Wallingford Car Insurance: Ready to Go Electric?

Wallingford Car Insurance: Ready to Go Electric? Wallingford Car Insurance: Ready to Go Electric?

If you have been contemplating going green the next time you are ready to purchase a vehicle, you might have realized that you have an expanding number of options. Over the last decade, dozens of low emissions vehicles have emerged as affordable options on the consumer market from nearly all of the largest producers in the auto industry. Once limited to gas and electric hybrids, consumers now have to options to go partially or fully electric, and with new technologies emerging every year it is becoming increasingly apparent that green vehicles are the future. But according to recent reports, not everyone is ready to go electric.

According to Edmunds, an auto research firm and consumer resource, sales of all-electronic vehicles, hybrids, and plug-in hybrids have accounted for just 3.6% of new-car sales thus far in 2014. Which is slightly less than their presence in last year’s auto sale statistics. The data suggests that the sale of green vehicles has stalled in an otherwise booming auto market. But why?

The Alternative Fuel Data Center, a division of the U.S. Department of Energy, advocates that hybrid and plug-in electric vehicles can help reduce U.S. reliance on imported petroleum, increase energy security and reduce your own negative impact on the environment. It would seem the green vehicles are a win-win for everyone, consumers, the environment and even the country as a whole, yet consumers hold their reservations about these new autos. Experts suggest that the primary reluctance for many consumers is anxiety about the capabilities and limits of these vehicles.

While there a similar probability of running out of gas as there is a likelihood of running out electric charge or battery-juice, motorists still remain fearful about the capabilities of the new technologies. Other concerns many consumers hold are whether the vehicles are reliable, cost effective and whether they will fit the user’s lifestyle. Advocates of green vehicles however, are increasing their efforts to educate consumers about the benefits of electronic vehicles in hopes of inspiring more widespread adoption of the technology.  The University of Davis’s Institute of Transportation Studies has even crafted a clever and entertaining web application to help consumers determine what type of low emissions vehicle is the best fit for your family.

Are you ready to go electric?

Whatever you drive, taking the right steps to protect is important. At Sinclair Risk and Financial Management we are can help protect you and your loved ones on and off the road. We offer a variety of personal insurance solutions to help keep all your assets protected. Whether you drive an exotic sports car or an eco-friendly auto, our Wallingford Car Insurance specialist can help crafts a policy that best fits your needs and risk exposures. Give one of our Wallingford car insurance specialists a call today at (877) 602-2305 to learn more about all our offerings.

CT Business Insurance: What is Crowdfunding?

CT Business Insurance: What is Crowdfunding? CT Business Insurance What is Crowdfunding

Until very recently, financing a small business was often dependent on soliciting a few lenders for large sums of money in hopes of generating start-up and venture capital, but today many small business hopefuls are turning to the internet to generate the funds they need to launch their endeavor. This process is known as crowdfunding. Crowdfunding is an investment platform which allows entrepreneurs to seek financial support and build a community for their brand by utilizing social media platforms to find and engage potential funders.

Through crowdfunding, entrepreneurs and small business owners have an opportunity to appeal directly to small investors and their public, who are able to contribute any amount they desire.  This model also allows all of the investors in a project, product, cause, service or experience share in the risk and rewards of investing in new start-ups.

According to data from the Crowdfunding Centre, a resource for investors and start-ups, there are two primary variations on the crowdfunding platform.

  • Reward-based crowdfunding- In this model, entrepreneurs will pre-sell a product or service to launch a business concept without incurring debt or sacrificing equity/shares. For example, if a chef is looking to finance their very own restaurant they may choose to offer free meals and other rewards to public investors.
  • Equity-based crowdfunding- Equity crowdfunding is more closely aligned with traditional investment platforms in which the financial contributor receives unlisted shares of a company, usually in its early stages, in exchange for their money pledged. For example a new software start-up might opt to allow investors to share in their profits and financial successes through this type of crowdfunding. In these situations, a company’s success is often determined by how successfully it can demonstrate its viability.

Financing your business can be a challenge no matter how you chose to find investors, but once you do it is crucial to develop a plan to help protect everyone’s investment in your operation. At Sinclair Risk and Financial Management, we specialize in helping businesses of all shapes and sizes develop strategies that will help preserve your operation’s balance sheet and increase overall profits. Our trademarked Risk Safeguard Advantage combines uncommon risk analysis and strategic risk management with human resources consulting and training to provide businesses with measurable, sustainable results. Our CT Business Insurance experts can even help you secure commercial polices specifically designed to protect your business and your assets from any mishaps your operation may face along the way. Give our specialists a call today at (877) 602-2305 to learn more about all the services we offer.

