Archive for the ‘Commercial Insurance’ Category

Wait…Did That Billboard Say Herlihy?

Posted on: March 10th, 2017 by Agent Mark No Comments

If you are driving down 290 this month you just might see our name………………

Screen Shot 2017-03-10 at 8.27.02 PM

Now I know a lot of people do not think that insurance is WICKED GOOD and might be confused by this.    I know that many consumers  think of insurance as a bill they  pay for something they never get.

For many fortunate families and businesses that may be  true.  Then there are another group of families and businesses that have experienced insurance losses and know the benefit of  “wicked good”  insurance coverage and a “wicked good”  insurance advocate at claim time.

What makes us WICKED GOOD?

After more than 90 years, we are still a group of local insurance professionals providing “REAL” insurance protection to our clients.  Our goal each day is to meet or exceed our client’s expectations.  I must admit we are a much more diverse group in 2017 than we were in 1927!  Our agency diversity has  definitely enhanced our capabilities to meet our goals.

Herlihy Insurance Group is proud of its local roots and local insurance talent as well as our Team Herlihy commitment to our local community.

We thank our loyal clients for the opportunity to work with them and look forward to serving more of our neighboring family and businesses in 2017.

Just take it easy going by our billboard!!

 

Social Engineering Fraud and Your Business Insurance

Posted on: September 2nd, 2016 by Herlihy Insurance Group No Comments

Cyber Fraud

As one of our company partners stated, “An old con is a new threat.”

Our challenge is always how to get the message out about new risks to our clients. In today’s interconnected world, there are new challenges with “fraudsters” lurking in the anonymity of cyber space.

Social engineering fraud is when a “fraudster” deceptively gains the confidence of an employee or vendor and induces him or her to part with money, securities or goods. Fraud scheme can be difficult to detect and can result in a company handing over valuables to a criminal without even realizing it.

Social Engineering Fraud Coverage is now available to protect businesses from this type of event.

Here are a two important facts about this type of fraud:

  1. Companies can be victimized by anyone—even a trusted vendor can be the victim of a hacker who poses as the vendor, redirecting your next payment.
  2. Smaller companies often are more vulnerable to fraud because they may lack financial or wire transfer controls that larger companies may routinely employ.

Unfortunately social engineering fraud and scams are increasingly more common.

Herlihy Insurance Group suggests you review the types of Crime Insurance you have selected for your business and make sure you ask about this Social Engineering Fraud.

It’s up to you to keep your business fraud free!

Fall Time and our Activities

Posted on: September 18th, 2015 by Herlihy Insurance Group No Comments

Fall Activities

At this point most of my friends and family are out of summer mode and into their various activities. Most of us no longer have time to sit on the beach but are off to driving people places and attending all kinds of meetings and activities.

As you may be gearing up for any “unsummer” things here are a few things to consider.

Volunteering?

If you are volunteering as a board member or trustee for a charitable organization, please recognize that trustees could be personally sued for actions or inactions of these organizations. Check that the organization you are working with provides you with Directors and Officers coverage AND check that your personal umbrella includes coverage for your volunteer activities.

Devoting more time to your “hobby”?

If your “hobby” produces more than $1500 in one twelve month period this could be a “business” and you should review your hobby with your insurance agent as you might just have created a small business.

Coaching a sports team?

Check that your personal umbrella policy is in place and that you know how it would respond to personal liability claims arises from your coaching activities.

Giving out rides or sharing your car?

When you are sharing carpooling tasks with others you should be all set. If you are participating in any “ride share” programs such as “Flight Car” in Boston your car insurance policy would EXCLUDE coverage for this use.

At our agency we love to hear what all of our clients are up to! Then we love to figure out that the insurance is “all set”.

September is HERE – Enjoy.

Herlihy Re-Certified 5 Star Award Winner

Posted on: May 15th, 2015 by Commercial Insurance No Comments

Five Start Award of Distinction

In January 2002, our agency received its first Five Star Certification. The certification, provided by our agents’ state association, rates the agency in five areas; Customer Focus, Management and Leadership, Human Resource, Process & Product, and Future Success.

On May 5th, Herlihy Insurance Group was recertified as a Five Star Agency, our fifth time we have achieved the designation. I’m very proud of all our employees for the time and effort put forth in achieving the designation. It was truly a team effort and a very proud time for everyone at Herlihy Insurance Group.

Every successful business strives to get better each year. A friend of mine uses the acronym, CANEI. It stands for Constant And Never Ending Improvement. Our agency strives to get better every year for our customers, employees and the community we work in. We feel this approach, along with our insurance expertise, will make us the agency of choice for our customers and employees.

