We have a lot to say when it comes to risk and how our services help with your every day. From Personal to Business Risk, visit our blog - updated monthly, by our dedicated team. Copyright 2012 Wedgwood Insurance Limited. All Rights Reserved. http://wedgwoodinsurance.com Wed, 08 May 2013 12:27:00 Wed, 08 May 2013 12:27:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2013/may/8/getting-back-to-basics.aspx GETTING BACK TO BASICS       I’ve written a number of articles on risk and how important it is to take a broader perspective when you look at the risk in your business (or your personal life, for that matter). Categorizing risk as Strategic, Business or Hazard helps us to organize, and come up with ways to create strategies and processes to minimize the actual and potential costs of these risks.  There is a need for insurance brokers to provide more than just Hazard Risk solutions (the risk of things happening to your property, vehicles etc;), but lately I’m seeing a disturbing trend that suggest there is still a lot of work to be done, even on the Hazard side of risk.     UNDER-INSURANCE   We’ve looked at many of the fire losses we’ve seen in the last few years.  In many cases, buildings have been insured for an amount, way below the appropriate replacement value. We’ve seen clients penalized with co-insurance on partial losses or stuck with rebuilding costs on total losses. (See this link for a definition of co-insurance, and if you don’t know what it is, you should already be concerned. http://en.wikipedia.org/wiki/Co-insurance ) With a continued labor shortage and a strong construction sector in Newfoundland, there is every indication that construction costs will continue to escalate at a rate far exceeding normal inflation. It’s really important that you not assume that last year’s values will be sufficient tomorrow. We’ve worked hard to help ensure our clients are protected, and we can provide advice to help you estimate your values but nothing replaces a proper replacement cost appraisal by a qualified commercial building appraiser. Our job is to help you make sure you get a cheque for the right amount in the event of a loss – having the right amount of coverage on your property is a key component of this. Don’t ignore the basics of your risk management program. Property values are a great place to start. http://wedgwoodinsurance.com/blog/posts/2013/may/8/getting-back-to-basics.aspx http://wedgwoodinsurance.com/blog/posts/2013/may/8/getting-back-to-basics.aspx Wed, 08 May 2013 12:27:00 http://wedgwoodinsurance.com/blog/posts/2013/april/26/do-you-shop-and-tell.aspx DO YOU SHOP AND TELL? What happened with the Gerry Rogers/Social Media fiasco last week is a great example what can happen if you don’t understand what is going on with social media. That whole topic has been beaten to death so I won’t elaborate more but…… What this situation does clearly illustrate is how important it is for all organizations to have a grip on Social Media even if your business isn’t actively engaged in it. Clearly it’s never been as easy for employees, vendors and or clients to have their say (positive or negative) about your organization. Without at least having an understanding of what is going on, your business can get skewered and you won’t even know about it. For example, check out a local Twitter account called @ishopandtell . It is a place where consumers can share the good and the bad about their experiences dealing with local businesses. That account has 1500 followers and over 5,000 tweets. We monitor Twitter to pick up any activity about Wedgwood. Here is one exchange that went through @ishopandtell some time ago, but it’s a great example of what can happen if you aren’t aware of what’s going on.   What you don’t see is that this client actually referred business to us since then and by responding, we were able to turn a complaint into an opportunity. Browse the feed from @ishopandtell…. is your company mentioned there? Facebook is a hot bed of customer complaints (and compliments). On any day, you can find lots of examples of businesses being praised, or clients complaining. Here is a typical example from this year. (We’ve removed the names involved.)     On the flip side, on-line comments can be positive, and a great way to build customer loyalty…     Whether or not your business uses Social Media as a business tool, it can have an impact on your businesses brand, reputation and therefore, your profits. You can stick your head in the sand and ignore it but it’s not going away. Three quick takeaways: Assign someone in your company to monitor what is being said about you on the internet/social media Have policy in place for your staff who may be involved with Social Media.  Even in personal spaces, they are representing your company. Make sure everyone knows what is and what is not appropriate. Have a plan to respond quickly if something happens. It’s a great opportunity to turn a negative into a positive. http://wedgwoodinsurance.com/blog/posts/2013/april/26/do-you-shop-and-tell.aspx http://wedgwoodinsurance.com/blog/posts/2013/april/26/do-you-shop-and-tell.aspx Fri, 26 April 2013 10:32:00 http://wedgwoodinsurance.com/blog/posts/2013/april/15/in-the-future,-will-laid-off-workers-get-“rbc’d”.aspx Royal Bank had a major PR bust last week, with the extensive coverage of their decision to have Canadian employees about to be laid off, train their replacements so the jobs could be shipped overseas. This has been going on for years with many companies and industries, but this particular incident garnered a lot of attention, none of it positive. It seems so easy to predict that this wouldn’t go over well, but how could an organization like RBC with a sophisticated brand strategy, PR department and tons of people who monitor these types of things make such a mess? Here’s a link to a great article which explains why and what they might do to recover… http://www.marketingmag.ca/uncategorized/free-pr-advice-for-rbc-industry-leaders-weigh-in-with-a-port-mortem-76389 How much did this cost RBC?  Sometimes it can be hard to measure the cost of a damaged reputation but it is certainly high. How many days have the executive team spent in damage control mode, along with all the PR people, the advertising spent to apologize and water cooler time spent by employees of RBC spend discussing this? What about the impact on productivity and morale? What potential business opportunities were lost or missed by this distraction? Certainly the cost would be in the millions. How much damage was done to the CEO’s personal brand and credibility? Local business often faces the same risks on a smaller scale. How many news stories have we seen in recent years about decisions made by business or government leaders that result in negative customer, employee, public or media response? The unfortunate thing is that this could all be avoided with a little bit of advance planning.  We facilitate the Noise Reduction System with our clients, showing CEO’s and their Second-in- Commands how to ensure that they maximize their effectiveness, since most leaders only spend 25% of their time doing what they do best. In one module, we discuss the importance of clarity in communications, since we all know that what we say and what is heard can often be two different things. Here are some questions we believe are important to ask, before we communicate a difficult decision: What will they like? What will they not like? What will they make-up? What’s in it for them? What are the key points for the team to communicate? How should the message be delivered? Your reputation is fragile and years of goodwill can be destroyed with one mistake. The costs can have a severe impact on your business. Some strategic thinking around the ramifications in advance can help reduce the risk.  Reputational Risk is a problem that can’t really be addressed with an insurance policy; but the potential costs are too large to not put a plan in place to ensure that your business doesn’t throw away years of building a brand with one poorly handled situation. http://wedgwoodinsurance.com/blog/posts/2013/april/15/in-the-future,-will-laid-off-workers-get-“rbc’d”.aspx http://wedgwoodinsurance.com/blog/posts/2013/april/15/in-the-future,-will-laid-off-workers-get-“rbc’d”.aspx Mon, 15 April 2013 14:33:00 http://wedgwoodinsurance.com/blog/posts/2013/april/2/the-truth-about-“act-of-god”.aspx One of the greatest urban legends surrounding insurance is the infamous “Act of God”.  It’s one of the most common misperceptions along with automobiles that have “Full Coverage” or Home policies that cover “All Risks”.  We’ll give you the quick truth on these here and if you want more opinion just keep reading: Full Coverage – doesn’t exist Policies that cover “All Risks” – don’t exist “Act of God” exclusion – doesn’t exit That sums it up. The media can take some of the blame for the “Act of God” misunderstanding, since it is a term commonly used around major weather events and other disasters. Most of the blame however rests with the insurance industry itself. In our brokerage, the term “Full Coverage” is banned. In the past it was often used to refer to having Liability as well as Physical Damage (Collision and Comprehensive) coverage on a vehicle. Over time, there have been a myriad of other additions developed (Loss of Use, Waivers of Depreciation, Non-Owned Automobile Coverage) so one person’s full coverage is another’s un-paid claim. Even the basic auto policy prescribed by legislation contains lots of exclusions. Coverage is never really ‘full”. Another term that causes confusion is Home and Commercial Property Policy’s described as “All-Risk” . Luckily, this term is starting to go the way of the dinosaur and is now referred to as “Broad  Form”. Rightfully, many consumers would perceive a policy with an “All-Risk” wording as doing exactly what it says. The reality is that an “All-Risk” wording contains LOTS of exclusions; there is nothing “all” about it. If your insurance advisor ever answers a question by saying your policy covers “All-Risks”, your response should be, “That’s great, now tell me what it doesn’t cover!”. This takes us to the dreaded “Act of God” …. There are lots of “disaster” events that policies generally don’t cover (Some of this coverage can be purchased for an additional premium) such as flood, earthquake, tsunami, landslide etc; Insurance policies are financial instruments, mostly used to finance Hazard Risk; The risk of certain kinds of things happening to you “stuff” or someone suing you for causing damage to “their stuff”.  They are often quite broad but every policy has exclusions, usually for very good reasons. Take a close look at your policy. While your insurance broker should provide you with great advice, as responsible consumers we all have a duty to make an effort to understand the products that we purchase. http://wedgwoodinsurance.com/blog/posts/2013/april/2/the-truth-about-“act-of-god”.aspx http://wedgwoodinsurance.com/blog/posts/2013/april/2/the-truth-about-“act-of-god”.aspx Tue, 02 April 2013 09:49:00 http://wedgwoodinsurance.com/blog/posts/2013/march/25/where-do-you-get-your-stuff.aspx “The world we live in is more connected than ever. “ You see a statement like that and immediately think of social media, the internet and the lines of communication that tie us all together. But we are also connected in other ways. If you are in a business producing widgets, were do you get the parts to assemble your widgets? You might be getting them locally, maybe in Canada but there is a good chance you might be sourcing them internationally as well from locations as far as away as China or Thailand. Depending on the nature of your business, you need to ask yourself some question - “If I couldn’t get my “stuff” from that supplier, where would I get it? What would the cost be? How fast could I get it?” When we discuss Business Continuity Planning with clients, we often get into discussions about the impact of local events like hurricanes, floods or fires. The reality is that international events like the tsunami that struck Japan or the Hurricane Sandy striking New York has the potential to impact your business by interrupting your supply chain. If your business is particularly dependant on one supplier, what would the impact be if that supplier could not provide you with the materials that you need? Would you be able to fulfill your contracts? Would you incur significant additional costs to deal with an alternate supplier? There are some ways of dealing with this risk. A transfer strategy can be to purchase Contingent Business Interruption Coverage which provides coverage for this type of a loss. Wordings, waiting periods, triggers and exclusions can be complex but need to be reviewed to determine how appropriate the coverage is for you business. A Business Continuity Plan can help prevent and mitigate losses in this area but putting processes in place before something like this happens. A good place to start is by looking at your main suppliers.  