Risk & Business

Delaware Business Insurance Update from CNC Insurance Associates, " Personalization of Auto Insurance Could Reduce Rates !" 12-25-18

Tue, 25 Dec 2018 16:38:00 +0000

Insurance rates may go down in the future because of "auto personalization". What is this you ask?
Imagine being charged insurance rates based on your personalized use of your auto. If you drive very little next week, then your rates go down. If you drive the speed limit most of the time, your rates go down. If you avoid hard braking and tailgating, your rates go down. Get the picture? The use of telematics has given the insurance industry a chance to personalize insurance costs directly to the users' driving habits. Gone may be the days of surcharging a male driver under the age of 24 just because they are young. If the telematics show that he can drive as safe and responsible as a 40 year old, then his insurance premiums should be comparable. If you go on vacation and park the car for two weeks, telematics will inform the insurance company that there has been no risk, and your insurance premiums will reflect that.

Now as good as this sounds it will work the other way too ! Day to day bad drivers, even with no accidents are going to be charged more because the computers will tell on you. Imagine getting a higher bill next week because you ran 3 red lights ! This will be very interesting.

One way or another, computers in cars are going to be like "big brother" watching your every move, or every driving action. Good or bad, you will pay premiums respectively.

Until next time be careful out there and know your risks.

G. Kevin Nemith- President CNC Insurance Associates, Hilb Group
1-877-262-3276 toll free
www.cncinisurance.com

Delaware Business Insurance Update from CNC Insurance Associates, "3D Printers Make Everyone a Manufacturer !", 12-9-18

Sun, 09 Dec 2018 19:34:00 +0000

A fascinating risk and insurance problem is developing with the increase usage of 3D printers. These printers are used quite frequently in manufacturing firms. However as these marvels are becoming easier to afford, non manufacturing businesses are buying them. This opens up a slew of risk and insurance problems for business owners. For example if the boss buys a 3D printer for the office so they can make decorative desk items, this business is now manufacturing. Do the products being made already have a copyright on them? Does this open up the business to increase liability? Are these decorative items being taken home by employees? Do small children have access to them?
As you can see, a simple "printing" of a fun desk item creates all the risk and insurance issues manufacturers deal with all the time.
Now I am not trying to take all the fun out of using these printers. You can really make some cool stuff. However the reality is that 3D printers could very well increase your liabilities. So before you buy or use them make sure you understand, your are manufacturing! Until next time be careful out there and know your risks.

G. Kevin Nemith, President CNC Insurance Associates/ The Hilb Group
1-877-262-3276
www.cncinsurance.com

Delaware Business Insurance Update from CNC Insurance Associates. " Mental Health Issues in the Workplace Needs Risk Management" 12-2-18

Sun, 02 Dec 2018 23:56:00 +0000

Employees with depression and severe anxiety are very common in the work place today. Studies have shown that close to 50% of all who suffer mental health issues at work are not being treated effectively. Mental health disorders do not discriminate, as it affects all employees even in the C Suite. So what is the employers' responsibility for dealing with this issue? It definitely requires risk management. Employers can begin by making sure the health insurance that is offered to employees has mental health coverage. Many plans do not carry this coverage even though the ACA requires it. More importantly employers should create a culture of conversation which can allow employees to openly discuss their mental issues. Employee Assistant Programs set up by employers can offer education and services to help employees improve their wellness and sleep. Also employees abuse of prescription medications , need employers attention to make sure doctors and counselors are part of the assistant programs.
Dealing with mental health in the workplace is just now getting the attention it deserves. Having a good risk plan and continuing to improve it, will be a priority for employers, now and into the future.

Until next time be careful out there and know your risks.

G. Kevin Nemith , President CNC Insurance Assoc. Hilb Group
1-877-262-3276 toll free
www.cncinsurance.com

Delaware Business Insurance Update from CNC Insurance Assoc. " Work Comp Rates to Fall" 11-24-18

Sat, 24 Nov 2018 14:09:00 +0000

Business owners in Delaware can expect the costs of work comp insurance to be less next year. The Delaware Compensation Rating Bureau is proposing a 7% rate reduction in the residual market and a 10% in the voluntary market. This is a big win for the Delaware business economy. Companies large and small often cite the high costs of work comp insurance in Delaware as a major weight that stifles growth. If the rate reduction goes through, then expect to see more business growth which will also boost the economy in Delaware. The filing has to be approved by the Delaware Insurance Department in early December. Until next time be careful out there and know your risks.

