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Jul 07
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Cyber Risks for Temporary Staffing Agencies

By Cyber Security Awareness

Temporary staffing agencies specialize in connecting client employers and employees. Whether you work in a staffing agency or are a potential client or temporary employee, discover cyber risks for temporary staffing agencies as you protect yourself.

Personal Information

Digital information theft has become almost more common than physical theft. Since the majority of staffing agencies make connections online, a variety of personal and confidential information found on cover letters, resumes and job descriptions is at risk, including:

  • Social security numbers
  • Addresses, current and former
  • Former employers
  • Other identifiable information

If this data is compromised or stolen, the agency is liable.

Breach by a Temporary Employee

Once a temporary employee is placed in a job, the staffing agency remains responsible for that employee. If the employee steals information or causes a security breach, the staffing agency could be held liable.

Breach by a Partner Employer

A partner employer may not use strict security measures. That means the agency or temporary employee’s information could be at risk or the temporary employee could easily breach the network and steal confidential information. In that case, the staffing agency could be liable.

How to Combat Cyber Risks for Temporary Staffing Agencies

Now that you know the cyber risks, learn how to combat them.

Purchase cyber insurance.

As a temporary staffing agency, make sure your cyber insurance policy us up-to-date. Ask your partner employers to purchase cyber coverage, too, that covers both full-time and temporary employees.

Secure information.

Resumes, cover letters and all data must remain secure. Use data encryption and update your IT security system, including software and passwords, regularly.

Review your errors and omissions coverage.

An E & O insurance policy protects the staffing agency if they’re negligent in recruiting, hiring or placement. However, it may exclude claims related to network security or privacy breaches, so review your Errors and Omissions coverage to ensure you’re protected.

Communicate regularly.

An open communication policy with partner employers and temporary employees ensures everyone feels comfortable sharing concerns. It also allows you to follow up and ensure everyone follows security procedures.

Write a clear Employee Handbook.

Ensure all your staff and temporary employees know the proper procedures for maintaining privacy and securing data.

Establish responsibility.

When a breach occurs, you have to decide who has responsibility. It could be the temp agency, the employer or the employee. Be clear in your contract for each job about who has responsibility.

When you know the potential cyber risks for a temporary staffing agency, you can take steps to protect the agency, client employers and temporary employees. Discuss your specific needs with your insurance agent as you purchase the right cyber insurance coverage and protect your assets.

Jul 07
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Cyber Risks and Hacking Threats to Self-Driving Car

By Cyber Security Awareness

Self-driving cars are projected to be available via mass market by 2020. These vehicles are becoming more popular because they reduce accidents, congestion and fuel consumption, increase rider productivity and improve mobility. Despite these benefits, self-driving cars are at risk for cyber and hacking threats that can cause accidents, create chaos or perpetrate terroristic acts. Learn more about the cyber risks and hacker threats to self-driving cars as you prepare for the future.

How do Self-Driving Cars Work?

The technology that makes self-driving cars work is pretty amazing. Each vehicle is equipped with technological components, such as cameras, radar, sonar, LiDAR, GPS and sensors, that instruct the car on how to behave and where to go. The car also connects to a system that gives it information about its surroundings.

Ways Cyber Risks and Hacker Threats Compromise Self-Driving Cars

The same technology that operates a self-driving car also makes it vulnerable to cyber risks and hacker threats. If any part of the self-driving car’s connection or system is compromised, the car will perform improperly. Even an attack on a passenger’s personal smartphone, tablet or laptop could potentially interfere with the vehicle.

There are three distinct phases to a cyber attack on a self-driving car.

    1. Hackers access a car’s electronic control unit.
    1. They inject incorrect code into the unit.
    1. The car malfunctions and improperly brakes, moves in an unexpected direction, runs into objects or people, stops in the middle of the road or is taken over by a malicious person.

Solutions to Self-Driving Car Cyber Risks and Hack Threats

Manufacturers, researchers and security specialists take cyber risks and hack threats seriously. They’re working hard to overcome the obstacles and make self-driving cars safer for everyone.

One example is the Automotive Information Sharing and Analysis Center (Auto-ISAC). Manufacturers share threat data that’s used to correct components, networks and systems, reducing cyber risks and threats to self-driving cars.