How dependant are you on any one supplier and do you have an alternate supplier in place? You should also be asking your key suppliers what kind of Business Continuity Plan do they have in place, and in turn are THEY dependant on other suppliers? It’s called a supply chain for a reason.  A break in any one link can leave you without a place to “get your stuff”. http://wedgwoodinsurance.com/blog/posts/2013/march/25/where-do-you-get-your-stuff.aspx http://wedgwoodinsurance.com/blog/posts/2013/march/25/where-do-you-get-your-stuff.aspx Mon, 25 March 2013 11:13:00 http://wedgwoodinsurance.com/blog/posts/2013/february/28/4-ways-mobile-devices-can-create-car-insurance-claims.aspx Lets be clear – using your cell phone or mobile device while driving is illegal in Newfoundland, but… ...we’ve all seen someone do it. We might find it hard to admit, but many of us have done it. It’s easy to explain. You’re driving in slow traffic, your phone rings and you instinctively pick it up. You think it’s okay because the traffic’s not moving, but then you get a break and all of a sudden you’re moving freely but you’re still on the phone. Some of us don’t even use that excuse. The thing is, a mobile phone is one of the easiest ways to find yourself making a car insurance claim. Mobile phones create a distraction while you’re driving. They make it hard to concentrate on the road and it’s when you’re not concentrating that accidents happen. And it’s not just phone calls that can cause a distraction. Chatting on the Phone If your phone is pressed to your ear, it’s going to be harder to drive. It affects your field of vision and takes away one arm that’s required for gear changes and steering. One of the key targets in risk management is to reduce the likelihood of an accident. In this instance, that means getting a hands free kit for your car. But recent research suggests that any phone conversation can cause a dangerous distraction and lead to car insurance claims. There have also been recorded incidents of drivers crashing because they were distracted by a hands free phone call.  Text Messaging For a lot of commentators, text messages create the greatest crash risk in a car. Drivers who are looking at a screen aren’t concentrating on the road, that’s the first step to a car insurance claim. The best illustration of this problem comes from research quoted by focusdriven.org. “On average, texting causes drivers to look away from the road for 4.6 seconds. At 55 mph, the vehicle travels the length of an entire football field – including both end zones - while the driver isn’t looking.” Social Media The emerging risk in this area is social media. With the growth in the popularity of sites like Twitter and Facebook, these channels have begun to replace text messages as a primary form of communication. Just like text messages, social media posts take a drivers attention away from the road for an extended period. When car insurance claims happen, someone is usually to blame. If you’re tweeting while driving, you’re that someone. Directions One of the great advantages of mobile devices is the range of functions they offer. They’re not just phones anymore, they’re mobile Internet devices and hand held navigation devices. Studies in the UK found that 19% of drivers admit to using the Internet while driving. Besides email and social media, the main reason they went online was to get directions. It makes sense, you need to know how to get somewhere and the directions are probably online. But, yet again, the distraction means you might just be navigating towards a car insurance claim. Mobile devices offer fantastic services that enrich our lives. Just remember to pull over before you make use of them. http://wedgwoodinsurance.com/blog/posts/2013/february/28/4-ways-mobile-devices-can-create-car-insurance-claims.aspx http://wedgwoodinsurance.com/blog/posts/2013/february/28/4-ways-mobile-devices-can-create-car-insurance-claims.aspx Thu, 28 February 2013 14:05:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2013/february/18/how-to-find-an-insurance-broker-thats-the-right-fit.aspx When you're trying to find an insurance broker, you get many conflicting messages. It's hard to know where to start. Your phone might ring and you are told, "We have great markets and can get you the best premium." How can EVERYONE have the cheapest premiums? Somebody must be stretching the truth, right? Here's how to pick the right broker... Expertise First and foremost, you need to find an insurance broker with the right level of expertise. That means looking for an advisor that understands your business and even better, your industry. No matter how good a broker is in negotiations with insurers, if they don't know your business, they can't give you the service you need. If they don't provide you with some kind of an assessment of the risk in your business, and show you the proposal they are putting in the insurance marketplace, be concerned. 75% of the time, the information sent to insurers on your behalf is WRONG. Would you let your accountant send your tax return to CCRA without reviewing it first? Your broker is representing you to the insurance marketplace. Make sure you are not mis-represented. Goals There's a pretty clear divide in the insurance industry in terms of goals. On the one hand you have brokers whose key target is the bottom line. They focus everything on getting you the cheapest possible premium for the best possible coverage. This sounds great on paper. But there are other goals to consider. On the other side of that divide are brokers who focus on eliminating risk and improving your business. That means their goals are in line with yours: fewer costs, fewer risks and a more efficient business. These brokers may not set low premiums as their only priority, but the effect of their holistic approach is a stronger bottom line. We are all in business to make money right? Your insurance/risk management program should help you do that. Core Values It's also important to find an insurance broker with similar core values to yours. Effective business relationships are built on more than financial agreements. When you share core values like honesty, work ethic and customer focus you will be able to communicate and cooperate much more effectively. Open Communication The best way to find the right insurance broker is to meet with a few and ask them. Open communication is vital in any business relationship so you need to know if your broker is willing to answer the difficult questions. A good advisor will be assessing your business as well; the right-fit requirement goes both ways. In most cases a good insurance broker will be strong enough to tell if they don’t think the fit is right. Being just as honest in your assessment will help you find the broker that fits with your business. http://wedgwoodinsurance.com/blog/posts/2013/february/18/how-to-find-an-insurance-broker-thats-the-right-fit.aspx http://wedgwoodinsurance.com/blog/posts/2013/february/18/how-to-find-an-insurance-broker-thats-the-right-fit.aspx Mon, 18 February 2013 08:00:00 Carol Rose http://wedgwoodinsurance.com/blog/posts/2012/march/21/25-isnt-what-it-used-to-be.aspx So you just turned 25 and you are thinking, great, my automobile insurance is going to decrease. Well before you make that phone call to your broker, be aware,like everything else, insurance is always changing. Insurance is no longer based on your age - the government got rid of that a long time ago, along with rating based on your sex or marital standing. Automobile rating is based on these factors: how many years you have held a valid driver's license, if you commute to work or school or if you use your vehicle for business use, if you have had any accidents or convictions, and if you have insurance history. The magic age of 25 is no more. Anyone licensed less than 9 years is considered an inexperienced operator, even if you are 40 years of age and the premium for inexperienced operators is higher than it is for other drivers. Oh yes, and anyone who has had at fault accidents, or convictions, or even if your automobile policy has been cancelled for nonpayment will see a higher premium as well. Now I know everyone looks for a reason to celebrate birthdays and turning 25, at least from where I'm standing, is a marvelous age. But it's no longer the solution to your premium woes; keep your driving record clean, develop your driving experience, and that will give you a better premium. http://wedgwoodinsurance.com/blog/posts/2012/march/21/25-isnt-what-it-used-to-be.aspx http://wedgwoodinsurance.com/blog/posts/2012/march/21/25-isnt-what-it-used-to-be.aspx Wed, 21 March 2012 00:00:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2012/march/16/time-to-prepare.aspx As we watch the unfolding disasters in Japan, you can only sit back and try and wonder how individuals are coping.  The massive loss of life, destruction of property, and the ongoing fears of a nuclear meltdown are hard to comprehend. I'm sure that video cannot get the true magnitude of what it is like to be living through such a nightmare. Here is the link for those who may not have seen it. This enables you to donate to provide assistance through the Canadian Red Cross.  http://www.redcross.ca/article.asp?id=38380 According to National Resources Canada, while Newfoundland doesn't lie on a fault line, there is seismic activity in regional stress areas.  There are about 450 earthquakes a year in Eastern Canada, and luckily only a few are strong enough to be felt. The last large event was  a 7.2 magnitude quake in the Laurentian basis which caused  a tsunami  to come ashore on the Burin Peninsula in 1929. It is one of the few events in recorded Canadian History to ever result in a loss of life.  (There is more information at this link   http://earthquakescanada.nrcan.gc.ca/histor/20th-eme/1929/1929-eng.php   ). So really we are quite lucky. Large scale events like this should be a wake- up call. While we aren't likely to see an Earthquake or nuclear related disaster, as the world becomes more connected, the impact of these events may be felt here. Hurricane Igor could have affected more people with a different path. How would St. John's and the Avalon faired, if they had faced the same conditions as residents of the Bonavista Peninsula? The ice storm in Quebec in 1998 caused billions in damage and knocked out power for a long time. With the freeze-thaw conditions we see in winter, that could easily happen in Newfoundland and Labrador. How would  businesses and residents cope? While insurance is a small part of preparing for the worst, businesses and individuals need to take responsibility to be ready for the next disaster that comes our way. Are you prepared and if not do you know how to start? We are working hard on our Emergency Response Plan…. What about you? http://wedgwoodinsurance.com/blog/posts/2012/march/16/time-to-prepare.aspx http://wedgwoodinsurance.com/blog/posts/2012/march/16/time-to-prepare.aspx Fri, 16 March 2012 11:54:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2012/march/15/meet-the-idea-thief.aspx My Kolbe profile is 7761. Most employers hire for skills and personality, but often ignore the conatative. Our M.O. How we instinctively react. How we get things done. The Kolbe profile helps identify this. Basically, my M.O. is Strategic Planner. I like to analyze and organize, but I also have enough risk tolerance to look at new ideas with an open mind and find ways to implement them. In simple terms, I'm an idea thief.   