Your Business Resolution — Time For a Fresh Approach

business resolutionsFor many, January is the perfect time for a new start. Resolutions to go on a diet, exercise more, pay off debt, get a new job, and otherwise improve our lifestyles are as popular as ever. But, there’s another area where a fresh start can make a big difference — Your business.

The fact is, you’re probably so involved in the day-to-day running of your organization that you don’t take a step back and get a better perspective. When you’re able to step away for just a little while and look at things objectively, the chances are you can find some good stuff to improve in your business. Here’s how to go about it.

Step 1 — Set aside the time

Get some time in the diary in early January to remove yourself from everyday operations and allow yourself to review how you could improve how your business functions, policies, and procedures. Encourage your leadership team, key managers, and a selection of employees to be involved.  Not only is their input critical, it will also remove some of the burden off your shoulders.

Step 2 — Get out of the workplace

You can’t do this with distractions. Go offsite and have an away day where you can minimize the chance of interruptions and actually get some initiatives in place, bring key members of your team along with you.  Make it engaging, fun and ensure you have white boards to capture your ideas.  Take pictures so you can save the details of your discussion.

Step 3 — Identify the main areas you want to improve

Have an honest and open discussion with your team. Let everyone bring up the main pain points in the business. What’s unnecessarily complicated or difficult to do? What policies, procedures, or functions could be improved? You’ll want to keep the discussion constructive, but don’t leave anything off the table.

Step 4 — Categorize the problems

You’ll want to split the various issues into categories, for example:

  • People related — More training needed, new team setup, staff handbook updates etc.
  • Policy related — New and amended policies to make your workplace easier to do business in.
  • Procedure related — Changes to business processes, ways of doing things, and functionality.
  • Technology related — Issues with technology, hardware, software, etc.
  • Other — Any other issues that don’t fit neatly into the previous categories.

Step 5 — Brainstorm fixes

Once you’ve got your categories, see if any of the problems are related. After you’ve done that, go through and generate ideas on how to fix the various issues, especially your policies and procedures. Don’t consider any idea to be too outlandish.

Step 6 — Prioritize

Once you’ve got your ideas, prioritize the fixes. Deliver on ideas that are easy to implement and will have a good impact. Follow that up with the harder implementations that will still make a big difference. After that, carry out the changes that will still have an impact, even if it’s minor.

Step 7 — Give people accountability

Once you have a list of ideas, get people in your business to take ownership of them. Get project management in place to deliver on the ideas and fix the broken parts of your business. Then, get regular updates throughout the year on how things are going. Give your project managers the resources and people they need to make a positive change.

This can be a great way to incentivize and fire up your people to change their working environment. Whether it’s removing bottlenecks in a process, rewriting a policy, enhancing training for team members, improving hiring methods, or replacing old technology, small changes can have a big impact.

Carry this out every January, deliver on your changes, and you’ll have a beautifully functioning, sleek, and efficient operation in less time than you think.

Matt Bauer
President
mbauer@srfm.com

Business Resolution

Keeping Up With the Evolving Workplace

???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????With the age of Millennials gaining a stronghold in the workforce comes the dawn of the modern workplace. Times are changing surrounding how we hire and train, what we do to retain employees, and the dynamics within the office environment itself. Employees are seeing companies through different lenses these days, and employers have to rethink their employee strategies in order to attract and retain the best new talent.

Change is good, and if you want to keep up it’s time to let go of the past, embrace the present, and see into the future. The business landscape is evolving, and we’re going to discuss some things you can do to make sure you’re positioned to grow with it.

The Office in 2016

Increased technology, a path for growth, and a fresh view from management of workplace dynamics are what employees are expecting in today’s modern office. Millennials are vetting employers more deeply than ever and making choices on where they want to work based on culture, values, perks, and growth opportunities. Millennials want more than just a paycheck, and to attract the best up and coming talent, employers have to offer more. Let’s talk about what that means.

