We won’t try to summarize the whole story here, but suffice it to say that the actions of some of the employees of Murdoch, and the involvement that he may or may not have had, are threatening his very existence as a business leader.

The question of liability is starting to come up, and even though Murdoch’s empire is not based in the United States, he has huge holdings, including the Wall Street Journal.

That’s why the US government is investigating if there is a liability issue here. It’s an interesting question.

You see, in the US we have a law called the Foreign Corrupt Practices Act. Under that law, Murdoch could face all kinds of liability issues, not for what he did, but for what people who worked for him did. Even though Murdoch himself wasn’t hacking into cellphones, if the US government decides that he was the leader of a company that used corrupt practices, he could be personally liable.

That’s scary stuff.

Now we know that you are probably not in the league of a Murdoch, and we’re sure your employees are not hacking phones.

The point, however, of professional liability insurance, is not to protect you from things you know about, it’s to protect you from things that you didn’t see coming.

If Murdoch would have seen his empire falling apart, his longtime aids being indicted, or worse, his own son leaving his job under a cloud, he probably would have taken steps to change things.

He didn’t, though. You can take steps now to protect yourself, however, and it all begins when you contact us.

However, there are steps you can take to protect yourself. By planning ahead and having the proper business insurance, your company can survive the worst storm and remain intact.

As this article emphasizes, preparation is key. Along with an emergency response plan for yourself and your family, you should also establish one for your business. Your plan should include making sure everyone is aware of evacuation routes and meeting places. Make arrangements to relay messages within the company and be sure everyone involved is up-to-date on the plan. Always make sure emergency phone numbers are accessible during the workday.

Put together a disaster survival kit with flashlights, a portable radio, batteries, first aid supplies, food and water, cash and a digital camera for recording property damage. The FEMA website has plenty of detailed information, tips and ideas for disaster preparation, including a more comprehensive list of what should be in your kit.

Another important preventative step is having multiple copies of important records and storing copies offsite in a safe and secure location. Imagine for a moment that your entire business is wiped out, including all of your computers. What critical documents or information would be lost? It’s time to develop a storage solution to protect that information.

The article also emphasizes the importance of insurance:

Have adequate insurance coverage. Homeowners and business owners should review their policies to see what is or isn’t covered – and make sure they’ll have enough to rebuild after a disaster. Companies should consider business interruption insurance, which helps cover operating costs during the post-disaster shutdown period.

Business interruption insurance, sometimes called business income insurance, insures against loss or damage to the cash flow and profit of a business following a disaster or other damage that interrupts normal business. Imagine if a piece of machinery is damaged by a storm. While the repairs to the machine might be covered by property or casualty insurance, you will still miss out on potential income while you wait for repairs to take place. Business interruption insurance is designed to replace the income lost during that period.

The purpose of business interruption insurance is to put your company in the same financial position it would have been in if no loss had occurred. These policies typically cover profits that would have been earned and fixed costs like operating expenses that are still being incurred during the business interruption. Some policies also cover the extra expenses for moving to and operating from a temporary location, as well as reimbursement for extra expenses that arise from doing business while the property is being repaired.

According to the article, nearly 40 percent of all businesses that close because of a disaster never reopen. But with an up-to-date and realistic emergency response plan and adequate insurance, your business is far more likely to recover. If you’re doing business in New York, New Jersey or Connecticut, contact us to learn how we can help protect your company from the unexpected.

Not that your homeowners insurance has a say in what or how you remodel, but rather you want to make sure that your home is adequately insured.  Just in case.

Interior Designer and author, Sharon Hanby-Robie, has a couple of horror stories to share:

Like the friend who put some furniture in storage during a renovation and then the storage building burned down. Or the makeup artist who bought a house with her fiancé and hired a friend of a friend to do some work. They told him not to try to reach a peak on the roof because it was too dangerous. He tried anyway, fell, wound up in the hospital and sued them.

To avoid some sticky situations, here are some tips to consider before, during and after your renovation.

• Contact your homeowners insurance before you start

Your agent might recommend changing your policy, or even adding on some additional policies, to cover any unforseen incidents during your project.

• Find out if your contractor has insurance

The last thing you need on top of your renovation costs is a lawsuit.  Your contractor should have some sort of liability coverage as well as worker’s compensation to keep himself and his workers covered in case an accident does occur.

• Keep records and receipts

Hopefully, this is a practice that you had already adopted when you first purchased your home. Keeping detailed written and photographed or videoed records of all your personal belongings can help determine the value of your home assets when setting up your insurance policy.  These records can also play a pivotal role in the unexpected event of a total loss to your home.  As your remodel begins and progresses, you should continue to build your home inventory:  take pictures or video of the remodeled areas, and add to your home inventory list as material items are added.

• Contact  your homeowners insurance when you are done

Any major changes to your home will likely have an effect on your policy.  It is possible that your premiums will increase, but you might also be able to take advantage of some discounts if you updated any safety measures in your home.

