Stress at Work?

This 3-Step Process Could Save You Money in 2018

Have you listed your upcoming New Year’s resolutions? Here’s one suggestion that business owners may want to add to their resolution list – review your business insurance policies.

It may help boost your bottom line in 2018.

The end of the year is a good time to review your policies in light of the events of the previous year. A quick evaluation of your coverage could help you save next year. And who doesn’t want that? Here are the steps to take:

Step 1. Review your business: What changes have you made this year, if any? Has your business grown? Have you altered any policies that could affect your insurance? Did you add or remove vehicles, employees, or facilities?

Step 2. Make a list: Make a list of any changes that will affect your business going forward. Note any new procedures you put into effect this year, as well as any you will be enacting in 2018. Write down any questions you have about your coverage.

Step 3. Contact your Agent: With your list in hand, contact your insurance agent. He or she will help you review your current policies to determine if they are still the best options for your business. For example, you may have made changes that will reduce your premiums, or you may be eligible for new discounts.

This easy process will ensure you have the appropriate coverage and could help you save significantly on your 2018 business insurance. And saving money is one of the best resolutions you can make.

HOT BIZ TRENDS

Small and Large Businesses Use New Approaches to Learning

New insights into learning styles, the use of motivational psychology and the newest tech tools have made corporate training more accessible and learner-centered than ever before. Interested? Look for these and other corporate learning trends in 2018 and beyond:

Mobile learning: Today’s learners can access a wealth of information instantly on their mobile devices. Typical applications include on-the-job training and in-the-field troubleshooting.

Microlearning: Microlearning modules for specific learning objectives are typically three to five minutes in length. They offer short, focused chunks of instruction or positive reinforcement, and are ideal for learners with short attention spans.

Social and peer learning: Training programs often integrate blogs and courses from social media platforms such as LinkedIn. Collaboration tools enable teams to learn, create, and discover together.

Gamification: Online games motivate learners through quests and competitions, and make learning fun by offering incentives, certificates, or badges upon completion of modules or courses.

Adaptive learning: Adaptive learning allows individuals to learn at their own pace, focusing in depth on new knowledge and progressing more quickly through topics they’re familiar with.

Augmented reality: Augmented reality offers an immersive learning experience in which complex subjects can be re-created in a lifelike environment. For example, surgeons may use technologies like Google Glass and Oculus Rift to polish their skills. Or executives may role-play case studies to hone decision-making and leadership skills.

Corporate training is a key tool for employee retention and engagement, and for change management, as well as a way to achieve business goals. It’s a trend to keep up on.

WORK/LIFE

You and Stress: A Bad News/Good News Story

Toxic stress can leave a lifelong imprint on the brain and the body, undermining health and contributing to diabetes, depression, obesity, cardiovascular disease, and even dementia. And it’s almost epidemic in today’s workplace – as much in small businesses as in large corporations.

Consider the following from a recent report by The American Institute of Stress (AIS): “40% of workers reported their job was very or extremely stressful … and 25% view their jobs as the number one stressor in their lives.” As well, says AIS, “Job stress is more strongly associated with health complaints than financial or family problems.”

Finally, job stress costs industry more than $300 billion annually.

Factors contributing to toxic stress include job demands, lack of sleep and exercise, and poor lifestyle habits, such as smoking, overeating, and overworking.

Of course, a certain amount of stress is tolerable, even necessary. And stress affects people differently depending on their life experiences, genetic makeup, and other factors. Regardless, overwhelming stress can have a devastating effect on us all. Here’s why:

To maintain a physiological steady state (known as homeostasis), the body secretes hormones such as cortisol and adrenalin. These help us adapt, but in conditions of toxic stress, hormones can become unbalanced and ultimately alter brain structure and function.

There is an upside, however: we can develop resilience and reduce the impact of toxic stress through lifestyle changes and regular physical activity.

Indeed, physical activity is probably the best way to maintain brain and body health; working out regularly has been shown to help the brain regenerate areas damaged or destabilized by toxic stress.

So step away from the laptop and hit the gym. It’s good for your stress.

INSURANCE

Do You Need a BOP in Your Insurance Tool Kit?

What are the essentials needed to operate a successful business? Qualities like entrepreneurship, creativity, leadership, organization and a strong work ethic probably come to mind. And these are all important traits.

But business owners may want to look beyond these traits to something that is often overlooked: Proper insurance coverage. This is one of the most important instruments in a business owner’s tool kit. Why? Because without appropriate insurance coverage, a business may not be able to weather a disaster. And it could mean the loss of everything he or she has worked so hard to achieve. For many, a Business Owner Policy (BOP) will provide that much-needed sense of security at a reasonable cost.

What is a BOP?

BOP stands for business owner policy. A BOP is an insurance package available for business owners that combines basic coverages into one bundle.

What does a BOP cover?

BOP policies typically cover three major areas of business protection. A standard BOP includes property insurance for the company’s buildings and contents; liability protection for harm caused by employees, defective products, faulty installations, and service errors; and business interruption insurance, which covers loss of income due to a disaster.

What does a BOP not cover?

While a BOP covers many of the basics, it’s not comprehensive. Business owners still may need more-specific policies, depending on the type of company and products or services provided. A BOP also doesn’t cover workers’ compensation, health and disability insurance, professional liability, or auto insurance.

Who is eligible for a BOP?

BOPs are designed for small to medium-sized businesses. Typically, a company must meet the requirements set forth by the insurance carrier to qualify for a BOP. These parameters usually include the number of employees, type of business, and yearly revenue. Larger businesses qualify for different types of policies that are more appropriate for their needs.

Who needs a BOP?

Some industries may also need special insurance in order to operate. For example, a minimum amount of liability insurance may be required to perform contractor services.

While you don’t have to choose this bundle option, it is an easy solution for many small and medium-sized businesses.

What are the advantages of a BOP?

Choosing a BOP typically saves money. By bundling several services in one policy, business owners pay less than the total cost of individual coverages. This option keeps costs down while providing coverage for the business’s basic needs.

How much does a BOP cost?

The yearly premium for a BOP depends on many variables. One business may need higher liability coverage, while another may need greater property protection. The pricing for each BOP is determined by these needs and the risk factor of the company. Typical premiums range from $500 to $3,500 per year.

How do I get a BOP?

