BNC Agency

Some of us look back on the days of being young and single and wonder why we were in such a hurry to get out of that stage. Few responsibilities and no one to answer to meant that life was easy and carefree. While it may seem that way, that's really not the reality. Most young people carry the weight of finding and keeping a decent job in a struggling economy, paying bills, student loan debt and balancing relationships.

Another thing that young single adults need to consider is life insurance. For years, many have believed that this demographic doesn't need life insurance until they get married and have children, but there are several reasons why investing in life insurance at a young age makes sense.

First, should a young adult pass away, there is still the cost of final expenses to consider. Somebody will bear the burden of this and, quite frankly, it's not cheap. Life insurance is a way to provide financially for the person who will have to deal with this reality, whether it be a parent, sibling or friend.

While many young people don't have children yet, they do have aging parents. Many children (especially if they're an only child) feel a responsibility to care for their parents and make sure they are taken care of. Life insurance can be used as a way to provide for the parents’ care should the child not be around to do so.

Young adults are passionate about so many things, and most have something that is near and dear to their heart, whether it be taking care of homeless animals or educating people about climate change. A life insurance policy is one way to leave a gift to a charity that one feels strongly about, so that even if the young person isn't here anymore, they can leave a legacy to an organization that will carry on their beliefs.

Lastly, we have some good news. While no one likes to think about end-of-life issues, people who are young and healthy are eligible for low life insurance rates. Starting a policy now may be extremely inexpensive, and a wise financial decision. In the future, as these young adults get married and have children, they will appreciate the fact that they started a policy at a younger age.

Many people prefer motorcycles to cars because they are cheaper to own and operate. However, like with cars, you are required by law to purchase insurance for your motorcycle. But what exactly does that entail?

While some bikers are comfortable purchasing the minimum state requirements, other bikers prefer more coverage for their motorcycles. Most policies are customizable so you can pick and choose the coverage options that you desire. Some of those options include:

Collision: Covers damage to your property resulting from a collision.

Comprehensive: Covers damage to your property resulting from a covered event other than a collision, such as fire or theft.

Liability: Covers third party property damage and bodily injury.

Personal injury: Covers both you and your passenger's medical expenses and/or lost wages.

Uninsured/underinsured motorist: Covers your damages resulting from a collision with an at-fault driver who is uninsured or underinsured.

Custom parts: Covers damage to after-market parts that have been installed on your bike.

The amount of coverage you wish to purchase will affect the premium you must pay. But other factors contribute to premium calculations as well. Some of those factors include:

Bike make and model: The cost of your bike and replacement parts contribute to how much you'll pay for insurance.

Your age and driving record: Individuals over age 25 with clean driving records are less risky bikers than teenagers or individuals with a history of tickets and accidents.

When you ride: Bikers who only ride on weekends or seasonally may pay less than bikers who ride year-round.

Location: Bikers who live in areas with a low crime rate are likely to pay less for insurance, particularly if they store their bike inside a garage or shed to discourage theft and vandalism.

Custom accessories: A bike with an increased value due to custom parts may cost more to insure because of higher repair costs.

Just because you're required to purchase motorcycle insurance doesn't mean you have to break the bank. Talk to your independent insurance agent about discount options, new customer incentives, customer loyalty programs and bundle policies.

Everyone’s been there—living in a small apartment or condo for a stretch of time can provide you with some organizational challenges. Where will you store all of your belongings? How can you make such a tiny kitchen functional? We’ve put together five tips for making better use out of small living spaces so you can get the most out of your home.

Bathroom storage: Bathrooms can be a challenge, particularly if your vanity is small. Take a look at your walls and pick a few ideal locations for narrow shelves. You can hang them above the toilet, next to the mirror and anywhere else there’s space. Buy a few canisters to hold items like cotton swabs and buy a few small baskets to store items like feminine products out of sight. Going vertical will save valuable counter space.

Kitchen storage: Similar to bathroom storage, using vertical storage is often helpful in the kitchen. If you have an open wall (or portion of a wall), install shelving for additional storage. You can even transfer non-perishable items like nuts and crackers into glass canisters and place them on the shelving for a more aesthetic solution to store packaging.

