Slocum's Insurance Blog

The cost of notifying when a data breach occurs

slocuminsurance — Fri, 20 May 2011 15:31:17 +0000

As privacy laws get more stringent, every business owner needs to be concerned with keeping customers data safe in order to avoid expense and liability. Here is some fresh information about the cost to notify clients if a data breach occurs:
The average organizational cost of a data breach in 2010 was $7.2 million and cost companies an average of $214 per compromised record, according to a recent survey conducted by Symantec Corp. and the Ponemon Institute. Of course, data breach is only one of the exposures faced by companies as a result of their presence in cyberspace.” (Quote used with written permission of IRMI.)
At $214/record the cost adds up quickly!
Let us know if you would like to take a look at the coverage available to help you with this problem.
Contact me at bslocum@slocumins.com

Reduce Your Exposure to Home Burglaries

slocuminsurance — Wed, 16 Jun 2010 13:10:55 +0000

U.S. residences were burglarized more than 1.5 million times in 2008, according to the latest FBI studies. Nearly 65 percent of the thefts occur during the day because people are often not at home during the weekday. Proper home theft prevention ideas and techniques, however, can reduce the odds of a home burglary. Consider the following loss control techniques to reduce your chances of suffering a home burglary.
 Invest in a burglar alarm with a central monitoring station. Research indicates that homes without security systems are about three times more likely to be broken into than homes with security systems. If a burglar is aware that a home has an alarm, he or she is more likely to avoid that home.
 Property identification programs are another deterrent to burglary. Many of these programs involve the use of stickers on which your driver’s license number is imprinted. These are then placed (and become permanently imprinted) on all valuable personal property, such as stereos, televisions, and computers. This makes it more difficult for burglars to fence or pawn the property.
 Safeguarding dwelling components such as doors and windows make it tougher for burglars to enter the home. Many home security experts recommend all exterior doors be 1 3/4-inch thick solid wood, metal, or composite material. Strike plates on door jams are typically installed with 1/2-inch screws; however, these should be replaced with 3-inch long screws so that locked doors cannot be kicked in easily. Doors should also have deadbolt locks, with at least a 1-inch throw and a reinforced strike plate with 3-inch screws.
 Exterior lights with a motion-sensing switch should be installed; timers on lights are also recommended.
 Keep your garage door secure and locked even while you are home.

Mans Best Friend

slocuminsurance — Mon, 21 Sep 2009 17:36:59 +0000

Bob Slocum, CPCU, CIC

In recent years I have seen insurance companies become increasingly selective in their underwriting rules concerning writing new business for clients who have dogs. While most have their “ineligible breed” list, I frequently hear from clients that they feel they are being unfairly treated since their dog is really very gentle and has “never bitten anyone”.
While I’m sure they are telling me the truth, the simple matter of fact is that the number of dog bite claims is increasing at a rate of 8.7% and the average claim costs $24,461 in 2008 (the most recent figures available)! In total there are over 4.5 million people per year who are bitten by dogs and over 900,000 are children! Click here for the whole story

http://www.insurancejournal.com/news/national/2009/09/17/103790.htm
This is pretty scary stuff for writers of homeowners insurance who have to respond to these claims and, like it or not, they are justified in creating the selection criteria they find meets their risk appetite for new business policies.
If you are a dog owner I have one additional piece of advice – buy high limits of liability insurance and of course, be sure you have an Umbrella Liability policy in case your “best friend” ends up being your biggest liability!

60th Anniversary Edition

slocuminsurance — Wed, 15 Apr 2009 10:47:36 +0000

Standing from left to right: Nick, Phil, Bob & Chris Seated: Hazel & George Slocum

On April 15, 1949 an ambitious young man named George Slocum made a decision that would impact his family for generations to come. On that day, George decided that he was going to start his own insurance agency and, with the support of his young wife Hazel, he created what would become The Slocum Agency, Inc. a full service, professional Independent Insurance and Real Estate agency in their home town of Warwick, Rhode Island. With little other than a used desk stuck in a corner of their rented house, and a recipe box of index card to track both their prospects and policies sold, George began selling his family and friends on his ability to take care of all their insurance needs. “Count On Us” was his slogan, and that is exactly what a steadily growing customer base did.

