Why You Need Wallingford Commercial Auto Comprehensive Coverage

Why You Need Wallingford Commercial Auto Comprehensive Coverage Wallingford Commercial Auto Insurance Benefits of Comprehensive Coverage

While not all companies may anticipate their needs for commercial auto insurance coverage, businesses do benefit from obtaining coverage protecting all company utilized transportation. Wallingford Commercial Auto Comprehensive Coverage can be particularly instrumental in protecting company assets from risks beyond collision, property damage and injury. Comprehensive coverage can help manage out of pocket costs for damage that is not the result of a collision. The deductibles are generally low for Wallingford Commercial Auto Comprehensive Coverage, which can be an added bonus for businesses looking to conserve financial resources but protect their property.

This coverage can protect businesses from a variety of hazards:

  • Windshield and glass: Windshield and window related damage is the one of the most common comprehensive coverage claims. Cracks pose a huge risk for drivers and in turn the businesses which employ them. Many states have laws prohibit driving with chipped or cracked front glass and drivers can face fines as a result.
  • Falling objects and projectiles: Falling objects can cause a lot of damage to a vehicle from breaking glass to damaging framework and mechanical components.  Damages to a company utilized vehicle caused by anything from natural to manmade threats can be protected under a Wallingford Commercial Auto Comprehensive Coverage policy.
  • Natural disaster damage: Destruction cause by the harshest weather and natural events can be covered under comprehensive auto insurance policies as well. Flooding, landslide, earthquake and even volcanic activity pose great threats to many vehicles as natural disasters can hit anywhere at any time. It is important to be prepared.
  • Animal damage: Animals can cause substantial damage should they be involved in or cause an accident. Many animals can cause structural damage to vehicle even without being part of a collision through simple curiosity or aggression, including chewed wires, scratches and dents.
  • Vandalism and theft: All vehicles are at risk of damage cause by vandalism, from a key etched scratch along the side of a vehicle to slashed tires. The necessary repairs can be expensive, new tires can cost hundreds as can new paint and parts. Theft is also a great concern for any vehicles. Comprehensive coverage can help recuperate company losses in the event of vehicle theft.

Assessing your business’s exposure to auto related risks can be challenging especially for small businesses or organizations which do not directly utilize motor vehicles for daily business functions. If the vehicle is being used for business purposes, fines and repair fees can be passed to the employer even if it is not a business owned vehicle. Company owned vehicles and non-owned vehicles utilized for a business’s benefit should be factored into any Wallingford Commercial Auto Comprehensive Coverage insurance plan.

At Sinclair Risk and Financial Management we can help identify your business’s risk exposure and create insurance policies based on your specific needs. Our Commercial Auto Insurance policies provide the best comprehensive, collision and liability coverage for any business related vehicle. Call us at (877) 602-2305 to make sure your vehicles and drivers are protected.

New Haven Financial Planning: Individual Charitable Giving

New Haven Financial Planning: Individual Charitable Giving New Haven Financial Planning Individual Charitable Giving

Last year Zuckerberg gifted 18 billion shares of Facebook stock worth roughly $992.2 million to a Silicon Valley Community Foundation maintaining the title of America’s largest donor. He is also the youngest billionaire to make the largest annual contributions to charity, out-giving ageing tycoons Warren Buffet and Nike founder Phil Knight in their contributions. The Chronicle of Philanthropy 2013 report indicates that individual contributions rose to $3.45 billion, a promising sign for charities and organizations.

While not everyone can offer nearly billion dollars to philanthropic endeavors and earn themselves the title “most charitable giver,” many high-worth individuals choose to mitigate their high capital gain tax exposure through charitable giving. Charitable donations are one of many tax deductions offered by the IRS, which can prove good for your mind and your wallet. The proper New Haven financial planning strategy can make a big difference in achieving your philanthropic goals.

The IRS currently allows a maximum deduction of up to 50% of your annual income for charitable contributions, but you’re giving doesn’t have to stop there. Donations can come in various form including monetary, property, and stock and bonds. It is important to understand the requirements when filing your tax deductions with the IRS. To claim your deductions you must file a Form 1040 and be sure to itemize your deduction using a Schedule A form.

Keep in mind that the size and type of donation also require specific documentation proving the validity of your contribution to a “qualified organization.” All contributions require a receipt with the charity’s name and description of the contribution, although some contributions have more explicit requirements. In addition to written confirmation of receipt from the organization, property contributions over $500 require detailed records of how the property was acquired, including the date you received the item. Bank records are needed for any monetary donation exceeding $250 along with written confirmation from the organization as well. When claiming a donation maid for which you received some form of compensation, you may claim the amount you contributed minus the fair market value of your reward. For example if you donated $100 and received two event tickets worth $40 combined, then your deductible donation amount would be $60.

