Downey Insurance Group Blog | Great Insurance People

How do you decide which vendors to use, who you do business with, and what you want associated with your business?  Whether you are a small business or a large business you are probably thinking a little bit more about your purchasing power and business reputation when you decide who you do business with.  Does moral consciousness play a role in your decision?  There has been a large shift in the way business professionals are making these decisions.  The drive to align themselves with like minded businesses is becoming stronger. Take The International Association of Conscious Professionals for example, they are a network of like-minded entrepreneurs, business owners, and professionals, who are positive, passionate, and inspired to create businesses that give back to the world.

As an independent insurance agency Downey Insurance has the ability to decide which insurance companies we represent, looking only to do business with the best of the best and like minded companies for the benefit of our clients.  After doing some research. we sought out a contract with Travelers Insurance. We now often recommend Travelers Business Insurance to our socially conscious clients which has been a win win for all.  This practice has made us the number one Producing Agent for 2010 for newly appointed agents in Massachusetts. Travelers Insurance has been one of the thought leaders in social responsibility under CEO Jay Fishman, and when it comes to insurance companies and we are proud to do business with them.  Here is an excerpt from an interview from Forbes Magazine with Jay Fishman CEO of Travelers Ins:

“The man has nothing to hide. In fact, his is a remarkable tale of straight-talking his way to success. This is a guy who was once a protégé of Sandy Weill’s and walked away from a big job at Citigroup; who preemptively said no thanks to any bailout from then Treasury Secretary Hank Paulson, even as his peers were taking handouts; who warns his investors that his company’s returns might be lower from one year to the next; who frets that, left unchecked, the government debt crisis will turn into a death spiral; who expresses misgivings about his own abilities; who takes a very long view of his custodianship. “I don’t want to be [just] a caretaker,” he says during a rare couple of interviews. “I want to leave something behind that was better than what I got.”

You’d expect that from the head of the Nature Conservancy. But from a Wall Street mogul?”

You can read the whole article from Forbes Magazine Here.

Popularity: 7% [?]

Are you sure your business is getting the best value for it’s Heath Insurance dollars?  Do you want to make sure you employee’s are getting the right coverage for their needs?  Do you know the advantages and disadvantages to the many different types of plan’s?  At Downey Insurance we can help sort through all your health insurance questions and find the right coverage for you and your business.

We have access to the major carriers though the largest broker in MA including:  Blue Cross Blue Shield, Harvard Pilgrim Health Care,  Fallon Community Health Plan, HNE Health New England, Tufts Health Plan, United Healthcare, and Neighborhood Health Plan.

Open enrollment begins April 1st, 2011 call us today at 508-485-0130 to review your current plan or to discuss your options.  Or visit our website to request more information at www.downeyinsurance.com.

Popularity: 9% [?]

At Downey Insurance Group we are always on the look out for new products to cover new and very real exposures. Cyber Liability is one of those coverages that is becoming necessary in this new on-line world we live in today.  The internet is the new Wild, Wild, West of this country and the world so make sure your business exposure and your valued clients are protected.  Call us today for a comprehensive look at your business insurance needs 508-485-0130.   The Insurance Journal agrees that cyber liability is a huge threat to the business world, here are a few things you can do to protect yourself courtesy of The Insurance Journal:

Because cyber crime has developed into a problem with potentially catastrophic consequences, cyber risk is arguably one of the single greatest threats facing companies today. The 2009 Computer Crime and Security Survey conducted by the Computer Security Institute found that 43 percent of U.S. businesses experienced some kind of cyber security incident last year.

In the face of these threats, formal protection efforts are inconsistent at best: The World Wide Web is global and borderless, and laws that govern the protection and disclosure of confidential consumer information vary considerably from state to state and country to country.

All organizations are at risk for some type of data exposure. After all, the use of interconnected networks and cloud computing is nearly unavoidable in today’s business world and can provide innumerable benefits.

Companies need to be investing in technologies and establishing policies that safeguard data and lessen the risk of a breach, which could cause a company to incur sizable direct cleanup expenses while severely damaging customer trust and loyalty.

There are five crucial steps a company can take to protect itself from the surge of cyber crime:

1. Enlist the CFO in the fight against cyber crime.The responsibility for preventing network security and privacy exposures extends well beyond the information technology department. Rather, the chief financial officer should lead the company’s efforts and develop a holistic, enterprise-wide approach. With a visible, senior-level executive directing the cyber risk management initiative, people at all levels of the organization are more likely to fully understand the financial risks involved and work to manage them.

2. Uncover the cyber crime vulnerability, and quantify it.To comply with corporate governance best practices, an organization should hire a third-party expert to evaluate the organization’s cyber risk and the potential financial impact of a breach. Questions to consider:

• Is our organization retaining any private data about clients, vendors or employees?
• What’s the best way for us to evaluate the costs and benefits of additional IT loss-prevention expenditures?
• Should we purchase cyber risk insurance?

