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Murphy Insurance News & Articles

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winter business preparation tips

New England winters are known for their unpredictability. Keeping your business operations running smoothly and safely this winter is dependent on being prepared for whatever winter weather might bring. Below are a few of the steps you can take to address the most common problems that cause property damage in winter. Cold air in enclosed spaces Visually inspect concealed spaces for gaps in wall materials; water pipes in these areas can freeze if unprotected Keep these spaces ...

Ordiance or Law Coverage for building code changes

Building code changes can create extra expenses not covered by standard insurance. Be sure you’re protected. Do you know how your home or other property complies with current building codes if you had to rebuild after a fire or other loss? If not, you’re not alone; however, it’s a real concern that you need to consider.  Changes to building ordinances and laws can result in requirements to upgrade your building to new standards during reconstruction, ...

Accounting

The COVID-19 pandemic has caused many businesses to adjust or reduce their operations. Workers may have transitioned to working from home, having reduced hours, have been furloughed – some with or without pay, or have been laid off. Maintain Accurate Payroll Records for Proper Workers' Compensation Insurance Premium With this upheaval, it is important to maintain accurate payroll records to ensure you are charged appropriate premium for your Workers’ Compensation coverage. Workers’ Compensation policies are audited ...

business desk laptop

Managing and growing a successful startup takes vision, passion—and the right type and amount of business insurance, according to the Insurance Information Institute (I.I.I.).  “Starting and maintaining a new business can be costly, but the last place business owners should cut corners is insurance,” said Loretta Worters, a vice president with the I.I.I. “Proper business insurance coverage can be critical to—and is often a requirement for—a startup’s success." Understanding the factors used by insurance companies to price a business ...

business recovery after storm

The Insurance Institute for Business & Home Safety (IBHS) offers small business owners free, user-friendly resources that can help assure their business continuity, along with checklists to help them protect their business investments and property when bad or severe weather threatens. “No matter where in America they are located, small businesses face a significant risk from severe weather events. The good news is with some basic, thoughtful planning, these risks can be managed, reduced and often ...

workers compensation sole proprietor coverage

  Workers' compensation policies issued to Sole Proprietors and Partnerships do not provide coverage for the individual sole proprietor or partner(s) unless they elect coverage for themselves. This can leave a gap in workers’ compensation coverage as shown below:      What does this mean to you?  Sole Proprietors & Partner(s) – Make sure you have elected the proper coverage as most companies already expect that you have it in place. You have bills to pay and could be injured ...

cyber liability insurance

The Internet has changed the way most of us do business and has increased liability exposures. If any of the items listed below apply to your business, you most likely have Cyber Liability exposures. you communicate by email you provide information or services through a website you conduct e-commerce you store and use customer information electronically why be concerned? While there are many publicized hacking attacks against large companies reported in the news, smaller companies face increasing computer liability risks, ...

employee lawsuit protection

Does your business employ one or more people? If so, you need to be prepared for the possibility of an employee lawsuit. Small businesses are just as vulnerable as large corporations… even family businesses aren’t immune. There are steps you can take to prevent lawsuits such as: create an employee handbook with set policies and procedures document employee acceptance of handbook document any disciplinary action However, no matter how diligent you are, your business can still end up ...

Independent Contractors

  Does your business use “independent contractors”? If so, are you in compliance with Massachusetts Independent Contractor Law (MICL)? (M.G.L. c. 149, §148B) Established in 1990, the law initially focused on the construction industry; however, changes in 2004 created a very strict “three prong test”, which expanded implications to many other types of businesses. As a result, many businesses that have used “independent contractors” can no longer classify these workers as such. Three Prong Test In order ...

home water damage

Water damage is among the most common reasons for making a property damage claim. Home, condominium, renter insurance and commercial property policies cover a variety of types of property damage caused by water. However, not every instance of water damage is covered by insurance. Damage being covered by a policy can depend on the cause of water damage and the type of policy you have, and whether or not you’ve purchased optional coverages. Water damage causes Causes of water damage can be ...

 

The information provided in these articles are only general descriptions and should not be relied upon as complete, correct or accurate for your specific situation. All coverage informaiton is subject to policy provisions, endorsements and may be  subject to your meeting underwriting qualifications. Murphy Insurance Agency is not engaged in rendering legal, accounting or other noninsurance professional services. Consult an appropriate professional for advice regarding your own situation.