Contact your insurance agent to discuss the BOP options available for your business. He or she will discuss how you can bundle the specific coverage you need into an appropriate and affordable BOP that’s just right for your company.

How to Enjoy a Claim-Free Holiday Season

How to Enjoy a Claim-Free Holiday Season

No one puts “insurance claim” on their holiday wish list. Most would rate this item right below a lump of coal. Yet, due to a lack of safety measures, this is what many people get.

Accidents and fires related to decorations are fairly common during the holiday season, but they are avoidable with the proper precautions. Avoid holiday hazards and enjoy a claim-free season with these tips:

Trim the tree with care: Will you be using a real tree? Keep it stable and hydrated with a large, non-tipping tree stand that holds water. Place the tree away from heating ducts, doorways, and busy areas. Well-placed and well-watered, your tree will stay fire- and accident-free for the season.

Keep your cords nice, not naughty: Exercise caution when working with electricity. Don’t overload your outlets. Use extension cords sparingly. Check flickering lights. Immediately replace those with loose connections or corroded sockets.

Be cautious with candles: Candles add ambiance and appeal to your space, but they can also cause devastation. Keep them away from flammable materials. Never leave them burning unattended. If you don’t want to worry about extinguishing candles before leaving or going to bed, consider using the flameless ones this year.

Don’t fall for outdoor lighting: Yes, your roofline may look great with perfectly strung lights, but don’t risk your life to get them up there. Use proper safety measures and products designed for outdoor use.

Take the time to do décor right. Be happy, healthy, and, most of all, wise this holiday season.

Add a New (and Fun) Twist to This Year’s Holiday Entertaining

Sick of hosting yet another sit-down dinner, or the usual holiday open house? Mix it up this year. Your guests will enjoy the new twist. Best of all, so will you.

Here are four new takes on holiday parties:

Do it after Christmas

Finding a December date that works for everyone can be tough. Why not wait until after the craziness dies down and host a relaxed, post-holiday bash? Everyone will still feel festive but probably not stressed.

Order in

Who says hosting means cooking? Order in instead. Offer a selection of gourmet pizzas, sushi, or Chinese takeout. It’s fun, delicious – and easy. Don’t fuss with cutlery; supply chopsticks and lots of table napkins. Set out a variety of beverages, add a simple dessert, and you have a dinner party!

Try brunch

Host a brunch. Waffles, fruit salad, eggs, bacon, and French toast can all be whipped up quickly and served buffet style. Skip the dining table and eat in the living room for a relaxed party atmosphere.

Turn it into a game

Potlucks can be boring, but not when you add the element of competition. Host a contest. Call it “TV Chef: Holiday Edition,” and ask each guest to contribute a dish. Assign categories, such as appetizers, salads, mains, sides, and desserts. (Hint 1: ask what they’re bringing ahead of time to avoid duplication.) You’ll need volunteers to judge. (Hint 2: kids might enjoy being on the judging panel.) The winning dish gets a fun prize. You relax. Everyone enjoys. It’s a win-win!

Trivial Pursuits: Why Do We All Love Trivia So Much?

In 1979, two Scrabble lovers, Chris Haney and Scott Abbott, decided to create their own game – Trivial Pursuit. And the rest is game history: Trivial Pursuit sold more than 100 million copies worldwide and earned more than a billion dollars. Because, as Haney and Abbott knew, everyone is fascinated with factoids.

Why people find these tiny bits of useless information so endlessly fascinating is anyone’s guess. Some experts believe the attraction comes from a competitive need to demonstrate superior intelligence. Some attribute it to a curious mind. Others believe it’s considered a method of brain training. And still others believe it’s just great entertainment.

In fact, trivia games are also good for us. Great bonding activities, trivia competitions also make people happy and reduce stress hormones. Notes Allquizquestions.com: “It enhances our focus, learning and thinking abilities.” Whatever the reason, as The Point Magazine points out: “Quizzing, sometimes referred to as ‘trivia,’ has been a part of popular culture for many decades.” In the 1940s and ’50s, for example, families gathered around their radio to hear The Quiz Kids – five super-bright youngsters who answered audience – submitted questions.

With the arrival of TV, “The $64,000 Question” and other trivia-based contests filled much-needed programming space. The public loved them.

And people still do. The wildly popular trivia show “Jeopardy!” was introduced in 1964 and became one of the longest-running TV game shows ever. And as game-show authority Steve Beverly told CNN Entertainment, it’s “still the best mental exercise on television.” I’ll take Trivia for $200, Alex…

Throwing a Holiday Party? Check Your Insurance

You’re planning a holiday bash. You have a checklist that covers every detail from decorations to desserts.

You feel ready for the big event, but did you remember to look into insurance for the party? Do you have proper coverage for your festivities?

It’s something many party hosts overlook. When you’re putting on an event, it’s important to consider your own liability and ensure the proper policies are in place. Your homeowners’ policy may have limitations that mean it could be inadequate for what you’re planning. Depending on the size of your event, you may want to consider taking out an umbrella policy or special event insurance.

Your options

Your home insurance policy typically includes liability coverage. If someone is injured at your party, this coverage will kick in to pay for the associated expenses. However, if several people are injured, it may not provide sufficient coverage. Your options are to increase the limits on your home insurance policy or add an umbrella policy to expand the coverage. Often, it’s more cost-effective to add the umbrella than to increase your limits. Consult with your insurance agent to determine your best option.

A third possibility is to obtain event insurance. This can help protect you against accidents and provide cancellation coverage. If someone is injured at your party, event insurance liability coverage will help pay for expenses, and if you have to cancel caterers, entertainment, or photographers, it can help with this as well.

As you review your options with your insurance professional, consider the location of the event, the number of attendees, the activities taking place at the party, and your current coverage. These details will help you determine if your current homeowners’ policy is sufficient or if you need to make changes.

And with this item checked off your list, you’ll be better prepared to sit back and enjoy the party yourself.

Keep the “Steal Me” Sticker Off Your Car

How to Keep the ‘Steal Me’ Sticker Off Your Car

No one wants to attract the attention of thieves. Yet the actions of many vehicle owners practically beg thieves to take a crack at their cars. What are you doing that might tempt thieves? And, just as important, what are you doing to deter them?

