Hartford Business Financial Planning: Top Corporate Charitable Givers

Hartford Business Financial Planning: Top Corporate Charitable Givers Hartford Business Financial Planning Top Corporate Charitable Givers

While charitable giving has been relatively low in the years following the recession, the last two years have seen an upturn in contributions made by corporations and large businesses. Most financial analysts expect full recover to take at least another four years for charities and foundations to regain the stability and productivity they experienced before the market crash. Cumulative contributions from foundations, businesses and individuals in 2012 yielded an impressive $316 billion for philanthropic efforts. However with donation rates rising only 1.5% from 2011 there recovery process seems gradual. This trend is expected to be reflected in The Chronicle of Philanthropy’s upcoming report examining the 2013 charitable contribution figures, which is expected to be released later this year. While less than the pre-recession zenith, $316 billion remains an impressive figure especially in a recovering economy. These figures coincide with the increasing demand for more corporate responsibility to the communities they serve.

Leading the way are big names in the corporate world including financial institutions, energy companies and major retail chains. Walmart continually ranks highly among charitable contributors despite reducing their cash offerings from 4.1% to 1.3% of their pretax profits between 2011 and 2012. With a cash contribution of $311.6 million and an additional $755,868,381 in product donations, the total value of their aid is worth well over a billion dollars. Walmart budgets show plans to increase their philanthropic efforts over the next few years.

Google donated 9.3% of their overall profits culminating in $144,606,000 in cash contributions in 2012 and their financial plans indicate plans to continue large contributions. Their philanthropic efforts include a reported $100,000,000 in grants and $1 billion in products annually.  Target offered 5% of their profits to humanitarian efforts, with an average of over $3 million a week. Target has been a longtime supporter of education and child development, as such they focus a great deal of their efforts giving back to their local communities as well as developing countries.

Corporate giving has helped many companies generate positive public opinions and rapport with their customers and public. Incorporating charitable giving into your Hartford business financial planning strategy can help improve your community while benefiting your business as well.

At Sinclair Risk & Financial Management we offer top notch financial planning services. The right Charitable Giving Strategy can maximize the mutually beneficial advantages of your organization’s humanitarian efforts. We work with businesses to help create effective Corporate Financial Management tactics and help set up charitable trusts, donor-advisor funds, private foundations and other tax-smart accounts. To find out more about our services give us a call at (877) 602-2305.

Hartford Contractors Insurance: Protecting Portable Company Assets

Hartford Contractors Insurance: Protecting Portable Company Assets Hartford Contractors Insurance Protecting Portable Company Assets

Hartford contractors face a myriad of risk exposures in their daily operations, but the most common risks involve transportation of employees, equipment and materials. Company property can be a huge financial investment, the loss of which could be devastating on a number of financial fronts. Not only would the property need replacing, but the potential loss of revenue and business from interruption could be disastrous. Luckily a variety of supplemental coverage can be obtained to secure a business’s portable assets from vehicles to machinery.

Trucks, flat beds, haulers and other construction vehicles used for business purposes can be covered by a Hartford Commercial Auto Insurance policy. Under a Hartford Commercial Auto Insurance policy any damage to vehicles, personnel, drivers or passengers in a vehicle used for business purposes including medical expenses.  Comprehensive coverage, collision coverage, uninsured motorist and non-owned vehicles can all be included provision to any Hartford commercial auto policy.

Commercial Auto insurance typically only extends to vehicles and occupants, essentially only securing half of your financial assets which could be damaged in an accident. Financial loss protection from damaged property being transported in a vehicle is not part of a standard auto liability protection plan. While general Hartford Property Liability Insurance coverage will protect your assets on your property, tools which are transported offsite generally fall into a coverage gap in a standard Hartford Contractors Insurance policy.

Hartford Inland Marine Insurance policies are designed to ensure that goods, tools, machinery and other expensive company property is protected from theft, damage and accidental loss which occurs while that property is in transit. For example, if a work truck carrying specialty equipment was involved in an accident and some equipment was broken as a result of the collision, contractors could seek financial compensation for the damaged property.

There are a number of specialty coverage options available through Sinclair Risk and Financial Management which can expand the total scope of the property liability protection afforded to your company resources. Our construction insurance specialists work with clients of all shapes and sizes and fully understand how to navigate the diversity of needs within this industry. Give us a call today at (877) 602-2305 to design a comprehensive Hartford Contractors Insurance plan tailored exactly to your business needs.

