How Risk Management and Risk Analysis Works

How Risk Management and Risk Analysis WorksHow Risk Management and Risk Analysis Works

A few factors that contribute to business risks include uncertainty in financial markets, threats from project failures at any phase, legal liabilities, credit risks, accidents, or even events of uncertain or unpredictable root-causes. Risk management ideally will prioritize the risks, placing those with the greatest loss or impact and the greatest probability of occurring at the top of the list.

In many organizations, the risks are well known and the necessary control measures are easy to apply. For example, you may work for a company where employees regularly lift heavy loads, so there is the potential for back injury. Or you may own a business that heavily utilizes internet technologies, which can introduce security risks. So what is the general risk analysis process that is used? It’s typically split up into four stages:

  1. Identifying the Risk
  2. Assessing the Risk
  3. Developing Responses to the Risk
  4. Developing a Contingency Plan or Preventative Measures for the Risk

Identifying the risk involves looking at the source or problem at hand and whether it will affect any company objectives. The chosen method of identifying risks will depend on the business culture, industry practices, and compliance. Once the root causes are identified, it’s time to assess the risk. This should produce statistics from past business experiences to determine the likelihood of the risk occurring.

Ideally after a risk is identified and assessed, it can be avoided. But an important part of developing responses to the risk is asking what can be done to manage it, should it happen anyway. The final step in risk analysis is to develop contingency plans, which are designed to reduce the impact if the risk does materialize.

This is a very basic explanation of how CT risk management and risk analysis works. With 40-plus years serving businesses throughout our communities, Sinclair Risk & Financial Management has been at the forefront of changing the way advisers look at risk and develop strategies to preserve a company’s balance sheet while increasing profits. Call us today at (877) 602-2305.

CT Human Resources Consulting: The Importance of an Employee Handbook

Human Resources Consulting: The Importance of an Employee HandbookCT Human Resources Consulting: The Importance of an Employee Handbook

In order to help you create a detailed employee handbook, it will be important to identify what is important to your business, both in keeping the employees informed and happy, as well as accomplishing the business objectives of the company. Nancy Cooper, chair of the labor and employment law group of Garvey Schubert Barer, calls the detailed employee handbook “a playbook [that] spells out the rules of the game for employees about what is expected of them.”

The success of this ‘playbook’ though, relies heavily on what you include and how you word policies. Certain policies will need to be in the handbook by law, so as a business owner it is important that you take the time to learn about local and state requirements, as well as federal requirements. A few types of law related factors you’ll have to include are:

  • Family Medical Leave Policies
  • Equal Employment and Non-Discrimination Policies
  • Worker’s Compensation Policies

It addition to the facts that the handbook has to include, there are a few general disclaimers that every employee handbook should have:

  • The Handbook is Not a Contract
  • The Handbook Replaces All Previous Policies and Procedures
  • Policies Are Subject To Change

Now on to the items that aren’t necessarily required by law, but you’ll want to put in your employee handbook anyway for clarity and general information:

  • Company History
  • Paid Time-Off Policy
  • Employee Behavior
  • Payment Methods and Promotions
  • Benefits
  • Confirmation Page (a page signed by the employee and returned to you to be kept in their file)

At Sinclair Risk and Financial Management, we provide HR services that are based on the unique needs of your business. The details of the employee handbook are critical due to today’s legally charged environment. Give us a call at (877) 602-2305 to discuss how we can develop creative, unique solutions that are in step with an ever-changing and challenging economic landscape that affect your business, insurance and risk management strategy, and profitability.

Connecticut Yacht Insurance: Theft Prevention

CONNECTICUT PRIVATE CLIENT: YACHT THEFT PREVENTIONConnecticut Yacht Insurance: Theft Prevention

A yacht is a very significant investment that you will want to protect as best you can. Insuring your vessel is one of the key things you can do to get protection from liability or damage. But in addition to that, you’ll want to protect your yacht against theft. Your goal should be to make the boat a “hard target”, or in other words, not easily available. Criminals look for vulnerability and opportunity when selecting a target for theft. So, how do you achieve this?

The key to protecting your boat is to simply make it inaccessible. For security purposes, “rack and stack” buildings are ideal, however this is neither an option nor a desire for most yacht owners. Instead, yachts are typically stored dockside, at a mooring, or in a trailer.