Vehicle owners can easily reduce the risk of car theft and resulting insurance claims with a few simple steps. To properly protect your asset, consider the following list of dos and don’ts:

Do:

Lock your vehicle at all times. Even when you’re in it. When choosing their prey, car thieves look for the easiest mark. It doesn’t get much easier than an open car.
Etch your Vehicle Identification Number (VIN) into each of the windows. Stolen cars are stripped of their identity for resale. Thieves would rather not replace all the glass.
If necessary, take a longer route to avoid high-crime areas. It’s worth the extra few minutes to protect yourself and your car.
Park in well-lit areas. This removes the dark and shadowy atmosphere that thieves prefer for their work.
Install an anti-theft system. Good options include steering wheel locks, ignition cut-off systems, alarms, and police-signaling systems. Check with your insurance agent to see which systems might make you eligible for a discount on your premium.

Don’t:

Leave your keys in your car, and NEVER leave it running unattended. This seems obvious, but many car owners are guilty of this one.
Leave valuables visible in your vehicle. Nothing says “smash my window for some quick cash” like a purse, electronic device, or other potential prize sitting out in plain view.
Leave ownership information in your car. If a thief steals your vehicle, you don’t want him or her to also have “proof” that they own it.

Your Visiting Ghosts and Goblins Have Quite the History

Have you ever wondered why large numbers of kids show up at your door on October 31, dressed in crazy clothing and demanding candy? It does seem a bit bizarre. But while it’s always been part of our lives, the trick-or-treat tradition traces its roots way back.

In fact, trick-or-treating is the modern version of several practices that began in ancient times, with indications of both pre-Christian Celtic and Christian traditions:

Celtic: More than two millennia in the past, Celts celebrated the festival of Samhain on October 31. They believed the dead returned to earth on this day, and gathered to pay homage to the deceased with food offerings. Some villagers dressed in costumes to drive away unwelcome spirits, and from this grew the tradition of dressing as scary creatures and performing antics for food or drink.

Christian: Once Christianity spread to Celtic regions, traditions blended and new practices emerged. The church declared November 2, All Souls’ Day, as a time to honor the dead. However, the October 31 traditions of Samhain, such as bonfires and costumes, continued with the added practice of “souling.” In souling, the poor visited the wealthy and received soul cakes for praying for the homeowners’ dead relatives. However, when children took up this practice, they asked homeowners for gifts in exchange for their prayers. In some regions, souling became “guising,” when guising children dressed in costume and performed tricks to collect treats.

Today, we don’t make children perform tricks for their candy. Apparently, looking adorable is more than sufficient.

Celebrate All Things Feline on Oct. 29 – National Cat Day

Did you know there are days devoted to our feline friends and designed to raise awareness of the number of cats without homes?

National Cat Day, which has a strong focus on adopting out homeless cats into loving homes, will be celebrated this month on October 29. And for those with good memories, this is the second such celebration this year: International Cat Day was observed earlier this summer on August 8.

There’s no question we love our pets: The American Pet Products Association estimates that we will spend $69.4 billion in 2017 on everything from pet food and vet bills to other services, such as grooming and cat toys.

As well, many cat owners are building “catios” – screened-in patios for those catnaps in the sun – or buying cat condos that match their homes’ decors.

So, how will you celebrate National Cat Day?

Possibly with cuteness overload, by watching the massive number of cat videos online. Or by adopting a kitty for yourself. Or volunteering at a local animal shelter. Or donating food, toys, and blankets to the many cats still waiting for their forever homes.

If you’re already a proud cat parent, you can make it a purr-fect day by baking some homemade treats for your own cat. Or give Fluffy or Garfield a relaxing massage, followed by a comb-out session to get rid of all that excess fur (and hairballs).

But if you’re not a cat person? Well, you may want to avoid the Internet altogether on October 29.

No Wildlife, Please: How to Protect Your Property from Pests

You didn’t set up your guest room for a family of squirrels. Or finish your basement to provide a playroom for mice. Yet, as winter approaches, many pests are seeking a good place to nest for the season. If they choose your home, your property may suffer significant damage. Chewed wires, damaged drywall, and shredded insulation are a few potential problems.

To avoid this damage, and the resulting homeowners insurance claims, take the following steps to pest-proof your home:

Remove the welcome mat: Mice only need a quarter-inch hole to enter your space. And you’d be surprised at the spaces other critters can wriggle into. Some pest management companies may offer a free inspection of your garage, roof, and basement; if any unwanted openings are inviting the outdoors in, complete the necessary repairs or seals to block off access. Quickly.

Clear the clutter: Walk around the exterior of your home. Are there piles of trash, leaves, or construction materials around your foundation’s perimeter? Remove them. Piled next to your house, these invite both rodents and bugs to expand into your home.

Trim it up: Branches that hang close to your roofline offer easy jumps from trees onto your home. Trim branches away from your house to prevent squirrels from moving in and starting families. This also helps protect your home from the tree itself. In high winds, branches close to your home can easily damage the roof, siding, or windows.

Keep pesky critters at bay and avoid the need to make an insurance claim.

How Much Life Insurance Do You Need?

How to Calculate Your Life Insurance Needs

It’s hard to generalize when it comes to life insurance. What one family needs may differ drastically from what another family in similar circumstances requires.

How can you know if you have enough?

One way to determine how much life insurance you need is to peg it to 10 times your yearly income. This method, however, doesn’t provide much guidance to people who are not employed, such as stay-at-home parents.

If the spouse at home dies, the survivor may need life insurance funds to pay for the child care and home maintenance costs that had previously been provided free of charge.

A better way to come up with your specific number is to figure out exactly how much money your family will need at the time of your death.

Start with your family’s debt, which includes mortgages, auto loans, student loans, and credit-card debt. Determine your future cash needs – the monthly amount needed to sustain the household – as well as any major future expenses, such as tuition, new cars, medical bills, and estate-settlement costs.

Add these together, then subtract your current liquid assets – whatever your family currently has in savings, such as amounts in bank and brokerage accounts and tuition savings plans.

As an example, say you are married with two children (for example, ages 8 and 6) and earn $50,000 a year. If you were to die now, you’d want to support your spouse for 15 years, until your youngest child is out of college. To do this, you’ll need $750,000 in income replacement ($50,000 for 15 years), $200,000 for two college educations, and $5,000 for funeral costs.

