Overmyer Hall Associates, for the 7th year in a row, is considered one of an elite group of independent insurance agencies around the United States earning the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) “Best Practices Agency” designation. Each year since 1993, the Big “I” and Reagan Consulting, an Atlanta-based management consulting firm, join forces to study the country’s leading agencies in six categories. 

The agencies comprising the study groups are selected every third year through a comprehensive nomination and qualifying process and awarded a “Best Practices Agency” designation. The selected “Best Practices” agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year.

“It’s an honor to have been both nominated and selected to have earned this Best Practices designation,” says Greg Overmyer, CPCU, Chief Executive Officer of Overmyer Hall Associates.  “Receiving this prestigious designation as one of the country’s Best Practices Agencies is a reflection of how our dynamic team of commercial insurance, surety bonding and personal insurance experts continually strives to provide the highest-quality service to all of our clients. The secret is in our people.”

More than 2,600 independent agencies throughout the U.S. were nominated to take part in the annual study, but only 282 agencies qualified for the honor. To be chosen, the agency had to be among the top-performing agencies in one of six revenue categories. The annual survey and study of leading independent insurance agencies documents the business practices of the highest-performing agencies and urges others to adopt similar practices. 

Overmyer Hall Associates was founded in 2011 and quickly grew, becoming the largest locally owned property and casualty insurance agency in Central Ohio — and one of the fastest-growing agencies in the nation. For further information, please contact Overmyer Hall Associates at 614-453-4400 or info@oh-ins.com.

The board of directors is the governing body of a nonprofit responsible for advancing the organization’s mission by creating and implementing ethical policies. These policies should contribute to the nonprofit’s culture, strategic focus, effectiveness and financial sustainability. The board must also fulfill legal duties and serve as a fiduciary of the organization’s assets.

As board members navigate the above responsibilities, there is plenty of opportunity for error. However, with the proper risk management guidelines, mistakes can be prevented or minimized.

This article discusses the potential mistakes the board of directors of a nonprofit can make and how to mitigate them.

Potential Mistakes

Mistakes made by the board can affect not only the organization but its stakeholders and community as well. Common errors committed by the board of directors include:

Mitigating Mistakes

Board members should be committed to furthering the nonprofit’s mission while avoiding mistakes and mitigating liabilities. To combat the above errors, leadership should:

Mistakes can pose reputational and legal risks to nonprofits. By implementing good governance practices, mistakes can be minimal, and the nonprofit can ensure it’s compliant with all laws and regulations. For more risk management guidance, contact us today.

This Risk Insights is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2021 Zywave, Inc. All rights reserved.

Reduce Your Risks When Putting on a Fireworks Display

Fireworks are an indispensable part of celebrations such as Independence Day and New Year’s Eve. When your business or organization puts on a special event with fireworks, take precautions to reduce the risks and keep your employees and spectators injury-free.

Know the Risks and Be Prepared

Injuries and accidents often occur because people underestimate the dangers posed by fireworks and don’t take proper safety precautions. In fact, a special study conducted by the Consumer Product Safety Commission found that more than half of fireworks-related injuries were the result of unexpected ignition of the device or consumers not using fireworks as intended. The bottom line is that all fireworks carry potential risks of burns, blindness and other injuries, but you can reduce the danger through proper planning and safety:

Be sure that your business or organization complies with all applicable state and local laws. The laws regulate who can purchase and use fireworks, when they can be purchased, when they may be used and what the maximum noise levels may be. Under these regulations, the industry focus is not only on product safety but also on the reduction of accidents and injuries.

Insure Your Event 

Regardless of whether you hire a professional fireworks display operator or release the fireworks yourself, verify that your homeowners insurance policy provides coverage for injuries or property damage caused by fireworks. Other coverages to consider, depending on the nature of the event include:

Have a happy and safe Fourth of July! For more coverage guidance, connect with us at 614-453-9378 or shammersand@oh-ins.com.

Scott Hammersand, CPRM, is a Personal Lines Advisor with Overmyer Hall and Associates, Central Ohio’s largest privately owned property and casualty insurance agency.