G. Kevin Nemith President CNC Insurance Associates/ Hilb Group
1-977-262-3276
www.cncinsurance.com

Delaware Business Insurance Update from CNC Insurance Associates "Don't Sign That Contract Until You Know The Risk Transfers" November 18 2018

Sun, 18 Nov 2018 22:11:00 +0000

I continue to see business owners sign contracts without knowing how much risk they may be taking on. Contracts are a part of business and you have no choice but to sign them however there are things you should know to reduce these risks.

Understand the contracts you sign in your business !!

Contracts may transfer risk to you that you were not expecting
Make sure you know who is requesting to be an insured on your policy, from the contract
Watch indemnity clauses and hold harmless clauses as they may expose your business to more risk than what is insurable
Many of the terms and conditions of contracts last many years after the contract is complete. Understand your long term risks.
Broad indemnity contracts can impose your business to protecting the interests of parties not part of the contract, Read the fine print

Until next time be careful out there and know your risks.

G. Kevin Nemith President CNC Insurance Associates/Hilb Group
1-877-262-3276
www.cncinsurance.com

Delaware Business Insurance Update “ Flooding Still Surprising Business and Homeowners”. 10-14-18

Sun, 14 Oct 2018 21:55:00 +0000

Storms continue to surprise business owners and homeowners with flooding. The headlines show images of neighborhoods and streets inundated with water at depths no one would have ever expected. The reality in these situations is that most of the damage is not covered by insurance. Most businesses and homeowners do not buy flood insurance. There are a lot of reasons for this, but in my 30 years of experience, most people say they never thought it could ever happen in their area.
What has to be realized is continued development and growth are casuing areas to flood that would not have flooded before. Flooding is no longer just near rivers, lakes and oceans.

Buying the coverage is limited to very few options. The market is dominated by the Federal Government under the National Flood Insurance Program (NFIP). Most private insurance companies do not offer the coverage. In addition NFIP premiums can be significant.
I have said this before in previous blogs, but the market needs to adapt. Business owners and homeowners need to have more choices and need to have premiums that are affordable. Until that time flood insurance will contiue to be an “unsought and not bought” insurance coverage.
Until next time be careful out there and know your risks.

G. Kevin Nemith. CNC Insurance Associates / The Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update from CNC Insurance Assoc. “Cannabis Business Still Hard to Insure” 9-16-18

Sun, 16 Sep 2018 22:15:00 +0000

As more and more states begin to legalize the business of marijuana, the insurance industry is trying to figure out how to cover these entities. Currently there are few options as insurance companies just do not want to take on the risks associated with the industry. This is due to not having enough data to price risks and also the legal issues that have yet to be tested between states and the federal government. When it comes to the business, crop insurance is the biggest risk. The value of growing crops in the field can be millions of dollars. You can almost understand why insurance companies are hesitant. Cargo and transit of crops is also a big exposure. A lot of value in a vehicle going from place to place is just too hard to figure how much premium is the right premium to charge. As time goes on and the business models define themselves, the insurance industry will respond as they always do.

The cannabis industry will be one of the largest business sectors in the country in a few years. However it will take a robust insurance industry to help insure and create the market. Only time will tell.

Until next time be careful out there and know your risks.

G. Kevin Nemith. CEO CNC Insurance Assoc. /Hilb Group

www.cncinsurance.com

1-877-262-3276

Delaware Business Insurance Update from CNC Insurance Associates " Numbers Don't Lie, Why You Need Cyber Insurance" 8-27-18

Tue, 28 Aug 2018 00:08:00 +0000

I saw an article the other day and it outlined some stats regarding data breach and hacks into businesses. After reviewing those numbers I had to share it in my blog as a reminder why every business needs cyber insurance. So here we go. Oh by the way, these stats are referenced from an article in Rough Notes Magazine July 2018. ( Author was Ellie Feldman.)