Desk nook: Do you have a small nook of unused space? Turn it into a workstation. Buy or build a desk that hangs directly on the wall and install shelves above it for extra storage. It’s a great way to use up space, especially when your home has no room for a full-sized desk.

Multipurpose room: If you need an extra room for an office, library, media room or craft room, do double duty by making it a multipurpose room. An easy way to do this is to buy a Murphy bed or futon so the space can double as a guest room. This dual functionality can be useful in many situations to support whatever your hobbies may be.

Multipurpose furniture: There is a wide variety of multipurpose furniture that makes practical sense for a small space. Your options include coffee tables that pop up for sofa dining, stools that double as storage bins, decorative storage baskets that fit onto shelves and various other items.

Construction, statistically speaking, is the most dangerous profession with a very high injury and accidental death rate. Worksites should actively make use of numerous safety procedures to keep workers as safe as possible. The following seven safety tips are some of the most common safety procedures that should always be utilized.

#1 Stairway Safety Stairways with over four risers should be equipped with a handrail and all steps should be equipped with traction tape to prevent slips.

#2 Ladder Safety Ladders should be kept in good repair and routinely inspected. Ensure the proper use of a ladder by locking it before climbing and never exceeding the maximum intended load atop the rungs.

#3 Scaffolding Safety Scaffolding should stand on solid, stable ground and safety equipment — guardrails, midrails and toeboards — should always be used.

#4 Fall Safety Use harnesses and safety nets, on top of previously mentioned safety protocols, when the height of a task requires you to do so. Falls are the biggest risk on a construction worksite, which makes it essential to use every safety measure at your disposal.

#5 Personal Safety Workers should wear steel-toed boots at all times while on a worksite and hard hats whenever the risk of falling objects is present.

#6 Forklift Safety All workers who operate forklifts should be fully trained and certified, which means they should know that loads should stay within the weight capacity and should be lowered while driving.

#7 Chemical Safety Keep Material Safety Data Sheets (MSDS) on hand for each chemical at the worksite. Employees should be trained on how to read and interpret the information, safely use the necessary chemicals, use a chemical spill cleanup kit, protects themselves from chemical exposure using safety gear and act quickly if a spill occurs.

You may already know the importance of shopping around to score the best rate on your auto insurance premiums, but did you know that certain factors (or the absence of them) could cause your insurance premiums to rise? To understand what makes your insurance premiums spike, it helps to understand the basic nature of auto insurance: Insurers make money when they insure drivers who don't have accidents, and don't make claims. They lose money when the opposite happens. As such, it is in the insurer's best interest to predict driver risk factors as accurately as possible. When any of the following factors are present in your life, they indicate an increased likelihood that you, as a potential auto insurance policyholder, may have an insurance claim that will cost the insurer money. To compensate for the increased likelihood of a payout, insurers charge you more money in the form of a raised premium. Here are six things that spike your auto insurance.

Buying a New Car Because a new car as an asset is worth more money than an older model, it will cost more to replace. Additionally, if you finance or lease your new car purchase, most lenders require you to carry full coverage at a stated level, which makes it impossible to skimp or strategize only on the coverage you need. You can be wise about how your new ride will impact insurance premiums before you buy. According to a recent study by Insure.com, the cheapest new cars to insure tend to be larger, sturdy models such as minivans, SUVs and trucks. Don't assume that premium boosts come only with a flashy sports car or other high-priced model. The study indicated that the Honda Civic, for example, commands higher insurance rates simply because it tends to be driven by younger, childless owners who are inherently deemed riskier than parents. Further, it's one of the most stolen vehicle models in the United States. 

Increasing Your Commute Long commutes to work don't just cost you in time and fuel; they'll also boost your auto insurance premiums. Again, the risk is much greater that you'll get into an accident when you're driving during rush hour. Further, if you are in a profession that involves frequent driving, like a pizza delivery person or salesperson, you'll pay for the increased time that you spend in the car because more time spent driving increases the risk of an accident.