Financial planning can be hard and often individuals make costly mistakes mismanaging and misallocating their funds. At Sinclair Risk & Financial Management our financial planners offer a wide range of solution to maximize your efforts. Our Charitable Giving Financial Planning strategies can help you find a plan that works best for your needs and abilities, so you can feel proud to do your part helping your favorite humanitarian efforts and charities. We also offer wealth transfer strategies and retirement planning consultation. Call us today at (877) 602-2305 so we can help you create a financial strategy that is right for you.

Hartford Business Insurance: Executive Orders for Equal Compensation

Hartford Business Insurance: Executive Orders for Equal Compensation Hartford Business Insurance Executive Order for Equal Compensation

In anticipation of the likely dismissal of his proposed compensation legislation up for discussion in Senate, President Obama is prepared to issue and executive order barring federal contracting organizations from prosecuting employees who discuss their pay. The order effectively eliminates punishment and retaliation for employee discourse about earnings, in hopes of generating public awareness of discrepancies and pressure businesses to enforce equal treatment of workers. He has also arranged to sign an additional directive with the Labor Department to require that federal contractors include gender and racial compensation statistics in their data reports.

The original Senate bill proposal forwardly hopes to establish policies implementing equal pay regardless of race and gender; its fate has yet to be decided however speculations suggest that the bill will not pass. It is likely the new executive orders will indirectly have a similar effect to those intended by the bill. Entities working with President Obama believe the primary function of the orders to be information generation for policymakers and workers. The goal is to generate conscientious decision and policy making in regards to employment, as well as to better understand where compensation discrepancies occur and why.

These legislations arise just over a month after another executive order was issued mandating the minimum rate of pay increase from $7.25 to $10.10 for all federal contracting organizations. This effort was to encourage state and individual business owners to follow suit and increase wages for their workers to stimulate economic growth. The bill hopes to inspire through demonstration, by showing the nation’s business owners and governing bodies that increasing employee compensation can be sustainable and mutually beneficial.

Decreased secrecy surrounding employee compensation can have a detrimental effect for those employers who may have inconsistent practices, in-turn opening businesses up to legal prosecution themselves. If employees get chatty about their wage discrepancies employers could find a rise in wage discrimination claims to follow, not to mention other legal implications. That’s why having the right Hartford business insurance coverage is vital.

At Sinclair we offer a variety of Business Insurance policies and Risk Management services to help protect your organization from unwanted legal complications. Our Employment Practices Liability coverage can mitigate the damage of a wage discrimination dispute and help cover legal fees and expenses. Contact us at (877) 602-2305 to find out how we can help you develop creative, unique solutions that are in step with an ever-changing and challenging economic landscape that affect your business.

Connecticut Business Risk Management: Workplace Violence

Connecticut Business Risk Management: Workplace Violence Connecticut Business Risk Management Workplace Violence

According to the Bureau of Labor Statistics 17% of all workplace fatalities are a result of workplace violence, higher than all other workplace casualty causes except transportation. Workplace safety awareness efforts regarding mechanical and hazardous substances have dramatically reduced the number of workplace accidents as shown in the statistical findings. As a result, the Occupational Safety & Health Administration (OSHA) recommends adding workplace violence and harassment training to your company’s work force safety and welfare program. They encourage businesses to implement this awareness training in conjunction with a strictly enforced zero tolerance policy for violence, bullying and harassment to protect their workers and themselves.

Understanding workplace violence:

  • Workplace violence is defined by the OSHA as any act or threat of physical violence, harassment, intimidation, or other threatening disruptive behavior that occurs at the work site.
  • The scope of workplace violence ranges from threats and verbal abuse to physical assaults, including homicide.
  • It can affect and involve anyone in connection with your business including employees, clients, customers and visitors.
  • Workplace violence is a form of workplace harassment.
  • Violence can even be the unintentional result of harassment. Hazing, for example, is a form of both harassment and violence which can lead to big problems for employers.

Understanding workplace harassment?

  • Workplace harassment is the unwelcome verbal or physical conduct of an individual either preformed repeatedly or severely.
  • Harassment goes far beyond the stereotypical sexual connotation. While sexual harassment is responsible for number of workplace harassment claims, other forms of aggravation including bullying and hazing account for a large majority as well.
  • Workplace harassment can include physical contact, joking and innuendos, flirting, use of slurs or slang, physical gestures and much more, thus professional workplace should be enforced by any business management and policy structure.

Awareness is the key to prevention. Employee harassment and violence recognition training can help deflate an escalating situation, prevent these types of occurrences and save your company detrimental stress and expenses. Some businesses are at greater risk than others to report instances of workplace violence, but all industries are susceptible to harassment. Thus harassment and bullying prevention training is vital to any Connecticut business risk management plan.