Prevent Potential Claims and Lessen Coverage Challenges

Social inflation, which refers to the rising cost of insurance claims, continues to be a growing concern within the commercial auto insurance market. And with today’s inflation affecting nearly every aspect of our lives, it’s important to understand the causes — and how to help customers respond properly.

Inflation issues can be attributed to a number of things, including increased litigation funding, tort reform challenges and deteriorating public sentiment toward corporations. Rising litigation expenses associated with social inflation can result in costly insurance claims, forcing insurers to make major payouts, which can also lead to poor loss ratios and reduced underwriting profits. 

To combat losses, insurers are more likely to increase premium costs and introduce additional coverage restrictions. While these challenges occur throughout the commercial insurance space, the auto insurance segment is more vulnerable because the commercial auto market had already been unprofitable for insurers over the past decade. 

According to a recent report from AM Best, commercial auto underwriters saw more than $22 billion in underwriting losses between 2011 and 2020, despite underwriters increasing commercial auto premiums. Consequently, rising social inflation issues have exacerbated the commercial auto segment’s existing profitability concerns, creating continued challenges for insurers and policyholders alike. 

Looking ahead, industry experts predict this trend will continue to be a concern. As such, the majority of businesses with commercial auto exposures—regardless of their industry or vehicle class—could experience a more difficult renewal process with higher premiums, lowered capacity and stricter policy requirements or limitations. 

Steps Businesses Can Take

Policyholders should consider the following measures to help prevent potential claims and minimize coverage challenges:  

For more coverage guidance, connect with us at 614-453-4400 or info@oh-ins.com.

Dan Overmyer, CPIA, CLCS, is a partner with Overmyer Hall Associates, a property and casualty insurance agency in Central Ohio. For more information, visit oh-ins.com.

As your company grows, so do your insurance needs, especially when you have multiple commercial properties.

There are two types of insurance coverage that most commercial properties use: specific and blanket. Specific coverage insures a specific property for a named risk, such as fires, floods, thefts and more. Specific coverage is somewhat limited in that usually one policy only covers one named risk at one location.

Blanket coverage offers protection for a number of different properties and risks. Under a blanket policy, you can group together coverage for multiple buildings and the property in them as long as the buildings are all similar in nature and function.

Blanket coverage makes it easy and convenient to cover all the risks that threaten your properties. However, it’s important to know the characteristics of blanket coverage to see if it can adequately protect your business.

Know the Basics

Because blanket insurance offers coverage for multiple locations, it’s often useful for businesses such as apartment complexes and restaurant chains. The catch is that properties covered under a blanket policy must be similar in nature. For example, a blanket policy typically does not cover a business’s warehouse and storefront under the same policy. 

Coverage under a blanket policy is generally triggered in the event of any loss associated with a named property. This can include fires, floods, thefts, personal injury liabilities and more. While blanket coverage typically costs more than specific coverage, blanket coverage provides broader protection by protecting against all liabilities simultaneously.

Additionally, blanket policies also offer protection for equipment, inventory or furnishings located in or around covered structures. Unlike specific coverage, which only provides protection for items that are individually listed in the policy, blanket coverage provides broad coverage for your business’s property—even if it’s moved between two or more locations. This allows for more flexibility if you need to frequently move equipment to conduct business.

Understand the Limits

Under blanket coverage, all of your covered buildings and the property in them is covered until the total policy limit is met.

For example, if your business owns three warehouses that are each valued at $1.5 million, you would purchase a blanket policy with a limit of $4.5 million to protect all three properties. If one warehouse was destroyed in a fire, and the cost to replace the building was actually $1.75 million—more than the originally estimated value of the property—your blanket policy would still provide full coverage (up to the $4.5 million limit). A specific coverage policy in the same scenario would only reimburse you up to the limit of the single property.

Find the Right Policy 

Finding the right policy for you varies based on a number of factors. Partner with one of our advisors who can work with you to help determine your unique risk profile and which coverage is right for your properties. Connect with us at 614-453-4400 or info@oh-ins.com 

Dan Overmyer, CPIA, CLCS, is a partner with Overmyer Hall Associates, Central Ohio’s largest privately owned property and casualty insurance agency.

