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How Financial Institutions Can Protect Against Employee Dishonesty

Financial institutions must protect against burglary and counterfeiting, but one of the most significant losses financial institutions face is employee dishonesty. This may include theft, fraud, embezzlement or other illegal acts. Here is what financial institutions can do to protect against these losses.

Examples of Employee Dishonesty

People who work in the financial industry often have access to customer bank accounts or financial institutions’ funds, and may find ways to personally gain from their access. Here are some examples of employee dishonesty that financial institutions may face:

  • Creating fake customer accounts
  • Skimming from accounts
  • Loaning money to unqualified applicants for kickbacks
  • Fraudulent trading practices

Protecting Against Employee Dishonesty

Financial institution bonds are a type of insurance that protects financial institutions against employee dishonesty, forgery, robbery and similar crimes. A financial institution bond can reimburse cases where an employee makes financial gains from his or her dishonest act. Some states require financial institutions to carry bonds, and others don’t. Even if a financial institution bond is not required, obtaining one is advisable.

To help prevent employee dishonesty and fraud, procedures such as separation of duties, two-person controls and regular audits can be deterrents. However, a financial institution bond can provide protection when a dishonest employee finds a way around controls.

When Do You Need Earthquake Insurance?

Certain areas of the United States — particularly locations on the West Coast — are uniquely vulnerable to earthquakes. While the devastation of a major earthquake may seem remote, it is unfortunately statistically very possible. Moreover, many homeowners insurance policies actually do not have earthquake coverage.

If you are in an area that is prone to earthquakes, be sure to effectively protect your family and your home with earthquake insurance.

What Is Earthquake Insurance?

Earthquake insurance coverage provides supplementary coverage to a typical homeowners policy, and is particularly applicable in cases where your homeowners policy does not cover damage from earthquakes.

The details of a given policy may vary, but in general, earthquake insurance should provide some coverage for repairs and reconstruction, for the value of items contained within your home, and for the cost of finding a secondary dwelling in the event of significant damage to your primary residence — and possibly more.

While a serious earthquake may seem remote, one can be devastating. Though a minor earthquake may not significantly damage your home, a major one could necessitate a complete rebuild. Speaking to your insurer about purchasing coverage for earthquakes will ensure that you and your family are sufficiently prepared, no matter what occurs.

How To Best Handle ATV Accident Claims

The world of insurance can often prove a bit more difficult than many realize. When it comes to protecting yourself and your assets, you absolutely need to dedicate time and energy to the process. Failing to do this and accepting any policy that comes along can be the easiest way for you to leave yourself open to claims and losses of all sorts. This is especially true when it comes to claims that come about after an accident occurs with an all-terrain vehicle. 

ATV Coverage Basics

An ATV is a type of vehicle that can be difficult to classify from many perspectives. From an insurance angle, you cannot rest on a traditional auto plan. An ATV falls into a category that is different than personal or commercial vehicles, so you need to look for coverage that actually is meant to meet the risks of such transportation. Failing to do this means that even the smallest insurance claim can lead to massive losses. Other points to consider when it comes to finding the right insurance for a vehicle can include:

  • Make and model of the vehicle
  • Classification and regulations of state
  • MIleage and other factors

Review All Options

Though an ATV is different than a car, an accident that happens with this type of vehicle is no less deadly. In order for you to stay safe no matter what, you need to learn more about the options available to you.

Top Planning Tips for Millennials Who Want To Get Their Finances in Order

If you’re a millennial, now is the right time to master key financial moves and get your finances in order. Planning for retirement and saving an emergency fund, for instance, are moves that can serve you well later in life. Check out some of the top millennial financial planning tips below that you can put into action now.

Master Budgeting and Saving Skills as Early as Possible

Before you get to higher-level finances, make sure you have a good mastery of the basics. Skills you may want to sharpen up include:

  • Understanding the extent of your personal financial limits
  • Building up a six-month emergency fund
  • Putting cash into retirement accounts every year
  • Living responsibly within your means

Work Towards the Financial Means Needed for Your Chosen Lifestyle

What your finances should look like depends on the type of lifestyle you want. Before you start budgeting, you may wish to:

  • Expand your job search to higher-earning opportunities
  • Acquire additional skills or certifications to boost your earning capacity
  • Consider career paths that can support your desired lifestyle and its required finances

If you’re still in the early or middle part of your career, implementing key millennial financial planning best practices now can set you up for financial stability in the future. If you want to get your finances in order, master key saving and budgeting skills and calculate the finances needed for your lifestyle.

3 Tips for Implementing A Successful Co-Responder Program

Having police officers arrive at the scene of a mental health crisis is a little like having a delivery person arrive without the pizza. Implementing a Co-Responder Program allows municipalities to better serve the public when individuals need help from mental health professionals. Here are three first steps to implementing such a program successfully.

1. Develop Partnerships with Other Agencies

Create relationships with local mental health service providers. Agree to share information regarding procedures for working with each other. Engage local advocates for mental health services to speak to the public about the cooperation between the groups. Ensure that people who have mental health issues and caregivers of people with these issues are present to inform the policies.

2. Document the Policies and Procedures

Working with the local health and social service organizations, develop a mission statement, vision, and goals for the program. Create policies and procedures that encompass all scenarios to be addressed by the partnership. Clearly define the roles and responsibilities of each agency (the law enforcement agency and all health or social agencies). 

3. Take Inventory of Community Needs

Determine which types of calls will necessitate use of the co-responder program. Ascertain which assessments and services the team will provide to members of the public.

These are just three first steps to creating and implementing a successful co-responder program.