Connecticut Food Manufacturing Insurance: Contaminated Product Recalls

Connecticut Food Manufacturing Insurance: Contaminated Product Recalls Connecticut Food Manufacturing Insurance: Contaminated Product Recalls

Food manufacturing is inherently a high risk environment regardless of the scale of your operation. Whether you are a multi-national mass producer or an artisan edibles crafter food contamination is an increasingly large concern. As any Connecticut food manufacturing organization is aware, safe food production practices are highly regulated both federally and locally in order to prevent contamination and the spread of food-borne illness. The Food and Drug Administration (FDA) New food manufacturing regulations effective this year have even cracked down on products not intended for human consumption, such animal feed and pet food that may carry harmful pathogens including Salmonella which can be transferred through handling.

Salmonella contamination prevention remains high on the list of priorities for the Center for Disease Control and Prevention (CDC) as it is allegedly the leading causes of food related illness across the nation. For every individual reported case of Salmonella there are an estimated 29 instances which go undiagnosed. E-coli contamination prevention remains a high priority as well, due to a similar rate of diagnosis. In 2013 the CDC also reported a staggering rise in cases of Campylobacter reported for an average of less than one case per hundred-thousand people to over thirteen cases in the same ratio. Campylobacter made top of the CDC’s annual Food Safety Progress report with the highest percent increase from 2012-2013 and is a mounting concern for Connecticut food manufactures as well as others throughout the nation.

While new testing and regulations aim at protecting consumers, when adhered to correctly they can also help Connecticut food manufactures minimize their risk exposures to the hefty financial implications of a product recall from contamination. Food recalls can be tricky to navigate but having a well-established recall response plan can be key to quick and efficient situation management, and any good strategy begins with obtaining the best Connecticut Food Manufacturing Insurance available.

When partnering with Sinclair Risk & Financial Management, you receive industry expertise, innovative food manufacturing insurance products, risk-management programs, and long-term solutions. We offer comprehensive Connecticut Food Manufacturing Insurance plans tailored to the specific needs of your operation. We offer standard Connecticut Product Liability Insurance coverage and additional Connecticut Food Contamination Insurance policies to ensure that your edible products and your business are protected in the event of any manufacturing mishaps. Give us a call at (877) 602-2305 for more information about our all of our food and beverage industry risk management solutions.

Wallingford Financial Management: Withstanding Economic Instability

Wallingford Financial Management: Withstanding Economic Instability Financial Management Withstanding Economic Instability

Over 10.5 million unemployed Americans are still searching for work as we move forward into this recession recovery period. The last few years have seen a significant regeneration of employment opportunities over all. However, a recent report released by the National Employment Law Project indicates that the quality of new job growth may neither be sustainable nor holistically beneficial to a struggling economy. The survey indicates that low-wage positions have increased substantially after having only lost least amount of workers. Responsible for 44%of post-recession employment growth, jobs paying an average wage of between $9.48- and $13.33 are more prevalent. Many former upper level workers are now experiencing minimum wage compensation and filling low-level jobs.

In states where the minimum wage is equal to the federal standard millions of skilled former business professionals and service no longer have mid-wage job opportunities to fill, as the mid-level employment accounts for only 26% of recovery. After being responsible for 37% of employments loss in the recession, just 26% of new growth has been job opportunities paying between on average $13.73-$20 per hour. There are nearly a million fewer mid-level job opportunities for the middle class, which is resulting in even more class disparity. High-wage jobs paying an average of $20.03-$32.62 make up 30% of new opportunities during the economic recovery which has not begun to compensate for the 41% loss they represented. An estimated 46.5 million Americans still live below the poverty line, with average take home pay still far below that of pre-recession income rates.

40% of new job growth has been in industries such as food services and retail which are historically low income opportunities. President Obama has increased pressure on the U.S. Congress to approve legislation that will raise the federal minimum wage from its current $7.25 to $10.10 improving wage rates for an estimated 16.5 million workers nationwide. However opponents argue that mandating higher wages will once again decrease employment rates and see are resurgence of employment growth stagnation, as many businesses will not be able to keep their current staffing numbers let alone hire new laborers. Proper Wallingford financial management is essential to any business when weathering federal litigation changes, especially when trying to protect your employees while maintaining your bottom line.

At Sinclair Risk & Financial Management we understand your commitments and the conflicts that businesses face when trying to balance everyone’s best interest. We specialize in Risk Evaluation and Financial Management Strategizing for companies of all sizes. Our team of talented veteran professionals will gain a full understanding of your management philosophy, goals, and individual risk tolerance to help you develop comprehensive business strategies to help you withstand any economic challenges that may arise. Give us a call at (877) 602-2305, as we would love the opportunity to speak with you about any of our services and Wallingford Business Insurance offerings.

