Happy Insurance With Your Turkey !

As the Thanksgiving holiday approaches and home cooks begin preparations for this annual family feast, Jason Shroot of Diversified Insurance Quotes, wants to remind community residents that cooking fires are the leading cause of home fires and home fire injuries. And, according to the National Fire Protection Agency (NFPA), Thanksgiving Day itself is the peak day for home cooking fires.

 

The best remedy for fire damage is to take steps to prevent a fire from starting. By taking a few common-sense precautions, you can spend Thanksgiving holiday savoring the aroma of roasting turkey and apple pie, not dealing with the smoke and damage from a kitchen fire.

Here are several tips to keep the lid on cooking fires and accidents this holiday:

Watch What You Heat:

• The leading cause of fires in the kitchen is unattended cooking, so stay in the kitchen when you are frying, grilling or broiling food. If you must leave the kitchen, even for a short time, turn off the stove.

• When you simmer, bake, roast or boil food, check it regularly. Don’t leave your home while food is cooking and set a timer to remind yourself that you have something on the stove or in the oven.

• Stay alert! Too little sleep, some medicines and alcohol consumption can all make you drowsy and less able to concentrate on safety.

Keep Flammable Things and Heat Sources Apart:

• Oven mitts, potholders, wooden utensils, food packaging, paper or plastic bags, towels, curtains – the list of flammable things you’ll find in any kitchen goes on and on. Keep things that can catch fire away from your stovetop.

• Cleanliness counts! Clean up spills, grease, etc., as they happen or as soon as possible when the stovetop or oven is cool. Help prevent spills by keeping your pets off cooking surfaces and nearby countertops and by keeping children a safe distance away from stovetops and prep areas.

• Dress thoughtfully. Long sleeves, scarves, and loose clothing can dangle onto stove burners and catch fire.

Make kitchen safety a priority every day, but especially during the holiday season when entertaining and family events mean more time spend cooking and preparing food.  It’s tempting to take shortcuts when the pressure of the holidays mounts, but a fire will take a much greater toll not just in time but in possible injury, damage and repairs.

If a cooking fire does break out, the NFPA offers this advice:


• Just get out! When you leave, close the door behind you to help contain the fire.
• Call 9-1-1 or the local emergency number after you leave.
• If you try to fight the fire, be sure others are getting out and you have a clear way out.
• Keep a lid nearby when you’re cooking to smother small grease fires. Smother the fire by sliding the lid over the pan and turn off the stovetop. Leave the pan covered until it is completely cooled.
• For an oven fire turn off the heat and keep the door closed.

Have a Happy & Healthy Holiday Season

Please Call Jason Shroot At 714-988-3325 or Visit www.jasonSellsInsurance.com 

Ensuring Proper Coverages With Low Cost Insurance 

Why Restaurant Insureds Should Invest in Cyber Risk Coverage

Why Restaurant Insureds Should Invest in Cyber Risk Coverage

I found a great article that I would like to share with you on Cyber Liability coverage for your California Restaurant By Heidi A. Strommen, who is president of ProHost USA, Inc.  http://www.agentandbroker.com/News/2010/11/Pages/ProHost-USA-offers-restaurants-cyber-risk-insurance.aspx

The Internet has dramatically changed the way most companies operate. For many businesses, their insurance may not have kept pace with their exposure when it comes to the rapidly evolving and emerging world of cyber liability. Restaurants are no exception.

In the last few years, it has become commonplace for restaurants to use the Internet in many different ways to promote and to operate their businesses. Any given restaurant will likely have its own website, a Facebook and/or Twitter account, an Internet-connected computer network at one or more office or restaurant locations, and an electronic payment processing system (credit card or e-check). The owner, manager or other employees may own laptops that contain customer information. Some restaurants have a frequent diners club that may require customers to enter credit card information on a website. In addition, restaurants may sell food products or other merchandise online.
These are all useful business tools but they also may leave a restaurant exposed to risk that is not covered under a standard commercial insurance policy. Typical general liability policies often do not cover activities associated with website publishing or network security, for example. Common cyber risk exposures include, but are not limited to:

•Data/security breach
•Copyright or trademark infringement
•Data destruction and/or corruption as a result of a virus
•Cyber extortion
•Hackers, worms, and other cyber meddlers
•Firewall and network security attacks

Restaurants that regard cyber risk coverage as optional may not be accurately assessing their potential uninsured exposure. The cost of cyber liability losses can add up quickly. For example, according to a widely-cited 2009 Ponemon Institute Study, the average business loss from a lost laptop is $49,276 and most of that expense is associated with the cost of a data breach.

It behooves any insurance agent to review with his or her restaurant clients the current coverage in relation to potential cyber liability exposures based on the nature and size of the operation. There are a number of key areas to include in this assessment. (Note – this list is not all-inclusive.)