CT Energy Dealer Insurance: Judge Found BP Grossly Negligent

CT Energy Dealer Insurance: Judge Found BP Grossly Negligent CT Energy Dealer Insurance Judge Found BP Grossly Negligent

Four years ago, an oil rig explosion caused more than 200 million gallons of crude oil to be released into the Gulf of Mexico over a total of 87 days resulting in the worst oil spill in US history. The explosion caused 11 workers fatalities, 17 additional employee injuries and 16,000 total miles of coastline in parts of Texas, Louisiana, Mississippi, Alabama, and Florida to be affected.

The clean-up efforts have been time-consuming and costly, however it is the legal and lasting environmental impacts which seem to be hitting energy dealer BP the hardest in recent years. In 2012, BP agreed to accept responsibility for the devastating spill and agreed to pay $4.5 billion to the US government to settle the criminal liability charges being pressed against them, agreed to put $20 billion into a trust to pay to businesses and individuals who were negatively affected by the spill. In total the company has already lost roughly $40 billion  in settlement fees due to the catastrophe and more are soon to come.

This month, a US judge ruled that BP was “grossly negligent” in the lead-up to the 2010 Deepwater Horizon oil spill, asserting that BP shoulders 67% of the blame while their partners Transocean (the rig owner) and Halliburton (the cementers) were found “negligent” and responsible for 30% and 3% of the calamity respectively. As such, the decision exposes BP to even more severe civil penalties. Experts indicate that the ruling could quadruple the cost of civil penalties from what BP had planned for and result in the energy producer paying $18 billion in fees and penalties. BP representatives have indicated their intent to appeal the judgment on the basis that the ruling of “gross negligence” was unfounded.

The recent ruling against BP could indicate that the government is demanding that energy producers take more responsibility for their environmental impact and exercise even greater precautions to prevent future catastrophes such as the 2010 Deepwater Horizon oil spill.

Connecticut energy dealers, large and small, face a unique set of risk exposures due to the nature of the industry. The importance of strong safety procedures and risk management strategies cannot be overstated. From the high risk of pollution and environmental impacts to inherent potential for workplace accidents, the energy production industry is a high-risk, high rewards market which requires seasoned expertise to help protect.

At Sinclair Risk and Financial Management our staff’s knowledge of this complex and ever-changing industry helps us identify and protect against the exposures your unique operation may encounter. As part of our in-depth risk management approach, we will conduct a thorough survey and analysis of your operation to identify potential loss exposures and provide solutions to help mitigate them. We offer a complete portfolio of business insurance and risk management services to keep your business operating a smoothly and efficiently as possible; all while resting assured that your operation is covered should anything unexpectedly go awry. Give our CT Energy Dealer insurance specialists a call today at (877) 602-2305 to learn more about how we can help you.

Wallingford Business Insurance: What is the Internet of Things?

Wallingford Business Insurance: What is the Internet of Things? Wallingford Business Insurance What is the Internet of Things

The Internet of Things (IoT) is one of the most prominent buzz words dominating recent new articles, social media feeds, business analytics and economic projections, and experts suggest that the hype surrounding IoT hasn’t even reached its peak yet! What really has businesses, market researchers and economists excited are projections for just how much potential the IoT offers for business growth and prosperity. Some estimates project a market opportunity of $7.1 trillion by 2020. As such, experts suggest that the Internet of Things harbors the potential to be the next largest catalyst for a new era of growth in consumer goods and electronics.

But what exactly is the Internet of Things?

Essentially, IoT is a network of interconnected objects. The Internet of Things (IoT) is a scenario in which the majority of physical objects have the ability to transfer data over an internet network without requiring human-to-human or human-to-computer interaction. These objects or “things” as part of the Internet of Things contain embedded technology designed to help an object interact with internal or external environments. In order for the system to work, physical items must contain a unique identification codes and have embedded sensors that can innately detect and interact with other internal and external sensors, ultimately allowing objects to sense and communicate with one another and their surroundings. IoT has evolved out of the integration of wireless technologies, micro-electromechanical systems, and Internet connectivity, in an effort to generate more ways to increase efficiency and improve quality of life.

How far-fetched is this scenario?

Not far at all. In fact, the IoT scenario is already partially in practice as machine-to-machine (M2M) communication technologies have been rapidly increasing in popularity among many commercial and consumer items. M2M communication is currently being utilized in various business industry sectors from manufacturing and power systems to consumer goods production. The fact is that many consumers already have devices which utilize M2M technology. Such products are often referred to as “smart“objects.

