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Category: Commercial Insurance

2024 Election: What Every Employer Needs to Know

Posted on by Rephael Griffith

As the 2024 elections near on Tuesday, Nov. 5, employers should consider how election outcomes may impact the workplace. To prepare, they can review key areas, such as voting leave, employee behavior, and possible regulatory changes.

Creating a Positive Workplace Atmosphere

Political conversations at work can lead to tension. A recent Glassdoor survey found that 61% of employees have discussed politics with colleagues in the past year, which often increases stress. To manage this, employers should review and communicate clear workplace policies, including:

  • Code of Conduct – A solid code of conduct sets limits on political conversations at work.
  • Social Media – Remind employees to keep online activity respectful and in line with company values.
  • Dress Code – Reiterate dress code rules, particularly for political attire in the workplace.

Having these policies can help create a respectful workplace and minimize potential legal issues.

Handling Voting Leave Requests

Employers should also prepare for voting leave requests. Federal law does not require employers to provide voting leave, but over 30 states do have voting leave laws. Employers should be aware of the regulations in their state. Offering flexibility in voting leave, even if not required, can also support workplace morale.

Supporting Employee Voting Initiatives

Promoting voter participation can build goodwill with employees. Companies might consider:

  • Sharing information on polling locations and hours.
  • Encouraging early or absentee voting.
  • Sending voting reminders.
  • Offering shorter work hours or transportation support for those going to the polls.

These efforts not only show support for civic duty but can also strengthen team spirit.

Staying Aware of Regulatory Changes

Election outcomes may lead to regulatory changes that could directly affect the P&C industry. If a pro-deregulation party gains power, compliance requirements could become less stringent, potentially lowering operational costs. Alternatively, a more regulation-oriented administration might increase compliance demands, which could impact underwriting practices or claims management. For further information, the Insurance Information Institute provides valuable updates.

Recognizing the Effects of Economic Policies

The economic policies of the next administration will also affect the insurance market. Policies that encourage economic growth can boost demand for insurance products, as businesses expand and consumers buy more assets. However, policies that slow growth may reduce demand, impacting premium growth. Insurers can stay informed on these issues through Federal Reserve news.

Anticipating Climate Policy Changes

Climate change is a top concern for the P&C industry, and election results could influence the government’s climate strategy. Policies aimed at climate mitigation could reduce the frequency of natural disasters over time, benefiting insurers. However, stricter building codes and environmental regulations may increase short-term costs. For insights on responding to climate policy, the NAIC climate initiatives offer helpful resources.

Considering Social Inflation and Liability Trends

Social inflation, or the rising costs of insurance claims due to social and legal factors, is another area impacted by elections. If the new government prioritizes tort reform, it may reduce social inflation, lowering liability costs. On the other hand, policies that focus on consumer protections could lead to higher claims costs. Insurers can monitor trends in liability claims by staying informed on litigation trends.

Understanding the Investment Environment

The next administration’s fiscal policies will also shape the investment landscape. For example, Federal Reserve interest rates impact insurers’ returns. Generally, higher rates lead to better investment income, which boosts profits. To track these trends, check the Federal Reserve’s data page.

Conclusion

The 2024 elections are likely to bring significant changes to the P&C insurance industry. Regulatory shifts, economic policies, and climate change efforts will all play a part in shaping the future. By staying informed, insurers can respond to these changes and continue to thrive in a shifting landscape.

Tailoring Commercial Insurance for Home-Based Businesses

Posted on by admin

Home-Based Business Insurance: Protecting Your Assets

Running a home-based business offers incredible flexibility and convenience. However, it also presents unique challenges, particularly in terms of insurance. At ASZ International Inc., serving the greater Westchester, NY region, we understand the importance of safeguarding your business assets while you work from home.

Assessing Your Coverage Needs

Many home-based business owners mistakenly assume that their homeowner’s insurance will cover their business activities. Unfortunately, this is often not the case. Homeowners’ policies frequently exclude business-related claims, leaving you exposed. Evaluating your business operations is vital to determine the specific coverage you need.

Key Coverage Types for Home-Based Businesses

For most home-based businesses, general liability insurance is essential. This protects against claims of bodily injury or property damage. If you offer professional services, consider professional liability insurance. This coverage can protect you from potential lawsuits related to errors or omissions in your work.