Website Publishing

A restaurant that maintains a website may be held liable for wrongful acts associated with the content posted on that web site. A wrongful act may include (but be limited to) actual or alleged errors, misstatements or misleading statements that result in an infringement of another's copyright, trademark, service mark or right to privacy.

Network Security

Restaurants that maintain a computer system that is connected to the Internet have a potential liability due to a breach of that system. Unauthorized access may result in the dissemination of personal information held on the computer system and/or the transmission of a virus to a third party. Additionally, the restaurant may incur costs to replace or restore electronic data or computer programs that are damaged or destroyed as a result of a security breach.

Extortion Threats

Cyber extortion is a crime involving an attack or threat of attack against an enterprise, in combination with a demand for money to avert or stop the attack. Cyber extortion may take different forms including the use of software that encrypts a victim's data and then the cyber criminal demands money for the decryption key. Cyber extortion may also include threats to publish a client's personal information or destroy or corrupt records. In recent years, incidents of cyber extortion have grown significantly and the criminals often operate from countries other than those where their victims are located thus making it difficult to prosecute.

Loss of Income

A restaurant may experience a loss of business income and/or extra expense as a direct result of an e-commerce incident. For example, if a virus or other malicious attack damages or destroys a computer system vital to the restaurant operation, it may result in a shut down of operations for a period of time and a corresponding loss of income.
Security Breach Expenses

Insurance agents should be familiar with Data Breach Notification Laws in the state (or states) where they operate. The cost of compliance with notification laws can be a major expense for a business to absorb. When evaluating possible insurance products to address cyber risk, it is important to consider what services the product includes for dealing with the potentially devastating consequences of a data breach. Most businesses will need outside expertise to manage the crisis and to ensure they are meeting regulatory requirements. The leading insurance products today include assistance with tasks like developing an incident response plan and sending notifications to affected people, credit bureaus and government offices. Some insurance carriers provide data breach services via a third party firm that specializes in assessing, mitigating and managing a breach crisis.

Public relations expense is another area that it would be wise to consider. A restaurant may suffer damage to its reputation in the event negative publicity results from an e-commerce incident. The most comprehensive insurance policies will provide coverage for public relations expenses related to protecting or restoring the reputation of the business.

Cyber Risk: E&O Threat or Opportunity Knocking?

The emerging area of cyber risk presents an opportunity for an insurance agent to differentiate him or herself from the competition. The agent who understands the exposures and the available insurance products can provide a valuable service to his or her clients and prospects. On the flip side, the uneducated agent may experience a potential errors and omissions risk if existing clients do not understand the cyber risk exposures that are not covered by their current insurance program. Further, that same agent is missing the potential marketing opportunity that cyber risk represents.

Every restaurant that keeps electronic data and also uses the Internet to conduct e-commerce or general business operations has an exposure.

Jason Shroot With JasonSellsInsurance.com 

Can Be Reached At: 

714-988-3325 

jason@diversifiedinsurancequotes.com

College Costs — Having a Smart Plan in Place

College Costs — Have a Smart Plan in Place
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With the cost of college doubling every 12 to18 years, it's imperative that parents develop a college savings strategy. Having even a modest plan in place can produce dramatic results: Investing just $100 a month for 18 years will yield $48,000, assuming an 8% average annual return. Here are three common college savings plans:

529 Savings Plan   

Contributions are nondeductible. Earnings and withdrawals are tax-free if used on qualified education expenses. Most plans let you save in excess of $200,000 per beneficiary. There are no income limitations or age restrictions, and you can change the beneficiary to another family member, including yourself.

Coverdell Education Savings Account (ESA)

Formerly the Education IRA, ESA contributions are nondeductible and limited to $2,000 per beneficiary per year. Earnings and withdrawals are tax-free if used by the beneficiary before age 30 on qualified education expenses. Eligibility is constrained by Modified Adjusted Gross Income (MAGI): $190,000 or less for couples or $95,000 or less for singles.
Prepaid Tuition Programs

Prepaid tuition programs allow parents to lock in a tuition rate and begin paying the cost of college today. Many states have their own programs but might limit usage to state institutions only. Alternatively, there's a 529 version that can be used at any accredited degree-granting school, whether it is private, public, undergraduate or graduate, regardless of location.

Whichever college savings strategy you choose, look for low-cost plans with an age-based portfolio that gradually shifts the asset allocation from stocks to bonds and cash as your child ages.


Please Speak With Jason Shroot Your License Financial Insurance Agent & Consultant About Any Insurance or Financial Products At 714-988-3325 or Via Email At jason@diversifiedinsurancequotes.com

RENTING A STORAGE UNIT?

RENTING A STORAGE UNIT? 




