Do I Need Connecticut Life Insurance?

Do I need Connecticut Life Insurance? Do I Need Connecticut Life Insurance?

Life insurance can be a sensitive topic for many Connecticutians. No one likes to think about their own untimely or unexpected demise. Nor are most people fond of discussing the unfortunate loss of their loved ones, but discussing life insurance can be a vital part of any family’s financial planning. There comes a time when most of us must consider what will happen when we go, and how to best provide for the ones we love. The right Connecticut life insurance policy can dramatically help reduce the financial strain families often encounter in the wake of a family loss. Yet when it comes to such an important financial management strategy, research shows that many Connecticutians aren’t planning correctly.

Who needs life insurance?

Truthfully, not everyone needs life insurance, especially Connecticutians without dependents. The fundamental purpose of Connecticut life insurance is to help individuals provide some element of financial security to their family members after their passing. For this reason, single individuals may not really need a life insurance policy if they have no one depending on them for financial support. Individuals with high savings and financial assets may require less life insurance if their liquid assets are ample enough to cover their family’s expenses.

How much life insurance do I need?

When secured properly, Connecticut life insurance will help families mitigate funeral fees, medical expenses, lost income, debt and other cumbersome financial burdens. The commonly held rule of thumb for securing a Connecticut life insurance policy is to attain eight to ten times their annual income in insurance coverage. However, the more financial resources your have, the less insurance you would likely need. The reverse is also true. Families with small savings and assets often take the hardest hit when faced with a death in the family.

Are there different policies?

There are two primary types of life insurance policies that Connecticutians can secure. The first are protection policies which, like other personal insurance policies, are designed to provide lump sum claim settlements in the event of a specified event such as death or serious illness. Term life insurance is a protection policy which provides coverage to the policy holder for a specified period of time. The other type of life insurance is a permanent policy, which combines a traditional settlement with a savings component designed cultivate invested capital for the financial gain of the policyholder throughout their life.

At Sinclair Risk and Financial Management we specialize in helping our clients manage their assets and funds. We offer comprehensive financial planning services paired with comprehensive personal insurance products to provide our clients with the best solutions to protect themselves, their loved ones, and all their assets. Give our specialists a call today at (877) 602-2305 to learn more about all our services.

Connecticut Aviation Insurance: Aviation Maintenance Risks

Connecticut Aviation Insurance: Aviation Maintenance Risks Connecticut Aviation Insurance Aviation Maintenance Risks

In a recent post we broke down some of the basic types of aviation insurance, particularly as they apply to aircraft owners. However, aircraft owners are only a small portion of the aviation industry. This post is designed to explore Connecticut aviation insurance as it pertains to those who design, assemble and maintain aircrafts and the risks these entities face through the course of their operation.

There is a substantial amount of risk involved with working in the aviation industry. For pilots there are the risks that accompany operating an aircraft, for airlines there are risks involved with coordinating travel and being responsible for the safety and wellbeing of travelers and workers, and those who create and maintain the aircrafts often face one of the largest liability risk exposures in the industry through the course of their daily operations. It can easily be argued that the fate of the entire aviation industry depends on the quality of aircraft products and services provided by aircraft manufacturers, suppliers and mechanics. A faulty part or improper mechanical care can not only be harmful for businesses, it can cost lives.

According to the National Transportation Safety Board (NTSB), system and component failures are among the most common causes of fatal aircraft accidents in the U.S. across various sectors of aviation. Mistakes made while preforming aircraft maintenance and inspection procedures continue to result in aircraft accidents and fatalities which could often be prevented otherwise. Each year the NTSB investigates some 1,500 general aviation accidents alone and dozens more airliner incidents. The NTSB offers a list of resources to help aviation mechanical professionals avoid many common pitfalls in an effort to improve aviation and aircraft safety.

A lot can go wrong in the aviation industry but with the risk management tactics and solutions, aviation mechanics and manufacturers, airliners and pilots can rest easy knowing that their operations are secured. At Sinclair Risk & Financial Management, our Connecticut aviation insurance specialists possess the necessary intricate understanding of the industry and its niches, to provide unparalleled aviation insurance and risk management solutions. We can help secure a comprehensive commercial insurance package containing the right liability coverage tailored to the specific needs of your aviation operation. Give out Connecticut Aviation Insurance specialists a call today at (877) 602-2305 to learn more about how we can help you.

Healthcare Industry Risk Management: Are We Adapting to Telemedicine?

