Your building is now vacant due to Shelter in Place
Key Tips to Consider...
As we weather this national crisis and shelter in place, many of our buildings and surrounding property are attractive targets for thieves and other would-be criminals. Before shuttering your doors and leaving your business for, what could be, weeks at a time, consider these tips...
• Are unnecessary electrical appliances and equipment disconnected/unplugged.
• Turn down temperature on hot water heater to conserve energy.
• Set thermostat to minimal setting (55° F) to conserve energy but keep out the freeze and/or set low temperature alarms. Failing to maintain heat appropriately can void coverage if pipes freeze and burst.
• Sprinkler system also need to be protected from temperatures below 40F to ensure proper operation.
• During warmer months or in warmer climates, make sure to set your air conditioning to a minimum of 85 degrees
otherwise if your building gets too warm it will become susceptible to damage from humidity and mold.
• Check that sump pump is operational and remote alarms are working.
• Ensure all refrigerators and freezers are secure and doors are closed.
• Irrigation systems should be turned off and disconnected to prevent accidental flooding.
• Does the building look secure from the street?
• Are all vehicle entrances and exits locked/secured?
• Are all windows and doors locked?
• Have you contacted the police and requested random checks?
• Have you alerted neighbors or neighborhood watch programs that the building will be vacant so they can also assist with random check?
• Is there a centrally monitored security system in place (door contacts, window tape, motion sensors, video surveillance, etc….)
• Has updated contact information been given to companies that centrally monitor security and fire alarms, as contact names/information may have changed from normal operations.
• Arrangements should be made, if possible, to inspect the building at least weekly. Document the inspection with photos and utilize our check list.
• Can security camera be added or maintained operational to cover the interior/exterior of the facility?
o Have temporary, wireless cameras been considered?
• Are there exterior aspects of your building that you need to consider:
o Temporary weather proofing;
o Drainage or flooding hazards;
o Gutters and down spouts cleared?
• Contact your agent to discuss potentially relocating some high dollar items, temporarily to a more secure location.
• Do you have a list of inventories on hand?
o Is it backed up off site?
o If it were stolen or damaged what would you need for lead time to replace those items?
• Tools and Equipment
• Computers and Technology – Are there backups made daily with offsite storage of back-ups?
• Furniture, Artwork, Fixtures.
• Other Assets
• Do you have products on auto-order that needs to be suspended for the time being?
• Are you practicing all the necessary requirements per your local health department or FDA guidelines?
• Do you have a remote alarm on refrigerators and freezers so that you are made away of a temperatures spike?
o If this were to occur do you have a plan in place for dealing with this alarm?
• Are you maximizing the products on hand to consider items reaching expiration?
• Have you contacted the local fire department to alert them of the vacancy and any changes to building access that now may have changed?
• Additional monitoring may be necessary because of the following reasons:
o There may be a delay in reporting of fires because of the vacancy
o Fire could also start due to smoking trespassers, arsonists, faulty wiring or drug production.
o Transients/homeless seeking shelter may have open fires for cooking or providing heat.
• Are there centrally monitored fire detection systems in place?
• Is the Automatic sprinkler system on and locked open with centrally monitored tamper switches operational?
Making a plan for how to respond
Having a good response plan is as essential as protecting your business investments. When developing a plan, consider communication beforehand with local responders, such as fire and police departments, emergency clean-up companies and security companies. Your livelihood may depend upon it in an emergency.
And remember, if you have a helper with you when closing down, be sure to “social distance” from one another.
October is Cybersecurity Awareness Month, so we've compiled some information that may be useful to you!
These days even the most old school of business involves technology in some way, whether it be email, cell phone usage, a credit card machine, or even an online customer database. Even the smallest business with only a small amount of online interaction may be vulnerable to cyber hacking or attacks. Every business can benefit from some level of Cyber Liability coverage.
Are You At Risk?
Does your business engage in one or more of the following activities?
If you said yes to any of the above then your business is at risk for data breaches, security issues and even lawsuits for things like copyright infringement, intellectual property theft and plagiarism. Cyber Liability insurance can help.
