SHIFT WORK POSES HEALTH CHALLENGES

[ 0 ] May 22, 2013

In a recent study, the BMJ Group analyzed the health impacts of shift work (non-daytime schedules) on cardio-vascular “events.” Shift work was found to increase the risk of a heart attack by 23% and to account for 7% of all heart attacks. The conclusions of the study bear repeating.

What’s already known:

  • Shift work is associated with an increased risk of hypertension, metabolic syndrome, dyslipidaemia, and diabetes mellitus.
  • Disruption of circadian rhythm might predispose shift workers to vascular events; however, there’s no organized systematic synthesis of all types of vascular events.

What this study adds:

  • Shift work is associated with myocardial infarction, coronary events, and ischaemic stroke; although the relative risks are modest, risks attributable to population are high.
  • These findings seem to be robust and insensitive to publication bias, quality of study, and socioeconomic status.
  • Conversely, shift work is not associated with increased rates of mortality (whether from vascular causes or overall).

The study carries these lessons for employers:

  1. Make sure that employees are aware of the health dangers posed by shift work and take steps to mitigate their effects. Preventive activities – such as proper diet and exercise, curbs on smoking, and minimizing other stressors – while important for all your employees, take on even greater significance for shift workers.
  2. Review your obligations under workers comp, ADA, FMLA and regulations if an employee suffers any of these ill effects.

For more information on Employee Matters, contact us at Insurance Partners Agency, Inc., we have professional advise waiting!

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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HAVE YOU REVIEWED YOUR BUSINESS INTERRUPTION POLICY?

[ 0 ] May 15, 2013

Business Interruption (BI) insurance makes sense. Consider Allison Dorst, a New Jersey resident who operates three e-commerce web sites selling sportswear. Last fall, Superstorm Sandy brought a prolonged power failure that shut down Dorst’s customer-service lines, causing sales to evaporate. She’ll also see lower sales because of a month-long delay in the delivery of next season’s styles. Fortunately, her Business Interruption coverage will reimburse the profits lost because of this lost revenue.

Although most middle-market business owners and managers understand the need for BI, they don’t always have the information they need to choose the right coverage. Some companies don’t have enough insurance to remain in business after they suffer a major loss, while other businesses might be buying more coverage than they need. When it comes time to renew your BI insurance, be sure to take a close look at the insured or reported values for the policy, as well as on the various coverage extensions that apply to your business, based on its operations. It also makes sense to consider additional coverages such as:

  • Contingent Business Interruption
  • Claim preparation fees
  • Extended period of indemnity
  • Expediting expense
  • Service interruption/power outage, including overhead transmission and off-premises lines
  • Extra expenses
  • Ordinary payroll coverage
  • Selling price of finished goods inventory
  • Ingress/egress
  • Loss of attraction
  • Civil authority
  • Sue and labor

At Insurance Partners Agency, Inc., we are happy to offer our advice in selecting the amount and types of coverage that can minimize your financial risk and keep you in business after disaster strikes. Feel free to get in touch with us at any time.

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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BUSINESS PROPERTY INSURANCE: REPLACEMENT COST OR ACTUAL CASH VALUE?

[ 0 ] May 8, 2013

2Business Property insurance protects your building and property against loss or damage from theft, accident, and a variety of other causes. The policy will pay for replacing or repairing covered property or providing compensation for irreplaceable items.

If you don’t own your building you’ll still need to cover its contents: fixtures, furniture, office equipment, inventory and the supplies stored at your location or off-site.

The premium will depend on whether you choose to insure the replacement cost or actual cash value (ACV) of the property. Most Business Property coverage is written on a replacement-cost basis, which will reimburse you for replacing lost or stolen goods with new items at current market prices. This feature can help your business recover from the loss or theft quickly. (If you’re leasing equipment, the leaseholder might require you to cover it at replacement value.) You’ll need to revise your coverage when you acquire or dispose of property. Be sure to update replacement values over time; a computer worth $1,000 two years ago might cost half that today – on the other hand, the price of a desk might well increase.