Healthcare Industry Risk Management: Are We Adapting to Telemedicine?Healthcare Industry Risk Management Are We Adapting to Telemedicine

According to industry analysts, telemedicine has the potential to deliver more than $6 billion a year in healthcare savings to U.S. businesses, yet healthcare providers seem somewhat reluctant to adopted telemedicine into their practices. In their recently released poll, the Healthcare Information and Management Systems Society (HIMSS) conducted an inquiry into the state of the healthcare industry, particularly targeting the growing incorporation of telemedicine technologies.  According to the poll conducted by HIMSS Analytics, nearly half of healthcare organizations report some utilization of telemedicine technology through the course of their practice. Some operations report combining as many as four different techniques and technologies to enable remote medical care.

The study found that some 46 percent of respondents deploy up to four telemedicine technologies within their organization. The most widely used and most commonly considered technologies are two-way video/webcam. Nearly 58 percent of current telemedicine providers integrate two-way video component into their practices, and 67 percent of those looking to invest in telemedicine report their interest in video communication technology.

The 2014 U.S. Telemedicine Study polled both hospitals and physician practices to gain a more clear understanding of where the industry stands in relation to offering remote healthcare through digital technology. Telemedicine has become a key component of HIMSS Analytics’ campaign to analyses the healthcare industry and its ability to facilitate cooperative care. The non-profit group tracks how well organizations are able to communicate, collaborate, exchange data and coordinate patient care. Their report on the findings of the study seek understand how and why providers are adopting telemedicine tools. The HIMSS is seeking to identify the product wants and needs of healthcare providers, as well as their timeline and investment strategies to adopt telemedicine over the next two years.

At Sinclair Risk and Financial Management, our objective is to always find new ways to help our clients capitalize on changing market conditions, adapt to industry trends, and navigate their ever-changing regulatory environment. That’s why we specialize in risk management and financial strategizing. Our experienced professionals have the practical experience required to understand the risks and hazards you face as a healthcare provider, and to help determine the best solutions to mitigate those risks. We have years of experience helping medical professionals secure comprehensive insurance solutions that meet their unique needs. Let our healthcare industry risk management specialists help secure your practice, so you can keep secure the health of your community. Give is a call today at (877) 602-2305 to learn more about all our services.

CT Aviation Insurance Breakdown: Covering Aircraft Damage

CT Aviation Insurance Breakdown: Covering Aircraft Damage CT Aviation Insurance Breakdown Covering Aircraft Damage

Aviation insurance is one of the most complex commercial insurance lines available. There are countless risk exposures and regulations faced by the aviation industry which makes these policies incredible complicated to navigate. These policies are designed to provide a wide range of insurance solutions to protect all sectors of the aviation industry, including airlines and major manufacturers, private pilots, suppliers and aviation service providers. However, each niche has their own unique insurance needs to best protect their operation. One of the most important coverages required throughout industry however, is aircraft insurance.

Like auto insurance, aircraft insurance can be broken down into liability and aircraft damage coverage.  Also referred to as third party liability, public liability insurance is designed to cover aircraft owners for damage that their aircraft inflicts upon any third party property.  It does not provide coverage for damage to an insured aircraft or occupants of an insured aircraft. Passenger liability is designed to help compensate for medical, funeral and other expenses incurred by passengers of an aircraft. This coverage is often sold on a “per-seat” basis, with a specified limits set for the number of seats and passengers an aircraft can carry at any given time. Aircraft liability insurance coverage minimum amounts are federally mandated by the Federal Aviation Administration.

Aircraft Hull insurance is designed to insure an aircraft itself. There are typically two different coverage necessities here. Ground risk hull insurance specifically provides coverage for an insured aircraft against damage sustained while not in operation. This coverage is only designed to protect damage sustained while the craft is stationary on land, and can provide protection from common hazards such as fire, weather, theft, vandalism, hangar collapse and more. In-flight hull insurance, on the other hand, protects an insured aircraft against damages sustained during all phases of flight and ground operation, including taxiing, take-off and landing. The amount of coverage varies based on the value of the aircraft and the scope of the coverage.

At Sinclair Risk & Financial Management, our aircraft insurance specialists possess the necessary intricate understanding of the CT aviation insurance industry to provide unparalleled insurance and risk management solutions. Our longstanding partnerships with top-tier insurers, along with our global reach, enables us to secure a program that meets your specific coverage needs. We also offer a full spectrum of risk management services, which including risk review, strategizing, contract review, and more to help protect your operation from any business turbulence that may arise. To find out more about any of our offerings, give our CT aviation insurance specialists a call today at (877) 602-2305. 