At Sinclair Risk & Financial Management we offer a wide variety of business services to help your institution succeed. Our Risk Management specialists preform HR Audits to expose risks that could lead to unwanted workforce liability. We can then work with your organization on Employee Handbook Development to yield policies that will protect your whole business. Get more information about all the business services we offer by calling (877) 602-2305 today.

Connecticut Aviation Insurance: Flight Recovery Training

Connecticut Aviation Insurance: Flight Recovery Training Connecticut Aviation Insurance Flight Recovery Training

In response to recent high-profile commercial airline accidents, the International Civil Aviation Organization (ICAO) is developing a training program, hoping to better prepare pilots to handle loss-of-control-in-flight (LOC-I) scenarios. LOC-I incidents are responsible for the vast majority of commercial aviation fatalities and crashes since most pilots do not get the necessary training to recover the flight and regain control of the aircraft in the event of stalling and other malfunctioning. The ICAO’s upcoming Manual of Aeroplane Upset Prevention and Recovery Training is expected to be a huge step towards preventing LOC-I related crashes.

The manual takes detailed measure to explain what systems are affected during an aerodynamic stall, what systems a pilot retains control of, and how pilots can utilize specific tactics and airplane functions to recover the flight. While the education element is highly important, it is not the only hurdle to averting disaster. Research is attempting to monitor what is called “brain stall”, a symptom of startle which can afflict pilots in the event that unforeseen circumstances arise during flight. Like shock, the body’s innate reaction to trauma, startle can stun a pilot’s ability to cognitively process and handle the escalating situation. During recent Federal Aviation Administration tests only a quarter of pilots who were taught the recovery tactics were able to recall and implement those maneuvers during a simulated emergency LOC-I event. The majority fought against aviation mechanics, exacerbating the complications of the scenario and ultimately leading to fatal crashes.

The aerospace industry is stepping up to increase training in hopes of reducing “brain stall” and preventing LOC-I related incidents. They believe that more rigorous training and preparation could be the best way to keep pilots confident and cognitive, thus reducing the exposure to safety liabilities.

Mitigating aviation industry’s many risks can be challenging. It is important to attain the best insurance coverage possible to protect your technology, your customers, and your pilots as they entrust their lives to you.

At Sinclair we have access to a comprehensive portfolio of insurance policies, designed specifically for the aviation industry including airlines and major manufacturers, private pilots, smaller suppliers and aviation service providers. Our broad range of affordable Connecticut Aviation Insurance includes Aviation Liability and Aircraft Liability coverage. We also offer Risk Management services to keep you aware of your exposures and offer methods on how to reduce and mitigate those exposures. Call us today at (877) 602-2305 to speak with one of our Connecticut Aviation Insurance specialists and see how we can help protect you.

New Haven Financial Management Retirement Planning

New Haven Financial Management Retirement Planningnew Haven Financial Management Retirement Planning

To 401k or not to 401k, is that a question? For some employers the answer is yes. Determining the best retirement planning programs to offer your workers can be a business quandary. Offering benefits to your employees can be costly, but can also reward your business with devoted long term employees so finding a balance can be lucrative.

There are a variety of options for employers and their employees, including the popular traditional 401k and Roth 401k retirement savings plans. While similar in many respects, the two options offer different incentives to contributors. As a New Haven employer considering establishing either type of 401k plan, here are some key components that you should understand.

  • Both types of 401k plans offer the option for matching contributions availability up to a combined 100% of a worker’s adjusted gross income. Employees under 50 can contribute up to $17,500 per year, while those over 50 can contribute up to $23,000 a year, and their amount can be matches by your company up to a combined $51,000 a year.  There is also no income cap or minimum so all your workers can choose to contribute. Employees can take out loans against their plans up to 50% of the balance or a maximum amount of $50,000, which could help them in unforeseen situations. Both can be rolled into IRA or Roth IRA accordingly, upon termination of employment, or transferred to another employer’s comparable plan. There are however a few fundamental differences.
  • The traditional 401k contributions are pre-tax, meaning that the money will be taxed upon withdrawal and distribution as ordinary income, while the Roth 401k funds are post-tax where the taxes are paid as the funds are put into the account. All employer contributions would sit in a pre-taxed contributing to the employee’s taxed funds. Roth 401k also offers the benefit of being able to extract funds 5 years after the initial opening of the account, providing your workers with slightly more access than the standard 59.5 year age distribution. While the traditional 401k allows the funds to be used for home payments, hardship, education and medical expenses with a 10% penalty the Roth 401k would distribute prorated share earnings unless the account is over 5 years old.

At Sinclair Risk & Financial Management, our New Haven financial management team offers a number of retirement planning strategies both to individuals and companies alike. We can help you establish which 401k plan is right for your employees and help you set up a program that you can be proud to offer. We also offer wealth transfer services and personal retirement planning services for all your employee’s needs. Call us today at (877) 602-2305 to discuss your goals as an employer and help create a program that fits your company needs.