Or to put it in more politically correct terms, I like to "Modify". I got energy spending a lot of time this week looking at Yammer. ( www.yammer.com ). Our company generates close to 14,000 internal emails a month, which I would consider unneccessary, distracting, and time wasting. Yammer is a tool sort of like a "Facebook for Business". We've been messing with it for a month or so now, and I wanted to determine if it could be more than just a way to say "great job" or plan the next company social. I wasn't really interested in researching it's technical attributes or the "how-to's" of implementation. What I wanted to know was how other companies use it and what advantage they gained. Then I could figure out ways we could use it, given our needs. I've spent hours doing that, and enjoyed every minute of it. The Kolbe Index is always right on, and it's one of the best tools I've come across. Our consulting clients who have used it feel the same way. One of our clients saved over $50,000 last week after attending our Strategic Retaining/Recruiting Seminar by realizing that retaining the best staff is about a lot more than the paycheque and avoided losing a key employee who was "leaving for more money".... there are other factors at play. That's why I'm really looking forward to Pat Lencioni's new book, "The Advantage". Pat believes leaders are going to have a hard time gaining a competitive advantage solely on the implementation of new ideas into their organizations. Knowledge and ideas circulate so freely now that today's new idea is tomorrow's normal in a very short time. True advantage is gained by building organizational health and driving employee engagement. Why does this interest me? While Pat is completely right, the coming years are fertile for Idea Thiefs like me. All I have to do is google my wish list, and there are more ideas for me to steal than I can handle. It's like breaking into a house and having to debate, "will I take the gold necklace or the diamond studs.. hmmm?" Once of my fellow Sitkins brokers, HNI ( www.hni.com ), have even titled their blog page "Steal These Ideas". They must have known I was coming. I stole the idea for implementing Yammer from them. In the meantime, I spend a lot of the rest of my work days on Organizational Health here at Wedgwood, and that is why I can't wait to read Pat's book. I'd love to hear from other Idea Thief's out there. What's the best idea you ever stole? http://wedgwoodinsurance.com/blog/posts/2012/march/15/meet-the-idea-thief.aspx http://wedgwoodinsurance.com/blog/posts/2012/march/15/meet-the-idea-thief.aspx Thu, 15 March 2012 15:58:00 http://wedgwoodinsurance.com/blog/posts/2012/february/13/the-5-top-risks-facing-business.aspx Lloyds*  recently completed a survey across all industry segments around the world. There were some big changes compared to 2009, and reflect what we have been hearing from CEO's and business owners our region for the last year. It underscores  some important changes that businesses of all sizes need to consider when buying insurance and managing risk. Here was the Top 5: Loss of Customers Talent Shortage Reputational Risk Currency Fluctuation Changes in legislation It was no surprise to us that a lot of "hazard risk" traditionally addressed by insurance brokers had low scores:   19.   Pollution 20.   Cyber Attack 23.   Workplace Accident 38.   Flood 47.   Windstorm What impact does this have on choosing an insurance broker? Traditionally, brokers have helped deal with "Hazard Risk" (this risk of something happening to your assets, customers, liabilities etc;).  The most recent survey indicates that most of these "traditional" risks are in the bottom half of the top 50. Innovative and progressive brokers need to develop services to help clients deal with the cost of the risks that have the highest probability of damaging their business. Brokers may not be able to address all these issues; changing demographics and a hot economy in Newfoundland are creating recruiting and staffing challenges for businesses of all sizes. More mainland companies are coming here competing for business and taking business from local companies. The era of social media and 24 hours news coverage is seeing instant damage to company and personal brands and reputations. These are the risks of the new economy. Forward thinking business leaders should be expecting more from their brokers than "Hazard Risk Management". New risks demand new approaches. Brokers and clients should be working together to manage the Total Cost of Risk in their business, the old way just doesn't cut it anymore. *Source - Lloyds 2011 Risk Index http://wedgwoodinsurance.com/blog/posts/2012/february/13/the-5-top-risks-facing-business.aspx http://wedgwoodinsurance.com/blog/posts/2012/february/13/the-5-top-risks-facing-business.aspx Mon, 13 February 2012 16:25:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2012/january/23/be-a-sponge-not-a-cynic.aspx I just had the opportunity to race at Key West Race Week in (you guessed it) Key West, Florida. We were the first boat from our club here in Newfoundland that had ever raced there. It was an amazing experience. We were racing in a professionally-run regatta, with some of the best sailors in the world and one of the largest events of its kind in North America. Too say that I was intimidated going in was an understatement. We had chartered a boat identical to the one I have here at home here in NL, and would be accompanied by an owner's representative for insurance purposes. When we arrived we were surprised to find that our "owner's representative" was actually a professional sailor/sail maker who was there to do a lot more than just supervise us.  Once we  got out on the water, and  he saw what kind of sailors we were, he obviously knew that we were not ready for the level of competition that we were about to face. In two days of practice, in heavy air, we practiced every maneuver we could, hoists, sets, tacks, jibes, takedowns. Racing in similar heavy air on Monday, we got our asses kicked and couldn't even finish the second race. By Tuesday, things started to come together, and by the end of the week, we did achieve our goal of not being last - even though we missed 2 of the 10 races! Sometimes you have to take the small victories. What was interesting was how different people on my crew reacted to our coach. He was taskmaster - he had eyes in the back of his head. He only seemed to look your way when you did something wrong. He never caught anybody doing anything right. Some people didn't like this. They needed a pat on the back more often. Or not to be criticized so much. Or not have to "change" what they were used to doing in the middle of a regatta. Or rationalize at night saying "I know how to do this." All I heard were excuses. We were shown exactly what it takes to run a top level racing campaign. We weren't nearly as good as we thought we were. We didn't even know how little we knew. Once we were taken out of our "small pond" in Newfoundland, we were like the small fish about to be gobbled up by the sharks. To me it was a revelation. I kept my ears open and learned everything I could. By Friday, I clearly felt like a better sailor, and I believe most of my crew did as well. Lesson Learned? First, check your ego at the door. When in the presence of an expert in a field, listen to what they say and adapt as best you can to implement, modify or change the new information to best suit your needs. Turn off that part of your brain that comes up with the excuses as to why you can't take advantage of what you are learning. Change is hard for anybody, and for some people taking intense criticism is tough. Second, constantly try to go outside your comfort zone. Push yourself to do things you don't want to do. It's only by striving for a greater challenge that you can ever improve. I'm sure the crew of Warlock thought that they couldn't be ready to jibe in three seconds or that they wouldn't be able to drop a spinnaker and do a tight mark rounding in less than 10 seconds. Now they can. And of course the satisfaction came in the last race of the week when as we were sailing upwind for the last time I said to our coach "Will, you've been awfully quiet this race". His answer: "Because you are all finally doing it right." That race was our best of the regatta. Sometimes the best praise you can receive is silence.... http://wedgwoodinsurance.com/blog/posts/2012/january/23/be-a-sponge-not-a-cynic.aspx http://wedgwoodinsurance.com/blog/posts/2012/january/23/be-a-sponge-not-a-cynic.aspx Mon, 23 January 2012 16:36:00 Stephanie White http://wedgwoodinsurance.com/blog/posts/2012/january/11/burn-wood,-not-your-home.aspx Stephanie White is Wedgwood's Woodstove guru. We've seen three fires from faulty woodstove installation in the last few months. Here are some tips Stephanie has to keep things from getting "too hot" around your home... People say that wood heat is the best type of heating but there are precautions that people have to take when using it. Jim built a shed on his property to store some of his tools and because he was going to be spending some time out there he decided he would like to install a wood stove to heat the shed.  He purchased a wood stove and installed the stove even though he wasn't familiar how to install it.  A few months later while he was out in the shed and the wood stove was in use Jim had a misfortune and the shed caught fire and the cause was the wood stove. When wood stoves are installed either in homes or in sheds it is very important to remember that they should be installed to the manufactures specifications according to the particular wood stove.  It is also recommended that a wood stove should be installed professionally.  All certified wood stoves have a metal label on the back of the stove, which states the make and model of the stove and the installations specifications how it should be installed. An installation manual should be included when a wood stove is purchased new.  A shed or outbuilding which is located on your property is a part of your insurance policy so it is just as important to have a wood stove installed correctly as it if it were located in your home. Wood stoves that are located in sheds or outbuildings sometimes are a concern for insurance companies because of the items that are stored in sheds could be flammable or because it is a place to store items they could be too close to the source of heat.  It is important to advise your insurance broker if you decide to install a wood stove either in your home, seasonal or shed. Your broke can help provide you with the information you need to make sure that your installation is safe. A questionnaire will need to be completed along with photos of the installation so it can be approved.  It is best not to use the wood stove until you have received approval from your insurance broker. Don't be like Jim, and not find out that you have a dangerous woodstove installation until it is too late. http://wedgwoodinsurance.com/blog/posts/2012/january/11/burn-wood,-not-your-home.aspx http://wedgwoodinsurance.com/blog/posts/2012/january/11/burn-wood,-not-your-home.aspx Wed, 11 January 2012 16:41:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/december/05/is-it-planning-or-guessing.aspx Back in my university days, we were taught about "Mission Statements", "Core Values" and "Strategic Planning" In recent years our team at Wedgwood has spent a lot of time planning. We've gone off-site, out-of-province and spent days and weeks getting a 3-year Vision in place with all the details in place. Sales plans, staff plans, market plans, competitive analysis - the whole nine yards. Interestingly enough we've hit most of our targets, but sometimes I wonder if it is in spite of our plan or because of it. Lots of things go right, some go wrong and adjustments are made on the fly. Did our plan actually help us deal with those things, or does it blind us to changes that we didn't plan for? Looking back, a planning retreat seems artificial to me.  