The O'Neill Group: Knowledge Base Articles

Protecting Business Profits

2011-03-28T15:45:00.000-07:00

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.

Finding the Right Contractor

2011-03-28T15:38:00.000-07:00

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.

Bring Your Umbrella to Spring Activities

2011-03-08T10:15:00.000-08:00

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!

Interrupted By A Tree

2011-02-16T05:14:00.000-08:00

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.

Annuities in the New Year

2011-02-16T05:10:00.000-08:00

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.

Sprinkler Systems

2011-01-26T07:27:00.000-08:00

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!

Protecting Your New Holiday Gifts

2011-01-26T07:21:00.000-08:00

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.

Refueling to Avoid Static Fires

2011-01-03T11:54:00.000-08:00

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.

No Pressure Driving

2011-01-03T11:52:00.000-08:00

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.

Professional Liability Coverage

2010-12-14T07:02:00.000-08:00

Attention: Nurses, EMT’s, Counselors, Teachers, and all medical and educational professionals! You may need to consider getting additional coverage to fully protect yourself!

Claims against medical and educational professionals continue to increase and you can be sued even when striving to do all the right things. The O’Neill Group is proud to offer liability insurance to Professionals that can be added right onto your homeowners policy.

Professional Liability will pay if you become legally liable for an injury due to an alleged act or omission, whether you are working for your company or when furnishing services on your own time, which will NOT be covered by your employer’s policy.

Accidents can happen, and you can practice your profession with confidence knowing you will be defended, even if a suit is groundless or fraudulent. And the best part is it’s easy and inexpensive – anywhere from $25 to $100 depending on your profession. Get the protection you need and deserve at a very affordable cost.

Key Employee Coverage

2010-12-14T06:57:00.000-08:00

Do you have an employee you truly can’t live without? For example, does “Bob” hold the “secret recipe” to your “special sauce?” Of course this is an over-simplified example, but it brings an important concept to light: anticipating the loss of a truly valuable employee.

If your business is dependent upon the expertise or knowledge of a particular person in your company, you should also consider obtaining “Key Person” protection. This type of plan helps to compensate a business for financial losses due to the death or long term disability of a key person. Remember, key employees aren’t necessarily just the management team. You may have key people you depend on to sell to specific clients, or who have other special skills and duties that no one else in your company currently performs.

Would it be business-as-usual without YOUR “secret recipe” holder? If the answer is no, then contact our office today to find out more about obtaining key employee insurance for your most important asset - your staff.

Commercial Drivers Texting Ban

2010-12-02T07:05:00.000-08:00

If you had been watching news programming last summer, you probably saw a clip of a bus driver in Texas who caused an accident by paying more attention to his phone than to the road in front of him. If you didn’t catch the clip, check out the incredible video that shows it all caught on tape at: www.oneillinsurance.com/texting.html.

Texting while driving is a major distraction and risks lives. Data compiled last year by the Federal Motor Carrier Safety Administration states that texting drivers take their eyes off the road for an average of 4.6 out of every six seconds. This means that at 55 mph a texting driver travels the length of a football field without looking at the road.

And, that’s exactly why the U.S. Department of Transportation has put in place a ban on texting for all commercial truck and bus drivers. Your company and your employees driving your commercial vehicles can be held liable for violating this ban and can be subject to stiff penalties and fines on top of any damages and injuries he/she may cause in the process.

Our best advice is to make sure that your employees are aware of the new regulations and the dangers of texting while driving. Make it known that texting won’t be tolerated while they are operating your company vehicles.

Don’t Let The Grinch Steal Your Identity!

2010-12-02T07:02:00.000-08:00

Avoiding Scammers at The Holidays
When we think about theft, we often find ourselves picturing thieves stealing our belongings, much like the Grinch did to the poor residents of Whooville. However, The Grinch had nothing on the sophisticated thieves around today. These new scammers employ advanced tactics to obtain access to your personal information and credit. Their ploys can spell disaster for you and your family should you fall victim to one of their schemes.

“Spoofing," or "phishing," frauds attempt to make internet users believe that they are receiving e-mail from a specific, trusted source or that they are connected to a trusted web site, when that is not the case. For example, you may receive an email that prompts you to shop at your favorite online store for holiday gifts… only to find out that the link is not to the “real” store at all, but to a “spoof” site instead. The phonies will never send your purchase, but instead steal your credit card information and possibly your entire identity.

Many scammers’ websites and emails may look to be authentic. Here is some sound advice to follow in order to protect yourself from becoming a victim:

 If it sounds too good to be true... it most likely is. Don’t be afraid to question the offer or the instructions.