Business property insurance is worth considering if you store inventory or expensive equipment at home. This ensures that your business assets are protected against theft or damage. Additionally, workers’ compensation insurance might be legally required if you have employees, even part-time.

The Importance of Customized Coverage

Every business is unique, and a one-size-fits-all approach to insurance rarely suffices. Customizing your policy ensures that you’re not paying for unnecessary coverage while still protecting every aspect of your business.

Working with Insurance Experts

Navigating the world of commercial insurance can be daunting. That’s why partnering with experienced professionals like ASZ International Inc., serving the greater Westchester, NY area, is invaluable. We’re here to help you tailor a policy that fits your specific needs, giving you peace of mind so you can focus on growing your business. Contact us today to learn more about how we can support your home-based business.

Slipped, Tripped Broke His Hip (Or Did He?)

Posted on by admin

You have commercial insurance for this very scenario. Someone takes a spill on your property and wants to sue. Commercial insurance could keep you from going bankrupt in such a predicament. However, you’re pretty sure you cleared that walk and salted it to keep ice from forming. You don’t recall spilling any water in that area and would’ve promptly put up a "wet floor" sign if you did. And that "victim" seemed to be hamming it up a little. Is this a fraudulent claim?

Red Flags

Fraudulent personal injury claims, on average, can cost $80 billion every year. Here are some red flags that may indicate a fraudster in the works. If the person is making a scene and threatening to sue before getting their "injury" treated, this is a big red flag. This is particularly true if they decline medical attention. A history of multiple lawsuits looks fishy. It’s the same if the "accident" happened away from surveillance cameras. Even if they have a witness, they may be in on it. Don’t be fooled, and don’t be afraid to lawyer up. 

What to do

If you suspect an injury claim to be fraudulent, act quickly. Gather the evidence. Take photos at the scene of an accident. Tell your attorney and insurance agent about your concerns. This will trigger an investigation. If there’s no proof of a serious injury, you will be in the clear. The person who tried to scam you could be facing some stiff penalties, though. Insurance fraud is a Class D felony in New York punishable by up to seven years in prison plus restitution. 

Commercial Insurance from ASZ International Inc. in Westchester, NY 

If you need commercial insurance and live or own a business in the Westchester, NY area, call ASZ International Inc. today. We are here to help you. 

 

Navigating Uncharted Waters: The Transformative Challenges in the Auto Insurance Landscape 

Posted on by admin

The US auto insurance sector stands at a pivotal crossroads, grappling with an unprecedented crisis that’s reshaping the industry’s dynamics and impacting insurers and policyholders alike. This evolving landscape is characterized by mounting losses and a significant surge in insurance premiums, ushering in a period of adaptation and strategic navigation. This abrupt shift injects an element of unpredictability into personal finances, underscoring the importance of strategic financial planning. 

As life edges back towards pre-pandemic routines, the auto insurance industry encounters a spectrum of challenges. The resurgence in daily commuting and travel has resulted in a surge of accidents, claims, and road incidents. This surge not only strains insurers’ resources but also contributes to a rise in litigation and medical expenses associated with accidents.  

Lawsuits, a prevalent hallmark of our society, contribute significantly to the crescendo of insurance premiums. The United States, acclaimed as one of the globe’s most litigious nations, bears the burden of a legal flurry. The consequence? A ripple effect on insurance premiums, necessitated by the mounting costs of legal defense, settlements, and indemnities. 

The lease understood, inflation, a pervasive economic force, stealthily influences the escalation of insurance premiums. As the value of currency dwindles, insurance companies recalibrate their pricing to match the inflated cost of goods and services.  

The ripple effects of this crisis extend across the spectrum. Policyholders find themselves adjusting their financial plans to accommodate rising premiums, while insurers are engaged in reevaluating their strategies to mitigate unforeseen losses. This crisis has ignited a broader conversation about the intricate mechanics of insurance pricing and management when confronted with unforeseen challenges. 

Ultimately, navigating the maze of mounting insurance premiums is best achieved alongside seasoned insurance agents. These professionals offer a compass through the labyrinth, steering individuals toward optimal coverage choices in line with their financial capabilities and requirements. In a landscape marked by ever-escalating premiums, their counsel is a beacon of protection and prudence. 

