Insurance..How does it work?
We need to take time out from our normal blogs to talk about small businesses and the insurance coverage that many have and what is missing. When businesses call us it is usually because of an emergency situation. Of all the calls we get 50% of businesses will not reopen. Of the ones that do reopen most of them had an emergency plan in place as to how they will respond to the disaster and who to call. These disasters are costly in so many ways, another reason for an inability to reopen is the lack of the proper insurance that will cover all aspects of the business. Business insurance is not just one form of insurance it is an overall assessment of the type of business you do and what risks are involved with that and that area in which you work.
Let us dive into this a little bit more. What is a business, it is your livelihood, the way you provide for your family and its needs. The home that you live in, the food you eat, and the fun things you do together. Beyond just a business, it is your way to make your community better through job creation, solving a need within the area for your products and services. As well as a way of giving back to those less fortunate. Making sure all of these things are protected is important and while many of us look at insurance as scam or a requirement that is never used, talk to someone that has had a major life event and you will see it more than pays for itself with even just one problem.
Most business owners will obtain the lowest amounts of insurance coverage with a high deductable. This is due to the vast scope of the requirements. The main types of insurance required are general liability, Automobile, workers compensation, professional liability, Directors and officers insurance, data breach, home owners, renters, and life insurance. This sounds pretty inclusive right, very wrong there are a few important insurance policies missing. Crime or Fidelity Insurance and business interruption insurance are very important.
What happens if there is a riot in the area and your business is looted and burned to the ground? Too extreme ok what if your business is robbed? These are crimes and without crime insurance could be your responsibility fully. How much money was taken, how much damage to the property did they cause, were your employees present and what lasting effects will they have from such a traumatic event? Still to unlikely for your business…Ok what about if some kids on a dare break in and graffiti the inside of your facility and leave a mess for you to comb through. Crime or fidelity insurance will protect you from this sort of damage. Of course no one thinks this will happen to them but if it does and a lot of damage is done it can put you quickly out of business.
Business interruption insurance. What is that you ask? Taking more of a look at what we said earlier about your business it is the way you make money. That can only be done when you are open for clients to come and partake in your services or buy your products. Many times a major event such as damage from storm or pipe burst can take more than 30-90 days for you to get back to normal. Do you have enough in reserves for your overhead to be covered for an extended period of time.
Should a major event cause you to close how does your money continue to be generated? How do your employees continue to be paid? Who is going to pay your bills?? If your employees will not be working for an extended period of time and they are a great staff will you lose them? They have bills to still pay and may not be able to afford to wait around for things to settle down. Business interruption insurance allocates for all of these things.
Businesses Owners Policy packages tend to have bundled insurance for all of your needs and can be customized based on the type of business you have. Bundles tend to save you money and allow for the fullest scope of coverage needed. Speak to your insurance broker today if you are not sure about the adequacy of the coverage you currently have. Being prepared is more than just having a plan, and knowing what to do. It is having everything in place and having the proper coverage before you need it.
Boating Season & Safety
Boats on the water in Boston is a welcome sight. Being safe and knowing the ropes when you get out there is essential to staying safe.
WE are sure many of you have will be out on the water this upcoming weekend .. as part of our safety preparedness month we will be supplying you with some water and boating safety tips..
Did you know Boating Under the Influence is illegal in every state!!!
Just like drinking and driving boating and driving can be just as dangerous or even more so. While drinking affects balance, coordination, judgment and vision, they can al l increase your risk of getting into a boating accident. Over 1/3 of all boating fatalities involves alcohol. While you and your friends may want to have a good time just as with driving a car have a designated driver for your boat.
As with driving the car the penalties can be similar and can include fines, suspension or revocation of your driver's license and even jail time.
To understand that while boating the drinking and drugs affect the safety of all involved even more so than in a car because if you were to go overboard your coordination could be insufficient to keep you afloat. Knowing the affects of the drugs and alcohol can save you and your passengers lives.
Making sure you know the current and predicted weather for your time out on the water is pivotal to staying safe of on the water. Wave conditions should always be obtained before going out as well as a way to receive updates while out on the water as they can change quickly. Not having this information can save your life and make you aware of upcoming threatening conditions.
Some of the types information you should obtain needs to include, any significant weather moving in and the time frame, how rough the seas are near the shore waters, as well as how high they will be further out and for how long they are predicted to be that way. Another important factor should always be the wind speed and direction.
Please keep in mind that a marine forecast will include a vast area as well as an average for a given area and may not apply to every section for the same duration of time. The times given tend to be for a Marine forecasts cover large areas and the forecast elements are often given in ranges. The significant weather may not occur over the entire area or during the entire forecast hour interval and depending on what time of day it is could vary. Planning ahead for either more or less than what is predicted should always be done.
Many water weather events can come on suddenly and can adversely affect smaller crafts, pay close attention to small craft advisories and gale storm warnings. Any sudden increase of winds in excess of 35 knots or 40 mph will result in special warnings as will hail and waterspouts. In addition to the previous weather conditions there can also be sudden changes such as extreme rain, snow ( depending on the time of the year) , dense fog which can result in dangerous navigation issues, and thunder storm development.
Always check www.weather.gov/marine before heading out. Also make sure you have the right equipment for the distance you will be traveling away from the shore to keep you updated on the weather. Moving beyond 25 nautical miles from shore requires a much stronger receiver and it is suggested you obtain a satellite phone. If you are ever in any doubt check with your local boating supply company and they will be able to guide you.