But you also may want to pay off the $100,000 you owe on your mortgage, the $10,000 in car loans and the $5,000 in credit card debt. That takes your total to $1,070 million. From that total, subtract what you’ve saved, and that’s how much you will need in life insurance.

Travel Insurance Is Crucial for Those 50+

In today’s uncertain world, a health travel insurance policy makes more sense than ever. But if you’re over 50, you definitely need to consider purchasing it before setting out abroad or on a cruise. Injuries and illnesses arise during travel, and ensuring you have the proper medical coverage to meet your needs is crucial.

New situations, different terrain, and riskier activities, such as parasailing or hiking excursions, can contribute to injuries, particular for older travelers. Even driving in a strange country can be a problem for many.

According to the Centers for Disease Control and Prevention, motor vehicle crashes are the top cause of death of U.S. citizens abroad.

Medicare and Medigap

If you have Medicare, your coverage applies in the U.S. wherever practitioners accept it. But if you have a Medicare or Medigap supplement, check with your supplemental insurer on overseas coverage. The Medicare.gov website offers travel coverage advice, and warns that Medigap policies have a lifetime travel emergency coverage limit of $50,000.

Evacuation and repatriation coverage

The best way to ensure you have the broadest coverage overseas is with a travel insurance policy. For example, travel insurance provides emergency evacuation and repatriation. If injured overseas, you (and your spouse) may want to return home for treatment and recuperation. This coverage goes beyond transporting you after an injury or illness. It includes advice, coordination of admission to a local facility, medical air transport and escort when needed, and ground transportation coordination at both ends of an evacuation; it also smooths immigration and flight clearances and assists with travel arrangements.

While some travel policies cover both medical and repatriation, you still may require two policies. Also, although some insurers offer coverage for a single trip, if you make frequent trips in the same year, an annual plan may be the best choice for you. Snowbirds in particular may benefit from this type of plan.

Prepare Your Property for the Colder Months

Prepare your property for colder months…

Summer is ending, and the season change is a good time to review key items on or around your commercial property. Keeping tabs on these items each fall will help you avoid claims year-round. For healthy maintenance of your property, don’t head into storm season without checking:

The roof. Summer storms often cause roof damage. If it’s minor, it can go unnoticed – for now. But if missed, that minor damage can become a large problem over the winter. Take the opportunity to stop trouble before it starts. Give your roof a thorough inspection for potential problems down the road, then take care of any issues right now.

The HVAC system. Regardless of your heating needs, fall is a good time to check your HVAC system. In warmer climates, your AC probably had a good workout this past summer; it’s wise to ensure your system is still going strong as you end the season. For those in chillier regions, a professional tune-up will ensure you’re ready for the coming winter.

The trees. Is it trim time? Trees promote energy efficiency and add natural beauty to your property, but they should be properly pruned to remain healthy and safe. Look for any potential property damage or safety concerns. Did spring and summer growth bring limbs too close to roofs, windows, or power lines? Do your trees have any dead limbs that should be removed? Improve their structural integrity (and their aesthetic appeal) by trimming them each fall.

And be prepared. Now you can face fall.

HOT BIZ TRENDS

Entrepreneurship, Like Love, May Be Wasted on the Young

Contrary to popular belief, creating a start-up is not just for the young.

As the headline for a May 2017 article in CNBC suggests: “Boomer entrepreneurs are making it big by doing what they love.”

Referring to research data from the Kauffman Foundation, CNBC reporter Kate Rogers notes that “boomers were nearly twice as likely to plan to launch businesses than their millennial counterparts.”

And their numbers have grown; the Kauffman Foundation’s 2016 Index of Startup Activity indicates a 24% increase in new entrepreneurs aged 55 to 64 last year, compared to a 14.8% increase in 1996.

As consultant George Deeb points out in Forbes: “… people over 55 are twice as likely as people under 35 to launch a high-growth start-up.”

While we all know that Silicon Valley is the purview of the young, research shows that tech entrepreneurship among seniors is an emerging reality – a reality that can be seriously profitable.

As Roya Wolverson writes in Time magazine: “There’s no question that starting a business is easier when you’re younger,” but, she adds, “… start-ups in some industries, such as biotech and business software, gain an edge from the experience that comes with a founder’s age.”

Many boomers are returning to the workforce out of pure passion for an idea they believe in. Some go back when they identify a problem for which they believe they have an innovative solution. And others return simply for the paycheck. Whether for necessity or invention, the number of older entrepreneurs is on the rise.

TECHNOLOGY

Data You Can Use, Delivered Fast – What a Concept!

Memory-driven computing is new. It’s fast. And it’s offering tremendous opportunities for problem-solving and innovation.

In the age of big data, the volume of available data has surpassed our ability to process and use it. But information technology company Hewlett Packard Enterprise (HPE) has developed a new approach to computing that turns massive amounts of data into secure, actionable insights instantaneously.

The secret sauce? Upgrading processing from the current slow silicon to hyper-fast memory – an approach called memory-driven computing. This technology gives every processor in a system access to a high-performance interconnect protocol, which is essentially a humongous shared pool of memory.

Based on this new approach, in which memory is central to the system and not simply tethered to a processor, the company has rolled out a prototype known as “The Machine” that is up to 8,000 times faster than processor-based computers.

According to HPE (and supported by enthusiastic reviews in many tech publications), memory-based computing will unleash new opportunities for companies of every size in virtually all fields. Consumers can improve the performance of their Internet-of-Things (IoT) devices, and analysts will be able to predict and quickly respond to situations in health care, transportation, retail, and other industries.

For example, a memory-driven computing system could enable doctors and researchers to come up with personalized diagnoses and treatments, as well as predict and head off major epidemics. First responders could simulate emergency situations and prepare for crises. And smart transportation systems could optimize traffic flow. It’s a whole new world. Again.

INSURANCE

Small Businesses Need E&O Insurance Too

Companies aren’t perfect. As much as we’d all prefer our businesses run like well-oiled machines, even the most finely tuned organization can make a mistake. If humans play a role in your business, the occasional mistake is virtually inevitable.

The good news is, that’s OK. It’s why we have insurance. Specifically, it’s why you should have errors and omissions (E&O) insurance. Knowing there is a strong likelihood of errors, you can establish proper coverage beforehand.

