Risk Management Tips for the Trucking Industry

MA RISK MANAGEMENT TIPS FOR THE TRUCKING INDUSTRYRisk Management Tips for the Trucking Industry

According to the Federal Motor Carrier Safety Administration (FMCSA), over the past two decades, the number of truck accidents has increased by 20%. Federal laws and regulations govern the trucking industry, and these laws establish certain standards that trucking companies, owners, and drivers must meet. However, true safety awareness starts with the drivers and other employees of the trucking industry.

When it comes to trucking accidents, there are number of people that may be held liable for any victims’ injuries. Potential defendants could include:

  • The truck driver
  • The owner or company of the truck or trailer
  • The manufacturer of the vehicle, tires, or other parts that may have contributed to the cause or severity of the accident
  • The shipper or loader of the truck’s cargo (in cases involving improper loading)

While your trucking company may not be held liable for all of the above situations, it’s important to know what MA Risk Management strategies you should employ to financially protect your business. The biggest part of this is ensuring that your drivers are always adhering to the rules and regulations set forth by the Department of Transportation (DOT). In addition, you should make sure that your drivers:

  • Take care of themselves physically and mentally
  • Always maintain their vehicle
  • Be aware of their blind spots
  • Slow- down in work zones
  • Always keep their distance
  • Fasten their seatbelt
  • Drive defensively

If your driver feels that they are in an unsafe driving situation, they should be able to let you know and avoid the situation as needed. Following the above safety tips will help with your MA risk management efforts.

At Sinclair Risk & Financial Management, you can count on our team of professional to continuously search for new ways to improve your security while minimizing your total cost of risk. To learn more about our MA Risk Management Program and our MA Trucking and Bus Insurance products, please contact us at (877) 602-2305. 

Boston Commercial Property Insurance: Business Interruption Recovery


The harsh and somewhat unexpected winter weather has left many businesses in the east facing situations they never have before. Severe winds, melting ice, and extreme cold temperatures can cause significant property damage for businesses. In the event of the extended downtime, especially during a winter storm, getting back on your feet can be very difficult.

While a Boston Commercial Property Insurance policy can protect your company financially if you do incur damage, the costs of the business interruption itself can be detrimental, especially if you don’t know how to handle it. Here are a few steps you can take now that may help your company better recover after a business interruption.

Create a Business Impact Analysis.  A Business Impact Analysis (BIA), according to Ready.gov, predicts the consequences of disruption of a business function and process, and gathers information needed to develop recovery strategies.

Partner with the community. To speed up the recovery process, consider an interim partnership with another local business. Making an arrangement to use another businesses’ facility or resources until your business gets back up and running can keep sales coming and reduce overall downtime.

Telecommute. If your business property is unable to house your employees, telecommuting may be a viable way to continue operations. Make sure that employees are supplied with the necessary data and software applications to continue operations, even if in limited form. This includes basic email and productivity software like Microsoft Office. Maintaining your business presence will be crucial for you to get back on your feet.

Make sure you have a Business Interruption Policy. Having the correct Massachusetts Business Interruption Policy as part of your Boston Commercial Property Insurance package will cover loss of revenue as well as other operating costs such as rent, taxes, payroll, etc.

At Sinclair Risk Management we know the devastation that an unforeseen disaster can cause your business. This is why we offer extensive Massachusetts Commercial Property Insurance. Our policies are based on your needs and we will ensure that you have the right coverage to deal with any loss of operation. For more information, please give us a call at (877) 602-2305.

Naples FL Financial Management: 2014 Business Finance Trends to Watch

Naples FL Financial Management 2014 Business Finance Trends to Watch Naples FL Financial Management: 2014 Business Finance Trends to Watch

Naples FL financial management planning should be an essential part of your business operations right from the start. As we move into 2014, it’s important to be aware of the role that Naples FL financial management plays in your organization, but also be aware of trends that can affect the way you plan financially.

Maclyn Clouse, professor of finance at the University of Denver’s Daniels College of Business, predicts these following business finance trends for 2014.

A fall in the stock market. According to Clouse, corporate earnings and economic growth numbers across the nation are not supporting the high stock market values. He states that business owners should not be surprised if the stock market falls from its recent record levels, because many analysts feel that the market is overvalued.

The effects of the Affordable Care Act. This legislation is affecting businesses and individuals in different ways. While many people see the benefit of the ACA putting consumers back in charge of their healthcare, financially it could hurt some businesses. With this in mind, it’s important to learn all that you can about the Affordable Care Act to make informed decisions about how your business should proceed.

Retirement planning remains crucial. Clouse states that business owners should spend more time on retirement planning and invest more dollars for retirement. Business owners should encourage their employees to do the same, and discourage them from relying on Social Security.

Changes in the tax laws. There has been talk recently of tax reform and tax law changes. Clouse points out that it’s imperative for business owners to know about new tax credits, expiring tax credits, changes in tax deductions, and changes in tax rates. All of these will impact the amount of your after-tax income in 2014.

At Sinclair Risk and Financial Management, we understand the extreme importance of a solid financial plan. When you partner with us, our team of seasoned and talented professionals will gain a full understanding of your Naples FL Financial Management philosophy, goals, and individual risk tolerance. We’ll also get inside your business operation to identify exposures to loss that threaten your business. Contact us today at (877)602-2305 for more information.

MA Financial Management: Small Business Finance Tips for 2014

MA Financial Management Small Business Finance Tips for 2014MA Financial Management: Small Business Finance Tips for 2014

As the owner or manager of a small company or organization, financial management should always be the top of your business priorities. Effective MA financial management for small businesses involves being knowledgeable about cash-flow projections, bookkeeping and accounting, loan proposals, savings and investments, and payroll. Many larger companies may have an accounting department that deals specifically with all these needs, but as a small business this responsibility often falls on the shoulders of the business owner or manager. So, as we move forward into 2014, what are some MA financial management tips you should keep in mind?