Moving Though actual risk is determined by the zip code you live in, city residents statistically have more accidents, which drives their premiums higher than those who live in rural areas. Additionally, more people living in an area means more claims, which is reflected in the higher premium prices in such places. If you've recently taken up residence in New Mexico, Alabama, Oklahoma or Florida, expect to pay higher premiums. According to the Insurance Research Council, these states have the greatest concentrations of uninsured motorists, which ultimately seeps into insured drivers' premiums. Source

It’s no secret that people prefer to work for compassionate companies that understand their personal needs. These individuals will often work harder for a company that takes care of them, creating loyalty on both sides of the employment spectrum. Offering healthcare is standard for many businesses, but here are five additional benefits that workers value.

PTO and flexibility: At least two weeks of paid time off per year is a very attractive benefit, particularly if employees are encouraged to use it rather than being made to feel guilty by either a manager or the workplace culture. Flexibility is also highly desired. Rather than a rigid 9 to 5 schedule, allow employees to choose their own hours so long as they continue to deliver quality work. Flexibility can also incorporates the ability to work from home when necessary, such as during a bad storm or when an employee is expecting a handyman.

Monetary rewards: Even loyal, hardworking employees get tired and burnt out. But offering a reward can renew their motivation so work gets done faster and better. Announce that, upon completing certain tasks or projects, you will offer a bonus check, gift card, sponsored lunch or another reward of value.

Retirement savings: Today’s economic climate has made it more important than ever to start saving for retirement early on in one’s career. A 401(k) plan, particularly one in which the employer matches employee contributions, is a great way to support your employees’ personal goals.

Wellness program: The health and wellness of your employees directly correlates to productivity and the number of sick days taken. Plan a program to promote healthier choices. Offer healthy snacks in the break room instead of the old potato chips and candy bars. Schedule lunchtime walks. Bring in a nutrition coach to teach a seminar. You can even partner with a local gym to offer your employees a discounted membership.

Childcare: Caring for children is tough on a worker’s schedule, particularly when trying to coordinate with daycare schedules as well. Offering in-house childcare can reduce a lot of that stress and, in fact, many parents are relieved to know that their child(ren) are close by.

Homeowners coverage is not required by law. However, if you borrow money to buy a home, your lender will likely require you to buy a homeowners insurance policy in order for you to qualify for a home loan. In this case, your home is collateral and the lender wants the collateral maintained. The lender requires insurance so you can afford repairs if the home suffers an insurable loss.

At a minimum, your lender will want your policy to cover or exceed the amount you owe on the loan. Most home owners, however, want enough coverage to repair or replace the home.

In an average year, 374,000 residences catch fire, resulting in $7.32 billion in loss

In 2010, 2,158,878 houses were burglarized, resulting in an estimated $4.6 billion loss

1,691 tornadoes occurred in the U.S. in 2011, at a cost of $28 billion

People commonly believe that if anyone gets injured for any reason on their property, they will be held liable for the expenses associated with medical bills and/or legal fees. However, this is not always the case. There are circumstances for which you may be held liable, as well as circumstances which are simply deemed accidental. And mere accidents do happen. So when are you liable?

It is your job, as a property owner, to ensure the reasonable care for visitors’ well-being. This goes for friends, family, workmen and anyone else who enters your home. If your failure at providing a safe standard of care causes injury, then you will likely be held liable. What does this mean? If you know about a potential hazard but neglect to fix it, you could be held liable for resulting injuries. For instance, if one of your stairs is obviously loose and you neglected to repair it or offer a warning (such as a sign or a barrier to block the hazard), you could be held liable if a friend slips on that step and suffers injuries.

In many similar cases, you can be held liable only if you know about the potentially dangerous condition of your home and it results in an injury or property damage. If your home is in good repair and a guest simply stumbles, falls and twists an ankle, it’s likely that will be ruled as an accident and you will not be liable for resulting medical expenses.

Alcohol also contributes to liability. If a guest is clearly intoxicated and you continue to offer him or her cocktails, any resulting injuries could be your liability due to foreseeable damages associated with alcohol consumption.

Basically, use your best judgment. If your home is a safe environment and you take care to keep visitors safe as well, you may not be held liable for injuries that may occur. However, if there are dangers lurking around your home, particularly if you know about them and neglected to fix them, the liability for injuries is likely to fall on you.