Here are some FAQs on E&O insurance:

What is it?

Errors and omissions insurance, also called malpractice insurance or professional liability insurance, covers you and/or your business in the event you’re held responsible for an undesired outcome of your services. If you or someone you employ makes an error or omission (or a perceived error or omission), this policy will cover you.

Who needs it?

E&O insurance is not just for professionals like lawyers, doctors, or accountants. If you provide a service for a fee (and that includes small businesses such as commercial printers, contractors, and Internet hosting companies), you should have this coverage in place.

What is covered?

If an error or omission causes financial loss for a client, E&O coverage provides protection. It pays for judgments, settlements, and defense costs. Without E&O insurance, companies leave themselves open to significant financial risk. And keep in mind, these losses are not covered under your general liability policy.

Even if a client’s allegations are eventually dismissed, you’ll spend thousands of dollars defending a lawsuit. If you must pay a settlement, you will pay defense costs plus the judgment amount. Such suits can bankrupt small companies and cripple larger ones.

When should I get E&O insurance?

The sooner the better. Don’t wait until you’ve experienced a significant loss before taking action. It’s always best to get insurance established before you take the risk. For some companies, this coverage can even be a selling point to clients.

What E&O policy is right for my business?

As with many aspects of business ownership, there is no one-size-fits-all answer. The E&O policy must be tailored to meet the demands and risks of your industry and the specific services you offer. For example, the same policy is not appropriate for a doctor as for a plumber. Work closely with your agent to determine your exposure and the E&O policy that is best for your specific circumstances.

How much does E&O insurance cost?

Because these policies are business-specific, E&O insurance premiums vary greatly. Your location, claims history, exposure, payout limits, and other variables all affect the cost of E&O insurance.

Consult with your agent today if you don’t currently have E&O as part of your insurance portfolio. He or she can help you review your needs and decide what coverage is appropriate for your company. As you review options, bear in mind the losses your company could suffer without this coverage. Ultimately, the cost of not having this policy far outweighs the premium cost.

New Season New Insurance Needs?

Just Married? ‘Insure’ Your Future and Live Happily Ever After

If you tied the knot this summer, congratulations!

Marriage changes things forever, including your insurance needs. If you’re a newlywed, ensure you consider these issues now for a happily-ever-after future.

Multiple policies: As you combine your households, do the same for your insurance coverage. Most couples have separate policies, often with different companies. Combine multiple auto and home policies with one carrier to receive a multiline discount. It’s likely you’ll also qualify for a discount simply because you’re married. (It turns out marital bliss isn’t the only benefit to getting hitched.)

New home: Whether you’re moving into his place or her place or buying a new home together, now is a good time to review your homeowners coverage. A new location may mean new perils. Consult with your agent to make sure you include coverage for location-specific perils, such as hurricanes. Also important: discuss with your spouse whether you want replacement cost or actual cash value coverage.

Spouse discounts: Is your newly beloved a member of an alumni or another organization? If so, your household may now be eligible for a discount. Check with your agent to discover any savings available.

Policy limits: Review your homeowners policy to ensure you have the right protection for your personal belongings. Your household possessions may have just doubled, so your policy should have a sufficiently high limit to cover the increase. You may also now need a special rider for high-value items; make sure coverage is adequate for newly acquired gifts, and, naturally, those wedding rings!

Cycling in the Urban Jungle? Three Things to Consider

Experienced cyclists in most big North American cities will tell you two things: one, biking is the best, most efficient way to get around, and two, it can be quite dangerous.

In fact, most cities don’t have an extensive network of bike lanes, and drivers often encroach on cyclists’ space or open their doors without looking. But it’s not all one-sided; many cyclists either don’t know – or ignore – the rules of the road.

Want to bike happily and safely in big cities? Consider the following:

Think like a driver

Cyclists still have to follow the laws and the etiquette of the road. Safe-driving behavior – stopping fully at stop signs, signaling, yielding, and looking around you – apply to cycling too.

Respect your fellow cyclists

Leapfrogging other cyclists, following too closely, and not giving plenty of notice of turns or stops can all cause accidents that could send you and other riders flying onto the curb, or worse, into vehicle traffic.

Take up your space

As Andrew Small noted in a recent CityLab article, cyclists have the right to a lane even though they’re slower. It’s safer because “… it gives a bike much more visibility to drivers.” If cyclists hug curbs or stick close to parked cars, they’re putting themselves in harm’s way. But note: while this is true in most jurisdictions, there may be exceptions, and regardless, many drivers find this hard to swallow, which may put cyclists at further risk.

Mutual respect is the answer. So, as the yellow road signs suggest: Share the Road.

Into Solar? Your Social Media Friends Will Soon Know

If you’re planning to install solar panels on your roof, your friends will soon know, thanks to Google’s “Project Sunroof.”

As Google explains, Project Sunroof is a free online solar calculator that helps you map the potential savings from converting your roof to solar. Its objective: to map earth’s solar potential “one roof at a time.”

Panels that absorb the sun’s energy and convert it to heat or electricity are covering rooftops around the globe, encouraged by any number of factors including financial (solar energy can be a cost-effective way to generate electricity) and now peer pressure.

The newest addition to Project Sunroof shows a red dot on homes that appear to have solar panels.

According to Robinson Meyer in a recent CityLab post, it “will now not only inform users how much sun hits their roof, or how much solar panels would save them per month, but also which of their neighbors have taken the plunge first.”

Why is that important? Writes Meyer, “One of the best predictors of whether people install solar panels on their house isn’t their age, their race, their level of income, or their political affiliation … It’s whether their neighbors did it first.”

Google is hoping take-up numbers will be driven by the desire to be the first in one’s social media network to hop on the new bandwagon. And that could swell as more “influencers” opt to participate and bring their followers along.

So check out Project Sunroof, install, and just wait for the online accolades.

New Season, New Insurance Needs?

Fall is a time for getting your ducks in a row and preparing for the future. As summer comes to a close, assess whether your insurance needs have changed. Review them by answering these questions:

Has your family changed? If you got married this summer, you may qualify for a discount on your auto policy. If you combined households, you may need to update your homeowners policy. If you’re newly divorced, be sure to update all your policies. If you had a baby, review your life insurance coverage to determine whether any changes are needed.