If you store your boat at a dock or mooring, chain or cable the boat as far away from the dock as possible. Use regular or motion sensor floodlights, and mount a security camera in a highly visible location. Even fake cameras work to deter thieves. If possible, limit access to your vessel with a security gate and fencing.

Many boat owners are surprised to find that trailered boats are stolen more often than any other boat. There are a number of ways to reduce your chance of theft if your boat is trailered or parked in a driveway. You could chain the trailer to another object, remove your hitch tongue from the trailer or have a removable one constructed, remove at least one tire and wheel, or even install a trailer theft alarm. Also, keep your neighbors informed so if they see anything suspicious, they can alert you or the authorities.

The Yacht specialists at Sinclair will protect your investment by providing you with an individualized risk assessment and tools to help reduce or even eliminate risks that threaten your fair-weather asset. To learn more, at your leisure please call us at 203.265.0996.

Caring For Your Exotic Car

Caring For Your Exotic Car  Caring For Your Exotic Car

A common assumption many individuals make is that their exotic car will be covered by their standard Connecticut personal auto insurance policy. On the contrary, this type of vehicle will need special insurance coverage due to its high value.

Because an exotic car is such a large investment, you’ll want to do everything you can to protect it, both financially and physically. Here are some tips when it comes to caring for your exotic car.

Use compressed air and a vacuum for the interior. To get to every nook and cranny in your vehicle, use an air compressor to blow all debris to the center of your carpets, and then vacuum it up.

Keep the “new-car smell” lasting longer by cleaning the ducts. If your car has a cabin air filter you can change it, or remove it and blow the dust and dirt out. Also, getting dust and dirt out of the heating and air-conditioning ductwork on a regular basis will keep your car smelling fresher, longer.

Use non-acid based tire cleaners. Acid-based cleaners can cause bare alloy wheels to oxidize and pit, and they can damage wheels that are painted with color or clear coatings.

Use appropriate carwash solutions to hand wash your car. Using soaps that aren’t meant for car surfaces, such and dishwashing detergent, will strip away the protective wax coating on your vehicle, exposing it to possible nicks, scratches, and stains.

Store your car in a garage. Storing your exotic car outdoors exposes it to inclement weather, bird droppings, and other types of damage.

Polish and wax your car. Polish helps smooth the surface of the pain, making it shine and helping your car look newer. Wax will wear off in a few months, but during that time it will absorb stains and small scratches before those hazards make it to the paint.

Know when to see a pro. If your paint has a scratch that goes down to the metal, the only way to fix it is by sanding and filling the scratch with pain, using a tiny pinstriping brush. It takes experience to know how to properly do this.

Sinclair Risk & Financial Management has access to specialty insurance markets to find you the right coverages and features for your Fairfield County exotic car. We can secure a policy to protect the true value of your car, and include an option to increase coverage on the vehicle to reflect changes in market value anytime prior to a covered loss. We have programs that will insure collections worth millions. Give one of our professionals a call at (877) 602-2305.

Connecticut Private Client: Maintaining Your High-Value Home

Connecticut Private Client: Maintaining your high value home Connecticut Private Client: Maintaining Your High-Value Home

When you are a high-value homeowner, you want to do everything in your power to uphold the look of your home, as well as its functionality. Your home is likely your biggest investment, so here are some ways to make sure it’s properly maintained.

Curb Appeal: You might not plan on selling your home anytime soon, but if you ever plan to, the exterior of your home needs to make a great impression. Create an attractive entrance to your home; improve or update the landscaping and ensure there is a clear walkway leading up to the house.

Repainting: How often you will need to update your paint is dependent on factors such as the environment, and whether or not you have children or pets. A home’s exterior typically can be repainted less than the interior, about every 10 years.

Update: Over the years, you will eventually need to replace appliances. With most people focusing on energy efficient models, it may be beneficial to look for that yourself, as this will increase the appeal of your home to future buyers.

Clean Regularly: Whether you hire housekeepers or do cleaning yourself, be sure to dust, vacuum and steam clean your carpets, clean the bathrooms and kitchen, etc. on a regular basis.

Protect Your Home From Pests: Termites, carpet beetles, and other pests can cause significant damage to your high-value home over time. Be aware of what bugs are common in your area and invest in pest control.

Check Plumbing: Even high-end appliances and high quality plumbing work can cause leaks after a certain number of years. Reduce the likelihood of this happening by checking faucets, toilets, showers, and pipes on a regular basis.