Hartford Healthcare Risk Management: Assessing Cybercrime Exposure

Hartford Healthcare Risk Management: Assessing Cybercrime Exposure
Hartford Healthcare Risk Management Assessing Cybercrime Exposure

A recent notification from the Federal Bureau of Investigation to healthcare providers warned that the healthcare industry faces high risks of cyber security breaches. A non-profit organization called SANS Institute has warned the healthcare industry for a while that they were not well-prepared to fight growing cyber dangers. They presented hundreds of scenarios of attacks on various medical technology systems in their own report released early this year.

The recent Heartbleed security gap sent panicked consumers, businesses and officials scattering to protect their assets and reinforce cyber security prevention tactics. The security breach was detected in April 2014 disrupting the operations of over 500,000 web server users of OpenSSL security program. Those affected included bank, corporate and federal websites. Code gaps were discovered in a program called OpenSSL which was designed to protect the transmission and storage of personal data from millions of internet users. Passwords, credit card numbers and other personal data was left exposed to theft by hackers and many consumers across the nation nervous for the safety of their personal data became even more skeptical of digital information transmission and storage practices.

The healthcare industry faces greater risks than ever as many other sectors have responded to recent security threats by tightening their own cyber security. According to many security reports, medical information leaks fetch high prices on the black market as healthcare records can be more inclusive of billing information, prescription, care history and other valuable data which can be packaged together and sold off to identity thieves and criminals.

The Bureau of Consumer Protection recommends that all businesses impose a carefully implemented strategy for handling customer data which minimizes your exposure to security breaches and includes a well thought out response, should an incident occur. The best cyber security strategies for medical professionals start with Hartford healthcare risk management assessments.

At Sinclair Risk & Financial Management we understand the healthcare industry and have extensive experience navigating the risk exposures your organization faces. We specialize in Risk Evaluation and Financial Management strategics for healthcare providers in a wide variety of fields and specialties. Our team of talented veterans will gain a full understanding of your philosophy, goals, and individual risk tolerance to help you develop comprehensive Hartford healthcare risk management strategy to protect your clients and your practice from cyber security threats. Give us a call at (877) 602-2305, as we would love the opportunity to speak with you about any of our services and Healthcare Liability Insurance offerings.

Hartford Commercial Property Insurance: Withstanding Harsh Weather

Hartford Commercial Property Insurance: Withstanding Harsh Weather Hartford Commercial Property Insurance Withstanding Harsh Weather

Recent flooding and storms throughout the Northeast are posing severe threats to commercial property owners and managers. Hartford businesses are no stranger to the constant threat of winter storm induced flooding and the summer wildfires that can ensue as the weather warms. Natural events pose many threats to commercial property holdings ranging from real-estate to resources and other commodities.

The effects of inclement weather conditions can induce water damage, combustion, debris damage and geologic instability. The recent Midwestern tornadoes and California wildfires are strong reminder that no region is immune to devastation. Commercial property holders are especially vulnerable to facing costly financial ramifications caused by natural disasters.  Having a comprehensive Hartford property insurance plan can help reduce and prevent financial losses.

Commercial property is not limited to the buildings and structure your company owns. The term broadly extends further encompassing many of your business assets including cargo, land and resource holdings, and even transportation investments. Many tangible items damaged or destroyed by unforeseen events are coverage under general property and casualty liability insurance, however many specialty coverage options are available for businesses to ensure that all of their resources are adequately secured in different conditions and circumstances. Hartford flood insurance for example is a coverage addition to any Hartford property insurance policy.

Another important Hartford commercial property insurance coverage to consider is Hartford inland marine insurance which extends financial protection to company property that is not on site at your place of business. While Hartford commercial property insurance safe guards all your on-site assets, in-transit cargo, resources and buildings under construction are not generally covered. Therein lays the importance of inland marine insurance; these off-site and in-transit business assets can be secured against damage and loss under a wide variety of circumstance, including severe weather conditions.

Hartford property owners face countless risk exposures in daily operation, let alone in the aftermath of a devastating natural event. At Sinclair Risk and Financial Management we specialize in assessing our clients’ exposures to all conceivable hazards. Our Hartford Property Insurance specialists will address any specific gaps in your coverage and customize your coverage to include exposures such as floods and wind as part of a Hartford excess property coverage plan.