Most people have at least auto and homeowner’s/renter’s insurance in their portfolio, if not more policies. For people who have more than one insurance policy, bundling is a good choice. It has the obvious benefit of dealing with only one insurance company, which leads to one monthly payment and one renewal date. But on top of that, it may qualify you for a discount.

Why? Insurers want your business, and they offer a bundle discount as an incentive for you to purchase more policies from them. In fact, some insurers offer you bigger discounts if you buy more policies.  An individual or family who bundles insurance policies can generally save up to 20 percent on premium payments!

Bundling isn’t limited to just auto and homeowner’s/renter’s insurance. You can often throw in motorcycle, RV, boat, life, disability, long-term care etc. Many insurers will allow you to customize your portfolio with all of the coverages that fit your needs. The most common bundle in American homes is auto, home and life.

You may be able to save more if you qualify for additional discounts. Maintaining a clean driving record, driving a safe car and making your home safer can all lead to discounts. How? Premiums are based on risk. The larger your risk of filing a claim, the higher your premium will be. That means that homes with a security alarm, dead bolts, smoke detectors and carbon monoxide detectors may qualify for a safe home discount. Similarly, a car with an anti-theft alarm, side air bags and anti-lock brakes may qualify for a safe car discount.

The low-risk savings also apply to life insurance. A younger, healthier individual is likely to pay less than an older individual who may have developed health issues. For this reason, it’s a good idea to buy life insurance young and lock in that lower premium.

Even the safest workplaces can house the occasional injury. Workers compensation benefits prevent employees from suing their employers, but the best way to save money in regards to accidents is to develop a return to work program. The program involves taking appropriate steps to return the injured employee to work that is equivalent to his or her abilities. Sometimes this means alternative work must be given to an employee until their recovery allows him or her to resume regular tasks.

Companies of all sizes can implement return to work programs to benefit both employees and employers. The following tips can assist in the establishment of such a program:

Consider alternative job roles before an employee returns to work

Allow flexibility as an employee is recovering. Promote positivity and productivity

Ask recovering employees what tasks they are capable of performing

Present your return to work program as part of your company’s benefits package

Ensure handicapped accessibility of all workspaces and buildings

Your goal, as an employer, should be to keep recovering employees productive, even if they can only work part-time temporarily. They should have the opportunity to continue making positive contributions to the business. As an added bonus, this goal prevents companies from losing valuable, experienced employees. Accomplishing this may involve modifying tasks and/or workplaces.

Supervisors should initiate clear, open communication with a recovering employee. It’s important to be aware of the employee’s recovery process, as returning to work too soon can hinder or set recovery back. In turn, supervisors should also coach healthy employees about the process. While an employee is recovering, some or all of his or her work may be split up between remaining employees. Clearly communicate the specifics of duties and how long they can be expected to last. Cutting these employees slack and praising their achievements during this time can also help to boost morale.

A well-planned return to work program can reduce the amount of lost work days, keep a recovering employee contributing to the company and even save a business money on workers compensation premiums.

Every business, no matter the size, faces risks each month. Truckers spend their days on the road, chefs handle food preparation, construction workers operate heavy machinery and doctors handle patients and biohazard materials.

Some of the top risks businesses face include:

·         Liability: If a customer is injured on a business’ premises or by a product they make, that business is liable for their medical treatment. Similarly, business are held responsible for libel, malpractice and errors and omissions risks.

·         Property damage: Common causes of property damage include accidents, fire, storms and weather-related tragedies, theft and vandalism.

·         Cyber-crime: Hackers can cause data loss and/or equipment failure.

·         Fraud: Many workers have access to sensitive documents, which can lead to instances of embezzlement and extortion.

Each industry assumes some amount of risk in their day-to-day operations, and therefore must obtain the appropriate types of commercial insurance. To determine the right coverages for a business, an independent agent will learn about your business’ needs by inquiring about the following topics:

·         Location(s) and property

·         Number of employees

·         Materials or substances handled by employees

·         Vehicles handled by employees

·         Safety precautions and procedures

·         Security of data and intellectual property

·         How customers are served

·         Risks posed on corporate offices

Independent agents will shop for the appropriate insurance products to suit the needs of each business. This may include property, liability, commercial auto, key employee, worker’s compensation and errors and omissions insurance.

