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Is your Small Business a Target or Risk? Join us for an Nov. 7th seminar with The Bonadio Group to find out
Is Your Business a Target or at Risk?
In today’s demanding business climate, being ready for anything is a good thing. Join members of our team and The Bonadio Group as these experts share the latest info about cybersecurity vulnerability, cyber insurance, and understanding why taxing authorities view your business as a revenue stream.
Rochester Small Business Seminar
November 7th
The Strathallen Rochester Cityview Ballroom (550 East Avenue, Rochester, NY 14607)
Parking is free
Registration 7:30 – 8:00 a.m. (light breakfast and networking)
Presentation 8:00 – 10:00 a.m.
To register for this event, click here.Speakers and Topics
You’ve Been Equifaxed! Now What?
Carl Cadregari, CCSFP, CISA—Executive Vice President, The Bonadio Group
Learn from Carl, leader of Bonadio’s professional cybersecurity team, about the interworking’s of vulnerability management and how your response needs to be prepared as part of a CyberSecurity Incident Management Program and for regulatory reporting.Gain a Better Understanding of Your Sales and Use Tax Obligations in New York
John Fontanella, CPA, CCIFP—Principal, The Bonadio Group
Make no mistake: to cash-hungry tax authorities, your business represents a revenue stream, plain and simple. Their job is to maximize that stream, and a sales tax audit is one of their primary tools. In a sales tax audit, an auditor reviews your business records to determine whether you are underreporting taxes that are legally due. In addition to the costly time, effort and diversion of resources, the resulting penalties can be substantial. To you, that’s an unexpected hit to your profits; to the state it’s “found money.”The Role of Insurance in Your Cyber Incident Response Plan
Phil Andolina — Partner, Lawley
Reggie Dejean, RPLU — Specialty Insurance Director, Lawley
Phil will discuss what you need in the form of insurance coverages for a small business. There are several lines of coverage that keep different areas of your business protected including workers compensation, property and business property and general liability, in addition to the proper personal insurance to keep your family safe. Do you need business interruption, Directors & Officers or pollution coverage? Your small business may not be as protected as you think.Reggie will explain that cybersecurity insurance is not just for large organizations, it could possibly be more vital to a small business that cannot afford the financial hit when a cyber-attack occurs. With over 60 percent of small businesses going out of business after a breach, we can help you understand how cybersecurity insurance helps mitigate the first-party costs that occur when a breach happens. It is not a matter of if, but when, a breach will occur. Cybersecurity insurance can help you be prepared for when it does.
To register for this event, click here.
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Lawley’s Amherst Branch named Western & Central NY Key Agency Partner of the Month in August by Travelers
Lawley is honored that our Amherst, NY branch was recently chosen as the recipient of the August 2017 “Western & Central NY Key Agency Partner of the Month” by our carrier partner Travelers.
Travelers’ Sales Executive Dawn Caci had this to say about the Lawley team, “The agency Personal Insurance staff, led by Lisa Oczkowski, are a group of professionals that exhibit the behavior that lends itself to a true agency-carrier partnership. Their retention is among the highest in the territory, with their auto outperforming prior years. Their close relationship with their Travelers underwriter also contributes to the high retention they enjoy.”
The Amherst team agency has embraced Travelers’ TRV digital initiative, leveraging many of the Toolkit programs they have made available. This has allowed the to pro-actively reach out to clients more efficiently than ever before, which is a true win-win for everyone.
The branch received a beautiful plaque honoring their partnership (as can be seen in the photo), a wonderful lunch at Lebro’s and are now eligible for the 2017 Western & Central NY Key Agency Partner of the Year award. Thank you Travelers for the recognition!
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Do You Have Financial Problems? Here’s How To Cope
Life has a way of throwing unexpected financial roadblocks, detours and potholes in our path. These might be large medical bills, car or home repairs, a death in the family, loss of a job or expensive legal situations. Such financial emergencies can derail your efforts to save for retirement. The following are some strategies for managing financial crises.