Actual cash value coverage, which generally costs less, provides reimbursement for the depreciated value of covered property. If your business owns its own equipment, which you could replace easily with comparable goods at depreciated market value, the lower premium of an ACV policy might make it a more cost-effective choice.

As always, Insurance Partners Agency, Inc., Business Insurance specialists stand ready to offer their advice on choosing the coverage that’s best for you. Just give us a call.

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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USE SOCIAL MEDIA AS A RISK MANAGEMENT TOOL

[ 0 ] May 1, 2013

3

Given the dramatic impact of social media on the speed and delivery of news and information, it makes sense to make this fast-growing technology part of your risk management program.

More and more reputational crises – such as the recent stranding of the Carnival Triumph cruise ship – are born on social networking platforms and can grow exponentially if mishandled. Consider how Apple Inc. responded to consumer displeasure with the iPhone 4 shortly after its 2010 introduction. Negative comments about the product spread quickly over social media channels, but were largely ignored by Apple executives until mainstream news outlets began reporting on its flaws.

Failing to actively engage social media users in conversations about crisis or business practice of your company means losing an invaluable opportunity to protect your reputation. Otherwise, you risk having other people tell your story.

Social media participation gives you a way to enhance this reputation through regular interaction with customers, business partners and the public. Using this tool to develop relationships and help people, rather than just sell products and services, can create some valuable allies.

Encouraging your employees to participate in social media offers a great way to use them as advocates for your company. A 2012 poll of more than 1,000 registered voters by Hill+Knowlton Strategies found that a corporation’s employees are the second-most trusted source of information about its business practices, second only to friends and family members.

Before getting your employees on social media, be sure your Liability Insurance is up to date. Slander can be detrimental to a company’s image if an employee says the wrong thing on the company’s behalf. Get your Insurance Partners Agency, Inc., Professional involved today!

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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COMBATING INTERNAL FRAUD: BE PREPARED

[ 0 ] April 24, 2013

Not every threat to your business comes from outside. A nationwide survey reported 778 internal-fraud cases in 2012, involving such scams as phony bills (three in four cases), corruption, and expense reimbursements.

In more than half of these cases, the victimized company lost only $200,000 or less. However, fraud causes its real damage through private civil claims, potential government investigations, criminal prosecution, and negative publicity.2

To help deal with this threat, experts recommend that businesses create a comprehensive plan to uncover potential fraud and organize a response. Internal fraud is usually detected by an employee tip-off, management review, internal audit, or even a “gut” feeling by an experienced executive. The first step after discovery is to conduct a thorough internal investigation to determine the facts, gather and preserve evidence, assess legal repercussions, and take corrective action – before an outside authority does. Also, being the first to report the incident to authorities can take the sting out of government investigations.

Corrective actions should involve making amends with the “victims,” revising or implementing corporate-compliance programs, and strengthening internal controls. These actions can include offering employees financial incentives to open up about their qualms.

Fidelity and Crime insurance can help protect businesses from the loss of money, securities, and/or inventory resulting from employee dishonesty. Crime coverage can cover the theft of property, losses due to forgery, and electronic wire transfer fraud.

Cyber insurance is essential, especially after a recent court decision which expanded coverage for cyber losses due under a Fidelity bond. Warns one insurance expert, “Not having cyber coverage is like playing hockey without a goalie.”

For more information on fighting internal fraud, feel free to get in touch with your Insurance Partners Agency, Inc., Professional today. We’re here to help.

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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DATA THIEVES TARGET SMALLER BUSINESSES

[ 0 ] April 17, 2013

When it comes to hackers stealing confidential client information, most people think of their primary targets as mega-corporations; banks, credit card providers, online retailers, and so forth. (American Express, MasterCard, and Sony come to mind.)

