Winthrop, MA 02152
(617) 846-5000
Fax (617) 846-4735
info@elliotwhittier.com
Peabody, MA 01960
(978) 977-4884
Fax (978) 977-0850
info@elliotwhittier.com
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12 Revere Street Winthrop, MA 02152 (617) 846-5000 Fax (617) 846-4735 info@elliotwhittier.com |
3 Centennial Drive Peabody, MA 01960 (978) 977-4884 Fax (978) 977-0850 info@elliotwhittier.com |
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Spring into the New Season with a Flood Insurance Check
The Insurance Information Institute (I.I.I.) is reminding homeowners that warmer temperatures not only signal the coming of spring, but they also contribute to snowmelts, which increases the risk of flooding in some parts of the country. Hence, there is no better time than now to review your flood insurance to ensure you are adequately covered against flood-related damage. No region of the U.S. is immune from floods, including inland flooding, flash floods and seasonal storms. In fact, over 20 percent of all flood insurance claims are filed in low-to-moderate flood-risk areas. The I.I.I. is advising residents in these areas to be especially vigilant about their flood insurance coverage. It is also recommending that even if you don’t live in one of these locations, you should still consider purchasing flood insurance because 90 percent of all natural disasters in the U.S. involve some type of flooding. There is a 30-day waiting period for flood insurance policies to take effect, so it is imperative to apply before the season gets under way. The agency has established the following points for homeowners to consider if they are thinking about buying flood insurance: § Standard homeowner’s and renter’s insurance does not cover flood damage: Only a flood insurance policy, available to homeowners and renters through the federal government, will cover flood-related losses. § Flood insurance is easy to purchase: Federal flood insurance policies can be purchased directly from an insurance agent, and are available to communities that participate in the National Flood Insurance Program (NFIP). Nearly 100 insurance companies write and service NFIP policies. § Flood insurance is affordable: The annual premium for a residential NFIP policy starts at $112 per year, according to FEMA, and increases according to the level of flood risk and amount of coverage needed. The maximum coverage amount is $250,000 for the structure of the home and $100,000 for its contents. § It is easy to assess your flood risk: More than 20,000 communities in all 50 U.S. states and territories voluntarily participate in the NFIP, encompassing nearly all properties in the nation’s high-risk flood zones. Enter your address at http://www.floodsmart.gov/floodsmart/pages/riskassesment/findpropertyform.jsp to determine your level of flood risk. § Excess flood insurance policies add an extra layer of coverage: A growing number of private insurers have begun offering excess flood policies, intended to provide water damage protection to homeowners over and above the limits provided by the NFIP policies. § Without insurance, relief from floods primarily comes in the form of loans: If your community is declared a disaster area, no-interest or low-interest loans are usually made available by the federal government as part of the recovery effort. These loans are just that—loans—and must be paid back. Obtaining a flood insurance policy is the only way to protect yourself fully from the cost of flooding.
Make Sure Vendor Liabilities Don't Become Your Problem
Is your facility about to undergo repairs or remodeling? What would you do if one of the contractors from the company you hired was injured on the job? Many business owners would think, "Wow. Too bad for that construction company." But in reality, it just might be too bad for your business. If the contractors doing work at your facility aren't insured, an on-the-job injury could result in a lawsuit against your company. How can you protect your business? First of all, be careful who you hire. The most important thing to remember is to only conduct business with reputable companies that are licensed and insured.