LEGAL DISCLAIMER: The information provided in this communication is not intended to constitute legal advice and should not be construed as such. All information, content, and materials available in this communication are for general informational purposes only. Listeners, viewers, readers, users, browsers, or recipients of this communication are advised to consult with their attorney to obtain advice regarding any specific legal matter.

No listener, viewer, reader, user, browser, or recipient of this communication should make decisions or take actions solely based on the information contained herein without first seeking legal advice from qualified legal counsel in the relevant jurisdiction. It is important to note that individual circumstances can vary, and only your personal attorney can provide guidance on whether the information provided here is applicable or appropriate to your particular situation.

The views expressed in this communication are solely those of the individual creators in their individual capacities and do not represent the opinions of ASZ International, Inc. doing business as ASZ Associates. Any actions taken or refrained from, based on the contents of this communication, are undertaken at your own risk, and all liability with respect to such actions or inactions is hereby expressly disclaimed.

The content in this communication is provided “as is,” and no representations are made regarding its accuracy, completeness, or reliability. It is important to independently verify any information presented here and to consult legal professionals for advice tailored to your specific circumstances.

Insuring Your Side Hustle

Posted on by admin

In recent years, many of us have been pursuing side hustles, whether to make an additional income or fulfill personal passions. While side hustles bring in additional cash, they also require additional considerations, particularly when it comes to insurance. With a side hustle, you are essentially starting a small business, which means you would have to deal with risks and liabilities that come with running a business. In this blog post, we’ll go through some side hustle examples, the cost of insuring, and the risks of not insuring properly or not having insurance at all, to help you navigate insuring your side hustle.

To provide context, side hustles come in different forms and vary in scale. Some are small such as pet sitting, while others are bigger such as rental properties. Side hustlers or entrepreneurs need to think through their options for insurance and consider potential risks before engaging in any side business.

Examples of side hustles include but not limited to: freelance writing, pet-sitting, online tutoring, selling handmade items online, real estate, event planning, delivering food or packages, ridesharing, and much more. Depending on the side hustle that you choose, you might be required to hold insurance policies on top of the existing policy held by your employer.

Cost of Insuring:

The cost of ensuring your side hustle depends on what kind of work you’re doing. For instance, if you’re pet-sitting or doing freelance writing, the cost of insuring is going to be less than a side hustle that requires additional equipment. If you’re running a side hustle like renting out part of your home, you might need a comprehensive policy that includes liability coverage and landlord insurance, which can be pricier. Ideally, it’s best to talk to an insurance agent to discuss available options, risks, cost-effectiveness, and tailor coverage to your specific needs.

Risks of Not Insuring Properly or at All:

Not having insurance or proper insurance in place might lead to financial loss or cash flow problems in case of lawsuits for injuries, damages, or other liabilities. Moreover, this risk increases if your side hustle involves physical goods or if you work closely with clients. The cost of insuring an incident (which could be as little as a lost item or as severe as a personal injury) properly will be much more cost-effective than paying for legal fees, which could end up being high if legal battles ensue.

It is crucial to think of your side hustle as a business when it comes to insurance, and to find insurance coverage which is suitable for your unique business. Whether it’s running your own website or providing service, your side hustle could be exposed to risks regardless of your size of business. As your passion project or side gig grows, you never know what might happen, so investing in insurance might protect your business, clients, employees and most importantly, you.

Why Cyber Liability Insurance is Essential for Business Owners

Posted on by Marc Zettl

With the increasing reliance on technology in today’s business world, cyber threats have become a major concern for businesses of all sizes. Data breaches, cyber-attacks, and other security incidents can cause significant financial losses and can damage a business’s reputation. To protect themselves, business owners should consider purchasing cyber liability insurance. In this blog post, we will explore the importance of cyber liability insurance and why it should be on every business owner’s radar.

1. What is Cyber Liability Insurance?

Cyber liability insurance is a type of insurance that provides coverage and protection against losses resulting from cyber attacks, data breaches, and other security incidents. It is designed to safeguard businesses from the financial losses that can result from these types of events. Cyber liability insurance can cover a wide range of expenses, including legal fees, notification costs, credit monitoring services, and other expenses related to the breach.

