JANUARY 23RD, 2012
By ADMIN
With the nation slowly emerging from the worst economic recession in generations, it is all too often that cash-starved or nearly bankrupt customers cannot pay for the goods and services they ordered. This can mean major losses and hardship for your company, which can ultimately put your business in jeopardy. But, it doesn’t have to be this way.
A trade credit insurance policy can help your company more confidently achieve its financial objectives by:
* safely expanding sales efforts with no additional exposure
* reducing bad-debt reserves to free-up working capital
* complementing existing credit management practices
* ensuring continuity of business operations
* helping when negotiating better borrowing terms with banks
Companies with trade credit insurance policies have a unique edge when competing for business as they can offer prospective and current customers better credit terms, without putting their own bottom line in jeopardy.
Because trade credit coverage is both easy to obtain and affordable, companies across a broad range of industries have benefited from this type of protection, including but not limited to manufacturers, wholesalers, retailers, distributors and service providers.
We are excited about offering this creative business solution. We welcome the opportunity to speak to you, and I invite you to schedule a complimentary consultation to learn more about trade credit protection… It may prove to be the smartest move you can make.
DECEMBER 21ST, 2011
By ADMIN
I am pleased to announce that HUB International Personal Insurance was just ranked #1 on a list of the largest privately held personal lines agencies* in the US for the second consecutive year. HUB Personal Insurance, a specialized practice within HUB International, is dedicated exclusively to serving individuals and their advisors, in procuring general liability and property policies for their homes, automobiles, boats, fine arts and other valuables.
As we move into 2012, we are committed to provide our commercial and personal clients with the best coverage and service, which has served us well in making HUB one of the top brokerages in the country. On behalf of HUB International, we wish you and yours much success, good health and prosperity in the new year!
Happy Holidays from HUB!
* Insurance Journal, November 2011.
NOVEMBER 21ST, 2011
By ADMIN
According to the Fulbright report on litigation trends, the fastest growing area of litigation is wage and hour issues. In fact, the U.S. Department of Labor estimates that close to 70% of employers routinely violate wage and hour regulations. Unfortunately, many do not realize it until they are sued or hit with substantial penalties for noncompliance.
Many Employment Practices Liability Insurance (EPLI) policies simply exclude wage and hour coverage altogether, while the policies that do cover against this exposure provide limited coverage for defense costs. Even a business which may be in full compliance with the law, could find itself burdened with footing the legal bills to defend against a claim filed by an employee, who is eagerly represented by a law firm experienced in filing these types of lawsuits.
Here are several action items to limit your risk and correct problems before they get costly:
• Review your compensation practices, especially classification of employees as exempt or nonexempt.
• Maintain complete, updated and secure employee records.
• Ensure the accuracy of time records.
• Establish well-defined workplace policies and procedures.
• Determine overtime accuracy to avoid noncompliance penalties.
Consult your insurance brokerage about coverage for wage and hour claims.
OCTOBER 21ST, 2011
By ADMIN
Analysts have been predicting a turn from our existing soft insurance market to a hard market, characterized by higher insurance premiums, steady rate increases and increased difficulty in obtaining certain types of insurance.
The aftermath of many catastrophic natural disasters, in conjunction with the continued economic uncertainty, has insurers and reinsurers posting their worst financial results in years. Analysts now predict that these events will likely trigger higher property premiums in 2012, followed closely by increases in casualty pricing.
Increasing insurance costs are a worrisome proposition to individuals and businesses that are already faced with a sluggish economy. Carriers will begin to underwrite much more selectively, favoring buyers that have strong management, financial stability, aggressive claims management and a commitment to loss prevention. Now is the time to position your business as Best in Class, so that when insurers do become more selective, your risk is at the top of their list.
Through a detailed risk assessment, a HUB insurance specialist can help you identify how you can better position your company to achieve Best in Class status. Implementation or updating risk control procedures, claims management strategies, and risk tolerance reviews are a few ways we can assist.
AUGUST 24TH, 2011
By ADMIN
If you are like most New Yorkers, an earthquake striking our area was a remote thought at best until yesterday. A 5.8 magnitude earthquake striking the East Coast is a scary reminder of the potentially damaging effects a quake could have on a densely populated and tightly constructed metropolis such as NY.
Did you know about other recent earthquakes, including one in the Hamptons late last year, as well as two in Somerset County, NJ in 2010?
One major threat is the Ramapo Seismic Zone, which sits atop earthquake fault lines that run through NY, NJ and PA. The increasing magnitude of earthquakes, such as the recent ones in 2010, which ranged from 1.5 to 3.9 magnitude, could indicate that the quakes may be growing in intensity.
Without insuring against the risk, one could suffer terrible financial consequences. HUB International Northeast is at the forefront of this issue – click here to read a recent article on protecting yourself in the event of an Earthquake, featuring HUB.
Clients can mitigate risk by stepping up their natural disaster protection policy, which includes not only earthquakes, but Hurricanes as well. Few insurers offer coverage in high-risk locales, including East Coast areas that are only remotely exposed to the threat of hurricanes. But, HUB’s High Risk Homeowners’ Coverage for Earthquake and Wind Storm offers insurance that protects against natural catastrophes and covers wind or flood exposures.