Also, groups like the Cyber Statecraft Initiative for the Atlantic Council test vehicles and determine potential security flaws. Also known as white-hat hacking, they have discovered ways to hack into every major car system, including the windshield wipers, air conditioning unit, engine and transmission. Their findings make self-driving cars less vulnerable and more secure.

Manufactures are also investigating system updates. Right now, owners must visit the dealership for software updates. Researchers are working on reducing this delay and finding a more efficient way to perform these and other essential updates.

Researchers are also analyzing the GPS. At the first signs of erratic driving or other signs of a hack, someone can then notify authorities to access the vehicle’s system and prevent an accident or damage.

No one can anticipate a cyber attack or hack. However, the vehicle industry can secure its network and take steps to prevent cyber risks and hacking threats to self-driving cars.

Jul 07
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Is Your Business Exposed?

By Risk Management Bulletin

The September 11 terrorist attacks caused immense loss of life, human suffering, and property destruction, particularly at the World Trade Center in New York City. The insurance losses from injuries and property damage were very large. However, the losses resulting from businesses in the area having to shut down for extended periods of time were huge. Businesses filed nearly 5,500 business interruption claims for more than $12 billion following 9/11. For many organizations, the loss of income coupled with continuing expenses after a fire or other disaster can be even more devastating than the damage itself.

To increase the chances that a loss will not shut operations down permanently, organizations must assess their exposures accurately by asking some questions.

What is the most the organization could lose from a shutdown? 

Commercial Property insurance policies define “loss of income” as the sum of the expected pre-tax profit or loss and necessary continuing expenses. For example, if the expected profit is $300,000 and necessary continuing expenses are $100,000, the potential loss of income is $400,000. To calculate their exposure to business interruption losses, organizations should refer to their balance sheets, profit and loss statements, and cash flow statements. Insurance companies also have worksheets available to assist with the calculation.

How much insurance should be carried? 

Once the organization knows the dollar amount of its exposure, it must decide how much Business Interruption insurance to buy. The key considerations are the length of time the insurance is likely to apply and the coinsurance percentage the organization must meet. Coverage usually begins 72 hours following the damage to the property and ends when business resumes at another location or when the building should be repaired with reasonable speed, whichever occurs first. If the organization decided that the coverage period would be around six months, it could buy an amount of insurance that would satisfy a 50% coinsurance requirement. If the interruption would last longer, higher coinsurance percentage and limits would be necessary.

How long will it take business to return to normal? 

Even after operations resume, it could be some time before revenue returns to normal levels. Customers who had gone elsewhere during the shutdown might be slow to return. The standard insurance policy extends coverage for 30 days after operations resume, but some businesses might need more time than that, especially if their businesses are seasonal. For example, a seaside restaurant in New Jersey that makes most of its profits during the summer will need additional coverage even if it can re-open in November.

How much of the normal payroll expense will continue during the shutdown? 

The organization will need the continuing services of some employees while it attempts to re-open, but other employees might not be necessary. For example, accounting staff will be needed to pay mandatory expenses such as property taxes and collect receivables earned before the shutdown. Employees who stock shelves will not be needed if there are no shelves to stock.

Does the business depend on other businesses for revenue? 

A business can suffer a loss even if its own building is untouched. A loss that shuts down a key customer or supplier or damage to nearby property that causes authorities to close off access to the street can devastate a business’s bottom line (this happened to many businesses affected by 9/11). Special insurance coverage is available to protect against this possibility. Our professional insurance agents can help you answer these questions and identify insurance companies that can meet coverage needs. With some effort and planning before a loss happens, an organization can emerge from a shut down and return to profitability.

Jul 07
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What is Occupational Hazard Insurance?

By Risk Management Bulletin

Almost any job can be risky, but some jobs are more dangerous than others.  Occupational Hazard Insurance offers invaluable coverage for anyone who works in a dangerous job. Learn more about Occupational Hazard Insurance, especially if you work in a dangerous occupation.

What is Occupational Hazard Insurance?

