain access to information on your network.
No topic gets more attention at our office than Risk Transfer /.Additional Insured Provisions / Waivers of Subrogation etc.We've written on here alot about the topic and there are a lot of other good resources on the internet. Some of our blogs on the topics of Additional Insureds and Waiver of Subrogation can be found here:
This year marks 170 years of service to our community since our humble start in 1849.I don't feel that old, but I remember well when our letterhead said proudly at the bottom "Quality Insurance in Every Line Since Eighteen-hundred and Forty-nine"
This past year, it seemed like just about every week there was a new headline about some serious privacy breach, intentional or otherwise, occurring at a major organization. With the increasing popularity of technologies, from genetic testing to health tracking apps and electronic payment services, we're putting more of our important personal information online, and we have less and less understanding of what's being done with that information or how to keep it safe. Here are a few important takeaways from the year in digital privacy, and a few things you can do to make your information safer this year.
There is an old adage that goes like this: "A Man is only as Good as his word".It implies that the integrity of a man or woman is the most important thing in a relationship.It also implies that if the other party has integrity having 'his word' is probably enough and also implies that there is no need for a formal contract.That relationship can be personal, professional, peer-to-peer, buyer-seller, etc. and can often involve parties that have different levels of control over a situation.A decade or two ago no one knew what a 'pre-nup' was; warning labels on consumer products were much simpler; local attorneys didn't advertise on TV; and there seemed to be more trust in both people and systems.Those days are gone and may never return.One by-product of this is contracts are everywhere - from EULA agreements that dictate internet terms to the small print on the back of your garbage service 'contract' to signs posted everywhere declaring 'Not Responsible for Damage or Loss'... it's hard to go through an hour of a day without having to check "I AGREE" on some document somewhere.
Pennsylvania and many other States allow Executive Officers of corporations to exclude themselves from Workers' Compensation benefits.This can be viewed as a money-saving opportunity for employers, but it also carries a great deal of risk for the Officers themselves.While the financial benefits seem attractive, this brief article hopes to address some of the concerns that often don't come to light.
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One of the questions that we get asked from time-to-time involve running Background Checks for new employees.This topic is a actually a legal / HR issue outside of the insurance area and, as such, we can't give clients any legal or business guidance.At the same time; some of our insurance companies provide resources to clients in this area and we'd like to make those resources available to our clients.I have researched some of these resources and compiled the following list that I hope you might find helpful:
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Owning a business means that you're responsible and often liable for the welfare of your staff and clients. Winter can bring extra hazards and increase the possibility of accidents and injury.
Like a business or a homeowner, a nonprofit organization needs to protect its property from loss from a fire, by theft and from many other hazards. Nonprofits can be lawsuit targets as well. Without insurance, a lawsuit could prove financially devastating. Whether a human services, arts, educational, civic or other type of nonprofit, your organization should be protected by liability insurance to cover defense costs and damages.
As experienced Brokers with a specialty in tough Workers' Compensation, we often get questions about Audits and Sub-contractors including Casual Labor.Today, one of those questions came from a beloved Non-Profit client that is preparing for their annual Workers' Comp audit.The Auditor asked for the following:
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If you've been around 'for a while' you are probably familar with the term MSDS meaning 'Material Safety Data Sheets'; these are sheets that spell out the hazards associated with chemicals and various other products used in a business.What you may not know is that MSDS sheets are now obsolete and the new standard is SDS (Safety Data Sheets) - these use a different format, identify somewhat different hazards, and use new graphics to represent relative hazards.
Every employee injured at work is at risk of having an extended, costly absence. For employers, it can mean higher workers' compensation costs, lower productivity, increased training or overtime costs, possible litigation, and an adverse effect on employee morale. In some cases, $5,000 in medical expenses can add up to as much as $30,000 when lost time, retraining, and other often-overlooked costs are included. For employees, an extended absence can lead to a disability mindset and a lack of motivation for returning to work.
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I'm reading more-and-more about Cyber fraud in the news and Insurance Trade Journals.Earlier this week, my favorite security-blogger, Brian Krebs published a report of a dispute between a Texas manufacturing firm and Chubb Insurance Group where the TX firm is suing Chubb to recover $480,000 that was scammed from them by criminals that pretended to be the CEO of the firm.You can read the whole blog here if you want the details, but the short version is that the employee that made the wire transfer relied on an email and telephone call and a pledge of secrecy and the firm was bilked out of $480,000 by wire transfer.The employee got suspicious when the thieves requested an additional $18 Million to complete the deal, otherwise the loss would have been much greater.
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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My favorite security author (Brian Krebs) published a blog post this morning that struck me right between the eyes.The full article is available here and is titled "Windows 10 Shares Your Wi-fi with Contacts"... WHAT!?!Here's the opening paragraph: Starting today, Microsoft is offering most Windows 7 and Windows 8 users a free upgrade to the software giant's latest operating system -- Windows 10. But there's a very important security caveat that users should know about before transitioning to the new OS: Unless you opt out, Windows 10 will by default share your Wi-Fi network password with any contacts you may have listed in Outlook and Skype -- and, with an opt-in, your Facebook friends!
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Brian Krebs from Krebsonsecurity.com fame is one of my must-read bloggers.IMHO, Brian is one of the sharpest internet security analysts around and he's also a prolific and excellent writer on security issues - I highly recommend that you subscribe to his blog.Today's article was about ATM skimmers and the slick methods that thieves use to steal the information in the magnetic stripe on the card; it also goes into detail about how they can steal your PIN # and it turns out that one of the methods involves putting a micro-camera in the skimming device so it visually records your keystrokes when you enter your PIN #... here's a valuable tip extracted fromt the article:
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Picked up a news article on the net reporting ACE Insurance Company's purchase of Chubb Insurance Group.These are two giant insurance carriers with a lot of similarities and the merged entity will be an even more significant force in our industry.Here is a good article in Property-Casualty-360 that details the transaction, which is still pending regulatory approval.The approval and merger process is expected to take about a year and the new entity will operate under the venerable Chubb name (ACE is only about 35 years old).The current companies both write both Personal Lines and Commercial Lines and some of their overlapping niches include International coverage and heavy commercial risks in both Property and Casualty lines.The merged entity would benefit from Chubb's successful retail and mid-size commercial ventures and from ACE's successful wholesale and General Brokerage ventures.IMHO the merger is similar in size and nature to St. Paul's acquisition of Travelers where Travelers is actually the surviving trade name and entity... it should be interesting watching this develop.
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We're not Attorneys and we know that; however, we are often called on to review contracts from our clients and their vendors and we are glad to do that from a Risk Management and Insurance perspective.One of the areas that comes up all the time (and more frequently these days) is Hold Harmless Agreements or Indemnity Agreements.
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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