Let Your Independent Insurance Agent Help You Find the Right Parts for Your Business' Benefits Package Many employers have found that great employee benefits packages are what keep quality employees around longer, working hard and more successful in their jobs. To help you put together an employee benefits package that will help you attract highly trained employees, and keep your current employees on staff longer, we have put together a list of ideas to help you get started on putting together an excellent benefits package. Why should a company offer an employee benefits package?

First, when presenting your company out to the public in order to recruit new staff, a benefits package is a marketing tool. Many job seekers won’t even look at a job if it does not offer a benefits package. Consider the type of employees you are seeking and if a benefits package is what is needed to secure them in your workplace.

Also, many businesses have found that companies that have a benefits package have employees who are healthier, happier, stay in the job longer and are more productive in their job. Americans seek a job that helps them feel secure and a benefits package does just that, gives securities in their finances, future and health.

How Does A Benefits Package Make An Employee More Successful?

When someone feels valued and cared for, they want to work harder. It may be subconscious, but employees who are happier are more successful at their jobs. They don’t mind the occasional late hours, or the extra things that may be asked of them from time to time. When a person works in a place where they know they are valued, they want to do their best. A benefits package helps an employee feel valued. By providing an excellent benefits package, more than just the basics, it shows an employee that you genuinely care about them as a person, now and for their future.

How do you put together the right benefits package?

A benefits package is expensive, there is no denying that. However, an independent insurance agent can help you select the different specifics of your benefits package for the best rates. Also, they are able to search and find discounts that may be available from certain insurance companies. Don’t be overwhelmed by the cost. Remember, a benefits package may be expensive, but it is necessary to be the type of business that quality employees want to work for, and it will ultimately increase your business as well.

Insurance has become an essential part of life. You can be financially protected from a car accident, robbery, house fire, or health problems. Often people think about getting their car, home, life and health insurance, but business insurance is just as important.

But not any ordinary business insurance policy is going to work for you. It is important to find one that will fit your needs. Too much insurance coverage means you could be wasting money every month while too little coverage leaves you open for a financial loss in the future. An insurance policy might cover your financial loss, but the coverage that the policy provides is ultimately up to you. Let us help you pick the policy that best fits your needs.

In the New York area there are many insurance providers but you could search to find the one that will work the best for you. An independent agent is often the best choice for personalized service. Here at BNC, we want to get you a policy that fits your needs at the best possible price. We encourage you to fill out our online form to get a quick and easy New York business insurance quote. Searching for insurance online can save you time and money.

You can easily submit multiple requests online for the best results. Once you fill out an online form it will be processed, reviewed, and you will be contacted to go over options and details by one of our qualified agents. We always recommend the online form submission to get you the insurance you need as quickly as possible.

As a small business owner, you know the importance of preserving your assets. For many business owners, the largest single asset they possess is their building. Whether you occupy the building or operate as a landlord (or both), consider key exposures in your risk-management and insurance planning.

Your business may be ill-prepared to afford damages to your building that lead to major repairs and renovations. Your solution? Adequate property insurance written for the full insurable value of the building.

Policies take many shapes and forms, with coverage ranging from basics such as fire, windstorm and vandalism; to the broadest forms, which cover any loss not specifically limited or excluded. Talk with your agent about what policies your business is eligible for and decide what amount of coverage and price best meets your business needs.

While building insurance has become fairly standardized, a key issue often overlooked is the need to establish an adequate limit. Don’t get caught up in accounting terms when determining what is the “full” value of your building. Some businesses, for example, look at price paid. Others look at the cost they are carrying on their books. Neither may have any relationship to reality.

In its simplest terms, “full value” is the total cost to rebuild your building from the ground up at today’s costs. With the increased costs of labor and materials, could you realistically rebuild your current structure for what you have insured it for? And don’t rely on insurance policy provisions, such as “replacement cost,” to automatically provide that much coverage. No matter how broad your policy provisions, you will still not collect more on your claims than the policy limits. Purchase enough insurance coverage to cover the real replacement cost.