Online accounting software maker Xero has released a new collection of critical tips and advice from accountants that is specifically designed to help small businesses improve their operations in 2014. Here are their top tips from accounting professionals present at Xero’s U.S. Roadshow and 1st US Xerocon conference:

Spread Out Tax Payments. If you have trouble saving for your quarterly estimated tax payments, consider making it a monthly payment instead. You should treat tax payments like any other monthly operating expense. -Michele Etzel, CPA, Bayside Accounting Services, Baltimore, Md.

Plan For the Future. Tina Gosnold, CB at Set Free Bookkeeping in Seattle Washingtion, says that if you’re not looking 5-10 years ahead, you are behind your business competition. She states that it’s important to live in the “now”, but as a business owner you should always be thinking about the future.

Monitor & Measure. Look at your company’s financial performance regularly and use backwards-looking financial statements to project forward revenue, expenses, and cash flow. You can’t manage what you don’t measure. Having this knowledge will help you make better decisions. -Dave Casebere, B2B CFO® (D Casebere Consulting LLC), Scottsdale, Ariz.

At Sinclair Risk and Financial Management, we understand the extreme importance of a solid financial plan. When you partner with us, our team of seasoned and talented professionals will gain a full understanding of your MA financial management philosophy, goals, and individual risk tolerance. We’ll also get inside your business operation to identify exposures to loss that threaten your business. Contact us today at (877)602-2305 for more information.

Understanding the Value of Risk Management in the Healthcare Industry

Understanding the Value of Risk Management in the Healthcare IndustryUnderstanding the Value of Risk Management in the Healthcare Industry

Maximizing profits, or at least not operating at a loss, has long been at the forefront of business objectives for the healthcare industry. It’s important, however, for healthcare practitioners to look at just how much risk can or should be taken to reach their objectives. A question that many healthcare organizations are asking themselves is if more healthcare medical errors can be averted by proactive risk management.

It’s important to understand the role of risk management in the healthcare industry, and know where it fits into your operations. Risk management is generally reactive, when it should instead be proactive. Proactive risk management in the healthcare industry may avoid some losses and expenses that could otherwise impact your bottom like.

One problem that healthcare practitioners face when it comes to risk management is how to determine its “value”. How can you quantify what doesn’t happen because it was prevented? The healthcare industry is focused on benchmarking and measurement. So, how can a business case for risk management be made? One method suggested by healthcare professionals is to study the relation between a decrease in malpractice claims and patient relations policies. Collecting this type of data is useful in assessing the value of risk management in the healthcare industry, but it’s also important for leaders in the healthcare industry to increase their visibility when it comes to risk management issues. There are a few ways this can be done:

  • Participate in Board of Director meetings and provide education on internal risk management issues, how the issues are being addressed, and industry trends.
  • Meet regularly with Senior Leadership to discuss your activities and how your efforts are affecting patient safety and the bottom line.
  • Be responsive to your stakeholders’ requests for assistance.
  • Make rounds and be a resource so that your staff knows who to come to with risk management concerns.

These are just a few ways to increase your visibility on risk management issues. It’s also a good idea to be active in professional associations and organizations, and follow through on your professional commitments, making it a priority to meet deadlines.

At Sinclair Risk & Financial Management, we can provide your healthcare facility with insurance and Risk Management strategies to protect the financial strength of your operation. We also provide Commercial Insurance coverages for the healthcare industry as well as a variety of other specialty industries. Please contact us for more information at (877) 602-2305.

Connecticut Aviation Insurance: Reducing Risks


Many pilots and aviation experts will tell you that the key to aviation safety is experience. They’ll say that experience is hands-down the best teacher, and that the learning pilot faces elevated risks in the course of gaining experience. Of course, experience alone doesn’t ensure that you’ll never face a risk or a legal issue. Investing in Connecticut Aviation Insurance is the one true way to protect you financially from aircraft liability and aviation general liability.

There are still steps that pilots can take though, to manage risk wisely. They can do so by developing a set of policies to implement when risks are unavoidable. Risks can be described as the product of a known threat weighted against the probability of that threat occurring. Common risks in the aviation industry include a student pilot making a mistake and running the plane off the runway, or crashing. Risks could also involve workers compensation issues with airline employees.

So what are some ways to potentially reduce risks as a pilot in the aviation industry?

Expect the worst. It’s always best, in any industry, to ask the “what if…” question.

Weigh each risk area according to your experience. If you’ve recently flown at night, a new route in the dark would probably pose less risk than for a pilot who hasn’t flown at night lately.

Prepare for risks. This may mean checking the function of every light on your aircraft if you are flying at night, or checking the validity of your GPS database.

Establish your limits. This means looking at your experience and how capable you’ll be in certain conditions, such as inclement weather, longer cross-country legs, or on a shorter runway than normal.

These are just a few tips that are recommended by the Aviation Safety Magazine. They also suggest only tackling one new thing at a time right down to your choice of charts and plates, preparing to adjust for any changed weather conditions, and knowing when the weather is just too bad to risk a flight.

At Sinclair Risk & Financial Management, we understand that the Aviation industry requires a high level of specialty expertise, global reach, and access to insurance markets and underwriting capacity to address the needs of the complex exposures that this dynamic sector faces. We offer Connecticut Aviation Insurance Coverage as well as customized safety and loss control services and Risk Management services for our clients. Please contact us for more information at (877) 602-2305.