Pro Skateboarder Loses Lip in Dog Attack

After losing significant parts of her face in a dog attack that easily could have turned fatal, professional skateboarder Brooklin Khoury has remained a prime example of what can happen when people aren’t careful around animals. Even though the skateboarder knew the dog, that did not spare her from being bitten.

Preparing for Attacks

The attack on a public figure like Brooklin has highlighted the importance of having systems in place, like an emergency plan or dog bite insurance, in the event that an accident happens. Having insurance can cover the cost of medical bills if your dog bites someone.

Support Network

Brooklinn Khoury has many surgeries lined up for the future, where doctors will attempt to reconstruct her face. Each surgery involves preparation and recovery, which can be taxing emotionally and financially. Luckily, she has a support network that has stuck with her since the beginning, including her celebrity girlfriend, Chloe Lukasiak.

Owning a dog is usually a positive experience. Pets become part of your family, so you want to be sure that you are doing everything you can to protect them and yourself. You can prepare for events like what happened to Brooklinn Khoury by keeping your dog leashed around new people and investing in pet insurance to cover the cost of accidents.

2 Types of Insurance Coverages for Non Profits

Non profit insurance protects against injury and destruction of property to non profit organizations. It’s important to understand what kind of policy will best suit the needs of a particular entity. There are different coverage options.

1. General Liability 

Liability in non profit insurance covers the cost of reparations against an injured party as well as legal councel and fees in such a scenario. This can get a little bit tricky when it comes to coverage involving volunteers. Because a non profit can be found liable if one of its volunteers injures another party, it is important to build that potential into the coverage. Another element of a more comprehensive liability policy is the risk of injury to a volunteer, due to either accident or negligence on the part of the organization. 

2. Property Coverage

This type of insurance covers against damage or loss of property owned by, or in possession of, the non profit or in its care. It can include inventory, furniture, equipment and even the building itself. Property insurance covers things such as fire and water damage, theft and vandalism.    

Non profits exist to serve people and everybody benefits when they are protected from liabilities. By obtaining the right policies and working with the right people, they can focus on the important business befitting their attention.

The Top Insurance Protections Your Day Care Service May Want To Secure

If you run a day care or childcare service, you may be looking into your day care services insurance options right now. Having appropriate insurance coverage is a crucial piece of keeping your business and your caregivers as protected as possible. Before you purchase a daycare policy, make sure that you’ve checked these basic insurance protections off the list.

Your Day Care Likely Requires Basic Liability and Property Protections

For a strong foundation, check that any insurance policy you’re considering covers basic liability and property issues. For instance, it’s often useful to have:

  • General liability coverage
  • Professional liability overage
  • Crime and cybercrime coverage
  • Equipment breakdown coverage
  • Property damage coverage
  • Business interruption coverage
  • Management liability coverage

You May Also Want Policies To Protect Your Employees

In addition to liability and property protections, you may also want to look for a policy that offers key employee protections. For example, your workers could benefit from:

  • Workers’ compensation coverage
  • Commercial umbrella coverage
  • Abuse allegations coverage for workers and volunteers
  • Discrimination allegations coverage
  • Lawsuit reimbursement coverage

As a childcare provider, you’re likely on the hunt for comprehensive insurance protections for your business. As you research your options for day care services insurance, make sure you secure the necessary liability, property, and employee protections your day care center likely needs or could benefit from.

Choosing Insurance for Your Waterfront Property

 

Having a home by the water may be a dream come true, but one violent storm or similar unpredictable disaster could inflict a nightmare of damage. How can you find homeowners insurance that fits the unique challenges of your coastal property?

It’s All in the Details

What your waterfront home means to you probably can’t be measured, but you will need facts and figures in order to get it properly insured. This means thinking about everything that goes into making your property more valuable, from furnishings and collectibles to hardscaping and outbuildings. Anything with significant value that is part of or contained in your property must be included when trying to safeguard against potential losses. This is your starting point for choosing the right waterfront homeowners insurance.

The Risk of Underestimating the Risk

You may have heard the saying, “wishing doesn’t make it so,” and that expression certainly applies when assessing a water-exposed property’s risk. Wishful thinking is no substitute for properly protecting your most valuable assets. Even areas considered low to moderate risk can and do experience flooding and its associated damages. Coastal and waterfront locations are becoming harder to insure precisely because the risk of extreme weather is expected to increase. Accepting that risk – and properly preparing for it – is part of embracing a waterfront lifestyle.

Insuring a waterfront home can a bit trickier than covering a home in a less exposed location. With careful thought and the right information, however, you can safeguard your property and your financial security.

Why Risk Assessment Matters When Selecting Insurance

Picking out the perfect insurance policy is not always a straightforward experience. If you operate a company in a niche field, for example, you will find that the risks of your industry are much different than that of an organization in a traditional area of business. Failing to consider the unique exposures of your industry is an easy way to leave major gaps in your coverage. Thankfully, this can be resolved in advance when you take the time to conduct a bit of risk assessment

Understand the Unique Exposures

Reviewing the hazards of your industry is a crucial step in determining adequate insurance coverage. If you operate a maritime business, for example, you will have exposures that are unique to organizations that conduct operations on or near the water. By assessing your risks, you’ll learn more about professional liability insurance for marine surveyors and similar coverage options. Examples of important coverage points you will need to research include:

  • United States Longshore and Harbor Workers Compensation
  • D&O Liability
  • E&O Policies

Find the Right Plan

Though there are many angles to review when picking insurance, a little bit of preliminary effort can yield massive results in the long run. Take time to research your exposures and see how these can influence your final decision when selecting coverage to protect your company.