Category: Insurance Information

25 Jan 2018

What Insurance Start Ups Should Have?

Small Business Insurance Must-Haves

When starting a new business, it’s only natural for people to focus on the positives. They think about how good their idea is, how much money they’ll make, and how their business is going to grow into success. They may not think about what they’re going to do if things don’t go according to plan.

Business insurance is not just a safety net for when things go wrong. It can also be a legal requirement for businesses to carry some types of insurance. While it’s best to talk to your insurer about the specific types of coverage you’ll need, below are some of the insurance policies you may have to take out.

Commercial Property Insurance

Whether you own or lease a space, property insurance is a must. This coverage protects equipment, signage, inventory, and furniture in the event of a fire, storm, or theft.

General Liability Insurance

This coverage protects your business and assets should a guest or customer injures themselves on the property. Financial and legal assistance can help in the event your business is involved in a personal injury lawsuit.

Cyber Liability Insurance

More and more businesses are operating online and storing their data digitally. Unfortunately, it’s also the age of hackers and crackers. This coverage can protect your business from the expenses of recovering from a cyber attack like malware and hacking.

Workers’ Compensation

Workers’ compensation is required by law, even if you have only one employee. If an employee sustains injuries at the workplace, workers’ compensation will kick in to cover medical expenses and lost wages.

Commercial Auto

If your business uses vehicles, then these journeys must be protected with reliable commercial auto insurance. Just as you wouldn’t drive your own car without personal auto insurance, your business must also take steps to protect from accidents, damage, liability, and theft.

At CAV Insurance, we work with you to understand your risks, exposures, and insurance protection. Visit our team today to get started on securing your policy in Wellesley Hills, MA.

07 Dec 2017
insurance in Wellesley Hills, MA

4 Cyber Security Tips for Holiday Shopping Online

Keep safe while shopping online for your holiday gifts.

The holidays are just a couple of weeks away and you’re probably busy shopping online to get gifts for everyone on your list. You may do you a bit of shopping in local brick-and-mortar stores, but shopping online can be a great way to compare prices and get your entire list of gifts in one go. The online world can be a scary place at the best of time, but when fraudsters know people are looking for a bargain, they’re more likely to be on the prowl for unsuspecting victims.

To stay safe while shopping for your gifts online, remember these tips.

Ensure the websites you visit are secure.

Before you even start shopping on a website, make sure that the site itself is secure. There’s an easy way to check this in web browsers: the URL should start https://. The ‘s’ stands for ‘secure.’ There should also be a green padlock next to the website address.

Use secure passwords.

More websites that sell you things require you create an account when you make your first purchase. This will include creating a username and password. Instead of using the same password for all of your retail shopping, choose a different and strong password. The best way to keep your password secure is to mix up letters and numbers – meaning that you shouldn’t use a whole word, such as ‘Password123’ or ‘Fluffy001’. Most importantly, use different passwords for each site.

Avoid shopping on public Wi-Fi.

While it may save you time shopping online when you’re in an airport, coffee shop, or library, it’s generally best to avoid doing so while on public Wi-Fi. The network is usually unsecure, meaning that anyone could access your bank details while you’re on the public Internet connection.

Never buy from websites you’ve never heard of.

If you’ve found a good website that has cheap finds for brand names, always ensure the retailer is reputable. Ask friends and family if they’ve used the site before and the deals are too good to be true, it could be a scam. Research the name of the website and where they ship from as this will generally give you a good indication if they are selling fakes and have scammed other customers before.

Enjoy your holiday season, but use these tips to stay safe online! To help protect your finances from a disaster or accident, insurance can help. For all of your insurance needs in Wellesley Hills, MA, contact the professionals at CAV Insurance today. Oh, and Happy Holidays!

12 Oct 2017
How to Get Involved During National Breast Cancer Awareness Month

How to Get Involved During National Breast Cancer Awareness Month

How to participate in National Breast Cancer Awareness Month.

Breast cancer is the second most common kind of cancer in women. In fact, one in eight women born today in the United States will get breast cancer at some point in her life. This terrible disease has made many suffer and continues to do so, despite the research, testing, and fundraising organizations and individuals do on a regular basis.

The good news is that most women can survive breast cancer if it’s found and treated in the early stages. A mammogram can help to do this as it detects small lumps which cannot even be felt.

The whole month of October is Breast Cancer Awareness Month, so there is no better time to get involved and spread the importance of detecting breast cancer in its early stages.

Here are just a handful of ways you can join in this month:

Donate
If you cannot donate time, consider donating money to your local breast cancer charity. Whether you make a donation in honor or memory of a loved one or fundraise in a fun way this month, remember that every dollar counts.

Be Mindful

Early detection is key in any disease, especially this one. Annual mammograms save lives, so use this day to get a mammogram or as a reminder to get one soon.

Show Support

Let the pink frenzy inspire you to find a cause to connect with. While big foundations can play a pivotal role when it comes to cancer research, consider smaller, independent organizations in which you can embrace.

