The craftsman’s motto, “measure twice, cut once” is a sort of microcosm of everything you need to know in order to bring projects in on time and under budget. Cutting corners, taking shortcuts, neglecting necessary expenses, that might help you save time and money in the short run, but best case scenario, it’s going to wind up costing you more in labor and budget to redo it later on. Worst case scenario, you build a faulty home that collapses in the first year, if it manages to pass inspection in the first place, and then nobody ever hires you again.
The first thing to go when people take shortcuts tends to be safety. A rush job makes for an unsafe work environment, and results in an unsafe living environment. No matter how much time and money you save on the job, it’s no good if you wind up paying it back in legal fees and time spent in the court room.
So how do you save time and money without taking dangerous shortcuts?
Be Pragmatic When Buying Tools And Materials
Simply put: there’s not much that a $200 hammer can do that a $10 hammer cannot. Don’t cut costs on quality, but shop around, and don’t overspend on fancy tools and materials that you don’t need.
Overestimate All Costs
If you promise your client that you’ll have the addition done in a week, and then a nasty thunderstorm hits on day seven, you’re going to wind up trying to finish up the roof in the middle of a heavy downpour. Promise a two week turnaround on the same project, and the client will be delighted to see the project finished six days early. Don’t make “best case scenario” promises. As they say, plan for the worst, hope for the best.
Pay A Little More For Experience When You Need To
A $12-a-hour lackey might be able to install a kitchen sink if you give him the whole weekend to do it. A $30-an-hour professional plumber might be able to get the same sink installed in an afternoon. Saving money often means spending a little more now so you can spend considerably less in the long run.
Don’t Over-commit Yourself
You’re going to burn through a lot of gas and a lot of daylight if you’re running three jobs at a time and driving all over town to get to them. If client #2 can’t wait a few days for you to finish up a job for client #1, they’re probably a pain in the neck to do business with anyways.
It all comes down to common sense, really: Pace yourself, set realistic goals, spend wisely, and always put safety first.
Property owners have a unique opportunity to efficiently rent out their entire home, a spare bedroom or other accommodation through the online service known as Airbnb. For travellers, Airbnb is convenient, web-based platform that provides affordable and flexible alternatives to hotels. For property owners, the tool easily connects various rental units with prospective occupants and makes collecting payments simple and secure.
Despite it’s convenience and the potential for profit, Airbnb is not without its risks for those who decide to list. Before renting out your home or spare room through Airbnb, keep in mind the following tips:
- Acquire the proper insurance.
Proper insurance is key to mitigating the risks associated with Airbnb. Take the time to review your renters or homeowners policy to make sure you have adequate coverage in place.
- Complete a home safety inspection.
Safety inspections can help Airbnb hosts address risks before they balloon into bigger issues. Before listing your property on Airbnb, complete a through home inspection and address all of the safety hazards you identify.
- Screen all guests.
Prior to allowing guests to stay in your home, it’s a good idea to check their background. To begin, ensure that prospective guests are verified through Airbnb. You can also review any connected social media accounts and read guest references through the site. Above all, trust your instincts.
- Set clear rules.
Through Airbnb, you can create guidelines for guests by completing the House Rules, Home Safety Card and House Manual sections of your profile. This allows you to set clear rules for guests around etiquette and safety.
- Establish occupancy limits.
Limiting the number of occupants that can use your property will help ensure that guests are comfortable and safe during their stay. Occupancy limits should take into account the size of the property and local regulations.
- Add a security deposit.
Adding a security deposit to your Airbnb listing can lessen the financial blow in the event of damaged property or another incident.
- Secure your valuables.
When you open your home to guests, there’s the potential that valuables could be damaged or stolen. To protect expensive items, consider moving them into a safety deposit box or to a secure off-site location.
- Protect sensitive information.
Your property isn’t the only thing you need to worry about when inviting guests into your home. To help prevent identity theft, make sure that guests cannot gain access to any files (physical or electronic) that contain sensitive personal information.
