Archive for the ‘Business Insurance’ Category

Home-Based Businesses Are On The Rise

Posted on: July 18th, 2017 by Agent Mark No Comments

homebasedbusiness

The number of home-based businesses in the northeast is now estimated at 1.5 million and growing.

It is not a surprise, with low startup costs, flexible hours and internet access fueling the growth of many home-based businesses. For many, the thought of eliminating their commute and making their own work hours are very attractive employment benefits.

For some people, their home business supplements their primary income. For others, it brings in enough income to make a full-time living.

Whether your home-based business is a side business or your primary income source, it is important to review the “insurance aspects” of your home-based business.

Your home insurance policy does not provide coverage for business property or your business liability.

Here are a few claim examples we have seen over the years:

• Stolen inventory at a trade show.

• A fire at home destroys business property and inventory.

• A customer slips and falls at an event sponsored by you.

• You host a pop-up party promoting your business, alcohol is served and an invited guest has a car accident on their way home and looks to you for property, medical and lost wage damages.

Its good business to check that your business insurance is providing the coverage most important to you.

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!!

 

Worcester’s Soaking

Posted on: November 13th, 2016 by Herlihy Insurance Group No Comments

Worcester Flash Floods

Last week Worcester was drenched on Friday night. Reports indicated that more than five inches of rain fell on the city within a few hours. Here is a view from one city street!

Although we hated the storm we do LOVE that this gets people talking about Flood Insurance and Coverage for Backup of Water and Sewer.

Flood Insurance is not included on standard property insurance policies. This is a coverage that needs a separate policy.

Coverage for Backup of Sewer and Water can be added to most standard property policies.

Here is a great link from the City of Worcester that reviews suggestions for residents to review regarding preparedness for area “flood” events.

One of their steps is:

Talk to your insurance agent about your coverage. Check out flood and sewer backup insurance.

We love to talk to our clients about this! Every property owner decides what additional coverage is right for them. You may purchase flood and or Back UP of Sewer and Water Coverage or you may decide not to.

We just want you to know about these options!

How high would the 100 year flood be on your building? Consider where you live, what bodies of water are near you and decide if you would like more info on Flood!

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!

Health Care Small Business Blues

Posted on: September 8th, 2015 by Herlihy Insurance Group No Comments

Health Care Small Business Blues

This time of year as we wrap up our summer vacations our business also gets ready for our health insurance benefit review.

From my perspective as CFO it is always a tense time. We strive to provide our staff with competitive benefit and salary packages. Last week’s news that health insurers in Massachusetts will boost rates more than 6 percent for small businesses and individuals in 2016 was not good news.

Insurers say the federal health care law is contributing to higher premiums in 2016 by requiring them to pay new taxes; the federal government is collecting billions of dollars from health insurers nationwide to, in part, underwrite coverage for people on subsidized health plans. For the first time, insurers are also expected to make new “risk adjustment” payments, which redistribute money from insurers with the healthiest members to those with the sickest.

I honestly cannot comprehend all of the variables that are driving up the cost of health insurance for our business. I just know that these increases are real and I do not anticipate any rate decreases over the next five years.

As a small business with 27 employees each year we review health care coverage options and cost increases. Our business reviews about six different carriers each year. Each of these carriers presents different plan options for our business.

I am honestly not sure what our health insurance rate increase will look like in the new year, but I am certain that our business will have reviewed multiple options for our employees so that we can make the most of these ever increasing health care dollars.

If you or your business have more than ten employees and are interested in a health insurance review, just let us know. We have had some experience with this!