Don’t wait for natural disaster to strike. Find out more about the coverage available in your area by scheduling a complimentary consultation with a HUB Northeast Professional online at www.riskfirewall.com
AUGUST 19TH, 2011
By ADMIN
Cloud computing continues to spread across the corporate landscape. And, while this web-based approach can be extremely productive and cost efficient for companies of all sizes, it comes with a set of serious risks.
Most important, as companies migrate to the cloud, they wind up for a period of time seeking to integrate their legacy systems with the cloud based application. This is where cracks in the system appear, as the two systems rarely match up well at first, leaving everything vulnerable.
Case in point: when a medical service provider or law firm moves to the cloud, and something goes awry, it is possible that patient or client records may be revealed unintentionally. This can expose the firm to costly and damaging lawsuits and litigation.
Fortunately, there is a way to protect against much of this exposure through the acquisition of specially designed technology errors and omissions insurance policies.
Other precautions include:
- Affirm the quality of your cloud application provider.
- Review their security procedures to make certain they are as strong as possible. An IT person at your company may need to perform this due diligence.
HUB can assess your company’s needs and identify the ideal coverage to enable you to benefit from the upside of the cloud while protecting against the risks associated with it.
HUB International Northeast, Your Firewall Against Risk, is frequently sought out as a voice of insurance authority by various media outlets including Financial Advisor magazine.
In the June 2011 issue of Financial Advisor magazine, Ben Mattlin published an article titled “Good Behavior or Bad?”, in which Raquel Lorenzo Murphy, an insurance specialist at New York-based HUB International Northeast, was quoted because of her extensive experience in the area of Life insurance.
Click here to view the full article.
- The season of barbeques, fireworks and friendly neighbors is here! However, it’s always important to be on the look out for potential dangers during the summer season that can result in injury, death and possibly a lawsuit.
- Watch for Intoxicated Drivers: Normally-sober drivers feel confident that they will arrive home safely because of the short distance. Unfortunately, many of them underestimate the influence alcohol can have on their driving. Drive with caution, paying special attention to other drivers on the road.
- Cook your Food Properly: A casual BBQ can easily become a haven for food borne illness. Be careful to not leave mayonnaise-based foods unrefrigerated for long periods of time, cook all your meats thoroughly, and cover all dishes from the elements and pests.
- Leave the fireworks to the Pros: It may be tempting to set off a few small firecrackers, but adult supervision is key. Not only do the Emergency Rooms fill up each holiday season with self-inflicted wounds, but children count for a significant percentage of those injured because of their proximity to the explosives and urge to light firecrackers themselves.
- Prevent Swimming Pool accidents: There is nothing nicer on a warm summer holiday than floating in a pool with the smell of grilling in the air. As much as pools can provide some people relaxation, they can also be the source of terror, particularly for parents. The Center for Disease Control and Prevention says that one in four fatal drowning victims in the U.S. is under 15 years old and thousands more receive emergency medical care for drowning-related injuries. The most effective way to keep children safe in swimming situations is through constant supervision, CPR knowledge and preparedness to rescue in case of a mishap.
- Protect your home while on summer vacation: Take common sense precautions such as getting timers for your lights and making sure your house looks as if someone is there at all times. Discuss with your broker how your policy will respond when and if, you need it.
- Beware of grill fires: According to The Fire Administration, 57 percent of grill fires on residential properties occur in May, June, July and August with an average of 8,500 burns treated in U.S. emergency rooms every year. But your grilling doesn’t have to be one of this summer’s statistics. While grills that use propane account for 70 percent of all house fires, simply checking your grill’s gas connections can protect you and your family.
Throughout the business world, there is a quest to augment new business development strategies, using social media as a platform to convert followers to leads to sales.
But while management is focused on the upsides, it’s time to understand and address the downsides as well. And they can be severe.
It comes as a shock to companies to learn that when employees misuse social media, their employers can be held accountable.
Assume a company sponsors a bulletin board on Facebook and an employee posts something demeaning or worse. It can create a complex and challenging legal dilemma, where competing interests are at stake: an employee’s freedom of speech vs. an employer’s management of risks. Put simply, employers can be held liable for the acts their employees commit. The employer is at risk of being considered an “advertiser” responsible for its employee’s statements, even if it did not sponsor or authorize those statements.
The good news is that there are specific insurance coverages available to protect your company from various threats pertaining to social media, including Crisis Management or Reputational Injury coverage to assist with a PR fallout.
“Many homeowners are unaware that while standard homeowners insurance generally covers damage from wind, it does not protect you in the event of flooding. If you want additional protection from flood damage, consider purchasing a separate flood insurance policy.” – Excerpt from the NY Daily News, June 20, 2011.
HUB International Northeast, Your Firewall Against Risk, is frequently sought out as a voice of insurance authority by various media outlets including The NY Daily News.
On June 13th, The NY Daily News published an article titled “Getting Ready for Tornado Season in New York City Means Preparing Your House, Insurance”, in which Dorothy Zaleski, Vice President of HUB International Northeast’s Personal Insurance division, was quoted because of her extensive experience insuring condos and co-ops in the New York City area against flooding, and other perils not typically covered under standard policies.