Did your household add or lose drivers? If your teen just acquired a drivers’ license, it’s typically cheaper if you add him or her to your policy than it is for the new driver to get a separate policy. Plus, you’ll likely receive a multi-policy discount. If your child has left the nest for college, you can usually adjust your policy to reduce coverage.

Have you renovated? Review any home projects you completed. Home additions or upgrades can drastically increase the value of your property. Consult with your agent to determine if your homeowners insurance is still adequate. Don’t forget to include structures you added to the outside of your home, such as gazebos or pools.

Are you now a renter or a landlord? If you’ve moved into a new rental, or if you’ve become a new landlord, be sure you have the right policies in place. As a tenant, you need renters insurance to cover your belongings, even if the owner has coverage for the building. As a landlord, ensure both property and liability coverages are adequate.

Did you retire? A major reduction in commute time could translate into a significant reduction in auto insurance premiums. Plus, your senior status may qualify you for a 55+ discount.

Report any of these life changes to your agent as soon as possible, and don’t take the chance of being underinsured.

Perseverance the Key to Success?

Communication Styles Can Hamper Business Success

While a difference in communication styles can lead to simple misunderstandings, it can also threaten your relationship with customers and ultimately endanger your business success.

Notes Sherrie Bourg Carter in an article for Psychology Today: “…’communication stress’ can be one of the biggest sources of stress in relationships. After all, we’re all talking the same language, aren’t we?” Not necessarily. “Although we’re all wired differently, we tend to fall somewhere within the parameters of two communication styles: aesthetic and pragmatic,” suggests an article in RISMedia.

Aesthetics generally prefer a sensitive approach to communication. They are often indirect in conversation and value empathy and warmth. They tend to read body language and listen for tone and tenor as well as content. Pragmatics are interested in getting to the point. They value straight talk and a direct communication style right from the get-go. It’s the content of the conversation they care about, not the social embellishments.

Mark Murphy, a Forbes contributor, notes: “One of the biggest problems that occurs between bosses and employees is a mismatch in their communication styles. When you speak and the boss doesn’t hear you, or vice versa, it can greatly hurt your chances of career success.”

Trying to connect with your communications opposite, whether it’s an employee, supplier or customer, can make the difference between accord and disagreement. And as Bourg Carter points out, making differences in communication styles work requires “understanding and flexibility.” It may not be easy, but it can be a recipe for business success.

ENTREPRENEURS

Perseverance Sets Successful Entrepreneurs Apart

Entrepreneurship is not a glamorous career path.

Especially in the early stages, entrepreneurship is largely about having the chutzpah to see it through. As Steve Jobs once said, “I’m convinced that about half of what separates the successful entrepreneurs from the nonsuccessful ones is pure perseverance.”

Points out Entrepreneur Inc. contributor Steve Tobak: “Having the vision to see what others don’t, the passion to motivate yourself and others, the savvy to build and grow a business, and the guts to make good decisions are all part of the mix. But what binds those ingredients together is the tenacity to stick with it, day in, day out, year after year.”

Forget all the hype about creative genius. More often than not it’s simply willpower, forbearance, and the tenacity to deal with the stress and chaos of entrepreneurship that paves the road to success.

It takes energy, focus, and commitment plus a willingness to fail, pick up the pieces, and carry on. And it’s often about being the last person left standing when others have given up.

As you advance toward your goal, try to surround yourself with people who believe in what you are doing and can provide constructive, practical advice. A supportive mentor or involvement in an incubator or accelerator program can help with this. If possible, avoid the naysayers, the doubters, and the cynics.

Try, too, to focus every day on the fundamentals of building your business, and take time to celebrate each step that brings you closer to your end goal. Just getting things done is often a great motivator.

As with life, building a successful business is a marathon, not a sprint. Perseverance does pay off.

INSURANCE

Prepare for Cyber Threats before They Happen

Cyber security events are on the rise. From malware to ransomware, businesses are at greater risk than ever from cyber attacks. Is your company protected?

Proper security requires a well-informed team, tight security protocols, and the right insurance. Here’s an overview of what you should know to be prepared for cyber threats to your operations.

Small business does not mean “small target”: Owners of small to midsized businesses (SMBs) often assume they’re under the radar of cyber hackers. In fact, SMBs are the target of 43% of cyber attacks. You may not have billions in profits to drain, but you have essential information hackers seek (such as health records), access through your network to reach larger companies, and files that are so key to your business you’d be willing to pay a ransom to get them back.

Ransomware has increased 300%: In this form of cyber terrorism, attackers hijack data and demand payment to unlock it. In 2016, an average of 4,000 ransomware attacks occurred each day. This is a 300% increase over 2015. As more and more businesses rely almost solely on digital files and processes, this form of cyber attack continues to grow.

Cyber attackers getting craftier: Business owners must stay one step ahead of cyber attacks. This is no easy task, since techniques are becoming more targeted and more cunning. One example, which is growing in leaps and bounds, is “spear-phishing,” defined by Google as “the fraudulent practice of sending emails ostensibly from a known or trusted sender in order to induce targeted individuals to reveal confidential information.” An employee who opens this type of email opens your whole system (and those of your networks) to the attacker.

Cyber security requires a multifaceted approach: To safeguard your business against cyber attacks, you must shore up your defenses on all fronts. This includes:

Networking equipment
Desktop protection
Privacy programs
Data security
Employee security training
Business continuity
Data recovery
Cyber insurance

Cyber attacks can kill companies: The average cost of recovery from a cyber attack for SMBs is $36,000; even more frightening is that more than half of small to midsized businesses close their doors within six months of a cyber security event. The final cost includes more than just the cash outlay; it may damage your reputation, making it almost impossible to come back from the attack. It’s essential to have cyber insurance in place to assist you in recovering from the security breach and all that it entails.

Cyber insurance includes:

Privacy liability – In case you fail to protect sensitive personal or corporate information.
Payment card loss – In case you fail to properly manage payment card data.
Data breach – If your data is breached, you will incur costs to retain legal services, notify those affected, and provide those people with credit monitoring services.

Don’t wait until an attack has occurred to take steps to protect your business. Consult with your insurance provider to establish the best policy to guard your business against this growing threat.

