commercial liabilities

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Amid the continued concerns of COVID-19/Coronavirus, please rest assured that The Prewitt Group is committed to keeping our clients and partners protected, prepared and informed. Therefore, we are sharing the following information that has been provided by Occupational Safety and Health Administration (OSHA).

Please use the following information to help prepare your team:

The U.S. Centers for Disease Control and Prevention has developed interim guidance for businesses and employers to plan for and respond to COVID-19. The interim guidance is intended to help prevent workplace exposures to acute respiratory illnesses, including COVID-19.

OSHA recordkeeping requirements mandate covered employers record certain work-related injuries and illnesses on their OSHA300 log. While exposure to common cold and flu are specifically exempt, incidents of employees contracting coronavirus at work are a “recordable” incident.

COVID-19 can be a recordable illness if a worker is infected as a result of performing their work-related duties. However, employers are only responsible for recording cases of COVID-19 if certain criteria are met https://www.osha.gov/SLTC/covid-19/standards.html

Regarding employers with employees that could potentially be exposed to novel coronavirus, you can view Occupational Safety and Health Administration (OSHA) site for information that may apply to employee’s exposure to novel coronavirus.

  • OSHA’s Personal Protective Equipment (PPE) standards (in general industry, 29 CFR 1910 Subpart I), which require using gloves, eye and face protection, and respiratory protection.
  • When respirators are necessary to protect workers, employers must implement a comprehensive respiratory protection program in accordance with the Respiratory Protection standard (29 CFR 1910.134).
  • The General Duty Clause, Section 5(a)(1) of the Occupational Safety and Health (OSH) Act of 1970, 29 USC 654(a)(1), which requires employers to furnish to each worker “employment and a place of employment, which are free from recognized hazards that are causing or are likely to cause death or serious physical harm.”

As always, The Prewitt Group is available to navigate the uncertainties and questions related to your business and industry. Our team of risk management advisors are ready and available to talk through specific concerns you may have. Please contact us at (205) 933-9207 or email your consultant directly.

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National Preparedness Month (NPM) is recognized each September to promote disaster and emergency planning. It reminds us to be prepared for disasters and emergencies in our homes, businesses and communities. This year’s theme is “Be Prepared, Not Scared.”

We’ve all heard the saying, “Preparation is the key to success,” and it certainly applies to disaster and emergency planning. While we still hope for the best, preparing for the worst can mitigate your expenses and protect your assets.

Be Prepared in 3 Steps:

  1. Create an emergency fund. First and foremost, recovering from a disaster can be financially burdensome. It’s vital to prepare for emergency expenses. Create an emergency fund for your family, home and business so that the money is there when you need it.
  2. Make emergency plans. Inform your family and/or employees of the location of fire extinguishers and first aid kits. Create a fire evacuation and severe weather plan, and then communicate it clearly to your household and workplace. Planned procedures and processes will keep your family and employees safe.
  3. Purchase proper insurance policies. Having the right insurance policies in place is an integral step in disaster preparation. Meet with an insurance consultant to make sure you have the proper coverage for the disasters and risks your family, home and business face. There are many different types of coverages, which are all subject to limitations and exclusions, so make sure you understand your deductibles, the limits of your insurance and the nature of your coverage.

Since 1974, The Prewitt Group’s mission has been to expertly handle all of your insurance needs whether personal or professional, with the utmost attention to detail and comprehensive protection from anticipated risk. We strive to protect our clients from danger, risk and unpleasant experiences. That’s “The Power to Mitigate Risk.”

We offer various commercial, personal and life and health coverages to fit your unique needs. Contact a risk consultant to review your current coverage or purchase additional policies as a step in your disaster planning process.

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How to Prepare Your Business for Disaster

Did you know that 40 percent of businesses fail to reopen following a disaster? According to a report from the Federal Emergency Management Agency (FEMA), another 25 percent of businesses fail within a year following a disaster. From natural disasters to cyberattacks, your business is at risk of facing downtime following an unfortunate event. In fact, more than 50 percent of companies experienced a downtime event in the past five years that last longer than a full workday.

Recovering from any disaster can be expensive and burdensome to your business, so it’s important to be prepared for emergency expenses and protect your assets with insurance. The saying, “Time is money” certainly applies in business, so minimizing downtime in case of an emergency is imperative.

Prepare for emergency expenses by:

  • Identifying your monthly financial obligations.
  • Creating an emergency fund to purchase supplies or equipment.
  • Having a credit card or line of credit available.
  • Establishing a payroll policy for during and after a disaster.
  • Establish clear strategies for controlling costs in a disaster situation.

Protect your assets with insurance: Meet with an insurance consultant to make sure you have the proper coverage for the disasters and risks your business faces. If you already have policies in place, review them with your insurance consultant to make sure you understand your deductibles, the limits of your insurance and the nature of your coverage. After all, there are many different types of coverage, all of which are subject to limitations and exclusions. For instance, some policies do not cover flood or earthquake damage, so you may need additional protection. In today’s world, you may want to consider obtaining cyber insurance to protect your business from data breaches and cyber-attacks. The Prewitt Group offers various commercial coverages including commercial property, commercial umbrella, boiler and machinery, business automobile and more.