- Install smoke and carbon monoxide detectors.
Safety equipment like smoke and carbon monoxide detectors should be installed around the premises to protect guests and your property. Emergency exists should be property labeled as well.
- Child-proof your premises.
It’s likely that some of your guests will have children. To protect younger guests, take the time to properly child-proof your home.
- Keep your accommodations maintained.
Good housekeeping can help guests avoid common injuries such as slips and falls. Prior to each stay, examine your home for any new housekeeping issues that must be addressed.
- Provide contact information.
Always supply your guests with information sheets that indicate local emergency numbers and the nearest hospital. Provide a clear emergency contact number for yourself, as well as back up, for easy guest reference. Also make clear how you should be contacted if the guest has questions or issues arise.
- Supply a first-aid kit.
In addition to providing emergency contact information, having a first-aid kit readily available and fully stocked at all times is important to guest safety.
- Verify compliance with regulations.
Regulations around Airbnb hosting can differ depending on your location and the type of accommodation you are renting out. Double-check that you are compliant with local and state laws before using Airbnb.
- Notify those who could be impacted by your guests.
When you host guests through Airbnb, there is the potential that neighbors or roommates could be impacted. To avoid unnecessary conflict, let your neighbors or roommates know ahead of time that guests will be using your property.
Agricultural workers are at a serious risk of injury or death when installing, climbing into, fumigating, entering, filling or emptying a silo. Because of the nature of the conditions present, workers may be exposed to hazards such as a lack of oxygen, toxic gases and grain entrapment.
To reduce worker risk of injury, properly train workers and remind them frequently of the following safety recommendations:
- Avoid entering a silo unless it is absolutely necessary.
- Complete tasks outside of the silo whenever possible.
- Have a coworker close by in case of an emergency.
- Never smoke or cause sparks near a silo, especially if the air humidity is low.
- Wear respiratory protection when appropriate.
- Stand at a safe distance when filling or emptying a silo.
- Use an approved fall restraint system and harness when climbing a silo.
- Ventilate a fumigating silo before entering.
- Conduct regular safety inspections of silos.
For more farm and ranch safety tips, contact Scurich Insurance today.
As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy continues to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.
In an age where a stolen laptop or data breach can instantly compromise the personal data of thousands of customers, protecting your business from cyber liability is just as important as some of the more traditional exposures businesses account for in their commercial general liability policies.
Claims Scenario: Outsourcing Gone Wrong
The company: A national construction company that outsources some of its cyber security protections
The challenge: A construction firm partnered with a third-party cloud service provider in order to store customer information. While this service helped the company save on server costs, the third-party firm suffered a data breach.
As a result, the construction firm had to notify 10,000 of its customers and was forced to pay nearly $200,000 in incident investigation costs. The incident was made worse by the fact that the firm did not have a document retention procedure, which complicated the incident response process.
Cyber liability insurance in action: Following a data breach or other cyber event, the right policy can help organizations recoup a number of key costs. Specifically, cyber liability policies often cover investigation and forensics expenses—expenses that can easily bankrupt smaller firms who forgo coverage.
What’s more, when third parties are involved, managing litigation concerns can be a challenge. By using cyber liability insurance, organizations have access to legal professionals well-versed in cyber lawsuits and response.
Claims Scenario: Pardon the Interruption
The company: An online retail store that relies heavily on e-commerce
The challenge: A small-sized, online retailer partnered with a data centre to host its website and store its data. This is not uncommon, as many small businesses don’t have the IT infrastructure to host products, process payments and fulfil orders on-site.
Unfortunately, the data centre was targeted in a distributed denial-of-service (DDoS) attack. As a result of this attack, the retailer’s website went down for several days. While functionality was eventually restored, business interruption costs from lost sales and website downtime was over $165,000.
Cyber liability insurance in action: DDoS attacks are one of many weapons cyber criminals use to infiltrate and disrupt businesses. These attacks can impact any organization that owns a website, regardless of where it’s hosted.