When asked about those early years, George tells the story of his first policy which was sold to his wife’s uncle, Ray Kirby. Ray was an early supporter of George and Hazel’s effort to establish their business and build a better life. In fact, he not only bought the first policy but he also encouraged them to buy their first house (even though at the time they had no money to speak of). These two actions, coupled with a steadfast determination to succeed, became the essential basis for the economic well being of not only the Slocum’s, but many other families who have been employed by the agency over the years.

From that humble beginning in the small rented house in the Gaspee Point section of Warwick, George and Hazel worked together selling one small policy at time to build a business of great value that would become the economic basis for their family for 60 years to come. In the 1970’s sons Bob and Phil joined the business and later became the 2^nd generation owners, determined to carry on following George’s retirement in 1991. Now with the addition of their sons Chris and Nick Slocum, The Slocum Agency, Inc. is entering its 3^rd generation and serves the insurance and real estate needs of thousands of families and business.

So here we are, 60 years later, still going strong, living a much larger, modified version of the dream conceived by that young couple. The Slocum Agency, Inc. is well known and highly regarded both inside the industry and in the community as an organization of integrity that is committed not only to doing the right thing for their customers, but also to giving something back to the community through the many volunteer efforts of the family and employees. Basic core values that everyone can be proud of.

So today, on behalf of the entire group of family and friends who have benefited from George and Hazels vision, we take a moment to thank them and to wish everyone involved a Happy 60^th Anniversary!

It won’t be like this for long

slocuminsurance — Sun, 22 Mar 2009 22:01:29 +0000

To quote a popular country music song, “It won’t be like this for long”. If there is one thing that is constant in life, it’s change. The old New England joke is, “if you don’t like the weather; just wait a minute”. All things change; some for better; some for worse but it’s for sure they will change and to a great extent, I believe that we can influence the outcome by our thoughts and actions. If we expect good things to happen and we keep our thoughts on those positive outcomes, we will be drawn in that direction for sure. Look at your life. If you are a parent you know that everything is “a stage”. The sleep deprivation that comes with a new baby is replaced by concerns about baby proofing the house. Once you get back to a regular sleep cycle, it’s time for the terrible 2’s. If you are dealing with the realities of elderly relatives, you know that every act of kindness is a repayment for the courtesies you received from them throughout the years. They say what comes around goes around, and I think that‘s true. Every day our actions determine our future outcomes. Like throwing a boomerang; you know it’s going to come back eventually, for better or worse. These days it seems lots of us are so focused on today. We are not thinking much about tomorrow. Not that it’s bad to live in the moment, but we need to moderate our actions with an eye toward tomorrow. While we can’t know what tomorrow holds for us it’s a cinch that the basic principals hold true. Things will come back around and we need to be ready. The “basics” of safety, security and love are more important than ever. Which brings me to the insurance point in this post. In our zeal to reduce expenses because we all want to be in the best cash position we can, don’t overlook the basics of a good insurance program. Falling into the trap of thinking that you should lower your homeowner’s insurance limit (or cut back on the guaranteed replacement cost provision) because the real estate market is off, is a critical mistake. The amount you will need to rebuild your house following a loss is not going down. In fact it is still on the rise. Now, I know … it’s never going to happen to you….. but over the course of my insurance career I’ve helped many people who felt the same way but discovered later that accidental losses can happen to anyone… even you! If you want to reduce your premium by assuming more of the risk through a higher deductible, go right ahead. If you’re willing to run the risk of loosing your jewelry or fine art collection, go ahead and cut those coverage’s if you want. At least you will know exactly what you are risking and you will be doing so with intentionality. Another area to watch out for is your Liability Insurance Limits. This is the greatest country in the world! The land of opportunity for most of us, but don’t forget there are plenty of others who see opportunity in your hard earned assets. In this day and age where many of our asset values are shrinking, isn’t it even more important to preserve what you have? One of the harsh realities of life is that “anyone can sue anyone, anytime, for anything, even if it’s groundless false or fraudulent”. If they sue you, you must respond and defend yourself! One of the primary benefits of liability insurance is that most policies pay for defense cost as well as paying for the actual damages you become responsible for. Don’t skimp on liability insurance limits and ask your agent about an Umbrella – it’s the best buy in the insurance industry. Finally, I know how hard it is for everyone right now and how important it is to take advantage of a good deal. Here’s one that’s extremely underutilized. In my humble opinion, your local Independent Insurance Agent is one of the best deals available today. Did you know that most agents provide their customers with an unlimited amount of free advice and service on a wide variety of subjects including but not limited to how you can best handle “risk” in your life. Your lawyer or your CPA will charge by the hour, however most Independent Agents do not. Most are intelligent, committed, business professionals who actively contribute their time and talent to their community and possess a great depth of knowledge that is yours for the asking. Remember the old saying “ask and you shall receive” …..

