The Bull Stops Here Blog

September is National Preparedness Month so starting tomorrow, you will begin seeing a bevy of blogs dedicated to preparing your business and your family for an emergency. 

Let’s start it off with a quick tip on fire safety…

When was the last time you checked your smoke detectors at home?  This is a good month to do a quick test.  Your family’s safety is at stake.  If you’re like me, you also have a home office so consider it part of your risk management practices. 

Raising awareness is important.  Actually taking steps is another.  Will you check your smoke detectors today?

The next episode of The Bull Stops Here on rental car insurance solutions…

Wedding insurance is a protection for the parties that are financing a wedding for reimbursement of expenses for a variety of different reasons.  Not too long ago, wedding parties were on their own in case an event like bad weather, problem vendors, or problems with a venue popped up.  Now, there is a solution for them to protect their investment, which nowadays can be sizeable.

If someone has a big financial investment in a wedding, they need to consider this purchase.  There are so many things out of your control like flooding or bad weather cancelling the festivities; illness to the bride or groom; construction causing delay to a venue; damage to a wedding dress; and liquor liability to name a few.  People insure for the loss of thousands of dollars in property, they should also protect themselves for that type of loss with an event.  In the end, it’s about peace of mind.

The biggest liability comes from alcohol. Homeowner’s policies are becoming more stringent on covering liquor liability die to weddings and may even exclude it.  You would need to ask your agent to make sure your policy covers it.  Most people may not even think of that until a claim occurs.  The potential liability from a drinking and driving claim that originates from your party could be catastrophic.

Wedding insurance can be purchased from insurance companies who have special programs for it.  You can look online under “Wedding Insurance” and find several that market their programs.  Wedding planners are also good sources to find the right protection.

I have two teenage daughters.  Maybe I’ll offer to hold the ladder…

Many thanks to Keith Elledge for his kind testimonial…

My neighbor owns a very cool late 1960’s Mustang convertible.  I envy it every time I walk by his house walking Captain Jack.  It’s “Steve McQueen Green” and just beautiful.  I have sometimes wondered if he is insuring it correctly.  I know that’s weird, but hey, I’m an insurance guy!

Is your antique car properly insured? If you are a relatively new collector, you should be aware that this type of vehicle often requires specialized coverage, which we can help you obtain.

Remember that collectible cars, defined as those built 30 or more years ago, have unique insurance needs compared to traditional automobiles. As you know, regular use vehicles are on the road every day but antique or classic cars are typically used for limited pleasure driving, auto shows, and parades. In addition, while normal vehicles depreciate in value, antique or collectible vehicles often significantly increase in value over time.

The following are some issues to consider when procuring coverage for collectible cars.

• Vehicle Condition — Many specialty insurance companies may want to insure only classic cars that are in mint condition; if your collectible has prior damage or shows extensive wear and tear, it may be difficult to purchase coverage. But most specialty insurers are willing to provide coverage (with increasing values) if you are actively renovating the vehicle. 

• Vehicle Usage — Most specialty insurance companies stipulate maximum mileage limits per year, such as 3000 or 5000 miles. Thus, it is important to verify the limits and keep track of the mileage on the vehicle. 

• Vehicle Valuation — Agreed-value policies are better than stated value policies. Agreed value policies guarantee that, in the event of a total loss, the insurance company will pay you the full amount listed on the policy, less any applicable deductible. Stated value policies, while rare, are often open to interpretation concerning the vehicle’s value. You should also consider inflation guard coverage (automatically providing increasing limits every quarter or year) for your vehicle. 

• Vehicle Storage — Antique and collectible insurance companies normally require that these vehicles be stored in a fully enclosed, locked garage or storage facility when not in use. Failure to abide by this requirement could jeopardize coverage.

Finally, if you have any questions call your agent to make sure.  You’d HATE to lose that classic car to not having the right insurance.

Are you making your employees sick?

You may not be but the inherent hazards in your business operations may be. Regardless of the type of business you are, you will have some hazardous materials that can cause injury, illness, or death to employees. How you manage this risk will go a long way to saving your employees’ health and your wallet.

According to industry trainer J.J. Keller, the Occupational Safety and Health Administration (OSHA) handed out nearly $550,000 in fines for Hazardous Communication Standards violations. It’s a Federal Law for most businesses to train your employees in the “Right to Know” about hazards that can harm them. Have you recently trained your employees?

I know, I know, it’s hard to keep up with all the requirements and your employees are busy. Plus, you don’t know how to train them. Okay, I’ve heard all those before. That may be all true but you do have a moral and regulatory duty.

What’s your duty? According to the OSH Act of 1970 that regulates this requirement –
(a) Each employer –
(1) shall furnish to each of his employees employment and a place of employment which are free from recognized hazards that are causing or are likely to cause death or serious physical harm to his employees;

(2) shall comply with occupational safety and health standards promulgated under this Act.
(b) Each employee shall comply with occupational safety and health standards and all rules, regulations, and orders issued pursuant to this Act which are applicable to his own actions and conduct.

Manufacturers are required to provide Material Safety Data Sheets (MSDS) on everything from cleaning supplies to chemicals, to auto parts fluids, to lumber products. With the advent of the internet, that system has become less burdensome. That being said, how many employers are taking the time to train their employees? Are you?

Here are the consequences – Fines (as you see above) and increased workers compensation costs. The bottom line is that you can reduce your risk of employee injuries, which leads to higher work comp rates, and avoid costly fines if you simply train your employees annually. There are many services and program that can do the job for you. In fact, that is one of the services I offer in my practice.

Now is a great time to review your risk management progress for the year. If you haven’t trained your employees in Hazardous Communication Standards, what are you waiting for? An invoice from the government? An injured employee? Take steps now to protect your employees, your liability, and your bottom line and arrange for HazCom training today. Don’t let your employees get sick on you.