 If you encounter an unsolicited e-mail that asks you either directly, or through a website, for personal financial or identity information, exercise extreme caution.

 If a website address is unfamiliar, it's likely that it is not real. Only use the website addresses that you have used before. Spoof sites usually have an excessively long strong of characters in the header, with the legitimate business name somewhere in the string, or possibly not at all.

 Most companies require you to log in to a secure site before you provide financial information.

 Most importantly, if you have doubts about an email or website’s legitimacy, contact the company directly by phone. Odds are good that you will find you just avoided a scam.

To find out more about internet threats, we invite you to visit www.ic3.gov, where you can learn about the latest scams or file a complaint about a scammer. We also encourage you to check your free credit reports on occasion to make sure that

Deck The Halls Like a Wiseman

2010-11-22T06:54:00.000-08:00

We’ve all thought “It won’t happen to me.” Or, “It’ll be fine for a while.” But, the fact is that just one unwise decision or one moment’s distraction could cost you damage, or even total destruction, of your home or office.

It’s so easy to get caught up in festivities and joy of the holiday season, and to let safety guidelines take back seat to decorating. When you are preparing your place for the holidays, remember to keep these few wise ideas in mind:

- Never leave burning candles unattended, and be sure to put them out before heading to bed.

- Check your light strands before plugging them in, for tears, rips and fraying. Replace any damaged lights and chords.

- Never overload an electrical socket with lights or other decorations.

- Do not place heaters, candles, or hot items near your live or artificial trees. They are highly flammable.

- Practice ladder safety when putting up outdoor lights, and make sure the lights are rated for outdoor use.

- Keep Mistletoe, Holly, Poinsettia and other holiday plants from pets and children.

Building Vacancies Can Affect Your Coverage

2010-11-22T06:50:00.000-08:00

In today’s economic climate, it seems as though more and more businesses are shutting their doors. One minute a business is thriving, and the next there is a “For Lease” or “Closed” sign in the window.

Here’s something you may not realize: If your business “neighbors” move out, or if new “neighbors” move in, you should definitely let our office know. The change in occupancy could affect your coverage. If you own the property and your tenants move on, it is equally important to let us know of the change immediately. Vacant (or partially vacant) properties create a unique set of circumstances that lead to a higher risk, and you need to be aware of the vacancy provisions in your policy so that you don’t run into a “no coverage” situation at the time of a claim. Your coverage should be thoroughly examined to ensure you are getting the maximum protection for your business should damages occur while the property is between lessees.

If you are not sure if we are aware of vacancies in your building, contact our office and we will get the answers for you. It is better to be safe than sorry!

Business Changes... Fast!

2010-11-22T06:45:00.000-08:00

Business moves so fast these days! Thanks to technology, it seems mergers, acquisitions, change of location or a variety of other changes can occur now more quickly than they used to.

Although we take measures to visit with our commercial clients often, it’s important that you keep us up-to-speed with your business changes when they occur. Here is a partial list of reasons to contact us before our next scheduled update:

• Change in ownership or structure
• Addition of equipment
• New drivers or vehicles
• Building or property additions
• Increase in inventory or warehouse stock
• Increased (or decreased) security on premises

In fact, whenever there is a change within your organization, it’s a wise move to give us a quick call. We’ll let you know if you will require additional insurance, or if the current policies will need to be updated in some way. A few minutes can give you a lot of peace-of-mind!

Do You Store Client Info?

2010-11-01T12:32:00.000-07:00

You May Require Electronic Data Liability!

Imagine this scenario: One of your salespeople stops for lunch. When they return to their car, they see their side widow broken and their laptop is gone! Those thieves now have access to all of your clients’ information, including their payment methods, bank accounts, or possibly their personal identities. Not so hard to imagine, is it?

The theft can spell trouble for your business, not to mention lost time and energy spent trying to protect old data, including your clients’ information. It is very likely that a lost laptop could mean a lawsuit for your company. Without insurance for these events, a business could quickly go bankrupt paying out damages to clients.

Any firm holding sensitive client information on the internet, on computers, or over private networks should discuss adding an “Electronic Data Liability Coverage” to their insurance plan. The purpose of the plan is to pay for the business’s defense and for any settlements or judgments against the business, when clients sue for failing to safeguard their personal information.

Longer Life Spans Means Planning For Long Term Care

2010-11-01T12:28:00.000-07:00

We’re so lucky to be living in a time period where the average American life expectancy is about 75 years for men and 84 for women. In fact, did you know that if you were living in Ancient Greece, you’d be lucky to hit 20 years old?

