Most families sit down and create budgets. They predict their income to measure how much they can afford now and in the future. Just like families, businesses also rely on predicting their income from sales and production of goods and services they provide. But what if an accident, loss, or disaster occurred that would inhibit their ability to sell their goods or services, or limit the production of goods in their plant? Now what? How will their business survive? There’s still rent and taxes to pay, employees you don’t want to lose, and other ongoing expenses that don’t go away just because your business isn’t running. That’s where something called “Business Interruption Insurance” comes in.
This coverage provides a company with funds to make up the difference between its “normal income” and its income during downtime caused from a fire, storm, water damage, theft, accident, vandalism, or other cause.
A typical policy will cover the cost to repair or replace buildings and equipment, but it does not cover the loss of income the business is likely to experience during its downtime. Business Interruption Insurance will make sure companies have the money for ongoing bills, salaries for key employees, and other expenses. This is certainly one area of protection you don’t want to skimp on.
To find out if you have the coverage, what the cost is, or if your Business Interruption limits need to be reviewed, please contact our office TODAY to discuss it with your Commercial Risk Manager.
Monday, March 28, 2011
Finding the Right Contractor
Now, more than ever, it is so important to choose a good contractor to do work on your home. Whether you’re getting a new roof, deck or garage, or hiring a tree trimmer, you want to find one that offers a fair price and is skilled at their trade. However, in addition to considering their estimates and expertise, you should consider other factors to protect yourself. If you are getting multiple bids, remember that the lowest bid isn’t always best. Here are a few tips to guide you through the process: • Ask friends and neighbors for contractors they have used and would use again. • Ask the contractor for homeowner references, and call them. • Require a “Certificate of Insurance” to show proof of liability insurance. • Require a copy of their Workers Compensation certificate. • Check out the Better Business Bureau for any complaints filed against them. (www.bbb.org) If you need help finding a reputable contractor, give us a call. And please don’t forget: once your project is complete, call The O'Neill Group. Renovations to your home may mean your homeowners policy needs to be updated as well.
Tuesday, March 8, 2011
Bring Your Umbrella to Spring Activities
The opening of baseball and softball season is shortly upon us. It’s the perfect time to go out and enjoy a youth league, high school, college or professional game… if the spring rain isn’t too bad, that is! Of course, you can always brave the storm under your umbrella.
And speaking of umbrellas… If you happen to coach or assist a youth team, or frequently transport/carpool others kids to and from practices and games, you will definitely want to look into enhancing your protection by purchasing a Personal Umbrella Policy, if you don’t already have one. With its relatively low annual premium, an umbrella policy can save you from financial ruin should you be liable after an accident that inflicts injury to your young passengers on board.
I highly recommend getting a Personal Umbrella Policy to provide an extra $1 million protection on top of your current liability coverage for your home and autos. With the average premium of $12-15 per month, you will quickly see that it’s something you cannot afford to be without. Interested? Call our office to get an exact cost!
And speaking of umbrellas… If you happen to coach or assist a youth team, or frequently transport/carpool others kids to and from practices and games, you will definitely want to look into enhancing your protection by purchasing a Personal Umbrella Policy, if you don’t already have one. With its relatively low annual premium, an umbrella policy can save you from financial ruin should you be liable after an accident that inflicts injury to your young passengers on board.
I highly recommend getting a Personal Umbrella Policy to provide an extra $1 million protection on top of your current liability coverage for your home and autos. With the average premium of $12-15 per month, you will quickly see that it’s something you cannot afford to be without. Interested? Call our office to get an exact cost!
Wednesday, February 16, 2011
Interrupted By A Tree
It’s a cold, windy night. You’re cuddled up with a good book trying to stay warm. Then all of a sudden… crash! It sounds as though a freight train has gone through your attic.
Once you gather yourself from the near-heart attack you’ve just had, and realize that your backyard tree has just pierced your roof, it is it is important that you report the damage as soon as possible to your insurance company or to The O’Neill Group. During the call, you will be asked to provide a summary description of the damages that have occurred.
After you make the call, it is important that you make any necessary temporary repairs to keep yourself safe from intruders or from the outdoor elements. This could mean placing temporary plywood or heavy tarps to cover the damages. If the fallen tree has also taken down your power lines, call your service provider for repairs.
Once you gather yourself from the near-heart attack you’ve just had, and realize that your backyard tree has just pierced your roof, it is it is important that you report the damage as soon as possible to your insurance company or to The O’Neill Group. During the call, you will be asked to provide a summary description of the damages that have occurred.