Summer’s Ending But ‘Toys’ Still Need Protection

Summer’s Ending but Summer ‘Toys’ Still Need Protection

Summer is a time for toys! Warmer weather means afternoons on the water and evenings cruising in your convertible. Summer invites everyone to pull out classic cars, jet skis, or speedboats.

In warmer states these can be year-round vehicles, but if you use them infrequently in winter, it’s easy to overlook the need for insurance during the off season. Many vehicle owners are unaware of the requirements as well as the options available for boats and summer cars. Here’s the scoop:

Boat insurance: Small watercraft such as canoes and kayaks are typically covered under your personal property through your homeowners insurance. But larger motorized water vehicles such as wave runners, yachts, and speedboats require a separate policy. Boat insurance typically covers bodily injury and medical payments. And while you may not need this coverage after you dock for the season, boat insurance also covers property damage and theft. This is crucial for protecting your boat in storage, so don’t terminate that policy when Labor Day rolls around.

Summer car insurance: If you know you won’t be driving a car once summer has ended, you may be eligible for a reduced rate while your vehicle is in storage. Don’t cancel your insurance entirely; you’ll want to maintain basic coverage, as your vehicle remains at risk for damage when in storage. In fact, this may be required by law in some areas. Ask your insurance agent about reducing collision or comprehensive coverage, but be sure to maintain coverage for damage due to storm, fire, or theft.

Ostriches and Egos: How We Create Our Own Realities

Information avoidance is a common human tendency. It doesn’t seem to matter that we’re living in a hyper information age. We listen to news that supports our point of view, avoid information we don’t want to hear, and convince ourselves we have the facts we need in order to make informed decisions – even when we don’t.

In an article detailing recent research conducted by Carnegie Mellon University (CMU), Shilo Rea explains that people “are remarkably adept at selectively directing their attention to information that affirms what they believe or that reflects favorably upon them, and at forgetting information they wish were not true.”

In other words, we tend to create our own reality – because we like it that way. We choose what we want to believe and ignore what we don’t. Apparently, ignorance is bliss after all. Writer Chris Fleisher notes, in an article for the American Economic Association, “This behavior drives economists nuts. Ideally, we should absorb all the information we can get so that we can make rational decisions. But it doesn’t work that way.”

In Psychology Today, Alain Samson calls it “the ostrich effect.” Referring to the work of the CMU researchers, he writes: “Information avoidance has immediate benefits for people if it prevents the negative (usually psychological) consequences of knowing the information.” And while we all like to think of ourselves as savvy information consumers, we may be more like ostriches than we’d like to admit. Even more embarrassing, we’re probably egoists too. Says Samson: “Information avoidance is particularly pertinent when ego threat is involved.”

Higher Education: Easing the Cost Burden of College

Higher education is a huge financial undertaking. According to a recent U.S. survey, families spent, on average, $23,688 in the 2015-2016 school year (including scholarships and grants) to send their kids to college or university. And even though that figure is slightly less than the year before, and students borrowed 13% of their school costs in the form of student loans, it’s still a financial struggle for most parents.

No question, deciding which college or university to attend, what to study, and how to pay for it looms large. And it’s not just about tuition, fees, and room and board; there are other factors, including the cost of living, transportation, books, and more, that affect the decision. Location is also a key consideration; attending a school close to home can save on travel costs.

Students and their parents will also need to consider the possibility of any scholarships and/or financial aid packages available to help pay for college or university tuition. Aside from taking out student loans and working part time, there are other ways students themselves can help out. Here are some strategies worth considering:

Get a student bank account. Many major banks offer free banking for students.
Buy and sell your used textbooks online.
Ask about student rates at movies, museums, concerts, attractions, and activities.
Take advantage of free events and activities, especially if these events will include free food.
Pack your lunches and snacks.
Use the school gym and other on-campus facilities.

Your Collection Deserves to Be Protected

A vintage New Yorker cartoon pictures a character surrounded by his collections. The caption reads: “Possessions are part of the self.”

If you’re a collector of something – and many of us are – you’ll relate to the cartoon character. Whether it’s a prized art collection, Beatles memorabilia, or antique teapots, it means something to you, and it should be protected.

Many collectors underestimate the value of their collections, and while no one wants to consider the impact of a break-in, flood, or fire on their valuables, they should. Do consider insuring your collection before you’re faced with a disaster. To any serious collector, the alternative is just unthinkable.

Homeowners insurance: The assumption many collectors make is that homeowners insurance covers these items. However, this policy is typically limited in coverage and has maximums that are probably insufficient to cover your collection. To ensure proper coverage, consider adding an endorsement to your homeowner’s policy, or purchasing a separate floater policy that offers the right amount of coverage. Of course, this means knowing what your collection is worth. Even if you know what you paid for an item, its value in today’s market may be quite different. And that means getting a current appraisal.

Appraisal tips: To have your collection appraised, follow these steps.

Make a list of items.
Gather as much information as you can, including purchase receipts, restoration records, and other relevant details.
Let the appraiser know the purpose of the appraisal.
Avoid using an appraiser who also buys and sells the types of items you want appraised. It may constitute a conflict of interest.
You do, however, want an experienced appraiser. Get references from dealers, museums, and organizations such as the International Society of Appraisers.
Get a detailed, itemized report. This will provide the documentation you need in the event you need to file a claim.

Life Insurance Costs Less Than You May Think

Life Insurance Costs Less Than You May Think

Many people avoid purchasing life insurance, especially later in life, because they think it will be too expensive. Not necessarily.

According to a 2016 study by Limra, 30% of US households do not have life insurance, and even those households with life insurance only have enough to replace three years of income.

Although it depends on your individual circumstances, three years of coverage is likely not enough. Life insurance is designed to provide for a partner and/or children who rely on your income. However, they may not be able to get back on their feet as quickly as three years after your death.

You may want to discuss life insurance with your survivors to determine their needs. Agreed, it is an uncomfortable conversation for all concerned; no one likes to acknowledge the possibility of the death of a loved one. But if your family members rely on your income now, it’s important for you (and your family) to know they’ll be taken care of later.

And that may be less expensive than you think. According to Limra’s study, 80% of consumers overestimate the cost of life insurance by a large margin. Millennials, for example, overestimate the cost by more than 200%, and members of Gen X by 100%.

