Business Insurance and Risk Management Trends
Every business faces risks of various kinds. If you have employees you have the risk of employee injury. You most likely buy workers’ compensation to protect yourself from this risk. No owner or manager wants to believe that their business is exposed to great risks; however, many situations may expose your company to lawsuits, liability and substantial expenses. An unfortunate number of these situations go unnoticed by many business owners until it is too late.
Comprehensive risk management is important to the overall success of your business. Unaddressed risks may result in uninsured losses that could potentially cost your business thousands of dollars.
A good risk management plan starts with reviewing your potential risks then developing a plan to treat or manage these risks. Commercial insurance is a good tool that can address many of your business risks. However, many business owners often don’t consider the following risks.
Some Important Business Risks to Consider
The risk of being sued by employees - There are many state and federal laws that protect worker’s rights. These include harassment, discrimination, retaliation, and civil rights. We can provide you with a quote for employment practices liability insurance that will address many of your employment risks.
The risk of lost income - If you have a loss or damage to your building you may not be able to resume operations for a period of time. Your business is at risk for lost revenues. Business income insurance can offer protection.
Cyber liability risk - If your business accepts electronic payments, handles sensitive customer information or stores key information on the internet, you are at risk. Cyber liability insurance protects against these risks, and is an important coverage option to explore for many businesses.
We Offer a Fresh Perspective to Your Business Risks
As part of our service we can review and examine your business operations and help you identify the important business risks. Then we will design a risk and insurance program tailored to meet your needs. The goal of risk management is to protect your business from being vulnerable. Many business risk management and insurance programs focus on keeping the company viable and reducing financial risks.
If you're lucky enough to have a lawn with a good topsoil base, much of the hard work of keeping a lawn beautiful is already done for you. But many of us do not have this luxury, and besides, even with a good topsoil base, you still have to work hard to keep a beautiful lawn and garden.
1. The best time to mow a lawn is when it is cool and dry. Wait for the morning dew to dry off, and before the afternoon, heat takes hold. Alternatively, late afternoon or early evening following a watering in the morning is also a good time.
2. A hedge is a much better boundary divider than a fence. It will provide better privacy and keep pets and children in or out. It will attract birds to its shelter and provide a great backdrop for plants and flowers.
3. Bring the beauty of your garden to you; plant hyacinths near walkways and doors. Their magnificent perfume will swamp the spring air and make your garden really come alive.
4. Add your garden to non-garden items, such as lampposts and mailboxes. Surround these items with flowers planted to take advantage of the earliest to the latest flowerings. You could have white snowdrops, purple and gold crocus, blue hyacinths, and various colored tulips. You could also surround the posts with rocks to provide added interest.
5. Simple but effective weed control can be achieved on your lawn by often mowing during spring. This will prevent dandelions from spreading by eliminating the yellow blossoms and preventing seed formation. Mow high during late spring and early summer. This will allow grass blades to shade the ground and will help prevent crabgrass from sprouting.
Your lawn and garden should be a source of pride and beauty.
You don't need to spend lots of money on expensive fertilizers and herbicides or fancy lawn furniture and ornaments. A little commonsense and thought can go a long way to making your lawn and garden a much better place.
As always, all of us at Neate Dupey Insurance Group appreciate your business, and If you would like us to do a 'spring cleaning' of your accounts please don't hesitate to email or call us.
One of the most important things to consider when considering your personal or business insurance is, “What is the purpose, or goal, of having insurance in the first place?” If you want insurance to cover every broken window, theft of a lawnmower, or $500 medical bill, then you will pay more for the coverage. But we believe that insurance is designed to protect your business, home, and family from catastrophic events like fire, serious injury or loss of a vehicle. In other words, losses that will affect your long term--not ruin your day.
Insurance Truth About Auto Deductibles
If you own an older car, it is better for you to increase your deductibles and pocket the premium savings.
Personal Umbrella Truth
If you own your home, have a 401K, and are building financial resources for your future, a $250 investment in a personal umbrella will be one of the best investments you will make.
Business Insurance Truth
Your business is more likely to suffer a loss from being sued by an employee or having a cyber-breach than by a fire. Every business needs employment liability and cyber liability insurance.
Your personal and business insurance needs change over time. For example, you may have purchased your wife an expensive diamond ring, or your child headed off to college. Your business may have added new equipment or an additional location. All these actions can increase your risk and liability. That is why it is important to have a regular insurance review. Your insurance should change with your needs.
Flood & Earthquake Insurance Truth
Floods and Earthquakes are not covered or included in homeowners' policies. You must buy separate coverage.
Why Choose Neate Dupey?
* Strong personal client relationships based on a platform of high professional standards.
* A combination of size, technical expertise, agility, and innovation. * We allow our clients to make fully informed decisions based on independent advice.
* Superior client outcomes are driven by a clear understanding of our client's business and industry risks, matched to comprehensive and cost effective insurance solutions.
Your business provides important and needed services to your customers and is a cornerstone in the community. You also have the responsibility of employing many good people. It is important to have the best possible combination of business insurance coverage, pricing, and service.
We can help you design a business insurance program that is right for your individual business. We understand that having the right business insurance program can be the difference between recovering from a loss or going out of business.
Business Insurance Considerations
Do not overlook needed coverage like employment practice liability, business income, and cyber liability. A business owner’s policy or “BOP” might be a good option for you.
Work with an independent agent. We can help by recommending coverage options and searching the market for the best options for your business.
Consider combining your business coverage with your commercial auto to provide additional discounts.
Have your agent educate you on what kind of business insurance you may need.
Make sure you read your insurance policies.
Request that your agent perform an annual program review. This is a good way to determine if you need other coverage because of business changes.
The Neate Dupey Insurance Group had its beginnings in 2010 with the establishment of AMD Insurance Services in Scottsdale, Arizona.
Since then, we have grown to become a boutique independent insurance broking and risk management firm, supported by a large panel of national carriers, with clientele throughout the United States.
We occupy the niche between the big national insurance agencies and the typical suburban or captive agency. This makes us the ideal insurance partner for those clients seeking a combination of personal service and technical expertise.
In the next few weeks, over 1.5 million students will have completed their bachelor’s degree. Parents and students, as you hang that degree on the wall it may be time for a review of your home insurance and auto insurance. As students move out on their own it becomes important to consider these different insurance coverages.
Renter’s or Homeowner’s Insurance
As you move out of that college dorm and into an apartment, you will need to consider a renter’s policy that will cover your personal property. If you are buying a home you will need homeowner’s insurance.
Students, if you are on your own and have moved out of your parents home, auto insurance should be on your “to do” list. Auto insurance covers your legal liability if you injure a third party and can also cover damage to your auto.
As students move out on their own, the need for health and/or medical insurance becomes very important. It might take you a number of months to find a job with health benefits. So now is the time to obtain the proper health insurance. If you are under the age of 26 you can still be part of your parents plan.