Ever reached for your phone to read a quick text, fumbled with the radio to find a good song or eaten fast food between appointments while driving? If you answered yes, you are not alone. Distracted driving is increasingly common and contributes to a significant number of accidents on the road.

Distracted driving is any activity that diverts a motorist’s attention from the road. The National Safety Council recognizes April as Distracted Driving Awareness Month to raise awareness about the dangers of distracted driving and to encourage motorists to minimize distractions behind the wheel. 

Three main types of distractions qualify as distracted driving:

Each year, more than 2,800 people —about eight people a day— are killed, and another 400,000 are injured in crashes because of a distracted driver, reports the National Highway Traffic Safety Administration. Considering these findings, it’s essential that motorists do their part to take steps to prevent distracted driving.

Distracted Driving Prevention Tips

When was the last time your auto policy was updated? One of our Personal Lines advisors can conduct a comprehensive evaluation to learn your precise needs, identify existing gaps and discover the best coverage for you.  Stay updated and learn more policy tips and advice with Overmyer Hall Associates.

About Overmyer Hall Associates

Overmyer Hall Associates is one of the fastest-growing agencies in the country, quickly becoming one of the largest property and casualty insurance agencies in Central Ohio. Overmyer Hall Associates provides clients with insurance and risk management, specializing in Business Insurance, Surety Bonding, and Home & Auto Insurance. Since its founding in 2011, the firm has been awarded Columbus Business First’s “Fast 50” and “Best Places to Work” awards, the IIABA’s “Best Practices Agency” recognition, Columbus CEO Magazine’s “Best Insurance Broker” and the Columbus Young Professionals Club’s “Wonderful Workplace for Young Professionals” award. www.oh-ins.com

By all accounts, one thing that never slowed during the wake of Covid-19 was the construction industry. Covid-19 caused all sorts of disruption, from construction site shutdowns to project delays to shortages in labor and materials, but it has remained steadfast. And now, while poised for a post-pandemic boom, the industry is feeling some lingering effects, and companies will be facing both short- and long-term challenges.

The great news for the construction industry is that pent-up demand, an abundance of project funding, and continued economic growth in key markets will drive a surge of new work for contractors – possibly for the next five to 10 years. Unfortunately, not everything is sunshine and rainbows. 

The short-term challenges faced by the industry are not new: labor shortages, material price escalation and supply-chain delays. These issues appear to be the new-normal. As a Surety Advisor, I’m going to add one to this list — Bonding Capacity. If you perform public work, your ability to secure bonding is the key to pursuing that next project and growing your business. A bond program is typically defined by a Single Project Limit and an Aggregate Limit. Project sizes and Aggregate Backlogs are growing due, in part, to cost increases.

As such, construction company owners need to have meaningful conversations about bonding capacity with their surety professional agent. Maximizing your bonding limits to fit your current needs is critical. Without proper capacity, companies could miss out on bidding opportunities.

Keep in mind that project owners and general contractors are well aware of the risks that are currently affecting the construction industry. As a result, the industry has seen an uptick in privately funded projects requiring bonding. In addition, as single project size has grown, general contractors are more motivated to require bonds from their subcontractors. So, the ability to deliver a bond is impacting more contractors and is more and more valuable.

Unlike insurance policies, surety bond programs don’t have a set expiration date, and coverage can be increased or decreased at any time. The key is finding a surety bond advisor who has the experience and expertise to properly advise you, and one who has established relationships within the industry to secure the best rates and terms for your company. 

With that in mind, here are some tips to make sure your construction company is firmly grounded and poised for success as the market rebounds:

With proper planning, informed management decisions, and a strong surety program in place, construction companies will be on solid footing to take full advantage of the opportunities coming down the road and ready to handle future challenges.

David Catanese, AFSB, is a Construction & Surety Bond Advisor with Overmyer Hall Associates.