For more affordable life insurance, it helps to purchase a policy sooner rather than later. The younger you are, the more likely you are to be healthy, and the healthier you are, the lower the premium will be.

There are also different types of life insurance, some more affordable than others. Term life insurance, for example, is the least costly; it pays a benefit to your survivors when you die within a specified period of time. Whole life insurance is more expensive, as it combines investing with term life insurance. For the right fit for you and your family, discuss the options with your insurance agent.

Three Ways to Make Family Camping Fun – Not Stressful

Camping should be a great way to see new places, meet new friends, and bond as a family. But some may find time bonding with the kids stressful … and maybe a bit overwhelming. Take those concerns out of the equation with the suggestions below. And enjoy this inexpensive way to celebrate nature and each other – without technology taking over.

These three tips can make family bonding a pleasure:

Do Research

Find the perfect spot for your family online. If you’re camping newbies, the best campground should be one with amenities that’s also close to a town. As Scott Adler, editorial director of BabyCenter.com, says in an article in Real Simple, “That way … if there’s a pizza place, someone can pick up a pie and make dinner a lot easier on Mom and Dad. You’ll also be less stressed when (almost inevitably) you realize you’ve forgotten something.”

Consider the types of activities you plan to do. A biking family, for example, may choose a campground near paved roads.

Generate excitement

Engage the kids by getting them involved in planning the trip. Get feedback about what they want to do and foods they want to eat, and let them pack their own bags. At the campsite, encourage older children to pick the spot to pitch the tent, and then put it up together.

Go high-Tech

It can be a culture shock to go from staring at your screen to staring at the night sky. Instead of forcing your kids to do without their devices, let them bring some technology, but also include favorite books and games. As Jen Aist suggests in Real Simple, use their facility with technology to help the kids engage with the outdoors, for example, by locating stars with a GPS.

Best of all, let them play. As Aist notes, “Something magical happens when you are outside that doesn’t happen in other places.”

Keep Your Summer BBQs Safe

It’s Party Time! Keep Your Summer BBQs Safe

It’s time to fire up the grill and treat friends and family to your special secret sauce.

But as you gather ’round the BBQ, the last thing you need is flames that extend outside your grill; personal injury and property damage are not going to win you the block-party-of-the-year contest.

To avoid grilling your home or guests instead of the meal, take the following safety precautions.

Pre-party: Each season, before you use your gas grill for the first time, check the cylinder hose for leaks. Apply a soap-and-water solution to the hose.

If there’s a leak, you’ll see bubbles where the gas is escaping. And always leave the lid open when you turn on the gas; a closed lid can cause gas build-up that may blow the lid off – not the kind of excitement you need at your BBQ.

Party time: If you smell a gas leak while cooking your meal, move everyone away from the grill immediately.

Call the fire department, and don’t try to move the grill yourself. If you’re cooking with charcoal, be cautious with lighter fluid. Don’t try to increase your flame with liquid fuel. If coals are already ignited, adding starter fluid can cause a flash fire. Instead, rekindle the flame with dry kindling or more charcoal.

Post-party: Remove grease or fat build-up from the grill and grease trays. This will keep your grill operating at its best, and reduce the risk of a malfunction and fire. When you’re finished cooking, make sure you close the gas valve completely.

For charcoal grills, remember these can remain hot hours after the flames are gone. Keep flammable objects away from the grill, and avoid moving it while the coals are still hot. Once it is properly extinguished and cleaned, store your grill and extra propane tanks outside – away from your house.

Now pass around that special sauce!

Take Me Out to the Ballgame: Summer’s Fave Game Is Back

How did a stick, a ball, and a diamond capture the hearts of millions? For those who line the bleachers in big and small towns across North America, baseball’s not just a game; it’s everyone’s summer lifestyle.

Baseball in North America traces its roots back to the late 18th century, when the first reference to the game was made in a Massachusetts law about playing it too close to the town meetinghouse. Since those early days, baseball has seen many changes that shaped it into the sport we love today.

It hailed from two similar British sports: rounders and cricket, which eventually found their way across the pond and were played in schoolyards and college campuses in the 1800s. In the fall of 1845, the New York Knickerbockers Baseball Club was born. Knicks player Alexander Cartwright established the rules that form the basis for today’s game, including the use of a diamond-shaped field and the three-strike rule. Cartwright has been established as baseball’s true father, overturning a widely held, but deemed untrue, legend that a man named Abner Doubleday founded it.

Once the game was standardized by the Knickerbockers, other clubs were established. Baseball’s popularity continued to grow, and eventually leagues formed. The baseball itself also underwent standardization, eventually morphing into the five-ounce, nine-inch sphere with 108 red stitches that we see in pitchers’ hands today.

The sport continues to enthrall us. And best of all, nearly everyone is able to sing along when they hear, “Take me out to the ball game…”

Three Ways to Make Family Camping Fun – Not Stressful

These three tips can make family bonding a pleasure:

Do Research

Consider the types of activities you plan to do. A biking family, for example, may choose a campground near paved roads.

Generate excitement

Go high-Tech

Best of all, let them play. As Aist notes, “Something magical happens when you are outside that doesn’t happen in other places.”

Ways to Lower Your Homeowner’s Insurance Costs

One essential item on your monthly budget is homeowner’s insurance. However, this is one line item you may be able to reduce. Some research and a meeting with your insurance agent may pay big dividends.

By working through the following suggestions with your insurance agent, you’ll remain adequately covered while also taking advantage of any available savings.

Deductibles make a difference: What is your current deductible? If you can afford to raise it, you could save on your premium. A change in your deductible amount can lower your premium by as much as 25%.
A safe home saves money: Your premium is based partly on the level of risk to your home. If you can reduce this risk, you’ll save on insurance. Check with your agent to see what steps you can take to boost your home’s safety and lower your premium. Solutions may include modernizing plumbing and electrical systems, adding storm shutters, and installing a burglar alarm.
Reviews can reduce: Have you reviewed your policy recently? It’s a good idea to do this annually to verify that your coverage fits your current needs. You may own items that have dropped in value, or you may no longer own some high-ticket items; both scenarios enable you to reduce your personal property coverage.
Loyalty pays: Does your provider also handle your auto insurance? Obtaining all coverage from the same carrier typically earns a multipolicy discount. Additionally, staying with the same company for several years may result in a long-term policyholder discount.

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