We hope you see our improvement each year and welcome your suggestions and comments on how our agency can better work with you. I hope you have a successful 2015 both in your business and personal life.

Enjoy the spring and summer. It’s well deserved!

Jim Herlihy

Cyber Theft

Posted on: May 1st, 2015 by Commercial Insurance No Comments

Most business owners are aware of the data breaches that occurred to Target, UMass Hospital and other high profile businesses. We all have some exposure to employees’ and customers’ personal information and hopefully have taken the steps to protect their information.

Another area that concerns us even more is the security of our money! Most of our income is direct deposited into our bank accounts from our insurance partners. Most of our bills are paid electronically to our vendors. When we called our bank to see how secure our funds are with them, we were very disappointed. The bank provides coverage for personal accounts, but not for corporate accounts.

Businesses are victimized when hackers gain access to account information and drain money from bank accounts. These types of “thefts” are Not Covered by your property insurance policies.

There are two relatively new coverages being offered by that can help; Computer Fraud and Funds Transfer Fraud. Not all insurance companies will offer these coverages, and in most cases a separate policy will be required.

This new cyber world brings us some fascinating new ways of working. Every new advancement brings a new way for people to take what we’ve worked so hard for. There are some very intelligent people working really hard to separate you from your money.

Talk with your bank and IT people to make sure you are doing everything you can to protect your business. For more information on data breach and transfer fund fraud and how insurance may fill holes in your insurance program, Call us Today.

You have Cyber Liability questions, We have the answers!

Physicians Billing Errors & Omissions

Posted on: April 24th, 2015 by Commercial Insurance No Comments

Now more than ever, we are seeing the Federal Government increasing scrutiny of physician practices and their billing practices. Medicare, Medicaid and Commercial Insurance companies have launched aggressive campaigns to enforce billing rules and regulations. The addition of increased and complicated billing regulations have left many physician groups spending more time on administration issues creating new liability challenges.

Informed physicians are greatly concerned with the volume of billing in their practices, the education of their employees, and the fines and penalties being levied. Recovery Audit Contractors (RAC’s) are targeting Physicians, Medical Groups and Hospitals and are paid a percentage of any provider overpayments they uncover. The stakes are high and the exposures are real. Do not expect to avoid an audit by having the billing handled by an outside billing party. The information starts and ends with each physician group.

With billing fines up to $11,000 per claim, the audit results for a medical group could be catastrophic. Protection for your practice and reputation are available and can include;

  • Prior Acts Coverage
  • Defense Costs including attorneys and consultants
  • Liability limits from $1,000,000 to $5,000,000
  • Substantial cost reduction for medical groups with 10 or more physicians

For more information on Billing Errors & Omissions, Call Us.

You have questions, We have the answers.

Your Employees Past and Present, Time to Get Serious!

Posted on: April 6th, 2015 by Commercial Insurance No Comments

We’ve mentioned Employment Practices Liability before in our Commercial Insurance blogs, monthly email blasts and renewal contract recommendations. Last month, Two of our clients received attorney letters citing Wrongful Termination and Discrimination.

Client 1: Small retailer laid off Three employees in 2014.
One employee is suing for Discrimination.
Client 2: Small auto repair company terminated a twenty year employee. After many complaints from customers and meetings with the owner, the employee was fired after three good sized accounts moved their business.
Employee sued for Wrongful Termination.

Employment Practices Liability (EPLI) provides coverage to you for allegations of Wrongful Termination, Discrimination, Sexual Harassment and Retaliation. The actions could be from you, a manager or from one employee to another.

EPLI claims happen all the time. Most of the cases don’t get to trial, but defense costs can easily exceed $50,000 even on a seemingly minor allegation. We have a client who is in the middle of a Sexual Harassment suit, the suit is two years old and defense costs are in excess of $200,000 to date. Yes, they have some EPLI coverage.

Most insurance companies today can provide limited coverage on your current business policy for a small additional premium. Limits range from $10,000 to $250,000. Additional cost to add, $100-200 per year. Higher limits are available if you purchase a separate policy.

Take a Pro-Active approach to EPLI, You have EPLI questions, Call us Today.

You have EPLI questions, We have the answers!

Calling All Doctors

Posted on: March 20th, 2015 by Commercial Insurance No Comments

More Choices, Better Malpractice Program

Operating a successful medical practice today has never been more challenging. The decisions you make regarding billing & reimbursements, patient care, and how your medical malpractice insurance is placed will determine the financial stability and long term health of the practice.

