Making the Commitment As you begin to review your time and energy commitments to the projects, passions, communities, organizations both profit and non-profit, here are some things to consider if you're thinking about committing to being a board member. The opportunity to join a company’s board of directors offers a number of positives. It brings responsibility, builds visibility in the community, even provides some status and prestige. What board members might not be aware o
Managing a company’s insurance needs can be complex and stressful. There is enough on all our plates right now in the midst of the pandemic and the 2020 election results. Your insurance doesn’t need to be adding to your concerns. When adding certain specialty insurance products, like fiduciary liability insurance, we're here to help spell it out for you. What is it? What does it matter? Fiduciary Liability insurance protects the sponsoring company; its directors, officers an
Employee fraud is something employers should always worry about, but unfortunately it is more prevalent when economic times are hard. Employees who normally would not commit fraud may be tempted to based on financial struggles, so fraud is more serious a threat than ever. Employee theft can have devastating financial consequences, and can even put a company out of business. Luckily, if employers are diligent and take precautionary measures, they can often prevent fraud or cat
Employers across New York State will be impacted by changes that will be coming in 2018. The NY Compensation Insurance Rating Board approved an average rate decrease of 4.5%. Each w.c. class code has a loss cost. The loss cost is the starting point that the insurance companies use when pricing a workers’ compensation policy. Insurance companies then multiply the loss cost by the loss cost multiplier (their expense factor). This is the rate employers see on their policies. For
New York’s Paid Family Leave program provides wage replacement to employees to help them bond with a child, care for a close relative with a serious health condition, or help relieve family pressures when someone is called to active military service. Employees are also guaranteed to return to their job and continue their health insurance. If you contribute to the cost of your health insurance, you must continue to pay your portion of the premium cost while on Paid Family Leav
Managing a company’s insurance needs can be complex and stressful. It doesn’t need to be when adding certain specialty insurance products, like fiduciary liability insurance. It protects the sponsoring company; its directors, officers and employees; its employee benefit plans and the plan’s fiduciaries, against claims alleging error in the administration of a plan or a breach of ERISA (Employee Retirement Income Security Act of 1974), in either a civil suit or a criminal proc
Uber, Lyft, and other ride-sharing companies (known as transportation network companies or “TNC’s”) are coming to upstate New York. The new state budget allows the Department of Motor Vehicles to authorize them to operate here starting in July. These companies offer convenient ride options and a flexible way for drivers to make extra money. You or a member of your family may be thinking about driving for a TNC. If so, there are a few things you should know about how auto insu
The opportunity to join a company’s board of directors offers a number of positives. It brings responsibility, builds visibility in the community, even provides some status and prestige. What board members might not be aware of though, are the legal obligations that come with the position. They should, because the consequences of not adhering to those obligations can be serious. Board members are required to perform under a duty of care and duty of loyalty to the company they
April showers bring May flowers but they really bring water back up and flooding. As increased precipitation occurs, creek and river capacities increase which strains municipal water systems and threatens over built areas leading to loss. Water has a unique way of finding a way into places. It causes damage, rot, mold and in turn can cause physical damage to structure. This can all lead to financial loss to businesses and homeowners. While corrective measures such as installi
We don’t hear about small businesses being hacked in the news. Small business hacks do not make headlines. They're not known nationally. They don’t affect 1 billion users. But they are big targets for hackers. According to smallbiztrends.com, 43 percent of cyber-attacks are against small businesses, and 60 percent go out of business within six months of a cyber-attack. These numbers will grow this year, particularly due to the efforts from phishing campaigns and ransomw
With more and more businesses being run out of the home, we see a lot of startups believing their homeowner’s policies cover them, but most homeowner’s policies exclude business practices. Many owners of small businesses are unaware of the coverage they need to protect their assets and ensure the future of their business. If a home functions as a place of business and may have clients coming to visit, it makes sense that there would be exclusions in a homeowner’s policy. Stil
1. Shop your insurance not just for price but for services offered. Not all carriers have the same rates and services. While they all have the same starting point, the rates they charge can differ. In addition, some carriers provide services to help control your claims costs and/or assist with your safety program. 2. Be proactive and start getting safety conscious. Instill this philosophy on your employees. The best way to control your w.c. costs is by not having claims. 3. P
Everyone lives in a flood zone. It's just a matter of how much risk of flood there is. Twenty percent of all flood insurance claims happen in moderate-to-low flood zone risk areas.
Here’s something important that not everyone knows: your homeowners insurance doesn’t cover flood damage! It only covers water falling from the sky. Once water touches the ground and enters your home, it’s a flood, and only flood insurance will pay for the damage caused.
If you have a mortgag