Home Security Alarm (re post)

On a daily basis you see ads on TV for home security systems. We at Fey Insurance highly recommend the installation of a Home Security System to add additional protection for you and your family. Insurance will work to put your property back in place after a fire or burglary, but a Home Security System will work to prevent or minimize the effects of that fire or burglary. If you are interested in such a Home Security System, please call us and we will tell you our opinion of the various manufacturers and what features to consider. For example battery backups are usually included in Home Security Systems, but we would also recommend cellular backups for your system in the event your normal phone service goes down or even disabled by a potential burglar. We would include carbon monoxide detectors in your system especially if you have a natural gas furnace or hot water heater. Central station monitoring is preferable to systems that go directly into a police or fire dispatch. Both are considered superior to a system that only sounds a local alarm in your home. There are discounts on your Homeowner policy for the installation of a Home Security System. Please call us to review those discounts. But the most important reason, in our opinion, to install such a system is for additional security for your family and peace of mind that you are doing everything to protect your family and your property.

After-School Safety Tips for Parents and Kids

Parents, weather is starting to warm up in southwest Ohio, so you’ve likely already reviewed the basic safety tips for kids who walk or bus to and from school.

Those tips, of course, are:

  • Walk with a buddy
  • Stay in well-lit areas
  • Never accept a ride with strangers
  • Once home, lock the door and don’t let anyone in

However, Dr. Michele Borba, author of The Big Book of Parenting Solutions, urges you not to overestimate your kids’ safety smarts. Kids under 10, for example, may not grasp the concept of crossing a street safely, she says.

She suggests teaching them: “Stop. Left. Right. Left.” Meaning that children should, “stop at the curb, look left, right, then left again before crossing, and keep looking as they cross.”

Another thing kids need to know, says Borba, is how to ask for help. Have kids practice saying, “I need help,” out loud and instruct them to “find a uniformed employee, a police officer or a woman, preferably with a child,” when they need assistance, she says.

Once home, kids will likely use the Internet, so be sure to discuss digital safety too.

Staying Safe Online

Intrnet safety advocate Sue Scheff, author of Wit’s End and Google Bomb, says that, “we need to put parental controls/security measures on computers and cell phones. Unfortunately, these aren’t guarantees, so having a cyber-smart child is your best defense.” 

Teach kids about the dangers of sharing personal information, such as their home address and phone number, online. And about using social media responsibly.

While online, it’s best for kids – and adults – to converse and connect only with people they truly know and trust, to keep their social accounts private and to still be cautious even then. After all, photos and information that go online today will still be there years later, when kids apply for college scholarships and jobs.

Above all, stay involved in your kids’ digital lives. Let them know you’re there for them, always – to talk, not to judge or punish, says Scheff. “Many kids fear having their Internet removed if they tell their parents they are being bullied online,” she says.

So keep the lines of communication open to help keep everyone safe, both in and outside of your home.
-Safeco Insurance Article

Your Facebook Password

Infoworld reports potential issues with Facebook users’ personal information and recommend changing your password…

“Symantec Tuesday warned that advertisers, analytic platforms, and other third parties may be able to access Facebook users’ personal information using inadvertently leaked application tokens. The security company advised Facebook users to change their passwords on the social networking site in order protect their accounts from being mined.

Facebook said it has fixed a year-old flaw, reported by Symantec, that caused iframe applications to inadvertently leak access tokens. Those tokens can be used maliciously to get at users’ profiles, photographs, and chats, as well as for posting messages — which could include links to malware sites — to their Facebook pages.

Facebook’s fix, however, has only stopped the leak; the aforementioned tokens still reside in log files of third-party servers or are still being actively used by advertisers. Symantec estimated that as of April of this year, close to 100,000 applications were enabling the leakage: “We estimate that over the years, hundreds of thousands of applications may have inadvertently leaked millions of access tokens to third parties.

“Concerned Facebook users can change their Facebook passwords to invalidate leaked access tokens. Changing the password invalidates these tokens and is equivalent to ‘changing the lock’ on your Facebook profile,” according to Symantec.

Details of how the leak works is viewable in Symantec’s blog.

Scheduling Special Items

Back in July we posted an article about special limits on homeowner policies for things such as guns, jewelry, coins, cash, silver and furs.  In the wake of a string of burglaries in our area (burglaries that are only focused on taking cash, coins and jewelry), we felt it was important to remind people of the homeowner limitations on these items.  It differs per policy and per item but usually there is only about $1000 to $2500 of coverage given on the homeowners for things such as guns, jewelry, coins, cash, silver and furs.  If you own more than that limitation in any of the mentioned categories you should schedule the items on a special policy.  Feel free to contact Fey Insurance to make sure you have things appropriately covered.
On a side note, the current criminals who have been robbing homes in the area are first placing calls asking if you have a security alarm.  As soon as you answer no they hang up and then know your home is unprotected.  Be sure to never answer no to such questions over the phone to a random phone call.