Americans are living longer and healthier, thanks to better diet, better medical care and safer environments. By 2030, those in need of a Long Term Care Facility (a Nursing Home or Assisted Living Center) will be an estimated 23 million Americans. Unfortunately Long Term Care is not cheap… and Medicare will only pay for a short time under specific, limited circumstances.

Estimates state that everyone has a 70% chance of needing Long Term Care in their lifetime. Why not start planning now? To learn more about obtaining Long Term Care Insurance, please call us today at 330-334-1561 or 800-334-1561.

Blogging (Or Bogging?) Down Your Business

2010-10-19T05:47:00.000-07:00

Today, the number of blogs and social media sites on the web is at an all-time high. I visit and read many of them myself, including the ones developed by the insurance companies we represent. While many businesses can use these social media outlets to their advantage (for example, to announce sales or to promote one’s services) there is also the risk of employees misrepresenting your business.

Employees who blog or post comments on behalf of your company are representing your company. If done improperly, posts can damage a business’s reputation, cause harassment or copyright infringement claims, or perhaps disclose confidential information. Employers may be liable for any activities on business blogs, websites, and social media sites posted by employees they hire to do this work.

I suggest that you lay out specific ground rules about your business blogging. Discuss any article or media ideas before they go live on the web, and strictly enforce your policies on disclosing information to the public.

National Teen Driver Safety Week; Education for Parents and Teens

2010-10-19T05:40:00.000-07:00

We all remember the feeling we had when we received our first drivers license. While our parents worried, we delighted in our new-found freedom. Our parents’ anxiety wasn’t unjustified; teens are often involved in (or the cause of) accidents. In fact:
• Car crashes are still the leading killer of people age 15 to 20.
• Young drivers are three times as likely to die in a crash as those aged 25 to 64
• The younger the driver, the more accidents. The crash rate for 16 year olds per
million miles driven is nearly three times as high as for 19 year olds, and nearly six times as high as drivers aged 20 to 24.

The O’Neill Group supports National Teen Driver Safety Week (NTDSW) which is scheduled annually in October. NTDSW is designed to spotlight the risks and hazards associated with teen driving as well as provide education. Part of NTDSW stresses the creation of a contract between parents and teen drivers.

We have developed such a contract for families with teen drivers as part of our total protection initiative because we believe it is an important step in preventing devastating teen accidents. The contract contains such items as the number of friends allowed in a vehicle at one time, and other rules teens should abide by.

Your teen is probably becoming more independent, too. Even if your teen isn’t driving quite yet, they are often passengers. It is important to start the conversation early with your teen about their new-found independence and driving responsibilities, as well as about riding with their friends who might be newly licensed.

To find even more helpful advice on the subject as well as discussion tips, we highly recommend visiting www.teendriverinsurance.com/Oneill. We also urge you to request a free copy of the parent-teen contract by calling our office at 330-334-1561 and speaking with your Personal Protection Specialist. Please help us make our streets safer, and keep your teen safe, by reminding them that with their independence comes great responsibility, too.

Big Wrestler--- Little Protection

2010-10-05T05:35:00.000-07:00

I was shocked to hear that Hulk Hogan, a retired professional wrestling star and entertainer, is in deep financial trouble after his son’s car accident. After all, Hogan is worth millions of dollars, and can surely afford appropriate insurance coverage to protect himself, right?

So what was the problem you ask? He did not have an umbrella. Hogan was worth an estimated $30 million in August 2007 when his son Nick crashed Hogan’s car and left his passenger with a serious brain injury. Hogan was way underinsured and will have to pay out of his pocket anything over the $250,000 limit he carried.

Now most of us don’t have quite that much wealth to protect, but imagine if it were you in a similar situation. Could you afford to pay a claim against you out-of-pocket… even if you’re underinsured by only an extra hundred thousand or two? It’s very unlikely that most of us could.

These situations are exactly why we always recommend at least $1 million umbrella liability protection. The low premium of just a few dollars a week is a very small price to pay when it could protect you and your family’s financial future in the event of a serious accident and subsequent lawsuit. Contact us today to find out how little it would cost you to invest in an umbrella policy.

Heating Things Up

2010-10-05T05:31:00.000-07:00

Can you believe it? It’s already time to think about getting out the extra blankets! That’s right… winter will be here before you know it, and you may be getting ready to add some “supplemental heating” to your home or office.

