Your comments, questions and suggestions are always welcome. Email: scott@icofmaine.com
BACKUP PRAYER
Some of you still don't backup the data on your computers! Some don't store the backups off site. Many that have a backup procedure have not audited the process to be sure it's being followed. If you're in any of these categories here's a special prayer written just for you:
"Please, dear (insert your deity here), let the data be there."
Say it as often as you need to. Or, get your procedures in place.
MENTAL ILLNESS IN THE WORKPLACE
I recently attended a session sponsored by Maine Businesses For Social Responsibility (MEBSR) covering issues of mental illness in the workplace. From depression to schizophrenia, some form of mental illness has affected virtually every workplace. For more information on the topic see the white paper at http://www.interventionteam.com/mebsr.htm.
Some of the key points from the seminar - Mental illness should be treated by employers like any other illness. Focus on performance and workplace issues. Provide clear expectations for performance and consequences for objectives not met. Provide options (as you would for any other medical condition) - sick time, vacation, leave of absence.
TERRORISM INSURANCE
Most insurance policies over the last year have been issued with terrorism exclusions. Now that the President has signed into law the government's terrorism insurance program insurers have 90 days to tell you how much it will cost to buy back the "peril" of terrorism. Once you receive notification you will have 30 days to make a decision. How much will this cost you in increased premiums? Stay tuned! Insurers should be issuing notices in the next month or so.
BUSINESS CONTINUATION
Every business is dependent on its people - owners and employees. Life and disability insurance are the right tools for many businesses to minimize the impact death, sickness and injury can have.
Look at it a different way. Most businesses have equipment and other property insured. Why not a key employee? I've been in operations that spend thousands and thousands of dollars to protect a key piece of equipment. Plans are implemented so that quick action can be taken if the machine is lost to a fire. Business income insurance is purchased to pay for the lost profits should a fire occur.
What if the business owner dies or becomes disabled? What if the key operations person is taken out of the picture? Plan for those events. Owners have the added issue of the transfer of equity. Surviving partners must be given the tools to pay for the value of the business. Buy-sell agreements spell out the orderly transfer of the equity. If you have a buy-sell review it every three years with your attorney and accountant. If you don't have a plan in place start the process.
WORK COMP CLAIMS
Prompt reporting of claims will save you money. The law in Maine (and most states) requires that workers' compensation claims be reported within seven days. Fast reporting allows insurance company investigators and adjusters to start working on managing the claim for you. Require that your employees report injuries immediately to their supervisor. Make sure the supervisors report to your insurance company quickly. Fast reporting helps everyone.
For more hints sign up for my weekly workers' compensation tip newsletter. Use the link at the bottom of the page to update your subscription to include the W/C Tip. If its easier, send me an email at scott@icofmaine.com.
POLIO ERADICATION (AN ADVERTISEMENT)
Friday January 24 is "Ski Day To Eliminate Polio" at Sunday River. The Rotary Clubs of Maine are selling ski passes - $40.00 each. 100% of the ticket price goes to help eradicate polio from the earth.
In 1985 Rotary International started a program to eliminate polio. To date, over $500,000,000 has been raised and used in the effort. Now, only 9 countries in the world have outbreaks of polio. We are going to wipe it out by 2005 (Rotary's 100th Year). The only thing stopping us is money.
We are now in a campaign to raise $80 million dollars from June of 2002 to June of 2003. So far, we have raised over $13,000,000. 100% of your ticket price goes to fight polio. Let me know if you want to help & go skiing; both at the same time. Call 207.284.0085 or email scott@icofmaine.com.
THE BEST OF THE SEASON
I wish all my readers the very best of this holiday season. Happy Holidays and Happy New Year.
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My Other Newsletters
Subscribe to my other newsletters. For bankers I offer a special monthly Bank Insurance Newsletter filled with insurance info unique to bankers. I also publish the Weekly Workers' Compensation Tip designed to save business owners premium. Use the link at the bottom of this newsletter to update your subscriptions.
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Life Insurance
How secure is your life insurance? Do you have the right kind? Is the policy set up correctly? I can help. Call 207.284.0085 or email me at scott@icofmaine.com. Remember, I don't sell insurance so I'm unbiased.
Need A Speaker?
I'm happy to make presentations to civic or service clubs, chambers of commerce or trade associations.
Click here for details: www.icofmaine.com/ispeaker.html
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Scott Simmonds, CPCU
Insurance Consultants of Maine, Inc.
15 Cherryfield Ave
Saco, ME 04072
Phone 207 284-0085
Fax 801 991-4027
scott@icofmaine.com
www.icofmaine.com
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Insurance Consultants of Maine, Inc. is a fee-compensated insurance and risk management advisory firm. We improve our Clients’ operations by controlling their cost of risk including their cost of insurance. Insurance Consultants of Maine helps businesses manage, develop and implement insurance and risk management plans tailored to their unique needs.
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© 2002 Insurance Consultants of Maine, Inc. All Rights Reserved.
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