We'd look at a bunch of areas, do a DOS (Dangers/Opportunities/Strength) Analysis, do lots of "green light thinking" , and ask everyone to question everything with an eye to "getting better". That's a lot to ask from a group of people all at once. On top of that you also have to make forecasts on financial conditions, economic trends to try and come up with sales numbers and financial performance data. Usually by the end of the meeting, everyone is burnt out and has created a list of "implementation" items that is perceived as more work on top of the list of items that is dealt with on a daily basis. Not a great way to kick off the new year with a lot of energy! We are told that the pace of change will accelerate even more quickly as time goes by. How do you plan three to five years out when it's hard to even guess what things will look like 1 year from now? This year we are simplifying our process. We are going to look at where we are, where we want to be in a year from now and frame it in light of our 3 year plan. Translation: We'll change things on the fly as opportunities arise. We are going to pick three areas where we need to execute on a very high level, and make sure that we do then well. All our initiatives around sales, service, brand, customer experience and culture will support these areas.  People need clarity to know where they are going and it's management's job to provide that. The day of the 50 page planning manifesto is over. Now it's all about simplicity, flexibility and execution. http://wedgwoodinsurance.com/blog/posts/2011/december/05/is-it-planning-or-guessing.aspx http://wedgwoodinsurance.com/blog/posts/2011/december/05/is-it-planning-or-guessing.aspx Mon, 05 December 2011 16:52:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/november/15/lets-stop-talking-about-risk-management.aspx When my colleagues in the insurance business see this, they'll probably think I've flipped my lid. Talking about Risk Management is fine for a lot of large enterprises with Risk Managers on staff, or for organizations for whom risk is more easily identified. For many Small and Medium Size Enterprises (SME's) the perception of risk may be much different. For them it may be an issue of buying insurance to transfer risk to a third party even though the reality is that in many cases the risk in their business may be even greater than that of a large organization. They may be family-owned or have a limited number of shareholders, many times with personal guarantees in place to secure financing for the business, especially for newer start-ups. Conversely large companies may have the financial resources, multiple shareholders or scalable financing in place to withstand losses that are outside their insurance programs. For SME's, the danger of  self-insured loss, without a process in place to mitigate may be a disaster, that could ruin the business. Personally, my experience is that talking about "Risk Management" with many business people puts a glazed look into their eyes since they envision having to expend valuable time and resources into something that doesn't necessarily show a hard return on investment. Of course there are lots of statistics out there to show that the return on investment is quite high, but that is the same as trying to convince many business people that spending long term on consistent marketing of their "Brand" is a good investment, as opposed to an "advertising" program where they can put a particular item on sale and see how many people come in to buy it. One approach probably yields better long term results while the other has a measureable short-term impact where you can see exactly how much sales went up. Once again, for many businesses, only the "largest" companies are perceived as being able to invest in the brand. I'd suggest that if we want buy-in from SME's on risk management we need talk about "Profit Management" instead. After all, at the end of the day our clients operate businesses to make a profit. Although for some, profit is a dirty word, this is what drives investment, economic growth and employment. Questions like this might get a better response than asking what kind of "risk management" processes are in place: How much would it cost your business if it was shut-down for two weeks? What is the cost of hiring the wrong people? What is the cost of not having the right amount of coverage on your buildings? What does a high rate of absenteeism cost your company?   Adding up all these costs, what would be the total impact on your bottom line? As a business owner, the answers to those questions would get my attention.  Managing "risk" is fine, but managing profit is vital. http://wedgwoodinsurance.com/blog/posts/2011/november/15/lets-stop-talking-about-risk-management.aspx http://wedgwoodinsurance.com/blog/posts/2011/november/15/lets-stop-talking-about-risk-management.aspx Tue, 15 November 2011 10:36:00 Denise Haley http://wedgwoodinsurance.com/blog/posts/2011/november/09/travel-trailer-blues.aspx Winter's coming. It's time to put away the toys. Denise Haley explains why you need to take care of them..... Fred has a young family and when they got old enough, he decided that it would be a great idea to invest in a travel trailer so they could get to see more of Newfoundland and he would not be tied down to a seasonal residence which they would have to maintain annually when it was not in use.   So guess what..winter comes, the trailer gets stowed in the back yard and Fred turns his attention to preparing for the cold winter days ahead. What Fred did not realize is that his trailer, while sitting through the winter freeze and thaw exposed to the elements also suffered damage. He did not winterize it, parts froze, he did not caulk around vents and openings, the windows started to leak, the roof vents were not covered, water made its way inside the trailer and damaged his interior walls.     When spring came, Fred saw the damage and was frustrated as to why it happened.  Instead of spending his summer lazily driving through parks, he spent a considerable amount of time and money in repairs. The moral? All recreational vehicles require seasonal maintenance, regardless of age. The manufacturer's guide is a great source of information. Local dealerships will be glad to help you in winterizing. All kinds of resources are out there, you just have to look. I believe that Fred is looking to sell his trailer...any buyers interested? http://wedgwoodinsurance.com/blog/posts/2011/november/09/travel-trailer-blues.aspx http://wedgwoodinsurance.com/blog/posts/2011/november/09/travel-trailer-blues.aspx Wed, 09 November 2011 10:40:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/september/19/getting-ready-for-maria.aspx So it turns out that Maria was the Hurricane that Never Was. The storm moved through so fast, that rainfall amounts were lower than expected and the highest winds never really had much of an impact in most areas. Having said that it was an opportunity for us to revisit our own Business Continuity Plan  so we met early in the week and we discovered a few potential holes that needed to be filled in: Communication to Staff - we hadn't cascaded the contents of the BCP to staff so that they would know what is in place and what would happen. Staff training - we need to make sure that our team is properly trained to communicate effectively with our customers during an emergency. We needed to do a better job of identifying our remote recovery options.  Who can work from home and the best technology to implement? Overall our plan is in pretty good shape, when Maria was upgraded to a Category 1 Hurricane on Thursday evening, it felt good to know that we had prepared in advance and that we should be in a good position to continue to service our clients.  We extended our office hours to take claims on Saturday morning and more staff than we needed volunteered to come in. At noon on Friday, our Disaster Recovery partners, Agility Recovery, were contacting us to let us know that they were monitoring Maria and we discussed back-up power options and generator requirements as that was the most likely problem given the high winds that were forecast. Creating a Business Continuity Plan is not a project. It's  a process that is continually refined over  time. Our clients have told us that a minor interruption to business can cost them anywhere from $100,000 to $2.5 million. A minimal investment of time and planning can help mitigate this risk.. And help you get a good nights' sleep. http://wedgwoodinsurance.com/blog/posts/2011/september/19/getting-ready-for-maria.aspx http://wedgwoodinsurance.com/blog/posts/2011/september/19/getting-ready-for-maria.aspx Mon, 19 September 2011 10:43:00 Jamie Maloney http://wedgwoodinsurance.com/blog/posts/2011/september/02/wedgwood-assist-more-value-for-you!.aspx Did you know Wedgwood Insurance offers more to our clients then just insurance? We provide a 24 hour assistance program to all Canadian Union customers who carry a homeowner's policy. Wedgwood Assist is designed to point you in the right direction when you don't know where to start. If you require advice on every day matters such as legal inquiries, referral networks and moral support, this is a great service to take advantage of. Let's take Roger for example... Roger has lived in St. John's for thirty-two years and has finally decided to make some upgrades to his property. He decides to build a new shed to store some personal items. During the initial stages he finds out things are more complicated than he anticipated. Roger's neighbor has a large maple tree which overhangs onto the property. Roger wonders if he has the right to trim the tree. His neighbor is not to fond of the idea, and does not agree. He calls Wedgwood Assist knowing that he could speak to an experienced lawyer, free of charge, to obtain some legal advice. Not only did he get the legal advice he was searching for, he left with a list of great contractors from our referral network! It seems like Roger's job got a whole lot easier. Wedgwood Assist has a variety of services such as housekeeping, childcare and nursing services to those who qualify. (Certain Conditions may apply). All calls and inquiries are 100% confidential! This is a valuable service that has been created for you to help with your day to day needs. To us here at Wedgwood Insurance, you're more than just a number. We pride ourselves on customer relations and we would be glad to help 24 hours a day, 7 days a week. To take advantage of these available services, please call 1-866-816-2399 or check out our website  www.wedgwoodinsurance.com . http://wedgwoodinsurance.com/blog/posts/2011/september/02/wedgwood-assist-more-value-for-you!.aspx http://wedgwoodinsurance.com/blog/posts/2011/september/02/wedgwood-assist-more-value-for-you!.aspx Fri, 02 September 2011 10:44:00 Kent Rowe http://wedgwoodinsurance.com/blog/posts/2011/september/01/managing-your-fleetmore-than-maintenance.aspx Businesses often undervalue the importance of the concept of fleet management.  A sound Fleet Management Program can save your business thousands of dollars on an annual basis.  In a lot of cases when people think of managing their fleet, they think of managing the physical asset or the vehicle on its own, often forgetting the other significant variable in fleet management..the driver.  Most accidents occur as a result of human error; very few occur as a result of mechanical breakdown or poor maintenance.     Below are some simple, easy to implement guidelines that will help you prevent losses (paid by insurance or self insured), save money and allow you to improve your bottom line through maximization of capital.     Managing the Asset/Vehicle: Most people engage in maintenance of their vehicle, but in many cases this maintenance occurs after a problem has been revealed.  Develop a maintenance record that takes a pro-active stance of managing your vehicles.  Don't rely on manufacturers suggested service standards.  