Q:  I have just rented a storage unit in preparation for putting my house on the market.  Are our possessions covered under our homeowners’ insurance policy while in storage?

A:  While Moving, MOST insurance Carriers Will Cover Your Belongings Under The Coverage C Limits (Personal Property/Contents) Portion of Your Policy For About 30 Days. 

If You're Needing A Storage Unit For A Long Term Rental Contact Jason Shroot For an Insurance Policy Review & Quote

 
714-988-3325
jason@diversifiedinsurancequotes.com

PROPERLY insuring your Rental Property

So, you’re going to be a landlord! Since it’s nearly ALWAYS a good time to buy real estate, you’re making an excellent move. The long-term value of real estate from an investment standpoint is, in my humble opinion, the best leverage available.

Now that you’ve taken that step, it’s important to get the right kind of insurance to protect not only your investment from the ravages of fire, vandalism, smoke, and broken water pipes, but also protection from the greedy hands of your tenants should they sustain an injury on your property in the form of Liability Coverage.

There’s usually 4 primary areas of coverage you want to explore when looking into insurance for your property that you rent to others. (doesn’t matter if it’s a single family dwelling, duplex, multi-plex or a condo.

1. Building Coverage – Protection for the structure.
2. Personal Property Coverage – Protection for the contents of the unit that you own. This includes refrigerator and window treatments primarily. It would also include any other non-building type items that you own and are stored or used in the rented dwelling.
3. Loss of Rents Coverage – This pays your fair market rent value to you whenever your property is rendered uninhabitable from a covered loss.
4. Liability Coverage – This is that important coverage that protects you when tenants or their guests are injured or sustain some “other kind” of “loss” that they think is YOUR FAULT and they come after you with vengence and an attorney!

1. BUILDING COVERAGE

This coverage is identical to homeowners insurance in that it protects the building against physical loss from perils like fire, smoke, vandalism, water damage from broken appliances and pipes, falling trees, automobiles, etc. It’s usually written on an ALL RISK basis. Which is fancy insurance talk that simply means EVERYTHING except certain listed exclusions is covered. In other words, if something happens to the structure and it’s NOT listed in the exclusions… IT’S COVERED!

You’ll want to get enough coverage here to rebuild the structure at current construction costs. Ask your agent of a general contractor what current constructions costs would be for a place like yours. For a more complete discussion, read HOW MUCH HOMEOWNERS INSURANCE DO YOU REALLY NEED (the section on the building coverage walks you thru the same thinking you’ll need to determine coverage on your rented property.)

2.  PERSONAL PROPERTY COVERAGE

This portion provides coverage for items that you likely brought to the property. (Exception here might be a refrigerator or window treatments) Rule of thumb is that if it’s permanently part of the structure it’s a building item, if not, it’s likely a personal property item. Most window treatment items (curtains, blinds, curtain rods) will be personal property (check with your agent to be sure) Refrigerator is personal property. An installed dishwasher is likely a building item.

Usually you don’t need too much coverage here — $2000 to $5000 is usually enough, but add your stuff up to be sure.

3.  LOSS OF RENTS COVERAGE

This is important to provide a consistent flow of income should you sustain damage to the property that renders it uninhabitable for a period of time. Policies can pay for up to 12 or 24 mos or some offer an indefinite period of time. Usually it’s just for a short time like a few days or a week or two.

4.  LIABILITY COVERAGE

This could be one of the most important decisions you make regarding your rental property insurance. My advice is to think of $1 Milliion as a minimum. The difference between $300,000 and $1 million is likely less than $100 per year ($8.00 per MONTH) Beleive me, a WISE investment in the protection of EVERYTHING you own. Liability losses can be wide ranging and EXTREMELY varied in nature.

Here’s a quick story about one…

Just this year a policyholder called me and told me that they were being sued because their tenant’s girlfriend accidentally let the tenant’s dog out of the back yard. The dog made a beeline across the street and kicked the stuffing out of the neighbor’s dog. The landlord (NOT the tenant or the girlfriend) was being sued by the neighbor for veterinarian bills that exceeded $3000 and for mental anguish, stress, and… well, you know the drill. Fortunately my policyholder had not only their Rental Dwelling Insurance in place but also a $1 Million Liability Umbrella standing between this crazy neighbor and everything they owned. Without that, this could have been their problem…
They could have been paying off this “little problem” for years. They could have risked everything they own in addition to their FUTURE EARNINGS by not having the foresight to get adequate Rental Dwelling Insurance and a LIABILITY UMBRELLA policy.

You can insure your rental property, your personal property and your liability exposure in one simple policy. Be sure to take your time and spend a few minutes in the chaos of the transaction to talk with your insurance professional about these important coverages.

You can always Jason Shroot with Diversified Insurance Quotes with Questions & Quotes at 714-988-3325 or jason@diversifiedinsurancequotes.com