Keeping Up With The Times

One of the top criteria that Millennials use for deciding whether or not to sign on with a company is the quality of the management. Quality of management comes in many forms and is relevant on multiple levels. Here’s what I mean:

Technology: Does it seem like technology developments are moving faster and faster with each passing year? It seems that way, because it is that way. A company that doesn’t embrace and leverage new technology sends a message to employees (and potential employees) that you’re ok remaining stagnant and not so interested in embracing growth and change. This is a red flag for discerning Millennials who are ever-so-searching for upward growth.

Flexibility: As the workplace changes, so do our workdays. The traditional 9 to 5 is a thing of the past in many business settings, and employers are embracing more unconventional methods like implementing 4 day work weeks and allowing more telecommuting. This tells prospective employees that management takes a smart approach to cutting costs and streamlining operations which also allows for a more balanced work-life dynamic for the employee. It’s a winner with Millennial for sure.

Wellness: Employees expect more from the workplace in terms of personal development. They ask the question: If I spend 8 to 10 to 12 hours a day at my job, what am I getting out of it besides a sense of achievement and a paycheck? Wellness programs are an essential part of any companies’ employee strategy. An investment in the health and wellbeing of employees not only improves the quality of life for workers, it’s proven to increase productivity and it lowers insurance rates for the business.

What can a company do to keep up with the times?

Don’t be Fred Flintstone: Nothing is more frustrating for employees than outdated technology that slows down their day. Provide the right tools for your people and it goes a long way in improving their happiness and increasing their productivity. Assess and upgrade equipment as needed like; Phones, Computers, and Printers and if they say “Made in Bedrock” on the bottom, get an upgrade.

Limber Up: Consider some alternatives to the 8 hour workday if they make sense for your business model. Will a four day week work fly? Can some of your people telecommute part of the time? If the answer is yes, test out some of these options, they could save you money and increase productivity.

Take Care of Your People: If you don’t have a dedicated Wellness Program, get one started. A comprehensive wellness program is an attractive benefit for prospective employees and it will pay you back in spades, by way of:

  • Lowered health care costs.
  • Reduced absenteeism.
  • Higher employee productivity.
  • Reduced workers’ compensation and disability-related costs.
  • Reduced occurrences of injuries.
  • Improved employee morale and loyalty.

Step up Your Game: If you have a wellness program in place, great, you’re on the right track. Consistent growth and improvement of your wellness offerings tells employees that they mean something to the company and are worth the investment. Think about expanding your program and even throwing in some lifestyle benefits in the office like; Yoga classes, fitness areas, and even allowing pets in the office.

Millennials love to see that a company is invested in their personal and professional growth; I think we all like to see that. So, especially in this age of the evolving workplace it’s important for employers to stay up with the times, embrace the changes, and provide a culture that’s attractive to up and coming talent.

At Sinclair we’re dedicated to Employee Wellness. We look at an organization from every angle and we will customize a wellness program focused on developing a healthier and happier workforce in your business. Get in touch with us today to see what we can do for you.

Matt Bauer
President
mbauer@srfm.com

11 Smart Financial Moves You Have to Make

How High-Net-Worth Individuals Can Protect Their Assets from Lawsuits

Flood Insurance Rethinking Coastal LivingHigh-net-worth individuals face a greater risk of being sued, especially when unemployment is high and economic growth is tenuous.

According to a survey by ACE Private Risk Services, 80% of households with $5 million or more in assets believe their wealth makes them a target for lawsuits. These are real fears. Under the doctrine of joint and several liability, any defendant can be held accountable for a plaintiff’s injury, so smart lawyers will target the defendant with the highest net worth.

In spite of this, less than 40% have coverage of more than $5 million and 21% have no coverage at all.

Many wealthy families leave themselves open to liability and preventable lawsuits for two reasons:

  1. They underestimate the cost of damages they could be forced to pay.
  2. They assume the cost of effective protection is higher than it really is.

