Your property has adequate and appropriate coverage against fires, windstorms, collapses, even airplane strikes. What happens to the income loss during renovation?

Some companies spread this risk by maintaining two or more manufacturing plants, or the business can be handled through remote offices temporarily. How about your business?

Let’s assume you lose your main building for six months. Will the income loss be devastating? Will additional costs and expenses continue and drive you to the brink of bankruptcy?

Indirect losses can include production costs, extra expenses to operate, even extra expenses to deal with an unfamiliar supplier because your main source just burned down.

Review your sources, suppliers, infrastructure and determine the value of these items to your income stream. Do you absolutely need your physical plant, or would it be relatively easy to rebuild elsewhere? What net income would you lose while rebuilding? What expenses would continue regardless?

What are the critically important resources? Do you have a supplier who would be impossible, difficult, or costly to replace? How about your power supply. Do you have alternatives, or is this a one-source problem?

Each of these issues are a source of extra expense, loss of income or loss of net income exposures. Normally, this coverage is added to a fire coverage or even included in a business owner’s policy. Check with your agent and find out what options you have.

Take some time to prepare an emergency plan for your business. Your loss control service provided by your insurance company can help.

In the plan, begin with onsite issues like critical need machinery, buildings, equipment, or personnel. Move off campus and consider suppliers, power sources, customers, transporters, raw materials dealers, or retail outlets.

Anyone indirectly serving your company or buying from your company is a potential indirect loss. Suppose you’re the supplier and your biggest client burns to the ground, cutting off six months worth of sales. Do you have a contingency plan?

Emergency planning followed by insuring these potential losses can save your business.

If you have any questions or concerns about protecting your business please call Tracy Driscoll at 869-589-3434

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Your car is likely one of the most expensive things you own. Insurance protects your investment and guarantees a way of coping with the expense of accidents, vandalism or theft. It also secures your financial responsibility to the institution lending you money to buy your vehicle.

When you drive you are responsible for the safety of your passengers, your fellow drivers, other people’s property, pedestrians and yourself. Insurance helps ensure your ability to cover the costs of potential damages or injuries.

There are also requirements to be financially responsible in state laws, which are best satisfied through your insurance coverage. In most states insurance is a prerequisite to registering your car. So if you want to drive your own vehicle, you must be insured.

If you have any questions about insuring your car feel free to call Tracy Driscoll at (860) 589-3434.

 

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Playing outside isn’t just for kids. It has tons of benefits for adults. One of the unexpected ones may be that it can lead to lower life insurance rates. It’s not always easy to make yourself go outside and exercise, but knowing that the effort can keep you healthy and save you money can be enough for you get off the couch. The more fun you have exercising, the better the results will be.

Benefits of Exercise

Exercise burns calories and improves your health. Since life insurance rates are based on your health risk factors, regular physical activity can help lower your life insurance rates. These are some of the benefits of exercise.

* Lower risk for heart disease and stroke.
* Lower blood pressure.
* Lower blood sugar levels and risk for diabetes.
* Stronger bones.
* Better mood.
* Clearer mind.

Make a Commitment to Exercise

Set aside some time to exercise most days of the week. Aim for 30 to 60 minutes, but even 10 minutes is better than nothing. The trick is to find some activities that you love, and any activity that is fun and gets you moving is a good choice. These are some options.

* Walk, jog, bike, swim laps, or hike.
* Join a local sports league. On the days your league doesn’t meet, train for your sport by doing drills, lifting weights, and getting in some cardio.
* Take Zumba, boot camp or kickboxing in the park.
* Go surfing.

Take Advantage of Your Kids!

If you have children, they’re probably a significant reason why you have life insurance in the first place. Why not use them to help you get in shape? They’ll keep you laughing while you exercise.

* Play Tag, Follow the Leader, or Hide-and-Seek with younger children.
* Play catch, shoot hoops, or kick a soccer ball with older children.
* Walk around the field at your children’s sports practices, and run to chase any stray balls.

Everyone can find an activity that they love as long as they keep searching for it. Keeping yourself in shape will give you more energy and can keep your life insurance rates down.

If you have any questions regarding life insurance rates and policies feel free to call Tracy Driscoll at 869-589-3434, we are here to help!

