GT Insurance Blog

Insurance problems and cures

Archive for July 2010

Building insurance

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In commercial insurance competition continues hot and heavy. We’ve had case after case where we took our clients’ business out to market and found large price cuts. Take advantage of that while you can.

One question that comes up is, with the economy down, why won’t the insurance company agree to drop their estimate of the value of my building?

Simply, the stick and brick value of buildings generally doesn’t decrease much, if at all, when the market price of commercial real estate drops. Commercial property insurance starts with the replacement cost but adds in the extra costs of repairing rather than starting from a green field, and the cost to clean up the site, hauling away rubble rather than building from scratch. And the insurance companies throw in some factor for the extra costs of rebuilding after a catastrophe like a hurricane. Also, they simply don’t believe that buildings are, on average, adequately insured to start with.

By the way, if you want a powerful commentary on what doesn’t work in construction, take a look at Barry LePatner http://www.barrylepatner.com/ Barry’s written a couple of books savaging what he calls “the industry that time forgot.” “Broken Buildings, Busted Budgets” should be available on Amazon, or give GBW Insurance a call at 1-800-548-2329 and we can probably get a copy for you.

Written by gbwinsurance

July 26, 2010 at 2:50 pm

Privacy Issues – Business protecting information

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All businesses have to protect client and employee information. You face lawsuits and, depending on your business, the possibility of regulatory action against you if you are an attorney, medical provider, or other target class.

One little item that many non-techie business owners don’t consider is that copiers and printers now have memories. It’s possible that your copier or printer is storing everything you have every copied or printed through it.

Before you sell, donate, or just dispose of your copier or printer, make sure you erase the memory just as you would the memory on a computer. Otherwise, you could see your private information, or a client’s, floating around the web.

If you have a question about insurance for these breaches, give us a call at 1-800-548-2329

Written by gbwinsurance

July 23, 2010 at 2:55 pm

Home summer safety

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We’ll break away from our focus on commercial insurance to relay these tips on home summer safety.

Protect your family and your home this summer by taking these simple precautions during your favorite activities.

Swimming:
• Stay with your kids while they’re at a pool, even if they can swim.
• Enclose your pool with a fence that’s at least 4 feet high with a self-locking gate. The lock should be out of kids’ reach.
• At a minimum, keep safety equipment like a life preserver and shepherds hook (a long pole with a hook on the end) ) nearby for emergencies.

Grilling:
• Only use grills outdoors. Carbon monoxide builds up quickly in enclosed spaces like garages.
• Keep grills away from other outdoor activities to prevent burns.
• Check your gas grill for leaks. Your local propane gas supplier can suggest a leak-detection solution.
• Don’t pour starter fluid in a gas grill or an already-lit charcoal grill.

Landscaping:
• Wear sturdy shoes and fitted clothing while mowing the lawn to keep your feet and skin protected, and turn off your mower before removing a stuck object.
• Use only GFCI (Ground Fault Circuit Interrupter) outlets outdoors. Test them monthly by following these instructions.
• Replace power cords that are frayed or damaged.
• Unless power tools are marked “submersible,” don’t get them wet.
• Be aware of pets and children—and keep a safe distance—while using lawn equipment

Written by gbwinsurance

July 20, 2010 at 11:12 am

Tax Credit for Employee Health Insurance Expenses of Small Employers

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Go to IRS.gov and Bulletin Notice 2010-44.
This provides step by step guidance to see if your small business can get tax credits to offset part of its Health Insurance costs.

Basics: Less than 10 full-time equivalent employees, averaging less than $25,000 annual wages. Phases out between 10 and 25 employees and between $25,000 and $50,000 average annual wages.
Credit: up to 35% of the business’ Health Insurance premium costs in 2010 and up to 50% in 2014.

For more information, call us at 1-800-548-2329.  www.GBWinsurance.com

Written by gbwinsurance

July 10, 2010 at 10:14 am