Have vehicles inspected before each trip and take action on anything that may lead to a problem BEFORE it hits you in the wallet. Equip each vehicle with a tire gauge.  Inadequate air pressure in tires can lead to lower than normal mileage per tank. Equip each vehicle with a disposable camera and an incident report log.  This could prove invaluable in the event of an accident.  Maintain mileage logs on all units.  This may enable you to pre-determine any maintenance issues or it may provide an idea as to whether or not your vehicles are being driven in a safe, controllable manner. Develop and implement a reversing policy or install mirrors on the back of larger units.  Most accidents occur as a result of reversing.     Managing the Driver: Develop a firm set of hiring practices when selecting new drivers.  New drivers should have to do more than provide a clean abstract to get the job.  There should be a written test and a road test to ensure that you're getting the right person for the job.  An ounce of prevention in this case is worth a ton of cure! Develop and implement policies on cell phone and CB radio usage.  We all see people driving around in company vehicles talking on the hand held phone.  A zero tolerance policy is strongly recommended. Develop a driver training program or equipment operators program that needs to be updated every 3 years.  You'd be surprised as to how much can be forgotten in this period of time or how many bad habits can be developed. Implement a zero tolerance policy with respect to drug and alcohol usage. Start a 3 strike program.  In order to do this you will be required to collect drivers abstracts every year but you need to know when your drivers are having accidents or being ticketed outside of work hours.  If any driver has 3 accidents or collects 3 moving violations during a given period, they're employment is terminated or their role changes. Develop a Driver's manual that clearly explains the duties of every driver.  This should become a part of the driver's job description and should be used to enforce accountability when things go wrong. Lead by example.  The best thing that you can do as the owner of a business is to set the example on the importance of safety.    These are just a few examples of some things you can do to reduce both frequency and severity when it comes to managing fleet costs.  For more information on ways to help save you thousands of dollars please contact our Commercial Department for assistance. http://wedgwoodinsurance.com/blog/posts/2011/september/01/managing-your-fleetmore-than-maintenance.aspx http://wedgwoodinsurance.com/blog/posts/2011/september/01/managing-your-fleetmore-than-maintenance.aspx Thu, 01 September 2011 10:47:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/august/23/the-cost-of-doing-nothing.aspx I just received a notice from one of our vendors today. To be honest, I can't recall doing much business with them, but I guess we still show up on their client list.  They are in the courier business and advised us that they couldn't service our account anymore due to a shortage of drivers and high cost of operation. I've heard similar complaints from many of our clients. Finding good people is getting to be more and more of a challenge. This particular company has gone to the extreme of shutting down this part of their operation due to a lack of qualified people. Others are just filling positions with the warmest body they can find and hoping for the best. We experienced similar problems at Wedgwood some years ago and we had to take steps to address it. While we are far from perfect, our employee turnover is low, and we seem to able to attract the type of people that we want to work with us.  There is no magic bullet to this but there are number of things that companies can do to become "magnetic" - helping them to recruit and retain the best people. Here are some steps we'd recommend any business take to improve their Return on Human Capital(ROHC). Build a Strategic Hiring Plan -   determine your hiring requirements for the next 3 years and start planning in advance. Evaluate Your Current Team - honestly assess who your best performers are and find out what drives them. Measure Employee Engagement and put in a plan to drive it higher, or leverage what it is about your company that has already got your team engaged. Create a system to replicate your best employees. Stop hiring by the seat of your pants, or people that "you like". A team of people just like you is probably a recipe for disaster. Create a flexible, modern benefits program that works. The days of counting minutes and hours is long gone. Employees demand flexibility and the ability to have their work fit into their lifestyle. Current research indicates that the cost of bad hire is 4 to 6X annual salary when you include training costs, salaries, loss or productivity, opportunity costs etc; One bad hire at $50,000 per year could be a $200-300 thousand dollar cost. How many bad hires does it take to seriously impact your business? We've developed several unique processes to help deal with ROHC issues. It may well be the largest single component of your Total Cost of Risk.  Taking a proactive approach to this challenging issue can result in huge improvement in productivity, profitability, and lower costs related to employee turnover and ineffective hiring practices.   Doing Nothing is a Strategy. But is it the Best One? http://wedgwoodinsurance.com/blog/posts/2011/august/23/the-cost-of-doing-nothing.aspx http://wedgwoodinsurance.com/blog/posts/2011/august/23/the-cost-of-doing-nothing.aspx Tue, 23 August 2011 10:49:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/july/11/learning-lessons-from-kiss.aspx OK I admit it. I'm a big Kiss fan. I have been since I was 13 years old. It's cool to like Kiss again, but I spent a lot of years in the closet from 1982 to 1996 when Kiss were definitely considered "un-cool". For some reason the Kiss "brand" burned into my brain (like millions of others in the Kiss Army) and it never went away. For a band to be successful for over 35 years, they must be doing something right and looking at the big picture, I think there are some lessons to be learned that all of us in the business world can take away, and apply in our business planning activities. Build Something Unique. Kiss is instantly recognizable. People who aren't music fans know what those images represent, especially Gene Simmons' demon character. This translates into unique marketing and branding opportunities that are not available to other bands. While some may decry the amount of merchandising Kiss does, the bottom line is this stuff wouldn't be out there if someone wasn't buying it.  For those of us in more mundane businesses, we may not be able to create a brand as unique as Kiss' but the importance of being perceived as different in a cluttered market is clear. What little things can you do to stand out as different from your competitors?   Know When to Shift Gears After 6-7 years of great success in the 70's, Kiss' popularity began to fade in the early 80's. Lineup changes and changing musical trends led to a steady decline in album and concert sales. What did Kiss do? They took a chance and removed the makeup. They completely eliminated the make-up that made them unique and became "just another" hard rock band. For most bands this type of a change would have been suicidal but for Kiss, it caused a resurgence in popularity. Why? The makeup had been developed so well in the previous years and their identities so well guarded that removing the make-up became an event , at least in the world of hard rock music.  While they were unable to regain the heights of their 70's success, the became a moderately successful touring band in the 80's selling 15 million or so albums. I s your business clinging to what worked in the past? Are you afraid of change? Would you rather have security in mediocre results, rather risking something different for larger rewards? Is the time for change now?     Hard Work Trumps All - Stay the Course Kiss toured relentlessly, releasing album after album.  They played concert after concert in cities other bands skipped. No matter how well or poorly the band was doing, or how much criticism they received, they kept slugging away at it. While other bands gave up or drifted away in a haze of drugs and alcohol, Stanley and Simmons stayed clean and worked hard to keep the Kiss name alive in the lean years, and maximized their income in the good years. How many businesses give up when things don't go well, moving on to the next "great thing?" Do you take an easy short term payday and sacrifice long term success? Do you spend the summer on the golf course instead of working on your business? Be Consistent  - Manage Your Brand When you go to as Kiss concert, you know exactly what to expect. I saw Kiss play in central Newfoundland this weekend with ½ a stage show, in pouring rain, and before a crowd who clearly were there to be entertained. Kiss could have phoned in a half-hearted effort and many would have been happy. What did they do? They worked just as hard on stage as they do in major centers, they found creative ways to put the best stage they could onto the tiny Centennial field stage and they got soaked going out from under the protection of the stage covering to get closer to the crowd. Kiss delvers a consistent concert experience from show to show, from tour to tour, with small tweaks along the way. The fans get exactly what they want and expect. How does your business manage its' brand? Is your client experience consistent from day to day and from employee to employee? Do your customers get what they expect or more? Do you monitor and measure the level of employee and client engagement with your company. Kiss has become more than a rock band. They are brand with over 3,000 licensed products, a reality show featuring one of it's members and one of the most recognizable logos in music. They must be doing something right. Is your business? http://wedgwoodinsurance.com/blog/posts/2011/july/11/learning-lessons-from-kiss.aspx http://wedgwoodinsurance.com/blog/posts/2011/july/11/learning-lessons-from-kiss.aspx Mon, 11 July 2011 11:33:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/june/17/the-race-to-the-bottom.aspx Seth Godin wrote a great piece today on the race to the bottom with the explosion of 24 hour media. Who pays for the news media?     The premise is that while many complain about the quality (or lack thereof) in the news we get today, including the lack of analysis, talking heads without anything to really say, and the blurring of entertainment and news, at the end of the day, we are the ones paying for it, either with money, or with our attention. While some news outlets have decided to avoid this, many pander to the lowest common denominator, sacrificing quality and integrity for short-term profit. The same can probably said for many other businesses. In our market Wedgwood stands out by not advertising, at least for now.  While many of our competitors advertise price, convenience and service, we've transitioned to a business model that focuses on deeper relationships, profit improvement and risk reduction for our commercial clients. Isn't competitive pricing (for the insurance commodity) and good service a given in today's world? Is advertising on price and service the equivalent of the "race to the bottom"? We've spoken to many clients who feel the same way, tired of the same old approaches that worked for many years but not so well in the new economy. Those that make the transition will reap the benefits, while those that don't will continue to churn the hamster wheel of reactivity, low margins and shallow client relationships. What's your real value proposition or is it hidden behind "great service", "experienced people", "locally owned and operated" and "in business for 50 years"? http://wedgwoodinsurance.com/blog/posts/2011/june/17/the-race-to-the-bottom.aspx http://wedgwoodinsurance.com/blog/posts/2011/june/17/the-race-to-the-bottom.aspx Fri, 17 June 2011 11:38:00 http://wedgwoodinsurance.com/blog/posts/2011/june/09/my-computer-got-hacked.aspx Identity Theft is becoming a larger issue these days. According to the Norton Cybercrime Report 2010, 64% of Canadian Adults have experienced some form of Cyber Cyber crime, which includes everything from Malware and Virus problems, to full on robbery of personal information. Here are some of the stats.                                                                                  