After you make the call, it is important that you make any necessary temporary repairs to keep yourself safe from intruders or from the outdoor elements. This could mean placing temporary plywood or heavy tarps to cover the damages. If the fallen tree has also taken down your power lines, call your service provider for repairs.
Annuities in the New Year
Do You Have Any CDs Coming Due? Would You Like To Earn a Higher Return?
A New Year…a time to look back and reflect on our lives, and look forward to what we hope for our future. As we make resolutions this New Year, planning for your financial future should be one of the first items on your “to do” list! If you don’t already have a plan, NOW is the time to begin investing in your retirement plan – the earlier you begin, the more money you will have at retirement. Even one year can make a big difference in your payout at retirement. Who wants to work longer because they can’t afford to retire?
What is an annuity?
An annuity is a contract between you and an insurance company to provide you with a future income stream. You pay the company a certain amount of money over a period of time, and in return the company will disburse checks throughout your retirement, within the stipulated annuity period. Payouts can be delayed for a number of years after retirement, or they can begin immediately. And if it is set up to be paid over your entire lifetime, you can never outlive it!
Why annuities?
With the uncertainty of the volatile market we are facing, and may continue to face for many years, annuities offer an extremely safe way to grow and protect your retirement assets. There are guaranteed returns - a guarantee you just can’t get in the stock market. In addition, interest is tax-deferred and annuities are estate assets that pass directly to the named beneficiary.
Annuities may just be that stable, safe-haven for your money that you are
looking for. Certainly much safer than storing it under the mattress, and
undoubtedly less risky than playing the stock market.
Don’t put your future on hold! Call 330-334-1561 or 1-800-334-1561 to speak with Patrick O’Neill to get more information on setting up an annuity.
A New Year…a time to look back and reflect on our lives, and look forward to what we hope for our future. As we make resolutions this New Year, planning for your financial future should be one of the first items on your “to do” list! If you don’t already have a plan, NOW is the time to begin investing in your retirement plan – the earlier you begin, the more money you will have at retirement. Even one year can make a big difference in your payout at retirement. Who wants to work longer because they can’t afford to retire?
What is an annuity?
An annuity is a contract between you and an insurance company to provide you with a future income stream. You pay the company a certain amount of money over a period of time, and in return the company will disburse checks throughout your retirement, within the stipulated annuity period. Payouts can be delayed for a number of years after retirement, or they can begin immediately. And if it is set up to be paid over your entire lifetime, you can never outlive it!
Why annuities?
With the uncertainty of the volatile market we are facing, and may continue to face for many years, annuities offer an extremely safe way to grow and protect your retirement assets. There are guaranteed returns - a guarantee you just can’t get in the stock market. In addition, interest is tax-deferred and annuities are estate assets that pass directly to the named beneficiary.
Annuities may just be that stable, safe-haven for your money that you are
looking for. Certainly much safer than storing it under the mattress, and
undoubtedly less risky than playing the stock market.
Don’t put your future on hold! Call 330-334-1561 or 1-800-334-1561 to speak with Patrick O’Neill to get more information on setting up an annuity.
Wednesday, January 26, 2011
Sprinkler Systems
Is Your Sprinkler System “Out of Sight, Out of Mind”?
How would you feel if you were told that your car’s brakes only work 95% of the time? I’m guessing you would be pretty scared. Now what if I told you all you had to do was inspect the vehicles brakes regularly to improve that figure working 100% of the time? I’m sure you would schedule your regular inspections.
Unfortunately, many businesses forgo getting their sprinkler systems inspected and repaired when necessary, which brings their efficiency level down to 95% or less. So why do businesses with sprinkler systems fail to inspect their systems? Perhaps the old saying “out of sight, out of mind” applies. Maybe facility managers just don’t think of it, or perhaps it is seen as a costly and unnecessary investment?
I’m not sure the true reason, but I do know this: a functional sprinkler system can mean the difference between a total loss of property and a less devastating event. Not to mention, it can potentially save your life and the lives of anyone in your building.
Questions? Feel free to contact our office!
How would you feel if you were told that your car’s brakes only work 95% of the time? I’m guessing you would be pretty scared. Now what if I told you all you had to do was inspect the vehicles brakes regularly to improve that figure working 100% of the time? I’m sure you would schedule your regular inspections.