However, more than half of small and midsize businesses have experienced at least one data breach in the past year, according to a recent nationwide study by the Ponemon Institute. What’s more, only 33% of surveyed companies suffering breaches notified affected individuals that their personal information was ever at risk – despite laws in 46 states that require such notification.2

The primary causes of these breaches were employee or contractor error, lost or stolen laptops or smart phones, and procedural mistakes, according to the study commissioned by the Hartford Steam Boiler Inspection & Insurance Co.

The survey also found that:

  • Nearly nine in 10 respondents (85%) shared their customer and employee records with third parties by providing billing, payroll, employee benefits, web-hosting, or other information technology services.
  • Seven in 10 respondents (70%) said that data breaches are more likely to occur if they outsourced data.
  • Despite this outsourcing exposure, more than three in five businesses surveyed (62%) did not require third parties to cover costs associated with a data breach in their contracts.

“Smaller companies are targeted by data thieves, but they often don’t know how to respond when sensitive information they keep on customers and employees is lost or stolen,” warns Hartford Steam Boiler Vice President Eric Cernak.” Failing to act in a timely and effective way can harm the reputation of businesses and even risk legal penalties in many states.”

It’s impossible to keep your business offline these days, so why not be sure you are covered? Contact Insurance Partners Agency, Inc., today for professional advice on helping you minimize the growing financial and legal threats to your business from data breaches.

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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PROTECTING YOUR BUSINESS: THE CGL SOLUTION

[ 0 ] April 10, 2013

In today’s “litigation society,” you face lawsuits that could cripple your bottom line – or even put you out of business – based on anything from a fire on your premises to an allegation of libel by a competitor.

Commercial General Liability (CGL) insurance provides financial protection against damage or injury caused by something that your business did, or perhaps didn’t do.

Your CGL policy covers a variety of exposures:

  • Premises and Operations Legal Liability pays for injuries or property damage on your premises, as well as those that occur outside your place of business.
  • Products and Completed Operations Legal Liability covers injury or property damage resulting from someone using your products, or real or alleged faults as a result of work your business has completed.
  • Fire Legal Liability pays for injuries and damage from fires for which your business is responsible or that started due to your negligence.
  • Personal and Advertising Injury protects your business against litigation alleging libel, slander, or invasion of privacy.
  • Host Liquor Legal Liability will pay for lawsuits from hosting a party or special event at which you serve alcohol and intoxicated people cause injuries or property damage.
  • Medical Payments covers bills when your customers, suppliers, or visitors suffer bodily injury on your premises, or resulting from your operations offsite.

To learn more about this essential coverage, contact our Insurance Partners Agency, Inc., Commercial Professionals today. We would be happy to assist you with critical matters like those profiled above.

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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Social Media as a Hiring Tool – Employer Beware!

[ 0 ] April 3, 2013

Insurance Partners Agency, Inc. - Headquarterd in OhioThe spread of social media has revolutionized not only the way we connect with friends and family, but also how we conduct business. However, this asset can quickly turn into a liability if misused – for example, in recruiting your company’s most valuable asset – its employees.

Many employers begin the hiring process by using social-media outlets to screen applicants. LinkedIn and Facebook can provide a wealth of information about applicants’ education, their friends, and their personal behavior. Some companies reject candidates based on the content of their social-media pages. This might include anything from:

  • Inappropriate photos or comment
  • Discriminatory or slanderous statements
  • References to alcohol and substance abuse
  • Sharing confidential information about their previous employers(s)
  • Displaying poor communication skills
  • Exaggerating their qualifications.

Although all of these indicators raise red flags, you could be risking a costly and annoying discrimination lawsuit if you access social-media sites which contain protected class information that’s not privileged in the normal hiring process.