1) 50% OF ALL DATA BREACHES HAPPEN TO SMALL TO MID SIZE BUSINESSES
2) 1 IN 4 COMPANIES WILL SUFFER A DATA BREACH IN 2018 ( GLOBALLY)
3) THE AVERAGE COST TO NOTIFY AND MONITOR CUSTOMERS AVERAGES $225
4)GLOBALLY THE AVERAGE COST OF A DATA BREACH IN 2017 INCLUDING ANY REPORTING, LAWSUITS, NOTIFICATIONS AND BUSINESS INTERUPTION WAS $3.6 MIL. (ACCORDING TO IBM AND THE PONEMON INSTITUTE).
5) 60% OF SMALL BUSINESSES WILL GO OUT OF BUSINESS IN 6 MONTHS AFTER A DATA BREACH

If these stats don't motivate you to buy coverage nothing will. Call your insurance professional today and get some cyber coverage. Until next time be careful out there and know your risks.

G. Kevin Nemith President CNC Insurance Assoc. Hilb Group
1-877-262-3276
www.cncinsurance.com

Delaware Business Insurance Update from CNC Insurance Associates “Social Media Catching Insurance Fraudsters”. 7-15-18

Mon, 16 Jul 2018 00:15:00 +0000

Social media is having a big impact on the prevention of insurance fraud. Here is one example. A worker at a large lumber company claimed he hurt his back while loading lumber on a flat bed truck. The insurance company accepted his work comp claim and began paying for his time away from work and his medical bills. However the claim adjuster was looking at the social media posts of the injured worker and saw that he was participating in weekend martial arts tournaments. The insurance company immediately denied further coverage and opened up an insurance fraud investigation.
This is just one story of how social media is playing a role in insurance claims. As people post the story of their lives online, insurance company adjusters can use this information when adjusting claims. However this opens up a lot of questions regarding privacy. Some states are looking into possible laws to prevent insurance companies from using social media for claim adjustments but until then it is fair game. With the insurance industry spending close to 5 billion a year on fraudulent work comp claims, using social media to gain information when they suspect fraud is not going away any time soon.
Until next time be careful out there and know your risks.

G. Kevin Nemith CEO CNC Insurance Associates/Hilb Group
www.cncinsurance.com
1-877-262-3276

Delaware Business Insurance Update, from CNC Insurance Associates, “Delaware New Cyber Law Will Impact Your Business ! 7-8-18

Sun, 08 Jul 2018 18:43:00 +0000

The state of Delaware passed a new cyber security law that will impact all business owners in the state. This new law will be go into affect this August, 2018. Businesses that house “personal” data ( basically every business) are required to encrypt, protect and notify if there is a breach. Also the law requires the business provide credit monitoring and breach mitigation services for up to a year. If a breach occurs and more than 500 people are impacted , then the state attorney general needs to be notified.
So what is a business to do? Buy a cyber security insurance policy. These policies will pay for the breach notifications and mitigation services. They will also pay for the credit monitoring services that are required by the law.
This is here to stay. Yes it means more costs upon a business, but buying an insurance policy is a small price to pay.
Call you insurance professional today to learn how your business can purchase a cyber liability policy. Until next time be careful out there and know your risks.

G. Kevin Nemith CEO CNC Insurance Associates /Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update "Insurance Companies Want Your Genetic Test Results" 6-30-18

Sat, 30 Jun 2018 17:01:00 +0000

The direct- to- consumer genetic testing market is expected to expand rapidly over the next decade. More and more people are using genetic services to test their propensity for diseases and cancer, all in an effort to live healthier and longer lives.
In comes the insurance industry, who wants to use the results of these genetic tests to set rates and improve profitability. Life, long term care, disability, work comp, and health insurers all want in on the results. Now you may say, "wait a minute , this is private info", right?. However did you know, that every state in the US allows Life insurance companies to use genetic testing results for underwriting, so the genie is out of the bottle already.
Over the next few years, every insurance company will be requesting and using genetic testing for underwriting. Now this opens up some ethical business issues that will have to be dealt with. I am sure the legislatures will being getting more involved. Keep an eye on this one folks. Until next time be careful out there and know your risks.