Establish an Emergency Fund
This can lessen the need to dip into retirement savings for a financial emergency. Building an emergency fund is tough if income is tight, but every dollar can help. Fund an emergency fund with pay from extra working hours or a temporary job, a tax refund or a raise. Put the money into a low-risk, accessible account such as a savings account or money market fund.
Insure Yourself
Insurance protects your financial assets, such as your retirement funds, by helping to take care of the really big financial disasters. Consider the following list of insurance coverage to help protect your assets.
- If you and your family aren’t covered under an employer’s policy, try to buy catastrophic medical coverage on your own.
- Social Security Disability Insurance can pay yours and your family’s benefits if you are severely disabled and are expected to be so for at least 12 months. Workers’ compensation only helps you if the disability is work-related. In addition, your employer may offer some disability coverage, but you may need to supplement it with private coverage.
- Homeowners usually are insured against hazards such as fire, theft and liability, but the majority of renters aren’t. Renter’s insurance is inexpensive.
- Don’t drive “bare.” In many states it is against the law to drive without auto coverage, and it is also very costly if you are in an accident.
- This provides additional liability coverage, usually through your home or auto insurance policies, in the event you face a lawsuit.
- Having life insurance can help you or your spouse continue to save if either one of you dies before retirement. Social Security may be able to pay benefits to your spouse and/or minor children. On the other hand, you may not need life insurance if no one depends financially on you. There are many types of life insurance, with a variety of fees and commissions attached.
- LONG-TERM CARE. This insurance can help pay for costly long-term health care either at home or in a health care facility or nursing home. It protects you from draining savings and assets you could use for retirement.
Borrow
If you must borrow because of a financial emergency, carefully compare the costs of all options available to you.
Sell Investments
It’s usually advisable to sell taxable investments first. Try not to touch your faster growing retirement accounts. Taking money out of your retirement accounts could trigger income taxes and penalties.
Article adapted from the U.S. Department of Labor publication of the same title. www.dol.gov/ebsa/pdf/savingsfitness.pdf
Securities offered through Cadaret, Grant & Co., Inc., member FINRA/SIPC. Lawley is not a subsidiary or control affiliate of Cadaret, Grant & Co., Inc.
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5 Rules of Thumb to Show Your Budget Who’s Boss
Has there ever been a concept that has been so overwhelmingly embraced but yet so minimally executed than the household budget? Everyone who starts the process has good intentions; the problem is keeping it going past the first month.
The philosophy behind the budget is simple: control expenses to live within a spending limit. The hard part is twofold, 1) figuring out what you’re spending now so you have a clear picture of what you need to control and then 2) controlling it.
I have attempted many budgets that have lived both online, in excel and on paper. My most recent version has worked the best for me but what I have learned though all my failed attempts is WHY so many budgets don’t work and how to fix it.
- Spending cannot be micro-managed.
This is the single greatest reason why budgets fail. It is extremely difficult to keep track of every transaction within a category. Let me provide you with an example using a widely used category of ‘Clothing and Shoes”.
You calculate monthly expenses for your beautiful family of three and you determine you spend $250 per month on clothing and shoes. You make a commitment to reduce spending in this category to $175 to free up $75. Great- except it’s easier said than done. Trying to keep track of each purchase and what you have left to spend as the month progresses will be close to impossible- especially if you have multiple people making purchasing decisions.
Most purchases in this category are impulsive. So if you went over the budget that month you are likely to borrow from next month in order to avoid missing the deal, which perpetuates the difficulties in keeping track of each purchase.
Also, and most notably, if this seems like it’s a tough task, just imagine adding another 10 categories to the mix, such as groceries, entertainment, eating out, gifts, personal care and gas. Hence the ineffectiveness of micro-managing spending; who can keep track of all that?
- You are not breaking out expenses.
One effective trick to my budgeting process was breaking out expenses by essential and discretionary. My essential expenses are considered priorities in the budget hierarchy and typically cannot be paid late or even cut out of the budget. This would include mortgage or rent payments, car payments, insurance premiums, gas, groceries and utilities.