To minimize this risk, it makes sense to:

  1. When hiring, use outside third parties such as background-verification companies and/or recruiters who document content from social-media sites in selecting candidates.
  2. Develop and enforce a comprehensive social-media usage policy. 
  3. Purchase an Employment Practices Liability Insurance (EPLI) policy.
To avoid unpleasant surprises, it is important to work with an insurance professional in this area.  Additional questions?  Ask us, we’re here to help!  For additional information about our insurance products, no-cost advice or for your free, no-obligation insurance quote, please contact the professionals at Insurance Partners Agency, Inc., headquartered in Ohio today at (800) 229-5266. It will be a pleasure to assist you.
Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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Mobile Devices Pose Data Breach Threats

[ 0 ] March 27, 2013

Insurance Partners Agency, Inc. - Headquarterd in OhioThe widespread use of smartphones and tablets in the workplace is exposing more businesses to become liable for any sensitive data that has been compromised. How can your company protect itself against this threat – and how much authority do you have over an employee’s personal device if it’s also used for work-related activities?

Another emerging risk linked to these devices is a “bring your own” policy that many companies have adopted as a way to save costs by having employees spend their own money on smartphones and tablets that are constantly evolving and updated. This approach raises questions about separating company data from personal information on the device. For example, when an employee leaves, does a business have the authority to wipe the information from his or her smartphone? According to some authorities, if an employee connects a personal device to a company network, the company has inherited responsibility for the data stored on it.

To deal with this risk, you need to provide every employee who uses these devices with training, updated annually, on how to respond in case of loss or theft. To minimize potential liability for lawsuits by customers and clients, make sure that the individual responsible for the mishap informs management immediately. The compromised information might include everything from sensitive data (financial or medical) contacts, photos, call history, personal notes – you name it.

You can also use insurance to protect yourself against losses from data breaches. A policy will provide Liability coverage that deals with legal costs and third-party expertise (such as forensics firms to analyze a breach and call centers to provide information and public relations.) Coverage might also include services such as access to tools to estimate costs, a checklist for your planned response to a data breach, and access to experts who can answer questions and review your company’s policies and procedures.

Still have questions about Commercial Insurance or do you need a new insurance policy? Well, contact Insurance Partners Agency, Inc., headquartered in Ohio today at (800) 229-5266 . It will be a pleasure to assist you.

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
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Concealed Weapons Complications

[ 0 ] March 13, 2013

Insurance Partners Agency, Inc. - Headquarterd in OhioThe nationwide debate over gun control in the aftermath of the Newtown massacre has raised a number of issues — including potential insurance liability for businesses in states that permit citizens to carry concealed weapons. Here’s why:

A company that allows customers or visitors on its premises has a legal obligation to exercise “reasonable care” in keeping them safe, a responsibility that includes warning them about any hidden dangerous conditions. For example, in states with “concealed carry” laws, a store owner might need to post warnings that sales clerks are armed.

Let’s say that an employee carrying a concealed weapon negligently or deliberately shoots a customer who is legitimately on the premises of the business — and the customer then sues the employer for bodily injury. On the other hand, suppose that an employer forbids workers from carrying weapons on the job. If an employee is attacked and beaten at work, he or she might sue for damages from bodily injury, claiming that the employer’s ban on firearms in the workplace impaired the employee’s ability for self-defense.

Although your Commercial General Liability (CGL) policy should provide coverage against such claims, it makes sense to minimize this risk by taking pre-emptive action. One effective approach: To seek an exemption from the scope of the concealed-weapon law (if one doesn’t already exist), giving you the authority to forbid weapons in the workplace. Make it clear to all employees and potential employees that company policy forbids bringing weapons onto the premises. You might also conduct comprehensive pre-employment screening to help hire stable, sensible people who are unlikely to settle disagreements with lethal force.

To learn more about protecting your business against the potential problems created by concealed carry laws, feel free to get in touch with us at Insurance Partners Agency, Inc.!

Insurance Partners
Insurance Partners Agency, Inc.
26865 Center Ridge Road
Westlake, OH 44145
Phone: (800) 229-5266
www.inspartners.com
Email Us Today
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