Remodeling your home can be a very exciting adventure, and the end result can move you towards the dream home you’ve always wanted.  Enjoy the process, but let your homeowners insurance enjoy it with you.

Contact us for more information about homeowners or other types of insurance.

A professional liability NY policy protects professionals from the potential disaster of litigation. A professional liability NY policy provides coverage in the event that an unhappy or disgruntled client decides to take legal action, whether justified or not, against someone who provided professional service. The insurance policy will pay not only the legal bills associated with defending the case but will even pay the damages that the plaintiff is awarded, if any, up to the limits of the policy.

Buying a professional liability NY policy is a vital way to protect yourself from loss if you are working in a skilled and professional position. To learn more about the type of policies available to you, contact the experts at Strategic Insurance Agency today.

What Happens without Auto Insurance NY?

Failure to have the required auto insurance NY can result in a number of penalties including a ticket for failure to show proof of insurance or even, in some cases, the impounding of your vehicle. You may also face significant legal liability if you do not have auto insurance NY. If you are involved in an accident with someone and do not have insurance, you may find yourself paying personally out of pocket for the other driver’s medical bills if he suffers serious injuries.

To protect yourself from risk and to comply with the law, contact Strategic Insurance today to learn about the auto insurance NY requirements and to purchase the policies you need.

While auto insurance for businesses is required and while you are likely required to buy property and casualty insurance if your business property is mortgaged, there is no general legal requirement for you to buy business interruption insurance. Yet, a business interruption policy is absolutely essential for protecting your business from undue risk.

A business interruption policy is a type of business insurance NY policy that covers you in the event that something happens which makes it impossible for you to operate your business. For example, if a fire or a natural disaster destroys your building, your property insurance will pay for the rebuild- but who is going to pay the costs to keep your business afloat during the time when it cannot operate as normal since it has nowhere to operate from? That’s where a business interruption policy comes in.

To protect your business from potential loss due to the inability to operate for a time, contact the insurance experts at Strategic Insurance Agency for more information on this essential type of business insurance NY

Property insurance provides you with coverage for the building or buildings that your business owns. Warehouses, retail stores, office space and any other physical space you own should be covered by property insurance. When purchasing business insurance NJ, you should make sure this coverage will provide sufficient compensation to rebuild the space and restore the items inside of it in the event that it is totally destroyed by fire or other disaster.

Casualty insurance, on the other hand, is a type of business insurance NJ that protects you from legal liability. Casualty insurance will pay your legal bills and the cost of damages up to the limits of your policy if someone is injured on your premises and files suit.

To make sure you have sufficient coverage, speak to the experienced professionals at Strategic Insurance Agency for all of your business insurance NJ needs.

The more coverage you purchase, the more potential risk the insurer is taking on when you buy business insurance NJ.  When you have $100,000 in coverage, for instance, the amount that the insurer would have to pay if the coverage was triggered would be a maximum of $100,000. When your policy is a $1 million policy, on the other hand, the insurer could have to pay up to this amount. The more coverage you have, the greater the protection you have in case something really bad happens- but the more you’ll pay for the coverage.

The deductible, on the other hand, is the amount you pay when something goes wrong before the insurer starts covering your losses. The lower the deductible, the less your business will be responsible for out of its own pocket. Unfortunately, a lower deductible will also increase the price of your business insurance NJ policy.

To get the right deductible and coverage for your business, speak with Strategic Insurance Agency for advice.

The minimum business insurance NY that you have to purchase will depend on what your business does. If you own property, for instance, you may need to buy insurance on that property as required by the lender who provided your commercial mortgage. If you permit employees to drive company vehicles, or if you own company vehicles, car or fleet insurance may be necessary.

Buying only the minimums, however, can be a significant risk. Smart business owners don’t purchase insurance only to comply with the law. They understand that a business is at risk in many ways, from an employee being negligent and causing injury to a potential disaster that shuts down the business for a period of time. All of these things should be insured against, and Strategic Insurance can help you to decide what business insurance NY policies will provide the coverage you need.

A professional liability NY policy protects against financial loss that may occur when someone is accused of breaching his professional obligations.  When a doctor doesn’t provide a patient with the required level of competent care, for example, that doctor might be sued for medical malpractice. Likewise, if a lawyer fails to exhibit the knowledge and care expected of an attorney in his position, this can result in an attorney malpractice suit.

A professional liability NY policy will pay legal fees and costs associated with defending a malpractice claim, and will pay the damages awarded to a plaintiff who is suing up to the policy limits. If a doctor is sued and the plaintiff is awarded $100,000, for instance, and he has a $200,000 policy, the policy will pay the full $100,000 in damages and will pay for any costs associated with defending the lawsuit.

Buying the proper professional liability insurance may be required by law and is always the best way for professionals to protect themselves from potential financial disaster. Strategic Insurance can help you to determine how much professional liability insurance you need to be adequately protected.