Extra Expense Coverage

If your business suffers a major disaster that interrupts normal business operations, what effect will it have on your operations over the long term? Will you be able to retain customers? Will you lose valuable employees? Alternatively, does your business allow you the flexibility to operate from a different location with equipment that is easily acquired? The answers to these questions allow a business owner to determine whether business income coverage, extra expense insurance or a combination of both, is needed.

Businesses, especially those offering a service that can easily be replaced by another business, may face permanent loss of customers if business is interrupted for an extended period of time. Businesses whose operations depend more on employees than on location may not have a serious threat of income loss, since they can continue operating from a temporary location preserving income flow. However, operating from a temporary location and expediting delivery of replacement supplies and equipment can add up to considerable extra expense. Additional advertising may also be necessary to let people know you aren’t out of business. In many cases, a business may need both business income coverage and extra expense coverage.

The promise of extra expense coverage is to pay the actual and necessary extra expenses needed to continue operations, which would not have been incurred if there had not been a direct physical loss to the business. The period of restoration begins on the date of loss and ends when the property should be repaired, if reasonable speed is applied while returning the property to its pre-loss condition. Interference by building ordinance, zoning law or environmental protection law does not extend the period of time when extra expenses are payable. The period of restoration is based on the period

General Liability vs Errors and Omissions

General Liability
What it protects against: Accident and injuries that occur on company property or the property of a customer. It also protects against product liabilities.

How it works: Commercial General Liability (CGL) includes payments to an injured person or to an owner of property that is damaged. These can cover medical expenses and the cost of defending lawsuits, including legal settlements or investigations. Insurance may also provide the means to post bonds during a legal proceeding, or pay judgments. A CGL policy also covers libel, slander, copyright infringement and other personal and advertising injuries.

Who needs it: Most, if not all, companies

Errors & Omissions
What it protects against: Claims by customers that a company made mistakes or failed to perform contractual work. It should include coverage of the cost of legal defense. It is also know as professional liability insurance.

How it works: It insures mistakes made by a company’s owners, employees and contractors. It is similar to a doctor’s medical malpractice insurance.

Who needs it: Anyone who advises, recommends, consults or designs solutions should consider this coverage.

Information provided by: Bests Review The Guide to Understanding Business Insurance Products (2007-2008)

So What is the Difference?:
The key difference between the above two mentioned business insurance coverages is that General Liability only pays claims that have resulted in bodily injury or property damage (meaning damage to property not owned or leased by the business). It will not cover a financial loss that is a result of errors or alleged errors done by the business or the omission of work that the business was contractual obligated to do. That is where Errors & Omissions Insurance steps in and pays for the cost to defend the business as well as any settlements that a court requires them to pay for their error or omission of work.

No business is too small for cyber criminals

Cincinnati Insurance Company Blog Post (3/31/16) – Kate Miller

Data breaches make the news when big retail chains get hit with a cyber attack. You may even be notified of the breach by the retailer if they have reason to believe your data was compromised. Or, you may read about data breaches when you receive a new credit card or are offered identity theft protection.
What you might not hear about are the cases where a business owner goes bankrupt after a data breach. A 2012 study by the National Cyber Security Alliance found that 60 percent of small to midsize businesses that suffered a breach went out of business within six months.

FIRST LINE OF DEFENSE

Your first line of defense as a business owner is to educate yourself on how to prevent or mitigate a breach. Follow news reports, and take advantage of online materials available to help you prepare for and respond to cyber attacks.

SECOND LINE OF DEFENSE

Your local independent insurance agent could be your second line of defense, providing information about Internet exposures and insurance products. Any business that handles private information is at risk of breach and subject to cyber exposures. Private information includes personal identifiers (Social Security numbers, birth dates, driver’s license numbers, etc.), financial information (bank or investment accounts, credit cards, etc.), medical or medical claim history, employee personal data or student records.
Companies that use third parties to process their transactions or record keeping, such as payroll, employee benefits or billing, also have the potential for a cyber loss. Consider the possibility of that third party experiencing a data breach where you might be ultimately responsible for the breached records.

WHY BUY CYBER INSURANCE?

Cyber insurance can reimburse for expenses incurred such as:

-Breach notification law compliance – 47 states have data breach notification laws that include an obligation to notify those whose information has been breached and certain federal laws, such as HIPAA, may also require similar notifications.

-Breach response costs – for example, notifying and providing services to affected individuals

-Opportunity costs and out-of-pocket expenses involved in resolving identity theft problems for business owners and customers

-Damage to the business computer systems and data due to unauthorized access, hacking, malware or denial of service attacks.