Typical homeowners’ and auto insurance policies will only cover $300,000 to $500,000 in damages, but lawsuits in the millions are common.

It’s important to purchase coverage that prepares for the extreme cases, not just the likely ones. Trusts and foreign accounts can shield some assets from litigation, but courts have tremendous reach. The best way to protect yourself is with excess liability or umbrella liability insurance.

Both policies are far cheaper than most people realize. They often cost just a few hundred dollars per policy for millions of dollars of coverage. This cost can be offset with slightly higher deductibles in other policies.

People often confuse umbrella liability insurance and excess liability insurance. While both protect people and businesses from dramatic loses by giving them access to additional coverage, they have a few differences.

What is excess liability insurance?

Excess liability insurance is an extension for another type of liability insurance. When a claim is reported to your insurance company, the underlying primary policy is the first to pay. If there are more damages, the excess liability insurance picks up the rest (up to your policy limit).

Excess liability insurance adds additional coverage to only that policy. It can’t be applied to another policy. If coverage isn’t provided by your underlying policy, it isn’t provided by the excess liability policy either. Excess liability insurance usually pays for the legal costs of defending the claim.

What is umbrella liability insurance?

Umbrella liability insurance is similar to excess liability insurance, but it can be applied to multiple underlying policies. It can also cover claims that are not included in the underlying policies.

For an umbrella policy to cover a claim, clients need to pay self-insured retention. This is like a deductible, but it’s paid directly to the claimant.

It’s important to make sure your policies work together without gaps. For example, if your umbrella policy is set to pay damages in excess of $500,000, make sure your other policies cover you up to $500,000. If there’s a gap, you could be forced to pay.

For the best protection, combine your insurance policies with a single company. This reduces the overall cost of your insurance and provides a single, coordinated legal defense in the event of a lawsuit.

Rachel Winslow

Personal Lines Account Executive

rwinslow@srfm.com

How High-Net-Worth Individuals Can Protect Their Assets from Lawsuits

 

11 Smart Financial Moves You Have to Make

11 Smart Financial Moves You Have to MakeAccording to a BankRate.com survey, 61% of Americans couldn’t handle a sudden $500 bill. Too many of us are living paycheck-to-paycheck and not worrying about retirement.

Planning your finances isn’t something you can put off for another day. The sooner you create a strong financial plan, the more money you’ll enjoy in retirement.

1. Understand your financial situation – It’s imperative that you understand your assets and liabilities at all times. Many people are worth less than they think because they’ve never looked at it on paper.

2. Create a budget – A budget is an excellent way to build discipline into your finances. By portioning your income into categories, you prevent yourself from overspending.

3. Set financial goals Figure out the type retirement you want. Use that to figure out type of life you have to live now to make it a reality. A person who wants to travel will have different financial needs than someone who wants to live simply.

4. Come to terms with your significant other – Partners who haven’t aligned their financial goals often make mistakes. One wants to save, the other wants to spend. Make sure you agree on a plan so there’s no deviation.

5. Work down your debt – Debt directly works against any of your investments. If one account is gaining 7%, but you’re paying a debt at 3%, technically your net worth is only increasing by 4%. The sooner you get rid of the debt, the faster your money will grow.

6. Prepare for the end – It’s a tough subject, but end-of-life planning is essential. Don’t leave your loved ones with a financial burden or family in-fighting. Have honest conversation about how to handle things after your passing and draft a will with a lawyer.

7. Hire a CPA – If your financial situation is complex, hire a professional accountant who can reduce your tax liability as much as possible. Take advantage of all deductions, tax-free accounts and loopholes.

8. Diversify your investment portfolio – Every day, people lose everything because they
keep their money in one place. Keep some cash in a savings account that you can access immediately. Then spread your investments into a mix of stocks and bonds in different funds. Never keep all your money invested with your employer; if they go under, you lose your savings and your income.

9. Examine your credit report – Your credit report is a history of your financial transactions and your willingness to meet your obligations. Make sure this report is accurate. Look for errors, accounts that should be removed, and accounts that don’t belong.