G. Kevin Nemith- CEO CNC Insurance Associates /Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update from CNC Insurance Associates, Truck Driver Shortaqe in the USA and Why It Matters, 6-24-18

Sun, 24 Jun 2018 22:19:00 +0000

There is a truck driver shortage in the US. The booming economy is requiring more delivery and a greater demand for moving frieght. According to the American Trucking Association, we are 50,000 jobs short. In other words we need 50,000 new drivers to cover the demand. Business owners are now faced with keeping thier current drivers and competing against other businesses for the drivers who are still out there looking for jobs. Some of the reasons for the shortage is a lot of younger drivers are not qualified and have very little experience driving trucks. Also many drivers do not want to spend their week on the road, staying over night and away from their families. New hour of service rules keep these drivers away.
The jobs are paying better. The average pay for a commercial driver is over $53,000 a year. However this is still not enough money to attract people to want to work driving a truck. So why does this matter? Well the lack of drivers could put a damper on the growing economy. Also business owners will have to budget to increase driver pay as they do not want to lose the good ones they have already.
This is an interesting time in American commerce as a driver shortage has not been seen before.
Only time will tell how this will play out. Until next time be careful out there and know your risks.

G. Kevin Nemith - CEO CNC Insurance Associates / The Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update from CNC Insurance Associates, "Can The Technology Behind BitCoin be the Answer to Stopping Fraudulent Claims?" 5-20-18

Mon, 21 May 2018 00:02:00 +0000

McKinsey and Company recently reported that 5-10% of all insurance claims are fraudulent. This may not seem like a lot but when you add in the costs then you realize it is a big deal. Those costs are estimated at $40 Billion a year !! Now that gets your attention. ( This from the US and FBI as reported in Rough Notes magazine, May 2018). So the question is can technology stop the fraud? Blockchain may just be the ticket to put a stop to the fraudsters.
Blockchain is the technology that powers bitcoin. Its use as a tool is spreading into various other applications. The insurance industry is no exception. Because of its recorded and public ledger, insurance companies see it as a way to reduce the frequency and severity of bogus claims. The transparency of blockchain will give claim adjusters an easier way to validate true claims and recognize the fake ones.
The technology behind blockchain is for another blog post. But you can surely bet that insurance companies will be sinking their teeth into making it part of their claims processing. Until next time be careful out there and know your risks.

G. Kevin Nemith- President CNC Insurance Associates- Member of the Hilb Group.
www.cncinsurance.com
1-877-262-3276 toll free.

Delaware Business Insurance Update "Slim Pickins When It Comes To Insuring Intangible Risks" 5-6-18

Sun, 06 May 2018 20:03:00 +0000

In the "old days" most businesses had their value wrapped up in buildings, property, vehicles, employees, etc... in other words, tangible risks. In today's modern, technologically advanced economy, many businesses have their value wrapped up in intangible risks. What are some of these risks? Reputational damage, loss if intellectual property, political risk, and failure to innovate and change, are just some of the intangible risks that pose a threat to success in business.
There is an insurance problem also with these risks, as few options are available when it comes to coverage. In 2017 AON did a survey of Global Risk Management and found only 24% are deemed insurable, with the remaining partially insurable (25%) or uninsurable (51%).
To make matters worse these type of risks are hard to identify and monetize. You cannot apply a risk management application until these two items are known. Unfortunately, few business owners will take the time and effort to find out. Insurance brokers and providers are just now counseling their clients on the risk of intangibles and hoping this will build momentum to address them. The insurance industry has been known to be slow to innovate, but the pressing need to insure against these risks will push the industry to respond. Let's keep an eye on this and see what it looks like in a year. Until next time be careful out there and know your risks.