Your risk of injury or death increases when you work in a dangerous job. Occupational Hazard Insurance provides financial resources to you or your loved ones if you suffer an injury or die while performing your job. It’s protective coverage that gives you peace of mind.

Who is Eligible for Occupational Hazard Insurance?

Employees who work in dangerous occupations are eligible for Occupational Hazard Insurance. However, each insurance carrier has different eligibility requirements.

Typically, you must be between 18 and 70 years of age to qualify for the coverage. Additionally, you may be required to undergo occupational training. Other special requirements can include licensing or a specific business model. For example, truck drivers must have a valid license and be self-employed or work as independent contractors to obtain this insurance.

How Much Occupational Hazard Insurance do you Need?

Every state implements different regulations for Occupational Hazard Insurance. Check your state’s requirements to ensure you purchase enough coverage.

You’ll also want to purchase enough coverage for your needs. Be sure your policy covers your regular bills or is enough to give your survivors adequate financial resources to meet their needs and maintain financial security.

What are the Benefits of Occupational Hazard Insurance?

Most Occupational Hazard Insurance coverage includes several benefits. Check your policy for details. In general, a policy will cover:

  • Accident-related medical and dental expenses
  • Accidental death or dismemberment
  • Temporary or permanent disability
  • Reduction in disability income
  • Severe burn benefit
  • Paralysis
  • Survivors benefits

How Much Does Occupational Hazard Insurance Cost?

Expect to pay more for an Occupational Hazard Insurance policy since you are working in a dangerous job and the insurance company takes a big risk in insuring you. Additionally, other factors affect your premium. They include your:

  • Age
  • Industry
  • Safety history
  • Amount of coverage
  • Type of coverage

Your insurance carrier may also consider other factors when determining the cost of your premium. Discuss the details with your agent.

You may also wish to shop around. Compare policies and costs as you find the right Occupational Hazard Insurance for your budget and needs.

Occupational Hazard Insurance gives you financial resources if you’re injured or die on the job. It’s valuable coverage, so discern your needs and options before you work another day.

Jul 07
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The Importance of Proper Safety Training

By Risk Management Bulletin

This real-life case reinforces the need for every business to provide OSHA-required training.

A West Virginia company assigned a new employee – call him Jim – to drive a forklift, even though he had no experience or training in forklift operation “There’s nothing to it,” his supervisor told Jim. “It’s just like driving a car.” However, his first few weeks on the job turned out to be bumpy. Several times on each shift, while driving the forklift, he would knock things over. Although the supervisor warned Jim to be more careful, he continued to bump his way through the workday, leaving a trail of destruction wherever he went.

About three weeks after being hired, Jim’s supervisor instructed him to drive down a narrow aisle between two rows of stacked, loaded pallets. After objecting, Jim reluctantly proceeded down the aisle. His left foot, which was dangling outside the forklift where it shouldn’t have been, became pinned between the forklift and the wall of pallets. Jim suffered multiple fractures of the foot, together with a badly twisted knee; both injuries required surgery. Instead of going back to work, Jim went to court, filing suit against his employer and his supervisor for negligence.

His argument was clear: The company and his supervisor failed to provide safety training that could have prevented the accident. Jim’s attorney told the court that, although OSHA regulations mandated specific training, testing, and certification for forklift operators, the company had not trained, tested, or certified him. This meant that Jim should not have been operating a forklift – and if he hadn’t been doing so, the accident would not have taken place.

The Supreme Court of Appeals of West Virginia agreed, ruling there was sufficient evidence to prove that both the employer and the supervisor were negligent. When they hired the employee; they knew that federal law required proper training or certification of forklift operators. Allowing Jim to drive a forklift without proper training was an act of negligence.

The message: Failure to provide OSHA-required training is a huge mistake. Whenever you hire new employees or assign workers to new jobs with new hazards, make sure that they receive proper training from the get-go. Never allow an employee to operate dangerous equipment or perform any other hazardous job until they have completed the required training and demonstrated competence, as well as understanding the hazards and necessary precautions.

Jul 07
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Purchasing Mortgage Points

By Personal Perspective

When homebuyers begin to think about mortgages, invariably they get around to discussing “points”, and whether or not to pay them on their mortgage. To make a wise decision, they need to gain an understanding of what points are and how they affect rates.