 

Wrap-up policies insure a project rather than a company. The various contractors, subcontractors and builders each contribute to the premium in order to smooth out the typical liability issues that force construction to slow down. Included coverage is workers compensation, general liability, umbrella liability, property, and specific project coverage. Like all good and simple ideas, this one begins with a difficult decision.

Is your wrap-up going to be owner controlled or contractor controlled? If we’re all in the same insurance boat, why would this matter? We’re not in the same boat.

The “controller” is responsible for all deductible payments, excess premium and audit payments. The policy controller administers subcontractors and makes the safety decisions. Arguably, contractors or construction managers are in the best position to negotiate and administer their subcontractors; and this arrangement gives a clear line of authority.

The contract close-out completed operations issue becomes a potential source of controversy in an owner controlled policy. It takes about three years to close out a completed operations policy; but the construction loan needs to be closed out sooner.

Hands-on developers may want to purchase a wrap-up that rolls from project to project. Or, they may have a different tolerance for risk than the contractor. Or, they may have infrastructure similar to construction managers. Owner may just want a bit more control.

Wrap-ups have one major advantage over conventional insurance methods. Every party involved in the site has the same levels of insurance and the same safety rules, and pays a prorated portion of the premium. Contractors are free to choose small artisan subcontractors without insisting they carry more insurance than they can afford. Every contractor becomes scaleable from a risk perspective.

Focus shifts to project responsibilities rather than potential liabilities. Large municipal projects, like stadiums or public works, could utilize wrap-ups through a construction manager to reduce post-construction litigation.

Because deductibles tend to be high for these policies, most loss decisions can be made on-site, without insurance company input.

Have your risk management professional explain the details of these policies before you bid your next huge project.

If you have any questions do not hesitate to call Tracy Driscoll at 869-589-3434

 

On August 6, 2014, a team of Tracy Driscoll employees walked up to the United Way at 200 Main Street to deliver their donations to the UW Adopt-A-Child program.  This program enables children to receive backpacks filled with back to school items such as clothes and school supplies, allowing every child to start off their school year with a great first day.  This year, both Tracy Driscoll and its’ employees contributed to the skyrocketing success of the Adopt-A-Child program which has exceeded its goals for 2014.   In addition to individual Tracy Driscoll employees generously donating their time and money to families in need, the company itself is excited to be adopting and providing for a family of triplet boys! Our team is looking forward to continuing our history with the annual Adopt-A-Child program and honoring their decision to help all children start the school year with a smile on their face.TD backpack photo 1 TD backpack photo 2

 

Losses while loading and unloading vehicles, whether it is property of others in your care, custody and control or your own, can be a tangled web of policy language.

The business automobile policy anticipates the risk of loading and unloading vehicles by manpower. Goods delivered to a specific location, whether that location is a loading dock or a fourth floor apartment bedroom, is covered for liability under business automobile as long as the goods are delivered by non-motorized means – think forklifts.

So if your delivery professional dents a car in the parking lot or a hallway wall in the building while using a hand truck to deliver, the business automobile policy pays for the damage. Unloading is defined by the final destination, not just literally off the vehicle.

Delivery by motorized device is subject to general liability rules. Loading a truck on a loading dock using a pallet jack would be subject to business automobile; using a fork lift, general liability would cover damages.

Damage to your own property is subject to property coverage, specifically inland marine during transportation. Property belonging to other people while in your care, custody or control is treated exactly the same way. You need property coverage to pay for damages while in transport, including loading and unloading.

General liability and business automobile policies assure there is no double coverage by defining through exclusions which policy covers which event. Even if you use your employees vehicles in business, buy business automobile non-owned coverage to protect the business.

Ten years ago, the insurance industry adopted new provisions to differentiate mobile equipment and automobiles. These technical definitions exceed the complexity limits of this discussion, but if you have mobile equipment that ever enters a public roadway, talk to your agent or insurance professional.

Remember: manpower is business automobile, motorized loading and unloading is general liability. The cargo must be covered by a property form, probably inland marine.

If you have any further questions about these policies or would like more information do not hesitate to call Tracy-Driscoll today at (860) 589-3434.