Unfortunately, heating causes most fires during the winter months. The good news is that most heating fires can be avoided through proper maintenance and use of equipment. When using a space heater, be sure that the units are at least three feet from other objects such as draperies, throw rugs, or even walls. Never leave the units unattended, especially with pets or children who can burn themselves or knock the units over. Never use an extension cord with these devices, as the high heat could actually melt the cord and ignite a fire.

As for fireplaces and wood burning stoves, be sure that they are properly cleaned and inspected before snuggling in front of them. Never burn paper or pine boughs which easily spark out of the fireplace hearth, and remember to use a protective screen. Be sure to keep highly flammable items such as blankets, decorations, and rugs far from the fire, too.

Lastly, but very importantly, I test and replace the batteries in my smoke detectors and carbon monoxide alarms before the start of the winter season. This easy step provides me with peace of mind that my family and guests will be alerted should an accidental fire occur.

Non-Owned Auto Coverage

2010-09-22T06:11:00.000-07:00

So, What Is Non-owned Auto Coverage?

Have you ever thought about the risks involved in sending out one of your employees on an errand using their own car? It could be as simple as getting into a fender bender while going to pick up the office lunch or while making a run to the post office. Unfortunately, your business could possibly be responsible for that employee’s accident.

Non-owned auto coverage protects your company in the event that an employee has an accident using their own car on company time. This coverage can be included in your commercial insurance policy for a relatively small amount compared to the damages you may have to pay should an employee be involved in an auto accident while carrying out business functions. If you would like to know if your business is covered for these types of accidents, please call our office, so we may assess your current policy.

September is LIFE INSURANCE AWARENESS Month

2010-09-22T05:57:00.000-07:00

I have never met anyone that enjoys going to the lawyer’s office to create (or update) their will. No matter how inevitable our fate is, actually “planning” on dying is enough to make even the toughest of us a little squeamish. Maybe that’s why a staggering 75% of Americans either don’t have any Life Insurance or don’t have nearly enough… because if we don’t talk about it, don’t think about it and don’t plan for it, it seems as though the day will never come that we actually need it!

Instead of focusing on the emotional aspects, (yes, you have to die in order for your beneficiary to receive any payment, and that is a pretty emotional thought), it’s probably less intimidating to focus on the practical reasons to purchase a policy.

For example, when you create a will, you do so with the intentions that you would like your possessions and the people in your life to be taken care of after you pass on. If you have children, you know how difficult it is to name a guardian… but, if something SHOULD happen, you want to make sure your children are cared for by someone close to you. And YOU want to choose for the best future for your children!

The same logic can be applied to purchasing a life insurance policy. SHOULD something happen, your policy can assist with bills, funeral expenses, mortgages or rent, college expenses, and simply everyday living expenses that would have been provided by your income, that is now gone. Wouldn’t this also be a good time for YOU to choose your family’s best future?

The best part of Life Insurance is that for the peace of mind you will gain, it is relatively inexpensive to purchase. Because like you, the insurance companies bank on the fact that you will be around for a long time. You owe it to yourself and to your family to talk to Life & Health Specialist at The O’Neill Group to help you determine your exact needs, and provide a quote on the policy that’s right for you. You’ll be surprised at the cost! Don’t put this on your “to do” list - Call 330-334-1561 TODAY!

Living With Lightning

2010-09-02T06:59:00.000-07:00

I find lightning storms to be very scary. Not only can lightning shock us (both literally and figuratively), it is actually responsible for starting many fires, causing injuries and killing hundreds of peole each year.

The only thing that eases my fear is knowing that I can help control my risks, and therefore limit the dangers that a lightning storm poses. Some things you can do include:

• If possible, weather the storm in a building or home.

• If you have to remain outside, be sure to stay away from metal sheds and outbuildings, as well as metal bleachers and fences.

• Stay away from trees and sources of water - both are good target areas for lightning strikes.

Once you're inside, be sure to follow these additional precautions to protect you and your property:
• Stay off of corded telephones, computers and any other electrical equipment. If you need to make a call, use your cell phone or a cordless phone.

• Stay away from windows and doors and a safe distance from large metal objects such as washers and dryers.

• Stay away from running indoor plumbing. Since lightning can follow the path of water indoors, never take a bath or shower, or wash dishes during a storm.

• Use surge protectors for all electrical equipment to reduce the chance of fires starting due to lightning strikes.

Equipment Breakdown Coverage

2010-09-02T06:55:00.000-07:00

Keeping Up When Equipment Breaks Down

Why is it that breakdowns always seem to occur at the most inopportune times... when a big order is due, or when you're in a rush to finish a project? That said, even a normal or typical equipment breakdown on a "light" work day could be a very costly event, and can cause significant hardship for business owners and for their employees.