A point is equal to 1% of the total amount of the mortgage. There are two types of points: “origination points” and “discount points.” Lenders charge origination points in order to cover the expenses associated with underwriting the loan. Lenders charge discount points that are designed to reduce the loan’s interest rate. Discount points are actually prepaid interest that you give the lender when you take out a loan. Each point lowers your interest rate by one-eighth of a percentage point.

As a rule, the more discount points you pay, the lower the interest rate on your mortgage will be. On the other hand, the more points you pay, the more cash you will need because points are paid in cash at closing. This is why they are referred to as a “discount.” You are actually paying for a discounted interest rate over the life of the loan with the advance of cash before the loan begins. Although points are usually paid at closing, some lenders may agree to finance points along with the rest of the loan. Be aware of the fact that lenders advertising low interest rates may charge more for their points.

How should a homebuyer decide whether or not to pay points? Sometimes the answer to that question is decided for you by your financial situation. If you are short on up front cash, or your income is on the low side of the acceptable range, you will need to avoid points. If the amount of cash you have on hand is low, avoiding points will enable you to have enough money to fund your closing costs. If you have some extra cash on hand, but you are income-short, it is necessary to find the lowest rate available. This is so the mortgage payment won’t be viewed as too large relative to your income level.

If you aren’t affected by either of these conditions, then you should make your decision based on two factors. The first consideration is time. If you expect to hold the mortgage over the long-term, meaning seven to ten years, then paying points to reduce the rate is a good idea. If you plan on selling before seven years, then you are better served paying the higher rate.

The second factor to consider is how much paying points will cost you in terms of lost financial opportunities. For instance, will paying points mean tapping into money previously earmarked for other purposes such as saving for retirement? Do you have the time to compensate for the money that will not be used for retirement savings? Even if you live in your home a long time, are there other uses for that money that take priority over the long-term savings gained from a lower interest rate?

Before you make a final decision about points, find out what interest rate you will pay and what the points will cost on each mortgage you are considering. Then compare the loans side-by-side so you can get a true picture of which mortgage offers the better deal. Finally, evaluate if you will have enough available cash on hand to take advantage of opportunities or to meet unexpected emergencies if you pay for points. By investing the time in this two-step process, you will make an informed decision on whether or not purchasing points is right for you

Jul 07
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What You Should Know About Personal Sailboat Insurance

By Personal Perspective

You bought your boat to enjoy it on the water. What happens though when your boat is damaged or you run into something and need repairs? Boat insurance protects you and your assets. Here’s what you should know about personal sailboat insurance.

What Does Personal Sailboat Insurance Cover?

Your personal sailboat insurance policy may cover a variety of issues.

    1. Liability

      Pay for injuries or property damage you are legally liable for.

 

    1. Collision

      When your boat collides with another boat or object, this coverage pays to repair the damages.

 

    1. Comprehensive

      Any losses not related to collisions, including theft, fire or storms, are covered by comprehensive insurance.

 

    1. Uninsured or Underinsured

      Pay for bodily injury expenses associated with a collision with an uninsured or underinsured boater.

 

    1. Medical Payments

      Cover medical expenses if you or your passengers are injured on your boat.

 

    1. Personal Property

      Replace lost or damaged personal items, including stereo equipment, clothing or food.

 

    1. Mechanical Breakdowns

      Cover necessary repairs or replacement of the motor, even if the cause is normal wear and tear.

 

    1. Towing Assistance

      Receive towing services, fuel delivery, jump starts and other assistance from your insurance company.

 

    1. Total Loss Replacement

      If your new boat is totaled within five years, receive a new boat or the equivalent of the cost you paid for your boat.

 

    1. Fishing Equipment

      If your fishing equipment is damaged, pay to repair or replace it.

How to Purchase Personal Sailboat Insurance

As soon as you purchase a boat, talk to your insurance agent. They can assist you in choosing a customized insurance policy that protects you on the lakes, rivers and waterways you’ll sail on.

Remember that personal sailboat insurance may only be available on boats that meet length requirements. Additionally, you may need to submit a marine survey or navigation plans.