Those Who..                                    Canadians (Adults) CYBERCRIME Have experienced some form of Cybercrime 64%(Malware Virus 53%) POWERLESS AND FEARFUL CONSUMERS Do not expect to be a victim of cybercrime   Feel "very safe" online 1%     13% NO JUSTICE Think cyber criminals will not be brought to justice 85% CONSUMER ANGER As a result of cybercrime feel: Angry (62%) Upset (54%) Frustrated (52%) ONLINE ETHICS Have lied about personal details online: 44%   Have used a fake ID on line:   JUST THE STATS Average Cost of resolving a cybercrime CAD $582   Days to resolve a cybercrime(average) 17   Cybercrimes never resolved 28%   While protecting your computer system from on-line attacks is a nice start, on obviously in the interest of a company like Norton, protecting your identity goes far beyond that. Careful review of credit card statements, reviewing your credit history all go hand in hand to avoiding the cost, frustration, and time wasted dealing with misuse of your personal information. What are you doing to protect yourself? http://wedgwoodinsurance.com/blog/posts/2011/june/09/my-computer-got-hacked.aspx http://wedgwoodinsurance.com/blog/posts/2011/june/09/my-computer-got-hacked.aspx Thu, 09 June 2011 11:48:00 Carol Gillingham http://wedgwoodinsurance.com/blog/posts/2011/may/18/the-joys-of-buying-a-new-car.aspx Purchasing a new car is an exciting event.I get that.picking out the options you want, choosing the color, haggling over the price and finally, showing it off to your friends..there is a lot of emotion around it.  And your salesperson at the car dealership will be more than happy to spend that time with you to make sure you are satisfied with your purchase. So here is what I don't get..why you invest $30,000, $40,000 or oftentimes more, in a new car and it rolls off the car dealership lot without anyone having told their insurance broker about the purchase.  I am always amazed to receive a call where we are finding out for the first time that a new vehicle has been purchased and now there is an accident. Do you have some coverage under your auto policy for newly acquired vehicles? Absolutely - with conditions. Should you be relying on that to protect you in a claim situation? Definitely not. My advice is simple: if you are purchasing a vehicle talk to your broker, get the advice you need, discuss coverage's and make the arrangements ahead of time. If you are a car salesperson, make sure you have the necessary confirmation of insurance before you let that vehicle leave your lot.  It really is worth your time and you can enjoy your new ride knowing it is properly insured. After all, isn't that what insurance is - peace of mind? http://wedgwoodinsurance.com/blog/posts/2011/may/18/the-joys-of-buying-a-new-car.aspx http://wedgwoodinsurance.com/blog/posts/2011/may/18/the-joys-of-buying-a-new-car.aspx Wed, 18 May 2011 11:50:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/april/08/stop-poking-into-my-private-information.aspx Recently, I received an email invitation from one of the major chartered banks to obtain a free on-line quote for automobile and home insurance. Being a savvy consumer, I thought; why not check out the competition's offering?. When I went to the site, I realized that in checking my credit history several months ago (something I recommend that you all should do on a regular basis) , I discovered that  I had also gotten a quote from them in 2009 and that in doing so, they had checked my credit history. I was surprised at this, since I didn't think that simply asking for an automobile insurance quote would generate a credit check. I understand that there are predictive tools that link credit history to claims history but there just seemed to be something underhanded about checking into someone's credit for an unrelated product, and not being very up-front about saying that you are doing it. Being in the business, I know that we obtain written consent from our clients to share or use personal information. This usually happens when they sign an application form to purchase an insurance policy, or request credit. If there is no application form we have them sign a consent form that outlines our uses of their information. None of this happens unless they buy something from us. Apparently, by clicking on" Agreeing to their Privacy Policy", I was authorizing this. I consider myself a fairly educated individual, but I had no idea I was inviting them to poke into my credit history, and looking at the regulatory environment that we live in, I didn't feel like I had been properly notified of what they were doing.  I will give them credit for responding promptly to my emails, which is nice to see, but the answers weren't what I wanted. This stuff should be front and center, and now they've moved the authorization 3 pages into the quote process. I fully understand that credit history can be a realistic tool linked to risk, and it doesn't have anything to do with socio-economic status. I can see how insurance companies would view people who don't pay their bills as higher risk thant those who do- it's in issue of responsibility and the ability to live within one's means. On the other hand, things like this should be completely transparent and not used to unfairly penalize or select against any particular group. In this age of free-flowing information, individuals are getting more concerned about the lack of control of how their information is used. It ranges form individuals getting upset about their pictures being put on Facebook (which I am really starting to understand), to companies poking into credit without being upfront about what they are doing. By the way, I was pleased to know that my current rates were very competitive compared to what the bank-owned insurance company wanted to charge me. The process was not transparent at all. Here is the text of my emails…. ************************************************* From:  Tom Hickey Sent:  Tuesday, April 05, 2011 1:58 PM To:  Service, TDInsurance Subject:  RE: An exclusive offer from TD Insurance Home and Auto I asked for a quote before, and in reviewing my credit history, it appears you checked on my credit? I don't mind getting a quote, but I don't want my credit checked every time that I get one. Apparently, this can impact my credit score. Thanks, Tom Hickey ***************************** From:  "Service, TDInsurance" Date:  Tue, 5 Apr 2011 18:12:56 -0400 To:  'Tom Hickey' Subject:  RE: An exclusive offer from TD Insurance Home and Auto Dear Mr. Hickey, We thank you for your interest in TD Insurance. In reply to your email, we wish to inform you that in the process of calculating a quote, we may access your credit information as another measure to help us evaluate risk, confirm identity and prevent fraud. However, we wish to assure that although this verification appears on your credit report, it does not affect your credit score.  For more information regarding the use of your personal information, we invite you to read our  Privacy Agreement .  Lastly, should you wish to discuss your auto or home insurance needs, we invite you to contact a member of our team toll-free at 1 800 338 0218. You may also visit our website at  www.TDInsurance.com  in order to receive some free no-obligation quotes online. Our office hours are Monday to Friday from 8 a.m. to 8 p.m. and Saturday from 9 a.m. to 4 p.m. Atlantic Time.  We apologize for the misunderstanding and look forward to serving you.  TD Insurance Home and Auto™ ************************************************************************* Sent:  Wednesday, April 06, 2011 3:14 PM To:  Service, TDInsurance Subject:  Re: An exclusive offer from TD Insurance Home and Auto Thanks for this. I don't want to be difficult, but I don't see where I authorized that. If was buying a policy, I could understand this but its only a quote. Thanks, Tom ***************************************************************************** Dear Mr. Hickey, In reply to your e-mail, we wish to inform you that according to our records, you had previously completed a quote on our website in 2009. At that time, a link to our personal information usage page was located on step 1 of our online quoter. We wish to inform you that this link has now been moved to step 3 of our quoter. If you wish to consult our full privacy agreement, we invite you to visit the following link:  http://www.td.com/privacyandsecurity/privacycommitment/index.jsp  or visit our website at  www.TDInsurance.com   If you require any additional information regarding our privacy agreement, we invite you to contact a member of our team toll free at 1 800 338 0218. Our office hours are Monday to Friday 8 a.m. to 8 p.m. and Saturday 9 a.m. to 4 p.m. We apologize for the inconvenience and look forward to serving you. TD Insurance Home and Auto™ http://wedgwoodinsurance.com/blog/posts/2011/april/08/stop-poking-into-my-private-information.aspx http://wedgwoodinsurance.com/blog/posts/2011/april/08/stop-poking-into-my-private-information.aspx Fri, 08 April 2011 11:53:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2011/february/28/working-for-a-pension-vs-having-a-career.aspx I recently read an article in the Business News edition from the   St. John's Board of Trade. The focus was on retirement planning and it outlined advice from baby boomers on what they would have done, looking back, in order to have less worries about funding their retirement.  The top 4 items were 1.         Start Saving Earlier (91 percent) 2.         Pay off your mortgage faster (73 per cent) 3.         Save more money or invest in an RSP (66 per cent) 4.         Find employment with a government or company that has a pension (66 per cent) A lot of this is common sense (which apparently isn't very common), but frankly I find number 4 disturbing. No, I'm not against pensions; they are valuable part of a retirement plan, if you have one. On the other hand, you only have to read the financial news the last few years. Many government pensions are underfunded, which means we, the public, have to pay extra to keep them solvent. The same can be said about many corporate pension programs which means prices have to go up to pay for them, or companies have to alter the terms of what was promised to their employees. As far as social supports go, the math doesn't work. Generation X is relatively small, which means that that from a demographic point of view,  there aren't going to be enough people to pay for the retirement needs (let alone health care)  of the generation that is retiring. All these things tell me that the best advice to give someone starting out is not to plan on having anyone help you with retirement, plan on HELPING YOURSELF… which is why I find number four disturbing. I think the last thing young people should be doing is picking a career in the government, or any other place for that matter because it has a pension.  