2. Why is Cyber Liability Insurance Important?

Data breaches and security incidents can happen to any business, regardless of their size or industry. Cyber liability insurance is important for businesses because it provides protection that can help mitigate the financial losses that can result from these types of events. Without insurance, businesses could potentially face significant financial losses that could jeopardize their ability to continue operating.

3. What Does Cyber Liability Insurance Cover?

Cyber liability insurance can cover a range of expenses related to a cyber-attack or data breach. Some of the common expenses covered by cyber liability insurance include legal fees, notification costs, credit monitoring services, and other expenses related to the breach. Cyber liability insurance can also provide coverage for damages resulting from lost or damaged data, cyber extortion, and cyber-terrorism.

4. How to Choose the Right Cyber Liability Insurance

When choosing a cyber liability insurance policy, it’s important to consider the specific needs of your business. Factors to consider include the size of the business, the industry you operate in, the types of data you handle, and the potential financial impact of a cyber-attack. Working with an experienced insurance agent can help you select the right policy that will provide adequate protection for your business.

5. Conclusion

In today’s world, cyber-attacks and data breaches can have devastating consequences for businesses. To protect themselves from financial losses and other risks associated with these types of events, business owners should consider purchasing cyber liability insurance. With the right policy in place, businesses can have peace of mind knowing that they are protected against the financial impact of a cyber-attack or data breach.

Is it time to upgrade the commercial policy protecting your Westchester, NY area business?

Posted on by admin

The team at ASZ International Inc. is here for the Westchester, NY area business community. Contact our office today if you have questions about your commercial insurance policy. We are happy to sit down with you, review your current policy, and help you determine if it’s time for an upgrade.

Is it time to upgrade your commercial insurance policy?

Owning a business takes a lot of time, energy, and dedication. Due to most business owners’ hectic and demanding schedules, it’s easy for something like upgrading an insurance policy to fall by the wayside. Without proper attention, a business can outgrow its commercial insurance policy, leaving the company uninsured and at risk. 

For most businesses, it’s advisable to carefully all insurance policies at least once a year. During this review, you can determine if your policy is still fulfilling all of your needs, both as a policy type and at the level of protection it offers. It is not uncommon for business owners to overlook the fact that their company has outgrown its policy.

Sitting down to closely review your commercial insurance policies is a wise action to take. Don’t wait until it’s too late to realize that you no longer have the protection your company needs. Our team is here to help you with this review and help you determine if your current policy meets your current and future needs. 

Contact our office today

ASZ International Inc. is proud to serve the greater Westchester, NY business community’s insurance needs. If you have questions about commercial insurance, we are here to help. Contact our office today to learn more about the insurance services we provide to our regional business community. 

What is inflation and how does it affect the insurance industry and your premiums?

Posted on by Marc Zettl

Inflation is a term that is thrown around a lot in the news, but what does it actually mean? In short, inflation is when prices for goods and services increase. In the world of insurance, this can have a big impact on premiums. In this blog post, we will discuss how inflation affects premiums and why it’s important to keep track of changes in the rate of inflation.

There are a few different ways to measure inflation, but the most common is the Consumer Price Index (CPI). The CPI measures changes in the prices of a basket of goods and services that are commonly consumed by households. In the United States, the CPI is released on a monthly basis by the Bureau of Labor Statistics.

When the CPI goes up, it means that prices are rising and the purchasing power of your dollar is decreasing. In other words, it takes more money to buy the same amount of goods or services. Inflation can have a major impact on your insurance premiums because insurance companies use something called the “cost of living adjustment” (COLA) to account for changes in the CPI.

The COLA is a percentage increase or decrease that is applied to your insurance premiums to keep them in line with the rising cost of living. For example, if the CPI goes up by two percent, your insurance company may raise your premiums by two percent as well. Inflation can also affect the insurance industry in other ways. Another example would be, that if the cost of medical care goes up, it would be likely that you would see an increase in your health insurance premiums. In addition, inflation can erode the value of investments that insurance companies hold, which can impact their financial stability and ability to pay claims.