Tips to Save Money on Personal Sailboat Insurance

There are several ways to save money on your personal sailboat insurance. First, ask about possible discounts, including:

  • Multi-policy discount
  • Boater safety course discount
  • Safety features or equipment discount
  • Diesel fuel discount
  • Payment discount if the annual premium is paid in full
  • Claim-free renewal discount

You may also customize your coverage and choose only the options you truly need. A higher deductible and selecting Actual Cash Value rather than Agreed Value (replacement value) are additional tips that help you save money on the insurance coverage you need.

Before you take your new boat out for a spin, purchase personal sailboat insurance. It protects your assets and gives you peace of mind.

Jul 07
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Educate Your Children about Money

By Personal Perspective

Want to make sure your little one grows up to be a money genius? It’s time to get to work. You might be thinking, “But my son just mastered potty training!” However, it’s never too early to start grooming your child into a money-managing pro. Although your children will probably learn the basics about money in school, it’s up to you to teach them how to manage their finances. Here are a few tips to help you raise a money-managing genius.

Start early. 

From the time children start walking and talking, you can start teaching them some important lessons that will put them on the financial fast track. Of course, the complexity of these financial lessons will depend on your children’s ages.

Teach preschoolers about money by showing them how you use those mysterious green bills to make every day purchases. When you’re paying the cashier at the grocery store, explain that you are giving the store money in exchange for the items in your cart. Once your little urchins learn how to count, you can really get down to business. Help them tally up the coins in their money bank and discuss how much more they need to buy that fancy toy. When they’re preteens, show them how you balance the checkbook, pay the bills, and deposit checks at the bank. By the time they’re in high school, you should be talking to them about your family budget and investments. You could even check your IRA or 401(k) statement together. Your teens might not fully understand all the specifics right now, but these exercises could plant those first financial seeds.

Make them work for it.

If you want your little ones to blossom into true financial planning masterminds, make them work for their weekly allowance. Don’t just hand over a wad of cash. If you set that precedent now, your kids will be in for a rude awakening when they enter the real world. So, if your son insists that he has to have that super-cool, high adrenaline Xbox game, don’t hand it over immediately; make him work for it. Tell him if he really wants that game, he’d better get busy mowing the lawn, taking out the trash and bathing Fido.

Although some parents are anti-allowance, many financial experts say that a weekly allowance is often a great learning tool. Your children will learn that they have to work to earn money, and then they will have the option to either spend or save that money in whatever way they choose. Before you agree on a weekly allowance, it’s important to set some ground rules. Figure out which household chores your children will have to complete each week in order to receive their weekly pay. You can even help them set “financial goals” with their allowance. For example, if your daughter has been eyeing a pair of designer jeans, tell her that she could buy them if she saves up her allowance for a couple of months. This teaches her a valuable lesson about saving.

Give him a head start. 

Want to give your kiddo a financial head start on his path to financial security? If you’ve got the cash, and they have some amount of earned income, you might consider making a small monthly contribution to an IRA in their name. When it comes to retirement accounts, the sooner you start investing, the bigger the nest egg grows. Here’s an example: If you contributed $56 a month from the day your child is born until her 18th birthday, her retirement account will grow to $1 million by the time she’s 65 (assuming an 8% average annual growth). If you decide to open an IRA in your child’s name, sit down with her and tell her how it works once she’s old enough to understand. This will teach her the importance of investing and saving.

Lead by example. 

Of course, the most effective way to teach your child about money is to demonstrate smart financial planning yourself. You can’t rightly tell your child how important it is invest and save when your own savings account is empty and you’re busy racking up thousands of dollars of credit card debt.

In other words, if you’re going to talk the talk, you’ve got to walk the walk. After all, children generally mimic their parents’ behavior and develop similar habits. So, if you want your child to be financial planning genius, you’ll have to become one yourself. With a little bit of encouragement, lots of love, and plenty of financial advice, you can put your kiddo on the road to financial brilliance.

Jul 07
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Should You Consider Long-Term Care Insurance?