Discretionary expenses are not necessities. This includes: entertainment, eating out and clothing, just to name a few. Having these separated gives me a clear picture of what expenses I can focus on first.
- Estimation is the enemy
I have worked with a lot of clients on their household budget and in almost all instances requested a copy of their budget for my review. When I would see a lot of round numbers like $100 or $150 or $200, I would question how much time was spent preparing the numbers.
After a little embarrassment from the client, they would admit to how hard it was to complete it and just estimated what they were spending. My advice is don’t bother doing the budget if you won’t commit to diving into the numbers. It’s in our nature to want to overestimate income and underestimate expenses.
- You went too aggressive too fast
After categorizing your expenses and figuring out what your spending each month, my advice would be not to get too aggressive with your budget by slashing your expense by more than you think you are capable of achieving.
It’s important to have an overall goal for reducing expenses, but approach it conservatively so you don’t get too discouraged if you can’t meet your goal within the first couple of months.
- It’s a lifestyle commitment- find your discipline
Constantly remind yourself why you decided to budget in the first place. Was it because you wanted to save more money into retirement, buy a new home or pay down debt faster? Consider writing these important catalysts down and looking at them often. This is a commitment by all those involved; regardless if you are single or married.
This will be a process and may take longer than you anticipated so it’s important to find out what strategy works best for you. Do you prefer software or paper? Do you want to reconcile your expenses monthly or weekly? In the end it’s your budget and you need to show it who’s boss.
Securities offered through Cadaret, Grant & Co., Inc., member FINRA/SIPC. Lawley is not a subsidiary or control affiliate of Cadaret, Grant & Co., Inc.
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Baby Safety: Knowing How to Protect and Save Your Baby’s Life
Parents worry endlessly about protecting their children outside the home, but they often overlook the dangers lurking right under their own roofs.
Fire Safety
Smoke detectors should be installed on every level of the home: in every bedroom, in hallways and near the kitchen. Check them monthly to be sure they are working and change the batteries annually. If the detectors are more than 10 years old, replace them. Have at least one fire extinguisher on each floor of your home and a carbon monoxide detector next to sleeping areas.
Water Safety
Eliminate standing water or other liquids in buckets. Children left unattended even for a minute or two can drown in as little as two inches of liquid. Young children are top-heavy; if they lose their balance while looking into a toilet or bucket, they can easily fall in head first and be unable to get out.
Choking Safety
It is important to supervise all eating or drinking, and to make sure babies are upright when feeding them solid food. Do not insist that babies eat if they are crying or resisting. Mash or grind food so that it is soft enough to gum. Young children are likely to swallow without chewing, so do not give them foods such as peanut butter, popcorn, pretzels, raw carrots, nuts, grapes, hard candies, uncooked peas or hot dogs until they are at least 3 years of age.
Poisoning Safety
Many children are victims of accidental poisonings. Parents can prevent many of these mishaps by identifying and hiding toxic materials. Iron supplements, for example, are responsible for 30 percent of pediatric poisoning deaths from medications. Also, according to the American Association of Poison Control Centers, the most common calls about children ages 5 and under involve cleaning products and toiletry items such as baby oil, mouthwash and cosmetics.
Fall Safety
Window screens are not enough to prevent a fall. Always open basement windows from the top or fit them with locks to prevent small children from opening them. Low windows should not open more than four inches. Also, consider installing window guards.
- There are safety precautions you can take to avoid the danger of your child falling in your own home:
Keep heavy or breakable objects out of reach - Place furniture away from windows, cords and hanging items
- Secure unstable furniture and the changing table pad.
Television Safety
Flat screen TVs can topple easily; if your child bumps into a piece of furniture, the TV could fall and seriously injure the child. Secure your TV to the furniture with a strap (many flat screen TVs come with this strap) or mount it on the wall to avoid putting your child in danger.
