Archive for the ‘Risk Management’ Category

Shifting Dynamics in Companies With People Working From Home

When regions across the country imposed restrictions from the COVID-19 pandemic and employers worked ardently to protect their workforce, working from home became a new norm. As people are returning to everyday things more and more, there has been an increase in corporate workers going back to the office. Nevertheless, not every company is quick to call everyone back to work onsite.

Safety Considerations

The threat of a more contagious and potentially more dangerous strain as most restrictions have been lifted has people on their guard. Also, a surprising number of people have been resistant to getting immunized because of misinformation campaigns, often driven by political objectives. In areas such as Florida, some leaders have actually attempted to prevent companies from requiring workers to get vaccinated. Understandably, employers remain cautious as a new wave of cases is on the rise.

Optimizing Productivity

Many workers have been able to enhance their productivity as well as their satisfaction with their job roles by working from home. Given the choice, many employers and employees alike would like the opportunity to make a permanent change.

Ultimately, work-from-home employees may help companies save on overhead costs and retain their best team members. Productivity and financial considerations are key factors in companies’ analyses, but keeping people safe will remain to be a priority.

Top 2 Tips for Boating at Night

There’s nothing like a sunny day on the water, but boating at night has its own special charm and appeal. The moon and stars shining overhead, the gentle rocking of the boat, and the wisp of clouds outlined by starlight are all part of the appeal.

Without the visibility provided by daylight, however, there are certain rules that should always be observed when you’re out on the lake or ocean at nighttime. Boating at night can be dangerous, but being cautious and following safety protocols is always the best practice.

1. Keep the Lights On

First and foremost, always remember that your running lights must be operating when you’re in the water at night. The red (port) and green (starboard) running lights should be easily visible and without obstruction (make sure anchor lights are on when you are moored). And since other boats in the water might mistake cabin lights for navigation lights, keep things dim after dark.

2. Slow Down

In most lakes, and in some places near marinas, a speed limit at night is often recommended, if not totally enforced. Mind your speed whenever you’re out boating, but particularly at night. Going too fast could result in a costly collision, or worse, the total loss of your vessel.

Always take it slow and keep safe in the dark of night!

How Teachers Can Stay Protected in the Public School System

Being a teacher is undoubtedly one of the most important career decisions a person can make over the course of his or her life. Naturally, this is also a position that comes with a ton of risks. When you’re an educator who operates within the public school system, it is important to understand that you have specific rights in regard to your employment. Not only are there rights granted on a state-to-state level, there are also federal laws providing specific provisions to those who are teachers. Understanding your rights can help you stay protected at work.

The Freedom To Speak Your Mind

There are plenty of points to keep in mind surrounding teachers rights. For one, a teacher is allowed on a federal level to exercise his or her freedom of speech to discuss matters that impact the public with students. For example, a teacher is within his or her rights when a local or national election is approaching and the educator shares personal opinions with students. Should a school try to fire the individual for this, the teacher has every right to respond with legal action. Other points to understand include:

  • Freedom to choose any schools for your own children
  • Freedom to have privacy
  • Freedom to discuss the government

Understand Your Rights

By understanding what rights you have as an educator, you can do your part to operate in the correct way while at work. Take time to review the basics and discover exactly what rights you have in the workplace.

The Department of Labor Issues Cybersecurity Guidance: What It Means For Your Business Retirement Plan

Retirement plans covered under the Department of Labor’s Employee Retirement Income Security Act of 1974, or ERISA, have assets nearing $9.3 trillion. Those same plans are primarily online, linked to participants’ financial accounts and personal information. Combine this with the 100% rise in ransomware attacks in 2021 compared to 2020, and it’s clear why the DOL has issued cybersecurity guidance. Here’s what you need to know.

Cybersecurity Is Your Fiduciary Responsibility

The fiduciary responsibility to be effective stewards of a business retirement plan has been clearly laid out in ERISA from the beginning. Any of the following personnel are held to its requirements:

  • The plan investment committee
  • Plan trustees, and
  • Plan administrators.