10. Change your financial passwords – Online security is a serious matter these days. Thieves can access your accounts if you create poor passwords. Make sure you aren’t using the same password for every account. Change them regularly.

11. Use a trust to cut taxes – A trust allows you to pass assets to a beneficiary without incurring a tax burden. For example, you could use a trust to pass your estate down to your children upon your death, but still permit your wife to use and profit from that estate.

Always remember: a plan is no good unless you follow through. Ensure that your plan is right for your situation and see it to the end.

Robert Albretsen

Accredited Pension Administrator

RAlbretsen@srfm.com

11 Smart Financial Moves You Have to Make

 

Fundamentals of Retirement Planning

Fundamentals of Retirement PlanningIt would seem that high net worth individuals would need to worry and plan less for retirement than those with fewer assets.  However, properly planning for retirement is not specific to an income group and individuals at all levels face the same challenge, which is having enough income to meet their needs and desires and maintain their lifestyle for an undetermined number of years in the future. 

Only twenty-two percent of Americans are very confident about having enough money for a comfortable retirement and those with higher assets can jeopardize their legacies and futures if they don’t have realistic and disciplined retirement plans that focus on their individual objectives while factoring in risks and fluctuating market conditions.  

As you plan for retirement, here are four key things to keep in mind:

  • What Are Your Goals?  Always start with this question when thinking about your retirement planning and try to identify your primary goal.  Do you want to travel the world or just live the rest of your life comfortably?  Do you want to leave a legacy for your grandchildren?  Would you like to transfer wealth to a charity?  Do you want to stay in your current home or downsize? Your financial plan needs to match your primary goal and timeline.
  • Chose Advisors Wisely – Ensure you’re working with a trustworthy and reputable advisor that discloses all fees and obligations up front and in writing.  Also, make sure that they specialize in your particular area of need.  For example, if you are a high net worth individual, work with an advisor who is experienced and well-versed in retirement planning for the wealthy and can help you identify the right asset-allocation plan to ensure your retirement goals and lifestyle are met.
  • Beware of Leverage – It doesn’t matter if you made millions of dollars and squirreled it away for retirement if it wasn’t saved and invested strategically.  For example, did you maximize every tax opportunity?  Remember – it’s not what you made, it’s what you kept.
  • The Portfolio Mix – While you may be wealthy when it comes to shares in your company’s stock, make sure you’re not overexposed in any particular area.  Some liken it to betting on every horse – work with your advisor to put money in different buckets (i.e. – traditional 401K plans, Roth IRAs, etc.) to make sure your portfolio is diversified and your assets are protected over the long term.

Make sure your advisor helps you to think through any retirement surprises you may not be thinking of, such as medical costs, social security, taxes and the risk posed by inflation.  With the right plan, you can take the worry out of retirement and focus instead on enjoying your time doing whatever you love.  At Sinclair Risk and Financial Management, we can sit down and discuss how your employer sponsored retirement plan can best meet the retirement goals of both the owners and their employees. Give us a call at (203)265-0966 today.

Robert Albretsen

RAlbretsen@srfm.com

Accredited Pension Administrator

Fundamentals of Retirement Planning

Saving for College: 5 Tips for Parents

Saving for College: 5 Tips for ParentsSkyrocketing college tuition costs and rising prices for higher education necessities like textbooks present a challenge for families who are trying to save enough money for their child’s college education. According to College Board’sTrends in College Pricing 2015,” the published tuition and fee price of a full-time year at a public four-year institution is 40% higher in 2016 than it was a decade ago (after adjusting for inflation), while public two-year schools came in 29% higher and private nonprofit four-year schools were 26% higher than 10 years ago. 

As a parent, you may be struggling to find the balance between appropriately saving for your child’s academic future and ensuring you’re saving enough for your own retirement.  

How can you make sure your child has the opportunity to pursue higher education when the time comes without being burdened with astronomical debt?