If this is what you really want to do, you get great personal fulfillment from your job, you get to live up to your own personal brand, and you happen to get a pension that is great, but…. How about finding employment with a company that: ·           Reflect your core values ·           Makes you want to keep learning ·           Helps you become a better person ·           Rewards superior results ·           Empowers you to be accountable and do the same for others ·           Lets you have fun at work Would you pick this company, or the one with the pension, but doesn't really give you any other true fulfillment? What regrets would you have looking back at 65 if you made your career decisions using these criteria? Or you could go to work in a place where you have a pension, and maybe you won't get fired, no matter how mediocre you are. The choice is yours. http://wedgwoodinsurance.com/blog/posts/2011/february/28/working-for-a-pension-vs-having-a-career.aspx http://wedgwoodinsurance.com/blog/posts/2011/february/28/working-for-a-pension-vs-having-a-career.aspx Mon, 28 February 2011 11:58:00 Darlene Haley http://wedgwoodinsurance.com/blog/posts/2011/february/16/christmas-lights.aspx ...Or Why Didn't I Take the Darn Lights Down? Christmas is long gone but the remnants of that special event remain at my house! And that is those outside Christmas lights. I nearly lost my mind last week when around 2 am I heard a banging noise on my bedroom window. I froze as I sat up in the bed trying to determine what is going on. Then it hit me, those darn outside lights that were streamed so pretty around the eve of our 2 story house were no longer fully intact. There was a section of the lights that were draped down over the window and thanks to the recent snow and high winds; they were now keeping me up at night. An unforeseen event early in January caused a delay in removing them and now it appears that I will be stuck with them till about April.   For anyone who is in a similar situation, as we recently posted on our facebook page regarding the removal of snow from your roof, we do not recommend that you climb up on your roof to remove the lights either. If they cannot be removed or secured safely then leave them until it is safe to do so. Going forward, as soon as dear old Saint Nick is gone, so will the bright lights from my eve. I have to put in  a plug in for our  Wind Storm Protector   TM   facts sheet that is available on our website. While it is not directly applicable to Christmas lights, it does provide helpful tips to help reduce or prevent windstorm damage. http://wedgwoodinsurance.com/blog/posts/2011/february/16/christmas-lights.aspx http://wedgwoodinsurance.com/blog/posts/2011/february/16/christmas-lights.aspx Wed, 16 February 2011 12:02:00 Carol Gillingham http://wedgwoodinsurance.com/blog/posts/2011/january/31/my-own-taxi.aspx One of the best customer experiences I had came, out of a situation where a co-worker and I were riding in a taxi taking in the Katrina ravaged areas of New Orleans. To be honest, I was expecting to hear a text book narrative from the driver about the statistics we had heard about on the news and get a quick glimpse of some of the damaged areas.  What we did get was a passionate and engaging recount of how Katrina affected people's lives; the physical damage to property was secondary.    Our driver stopped his car along different streets and we got out and walked along side him as he told the stories of how the area used to look before and what was being done to rebuild.  It was obvious he was proud of the people who were beginning to repopulate the areas and what it took for families to move back to their homes.  The taxi cab was old, its interior was drab, we were surrounded by poverty and destruction, but the driver was upbeat, enthusiastic and so positive about the future that we could not help but feel the same.    My moral? Customer service or the customer experience, which ever term you choose to use, is what you take away from an encounter. If it is a great experience, what matters most is that you feel good with the choice you made. You should be left with peace of mind and contentment in your decision.  By the way, I still carry that taxi driver's business card as a reminder. It simply says "My Own Taxi". Very simple, but very effective. http://wedgwoodinsurance.com/blog/posts/2011/january/31/my-own-taxi.aspx http://wedgwoodinsurance.com/blog/posts/2011/january/31/my-own-taxi.aspx Mon, 31 January 2011 12:06:00 Kent Rowe http://wedgwoodinsurance.com/blog/posts/2011/january/18/when-is-the-lowest-price-not-the-lowest-price.aspx It always amazes me how many commercial clients focus on getting the cheapest price available and rarely ever place any value on….value.  Buying insurance, the right insurance, is a significant transaction.  It could mean the difference between your company's survival and its collapse, yet many consumers only analyze the bottom line…weird.  I often wonder in what other transactions do consumers almost always consider the cheapest alternative as their single criterion.  Do we always buy the cheapest TV, the cheapest camera, the cheapest car seat for our children….no, almost never.  We buy these products because we perceive value in them.  Whether it's the brand we choose, the warranty protection provided or the experience we create during the purchase, we very rarely buy anything based on price alone.  Many people will spend hours on end researching what microwave they should buy, but they buy their insurance from the first guy in the door with the lowest price.  Why?  Frankly, I don't know.  Anybody can sell insurance.  Not many can bring significant value to the table.  Not many ask the right questions.  Not many can help you evaluate areas in your business where you may be facing significant risk but don't know it.  Not many can explain to you that your insurance premiums account for about 30% of your Total Cost of Risk.  Not many can solve any of the problems that keep you awake at night.  The point is some can, you just have to take your time and make sure you get the right one.  The next time you buy a car are you going to save a few bucks and buy from the backyard car salesman because he can save you a few bucks, or are you going to go to a dealer who can give you what you want, safety, fuel economy, style and substance.  Vendor or Advisor…it's up to you! http://wedgwoodinsurance.com/blog/posts/2011/january/18/when-is-the-lowest-price-not-the-lowest-price.aspx http://wedgwoodinsurance.com/blog/posts/2011/january/18/when-is-the-lowest-price-not-the-lowest-price.aspx Tue, 18 January 2011 12:12:00 Sharon Shea http://wedgwoodinsurance.com/blog/posts/2011/january/06/whats-worse-paying-fines-or-insurance.aspx A few months back t he Government of Newfoundland and Labrador enacted its new impaired and distracted driving laws.  The legislative changes authorized police to use traffic safety stops as a means of determining whether drivers are impaired, driving while suspended or driving without insurance, among other serious offences and I guess it's working.  I've noticed lately in the news, an increase in the number of people who have been stopped for traffic violations only to find out -surprise, surprise - that the vehicle isn't registered or insured and that the driver has no license and they owe tens of thousands of dollars in fines.  I'm just blown away that so many people can owe that much money.  How does it get to that point?  So what happens now, another ticket that they won't pay?  I guess it's a catch 22.  They can't get their license or registration without paying their fines and they can't afford to pay the fines so they for whatever reason choose to drive without them, not giving a second thought to others on the road. It's very scary to think of how many of these people are on our roads.  How do we keep them off?   I'm not sure what the answer is.  The road side checks by the RNC and the RCMP are a great start. Even if it deters one uninsured person from being out there it's well worth it.  I know the insurance industry is always willing to work with government agencies to do what we can to keep uninsured motorists off the road because at the end of the day it is the insured motorists who pay the costs of these people, i.e. increased premiums. I guess for now it's up to us as individuals to be vigilant in our driving practices.  Drive defensively and within the law, always looking out for the other guy.  Accidents do happen.  We just have to hope it's not with someone who isn't insured. http://wedgwoodinsurance.com/blog/posts/2011/january/06/whats-worse-paying-fines-or-insurance.aspx http://wedgwoodinsurance.com/blog/posts/2011/january/06/whats-worse-paying-fines-or-insurance.aspx Thu, 06 January 2011 12:14:00 Tom Hickey http://wedgwoodinsurance.com/blog/posts/2010/december/13/why-cant-telemarketers-be-honest.aspx When saying "Thank-You" is worse than saying nothing at all, according to Wedgwood's Tom Hickey...   I got my umpteenth phone calls from my cable TV and telephone providers last week. Always at around 6:00PM, always obviously dialed by a machine (the lag on the answer pick-up being the obvious give-away), and always somebody beginning the call with "We are calling today to say thank-you for your business".  Then a sales pitch begins as to why I should switch and bundle all my internet, phone, mobile and TV services together. So, the real reason for the call was not to "Thank Me" but to sell me more stuff. Aside from the fact that they interrupted my watching of the evening news, do these people think I am too stupid  to figure out why they are calling me? Wouldn't it be a breath of fresh air for a call to say "Thank-You" and then nothing else - no sales pitch, no 'Do you have any questions about our service?" or anything else?..... Or how about some honesty..."Mr. Hickey, we are calling you to sell you more services, we won't waste your time with any pleasantries, here is the deal..." At Wedgwood, we don't like "telemarketing' although we do call our clients on occassion or follow up on referrals from our clients and friends. When we do call, it will always be a real person, but frankly, we don't want nor like to do this.Obviously, this must work or companies wouldn't keep doing it, but it's a dreary dreary, tough job for the poor soul on the other end of the line who has to do this stuff all day long. The individual who gets energy from "dialing for dollars" has a rare set of Natural Talents, and it's just not the kind of place I want Wedgwood to be. Either way, don't waste my time calling to tell me you want to say "Thank-you" when the real reason is to sell me stuff. At least be honest..... http://wedgwoodinsurance.com/blog/posts/2010/december/13/why-cant-telemarketers-be-honest.aspx http://wedgwoodinsurance.com/blog/posts/2010/december/13/why-cant-telemarketers-be-honest.aspx Mon, 13 December 2010 12:16:00 Darlene Haley http://wedgwoodinsurance.com/blog/posts/2010/december/10/dont-get-left-standing-in-the-rain.aspx Darlene Haley explains why you might need some extra protection for a rainy day...   Ever wonder if the liability from your personal home and auto policies is sufficient to protect you in the event of a loss? Do you: Sit on a board of directors or serve as an executive for a non-profit organization? Volunteer or belong to a non-profit organization or service club? Own a boat, snowmobile, ATV, or other type of recreational vehicle? Travel outside of Canada? Is simply increasing your liability limit on your home and auto policies sufficient to provide adequate protection for the above exposures? Maybe not! The last thing you want is to volunteer to help out with an organization, and end losing your home because you don't have enough liability insurance. Or rear end a cardiac surgeon and not be able to put your kids through university. Is it likely? No… But it's a sad commentary in our society when that you have to worry about this stuff, and it's a reality of life. We are becoming more and more litigious and as a result, we have to think about protecting ourselves. That's why many of us might need an Umbrella policy which sits on top of our auto and homeowners policies with an added layer of protection. In addition, an umbrella policy can provide coverage for claims that may be excluded by the basic  - things like policies, slander, invasion of property, and libel. Don't get left standing in the rain. Once you get wet, it's too late. http://wedgwoodinsurance.com/blog/posts/2010/december/10/dont-get-left-standing-in-the-rain.aspx http://wedgwoodinsurance.com/blog/posts/2010/december/10/dont-get-left-standing-in-the-rain.aspx Fri, 10 December 2010 12:19:00 Wayne Clarke http://wedgwoodinsurance.com/blog/posts/2010/december/02/winter-drivingbe-like-a-boyscoutprepare.aspx Our Commercial Insurance Vice President, Wayne Clarke, plays the good samaritan and discovers that good intentions aren't enough in the winter..... I came upon a stranded motorists, his vehicle would not start, I offered my assistance only to find out I had left my booster cables at home. Tips to remember this winter season: Install winter tires. Winter tires improve driving safety by providing better traction in snow, slush and icy conditions. Winter start up are hard on your vehicle, get your car winter ready with a maintenance check up. Visibility is paramount,  replace worn or broken wiper blades and burnt out front and rear lights.  