In Summary
Always prepare for the worst. Post contact numbers for poison control, paramedics, fire and police departments near your phone, and make sure you have first-aid supplies on hand. By following the tips in this article, you can help keep your children safe.
- There are safety precautions you can take to avoid the danger of your child falling in your own home:
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76 Million People Catch Foodborne Illness Every Year. What Can You Do To Prevent It?
Each year millions of people fall ill due to food poisoning, which occurs after consuming foods that are contaminated during preparation.
According to the Centers for Disease Control and Prevention, an estimated 76 million cases of foodborne illness occur each year in the United States.
Thawing Food Properly
When thawing food, outer sections warm up faster than inner sections, which can cause microorganisms to grow. That is why it is important to follow the correct thawing suggestions below, depending on your method, to prevent the growth of microorganisms:
- In the refrigerator – Thaw food at 41°F (5°C) or lower to keep harmful microorganisms from growing.
- Under running water – Thaw food at about 70°F (21°C) or lower.
- In the microwave – Only thaw food in the microwave if the food will be cooked immediately.
- During the cooking process – Some foods can be thawed while cooking, such as frozen hamburger patties on a grill.
Preparing Food Safely
To ensure that you are safely preparing food, you should prevent cross-contamination—the transfer of microorganisms from one food or surface to another—and use proper time and temperature control. To avoid cross-contamination, adhere to the following practices:
- Wash your hands using hot, soapy water before handling food and between touching different types of food.
- Use separate cutting boards and utensils for raw and already prepared/cooked foods.
- Clean all work surfaces and equipment after each task, especially when handling raw foods.
- To control time and temperature: The temperature danger zone is between 41°F and 135°F (5°C to 57°C), because microorganisms that cause foodborne illnesses grow and multiply in this range.
Cooling and Reheating Food
When cooling food, time spent in the temperature danger zone must be minimized. When being reheated, food must reach the correct temperature in the right amount of time. To properly cool food:
- Divide large quantities of food into small shallow containers for quicker cooling.
- Refrigerate or freeze prepared food and leftovers within two hours.
- Place the food in an ice-water bath and stir frequently.
- Stir food to cool it faster and more evenly.
- Do not pack the refrigerator—cool air must circulate.
- To properly reheat food, it must reach an internal temperature of 165°F (74°C) for at least 15 seconds. If this temperature is not reached within two hours, the food should be discarded.
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Lawley’s Holender Elected President of Professional Insurance Agents of NY (PIANY)
Fred Holender has served on PIANY’s board of directors since 2013 and as president-elect in 2016-2017
Buffalo, NY (Sept. 19, 2017) – Lawley’s Fred Holender, CLU, CPCU, ChFC, MSFS, was elected president of the Professional Insurance Agents of New York Inc. (PIANY), at a meeting of the association’s board of directors on September 13th, 2017. Holender is director of administration at Lawley, one of the largest independent insurance brokers in the United States according to Business Insurance.
A member of PIANY since the 1970s, Holender has served on the board of directors since 2013 and served as president-elect in 2016-17 and vice president in 2015-16. He also is vice president of the Government Affairs and Nominations Committees and is a member of the Executive/Budget & Finance and Member, Benefits and Services Committee and the PIANYPAC Governing Committee. He also is chairperson of the association’s Buffalo Advisory Council, and primary coordinator of PIANY’s Legislative district office visits. In 2016, Holender received PIANY’s Director of the Year award in recognition of his hard work and dedication as a member of the association’s board of directors who has contributed remarkable time and talent to help support the association and its many programs.
“Fred continues to represent not only Lawley and other insurance professionals, but the best interest of New Yorkers through his leadership at the state level through PIA,” said Bill Lawley, Jr., Principal. “We’re honored to have Fred here at Lawley both for our clients and others in the insurance industry.”
Active in the industry, Holender is a member of PIA National’s Cybersecurity Task Force. He also is a member of the New York State Insurance Fund Advisory Council.
For more information on Lawley, click here.
About PIANY
PIANY is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state. To find out more, visit www.pia.org/NY.
