Archive for December, 2011

Herlihy Insight – Cyber Liability

Posted on: December 16th, 2011 by Herlihy Insurance Group No Comments

For anyone who has had his or her identity stolen, a person knows it can cost hundreds to thousands of dollars to correct your personal information. Now imagine your company’s computer systems or laptop was compromised and someone has stolen your employees’ social security numbers, your patient’s medical records or your customer’s credit card information? The cost to correct the problem can easily reach hundreds of thousand of dollars and could possibly be in excess of a $1,000,000. In addition to these extra expenses, a business typically sees a drop in sales as the company’s goodwill is tarnished and the management team spends more time correcting the data breach versus running the business. Here are a few examples:

  1. A medium size restaurant had someone steal the credit card information of over 2,000 clients over a 12 month period. The cost to identify and correct the security breach, to notify all of the customers and to provide ongoing credit monitoring for all of the affected customers generated a $200,000 expense for this restaurant.
  2. A person stole a laptop that contained the name, the date of birth, the social security number and medical information of over 1,500 patients. The medical facility agreed to pay a $125,000 fine and agreed to provide ongoing credit monitoring for all patients that requested this service.
  3. A person hacked into a retail store’s computer system and stole all of the employee’s personal information. It cost the retail store over $75,000 to correct this issue.

The solution to this problem is a Cyber Security Liability Policy. Based upon the coverages you select, this policy can pay for the additional expenses you incur to comply with all of the federal and state regulations to correct the cause of the data breach. This coverage is not included in most commercial package policies or business owners policies.

For additional information please contact Marcelle Skidmore
Email: Mskidmore@HerlihyGroup.com / Phone (508) 471-9670.

5 To Do’s for January

Posted on: December 16th, 2011 by Herlihy Insurance Group No Comments

  • Long Term Care - Most people will need long term care during their lifetime and No it is not “insurance for old people”. Learn more about Long Term Care insurance, assess your family and financial situation and decide for yourself if this is the right choice for you and your family.
  • Declaration of Homestead - Make sure you have filed a Declaration of Homestead on your principal residence to protect the equity in your home from creditors. The laws have changed this year and you need to make certain you are protected.
  • You and Your Mortgage Company - Do you still have the same mortgage company you had when you took out your mortgage? Maybe, probably not. Insurance bills sent to incorrect mortgage companies can lead to cancellation notices and penalties, keep us informed on your correct mortgage company.
  • Seasonal Property - Seasonal homes are a great way to get away and check out for a while. However seasonal homes or rentals all need to be maintained correctly to avoid a gap in insurance coverage if the home is left empty for a period of time. Call us to review potential gaps in coverage and how you can safely protect your home.
  • Company Car or Truck - It’s a great employee perk if you have one, and we need to know about it. The personal auto policy has specific language regarding regular use of other cars, add “Use of Other Auto” coverage to your personal auto policy to make certain your insurance responds at claim time.

Herlihy Insight – Life Insurance

Posted on: December 16th, 2011 by Herlihy Insurance Group No Comments

The birth of a child can be the most amazing event in a person’s life. Watching your child develop over the days, months and years is truly an extraordinary experience. However with all this excitement and joy comes a tremendous amount of responsibility for parents.

In our hectic life, we often overlook planning for our family when we are not here. Have you considered the following – What would happen if I or my spouse suddenly passes away? What happens if both of us pass away? What happens if I or my spouse becomes disabled due to an accident or disease? Although these are not pleasant thoughts, we all must consider the above situations and decide what is best for our family.

The Herlihy Insurance Group recommends you implement, review or update the following items at least every 5 years:

  1. Life Insurance: The death benefit of a Life Insurance Policy will allow your family to continue living its current lifestyle without the income of your spouse. We recommend a person have at least 10 times his/her annual salary covered by Life Insurance There are a few different types of Life Insurance: Term Life Insurance, Universal Life Insurance and Whole Life Insurance. We recommend you talk with a professional to determine which type of life insurance is best for you.
  2. Disability Insurance: This is the most ignored coverage in society today. Disability Insurance will provide you money if you are disabled by a disease or accident and can’t return to work. If a spouse becomes disabled, a family not only loses the spouse’s income but will encounter numerous additional expenses as well.
  3. A Will: A Will is a legal document that allows your wishes to be granted when you have passed away. Typically a Will designates the person(s) who will raise your children going forward and will outline which person will receive your assets. A properly written Will allows a smoother transition though the Probate Process and can prevent families from fighting over your assets. If a person does not have a Will, the legal system will dictate who will receive your assets and who will raise your children.
  4. Durable Power of Attorney: A Durable Power of Attorney is a written legal document where you designate a person to make financial, legal and/or business decisions for you when you are incapable of making your own decisions.
  5. Health Care Proxy: A Health Care Proxy is a written legal document where you designate another person to make your health care decisions when you are incapable of making your own health care decisions.