Cyber liability insurance is one of the only protections organizations have against costly DDoS attacks and similar disruptions. This is because cyber policies offer business interruption loss reimbursement. Following a disruption caused by a cyber event, policies kick in and help organizations recover from any financial losses.
Benefits of Cyber Liability Insurance
- Data breach coverage—In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action. Cyber liability policies include coverage for these exposures, thus safeguarding your data from cyber criminals.
- Business interruption loss reimbursement—A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What’s more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.
- Cyber extortion defence—Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it’s critical that organizations seek cyber liability insurance, which can help recoup losses related to cyber extortion.
- Legal support—In the wake of a cyber incident, businesses often seek legal assistance. This assistance can be costly. Cyber liability insurance can help businesses afford proper legal work following a cyber attack.
When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with business disruptions, lost revenue and litigation. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.
Cyber exposures aren’t going away and, in fact, continue to escalate. Businesses need to be prepared in the event that a cyber attack strikes. To learn more about cyber liability insurance, contact Scurich Insurance today.
On Dec. 22, 2017, President Donald Trump signed into law the tax reform bill, called the Tax Cuts and Jobs Act, after it passed both the U.S. Senate and the U.S. House of Representatives.
This tax reform bill makes significant changes to the federal tax code. The bill does not impact the majority of the Affordable Care Act (ACA) tax provisions. However, it does reduce the ACA’s individual shared responsibility (or individual mandate) penalty to zero, effective beginning in 2019.
As a result, beginning in 2019, individuals will no longer be penalized for failing to obtain acceptable health insurance coverage.
?The ACA’s individual mandate penalty no longer applies, beginning in 2019. However, individuals will still need to certify on their 2018 tax return (filed in early 2019) whether they complied with the individual mandate for 2018.
In addition, a failure to obtain acceptable health coverage for 2018 may still result in a penalty for the individual for that year on their 2018 tax return (filed in early 2019).
The Individual Mandate
The ACA’s individual mandate, which took effect in 2014, requires most individuals to obtain acceptable health insurance coverage for themselves and their family members or pay a penalty. The mandate is enforced each year on individual federal tax returns. Starting in 2015, individuals filing a tax return for the previous tax year indicate, by checking a box on their returns, which members of their family (including themselves) had health insurance coverage for the year (or qualified for an exemption from the individual mandate). Based on this information, the IRS then assesses a penalty for each nonexempt family member without coverage.
Effect of the Tax Reform Bill
The tax reform bill reduces the ACA’s individual mandate penalty to zero, effective beginning with the 2019 tax year. This effectively eliminates the individual mandate penalty for the 2019 tax year and beyond. As a result, beginning with the 2019 tax year, individuals will no longer be penalized for failing to obtain acceptable health insurance coverage for themselves and their family members.
Impact on Years Prior to 2019
Although the tax reform bill eliminates the ACA’s individual mandate penalty, this repeal did not take effect until 2019. As a result, individuals were still required to comply with the mandate (or pay a penalty) for 2018. This means that individuals must still certify on their 2018 tax return (filed in early 2019) whether they complied with the individual mandate for 2018. Therefore, taxpayers should indicate on their 2018 tax returns whether they (and everyone in their family):
- Had health coverage for the year;
- Qualified for an exemption from the individual mandate; or
- Will pay an individual mandate penalty.
In addition, a failure to obtain acceptable health coverage for 2018 may still result in a penalty for the individual for that year. Individuals who are liable for a penalty for failing to obtain acceptable health coverage in 2018 will be required to pay that penalty when they file their federal income taxes in 2019. As a result, some individuals may be required to pay the individual mandate penalty in early 2019, based on their noncompliance for the 2018 tax year.