All in all, when it comes to emergency preparedness, focus on prevention and protection. Effective preparedness can benefit the recovery process. It’s important to assess your risks and take steps to minimize damage and downtime.

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blockchain tech

Since its introduction, blockchain technology has created a tremendous buzz. Though it was originally developed for the digital currency, Bitcoin, the tech community is discovering other potential uses for the technology. Specifically, a recent Forbes article emphasized how blockchain technology could improve manufacturing this year.

What is Blockchain?

First, let’s discuss the basics of blockchain. Blockchain technology allows digital information to be distributed but not copied. Don and Alex Tapscott, authors of Blockchain Revolution, defined blockchain as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” Fortunately, like the internet and other technology, you don’t need to know how the blockchain works to use it. But if you’d like to learn more, check out the video below.

Benefits of Blockchain

In general, blockchain has the ability to transform traditional business models. It offers many business benefits, including greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions, and reduced costs.  According to Gartner, “the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030.”

Blockchain in the Manufacturing Industry

Forbes emphasized that blockchain has the most potential to deliver business value in the manufacturing industry. Likewise, according to Capgemini Research Institute’s study, blockchain technology can improve manufacturing businesses’ supply chain efficiency by:

  • Increasing transparency and responsiveness.
  • Helping the end-consumer definitively identify if a product is manufactured by a given brand, which ensures authenticity and reduces counterfeits.
  • Enabling organizations to quickly trace contamination to its source and mitigate against costly and a potentially reputation-damaging mass recall of products.

These supply chain advancements could positively impact the manufacturing industry by increasing cost savings, reducing risks, averting product recalls and more. Capgemini’s study further revealed that 87 percent of organizations are in the early experimental stages, 10 percent are at the advanced stage of experimentation and 3 percent are deploying blockchain at scale. Though blockchain adoption is in its early stages across all business industries, manufacturers are leading the way. Is your business ready to adopt blockchain technology?

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2019 coverage

The new year gives us the opportunity for a fresh start. It’s the season for goal-setting and resolutions. It’s also a good time to ask yourself, “What could go wrong this year?” and “How would my insurance company respond if the worst scenario occurred?”

Reflect on the happenings of the past year and evaluate your insurance policies to guarantee you’re covered in the coming year. Consider your family, business, property, home, health, vehicle, etc. A lot can change over the course of a year, and sometimes those changes may impact your insurance coverage. Here are a few items to asses to ensure you’re covered in 2019:

  1. Health insurance: Did you recently enroll or change your health insurance? Make sure you have your new insurance cards and before you visit a doctor and verify that they are in your provider network.
  2. Life insurance coverage: Major life changes, such as a birth, divorce, remarriage or even a new mortgage or new job, are indicators that you might need to make changes to your life insurance policy.
  3. Homeowner’s insurance: Take account of your assets with a detailed home inventory. This is the best way to determine the appropriate level of coverage needed. It’s also a good idea to know your deductible amounts and check to see if you’re eligible for any discounts.
  4. Auto insurance: Driving underinsured is not a good way to enter the new year. Examine your deductibles for comprehensive and collision coverage. Talk with your agent to determine how raising or lowering this amount would affect your premium.
  5. Commercial coverage: Take inventory of your business. Be sure you have coverage for all locations and aspects of your business. If you’ve purchased new real estate or equipment, added new operations, expanded your online presence or made any other drastic business changes in the past year, be sure your insurance agent is aware.

The Prewitt Group is committed to mitigating risk by understanding your needs and delivering customized services to fit those needs. We would be happy to meet with you and discuss strategies that will empower you and/or your company in fulfilling insurance needs for the new year. Contact us today!

 

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Is General Liability Insurance Enough

Because it covers the most common lawsuits that arise from everyday business activities, General Liability Insurance is often the go-to coverage for small business owners. But, is it enough to really protect your business?

A Commercial General Liability (CGL) policy covers three primary components: premises liability, products liability and completed operations.

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Data breaches are on the rise and a concern for businesses of all industries. For instance, since January 2017, at least 14 retailers have been hacked and likely had information stolen from them. The healthcare industry has also been a target for cyber-criminals, along with the City of Atlanta and many more.

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While it’s essential to know what your insurance policy covers, it is just as important to understand what your policy does NOT cover. In commercial insurance terms, an “endorsement” refers to a document attached to an insurance contract that adds, removes or alters the scope of coverage under the policy. To avoid confusion following an incident, it is smart to be aware of any new or existing endorsements that impact your commercial insurance policy.

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The roadways are not getting any safer. In fact, according to The Wall Street Journal, U.S. motor-vehicle deaths remained near decade-high levels in 2017. Distracted driving and an increase in the average miles driven on an annual basis contribute to this increasing vehicle fatality rate. As a business owner, it’s essential to establish a fleet safety program as a part of your company’s safety and risk management culture.

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