Making sure your
vendors are licensed Commercial general liability policies cover at least four things:
Contractors should show you proof (i.e., certificates of insurance) that they have a commercial general liability policy. When contractors show you their certificates of insurance, don't forget to review the effective dates and expiration dates. To cover all your bases, you may want to consider these tips:
By taking steps like these, you can make sure your vendor's liabilities don't become your own. It's well worth the effort. Maintain Your Business After You’re Gone
The thought of someone else handling your business may be difficult to comprehend. You’ve worked long and hard, and know exactly what it takes to run it. However, one day you won’t be around, and it is important to designate who will best carry on your business when you are no longer able. A business succession plan is not just a type of will for your business. A complete plan includes shareholder buy-sell agreements, management plans, and any other documentation vital to the success of the business. Beyond delineating who will take over your business, a succession plan’s main goal is to keep your business running just as smoothly as when you were behind the controls. If you fail to create a business succession plan, any family member or executor that attempts to take over your business without proper authority could be held personally liable for business debts and any decline in the business’ value. Your heirs will still be entitled to receive all profits from the business. With a succession plan, you can outline who will have the authority to continue your business, or whether it should be sold or liquidated. You can also identify potential buyers and whether they would have the means to purchase the business in a timely manner. All involved parties should be aware of and sign the succession plan while you are alive and involved in the business. Your spouse should also be informed of these decisions, and your employees should be aware that you have made arrangements to safeguard their welfare in the event of your death. This document should be filed with the proper authorities, and can be created with an estate planning team, which should consist of your attorney, accountant, and qualified financial professional. With proper planning your business will still be running smoothly long after you are gone. Risky Business: Why You Need Employment Practices Liability Insurance
Running a company can be a risky business. According to the Department of Labor, the amount workers received from employers due to discrimination claims rose nearly 78% between 2001 and 2006. A total of more than $51 million dollars was awarded to employees who pursued claims in federal court. You may have seen news stories about huge jury awards in workplace discrimination claims. It happens every day, and every business is vulnerable. Here are just a few examples: · Thirteen current or former computer company employees claimed employment discrimination on the basis of race and national origin. Employees claimed they were treated unequally and subjected to a hostile work environment. Amount of settlement: $635,000 (salary increases, enhanced promotional activities). · Eight employees filed a class action suit alleging sex discrimination by their employer in the handling of wages, promotions, pregnancy leaves and other conditions of employment. Amount of settlement: $600,000 (plus $5 million in legal fees). · A senior regional attorney sued a securities dealer claiming age discrimination and retaliation. He claimed he was unfairly terminated for advice he gave to a co-worker regarding his employment rights. Amount of verdict: $443,000. All businesses are at risk from issues related to employment practices. It can come up during hiring situations if you don’t hire someone who then assumes you were discriminating. It can happen if you terminate an employee who then decides he or she was treated unfairly. Employment-related lawsuits are filed every single day, and up to half of all businesses will face a lawsuit at some point. Is your business prepared? How can you protect your business? As an employer, you do everything you can to treat your employees fairly. However, you can be held liable for the actions of your other employees or even vendors and customers. And with new employment-related regulations being added to the books frequently, it can be difficult to understand exactly what you are expected to do. It’s important to make sure you remain in compliance with laws governing treatment of employees. But there’s an added layer of protection you can obtain: employment practices liability insurance, or EPLI. What EPLI covers Employment practices liability insurance can protect your business against claims made by potential hires, employees currently on your payroll and terminated employees. With a good EPLI policy, your company is protected against claims of: · Wrongful termination · Employment-related emotional distress and invasion of privacy · Defamation · Retaliatory/constructive discharge · Sexual harassment and discrimination · Workplace torts such as slander EPLI coverage generally includes the cost to defend against the charges plus any damages you are ordered to pay. Depending on your business needs, it might make sense to purchase EPLI coverage as part of your company officers' liability insurance since company officials can be named in lawsuits against the business. Learn more about EPLI Your business insurance agent can answer your questions about EPLI and recommend the coverage that is right for you. Your agent can also discuss how employment-related lawsuits can affect your business by assessing the risk typically associated with your industry. Remember, employment-related claims can affect businesses of all types. Even if you are just starting out, you could be the subject of a discrimination suit if someone you interview but fail to hire feels that he or she was treated unfairly. And even if you do everything right and comply with all federal, state and local regulations, you can still be held liable for the actions of your employees, vendors or customers. EPLI can provide much-needed protection — and welcome peace of mind.