Technology is such an exciting investment and business opportunity, but like all endeavors is not without a unique set of risk exposures to accompany the many benefits and rewards. At Sinclair Risk and Financial Management, we specialize in problem solving and finding solutions to the challenges and risks that Connecticut businesses face. Whether your operation is a local start-up or a multi-national operation, we offer a complete portfolio of Wallingford business insurance products customizable to fit the specific needs of and business. We also specialize in crafting commercial insurance packages designed to mitigate the unique risk exposures of high risk and fast-paced industries such as technology, aviation, manufacturing and more. To learn more about comprehensive risk management approaches, give our Wallingford business insurance specialists a call today at (877) 602-2305.

CT Hospital Insurance: Hackers Target Hospitals Most

CT Hospital Insurance: Hackers Target Hospitals MostCT Hospital Insurance Hackers Target Hospitals Most

Malware and cyber-attacks are on the rise in nearly every industry, but researchers from Websense, a cybersecurity programming and research firm, report that hospitals above all other industry sectors are facing the most rampant increase in cybersecurity breaches and attacks. According to recent data, the rate at which hackers have been targeting and implementing successful attacks on hospitals has become unparalleled. Research indicates that attacks on the healthcare industry have increased 600 percent over the last ten months.

One such attack on the health care industry occurred in August and has been deemed one of the largest breaches to hit the industry yet. The attack was on Community Health Systems, a hospital management operation which operates 206 hospitals across 29 states, specifically in rural communities. They self-reportedly suffered a data breach which could compromise the personal information of some 4.5 million patients. In their regulatory filing with the U.S. Securities and Exchange Commission, Community Health Systems claimed that cyber-attacks had transpired during April and June of this year. Upon further investigation, officials have indicated that they believe these and many other cyber-attacks have been linked to a group of militant hackers operating out of China. Chinese authorities deny the allegations.

According to the MIT Technology Review, hackers are likely setting their sights on medical records from hospitals because security firewalls are easy to breach and the payoff can be extremely lucrative. Cyber-attacks often target systems that store large amounts of valuable personal information, such as medical records which can have everything from personal identity information to financial data. Websense has indicated that the Heartbleed bug, which exposed a serious vulnerability of half of a million web servers to last spring, could be a major factor in many of the breaches. The firm warns that a significant amount of patient records are still vulnerable because many hospitals have yet to implement the Heartbleed patch or new encryption tactics.

No matter where you are in the healthcare delivery system, your patient and private data is at risk. With the likelihood of security breach increasing every day it is important that Connecticut healthcare providers take the proper precautions to bot prevent and respond to cyber-attacks. At Sinclair Risk and Financial Management, we specialize in problem solving and finding solutions to the challenges and risks our clients face. We offer a complete portfolio of business insurance products, from malpractice to workers compensation coverage, designed specifically to meet the needs of the Connecticut healthcare industry.  To learn more about our CT hospital insurance programs, give us a call today at (877) 602-2305.

Has Your CT Business Considered Creating a Captive?

Has Your CT Business Considered Creating a Captive? Has Your CT Business Considered Creating a Captive

There are many risk management strategies available to Connecticut businesses designed to help moderate the potential impact of a business mishap. Traditional business insurance, for example, is one of the longest standing risk management solutions to help an operation protect their property, employees and assets from a host of risk exposures. Establishing a captive can be an alternative solution for operations looking to have more control over their risks and assets.

As defined by the National Association of Insurance Commissioners, a captive is an insurance company created and wholly owned by one or more non-insurance companies to insure the risks of its owners.  Essentially, captives are a form of self-insurance where the insurer is owned entirely by the insured. Captives can be formed to cover a wide range of risks. In fact, nearly every risk underwritten by a commercial insurer can be secured through a captive. Once established the captive operates like any standard commercial insurance company and is subject to all the same regulatory mandates such as reporting, capital and reserve requirements. This approach is most popular among large, multinational companies and organizations however there is a growing trend among smaller and mid-level companies to participate in this form of risk transfer.

One of the primary draws for an operation to establish a captive is the cost effectiveness. Establishing a captive can be a less expensive risk management solution than purchasing conventional insurance, depending on the needs of a given business, and is often ideal for low-level risks or those who require unique coverage inclusions. Setting up a captive allows business owners to secure coverages that may not be widely available or ideally priced in the commercial marketplace, as well as to fill in coverage gaps for their particular needs.

At Sinclair Risk and Financial Management, we specialize in helping Connecticut businesses mitigate their exposures through finding comprehensive business solutions. From our complete commercial insurance offerings to our Alternative Risk and Captive programs we can our risk management specialists ca help your operation secure the ample protection. Give our CT business risk specialists a call today at (877) 602-2305 to learn more about our services.