About Lawley
Lawley is a privately-owned, independent regional insurance firm specializing in property, casualty and personal insurance, employee benefits and risk management consulting and ranked among the 100 Largest Insurance Brokers in the U.S., according to Business Insurance magazine.
For over 60 years, Lawley’s team of more than 350 associates have developed customized property, casualty, surety and benefits insurance programs for businesses and municipalities of all sizes along with personalized protection for individuals and their families. Lawley is consistently recognized as one of the Best Places to Work by Buffalo Business First.
Headquartered in Buffalo, NY, Lawley has branch offices across New York in Amherst, Batavia, Fredonia, Mahopac, Plainview, Purchase and Rochester along with Darien, Connecticut and Florham Park, New Jersey. To find out more, visit lawleylnsurance.com.
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Hurricane Preparation For Your Home
From June through November, hurricanes are at their peak. During a hurricane, heavy rains and catastrophic winds barrel through coastal areas and can severely damage or destroy homes and businesses. To help you plan and remain safe at home during these potentially deadly storms, follow these safety tips.
Hurricane Prep During Hurricane Season
- Plan evacuation routes and designate a “post-disaster contact person” that family members know to call once the storm is over
- Stock up on items such as bottled water, canned goods, manual can/bottle opener, flashlights, battery-operated radio, nails, tarps and plywood
- Keep an up-to-date log of all of your possessions with photographs and videos, and review your home insurance policy
- Trim your trees and shrubs to minimize damage
When a Hurricane Threatens
- Cover windows and doors and secure outdoor furniture
- Make sure you have three gallons of water per family member
- Refill your prescriptions, fill up your car with gas and withdraw a week’s worth of cash since power outages may interrupt these services temporarily
- Place important, valuable papers such as your log of possessions in waterproof bags
- If you live in a trailer home and are told to evacuate, do so immediately
The authorities in your area will send out an “all clear” notice indicating it is safe for you to leave your home. Until then, remain inside for your own safety.
During a Hurricane
- You should have canned food for at least three days and a can opener
- Listen to your battery-operated radio for instructions from the local authorities on evacuation and safety guidelines
- Seek shelter in an interior room away from windows, such as a closet. If you hear the winds subside, do not assume that the storm is over. The calm may be the eye of the storm, in which the worst part is yet to come
- If the electricity goes out, use a flashlight to see; do not use candles
What To Do After a Hurricane
- Make sure you have pet food and supplies for three days
- When inspecting your home for damage, wear sturdy shoes and clothing as protection
- Contact a trained expert to turn off damaged utilities and appliances instead of trying to do it yourself
- Drink only bottled water until tap water is deemed safe
Talk with our personal insurance team to discuss your insurance coverage in the event of a storm or potential claim.
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10 Hurricane Safety Tips For Boaters
With hurricane season upon us, pay attention to these 10 hurricane safety tips for boaters to stay safe on the waters and beyond.
1. Develop a detailed plan of action for your vessel in advance. Options for non-trailerable boats may include hauling your boat, securing your boat in the marina (if permitted) or moving your boat to a previously identified “storm refuge.” Specifically identify and assemble needed equipment and supplies. Keep them together and practice your plan to ensure it works before the hurricane season. Arrange for a qualified and capable friend or a licensed professional captain to carry out your plans if you are out of town during the hurricane season.
Owners of boats remaining in a marina berth can take the following precautions: Double all lines. Rig crossing spring lines fore and aft. Attach lines high on pilings to allow for tidal rise or surge. Make sure lines will not slip off pilings. Inspect pilings and choose those that appear the strongest and tallest, and are installed properly.
For boats remaining on a mooring, the mooring must be designed and maintained to withstand the load that will be placed upon it by the attached vessel. Owners should contact their marina or mooring provider to determine the maximum load their mooring will withstand and how that relates to a severe storm. In addition, the chain and swivels that connect the mooring buoy to the anchor should be inspected and serviced annually. The mooring pendant to the buoy must be in good condition and should be doubled-up. Good chafing material should be secured in place where the pendant passes through chocks or other potential chafe points. The cleats or attachment points on the vessel should be substantial and have adequate backing plates, not simply washers. Mooring pendants and dock lines are particularly vulnerable at the end of boating season, after several months of chafing.