G. Kevin Nemith CEO CNC Insurance Associates/ Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free.

Delaware Business Insurance Update from CNC Insurance Assoc. “Telemedicine Gaining Favor for Work Comp Claims” 4-15-18

Sun, 15 Apr 2018 20:54:00 +0000

All states in the US have laws on the books allowing telemedicine. Technology has allowed patients to see their doctors “remotely” and it allows for cost and time savings. However adopting telemedicine for work comp injuries has been slow in most states. More and more state work comp statutes are looking to add language to their laws to allow telemedicine in adjusting comp claims. The reality is that many doctors and medical providers have been using telemedicine for work comp for some time without specific language in the state statutes. The real issue in most of these states is figuring out the fee schedule for telemedicine. There has not been any standards for work comp to follow. Doctors certainly see telemedicine as “just like being there” with the patient and do not feel that is is less quality care. Insurance companies like telemedicine because it points to lower costs of work comp claims. Business owners like telemedicine for the same reason.
Lets hope that state lawmakers adapting language for its use in work comp, won’t mess up the benefits.
Until next time be careful out there and know your risks.

G. Kevin Nemith. CNC Insurance Associates/ The Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free.

Delaware Business Insurance Update from CNC Insurance Assoc. “ Bad Doggie , Bite Claims Increasing” 4-8-18

Mon, 09 Apr 2018 00:44:00 +0000

According to the Insurance Information Institute there were 18,522 dog bite claims in 2017. This is an increase from the 2016 year. Also the average cost per claim is climbing. Higher medical costs and jury awards are driving this increase. The canine risk potential is a top underwriting priority for the insurance industry. Many companies are refusing to cover certain breeds, and that list keeps expanding.
So what are homeowners to do with mans best friend. Good risk management practices are needed to reduce the potential of dog bites. Keeping control of your dog at all times is the ticket to reducing bite potential. It will also make your homeowners insurance company very happy. Until next time be careful out there and know your risks.

G. Kevin Nemith. CNC Insurance Associates/ The Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update from CNC Insurance Associates, The Chinese Space Station is Crashing to Earth, Are You Covered? 4-1-18

Sun, 01 Apr 2018 23:37:00 +0000

No this is not an April’s fools joke. The Chinese Space Station Tiangong -1 is expected to crash to earth tonight or early tomorrow. The whole USA is at risk. However experts simply do not know where it is going to come down. The odds makers say there is a trillion to 1 chance your business will be hit. So the question is, is it covered? Most property insurance contracts will cover this. If you have special form perils coverage , there is no direct written exclusion. If there is no exlcusion then the insurance company would have to cover it. The claim report would be interesting and I would guarantee your business would be all over the news. So you can go to sleep tonight with the odds in your favor that the space station will not hit your business and if it does your insurance company will cover you. Until next time be careful out there and know your risks.

G. Kevin Nemith- CNC Insurance Assoc. / The Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update from CNC Insurance Associates, "The Umbrella Policy, Why You Should Have One" 3-25-18

Sun, 25 Mar 2018 23:46:00 +0000

As a business owner your insurance portfolio is not complete without an umbrella . This gem of a policy is the best and most cost effective way to increase your protection. First the umbrella will give you extra limits above your liability, auto and work comp policies. Most of the time the cost is one third of the cost of regular liability limits. You can add layers to increase your protection based on the exposures you face. For example, you may be required to have high limits of liability coverage in order to win contracts. The umbrella policy is the ticket to get you to those required limits. Are you exposed to multiple claims in one year? If so the situation is a lot more "comfortable" with an umbrella in the wings. In some circumstances the policy may even cover items that are not covered in your underlying policies.
So add the extra protection, at a cost that is usually less than your general liability, auto and work comp. You cannot go wrong with an umbrella policy in your portfolio. Until next time be careful out there and know your risks.

G. Kevin Nemith, CEO, CNC Insurance Associates / Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Delaware Business Insurance Update From CNC Insurance Assoc. "The Universal Connection of Everything To The Internet Will Change Your Business Insurance" 3-17-18

Sat, 17 Mar 2018 17:52:00 +0000

Many experts are predicting that over the next decade there will be over 50 billion devices connected to the internet. Business owners will need to adapt their insurance and risk management portfolios to protect themselves from the "internet of things".
Here are some thoughts:

Who owns the data? With all the data going from devices to vendors , does the business owner still own that data and is the business liable if that data does harm?

The internet is global, is your insurance protection worldwide? Most will find out that it is not. Does this mean business owners will need global protection?

Social engineering fraudsters dupe employees into being unwitting participants in cyber crimes. Does the business insurance policy cover these issues? Is the business owner liable?