1.     Start Early – The most important factor in saving for college is time.  Begin saving as early as possible to allow time for your investments to grow. 

2.     Set a Goal and Timeline – Meet with your financial advisor to determine a college savings goal and timeline and to choose the best type of college savings account for you. 

3.     Automate Savings - Consider setting up monthly direct deposits into the account to put your saving on autopilot.  Automatic deposits make it easy and lessen the likelihood that you’ll skip or forget to make a contribution. 

4.     Look for Tax Breaks – When considering what type of savings plan to utilize for your child’s higher education, be sure you meet with your financial planner and tax advisor so you understand and pay attention to the tax implications.  For example, 529 education savings plans are college savings accounts that are exempt from federal taxes.  Similarly, when your child starts college, make sure you understand the qualifications for any tax credits, such as the American Opportunity Credit.

5.     Get Family (& Friends) Involved – Are Grandpa and Grandma always asking what your child would like for Christmas or do friends insist on bringing a birthday gift to the party?  Consider suggesting they skip the toys and instead contribute whatever money that would have spent on presents to your child’s college fund.  While this can be delicate and isn’t for everyone, there are plenty of creative resources that make it easy and a little less awkward.

With the proper planning, an early start and a schedule of consistent contributions, you can help set your child up for a bright future and ensure their hardest decision when it comes to higher education is what school they want to attend.

Robert Albretson

ralbretson@srfm.com

401K Plan Administrator

 

 

Food Safety: How to Protect Your Franchise

Food Safety: How to Protect Your FranchiseEvery day, stories about food safety issues dominate the headlines, from Chipotle’s famous contamination crisis to Dole’s bagged salad recall to the recent CRF Frozen Foods listeria scare. Contamination and illness issues present one of the greatest risks to the food industry.

If you own a franchise, you may unexpectedly find yourself in the spotlight because of a foodborne illness event in your store or because one of your suppliers experiences a contamination that impacts your food supply.  Stringent food safety procedures are critical throughout the food supply chain process.  While bacteria don’t have memories, consumers do, and a contamination event can have a swift and major impact on your company brand and profits.

So how you can you ensure the food you’re providing in your franchise is safe for your customers and that you’re protected from any potential risks?

  • Start with what you have the most control over.  Institute stringent food safety protocols within your franchise and spend time and money training your workers and enforcing and reinforcing the importance of food safety.  From thorough hand washing, to wearing and frequently changing gloves to constantly cleaning food prep surfaces, cutting boards and utensils to prevent cross-contamination, be sure to stress cleanliness and safe food preparation.
  • Monitor your supply chain.  Make sure that you’re constantly monitoring your supply chain and conduct random food product tests.  It won’t matter if you have stringent food preparation practices in place if the products you’re serving are contaminated.  Also make sure that imported and domestic fruits and vegetables are properly scrubbed and sanitized and, if they’re being cooked, heated enough to kill any E.coli bacteria.
  • Prepare for the unknown.  A crisis can hit at any time.  Make sure that you have a crisis communication plan in place to quickly respond to an issue through all channels to all audiences – from the media, to social media, to consumers, to government officials and regulators, to employees.  Don’t wait for a crisis to hit to think through what you would do.
  • Protect yourself. Manage your liability by meeting with your insurance agent to discuss risk management and the right type of insurance to adequately protect your franchise if a contamination event were to occur.  Often, general liability insurance will not cover all aspects of a food safety issue, which may require Food Contamination Insurance. Make sure you work with a firm that specializes in the food industry and takes the time to sit down and discuss your unique needs to customize the right level coverage for you.

Consumers trust the restaurants they frequent to ensure the food they’re purchasing and eating is safe for their families. However, 74% of consumers feel that fast food restaurants should monitor food safety more closely and the headlines speak for themselves when it comes to the importance of food safety procedures.  Make sure you’re protected by demanding stringent food safety practices and insuring yourself against any potential issues.