Why You Need It
In just one week, virus removal software companies identified 30 new computer viruses to add to the long list of thousands (possibly millions) of known viruses from around the world. Each of those can be transmitted in a number of ways, including email, instant messaging, malware and malvertising.
Data breaches may also occur via accidental means such as an employee losing a laptop. Less accidental ways may include employees revealing passwords or customer information on social media. In fact, your employees may be more of a threat to your cyber security than hackers.
The losses due to global cyber crimes are estimated at $400 billion per year. In just one year, companies like Target and eBay were hacked, as was the federal government (click here for a list of recent breaches). Big companies like these make the news, but small businesses may be even easier to breach, and the cyber crime may go unnoticed for even longer.
Cyber Liability Coverage Can Help
Data breaches can be costly. When you think about all of the ways a data breach can affect your business, the financial losses add up quickly:
Take Preventative Measures
A data breach or hack doesn’t have to mean the end of your business. Contact Theodore & Associates to get a quote on a Cyber Liability insurance policy.
Disability insurance is not always top of mind for people — many of us likely think that it's only needed in the event of a serious accident or diagnosis. In truth, Disability Insurance is important for everyone.
According to the U.S. Social Security Administration, 1 in 4 of today’s 20-year-olds will become disabled during their working years. In addition, Guardian’s Workplace Benefits Study also reveals that 55 percent of employees found the financial impact of their disability incident to be major or devastating. Despite these statistics, only 54 percent of working Americans have disability—down from 65 percent in 2017.
The Theodore & Associates team wants to showcase the value of disability insurance for both employees and employers thinking about offering this key benefit.
1) Disability insurance can increase employees' financial security
Research shows that 66 percent of employees whose disability happened more than six years ago feel that they still have not completely recovered financially. However, more than half of Americans live paycheck to paycheck, which means they are unprepared to go without a single paycheck should they be out on disability. Disability insurance can help alleviate some of the financial strain caused by unexpected disabilities.
2) Disability insurance can be customized to your specific company's size, needs, and financial portfolio.
Employer-sponsored programs have features such as online enrollment, seamless payroll deduction and no medical exam requirement to enroll. This makes disability insurance efficient and attractive to employees.
But if your company cannot provide an employer-sponsored benefit, you may be able to provide access via an employee-funded disability insurance product. This helps shift the cost to the employees, yet helps demonstrate an employer’s commitment to enhancing their employees’ financial security. It’s a win-win.
3) Disability insurance can help integrate absence management
One critical component of an effective disability management program can be the integration of absence management capabilities. As more states pass paid leave laws, more companies need help navigating the complexities of absence management. Managing absences is a demanding job for even the most sophisticated HR teams. More worrisome is that if employers mismanage absences, they leave themselves open to costly lawsuits, fines, misuse of leaves and other issues. A well put together disability insurance plan can help deliver a holistic, integrated plan that includes both disability and absence management for their clients.
4) Disability insurance can boost employee satisfaction and retention
Research validates that utilizing disability insurance can sway employee perceptions of employers and enhance overall employee satisfaction (71 percent versus 54 percent). Employees with disability insurance—especially if they had it at the time of their incident—are more satisfied with their employee benefits and much more likely to feel that their company cares about them.
Additionally, a positive experience with a return to work (RtW) program can go even further to bolster an employee’s perception of its employer. For example, 70 percent said they feel their company cares for them after completing a RtW program. This is notable and something to consider when speaking with carriers about a RtW program, how it’s implemented, and its success rate. There’s a lot of value for both the employer and employee in helping employees return to work through an effective RtW program.
These are just some of the many benefits of one of the most misunderstood employee benefits available. For business owners and employees alike, there are misconceptions about not just the necessity but also the cost of disability insurance.
If you're considering offering a disability insurance benefit but have questions, or if you want to make sure your plan is still right for you, the Theodore & Associates team can help. Together, we'll explore a plan that works for your business and financial goals. Contact us today to start the conversation.