For additional information on the topics listed above please contact Mark Herlihy.

Email: Mherlihy@HerlihyGroup.com
Phone (508)471-9660.

Social Network

Posted on: December 16th, 2011 by Herlihy Insurance Group No Comments

by Colleen Herlihy

Social Networking

First off, I must confess. I do not blog and I do not maintain a Facebook Page. So at this point you are probably thinking is she too old? too young? Or just no friends or acquaintances?

Sometimes I think I am definitely missing out! And other times I am relieved not to be caught up in this hypersensitive and hyperactive medium.

With this confession aside, what could this possibly have to do with insurance? Here is a fact. Internet related defamation Lawsuits are on the rise.

Now you are probably thinking, what could this have to do with me and my family?

Well, some people “say” as in “post” some stupid things out there on the internet. Once these statements are “out there” … you don’t get them back and you can not control where they go! Since they are in “writing” if you get someone angry enough, you could be the target of a Libel or Slander lawsuit. It could be the case where you do not even know that your other household members (think kids here) may be the perpetrators of such an event.

To date there have been a few court cases in which the parents have been sued with regard to “negligent supervision of minors”. In these particular cases the parents were being sued for slander and defamation of character because of their children’s actions.

As a business owner the use of Faceboook, blogging and all those other things takes on an added dimension. Let’s say I thought it would be entertaining to share an “employee misadventure” on the internet with all of my “friends”. If my employee thinks otherwise, I could have an employment practices suit on my hands!

Back to the insurance part. We recommend that you review your policy to make certain that you have “Personal Injury” protection included on your policy as well as a Personal Umbrella Policy. And for you business owners, we recommend that your business has Employment Practices Liability.

In closing, I will attempt to follow my Grandmother’s wise advice. She always said, “If you can not print those words on the front page of “The Telegram” perhaps you should keep them to yourself.”. Her words were shared long before the internet existed, but I am pretty sure she would say the same thing about any internet posts!

Team Herlihy in Action

Posted on: December 16th, 2011 by Herlihy Insurance Group No Comments

Thank you one and all for helping Team Herlihy make a difference in our community. We are truly grateful for all the help we have received from so many people looking to get involved.

Heroes Day - Worcester Boys & Girls Club celebration of the unsung heroes who have made a difference in the lives of others. Last June, even the weather could not dampen the spirit and efforts of everyone involved with games, contests, face painting and entertainment. Heroes’ award ceremony recognized 75 special people in our community.

Girls Inc. Beer & Wine Fundraiser - This fall over 150 people joined forces to help raise money for this great organization. Girls Inc. has been serving girls in grades K-12 for over 95 years, providing a safe environment for girls to develop their physical, intellectual, social and leadership skills. A terrific event that raised $14,000.

Kids Café - Another Tuesday night another dinner for 200 kids, just a day at the office for the Kids Café at the Worcester Boys & Girls Club. Herlihy employees volunteered to host dinner, cooking 52 pizzas in 90 minutes to feed the masses. The only thing better than the meal is the happy looks and thank-you’s we receive from the kids, always a special and great event.

For more information on Team Herlihy and  how you can take an active role, contact  John Herlihy at johnherlihy@herlihygroup.com

Referral Rewards Winners

Posted on: December 16th, 2011 by Herlihy Insurance Group No Comments

Thank you to everyone who participated in this year’s Referral Rewards program. This year we received over 200 entries in our monthly drawings. With the best yet to come, our end of the year drawing for a High-Definition Television, it’s not too late to get in on the action. To be included in the December monthly, quarterly and end of year drawings, give us a call, submit your referral to referrals@herlihygroup.com or use this form. Congratulations to our latest winners:

Referral Rewards Winners

Our Referral Rewards Thank-You program was developed to reward you for introducing our agency to your family, friends and co-workers. We are looking for suggestions on what you want to win. What are the types of prizes you would like to see included in our Referral Rewards program? Call us or email your ideas to referrals@herlihygroup.com.

President’s Letter

Posted on: December 15th, 2011 by Herlihy Insurance Group No Comments

I’m at home the other day reading the newspaper, the hard copy. In the same room, my daughter is on Facebook, my wife has multiple scrabble games on her iPAD and my son is conversing via text with someone on his cell phone. The phone rings, yes, we still have a land line, but nobody even notices it.

The changes in technology are mind-boggling these days. No longer do you need a computer or laptop to get things done. You can access and control your whole world from your cell phone. While it can be overwhelming to some of us, it really is pretty amazing.

The advancement of technology brings about many insurance exposures we never thought of before. Covering property, both physical and intellectual, and increased liability exposures created through online mediums are real concerns.

The articles in this edition of our agency newsletter are meant to help educate everyone on the additional property and liability exposures created by these new technologies. We hope you find these helpful and invite you to call or email us with any questions or comments.