Risk Management Rick

New York Construction is known as one of the most expensive insurance markets in the world. But why? Because of a 100 year old "Scaffolding Law", which has been interpreted in some courts to pertain to kinds of falls from heights on construction sites. Not just on scaffolding. Since the first settlement, it has cost billions in expensive lawsuits, many business owners their livelihoods, and worst of all there is no end in sight. ... To add insult to injury, all other states have since retracted what they once had as a scaffolding law. Only New York Contractors have been left holding the bag. And the bill... Both of my Brothers, and my Father are in construction. So I can feel for my clients when I see what they pay in insurance. And worry for them sometimes when I see how they've been covered. My #1 job as an insurance broker is making sure my clients business is protected. #2 is making sure they are not paying over market price for that protection. If you'd like to make sure you're not paying too much, or that your business is properly covered, let's setup a time, just shoot me a message to start. #insruance #riskmanagement #nyslaborlaw #scaffoldinglaw #newyorkbuilders #longislandbuilders #upstatenybuilders #tristatebuilders #construction #newyorkconstruction #longislandconstruction #upstatenyconstruction #nycontractors

Pools and Insurance go together like "lamb and tuna fish". "Owning a pool means one more thing to cover with insurance, which could necessitate increasing your coverage amount or adjusting it accordingly, especially because of the pool’s liability implications as an attractive nuisance. An attractive nuisance is an insurance term for a hazardous condition or object that might cause harm to children." If you're not sure if your homeowners insurance policy is designed to cov...er your in-ground or above-ground pool, I can do a quick review and let you know within minutes. https://www.policygenius.com//does-having-a-pool-affect-y/

Boat Insurance 101: First you need to make sure you have a good liability policy. Boat accidents are rarely fender benders, if something goes wrong it could go horribly wrong. Second, make sure you add to your limits of liability by purchasing an "Umbrella" policy which will also boost the limits on your Home and Auto. Third, purchase replacement cost insurance to help you cover the cost to replace the boat in case of a fire or other covered physical damage. ... Fourth, look into salvage and cleanup coverage, otherwise if your boat does sink you could exhaust your entire limits of replacement insurance on salvage costs. Fifth, take risk management seriously. Make sure you have working fire extinguishers, flares, radio, etc. The best offense is a good defense. Be a good captain, take safety seriously! #riskmanagement #insurance #boatinsurance #boatusa #nyboaters #longislandboaters

A Builders Risk Insurance Policy is designed to cover the PARTIALLY CONSTRUCTED BUILDING AND THE MATERIALS during the various phases of construction. Not to be confused with a General Liability policy which covers certain types of BODILY INJURIES that may happen on a job site. It requires its own policy because it’s falls in the middle of a homeowners policy and materials policy. With an increasing limit of insurance as the project gets closer and closer to completion. ... If the home in this picture were to be destroyed in a night fire during this phase of construction how much do you think it would cost, and who’s going to pay for the new materials and labor to be build it? A Builders Risk is fairly inexpensive compared to liability policies so if you’re involved in a construction project make sure you know who’s taking it on because it’s definitely worth having in place. If you have any questions put them in the comments below or feel free to send me a message anytime. Happy building! #riskmanagement #construction #insurance #buildersrisk #longislandbuildersinstitute #libi #homeimprovements #nari #realestate #realestatedevelopment

You’ve had a few drinks so you let your sober friend drive home from the bar. They get into an accident, no one is hurt but your car is destroyed, is it covered? Yes. So long as you have collision coverage and you gave your friend permission, the insurance will follow the car not the driver. So be safe this summer, let a friend drive your car home. Just make sure you have proper insurance. ... #riskmanagement #insurance #autoinsurance #drivesafe #drivesober

Business Start-Up Risk Management Tip #1. Setting up a corporation for your business establishes a layer of defense sometimes called the "corporate vail". Which basically means unless there was severe negligence on the owners part, their personal assets are safe from their business exposures to a loss. So in the event of a lawsuit where the owner of a business had $1,000,000 in general liability insurance but the lawsuit settled for $1,500,000, than the business would nee...d to make up the difference in the $500,000. WITHOUT a "corporate vail", the owners personal assets and wages may be garnished until the 500k is paid back. Meaning retirement funds could be drained, homes taken. This is the absolute worst case scenario. WITH a "corporate vail" it would be the responsibility of the corporation to pay back the $500,000 difference through earnings or liquidating assets, a payment arrangement over time. The business may also be forced to go bankrupt. But the owners personal assets such as the home would be safe. You purchase an umbrella to increase the limits of your General Liability. Adding a $5,000,000 umbrella would increase the total limits of insurance to $6,000,000 per occurrence, greatly reducing the risk of ever having your limits of insurance exhausted. Step one, setup a corporation. Step two, purchase insurance. Step 3, consider an umbrella. Step 0 talk to a professional. I hope this was helpful to someone, I know some great lawyers who could help you setup your LLC or Corp for under $750. And you have any other questions just comment below and let me know! #riskmanagementrick #insurance #corporatevail #liability #assets #protection #commercialinsurance #realestate

Business is like Baseball. At some point in your life, you'll be the kid in this picture. Face down in the dirt, embarrassed, hurting...... Aside from dying, I believe what happens to him next is what will define his future success. Way more than any moment of glory ever could. Will he fake cry? We've all seen that one before. Does he laugh it off? Which sounds great but he may not learn from his mistake? Or maybe he gets angry and blames someone else? Shouting, "The umpires shadow tripped him!" What would you do if you were in his spikes? What would you expect of his coach in this situation? As a small business owner who is there for you in situations like these? Business is like Baseball. You need a good coach. Often times it feels like you're on your own. You need someone who's there for you when times get tough and to help guide you through difficult situations. If we can't learn to avoid the risk all together, we learn how to manage it, if it comes up. For this kid learning how to slide was not an option. He had to figure it out or quit the game he loved. What do you think he did? What would you do? #businessislikebaseball #riskmanagement #insurance #smallbusiness #dustyourselfoff #stayfocused #setgoals #believe #achieve

As a kid in sports, I always loved playing defense. You rarely got any glory for a win, and were usually the first to blame after a loss. To play defense you had to be tough, smart, and selfless. ... That's the same approach I try take today as a Risk Management Advisor. I DON'T want my friends or family and clients to go broke paying for insurance. I also don't want them to live irresponsibly either. I'll tell you straight up, you DON'T need every single insurance product on the market, especially when first starting out in life or in business. You probably DON'T need a life insurance policy if you have no job, no assets, no dependents and no debts. But there comes a point you'll change your mind, trust me. You probably do NOT need "Cyber Liability Insurance" if you own a business that doesn't accept online payments, or wouldn't suffer if a hacker got control of your networks or information. But as you grow, or your business grows you'll need to be responsible and take on the cost of adding more insurance policies and risk management systems in place to protect you and those you love and are responsible for. My job is to help you prioritize which risks to transfer and how. If you want me to be part of your life or business defensive game plan, let's setup a call, just shoot me a message. #riskmangementrick #riskmanagementadvisor #insurancebroker #licensed #all50states #businessinsurance #personalinsurance #lifeinsurance #healthinsurance #homeautoumbrella

A tire blowout can be frightening and potentially dangerous. Staying calm is the first step. Get tips on what you can do from Travelers. #ThinkSafe http://tkpl.us/f2aec

Getting ready to buy your first home? Here’s a handy first-time home buyer checklist from Travelers to help. http://tkpl.us/f0j4c

Moving? Use this three-step packing process from Travelers for a smoother transition to your new home.#ThinkSafe http://tkpl.us/eyb5o