Kathy Douglas

kdouglas@srfm.com

Sinclair Risk & Financial Management

Sinclair 7-22-15-3

 

 

Giving Back: Charitable Giving Opportunities

Giving Back: Charitable Giving OpportunitiesAccomplished individuals often look for opportunities to express their values and give back through charitable giving.  In fact, Bill Gates and Warren Buffet started an initiative called the Giving Pledge, which encourages the world’s wealthiest people to give away much of their fortune to charity.  Over 100 notable contributors have made the commitment to dedicate the majority of their wealth to philanthropy, including Richard Branson, Michael Bloomberg, Diane von Furstenberg and Mark Zuckerberg.

In addition to benefitting the community or cause the giving is focused on, charitable giving can also provide benefits to the donor.  Whether you’re nearing the end of your career and looking to leave a legacy or you’re passionate about a cause or making an impact for future generations, establishing a charitable giving approach can have the added benefit of reducing your taxable income.

 So how can you incorporate charitable giving into your larger estate planning strategy?

  • Utilize Donor-Advised Funds – Donor funds are traditionally sponsored by public charities and provide a rather uncomplicated way to donate money.  Donations to a donor-advised fund are deductible in the year they are contributed but can be given to charities in other years.   Donors can enjoy a tax deduction of up to 50% of adjusted gross income for cash donations or 30% for appreciated assets.   Donor-advised funds are good for individuals who want to give back but don’t have the time to be more involved or hands on.  On the other hand, the donor does not have much control over the way the funds they donate are ultimately utilized.
  • Set Up a Foundation – Not for the faint of heart, starting a foundation is for individuals who really want to get involved, roll up their sleeves and have control over the process to benefit a cause.  Running a foundation is much like running a business, with a board of directors and trustees, and requires an extensive amount of time and focus.  Most non-profit foundations are tax exempt.
  • Start a Scholarship Fund – Not only has the cost of higher education surged by over 500% in the past 30 years, but college textbooks costs are also on the rise, having increased by 73% over the past 10 years.  A great way to give back and to personalize your giving is by starting a scholarship fund.  Whether your late father had a love of law or your mother was passionate about music, you also often have the ability to honor a loved one by setting up a fund in their name.  On the tax side, scholarship fund donations are usually treated the same as donor-advised funds.

Some other things to take into consideration when making charitable donations are the type of property being donated (which can have an impact on tax consequences) as well as how the contribution is made. 

It’s important to work with a trusted advisor who will help you to navigate the intricacies of charitable giving and to determine what is right for your goals, financial situation and desired level of involvement so that you can leave the legacy you desire.

Matt Bauer
President
mbauer@srfm.com

Giving Back: Charitable Giving Opportunities

7 Insurance red flags when shopping for a new home

Red-flagWhether it’s juicy Pinterest images of fashion forward quartz kitchen countertops, or creative cork flooring that catches the eye in Dwell Magazine, the latest must-haves saturate the minds of home buyers. But what many home shoppers don’t realize is that insurers are evaluating homes with a very different set of criteria.

When it comes to homeowner’s insurance, you want your home to be “preferred.” There are carriers who will cover “non-preferred” homes but that route is costly and time consuming, to the point of potentially upending a closing.

Your dream home may have granite and bamboo, but if it also has any of these insurance red flags, it may be difficult, expensive, or impossible to secure homeowner’s coverage.

Safety hazards — First, your insurance inspector will train a very keen eye on the basics of the property, looking for anything that might pose a safety risk. Are there stairs with loose or missing railings? A broken step? What is the condition of the roof, the plumbing, the electrical system? Is there evidence of water damage? A “yes” to any of these will warrant further investigation at least and likely a full remedy before you can get a policy. 

Underground oil tanks — You do NOT want to “strike oil” in the form of a tank under the ground of your new home. Most carriers will not insure a property with an underground oil tank. Those that will may specifically refuse to provide any liability or environmental coverage for them, placing risk squarely on your shoulders. We strongly advise against this! Rather than pay higher premiums and accept the risk, it’s a better, much less expensive option to have the tank removed.

