Before You Hit The Waves – Boat Insurance

Summer has begun! It’s time to get your boat back on the water, but have you taken the time to check your existing insurance or considered the risks of going without insurance?

From a legal standpoint, you are not required to have liability insurance in order to purchase, register, or maintain ownership of your boat in most states. However, certain states will require you to have liability coverage on certain types of boats. Often marinas and community associations will require that you have insurance. Unless you plan to operate your boat and store it entirely on your own property, then boat insurance will be an essential requirement for you. Regardless, it’s best to do your research before hitting the water. While it may not be a legal requirement in most states, there are many reasons to have boat insurance to properly protect your investment.

If you will be taking a loan out to purchase your boat, the loan company or bank will require you to have coverage for physical damage to the boat. While the state laws don’t require you to have insurance on your boat, your loan company will require it in order to get approved for the loan.

Generally speaking, if your marina, bank, or state requires you to have boat insurance, then your homeowners’ insurance policy won’t be sufficient to provide the required coverage. Boat insurance is its own entity and needs to be treated as such.

Boat insurance policies that include physical damage to the boat, generally speaking, are “all risk” policies, which cover a vast variety of risks. If you have any sort of claim on your boat, including vandalism, lightning, fire, theft, grounding, or sinking, then you are usually covered.  Additionally, the coverage is all based on what you select when looking for a policy for your boat insurance, and our insurance agents can help you with selecting the right coverage to suit your needs. The more your boat is worth, the more coverage you may want to consider so you don’t experience a huge financial loss. If you have an umbrella insurance policy, it will require certain liability limits on your boat insurance policy, in order to prevent a gap in coverage.

Want to enjoy worry-free, beautiful days on your boat? Contact us today.

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Close The Window Of Opportunity: How to Deter Employee Theft

Most theft in retail comes from internal sources. Almost half of all reported fraud is internal. The second most frequent form of reported fraud is shoplifting or external theft, and administrative error accounts for the smallest amount of loss to retail organizations.

You can put precautions in place that will allow your employees to know that you are paying attention. Closing the window of opportunity means taking a realistic look at what is going on within your organization. Knowing your employees is one of the most important things that you can do. Notice if they are doing a diligent job and acknowledge them. It is very important that employees have a sense that what they are doing is worthwhile that they feel invested in your company and your success. This will stop most people with a propensity to steal from continuing or never even starting.

Most people will steal the element of time from you first, elongating breaks, coming in late, leaving early. Once they see no one is giving them any consequences, the opportunity is there to move onto your products, your supplies or other valuable company assets.

In my experience, I have seen three types of employees in regards to theft. People who are completely honest and would never steal from you are a small part of the population. Another small minority of people are out to take a job specifically to steal time, money, merchandise and any other asset your company may have to offer. The largest part of the population would normally not steal. However, if morale is bad, recognition for their work non-existent, and the windows of opportunity are wide open, they will steal from you and are stealing from you.

Depending on your type of business, answering these questions may help you to assess whether or not your business is at risk for employee theft:

Who carries keys and has access to your building?Is the list of key carriers up to date? Have locks been changed and/or keys collected after last management change?Who takes out the garbage and when?Who is signing for your bank deposits? Are two people verifying cash and checks?Are two people going to the bank together to eliminate the opportunity to steal money? Do you vary routines and personnel?How is your inventory handled by your supervisors?Do employees carry large bags that seem unnecessary?Do employees have the opportunity to wear products or place products in an area for later pick up?Do you have a manager that is responsible for ensuring policies and procedures are put in place and followed?Who is checking up on the manager?

There are a few ways to help control employee theft. Many retailers recommend having a hotline to report suspected employee or internal theft. Retailers can also encourage employees to report suspicious behavior to managers and supervisors. Bringing in upper-level supervisors on an occasional basis to review policies and procedures will help your company be able to maintain assets. If you have a board of directors or a financial review committee, they should ensure that deposits are being made and accounted for to the financial statements, as well as conducting a fiscal review of assets.

Many small businesses want to trust employees and do not have these policies in place. By implementing of policies and procedures, these things become a matter of policy rather than trust—and everyone benefits.

Michele Baehr is a 30-year veteran retail multi-store manager with training on interview and interrogation techniques for internal theft.

For questions on this subject, please contact Johanna Bush at JohannaB@amskier.com.

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Spring Home Maintenance Tips

The milder days of spring are a perfect time to do a thorough spring cleaning and perform home maintenance. After a long winter, it is a good idea to spend time on preventive measures to help maintain your home and property throughout the year. Tasks such as cleaning out your gutters, checking for dead trees and branches and cleaning and inspecting home mechanical systems, such as heating and air conditioning equipment, can make spring a season of safety.

Cleaning and maintenance of your home should be done inside and out. Although the tasks are different, ensuring all the elements of your home are in good working order can help keep your family safe and your maintenance expenses lower over the long run.
Inside Your Home
Here are a few things inside your home that should be inspected to ensure they are in good condition:

• Electrical Outlets and Cords: Check electrical outlets and cords throughout your home for any potential fire hazards such as frayed wires or loose-fitting plugs. Outlets, fuse boxes and extension cords also should be checked to make sure they are not overloaded.
• Fire Extinguishers: Check your fire extinguisher at least once yearly, including the hose, nozzle and other parts, to make sure they are in good condition and that the pressure gauge is in the “green” range. If necessary, move your fire extinguisher to an accessible place.
• Air Conditioning: Before turning it on for the season, have your air-conditioning system inspected and tuned up by a professional.
• Water Heater: Check for leaks and corrosion.
• Furnace: Clean or replace your furnace filter.
• Dryers: Dryer lint can build up inside the vent pipe and collect around the duct. Clean both the clothes dryer exhaust duct and the space under the dryer. Use a specialized brush to clean out the vent pipe. Lint can also build up inside the dryer enclosure and should be cleaned and serviced by a professional.
• Smoke Detectors: Daylight savings time is the perfect time to change the batteries in your smoke detectors. Inspect each smoke detector to ensure all are in working order, and make sure to test them monthly. Ideally, there should be at least one smoke detector on each floor of your home, including the hallway or area outside of each set of bedrooms, and one within each bedroom itself. If necessary, install additional smoke detectors as needed.
• Light Bulbs: Check each light bulb in every fixture for the correct recommended wattage and replace any burned out bulbs. Also, consider replacing all high-intensity bulbs with fluorescent or LED bulbs to reduce energy and the amount of heat produced.

Outside Your Home
The cold winter months can do damage to your house as well. Here are a few things outside your home that should be inspected to ensure they are in good condition:

• Roof: Check for any damage from snow or ice, including damage from ice dams, and make any necessary repairs to reduce the possibility of leaks.
• Gutters: Clean leaves and other debris from gutters and downspouts to keep water flowing and reduce the possibility of water damage.
• Trees: Visually inspect trees for damage or rot, and remove (either yourself or through a contractor) any dead trees that might blow over in heavy winds or during a storm. Keep healthy trees and bushes trimmed and away from utility wires.
• Lawn Equipment: Make sure lawn mowers, tractors and other equipment are tuned up before using. Store oil and gas for lawn equipment and tools in a vented, locked area.
• Walkways and Driveways: Repair any cracks and broken or uneven surfaces to provide a safe, level walking area.

A little home maintenance in the spring can go a long way to keeping your home safe and secure throughout the rest of the year.

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