Now the DOL is saying that responsibility extends beyond the passive act of avoiding mismanagement and bad investments into the active realm of protecting data.

How To Use The Guidance

Cybersecurity guidance is a roadmap to making sure you are actively protecting your employee’s data and finances through a three-pronged approach: program best practices, how to hire a service provider with strong cybersecurity and security tips.

Do not treat the guidelines as advice that can be ignored, or implemented as you see fit. To protect yourself from potential lawsuits after a breach, your company should be revisiting your computer policies and cybersecurity to meet each point of the guidance.

Reimagining Risk Management With Captive Insurance

As a business owner, two things that occupy your focus are saving money and managing risks. Certain insurance products help you manage various operational risks that can threaten the health of your company. For example, you might have property insurance to cover losses due to theft or fire. While that’s a pretty typical coverage for most businesses, your operations may include risks that are difficult to cover with standard policies. Self-insurance is a go-to for many businesses, but this can be a very costly way to manage risk.

Enter Captive Insurance

Captive insurance solutions offer a way for companies like yours to reduce costs, cover unique and/or difficult risks and improve cash flow by creating an insurance company. Captive insurance offers certain benefits for you as the insured:

  • Evaluating subsidiary risks
  • Writing policies
  • Setting premiums
  • Returning or reinvesting unused funds

Captive insurance includes common coverages such as general liability and worker’s compensation, as well as those for hard-to-insure risks that may be more specific to your company and its operations.

Control Your Coverage

Captive solutions put you in the driver’s seat when it comes to how you protect your business. Choose an insurer that can help you come up with a tailored approach that protects not only your company, but clientele risk as well. See how captive insurance can help you save money while protecting what matters.

Why Captives and Enterprise Risk Management Are a Good Idea

Risk Management

When running any business, a level of risk and uncertainty is involved. Likewise, most business owners and management strive to determine how much chance or risk to accept or manage to enhance or erode company assets. This is why enterprise risk captive insurance is vital to the potential growth of your business.

What is Captive?

A captive can be an effective way of maintaining more significant control of risk management and fund self-insured risks. Additionally, a captive insurance company accepts premiums your business may have to pay against a parent company and can profit if those claims are less than the original premium.  A captive can also lower insurance premium costs and provide long-term stability for pricing on customized policy manuscripts.

Benefits of Enterprise Risk Management

Enterprise risk management or ERM is a crucial component of how a captive contributes to your business’s profitability.  Often, a captive consists of a board of highly trained professionals within a variety of disciplines that can also influence your risk management program’s success. Since an ERM  focuses on preventing uncertainty, claims are likely prevented instead of administered, giving business owners a broader understanding of their industry limitations as well.

When you have a captive in place and enforce an ERM, you can ensure effective compliance with local laws and reduce potential risks. Additionally, when you combine enterprise risk management and a captive, it can be vital to your company’s overall growth.

Risk Management for Businesses in Richmond, VA

Risk Management

As a business owner, you have to be conscientious about safeguarding your business against risk. Working with an insurance company that is experienced in serving commercial clients in Richmond can provide you with thorough coverage to protect your business from risk comprehensively and affordably.

Getting the Right Help

Business Insurance by BlueSky offers a variety of coverage areas that can meet all of your business’ individual policy needs. BlueSky provides insurance for a wide range of businesses that vary in size and span across many different types of industries. Their experienced representatives can help you build a package that’s customized to address every type of risk involved in your day-to-day operations.

Tailored Policies for Your Business

To effectively safeguard your business, it may be necessary to get more than a basic general liability policy. BlueSky can help you get competitive prices for the following types of policies:

  • Commercial Property
  • Commercial Umbrella
  • Directors and Officers
  • Employment Practices Liability
  • Cyber Liability
  • Errors and Omissions
  • Special Events
  • Workers Compensation
  • Bonds

Building a package with an experienced agency can help you get access to the best carriers in the marketplace that serve your area. Reach out to BlueSky for help with protecting your business from potential liability or loss with thorough commercial insurance coverage.