Clear snow and ice from all windows, lights, mirrors, hood and roof. Make sure your radiator is full. H ave a winter survival kit, recommended items to have: (i)                    First aid supplies (ii)                  Windshield scraper and snow brush (iii)                 Flares and matches for lighter (iv)                Gloves, Flashlight (v)                 Shovel, traction mat , sand or kitty litter (vi)                Extra clothing and footware (vii)               Booster cables (vi)                If you have a cell phone, make sure it is charged and bring it with you.     The list can go on and on, most of all pay attention, be proactive, watch the vehicle in front of you and behind you to give yourself lots of room for turns and stopping. http://wedgwoodinsurance.com/blog/posts/2010/december/02/winter-drivingbe-like-a-boyscoutprepare.aspx http://wedgwoodinsurance.com/blog/posts/2010/december/02/winter-drivingbe-like-a-boyscoutprepare.aspx Thu, 02 December 2010 12:22:00 Carol Gillingham http://wedgwoodinsurance.com/blog/posts/2010/november/24/backing-into-trouble.aspx Our Personal Insurance Service Manager, Carol Gillingham, shares some great advice on a common problem... "I honestly did not see him stopped there"…"where did that car come from?"..."he just backed into my car!"   Each year we receive numerous reports of parking lot accidents where one, or sometimes both, drivers have reversed from parking spaces and collided with other drivers. Sometimes the damage is incidental and sometimes it is severe. Either way, like any claim, it is a source of anxiety for those involved in it.  So why back from a parking space? Why back out of a driveway? It's a combination of factors; on a congested parking lot we are so relieved to find a parking space that we happily shoot into that space and worry about leaving it afterwards, it's quicker to pull into your driveway at the end of the day, but, the most important reason in my opinion, is that we get panicked when we have to back into a parking space so we avoid it. When you are leaving a driveway or a parking space by reversing your vehicle, your vision is reduced and your attention is divided. When you drive out facing the pathway your vehicle is taking, your vision is clearer and you can react better to potentially unsafe situations.    The shopping season is here, people are hurried and parking lots are crowded.  Take the extra minute to back it up and be safe in your driving. http://wedgwoodinsurance.com/blog/posts/2010/november/24/backing-into-trouble.aspx http://wedgwoodinsurance.com/blog/posts/2010/november/24/backing-into-trouble.aspx Wed, 24 November 2010 12:24:00 Kent Rowe http://wedgwoodinsurance.com/blog/posts/2010/november/22/complex-risk-or-common-sense.aspx In our latest blog, Commercial Lines Manager Kent Rowe waxes poetic on dealing with risk...read on... Someone once said that the funny thing about common sense was that it's not all that common.  When it comes to managing risk in your life and in your business, common sense can be your savior!  Risk management is not rocket surgery, (Thanks President Bush!) it's not really complicated at all.  All it takes to prevent and reduce risk is a little bit of common sense.   Risk is everywhere!  When you cook breakfast in the morning you risk burning your house down, when you drive to work in rush hour traffic, you risk life and limb navigating the roads, when you disagree with your boss at the morning meeting you risk getting fired!  It's unavoidable!  How we manage this risk is what's important.   The key to managing risk is process, systematic process to be precise.  When we cook breakfast we understand the risks that we face…we don't leave the stove unattended, we don't deep fry our hash browns in an open pot, etc.  The question is why don't we?  The answer is in the process.  We've cooked breakfast so many times in our lives that we have becoming innately aware of the risks.  As a result, our brains have processed all of the dangers of cooking breakfast and have developed ways to help you prevent or avoid losing the ½ pound of bacon and 6 eggs to a flash fire.   When it comes to managing the thousands of risks that your business faces every day the stakes go up exponentially.  Even though the risks faced have potentially more severe consequences, the answer to managing these risks is the same.  Whether it's preventing a fire in your building to making sure that nobody slips and falls on your front steps, the process is the same.  Here are some common sense tips to managing your business risk.  Know where you are now!  You can't improve on a risk management plan if you don't already have one.  Consider the cost of managing your risk versus the cost of doing nothing.  Know your risk!  Start by completing a green light meeting on all the risks that your organization faces.  Some will be eliminated as being benign, but more will surface as being serious and should have action plans developed to help deal with them. Documentation is king!  We all practice risk management on some level or another.  The key to great risk management is documentation.  Developing and following written protocol for managing risk is crucial.  Writing down your procedure for snow removal or cleanup in the common areas of your building may save you big money should someone slip and fall and claim injury! Get others involved.  You can't solve all of the world's problems by yourself.  Take advantage of other people in the organization who specialize in different fields.  Don't forget accounting, sales, IT, service and HR. Train, Train, Train!  Once you've established what your risks are, you need to make sure that you don't keep it a secret!  Make sure that your staff is trained to handle risks that pertain to their day to day roles.  How do they respond to a slip and fall?  A vehicle accident?  Suspicions of a co-worker dipping in to the company till?  Your front line people will control 70% of the risk that your company faces.  Doesn't it make sense to empower them to deal with these risks.  Separate, Duplicate and Back up.  Every role, process and function should have a back up.  What happens if you lose a key staff member for 6 months to illness, if an important piece of machinery burns, or if you lose your customer data base?  To avoid the ensuing panic and mayhem of either of these scenarios always have a contingency plan! Understand your total cost of risk.  Take in to consideration your premiums, deductibles paid on insured losses, money spent on uninsured losses.   Most importantly put a value on your time!  How much time do you spend managing risk, dealing with insurance issues and reacting to losses once they occur?  How much more success would your company have if you spent most of your time doing what you do best…growing your business?  Once you have uncovered your total cost of risk, work with a broker who can help you manage those costs over time and help you develop a solid risk reduction plan so that you can spend time making money..not spending it. Remember your Mother's advice..use common sense..it could get you out of a Risky situation! http://wedgwoodinsurance.com/blog/posts/2010/november/22/complex-risk-or-common-sense.aspx http://wedgwoodinsurance.com/blog/posts/2010/november/22/complex-risk-or-common-sense.aspx Mon, 22 November 2010 12:26:00 http://wedgwoodinsurance.com/blog/posts/2010/november/05/learning-lessons-from-igor.aspx It's been over a month now since Newfoundland & Labrador got a reality check about the damage that can be caused by a hurricane.  In the past we chuckled at Toronto calling out the army to help with snow clearing, or how other provinces can't deal with a "bit of wind".  The truth is that here in Newfoundland & Labrador, we get a lot of really lousy weather but not a lot of extremes. It's not extremely hot in summer nor extremely cold in winter. Lots of wind and rain but rarely do we see earthquakes, floods or hurricanes. Compared to those who live in the Caribbean or the mid-western United States, we really don't know what really bad wind and rain conditions are. Until now… So what did we learn? The insurance industry, by and large, doesn't cover flood and likely never will, so how do we deal with this the next time we get these kinds of conditions? There are a bunch of things out of an individual's control. Governments need to upgrade infrastructure to deal with a new reality; these events will be more frequent. Emergency Response plans need to be updated to be more responsive. Businesses need to be on top of Business Continuity Planning. Insurance providers need to do more than sit back and pay or deny claims. We need to educate our clients on the best way to minimize the impact of these weather events. So here's a shameless plug for our  Flood Protection System™  which provides some common-sense ideas for individuals (or business owners) to think about, in minimizing flood damage.  Even though some businesses have the ability to buy flood coverage, nothing can replace a comprehensive  Disaster Recovery Plan™  . Many individuals and businesses are suffering trying to recover from Hurricane Igor. It's about time insurance brokers, insurance companies and consumers took more proactive action to at least minimize the impact, because it will happen again. Remember the definition of insanity... http://wedgwoodinsurance.com/blog/posts/2010/november/05/learning-lessons-from-igor.aspx http://wedgwoodinsurance.com/blog/posts/2010/november/05/learning-lessons-from-igor.aspx Fri, 05 November 2010 12:28:00 http://wedgwoodinsurance.com/blog/posts/2010/september/17/connecting-through-social-media.aspx Social Media is the new thing. Some people react with skepticism, perhaps the same people who said email was a fad. You only have to look at Facebook to see that this is a game-changer. In our own office staff are getting involved, and not just the Gen-Xer's. Heck I use it now and have found it useful as a communication tool with many of my friends. Lots of so-called experts are offering advice and on the best way to use Social Media like this to help our clients, and frankly I'm skeptical about some of it. I read an article link provided by a friend on Twitter (Craig Rowe- Clear Rick -  http://bit.ly.cqRqru  ). Apparently, if I am going to a player in the world of Social Media, I'm supposed to share 6 comments a day and one great idea per week. I don't have a problem with one idea per week but 6 comments a day? That's 30 comments a week or over 1,000 per year. I'd question the ability of getting any work done, if I spent all my time Tweeting, Blogging and 'Joining the Conversation".  It seems that putting out that much information is a great way to fade into the gossip, garbage and white noise that makes up much of the internt.... but if you have the time to search through it, you can learn some amazing things. So, we are introducing Facebook, Twitter and Blogs as a way to get better information out there to our clients and business partners. but I have some promises to make to those of you who would like to get some good information but don't want to be bombarded with useless emails, tweets and facebook updates: Information we send you will be limited to: Information to help reduce your business or personal Total Cost of Risk™ costs Tools to help you better understand insurance or risk management. Information to help us get to know each other a little better so that we can understand each others needs. "Like" us on Facebook at  http://www.facebook.com/pages/Wedgwood-Insurance-Limited/339685234035?ref=search http://wedgwoodinsurance.com/blog/posts/2010/september/17/connecting-through-social-media.aspx http://wedgwoodinsurance.com/blog/posts/2010/september/17/connecting-through-social-media.aspx Fri, 17 September 2010 12:29:00