Research

It’s best to know exactly what you’re up against when it comes to cancer. Research prevention tips, and how to live a healthy, balanced lifestyle. Avoid common causes of cancer, too. Recent research shows that women who consume a high intake of dairy are more susceptible to get the disease, so be sure to eliminate these products from your diet. Always consult your doctor before making any dietary adjustments.

You can do your part for October’s Awareness Month by alerting others of the tips, booking your screening, and taking care of your health. To take care of your financial future with reliable insurance policies, contact CAV Insurance, serving Wellesley Hills and neighboring cities in Massachusetts

10 Aug 2017
College kids insurance

College Kid Heading Back to School? Insure Them!

Be sure to review the homeowners, renters, and auto insurance policies before your children head off to campus!

Before your studying child heads back to college, every parent should review insurance policies to make sure that there won’t be any financial strain during the upcoming school year. This includes ensuring that all personal possessions are adequately protected!

From laptops to textbooks to phones, if you add up all of the items that your college kid takes to school, the total will, most likely, add up to a couple of thousand dollars. If there were a fire or theft in the dorm, it would be financially straining to replace all of these items with no additional help. 

Start the Semester on the Right Foot

You can start be contacting your insurance professional to find out how much coverage your homeowners or renters insurance policy will provide for your child’s personal possessions if they are living in a dormitory. If they are living off-campus, then you can look into purchasing a renters insurance policy.

A college inventory should be created in order to total up the estimated value of what your student is moving in school. Having an up-to-date inventory can facilitate the claims filing process in the event of theft, fire, or other types of disasters.

 Get Extra Credit

If your college kids own jewelry, expensive sports equipment, and musical instruments, the policy may be subject to dollar limits. These items may need additional coverage to protect their equipment and instruments, or leave expensive jewelry at home or store it in a safe deposit box.

Other types of insurance should be reviewed, such as auto insurance and tuition insurance.

  • If your student has been driving the family car and will now be away at college, tell your insurance company as you may be eligible for a discount on your auto insurance. If your college student averages good grades at school, then a Good Student Discount could save you money on your premium.
  • Tuition insurance is coverage that refunds a portion of the semester and on-campus room and board when a student withdraws at any time during a semester due to a covered medical reason. This includes being excluded from school for an emotion, nervous, or mental disorders.

Get your college student protected with reliable policies from the professionals at CAV Insurance, serving Wellesley Hills and neighboring cities in Massachusetts. Visit us today to get started!

27 Jul 2017
Choose the Right Deductible for You

How to Choose the Right Deductible for You

Determine what deductible best meets your needs.

When you buy insurance, your policy may include a deductible. This is the amount that you agree to pay on a bill before the insurer pays the benefits. In the event of a claim, this is an immediate out-of-pocket expense. Health, dental, home and auto insurances all have deductibles, so it’s important that you understand how to select the right one for your needs.

If you get into an auto accident, you would need to pay the deductible for any needed repairs before the insurer pays the balance, up to the policy limits. In general, high deductibles can lead to lower premiums, but also higher out-of-pocket costs.

High Deductible

The best benefit of having high deductibles is that you pay lower premiums than you would with a lower deductible. The insurer has less risk with a high-deductible policy, because the benefit payout on a claim is reduced. With a higher deductible, you also avoid wasting money for benefits that you would not likely use. For example, young, healthy adults who don’t need as much health care often choose a high deductible. By eating right and exercising to stay fit, these young adults protect themselves against health issues and the need for extensive health coverage.

High Out-of-Pocket Risks

The most significant downside of a high-deductible plan is that there is a significant out-of-pocket expense in the event of a claim. For example, on a $1,000 deductible auto policy, you will be required to pay $1,000 towards the expenses before your insurance kicks in. This is a sizeable outlay of money compared to a $250 deductible.

Talk to Your Insurer

Your insurer will be able to advise you on the right policy and deductible for your needs. Depending on your financial situation, you may need more coverage or a lower deductible. Are you ready to get started? Visit CAV Insurance for your insurance needs in Wellesley Hills and neighboring cities in Massachusetts.

13 Jul 2017
Update Your Business Plan

Is It Time to Update Your Business Plan?

Determine the right time to update your business plan.

Creating your first business plan may have been a chore, but updating a plan is easier and more fun for business owners. During your start-up, you likely had little direct experience and no track record or historical information, so many of the marketing and operational forecasts were educated guesses. Now that you have some experience and a track record, it may be time to update your plan to keep your business in line with your goals.

These situations may trigger a plan update.

A new financial period is about to begin. You may choose to update your plan annually, quarterly, or even monthly if your business is in an industry that is always changing.

You need financing. Lenders and other financiers need an updated plan to make financial decisions. These figures and details should be current and have accurately projected numbers.

New or stronger competitors are looking to your customers for their growth. You must decide whether to match their tactics or stick to your plan. If your revenues will be lower, it’s important to have a plan to mark out the course of action.

Your company has crossed a threshold, such as moving out of your home office, reading $1 million in sales or employing 100 people.

You have had a change in management. New managers should get fresh information.