Effect on Other ACA Provisions
Despite the repeal of the individual mandate penalty, employers and individuals must continue to comply with all other ACA provisions. The tax reform bill does not impact any other ACA provisions, including the Cadillac tax on high-cost group health coverage, the PCORI fees and the health insurance providers fee. In addition, the employer shared responsibility (pay or play) rules and related Section 6055 and Section 6056 reporting requirements are still in place.
Cyber security threats and trends can change year over year as technology continues to advance at alarming speeds. As such, it’s critical for organizations to reassess their data protection practices at the start of each new year and make achievable cyber security resolutions to help protect themselves from costly breaches.
The following are resolutions your company can implement to ensure you don’t become the victim of a cyber crime:
- Provide security training—Employees are your first line of defense when it comes to cyber threats. Even the most robust and expensive data protection solutions can be compromised should an employee click a malicious link or download fraudulent software. As such, it’s critical for organizations to thoroughly train personnel on common cyber threats and how to respond. Employees should understand the dangers of visiting harmful websites, leaving their devices unattended and oversharing personal information on social media. Your employees should also know your cyber security policies and know how to report suspicious activity.
- Install strong anti-virus software and keep it updated—Outside of training your employees on the dangers of poor cyber security practices, strong anti-virus software is one of the best ways to protect your data. Organizations should conduct thorough research to choose software that’s best for their needs. Once installed, anti-virus programs should be kept up to date.
- Instill safe web browsing practices—Deceptive and malicious websites can easily infect your network, often leading to more serious cyber attacks. To protect your organization, employees should be trained on proper web usage and instructed to only interact with secured websites. For further protection, companies should consider blocking known threats and potentially malicious webpages outright.
- Create strong password policies—Ongoing password management can help prevent unauthorized attackers from compromising your organization’s password-protected information. Effective password management protects the integrity, availability and confidentiality of an organization’s passwords. Above all, you’ll want to create a password policy that specifies all of the organization’s requirements related to password management. This policy should require employees to change their password on a regular basis, avoid using the same password for multiple accounts and use special characters in their password.
- Use multi-factor authentication—While complex passwords can help deter cyber criminals, they can still be cracked. To further prevent cyber criminals from gaining access to employee accounts, multi-factor authentication is key. Multi-factor authentication adds a layer of security that allows companies to protect against compromised credentials. Through this method, users must confirm their identity by providing extra information (e.g., a phone number, unique security code) when attempting to access corporate applications, networks and servers.
- Get vulnerability assessments—The best way to evaluate your company’s data exposures is through a vulnerability assessment. Using a system of simulated attacks and stress tests, vulnerability assessments can help you uncover entry points into your system. Following these tests, security experts compile their findings and provide recommendations for improving network and data safety.
- Patch systems regularly and keep them updated—A common way cyber criminals gain entry into your system is by exploiting software vulnerabilities. To prevent this, it’s critical that you update applications, operating systems, security software and firmware on a regular basis.
- Back up your data—In the event that your system is compromised, it’s important to keep backup files. Failing to do so can result in the loss of critical business or proprietary data.
- Understand phishing threats and how to respond—In broad terms, phishing is a method cyber criminals use to gather personal information. In these scams, phishers send an email or direct users to fraudulent websites, asking victims to provide sensitive information. These emails and websites are designed to look legitimate and trick individuals into providing credit card numbers, account numbers, passwords, usernames or other sensitive information. Phishing is becoming more sophisticated by the day, and it’s more important than ever to understand the different types of attacks, how to identify them and preventive measures you can implement to keep your organization safe. As such, it’s critical to train employees on common phishing scams and other cyber security concerns. Provide real-world examples during training to help them better understand what to look for.
- Create an incident response plan—Most organizations have some form of data protection in place. While these protections are critical for minimizing the damages caused by a breach, they don’t provide clear action steps following an attack. That’s where cyber incident response plans can help. While cyber security programs help secure an organization’s digital assets, cyber incident response plans provide clear steps for companies to follow when a cyber event occurs. Response plans allow organizations to notify impacted customers and partners quickly and efficiently, limiting financial and reputational damages.