Swimming pools without a fence — Swimming pools are not an insurance deal breaker (though they can command higher premiums), so long as they are adequately protected with a fence and lockable gate. Some insurers will not cover a pool that has a diving board or a slide, even with a fence. 

Trampolines — The number of injuries sustained from using trampolines is astonishing: more than one million in the 10-year period of 2002 to 2011, according to the Journal of Pediatric Orthopaedics. Consequently, most insurers simply will not cover a home that has one. If you plan to purchase a home with a trampoline, ask the seller to remove it before you buy.

High-risk animals — Most insurers will not cover homes with a “high-risk breed” dog. Each carrier has its own list of prohibited breeds. Common ones include Pit Bulls, Akitas, Chows, and Rottweilers. Certain other animals make insurers skittish as well, including horses and farm animals. Ownership of these animals will not necessarily prevent coverage, but they do tend to make it more expensive.

Being in a fire safety “desert” — Generally speaking, your insurance costs will rise with the distance your home is from a fire station or fire hydrant: the farther away, the higher your “PC” or Fire Protection Class. If a home is more than 5 miles from a fire station or more than 1,000 feet from a fire hydrant, it is a PC 10, the point at which most insurers will either not cover the property or charge a correspondingly high premium.

Day care business — Some carriers will insure a home with a day care business via an additional endorsement (for an additional premium), but others will not cover any home that houses a business with substantial foot traffic. Home offices and businesses that have incidental traffic are usually not a problem.

If you’re home shopping and curious about other potential insurance red flags, call me today and I’ll be happy to help.

Stephen Davis

sdavis@srfm.com

Sinclair Risk& Financial Management

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Sinclair Risk And Financial Management Chosen To Offer New Program For Home Healthcare

Sinclair Risk and Financial Management was chosen by The Hanover Insurance Group to offer Hanover Home Healthcare Advantage, which provides industry specific insurance solutions for home healthcare.

“It’s often difficult for home healthcare providers to find insurance that will appropriately cover their unique risks and exposures. This enhanced program from The Hanover addresses potential coverage gaps that home healthcare customers may have,” said Heather Sinclair with Sinclair Risk and Financial Management.

Because Sinclair Risk and Financial Management and The Hanover have expertise insuring home healthcare, Sinclair can customize a program that will fit each customer’s individual needs.

The Hanover Home Healthcare Advantage program offers:

  • Unique coverages for the home healthcare industry, featuring industry-leading Professional Liability, General Liability and Property coverage options
  • Flexibility to provide protection for the various home healthcare needs, such as Independent Medical and Non-Medical Contractors Coverage, Professional Liability, Medical Director’s Coverage, and Data Breach Coverage. These comprehensive products can be tailored to fit unique needs or needs that evolve or become more complex.

In business since 1971, Sinclair Risk and Financial Management is one of the largest independent insurance agencies in Connecticut and one of the largest nationwide with its headquarters in Wallingford, CT and hub offices in Norwalk, CT, Springfield, MA, Naples, FL, and Pawtucket, RI. Sinclair Risk and Financial Management has significant experience providing solutions for home healthcare providers. Sinclair Risk and Financial Management represents only leading carriers, including The Hanover. Sinclair Risk and Financial Management is located at 35 Thorpe Ave, Suite 200, Wallingford, CT.

The Hanover works with a select group of independent agents and is ranked among the leading property and casualty insurers in the United States. The company has been meeting its obligations to its agent partners and their customers for over 160 years. The Hanover maintains excellent financial strength ratings from A.M. Best, Standard & Poor’s and Moody’s, three key rating agencies.

For more information, contact Heather Sinclair at Sinclair Risk and Financial Management at 203-284-3213 or hsinclair@srfm.com.

Article taken from PRNewswire

Sinclair Risk And Financial Management Chosen To Offer New Program For Home Healthcare