We all know that you need to have life jackets , we all know they should be on because should an emergency arise there is too much chaos to get them on. What I bet you did not know was that 85 of all drowning from boat accidents occur because someone was not wearing a life jacket.
It is required by law that you have a Coast guard approved life jacket for every person that will be aboard your boat. The life jacket is the single most effective tool for safe boating you can provide your passengers. Their life could depend on it make sure everyone has the right size and the that is has the proper safety ratings.
Life Jackets are not your mothers old styles they have a wide array of colors, shapes depending on the activites you will be doing as well as sizes. In addition they are much more comfortable and lighter weight than they used to be allowing for a lot more freedom to move around and perform any activity.
Please make sure that you not only have the life jacket but that you use it. Wear it and be safe.
But above all else ******HAVE FUN OUT THERE FOLKS******
The following is a safe boating message from the National Safe Boating Council and the National Weather Service for this year's National Safe Boating Week.
- S. Coast Guard approved, marine-type fire extinguishers are required on boats where a fire hazard could be expected from the engines or fuel system.
When required, boats less than 26 feet must carry at least one B-I, Coast Guard approved fire extinguisher. Boats 26–40 feet must carry two B-I or one B-II Coast Guard approved fire extinguisher(s). Boats 40 - 65 feet must carry three B-I or one B-II and one B-I Coast Guard approved extinguishers.
Fire extinguishers are classified by a letter and a number symbol. The letter indicates the type of fire the unit is designed to extinguish and the number indicates the size of the extinguisher. A type B extinguisher for example is intended to extinguish burning liquids such as gasoline, oil or grease, all common on a boat.
The boater shouldn't have to travel more than half the length of their boat to get to the fire extinguisher. Fire extinguishers should be inspected annually by the boater to ensure they are properly charged, stored and are undamaged.
Why are thunderstorms so dangerous on the water? They can develop very quickly and when over water the waves and wind can become exceptionally powerful. With nothing in their way and the shifting air and water currents waterspouts ( tornadoes over water) are not uncommon. The other thing that makes them dangerous is the fact that the water feeds moisture into the air which allows for torrential rain and bout of extreme wind gusts. This turmoil can create a lot of lightening which we all know will aim for metal and water and electricity do not mix making things very volatile.
Unlike hurricanes and other storm warning there is no such predictor for lightening. When you see it get below deck or to the lowest point in the boat. DO NOT TOUCH anything metal or electrical. Should your boat get struck by lightening make sure you have your life vests on incase it sinks and always make sure your phones or emergency call equipment has a batter back up incase of loss of electronics.
It is not always easy to get back to shore when a storm arrises but having a plan is an essential part of keeping you all safe. It is best to not go out if a storm is predicted but can not always be avoided. Keep your eyes on the sky for weather changes and if you see something work on getting back to shore as soon as possible. Thunderstorms move quickly so if you can not get back to port get to the lowest point of the boat and try and ride it out.
We do not get too many hurricanes up here in New England but when we do they are doosies.. Keep your eye on the weather because once they issue the warning it is much to late if you hear of a storm watch that is the time to secure your boat to the docks or haul your boat out of the water. If you see that a hurricane is moving up the coast be alert the winds arrive first.
For Immediate Service in Arlington & Somerville, Call SERVPRO
SERVPRO of Arlington/Somerville provides 24-hour emergency service and is dedicated to being faster to any-sized disaster in Arlington and Somerville. We can respond immediately to your emergency and have the expertise to handle your restoration or cleaning needs.
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Have Questions? Call Us 24/7 – (617) 629-5333
Whether your Arlington or Somerville home needs emergency flood damage or your upholstery cleaned, you can depend on us. Our technicians have extensive cleaning and restoration training and can make your property look its best. Learn more about our residential services:
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There's never a convenient time for fire or Water damage to strike your Arlington or Somerville commercial property. Every hour spent cleaning up is an hour of lost revenue and productivity. So when the need arises for professional cleaning or emergency restoration services we have the training and expertise to respond promptly with highly trained technicians to get your property back to business.
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Our Highly Trained Restoration Specialists can restore your Arlington/Somerville Home
SERVPRO of Arlington/Somerville is an IICRC firm. The Institute of Inspection, Cleaning and Restoration Certification (IICRC) creates the standards for the restoration industry and provides training and certification to restoration companies. IICRC Certified Firms have the right to display the IICRC Certified Logo.
IICRC Certified Firms must
• Present accurate information to consumers and conduct business with honesty and integrity.
• Require a technician on all jobs who has been formally trained and passed all required tests.
• Require a continuing education program to keep technicians up-to-date on the latest changes in the industry.
• Maintain liability insurance to protect all parties in the event of an accident.
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The IICRC Develops The Standards For The Restoration Industry
The IICRC has been the driving force in establishing the main industry standards and reference guides for professional carpet cleaning, water damage restoration and mold remediation. These IICRC standards take years to develop and require the coordination of experts in the field: manufacturers, industry organizations, insurance professionals, training schools, contractors, and public health professionals.
Every five years, the standards are reviewed and updated. The water damage restoration field changes rapidly with advancements in technology and science, and therefore the standards must evolve to keep pace.
About SERVPRO of Arlington/Somerville
SERVPRO of Arlington/Somerville specializes in the cleanup and restoration of residential and commercial property after a fire, smoke or water damage event. Our staff is highly trained in property damage restoration and we are an IICRC Certified Firm. We believe in continuous training: from initial and ongoing training at SERVPRO’s corporate training facility to regular IICRC-industry certification, rest assured our staff is equipped with the knowledge to restore your property.