By Life and Health

Chances are, you are like the majority of individuals who have reached middle age. The primary concerns in your life are paying your monthly bills, making sure your children receive a good education, as well as the all-important goal of saving some money every month for retirement. At this point, it seems a long way off, but do not be deceived; it will be here sooner than you think. You might have heard about Long-Term Care insurance, but you probably dismissed it with questions such as “What is it?” or “Who needs it?”

The answer is that you do, and so does everyone else. You might reply that you already have Health insurance. If you do, congratulations; it is hard to get in today’s political climate. The problem with most health insurance is that it does not cover what are known as custodial expenses. These expenses arise from custodial care, which is defined as the care needed as a result of the inability to carry out tasks relating to the following daily activities: bathing, dressing, eating, continence, toileting and transferring.

As people age, many of them find these basic tasks harder and harder to do without some form of help. The need for this type of care necessitates having Long-Term Care insurance, which can provide the monies necessary in order to hire and maintain the proper care needed. This is made even more necessary by the fact that people are living much longer, sometimes 20 or 30 years beyond retirement. Oddly, the fondest wish of these people is to remain independent. Fortunately, they can do so if they obtain Long-Term Care insurance.

The best time to do this is when someone is in their mid-forties, because that time of life is when insurance companies offer the lowest rates and premiums for their policies. Children can also purchase it for their aging parents. If they do not, there are two options left if something goes wrong, both of which are very unattractive. They either have to pay for the cost of their own income, or their parents have to pay for it out of their assets.

When you take into consideration the fact that this care routinely costs $75,000 and up annually, this is a tremendous burden to take on for either the children or the parents. Statistical research reveals that the average retired couple exhausts their savings in a matter of months when paying for care themselves. Even wealthy retirees find their money severely shrunk, which lives little for their children or grandchildren.

Long-Term Care insurance from a reputable and trustworthy insurance company can help retirees receive the care they need at a price they can afford both now and 20 or 30 years from now. Buyers must exercise the virtue of prudence when choosing a policy; each one comes with a set of circumstances and options to consider. After taking care of these, they are then free to enjoy the peace of mind that results from an effective Long-Term Care policy. Our professionals can help – call our office today!

Jul 07
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Tips That Help Female Breadwinners Handle Life Insurance Payments

By Life and Health

Several recent reports have discovered that the number of female breadwinners is growing. Women are largely unprepared to manage a large payout from a life insurance policy or inheritance, however. The results of these reports can motivate and empower you and the women you love to take steps toward financial confidence.

Female Breadwinners are on the Rise

According to the Center for American Progress, up to 42 percent of moms are the sole or primary breadwinner in their home, meaning they earn at least half of the family’s income. An additional 22 percent of moms are co-breadwinners earning between 25 and 49 percent of the family’s total income.

Female Breadwinners Feel Financially Unprepared

Despite their increased earnings, many women don’t feel prepared to handle an inheritance or other large financial gift reports RBC Wealth Management. With this money, a family could repay debt, save for retirement or contribute to a child’s college tuition, but they may squander it if they don’t have a sound financial plan.

How to Find an Inheritance

Based on the findings of these reports, women are encouraged to take steps to boost their financial confidence. They can handle a life insurance payment or other inheritance wisely with help.

Find a financial advisor.

If you don’t already work with a trusted financial advisor, make time to find one. He or she will be:

  • Trustworthy
  • Qualified
  • Certified
  • Sensitive

Interview several candidates before you choose one. This way, you can compare the commissions, ensure you’re on the same page and know that the person you hire will put your needs first.

Wait one year.

It’s smart to take your time and make thoughtful financial decisions. The money you receive can provide you and your family with substantial benefits for years to come if you plan wisely.

Prioritize your current and future needs.

You may consider buying a luxury car or dream vacation with your inheritance, but prioritize your spending. Balance current needs with future needs so you’re not part of the 70 percent of people who receive a windfall and are broke within a few years.

Take action.

With the help of your financial advisor, take action to spend your inheritance wisely. Ask for small, actionable steps that assist you in achieving your goals. When you have a specific and detailed plan that’s broken into small pieces, you feel less overwhelmed and more confident about managing your money.

Female breadwinners may be unprepared to handle a life insurance payment or other inheritance, but they can learn how to manage money successfully. Ask for help and take charge of your finances today.

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