Wallingford Auto Insurance: Protecting Kids in Hot Weather

Wallingford Auto Insurance: Protecting Kids in Hot Weather
Connecticut Auto Insurance Protecting Kids in Hot Weather

August can be one of the most dangerous times of the year in many parts of the country, where humidity and temperatures can reach stifling heights and cause heath concerns for many citizens, especially children.  Over a dozen child fatalities have already resulted from severe heatstroke this year, most commonly sustained from being left unattended in family vehicle. Last year 44 infants and toddlers were lost due to heat stroke from sitting in a hot car. The U.S. Department of Transportation (DOT) and National Highway Traffic Safety Administration (NHTSA) assert that all of these deaths are unnecessary and 100 percent preventable, and have revamped their “Where’s Baby?” campaign for the third year to raise awareness about the issue.

Both agencies are reminding parents that heatstroke caused by leaving a child unintended in a vehicle takes a rapid toll. Due to their construction, vehicles heat up incredibly rapidly as they absorb sunlight and trap heat inside. On a warm day under 80 degrees Fahrenheit , the temperature can build up to dangerous level within ten minutes even when windows have been rolled down a few inches.  Higher temperatures will cause the car to heat up even faster. When a child’s body temperature reaches over 102 severe health complications can occur, and when their temperatures reaches above 107 degrees there is a high risk of fatality.

DOT and NHTSA are urging parents and caregivers to take a few precautions to help prevent heatstroke occurring to your family, friends and neighbors.

  • Never leave a child unattended in a vehicle. Even if the windows are down or air conditioning is on the child is in danger.
  • Check the entire vehicle before locking the doors and walking away and store keys out of a child’s reach to avoid them investigating a vehicle on their own.
  • Ask your childcare provider to call if your child fails to show up for care as anticipated. This is simply a good overall practice to retain knowledge of your young child’s whereabouts.

A child who has been exposed to high temperature should be removed from a vehicle as quickly as possible and rapidly cooled. The DOT and NHTSA also urge community members who encounter or witness a child alone in a vehicle to immediately call 911 or the local emergency number when temperatures are hot because the child is in danger.

At Sinclair Risk and Financial Management protecting your family is important to us. That’s why we are proud to offer strategic financial and risk management services to Wallingford, Connecticut families. We offer a variety of personal insurance solutions, including auto, home and life policies, to help keep you and your loved ones safe for a variety of life’s risk exposures.  Give one of our Wallingford auto insurance specialists a call today at (877) 602-2305 to learn more about all our offerings.

Impacts of Workplace Obesity on CT Workers Comp

Impacts of Workplace Obesity on CT Workers Comp Impacts of Workplace Obesity on CT Workers Comp

Obesity continues to be a growing problem for the American population. According to the Center for Disease Control (CDC) one in three Americans are obese and an additional 40% of the population has a body mass index high enough to be considered overweight. Not only is obesity a major public health concern, but it also created challenges in almost every aspect of life. The CDC notes that rising obesity rates have huge financial implication on the U.S. health care system, causing strain on the country’s medical resources with an estimated financial impact of over $147 billion a year and rising. Employers also experience the negative impacts of an overweight workforce, from increased insurance costs, and legislative changes to decreased productivity and employee performance challenges.

According to a recent study released by Virginia Tech as part of an ongoing investigation into the effects of obesity in the workplace, researchers found that not only do overweight workers fatigue more easily they often need assistance and support preforming traditional job functions. Obesity is associated with many physiological changes including decreased muscular performance and reduced blood flow capacity. Inhibition on the blood and oxygen circulatory systems can cause a number of physical challenges and can lead to a faster onset of fatigue for repetitive activities such as those required in many workplaces.  Workers who are obese often need to take extended and more frequent breaks before carrying out their everyday tasks and job functions. Obesity has become a mounting problem particularly in warehouse, manufacturing, construction and other industries where physical performance is vital to workflow and productivity.

Based on their findings, the Virginia Tech research suggest that employers may need to consider adding additional fixtures and supports to their current infrastructure to help ease the fatigue found among overweight and obese workers. Researcher as still investigating the full effects of obesity on the a workforce but many healthcare industry professionals note that overweight workers are more likely to have health complications which can culminate in missed work days and even increase the likelihood of workplace accidents. The CDC notes that employers have a unique opportunity to help inspire healthy habits among their workers by establishing various health and wellness programs that educate employees about nutrition, exercise and wellness. These programs can often prove mutually beneficial to workers and employers as healthier workers are often more productive and less of a liability. It can even help reduce CT workers comp claims and overall healthcare overage premiums.

At Sinclair Risk & Financial Management we understand that managing workplace safety, health and wellness are keys to a successful business. Our Risk Safeguard AdvantageTMsystem was borne out of a philosophy that combines personalized and unique risk management strategies with human resources consulting and training to provide measurable, sustainable results.  Our risk management services include workplace accident investigation programs, safety seminars, workplace wellness, and more to help minimize your Workers Compensation risk exposures and manage claims as they arise. To find out more about any of our offerings, give us a call today at (877) 602-2305.