3. Add a cyber risk expert to the company’s board of directors.Awareness and visibility begin at the top. By having a board member who is familiar with cyber crime and understands the level of risk and the loss potential, an organization can ensure this issue remains a priority. Additionally, a board member with a deep understanding of cyber liability can guarantee a holistic approach to risk management within the company and can oversee the adoption of formal procedures to control data security.

4. Consider risk transfer solutions.Now is the time to consider an insurance solution for cyber exposure. Because security breaches typically occur in areas of the organization generally considered to have adequate security protocols — or in unanticipated areas — insurance makes good sense. Fortunately, the overall property & casualty insurance market remains favorable, and numerous insurers are committed to this field. While there’s no replacement for sound risk management practices, a comprehensive insurance policy can be a solid last line of defense.

5. Involve the HR team. Internet security must be part of organizational processes at every level and in all parts of the business. As the driver of company culture, HR can help support and strengthen information security campaigns and procedures. Because the lines between employees’ personal conduct and their business conduct — during business hours — can sometimes become blurred, HR must clearly define and communicate the company privacy policy, as well as all rules and requirements regarding employees’ use of the Internet. In addition, HR should continuously monitor employees’ use of social networking sites and remind employees that the Internet is very much a public forum.
The number of data security breaches within companies is growing exponentially as they rely more heavily on technology and the Internet. Every organization must protect its priceless data and develop ways to prevent costly breaches.

Article Courtesy of  http://www.insurancejournal.com/news/national/2011/02/14/186007.htm

Popularity: 9% [?]

New opportunities are on the horizon for women in the U.S who own small businesses.  The Small Business Administration has announced the beginning of it’s new Women-Owned Small Business (WOSB) Federal Contract Program.  With the first contracts to be awarded in the fourth quarter or 2011, women can now begin to submit applications for participation on their website: www.sba.gov/wosb.  One eligibility requirements is maintaining the proper insurance coverage for your business.  At Downey Insurance our knowledgeable staff can walk you through the process of securing the appropriate Business Insurance for your risk management needs.

VermontBiz.com reported – “Implementing the Women-Owned Small Business contracting rule has been a top priority for the Obama Administration and SBA,” said Administrator Karen Mills. “Women-owned businesses are one of the fastest growing sectors of the economy. As we continue to look to small businesses to grow, create jobs and lead America into the future, women-owned businesses will play a key role. That’s why providing them with all the tools necessary to compete for and win federal contracts is so important. Federal contracts can provide women-owned small businesses with the oxygen they need to take their business to the next level.”

The WOSB Federal Contract Program will provide greater access to federal contracting opportunities for WOSBs and economically-disadvantaged women-owned small businesses (EDWOSBs). The Program allows contracting officers, for the first time, to set aside specific contracts for certified WOSBs and EDWOSBs and will help federal agencies achieve the existing statutory goal of five percent of federal contracting dollars being awarded to WOSBs.

To qualify as a WOSB, a firm must be at least fifty-one percent owned and controlled by one or more women, and primarily managed by one or more women. The women must be U.S. citizens and the firm must be considered small according to SBA size standards.

The SBA is excited to launch this new program to provide WOSBs with increased opportunities to compete for and win federal contracts, ultimately helping WOSBs create and retain more jobs. For more information on the Women-Owned Small Business Program or to access the instructions, applications or database, please visit www.sba.gov/wosb.

Popularity: 6% [?]

let Downey Insurance help you through the myriad of Workers compensation issues

This Notice showed up today on the unit NEXT TO  one of my clients. Wow!

Ma. general law Chapter 152 Sec. 25c of the Massachusetts Workers’ Compensation law states…

Whenever the commissioner or his designee determines that an employer who is required to provide for the payment to his employees of the compensation provided for by the chapter has failed to do so, a stop work order shall be served on said employer, requiring the cessation of all business operations at the place of employment or job site. Such order shall take effect immediately upon its service upon said employer…pays a civil penalty into the private employer trust fund in the amount of one hundred dollars per day for each day such employer was not in compliance with this chapter…Every state or local licensing agency shall withhold the issuance or renewal of a license or permit to operate a business or to construct buildings in the commonwealth for any applicant who has not produced acceptable evidence of compliance with the insurance coverage required by this chapter…or knowingly misclassifies employees, to avoid higher premium rates…be subject to additional penalties provided for in section fourteen of this law.   See It all at http://www.mass.gov

Get in touch with Downey Insurance Today to see if you are required to Carry Workers Compensation at 508-485-1030. www.downeyinsurance.com www.greatinsurancepeople.com info@downeyinsurance.com

Popularity: 8% [?]