Roof Replacement: Your roofs lifespan will depend on the material that was used and environmental factors. Typically, an asphalt shingle roof will last about 15 years while on the more durable end, metal or tile roofs can last well over 50 years.

At Sinclair Risk & Financial Management, we work with many individuals and families throughout Connecticut and beyond to protect their high-value homes. Let us show you how we can do the same for you. Give one of our professionals a call at (877) 602-2305.

How to Store Your Valuable Jewelry

How to Store Your Valuable JewelryHow to Store Your Valuable Jewelry

Investments such as fine art, an exotic car, or a jewelry collection will not always be covered by standard Wallingford, CT home insurance policies in the event of a disaster, which many individuals are not aware of.

In addition to having your valuable jewelry insured against theft, you’ll want to have it protected against damages as well. The most basic rule there is in terms of storing fine jewelry is to make sure that each item is isolated from the others.  Here are ways to properly store and protect your jewelry in order to maintain the value of your collection.

Jewelry Boxes: Many modern jewelry boxes are made for decorative purposes, but when looking for a jewelry box for storage purposes, make sure that the materials used to construct and line the box are in fact suitable for jewelry.

Travel Cases: These are individual jewelry cases, usually with a small handle and a lock, designed to fit into a handbag or carry-on luggage.

Jewel Caskets: These cases are used as presentation pieces to showcase either a single piece of jewelry or a matched set. Jewel caskets are often elaborate, becoming works of art in their own merit.

Ring, Bracelet, and Necklace Boxes: Keeping the original jewel boxes your item came in can be the easiest way to store the piece, and is ideal if your collection is small.

Pearl Folders: It’s a good idea to use the original package of leather or cloth to store your pearls, since these are relatively soft and fragile.

Jewelry Armoires: These are large, often wooden pieces of furniture with multiple drawers and compartments. These are ideal for large collections, and some may even be customized with special display lighting or hidden compartments.

Sinclair has knowledgeable professionals who possess many years of experience in insuring fine and heirloom jewelry. With a trained eye, they can expertly evaluate your fine jewelry assets to recommend the right coverage and limits, and assess the potential exposures around your home that may put your fine jewelry and heirlooms at risk, such as theft, water intrusion, light and heat damage, and fire. Give one of Sinclair’s professionals a call at 203.265.0996.

Tips on Protecting Your Wine Collection

Tips on Protecting Your Wine CollectionTips on Protecting your Wine Collection

A common mistake of port lovers is not properly protecting their collection. Whether you’re collecting antique cars, jewelry, fine art, or wine; it’s pertinent that these investments are covered with insurance.

When you’ve invested a large sum of money into a wine collection, a standard homeowner insurance policy will not suffice. More often than not, standard policies cap itemized coverage. This means that only a fraction of your ports will be protect from unforeseen events. Although many wine collectors go through excessive measures of collecting their ports (e.g. temperature controlled storage, security systems, and back-up power sources), events out of your control do happen.

Tips on Protecting your Wine Collection:

Tip #1: Hire an appraiser to evaluate the value of your wine collection. Then, create an inventory with up-to-date values on each wine. This will speed up the claims process, in the event that the wine bottles are damaged or destroyed by a fire, theft, etc.

Tip #2: Store your wine collection in a temperature controlled area. If you plan to store your port in a cellar or storage facility, ensure that it meets the following requirements:

  • Consistent temperature of 55 to 60 degrees
  • Away from light
  • Connected to a powerful generator
  • Humidity levels should be between 60% to 80% (high humidity may cause mold and low humidity can cause dry corks and air seepage
  • Constructed of materials that are resistant to natural disasters, such as earthquakes, hurricanes, etc.
  • Bottles should be laid on their side to ensure that oxygen does not enter the bottle

Tip #3: Insure your wine collection with an agency that specializes in high value items. SRFM’s wine collection program insures collections worth hundreds of thousands of dollars. In addition, their programs cover a wide spectrum of perils, including coverage for losses due to power outage or mechanical breakdown of heating, cooling, and humidity control equipment and more.

Sinclair’s Private Client Group division works with several clients who have an extensive wine collection in their home. We understand the value of such a collection and the need for specialized insurance to protect against fire, theft, flood, and breakage in addition to unique exposures that can cause a significant loss. Give one of Sinclair’s professionals a call at 203.265.0996.

Source: Wine Mag