Posts made in December, 2016

Keep Your Home and Business Safe this Holiday Season

Posted by on Dec 22, 2016 in Business Insurance, Personal Insurance | 0 comments

Keep Your Home and Business Safe this Holiday Season

As children write lists and Santa checks them twice this time of year, don’t forget the important items on your own list: your home and business! As many as 98 million people travel this time of year, so as you make Hanukkah, Christmas, Kwanzaa, and New Year’s travel plans, be sure to take the proper steps to protect your properties while you’re away. Not only do burglars know many people are away this time of year and take advantage of that fact but water and fire damage are also more likely to occur due to festive decor and weather conditions. When you leave your home and business unoccupied, you leave them at risk — but you can help protect these investments when you take the proper steps. If it takes a burglar more than 4 to 5 minutes to get into one of your properties, he or she will likely move on to the next place. Using these quick and easy strategies to keep your home and business safe can deter burglars and help protect your properties from disaster if you plan to travel this holiday season: Keep travel plans offline. While it’s fun and tempting to update friends and family members about your exciting travel plans, burglars can also use this information. It advertises exactly when you’ll be leaving your home or business empty. By keeping your travel plans offline, potential criminals are less likely to know whether someone is there or not. Use lights. Install bright lights that shine on doors, windows, and any other potential break-in locations. This can deter burglars because it makes it more difficult for them to conceal entry. Also, use indoor light and lamp timers to give the appearance that someone is home in the event someone is casing your home or business. Ask a friend or neighbor to stop by. If someone shovels snow and picks up mail, packages, and newspapers, it furthers the appearance that someone is taking care of your properties. When nobody completes these simple tasks, homes and businesses are easy targets for break-ins. Mind holiday lights. Holiday lights — especially on real holiday trees that dry out over time — are huge residential fire dangers. Make sure to unplug all lights, heaters, and any extra electronics to help protect your properties safe from fire while you’re away. Keep pipes from freezing. If your home and business are in a cold climate area and you’ll be leaving them unattended for an extended period of time, make sure to disconnect all garden and outdoor hoses, keep interior temperatures at least 68 degrees, and open cabinet doors in front of pipes so heat can circulate to prevent freezing and, thus, bursting. Get proper coverage. Despite your best efforts, catastrophes and losses can still happen. Make sure you properly ensure your home and business in the event something happens while you’re away. It not only offers financial protection but also gives you peace of mind to enjoy your trip. When you’re planning your holiday travels, make sure you’ve properly protected your investments so they’re just as you left them upon your return. As you make travel plans and cross off to-do items on your list, make sure to contact the experts at Concklin Insurance. We’ll help you determine your insurance needs and make sure your home and business are properly covered in the event of a break-in or disaster while you’re...

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Don’t Fall into the Insurance Gap!

Posted by on Dec 6, 2016 in Franchise Insurance | 0 comments

Don’t Fall into the Insurance Gap!

As a franchise owner, you’re probably well-aware of the many decisions you must make and policies you must uphold to remain in compliance with the typical franchise disclosure document (FDD) or legal agreement you signed and enacted when you purchased your business. While these documents vary in depth and content, one of the key elements all FDDs include is insurance requirements. The typical business insurance requirement in your FDD will cover your operation from standard claims — including employee injury and the resulting workers’ compensation — to property loss or damage and liability insurance that will protect you and your business from being legally sued or held liable in the case of malpractice, negligence, injury, or even death. But in the very complicated and ever-changing world of franchise insurance, it’s important to understand your policy and ensure you and your business are adequately covered. Even if you’re in compliance with your FDD, you may still be unaware of dangerous gaps in your insurance coverage. Gaps in your franchise insurance coverage can come in a variety of forms. The most overlooked omissions and gaps occur in these ways: Insufficient Coverage — Depending on the insurance plan you have in place for your franchise, the policy may not be enough to cover you, your business, employees, and customers in the event of a major catastrophe, injury, death, or other unforeseen situation. Out of Compliance — Despite your best efforts, we often run into franchisees who believe they’re meeting the needs of their insurance requirements per their FDD, but in actuality, their policies are not compliant with the standards set by the agreement. Property Coverage — Not all franchise insurance policies cover the property itself, and others many not have sufficient coverage to protect all your businesses property in the event of theft or damage. Umbrella Insurance — Umbrella insurance coverage kicks in when you’ve maxed out other forms of insurance. Many franchise owners do not carry this type of policy, but it can protect your business, tools and equipment, property, and more in the case of a catastrophic event that exceeds your standard coverage. Employment Practices Liability Insurance (EPLI) — EPLI covers you and your franchise if a current or former employee sues you on the grounds of your business practices violating her or his legal rights. Many franchisees do not carry this kind of insurance, but recently, these types of claims are on the rise and, as such, EPLI coverage may be necessary. Workers’ Compensation — Your FDD likely mandates that you hold workers’ comp insurance, an insurance plan that covers employees who have been injured or become disabled on the job with a financial benefit. However, it’s possible your policy is not sufficient to cover your franchise. Cyber Liability — In our digital world, it’s important to ensure your franchise is covered in the event of a data breech or loss of personal information. Coverage for such events is available through cyber insurance, but many franchisees don’t carry this type of policy. Depending on your business type, this insurance may be necessary. Errors and Omissions (E&O) Liability — If your provide a service rather than a physical product, carrying E&O Insurance may be necessary to protect you and your franchise in the event a customer sues you on grounds your service caused damage or distress. Many FDDs include E&O insurance, but some may not, leaving you and your franchise at risk with an insurance gap. For example, in recent years, the relationship between franchisee and a franchisor has changed in a way that now makes it standard that a...

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