Where are you putting your cash?

slocuminsurance — Thu, 12 Mar 2009 11:25:14 +0000

One of the things that I have heard several times recently is that sales of home safes are booming during these hard economic times. While this may be simply a result of people wanting to secure those few valuable items that they own, knowing that others around them are becoming more desperate every day and therefore it’s reasonable to assume that thefts will be on the rise, I also keep hearing that trillions of investment dollars in cash have been withdrawn from the system and are sitting on the side lines. Now, if I had a bunch of cash to just “sit on the side lines”, where would I put it? As an insurance professional, I sincerely hope that the answer is not in a safe at your house or worse yet, hidden somewhere in your house. This concerns me for a couple of reasons. First, if someone should break into your house (or worse yet, it should burn down), how much coverage do you think a regular homeowners policy generally provides for cash money? Would you believe $200? Yup, that’s all. Now your policy may provide a higher limit so be sure to talk to your agent but, whatever you do, don’t just assume that it’s covered! The other concern I have is that people are taking too much comfort in the fact that, once they have a safe, they are “protected” and don’t need to worry. Over the years I have been in the insurance business I can tell you that we have seen many cases where the whole safe was stolen from someone’s house and then taken somewhere where the thief could work on opening it at their convenience. So, unless you have one of those huge safes that it takes an army of movers to budge, your feelings of security may be misplaced. Now don’t get me wrong, I’m not saying safes are bad. All I’m saying is to be sure you understand that there is a certain amount of risk in every action and this is no exception. Keeping large amounts of cash, bonds, valuable jewelry, and the like around your house without understanding the risks involved could lead you to a very unhappy loss situation. One of the great values of having an Independent Insurance Agent is that they are there to consult with you and advise you at no additional charge if they write your insurance. Just like you would talk to your doctor or lawyer or CPA, don’t forget to talk to you insurance agent about the things that keep you up at night!

Something good from this economic mess!

slocuminsurance — Sat, 07 Mar 2009 19:23:18 +0000

It seems that every day all we hear is more gloom and doom about the economy and the prospects for our future. While the situation is definitely serious, many have said that it’s as much a “crises of confidence” as anything. The people are not spending money that does not have to be spent because they lack confidence about what is going to happen in the future.

While no-one can know what is going to happen tomorrow, I’m as sure as I can be that “this too shall pass”. I can’t say when, but it will pass for sure. I know, it’s hard to feel good about it right now, but have faith and be thankful for what you do have.

As I go through my day, I have the opportunity to speak with a wide variety of people and I have noticed recently that most people are much more grateful today for what they do have. They no longer complain about their crummy job, instead they say “at least I still have a job”. We all know many people who are less fortunate. It’s no longer all about making lots of money, but rather it’s about maintaining the basics of good health, food and shelter. It’s as if these hard times have made us all realize the real value of the important things like good health, families and friends.

I also hear less and less talk about “getting rich quick” and much more about a simple “slow and steady savings” process. I think this is a good thing. Maybe we are reverting back to the more traditional American values of thrift and savings. It’s no longer about the expensive vacation abroad, it’s more about the weekend camping with the family or fishing with some friends.

So what’s the point of all this? Simply that this seems to be a time for everyone to take a breath and relax as much as possible. Grab hold of your family and friends and hold on tight. Make the best of what you do have and be confident that better days are ahead for all of us. And above all, never give up!