Remember, data comes in all forms, paper and electronic, and business owners need to protect data to manage risk.

Safewindshields.com

A cracked or broken windshield is a very common driving incident. It can happen at any time and anywhere. It could be a bouncing rock that was kicked up from another vehicle or a blown truck tire that crashes into the windshield. What is even more unfortunate is that it could happen whether you are in town or out of town traveling.

Since a cracked or broken windshield is so common you would think it would be no big deal when and where you get it fixed. However, if you think about it, a windshield is the one major piece of the car that helps to keep you inside a vehicle incase of a head on collision. This could be a matter of life and death and when you put it in that light it becomes a little bit more important to make sure you have the windshield fixed and fixed by the appropriate shops. Auto Glass Replacement Safety Standards Council (AGRSS) works to certify and set stand for glass repair companies. Their website www.safewindshields.com, is a very helpful tool when it comes to getting your vehicle windshield replaced, especially if you are out of town traveling. The top right part of the screen has a “Registered Shop Locator” where you can type in a zip code and find the accredited glass repair shops near your current location. This way, even when you are out of town, you can find a qualified glass repair shop to fix your windshield and know that it will be installed correctly and securely.

So next time you get a rock in the windshield be sure to visit the AGRSS website or call your friendly Fey Insurance Services agent to make sure you get a high quality glass repair shop.

Why your privately held business needs Directors & Officers Insurance

by Tom Kelly, Cincinnati Insurance Company

Every corporation relies on the guidance of its board of directors for success. Although lawsuits against larger, publicly traded companies receive the lion’s share of media attention, privately held corporations are also vulnerable to lawsuits by competitors, government agencies, creditors and employees. You can protect your hard-earned success by purchasing directors and officers insurance (D&O) coverage for your company.

Having directors and officers insurance coverage in place can help you attract the talent you need for your board. Directors or officers of privately held companies who do not insist that the company purchase D&O insurance are putting themselves, their spouses and their estates at financial risk. D&O insurance minimizes risk to their personal assets.
Not having D&O coverage can have a serious impact on a company’s viability. Even a financially sound business may have insufficient funds to defend officers and directors in the event of a lawsuit. A D&O policy will take care of defense costs and settlement, even if t
he company ends up in bankruptcy.
States impose statutory duties on corporate directors. D&O coverage protects the company and its directors from claims arising from alleged or actual failure to uphold those duties. Directors are under legal obligation to govern their corporation and carry out their responsibilities of office:

  • in good faith
  • in the best interest of the corporation
  • with the care that an ordinary prudent person in a like position would exercise under similar circumstances

Similar duties are imposed on officers of a corporation who may or may not serve on the board. Both directors and officers share the duty to:

  • grow the company by prudently managing the affairs of the business
  • exercise due diligence that is standard for operating the business
  • maintain loyalty to the corporation to avoid conflicts of interest
  • obey the corporate charter and state corporate statutes

Policy limits and other factors can vary. Your legal advisers and local independent insurance agent can help you determine how much coverage you need. Premiums are based on the coverage limit requested and other factors such as type of business, financial strength, claims history and deductibles.
Additional coverages, such as employment practices liability, fiduciary liability and cyber liability insurance, may also be available to eligible companies for an additional premium.

Earthquake Insurance in Ohio!? (Re Post from July 2, 2010)

The recent tragedy that has struck Japan is heart breaking. Our thoughts and prayers go out to all those people who suffered loss from this disaster. Recently we did a repost of a flood insurance article since it had been in the news in Ohio and we are sad that once again we are doing a repost due to another natural disaster. Below is our July 2nd post from 2010 about earthquakes.

Also, with this post I would like to also encourage all of you to please be sure to research and see what you might be able to do to lend support to those in Japan.

Re Post from July 2nd, 2010:

The big question going around on June 23rd was, “Did you feel the earthquake”. Many thought people were joking, but when they checked their Facebook page and saw that many of their friends in the Ohio area had felt the earth move, they knew the question was legit. The reason Ohioans felt the earth move was just north of us, Canada had a 5.0 magnitude earthquake. Though we are not California or anywhere near California, Ohio still has their fair share of earthquakes. On average Ohio has 5 to 6 earthquakes a year. Year to date in 2010 we have already had 6, so the question that has to be asked of this insurance blog is should people in Ohio carry earthquake insurance? We at Fey Insurance Services feel that it is a good idea to have this coverage. It is something we always quote to our customers. For an average valued house the premium can range from $50 to $80 a year. Though we only have little earthquakes the potential for a large scale quake is there and if that happened the affects would be devastating to a home.Feel free to get in touch with us to inquire about earthquake insurance