The good news is that there is such a thing called "Equipment Breakdown Coverage" and it is available from your independent insurance agentcy such as The O'Neill Group in Wadsworth, Ohio.

Equipment Breakdown Coverage (sometimes also referred to as "machinery insurance") covers the costly damages that can result from an equipment breakdown, malfunction, or shut-off.

This coverage can help you through a tough mechanical or electrical failure and ensure that your business will remain on its feet while the system is being repaired or replaced. The equipment breakdown endorsement adds coverage for mechanical, electrical and pressure equipment breakdown which may otherwise be excluded from coverage in the standard commercial policy. I have even seen the coverage pay for an indirect loss such as lost business income while the machinery was being repaired!

If you believe your business could benefit from an equipment breakdown endorsement, or would like to find out more on how this endorsement could benefit your business, please feel free to contact me or one of the other Protection Specialists at The O'Neill Group for an analysis of your needs.

What To Do After An Accident

2010-08-20T12:44:00.000-07:00

Auto accidents are not something you "plan" on getting into. That's why they are called an accident! Knowing what to do after the accident happens will lessen the stress and the possible problems that may come up long after you leave the accident scene which could make the situation even worse.

While any accident is a hassle to some degree, you can ensure that is less stressful by being prepared. Here are four easy things you can do make your auto insurance claims less stressful after an accident occurs:

1. CALL: Call the police and report the accident no matter how minor and no matter whose fault it was.

2. GATHER INFORMATION: Get as much information from the other driver(s) as possible, including their name, address, phone numbers, description of the car, and their insurance company.

3. REPORT: Call your insurance company or agent as soon as possible. A delay in reporting the claim could get in the way of your company's efforts to defend you.

4. KEEP RECORDS: Maintain a file with any expenses you incur, including medical and hospital costs, lost wages, etc. Keep copies of any paperwork that result from the accident.

Texting While Driving

2010-08-20T12:41:00.000-07:00

It only takes a second to change your life forever. Distractions such as texting while operating a vehicle are accounting for more fatal crashes throughout the U.S. this year than in the past. Teens and adult drivers alike are put at risk every time someone is behind the wheel fiddling with small buttons in order to send out a
message to a friend or to a co-worker.

I recently read that researchers have some really frightening findings regarding this risky behavior. Drivers who were tested driving while texting on a cell phone or playing with an MP3 player steered their virtual vehicles erratically, weaving in and out of lanes and even running over virtual people... making them a hazard to themselves and all of us driving on the road with them!

It is best to minimize your risks: just forget about texting while driving!

Ohio Law Requires Use of Boosters for School-Aged Children.

2010-08-20T12:38:00.000-07:00

For parents who will be transporting children to school on a daily basis, back-to-school is also the perfect time to make sure that your children are properly using car seats, boosters and seat belts. To make sure that your precious cargo is safe, a new Ohio Law will go into effect beginning October 7, 2009 that changes the booster requirements for school-aged children.

The new law states that all children under the age of 8 and under 4’9” are required to use a booster and seatbelt. Children 8 and over or 4’9” and over, may use a normal auto seat like adults. Children, regardless of age, who are under 40 pounds should still ride in an appropriate car seat as before.

It is also recommended that children under 13 remain in the back seat of the car, where they will be afforded the most protection in case of an accident. As always, seat belts should be secured for every passenger and should never be shared, un-buckled, or loosened up at any point during even the shortest trips.

Ohio All Purpose Vehicle Law

2010-08-09T12:37:00.000-07:00

License and Insurance Requirements for APVS

There is a new law that you need to be aware of if you own an APV (All Purpose Vehicle). This includes all-terrain vehicles, all-season vehicles, mini-bikes and trail-bikes. APV's now require registration with the Ohio BMV, which means that they need to display a license plate, even if you only intend on operating them on your own property. (There are exceptions for golf carts, utility vehicles used to transport materials and an APV used as a farm implement).

The license registration fee has also been increased from $5 to $31.25 for three years. The new law also imposes fines if you fail to comply and contains stiffer penalties for criminal trespassing that involves an APV. For more information, you will want to go to the website http://codes.ohio.gov/orc/4519.

APV's also require adequate insurance coverage, which is NOT automatically included in your homeowner's policy. While you may think of them as a "toy," the reality is that they can cause accidents and are now legally considered vehicles. Make sure you contact our office to properly cover your APV's and snowmobiles. Call 330-334-1561 or 800-334-1561, and we will confirm if you need additional coverage for your APV.