While some may argue that insuring to full value is excessive—since the odds of a total loss seem unlikely—you only need consider this: What if you do have a total loss? Can you absorb the loss before you effectively lose the ability to replace your structure? If your goal is to minimize the cost of your premium by taking on some of the risk yourself, have the insurance written to the full value, then choose a higher deductible. You have just limited your risk rather than creating an undetermined risk beyond the bounds of limited coverage.

Or you can agree to pay the nickel and dime claims while maintaining coverage for the big hits. That is the surest path to attractive premium savings. Insurance is best for losses that will risk the survival of your business and finances, not the losses that often amount to only a few hundred dollars.

Once you have the basic safety net in place, you can determine how much you are willing to spend to expand your coverage and add the bells and whistles that represent the difference between “must haves” and “nice additions”.

Once you are satisfied you have determined limits adequate to rebuild your building with its current design and materials, don’t assume your valuation job is finished. While that limit may sound good, is it really what you want or, worse yet, are required to do? For example, what if your building is older, and all new construction in your area must meet new building codes enacted in the past few years. Perhaps all new commercial buildings are required to have sprinkler systems, and yours, having been built long before the requirements was enacted, did not. Now that you have to add a sprinkler system, how much more will it cost to rebuild? Will your current building insurance policy limits cover that additional cost?

The bottom line? Sit down with your agent and make certain you have the extensive coverage to respond to the types of claims you consider the greatest threat to your building. Assure yourself the coverage limits are high enough to actually get your building back in shape, repaired and legal with existing building codes.

Once you have accomplished these goals, you are on your way to letting your insurance do what it does best—minimize your financial risks. Meanwhile, with peace of mind, you can do what you do best—run your business.

You may not know as a new home buyer or current homeowner that there certain aspects that may be affecting your insurance rates. According to the Insurance Information Institute, the average homeowner's insurance rate is close to $1000. You could potentially lower this amount by changing or updating your home. The following information should give you some ideas on how you might save money on your homeowner's insurance each year.

Home Security Systems If you have a security system that dials a security firm directly when something goes wrong -- whether it is because of fire,  a break-in, or carbon monoxide buildup --  your insurance rates could be lowered by as much as 10 percent. Living in a gated community can lower your premiums even further. Location of the Fire Department Believe it or not, the distance of your home from, and the quality of, the fire department can make a difference on your insurance premiums. The Insurance Information Institute states that homes located close to good fire departments with a permanent staff generally have lower insurance rates. If you have a hydrant nearby, so much the better. Fire protection and a good water supply are an important part of underwriting decisions for insurance companies. While you obviously cannot change the distance of the fire department from the house you currently own, it is an important consideration to keep in mind when you are looking to buy. New/Old Plumbing Old, leaky pipes can lead to mold, and mold is very expensive to eradicate. Because of the high cost to remove mold, your insurance rates may go up, according to the trade group Independent Insurance Agents and Brokers of America. If your plumbing is older than 25 years, or if you have had a lot of plumbing problems, consider installing a new system. If you are considering buying a home with potential plumbing problems, ask for extensive information, or even a plumbing refit before you commit to the purchase. 

New/Old Roof The same caveat about old plumbing also applies to old roofs -- if your roof is older than 25 years, you could fall into a high-risk, expensive insurance category, which will make your rates skyrocket. If, however, your roof is new and made of material classified as impact-resistant, you could get a discount if you live in an area that is prone to high winds and hail.

BNC's Construction Division has specialized in meeting the insurance and risk management needs of the Construction Industry for over 15 years.  We remain deeply immersed in the many issues affecting the insurance marketplace and through our experience and long-term commitment to the Construction Industry, we have developed very strong relationships with many key Insurance Carriers and Program Managers committed to construction. Additionally, our ongoing membership and involvement with many of the key contracting and building associations keep us at the forefront of the issues affecting our clients. With over 50 Insurance Carriers and Programs at our fingertips, we have the ability to provide broad coverage and highly competitive premiums for all types of construction and contracting firms, including:

General Contractors

Developers

Trade Contractors

Subcontractors

Environmental Contractors

Pollution / Abatement Contractors

Construction Managers