Here’s Why Your Private Company Needs D&O Liability Insurance
D&O insurance is designed to cover claims based on the actions of a company’s directors and officers in their corporate capacity. Claims can be filed by shareholders/investors, competitors, customers, employees or government agencies. The cost of defending such claims can run high, and if a claim proceeds to judgment or settlement, the outcome can be financially crippling to a company. Consider these “Top Ten” reasons for adding D&O liability coverage to the insurance protections you already have in place for your business— 1. While private businesses may not trade company shares on a public exchange, they do have investors, who expect to turn a profit on the money they have invested. Today’s credit market makes it more difficult for deals to succeed, meaning that new business enterprises have a harder time getting off the ground. If investors lose their seed money, they may seek recourse against the fledgling firm’s top executives. 2. Many private companies are established with the hope that someday, down the road, the business can go public. If and when that deal does happen, D&O can protect the founding entrepreneurs against claims by shareholders/investors that the sales price wasn’t good enough. 3. In private companies, directors and officers often are active, hands-on business executives. Because they are very involved in their company’s business operations, their actions are more likely to be called into question. 4. Employment practices liability litigation—claims of sexual harassment, discrimination, wrongful termination—are growing in number. These types of lawsuits can result in staggering judgments and settlements. Hands-on management by a private firm’s key executives makes them easy targets for these types of claims. Combination D&O/EPLI (employment practices liability insurance) policies make sense for these firms. 5. Private companies, especially in their early years, may not have the resources to hire specialized support staff or outside advisors for complex legal filings and other requirements. This makes them more susceptible to legal compliance claims brought by governmental agencies, on matters such as tax law, labor law, etc. 6. Even when claims of wrongdoing, negligence or mismanagement are unfounded, they still need to be defended. Legal defense costs can quickly add up, straining the resources of a private firm. 7. Directors and officers of private companies often have a great deal of their own wealth tied up in the firm. Therefore, the cost of defending, settling, or being held liable on a claim can have financial repercussions for that executive’s spouse, family and estate. 8. D&O policies are best designed when they insure both the company, and individual directors and officers. That’s because there may be situations where the company cannot, or will not, indemnify the individually named directors/officers in a lawsuit. A company may not have the financial resources to back up the executive’s loss, or the corporate bylaws or public policy may prohibit it. 9. The current insurance market has made D&O coverage more affordable than it has been in the past. 10. Individuals may be reluctant to take on director/officer roles without the protection D&O insurance can provide. This may make it more difficult for a company to find the right people to serve in key corporate positions. The right D&O coverage—like any insurance protection you purchase for your company—gives managing executives peace of mind, and the time to attend to running the core operations of their company…which is, after all, why they went into business in the first place. Pay-as-you-go Worker’s Compensation Plans for Quickbooks users
XactPAY WebSM is The Hartford's online integrated Workers' Compensation payment service that calculates insurance premiums for a Hartford Workers' Compensation policy, which amount is then withdrawn directly from your bank account every time you run payroll through QuickBooks®. The program offers a unique and hassle free approach to paying for Workers' Compensation insurance. Rather than paying for insurance up to a year in advance and tying up vital cash, premiums are paid as you go one payroll period at a time! This is a program that you can't afford to miss and it's offered to QuickBooks® users at no charge through Elliot Whittier Insurance from The Hartford, a leader in commercial business insurance. To learn more, contact Elliot Whittier today! MA Personal Auto Insurance Competitive Rating!
Undoubtedly you have read or heard about the transition coming for Massachusetts personal auto insurance, starting with policies renewing in April 2008. Although that date is right around the corner, there is still uncertainty. We expect some challenges and likely a bumpy road in the early going, but we’re hopeful the changes will benefit the driving public, and more specifically, our clients. Today (and for the last 25 years) all insurers writing personal auto insurance in MA must use rates set by a quasi-governmental entity. In a few months, “managed competition” will allow insurers to charge rates they see fit – within underwriting guidelines set by the Insurance Commissioner. The expectation is that on average, prices will fall. Our job is to protect the assets of our clients by analyzing one’s entire insurable picture (cars, homes, boats, etc.) and advising the best and most cost-effective way to treat what could go wrong. Along the way it’s our intention to make life a little easier – with prompt answers to questions; help with claims; and complimentary registry service. We want you to know that Elliot Whittier is well out in front with regard to the pending auto changes. From classroom sessions for our staff to the addition of many carriers - we are prepared. Thank you for your business, your referrals and your loyalty to Elliot Whittier. We welcome any questions you may have about managed competition, or other insurance issues. Going Against the Grain
Forty percent of U.S. adults would purchase auto insurance directly via
phone, online or mail without first consulting an agent, according to
the 2007 Customer Focus® Insurance Study. General Laws of Massachusetts, Chapter 30: Section 39 S Contracts for Construction Requirements Summary of the change - an entity, whether it’s an individual, partnership, or corporation, working on a project for a municipality ( ie. county, city, town, district or housing authority) with a contract price of $10,000 or more, must have each worker successfully complete a 10 Course in Construction Safety and Health approved by the United States Occupational Safety and Health Administration (OSHA) or the worker will not be allowed onsite to work, or can be removed from the worksite as of July 1, 2006. Visit the websites below for more information: http://www.mass.gov/legis/laws/mgl/30-39s.htm A web search using the phrase "OSHA 10 Hour Course" will provide many of the educational sites available to obtain the training. Your Workers Compensation Carrier may be able to help too. |
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