The Bull Stops Here Blog

Do you monitor what your potential and current employees post on their MySpace and Facebook accounts?

I’m giving a presentation to a group of young adults tomorrow morning.  The majority of my program deals with presentation skills.  We will tackle the dreaded word “like”; learn how to make actual eye contact with another human; and dress for success.

We also will discuss the dangers of having one of your funny posts cost you a job.  If you don’t think employees are using Facebook and MySpace to check out potential employees AND current ones, think again.  You may think it’s an invasion of privacy, but it is your business and it is in cyberspace.  You are free to search and research your potential employees.  The responsibility (or lack thereof) they show in their personal lives can spill into your time.

In researching this topic, I found a great article on the subject.  It’s a few years old but worth the read…

http://www.associatedcontent.com/article/69160/prospective_employers_on_myspace_your.html?cat=31

Cheers,

I read an excellent loss prevention tip in this morning’s International Risk Management Institute (IRMI) newlsetter today.  You may find great value from it…

Defective electrical wiring systems cause approximately 40,000 residential fires annually, according to a United States Consumer Product Safety Commission (CPSC) study. In addition, electric cords and plugs are involved in about 7,000 fires annually. The National Electrical Safety Foundation offers numerous tips to safeguard the home against electrical fire and related losses, including the following.

* Verify that outlets and extension cords are not overloaded.

* Examine electrical cords to ensure they are not frayed, damaged, or placed under rugs or carpets.

* Verify that the proper wattage bulbs are being used in light fixtures and lamps.

* Consider installing ground fault circuit interrupters (GFCI) in bathrooms, utility rooms, and kitchens. This device protects people against electrocution by shutting down the electrical system if it detects any imbalance in the electricity.

* Take steps to safeguard electrical appliances from power surges. A power surge is a sudden rise of current or voltage in an electrical circuit that can last up to several seconds and can ruin electrical appliances and equipment, such as computers. You can purchase surge protection devices to safeguard against the problem.

* Consider updating the entire electrical system if the home is over 40 years old. Older homes are more susceptible to electrical fire. For example, many older homes contain aluminum wiring, which is much more susceptible to starting fires than the copper wire required by modern building codes.

* Install child tamper-resistant electrical outlets to prevent a child from inserting something into the outlet holes.

* Install arc fault circuit interrupters (AFCI) to avoid fires caused by arc faults. An arc fault is a discharge of electric current across a gap.

This can be caused by improper electrical connections, pinched wire insulation, and overheated wires.

Note that many insurers offer discounts for some of these electrical safety improvements.

Our prayers are with you…

One of my good friends and independent agent Brian Edgren called me regarding my last The Bull Stops Here video.  I’m happy he is a viewer!  I’m also happy he pointed out a slight error in my definition of dimunition of value.

Dimunition in value for a rental car company is when the value of their vehicle is more than the value an insurance company will total it for.  I had used the example of owed money for to a bank.  The way I explained it could mean “gap coverage”.  That’s not what I meant to do…thanks to Brian for catching it.

The easiest way to understand dimunition in value is simply this - XYZ Rental Cars owns a 2008 Ford Taurus and its value is $15,000.  You get in an accident with it and the adjuster says he will total it for $11,000.  XYZ Rental cars has a dimunition of value which you are responsible for - $4,000.

Thanks again for catching my poor example.  I hope this will help clear up the mud.

I received sad news yesterday. One of my clients passed away suddenly.  He had been ill for awhile, but it’s always a shock.  His partner was on a vacation trip heading back to the East Coast to visit his son when he had to turn around and come back. 

The ironic thing is that we had been talking about the life insurance they had taken out years ago for their buy-sell agreement.  Now, it’s not a matter of reviewing, it’s a matter of using.

Are you part of a partnership or corporation?  Do you have a buy-sell agreement?  If so, how is it funded and when did you review it last?

Consider this a good reminder to check it out…you never know when you’ll need it.

Watching CNN this evening, it was reported that over 800,000 homes and businesses in the Gulf Coast are without power due to Tropical Storm Gustav.  Even though the worst for that storm is over, two more are on its heels.  What’s that mean for connectivity, power, space, and technology for countless businesses?

This is a time for you to prepare.  What’s your plan if you were out of power for an extended period?  You may have clients all over the country who still need service during your regional disaster or they find a new vendor.  Or, you might be the only one affected.

Risk management best practices dictate you need to have a strategy to protect your business, your family, and the families of your employees.  Take a cue during hurricane season and National Preparedness Month…

What’s your plan when the lights go out?

P.S. I help businesses design plans to survive disasters.  Contact me at dan@toroic.com if you need help.