Denial of Service attacks on businesses is increasing, does the loss of income protection in an insurance policy cover if the business is shut down by a hacker?

As you can see , business insurance will have to change to cover these risks. it is already doing just that. Cyber Insurance policies are covering first and third party claims like the ones above. These policies will need to be a regular part of the insurance portfolio. As of today however they are not. Many business owners still lack this coverage. Contact your insurance professional and find out how you can add cyber coverage. Until next time be careful out there and know your risks.

G. Kevin Nemith CNC Insurance Assoc. / The Hilb Group
www.cncinsurance.com
1-877-262-3276

Delaware Business Insurance Update from CNC Insurance Associates. " Employee Theft From Your Business Could Involve Some Tricks" 3-4-18

Mon, 05 Mar 2018 23:40:00 +0000

As a business owner you always run the risk of employee theft. Thank goodness most of it is small scale and rarely makes an impact on your bottom line. On ocassion however, a business owner can be victimized by a smart enterprising employee or employees. Let me give you some examples:

FAKE VENDOR SCAM- the trusted office bookkeeper set up a bogus vendor account for office supplies (address and all). The business owner authorizsed the paying of invoices from this bogus account for over 5 years. The owner did not realize the invoices were to a fake vendor account until it was too late. When the scam was finally figured out the total loss was close to $100,000 !!

THE ONE PIECE AT A TIME SCAM- the owner of a construction company would lose a few pieces of material every week at different jobsites. His crew were not doing a very good job keeping track of the inventory. Over the course of a few years this continued. Finally one of the employees ratted out the others and disclosed to the owner that the whole crew was in on it. They were slowly stealing materials to build a hunting lodge for the "boys". The total loss to the contractor was a whopping $80,000 !

How do you protect yourself ? Here are some very simple risk management steps you can take to minimize employee theft
1) Make every employee take a vacation. If they are running an ongoing scam, they usually cannot go away from it for very long.
2) Use your accountant more in review and analysis of your financials. It will be worth the extra costs
3) Set up a culture of no tolerance when it comes to employee theft and communicate it frequently.
4) Buy Employee Dishonesty Insurance, this will give you the protection in case it happens to you.

It is tough to make a dollar in business today. With risk management and insurance, you can keep more of it by keeping your employees hands out of the "cookie jar". Until next time be careful out there and know yor risks.

G. Kevin Nemith CNC Insurance Associates / Hilb Group
www.cncinsurance.com
1-87-262-3276 toll free

Delaware Business Insurance Update From CNC Insurance Associates, "Injured Workers Who Don't Return to Work in 60 Days May Never Return" 2-26-18

Mon, 26 Feb 2018 00:59:00 +0000

Ok here is the scoop. If you have an injured employee who is out on a work comp claim, do your best to get them back to work within 60 days. There was a study done a decade ago by the Menninger Foundation that showed the validity of getting workers back before 60 days. I have seen through my experience that this holds true today.
So how can employers help get this accomplished? Return to Work Programs, are the best way to get injured employees back on the job.

Return to Work Programs - What's in it for YOU the Business Owner?
* Reduction of work comp costs as a result of reduced claim payouts
*Elimination of costs for recruitment and hiring of replacement workers
* Shortened work interruptions due to inexperienced new employees
*Positive goodwill between owners and employees
* Lower overtime costs to maintain work loads

To establish your own Return To Work Program you need to partner up.
Call your insurance professional and insurance company to provide guidance and resources on these programs. Don't think it is a monumental task, call us. We have helped many of our clients get started and keep these programs going. Until next time be careful out there and know your risks.

G. Kevin Nemith, CNC Insurance Associates / Hilb Group
www.cncinsurance.com
1-877-262-3276 toll free

Business Insurance Update from CNC Insurance Associates, " The Biology of Business Life Insurance" 2-20-18

Tue, 20 Feb 2018 23:27:00 +0000

The word "Biology" is the study of living organisms physiology, origins, and behavior. I am taking some blogosphere liberty by using it in the same sentence with business life insurance. Life insurance when used correctly, can "come alive" and help a business to thrive. No, I have not lost it, so let me explain.