With the exception of employee health insurance, how your group’s malpractice insurance is placed may be the practices largest financial decision. One of the biggest misconceptions with insurance in general and medical malpractice specifically, is that all insurance is the same. Just like all cars, houses and businesses are not the same, all malpractice contracts are not the same.

What are your options?

The more options you have, the more control you have over the coverage and cost of your contract. Questions to ask; Who is handling your malpractice insurance? Do you have a malpractice advisor or an insurance generalist? Worse yet, are you working directly with a company providing a one size fits all approach?

A couple quick questions will provide your answer, Can you answer Yes here;

  1. Our advisor represents more than one company
  2. Our advisor personally meets with us and provides more than one option
  3. Your billing options does not include any fees
  4. The group is experience rated not individual physician rated
  5. Your risk management courses cut the cost of your insurance
  6. Your contract INCLUDES Physician-Consent-to-Settle

Individual physicians, Specialists and Large Medical Groups all benefit when they determine how their malpractice contracts are placed. Above all, you deserve an advisor working in your best interest. An option not available when your advisor represents one company or you elected the insurance company as your advisor.

For more information on how you can improve your malpractice insurance contract Call us Today! You have Malpractice questions, We have the Answers!

Cyber Liability, Data Breach and Your Business

Posted on: March 13th, 2015 by Commercial Insurance No Comments

For three years we have talked to our business clients about Cyber Liability Insurance , the conversation is usually a quick one with little or no action taken. Today more business owners are requesting information on Data Breach coverage, what’s included and at what cost.

More clearly defined, “Cyber Liability” is protection for the Personal information you collect and hold as part of your business. Personal information like; Social Security #, Drivers License #, Credit Card, Medical History, are examples of personal information you accepted and are untrusted to secure. Do not look to your standard property insurance contract for Cyber/Data Breach protection, you will be disappointed with zero or very limited coverage.

While most people are familiar with the media’s coverage of large Data Breach cases at Target and Facebook, the fact is, cyber criminals are targeting small businesses more than ever. Small businesses don’t have the deep pockets or the advanced security measures of big business and are easier targets for cyber criminals. Cyber criminals may target a large company as its end goal but gain access through the smaller business working with the larger company.

Perhaps the most important coverage in Cyber Liability protection may have nothing to do with a Cyber liability lawsuit, but Data Breach Response. By law when a business owner is aware of a Data Breach they are required to notify the state they do business of the breach. Data Breach Response expenses can include; Notification of all affected persons, Forensic accounting of the breach, Credit monitoring, Credit Card assistance. All these expenses can be mandated by the state and the business would pay out of pocket for each. A conservative breach cost estimate is around $80 per record, with even a minor breach of 500 records, the numbers get big in a hurry.

Businesses accepting credit card payments are especially vulnerable. Most credit card agreements include onerous hold harmless agreements and warranties about security. If credit card information is breached, you are obligated to fix the breach and pay reimbursement and penalties to the credit card vendor. Check your agreements, know what you signed up for.

Data Breaches targeting businesses are not going away anytime soon. Cyber Liability Insurance may prove your best defense. Be proactive, understand the personal information you accepted, and determine the best way for your business to protect.

You have questions on Data Breach and Cyber Liability, Call us, We Have the Answers!

5 Things to Know about Disability Insurance

Posted on: February 27th, 2015 by Commercial Insurance No Comments

While everyone is probably up to speed with Life insurance by all the attention and advertising dollars spent to keep Life insurance front and center. Your biggest exposure to financial unrest for you and your family could be found if you are disabled due to injury or illness. Disability insurance will provide you an income to pay bills when you can not perform your job.

When considering Disability insurance and the benefits it can provide, it’s important to understand these Five things;

  1. If you can not work due to injury or illness, disability insurance can help pay your monthly bills like; mortgage/rent, utilities, car payment, insurance, food, education, credit card bills, health-care.
  2. Social Security benefits are not available to you if you are out of work less than one year. If you are the sole provider or bread winner in a family you will drain all savings to keep your family a float.
  3. Most long-term disabilities are due to illness not injury. Take extra care exercising, driving or playing sports may not matter. Illnesses you see other people get every day will account for over 90% of disability claims.
  4. Easier and less expensive to get disability insurance while your young and healthy. Today 25% of people under the age of thirty will suffer some form of disability before the age of 65.
  5. Your disability benefits through work are taxable income. You will receive far less than you think will with disability insurance benefits provided by your employer. Disability insurance you purchase on your own is non-taxable. Combine the two incomes to get you the monthly benefit you will need.

While most of us are in agreement the importance and value Disability insurance can provide. Facts are most people will not take action.

For more information on Disability insurance and how it will help you and your family, Call us, We have the Answers.