While there are a number of factors that can affect your insurance premiums, inflation is one of the most important to keep in mind. While this may seem like a disadvantage for consumers, it’s important to remember that insurance is designed to protect you from financial loss in the event of an unforeseen circumstance. In other words, while your premiums may go up in response to inflation, so will the payouts you receive if you need to make a claim. In the end, this ensures that insurance remains an effective way to protect yourself and your family from financial hardship.

If you have any questions about how inflation affects your insurance premiums, or if you would like to learn more about how insurance works, we encourage you to speak with one of our experienced agents. We would be happy to help! In the meantime, please check out our blog for more informative articles like this one.

Thank you for reading!!!

Catastrophic Events

Posted on by Marc Zettl

We are officially in hurricane season, and along with hurricanes also come disasters like flooding, severe storms, and even wildfires. Informing our clients on how to be prepared for events like this, through purchasing the right coverage, is something we strive to do. Though it may not seem like something that could happen to you and your home, you never know when a storm may blow through. According to Asta (2022), in 2021 there were 18 weather and climate disasters in which damages were around $1 billion or more.


Something important that all homeowners should know is that your homeowner’s policy might cover many natural disasters such as hail, windstorms, and lightning, but what it likely does not cover is floods, earthquakes, and/or tsunamis (Asta, 2022). Flood insurance is coverage we always suggest to our customers, as we feel it is very beneficial. We’re also able to provide standalone wind coverage. For our clients who live in coastal areas, this policy provides coverage for damage from hail and wind, regardless of whether the damage is from a named storm or an everyday storm (Orchid).


Now, although flood and wind coverage is something all homeowners should look into purchasing, it’s also an important thing for business owners to consider as well. Catastrophic events don’t just affect homes, they destroy anything in their path. As a business owner, you want to make sure you plan in advance by making educated choices on what insurance coverage you really need (Asta, 2022).


One final way you can help protect your home, business, family, and employees from catastrophic events is to have a plan of action. If a disaster does strike, your family members and employees should know the procedure. For example, where to take shelter in the event of a tornado, where the fire extinguisher and emergency exits are located, or where to meet if everyone must evacuate the premises (Asta, 2022).


If you don’t already have flood or wind coverage, give us a call today so we can get you a fast and easy quote!

References:
Asta, Donna (March 1, 2022) Planning for the Future with Catastrophic Insurance. Big I Independent Agent. https://www.iamagazine.com/magazine/issues/2022/march/planning-for-the-future-with-catastrophic-insurance
Orchid. www.orchidinsurance.com. Accessed July 5, 2022.

Getting a Personal Insurance Quote

Posted on by Marc Zettl

So, now that you have a little background knowledge on insurance, such as why it’s important to have, and which type of agent you should work with, it’s time to start thinking about getting insurance quotes. Before you start calling around to different agencies, you should first know what types of insurance you’re looking for. If you own a house, apartment, or condo, you will need homeowners’ insurance. If you rent a house, apartment, or condo you’ll need renters’/tenants’ insurance. If you own a vehicle or motorcycle, you’ll need car or motorcycle insurance. The list goes on…so take a minute to stop and think about the major things you own, rent or lease. If you’re still unsure of what coverage you need, plan to have a conversation with the agent you speak with, they can help guide you.

Next, do some research about agencies near you. Google and social media can be a good place to start. Once you find an agency, you may want to review their website and look over reviews. Once you’re ready to call, you may want to start by asking which specific carriers the agency works with. The more carriers, the more opportunity the agent will have to find you the best quote for your needs.

Many agencies will ask you questions like your first and last name, your date of birth, driver’s license number (if you’re looking for auto insurance), your marital status, and who your current carrier is. Here at ASZ International, we ask that you provide us with your declaration pages. This simply outlines the coverage you have in place right now, so we can make sure that when we look into a new policy for you, we are not giving you anything less. If you don’t want us to know how much your current premium is, we totally understand that, feel free to cross it out on your paperwork.


Now the tedious part is over. Your agent will begin to look into quotes for you. Again, if you work through an independent agent, they will plug your information into a comparative rater which will populate many different options. This is beneficial to you as it will allow you to compare coverage apples to apples with more than one carrier.

If you’re ready to start looking into quotes, download our app by clicking here and then following the on-screen instructions. We would be more than happy to assist you in finding the right coverage for you and your family!


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