Category Archives: Insurance / Employee Benefits

By Michael Cruz

We spend a lot of time thinking about how to attract and retain employees.  Pay rates, time off, health care, 401Ks and more. 

Yet, the number one reason people leave is that they do not like their boss. Number two is that they feel unappreciated. And third is that they do not like the company’s culture.

You have a culture at your company. If your company is large, you probably have some culture statement. They often start with “We have respect for our customers and employees.” Then, that new employee gets publicly berated by a coworker—or worse their manager. Do you think that they now believe the culture document?

If your business is smaller, you may think you are too busy to spend time worrying about that ‘soft’ stuff. The key message here is that you already have a culture. In this case, one that is unwritten and passed down by employees. 

All organizations have culture. Merriam Webster defines culture as “the set of shared attitudes, values, goals, and practices that characterizes an institution or organization.” Wiki says it is “the values and beliefs; language and communication; and practices shared by a group of people.” Thus, you have a culture at work, at church, with friends and even in your family.

Normal people do their very best to adapt to different cultures. We try to “fit in.” Think about the first week for someone new to your company. They are quieter at the beginning. Normal people observe for a while. They want to assess what is expected. 

By Bill Strauss

Your home is where memories are made and it’s also a major investment. It’s the haven you’ve created to live your life in safety and comfort and do what you love most. Cozy dinner parties for two. Tinkering on a classic car. Raising a family.

Home insurance is not required by law, but if you have a mortgage, your lender can require you to have insurance until the loan is paid off. It is there to help you protect what matters most, wherever you call home. It’s there to help you ease the financial burden of repairing or rebuilding your home and replacing your belongings after commonplace disasters.

Not every home insurance policy is the same. Policies can be tailored to fit your needs. A standard homeowners insurance policy covers damage to your home and your property caused by various perils covered by the policy. 

Typical home insurance policies cover damage caused by an aircraft, car or other vehicle, explosions, falling objects, fire and smoke, lightning strikes, theft, vandalism and malicious mischief. 

They provide four main types of coverage. Dwelling coverage helps you pay for repairs or rebuilding your home if it’s damaged or destroyed. Personal property coverage helps you pay the costs of fixing or replacing your belongings if they’re damaged. Liability coverage helps you protect your financial assets if you’re at fault for an injury or property damage or say a dog bites your neighbor.

By Susan Elise Campbell

The Employee Assistance Program of Warren, Washington, and Saratoga Counties (Adirondack EAP) will turn the corner on 40 years with a new executive director at its helm. 

Richard J. Demers is soon to retire as executive director after 36 years.

Over the decades Demers and his staff established Adirondack EAP as a valuable community resource providing free and confidential assessment, counseling, and referrals for employees of member organizations and their families, according to Tracey Riley, president of the board of directors and vice president of human resources at Finch Paper.

Adirondack EAP is a local, rather than a national EAP, with its  main office at 559 Glen St. and affiliated offices in Plattsburg, Saratoga Springs, Albany, Clifton Falls, and other locations.

Today there are 60 member companies and 25,000 employees and their families have been served, Riley said.

EAP counselors work in a consultative role with managers and supervisors of member companies, providing them mindfulness training or other assistance, such as helping with transitions if there has been a tragedy in the workplace, McManus said.

By Melissa Davidson

Cyber insurance, which not too long ago was thought of as a want and not a need, is now considered a primary component in many business insurance policies. Cyberattacks are on the rise with breaches becoming more frequent and losses becoming more severe. 

According to AM Best, “The loss ratio for cyber insurance rose dramatically in 2020, [up] to 67.8 percent from 44.8 percent in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.”

Cyber liability insurance generally covers a business’s liability for a data breach involving sensitive customer information: such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records. 

Those costs can include lost income due to a cyber event, costs associated with notifying customers affected by a breach, costs for recovering compromised data, costs for repairing damaged computer systems and more. Moreover, cyber coverage is not automatically included in general liability coverage and is generally excluded. This coverage needs to be purchased separately.

By Melissa Davidson
2020 has been unlike any year before it. Did you ever think that your four-legged friend would be your new co-worker? Or you’d become a full-time teacher while your children learned from home?
For many people, COVID-19 required you to work from home instead of the office. Maybe it has been more cost effective to be able to work from home, but are you sure your type of business is covered by insurance while doing so?

By Dan Wade, Esq.
We’re all familiar with auto insurance, health insurance and homeowner’s insurance, but what do you know about title insurance? Do you know if you’re covered?
Owning a home is likely the biggest investment you’re ever going to make. And like most homeowners, the “American Dream” comes with a mortgage attached. It’s safe to bet that as the mountainous stacks of papers were being shuffled around during your real estate closing, you may not even remember that you purchased title insurance for the lender.

By Rachel Phillips
The nature of business often requires some level of risk taking, but not all risks a business owner faces are under their control.
For example, an employee may be injured in an accident, or a security breach could result in data loss or theft. While no one can completely avoid all potential risks, partnering with a qualified insurance or risk management provider can identify where they might be vulnerable and create a plan to manage and mitigate damages.
Thomas Flynn, co-founder, president and CEO of Jaeger & Flynn, with offices inn Saratoga Springs, Clifton Park and Glens Falls, said all risk management processes follow five basic steps: Identify the risk, analyze the risk, evaluate or “rank” the risk, treatment, and monitoring the risks regularly to assess whether they’ve changed.
Flynn said risks fall into one of three categories: personal, property or liability.
Personal risks refer to risks that can affect the health or safety of an individual, such as being injured or suffering from an illness. Property risks are risks that can cause partial or total loss to property, such as theft or fire. Liability risks refer to the risks associated with being found liable to another because of negligence, reneging on contractual obligations, etc.

By Michael Cruz
Good news. The economy is doing well. Bad news. That will shrink the labor market. Often, I write about hiring and its associated pains. There is one way you can reduce that pain. It is investing in the people you already have.
We already know that it costs less to keep our customers than it does to acquire new ones. The same is true about the people that work for you. Hiring is difficult, it is expensive, and it is not a 100 percent solution.
Many years ago, I worked for a very fast-growing software company. When I joined it, the company’s sales were $18 million. When I left 7 years later, sales topped $450 million.
Amazing! One of the most stunning attributes of that industry was that we were all fairly young and inexperienced. We were a young company and we were a young management team. We worked to figure out our weaknesses and we brought in experts to address them. And that personal growth kept me loyal to the company. Even when I was offered more money to leave!
I outlasted every person that joined the company when I did. Many others quit. When asked why I stayed, I said: the growth afforded me opportunities.