 

Summer Storm Recovery Tips
Independent insurance agents not only advise clients about insurance, but they’re disaster readiness consultants. It is imperative to know what your risks are and what to do in the event of a hurricane. We recommend meeting with a Trusted Choice® independent insurance agent who can consult with you in assessing your risks and ensuring that you, your family and your home are prepared in the event of a disaster. Trusted Choice® offers many disaster-specific readiness and recovery tips for consumers.

GETTING STARTED
A good way to begin your planning process is to gather as much information as you can.
There are numerous resources available to guide you through the process of getting your
household prepared to deal with a disaster. Trusted Choice® offers many
disaster-specific readiness and recovery tips for consumers including the following
suggestions to get started:

• Make a list of each of your insurance policy numbers and the insurance company name,
and keep the information in your wallet, purse, or on your mobile device. For example,
nearly all states use some form of a wallet-size auto ID card, which is required to be kept
on your person, or in the vehicle. It’s a good idea to do have similar information with you
on all your other insurance coverages.
• Make a record of your insurance agent’s web site address, and keep this information in
your wallet, purse or mobile device. After a widespread catastrophe, more and more
agencies post information about claims procedures on their web site. This is especially
important in cases where the agency itself has been affected, and has set up temporary
operations at another location. In addition, agency web sites will usually post emergency
insurance claim phone numbers, etc.
• Use social media to contact your insurance agent. Many agencies use some form of
social media, such as Facebook, Twitter, etc., and these information outlets can provide
vital, timely information about claims procedures and other necessary information for
policyholders.
• Find out how you and your neighbors would be informed about an imminent disaster.
• Ask if evacuation routes have been established.
• Contact your city’s or town’s planning and emergency assistance organizations. Ask
them for information about disaster planning.
• Contact your children’s school(s) or day care center to learn about the emergency plans
they have in place.
• If a family member is in an elder care facility, check to see what emergency procedures
they will follow.
• Take a First Aid/CPR class from the American Red Cross.
• If you have pets, have a contingency plan in place. Many emergency shelters won’t
accept them.

You never know what summer weather might bring. If you have any questions we would be happy to speak with you. Call Tracy-Driscoll today at (860) 589-3434

 

As you may or may not know, the annual enrollment period created by the government’s Affordable Care Act ended on March 31st of this year.  Individual insurance companies are required to follow the guidelines of the Affordable Care Act.  What this means to individuals is that if you had not secured health insurance prior to the end of the open enrollment date, you may be required to pay a government-imposed penalty.  By law, Tracy Driscoll, will only be able to enroll someone in the Affordable Care Act plan if you can prove a life status change within 60 days of enrollment.  Life-changing status is defined as; marriage, birth, death, or loss of coverage through your employer.  At this time, Tracy Driscoll is only able to offer our customers short-term medical coverage until the next open enrollment period.  Our only enrollment option does not conform to the nation’s Affordable Care Act and will not prevent a person from being penalized for failure to carry health insurance.  Unfortunately, the plan does have pre-existing condition limitations, as well as maximum reimbursements.  We apologize if this causes any inconvenience but these guidelines are government mandated.  Tracy Driscoll has limited options available to help you until open enrollment begins again this November.  We would be pleased to help you or answer any of your questions and, once again, are sorry for our limited options.

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Visit us this holiday weekend at the Muzzy Centennial Celebration! Visit our booth and meet the Tracy Driscoll Team and enter to win prizes with our T-D trivia. See you there!

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Graduate’s Guide to Insurance
Congratulations! You’ve got your degree and you are ready to take advantage of the exciting new opportunities life has to offer. However, with new opportunities come new risks—particularly financial risks. Insurance is your major protection against financial risks, and knowledge about basic insurance facts can make you a better consumer.

This guide is a product of Trusted Choice® and will introduce you to the different types of insurance—which ones you need and which ones you don’t. While this guide addresses the most common questions about insurance, your Trusted Choice® insurance professionals can answer your specific questions, and make sure you have the coverage you need. Trusted Choice® agents represent multiple insurance companies, so they offer you a variety of coverage choices and can customize a plan to meet your specialized needs. Most importantly, a Trusted Choice® insurance professional isn’t an employee of an insurance company, so you have someone who works for you.

Make sure you are covered for the future ahead! Please call Tracy-Driscoll today at (860) 589-3434 to assure you are covered properly. We appreciate your business.

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