Life insurance can be used in a business to protect a key person and the revenue they bring to the business. If the key person dies, so could the income they make for the business. A life insurance policy owned by the business can keep the revenue "alive" even if the key person is no longer living.

Life insurance can help a business perpetuate to new owners. One of the major obstacles in a business perpetuation is funding buy sell agreements or contractual agreements to purchase. Properly constructed, life insurance can help facilitate these arrangements and keep the business "alive" for future owners.

Life insurance can help retain valuable employees. If a business owner wants to keep the competitors away from stealing their top people, use of a life policy might do the trick. It can be used to reward top talent. It has to be structured right but it can certainly make the valuable employee feel "alive" with enthusiasm to stay and not look elsewhere.

These are just a few of the many uses of life insurance. As you can see the biology of the "life" in business life insurance is great for a company like yours, and a great tool for success. Until next time be careful out there and know your risks.

G. Kevin Nemith CEO, CNC Insurance Assoc. / Hilb Group
www.cncinsurance.com

Business Insurance Update from CNC Insurance Associates “Report General Liability Claims Quickly To Your Insurance Carrier” 2-6-18

Wed, 07 Feb 2018 01:56:00 +0000

It seems logical that most business owners would report their General Liability claims to their insurance companies quickly. Unfortunately this sometimes does not happen. In some circumstances the business owner does not even know they have a claim. General Liability claims do not always ‘reveal” themselves. With this in mind it is imperative to report your claim as soon as you think you may have one. The reason for this is in the insurance policy. Many policies have a reporting requirement built in. If you do not report the claim within the policy period there would be no trigger of coverage. Other policies have clauses that just state “as soon as practical” or “as soon as possible”. These phrases are so ambiguous and could cause you trouble as the insurance company is in control of what they mean. Other language in the policies state conditions that the insured ( business owner) must do in order to have coverage. Allowing the insurance company adequate time to investigate the claim is one of those conditions. If too much time goes by from the claim to when it is reported, it could mean a denial from the insurance company.
So make sure you report your liability claims as soon as you think one has occurred. This is the safest bet to allowing the coverage to be triggered in your behalf. Until next time be careful out there and know your risks.

G. Kevin Nemith, CNC Insurance Associates/ Hilb Group
www.cncinsurance.com

Business Insurance Update by CNC Insurance Associates, “New Personal Auto Policy Has Some Interesting Endorsements and Exclusions” 1-28-18

Mon, 29 Jan 2018 01:13:00 +0000

Usually I focus this blog on business insurance topics. Today however I thought it would be interesting to bring to your attention a couple of interesting endorsements and exclusions available on the new personal auto policy that Insurance Service Office (ISO) is set to release in late 2018. Even as business owners, this will most likely affect you as you buy personal auto insurance.

Covering injuries to pets in the car is an available endorsement that can be added to the new personal auto policy. This is way overdue as pets have become very mobile as they ride along more than ever, with their owners.
For the millennials that still live at home and need personal property coverage, the new personal auto policy will allow it to be added. However it is only on an actual cash value basis and there is no liability coverage.
Exlcuding flying cars is also in the new personal auto policy. That’s right, flying cars ! ISO has looked into the future and feels that if a policy holder owns a flying car then it has to be insured some other way. Most likley the same as aviation is insured. Only time will tell on this one.

The personal auto policy is adapting to the new world of insurance risks. I would imagine over time it will continue to evolve. Until next time be careful out there and know your risks.

G. Kevin Nemith
CNC Insurance Assoc/Hilb Group
www.cncinsurance.com

Delaware Business Insurance Update From CNC Insurance Assoc. “Updating Values in Your Insurance Policies” 1-7-18

Mon, 08 Jan 2018 01:34:00 +0000

As a business owner you most likely have insurance policies that cover your buildings, contents, equipment and other property assets. These policies insure up to a value that is stated on the insurance policy. This requires you to keep up with the values to make sure your policy is adequately covering you. If you do not update your values at least annually you could fine yourself under insured after a loss. A simple call to your insurance professional to review and discuss changes or amendments could save you a lot of headaches. Call today ! Until next time be careful out there and know your risks.

G. Kevin Nemith President/Managing Director CNC Insurance Associates/ Hilb Group
www.cncinsurance.com