For boats that can be trailered, the best course of action is to haul your vessel out of the water and move it to a safe location as far from tidal waters as possible, and away from trees that may topple. Also remember to pull the drain plug and remove electronics onboard.
2. Check your lease or storage rental agreement with the marina or storage facility. Know your responsibilities and liabilities as well as those of the marina. Marina staff are likely to be very busy as a storm is approaching, and may not be able to provide the same degree of attention that an owner can.
3. Cover all lines at rough points or where lines feed through chocks to prevent chafing. Wrap with tape, rags and rubber hoses or leather. Install fenders, fender boards or tires if necessary to protect the boat from rubbing against the pier, pilings and other boats.
4. Fully charge the batteries and check to ensure their capability to run automatic bilge pumps for the duration of the storm. Consider backup batteries. Shut off all devices consuming electricity except bilge pumps, and disconnect shore power cables.
5. When a hurricane is impending, and after you have made anchoring or mooring provisions, remove all portable equipment. This includes items such as canvas, sails, dinghies, electronics, cushions, biminis and roller furling sails. Lash down everything you are unable to remove such as tillers, wheels and booms. Should you need to move your boat to a safe location in advance of an approaching
storm, don’t forget to prepare a float plan. You should let someone know where you are headed, how to reach you, give them a description of your vessel and let them know when they should notify authorities if they haven’t heard from you by a designated time.6. Implement your preparations and response quickly. Key your plan on quick response. Moving a vessel, stripping sails, derigging and anchoring in seas resulting from 35 mph winds is extremely difficult and impossible in 45 mph winds. Good seamanship includes monitoring weather broadcasts frequently, particularly during hurricane season. With the abundance of media today, detailed storm forecasts are readily available from many sources.
7. Maintain an inventory of both the items removed and those left on board. Items of value should be marked so that they can be readily identified. You should also consider maintaining a video or photographic record of the boat and its inventory in a secure location other than the vessel itself for future reference.
8. Consolidate all records including insurance policies, a recent photo of your vessel, boat registration, equipment inventory, and the lease agreement with the marina or storage facility. Ensure that you include the telephone numbers of appropriate authorities, such as the U.S. Coast Guard, Harbor Master, National Weather Service, and your insurance agent, and keep them on hand.
9. Do not stay aboard. Winds, during any hurricane, can exceed 100 mph and tornadoes are often associated with these storms. Being in the path of hurricane can be a life-altering event which should not be taken lightly. Don’t wait until the last minute to prepare and take precautions. Take action early. Above all, safeguard human life.
10. What to do after the hurricane has passed. Be aware of possible downed electrical wires which should be considered “hot” and avoid these areas until the power company or electrical maintenance personnel are notified. Although a building, house or boat may be without power, generators may be operating and the electrical lines will be charged. There may be stray AC current from submerged outlets, shore cords in the water, damaged vessel systems, etc. Do not enter the water! Checks should be made for leaking natural gas and propane by smell only, not with matches or candles. Remember to re-check all dock lines and mooring pendants. Before you get underway, confirm that there are no submerged objects or debris, including sunken vessels, in your path. Check with the U.S. Coast Guard and local authorities to ensure that all local aids to navigation remain “on station,” and that local waterways are safe to navigate.
The information, material and descriptions contained herein are intended only as a general overview of certain types of insurance or insurance-related services provided by ACE Recreational Marine Insurance. The description(s) of insurance services herein shall not amend, modify, replace, alter, or otherwise change the actual terms or conditions in any policy issued by the insurance companies of ACE USA. Please consult your policy for precise terms, limits, exclusions and conditions. The insurance coverage(s) and/or program(s) described herein are available to qualified customers of ACE Recreational Marine Insurance only and coverage may not be available in all states.