Your old plan isn’t relevant anymore. Maybe things have changed faster than you expected. If your plan seems irrelevant, redo it.

While you focus on perfecting your business plan, be sure to secure your business insurance. Visit the team at CAV Insurance to get started on your tailored policy today in Wellesley Hills and neighboring cities in Massachusetts.

03 Dec 2012

Study Finds Massachusetts Workers’ Compensation Rates Among Lowest in U.S.

The Division of Insurance applauded the study reminding us that rates in Massachusetts have decreased more than 19.7 percent since 2007.
A new study from the Oregon Department of Consumer and Business finds that Massachusetts employers pay some of the lowest workers’ compensation rates in the nation. In light of the Division of Insurance’s recent denial of the Worker’s Compensation Rating and Inspection Bureaus request for a rate increase, Commissioner Joseph Murphy was pleased with the news.

19 Oct 2011

Renters Insurance Checklist

Renters Insurance Checklist Can Help You Choose the Right Coverage and Protect Yourself Financially

Renting, Rather Than Buying, a House or Apartment Is Becoming More Common

October 3, 2011

NEW YORK, October 3, 2011 — An increasing number of Americans view renting a home as a better “investment” than buying one, yet less than half of renters have renters insurance, according to the Insurance Information Institute (I.I.I.).
The U.S. Census Bureau noted that in the second quarter of 2010, 37.1 million housing units were occupied by renters, up by more than 800,000 units from the same period the previous year, and up by 8.2 percent, from 34.3 million units, in 2006.
A survey conducted by Harris Interactive for the National Apartment Association in May 2010 found that 76 percent of those surveyed now believe that renting is a better option than buying in the current real estate market, up from 71 percent in 2008.
“If you rent a house or apartment and think that your landlord is financially responsible when there is a fire, theft or other catastrophe—think again,” warned Loretta Worters, vice president with the I.I.I. “Your landlord may have insurance to protect the building you are living in. But your landlord’s policy won’t replace your personal possessions or pay for your living expenses while the building is being repaired. The best way to protect yourself financially against disasters is to buy a renters insurance policy,” she added.
Renters insurance is relatively inexpensive. The average renters insurance policy premium in the U.S. was $173 a year as of 2008, down 3 percent from 2007, according to the National Association of Insurance Commissioners (NAIC). Yet an Insurance Research Council poll found that only 43 percent of renters had renters insurance while 96 percent of homeowners have insurance on their home.
By purchasing renters insurance, your possessions are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage (not including floods). Equally important, renters insurance covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
Renters insurance also covers your additional living expenses if you are unable to live in your home due to damage from a fire or other covered peril. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses but may set limits as to the total amount they will pay, or the time-frame they will cover.
The I.I.I.’ s Renters Insurance Checklist provides information on how much insurance you should buy, and what kind of coverages and discounts are available.
19 Oct 2011

Workers’ Compensation Market Outlook Still Grim: A.M. Best

 The U.S. workers’ compensation insurance segment continued to face competitive pricing, further rate decreases, weak macroeconomic factors, growing medical costs and an uptick in claim frequency during 2010.

As a result, premium volume declined and underwriting results deteriorated yet again, reported A.M. Best.

While the line is still dealing with the same issues in 2011, A.M. Best said there is some reason to be hopeful as premium growth is on track to be positive for the first time since 2005.

However, as the workers’ comp system celebrates its centennial in 2011, conditions appear grim over the near term, and A.M. Best said it expects underwriting results to weaken further before they get better.

A.M. Best released a report on the state of workers’ compensation. Other key findings in this report:

  • Results for the workers’ comp line of business deteriorated sharply in 2010, with the calendar-year combined ratio increasing nearly seven points to 118.1, the highest level since 2000.
  • Net premiums written (NPW) for the line fell for the fifth consecutive year in 2010. Premium volume has declined more than 30 percent since NPW reached its high in 2005. While NPW declined for most insurers, a number of companies saw an increase in 2010.
  • The top five workers’ comp insurers ranked by NPW in 2010 remained unchanged, with Liberty Mutual Insurance Cos., American International Group (AIG), Travelers Group, Hartford Insurance Group and the State Insurance Fund of New York still leading.
  • Through Sept. 15, 2011, negative rating actions outpaced positive rating actions in the workers’ comp segment by more than a 2-to-1 margin. In addition, there were eight rating units affirmed with negative outlooks during this time, and A.M. expects this trend to continue for the remainder of 2011.

 

21 Apr 2011

Traffic Fatalities in 2010 Drop to Lowest Level in Recorded History

U.S. Transportation Secretary Ray LaHood today announced that the number and rate of traffic fatalities in 2010 fell to the lowest levels since 1949, despite a significant increase in the number of miles Americans drove during the year.

“Last year’s drop in traffic fatalities is welcome news and it proves that we can make a difference,” said U.S. Transportation Secretary Ray LaHood. “Still, too many of our friends and neighbors are killed in preventable roadway tragedies every day. We will continue doing everything possible to make cars safer, increase seat belt use, put a stop to drunk driving and distracted driving and encourage drivers to put safety first.”

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