Unfortunately, many businesses forgo getting their sprinkler systems inspected and repaired when necessary, which brings their efficiency level down to 95% or less. So why do businesses with sprinkler systems fail to inspect their systems? Perhaps the old saying “out of sight, out of mind” applies. Maybe facility managers just don’t think of it, or perhaps it is seen as a costly and unnecessary investment?
I’m not sure the true reason, but I do know this: a functional sprinkler system can mean the difference between a total loss of property and a less devastating event. Not to mention, it can potentially save your life and the lives of anyone in your building.
Questions? Feel free to contact our office!
Protecting Your New Holiday Gifts
It’s holiday time again, and that means there is a good chance that some of our clients will be unwrapping some very special gifts. I just want to send out a friendly reminder to all of our friends to make sure that they contact our office if they receive anything that deserves extra insurance protection, such as antiques, jewelry, art or collectibles.
Not only does adding protection (under your homeowner’s policy) provide you with peace-of-mind should they be lost in an accident or fire, but it may possibly provide relief should the item disappear in a robbery or get lost accidentally.
Remember to contact The O'Neill Group about any toys your children (or you!) may receive that would need coverage, too. Items such as ATVs, 4x4’s, snowmobiles, and even trampolines carry certain risks that should be properly insured before you enjoy using them.
Not only does adding protection (under your homeowner’s policy) provide you with peace-of-mind should they be lost in an accident or fire, but it may possibly provide relief should the item disappear in a robbery or get lost accidentally.
Remember to contact The O'Neill Group about any toys your children (or you!) may receive that would need coverage, too. Items such as ATVs, 4x4’s, snowmobiles, and even trampolines carry certain risks that should be properly insured before you enjoy using them.
Monday, January 3, 2011
Refueling to Avoid Static Fires
It’s cold outside! Really cold! But, there is a good reason to stand guard at the fuel pump the next time you have to fill your car at the gas station. It’s called static-related fire.
We have all had experiences with static electricity. For example, when a dryer sheet sticks to our favorite blanket out of the warm dryer and makes those tiny sparks as we try to separate them. The same principle occurs when we are entering or exiting our driver seats. We tend to slide across the seat and generate static. When we return to the pump, a single spark generated by the static electricity can trigger a disaster and ignite the gasoline vapors near the fuel dispenser, causing a flash fire.
Reduce static problems at the pump by staying outside your car as you fuel up, especially during cold, dry weather. Always discharge your “static” before fueling, too, by touching something metal with your bare hand before touching the pump.
We have all had experiences with static electricity. For example, when a dryer sheet sticks to our favorite blanket out of the warm dryer and makes those tiny sparks as we try to separate them. The same principle occurs when we are entering or exiting our driver seats. We tend to slide across the seat and generate static. When we return to the pump, a single spark generated by the static electricity can trigger a disaster and ignite the gasoline vapors near the fuel dispenser, causing a flash fire.
Reduce static problems at the pump by staying outside your car as you fuel up, especially during cold, dry weather. Always discharge your “static” before fueling, too, by touching something metal with your bare hand before touching the pump.
No Pressure Driving
Nothing is worse than a car break down when it’s jaw-chattering cold outside. Just thinking about it makes me shiver! Taking steps now to prepare your car for the winter can save your car (and your teeth).
One big step in preparing your car for the cold is to have your tire pressure checked. Since tire pressure drops when temperatures cool down, your tires could be dangerously low on air and could jeopardize your car’s handling, which could lead to more road accidents. In fact, tire pressure is so important to your safety, that as of 2008, tire pressure monitors are required on all new vehicles. (Older cars don’t have them, so you’ll need to check the pressure manually.)
A word of caution, though: over-inflating your tires won’t do you any good either. Not having your tires at their recommended pressure will negatively affect not only your tire’s wear, but more importantly your vehicle performance and your ability to drive safely.
One big step in preparing your car for the cold is to have your tire pressure checked. Since tire pressure drops when temperatures cool down, your tires could be dangerously low on air and could jeopardize your car’s handling, which could lead to more road accidents. In fact, tire pressure is so important to your safety, that as of 2008, tire pressure monitors are required on all new vehicles. (Older cars don’t have them, so you’ll need to check the pressure manually.)
A word of caution, though: over-inflating your tires won’t do you any good either. Not having your tires at their recommended pressure will negatively affect not only your tire’s wear, but more importantly your vehicle performance and your ability to drive safely.
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