About Overmyer Hall Associates

Overmyer Hall Associates is one of the fastest-growing agencies in the country, quickly becoming one of the largest property and casualty insurance agencies in Central Ohio. Overmyer Hall Associates provides clients with insurance and risk management, specializing in Business Insurance, Surety Bonding, and Home & Auto Insurance. Since its founding in 2011, the firm has been awarded Columbus Business First’s “Fast 50” and “Best Places to Work” awards, the IIABA’s “Best Practices Agency” recognition, Columbus CEO Magazine’s “Best Insurance Broker” and the Columbus Young Professionals Club’s “Wonderful Workplace for Young Professionals” award. www.oh-ins.com

*This article was originally published in Columbus Business First’s Power Breakfast on Feb. 10, 2022.

Cyber threats to businesses continue to rise, due in part to more companies adopting a work-from-home policy in response to the global pandemic. While working remotely has allowed companies to remain functional and stay connected, it has also created an environment that puts them at greater risk.

Not all employees working remotely have the proper security measures or firewalls in place that they have in the office. They’re using multiple devices—computers, smartphones and other portable devices—to communicate, share and store information, which can expose them and their employers to malware, ransomware and phishing scams.

As recent news reports of high-profile data breaches have shown, the implications are far-reaching and include exposing trade secrets, company data and financial information. As well, employee and client information, such as social security numbers, retirement benefits and credit card information, is at risk. The impacts can be devastating taking into account the costs, damages and disruption to day-to-day operations.

Tighter restrictions

Regardless of size or industry, no business or organization is immune. Cyber hackers don’t discriminate. With increased dependence on interconnectedness, having the proper cybersecurity coverage is imperative.

Because of demand and the rise in cybersecurity claims, insurance premium costs are rising—upwards of 20 to 30 percent. Obtaining or renewing a policy can be more challenging, and ransomware coverage is often a separate supplement and subject to limitations.

Take inventory

Unfortunately, business owners mistakenly think their policies include cybersecurity only to find out too late that they don’t. Rapidly changing markets, however, demand that business owners examine their existing policies. If your company’s policy hasn’t been updated within the last year, invest the time to make necessary adjustments or add cybersecurity coverage to protect you, your employees and your customers.

Insurance professionals should be well-versed on policy coverages and educate clients in a clear and concise manner. Cybersecurity policies cover financial losses resulting from cyber-attacks. Associated costs could include remediation, legal help, investigators, crisis communication and customer returns. Knowing exactly what is and is not covered could mean the difference in whether your business survives a cyber-attack.

Be prepared, plan ahead

Experts advise educating employees and establishing a plan to protect against and respond to potential cybersecurity threats. Below is a handful of guidelines to put in place:

  • Train employees on security principles.
  • Avoid clicking on or opening unsolicited emails, and be wary of attachments and sender addresses.
  • Never give out personal or financial information via email.
  • Establish an internal and external communication plan so IT personnel can respond quickly and effectively.
  • Use only trusted internet sources to verify or search for factual information.
  • Use antivirus software and internet firewalls.
  • Make backup copies of important data.
  • Control physical access to your devices and update passwords frequently.
  • Have the right cyber insurance coverage in place.

Dan Overmyer, CPIA, CLCS, is a partner with Overmyer Hall Associates, a leading property and casualty insurance agency in Central Ohio. Connect with Dan on LinkedIn here.

 

About Overmyer Hall Associates

Overmyer Hall Associates is one of the fastest growing agencies in the country, quickly becoming one of the largest property and casualty insurance agencies in Central Ohio. Overmyer Hall Associates provides clients with insurance and risk management, specializing in Business Insurance, Surety Bonding, and Home & Auto Insurance. Since its founding in 2011, the firm has been awarded Columbus Business First’s “Fast 50” and “Best Places to Work” awards, the IIABA’s “Best Practices Agency” recognition, Columbus CEO Magazine’s “Best Insurance Broker” and the Columbus Young Professionals Club’s “Wonderful Workplace for Young Professionals” award. www.oh-ins.com 

COLUMBUS, Ohio – Overmyer Hall Associates retains its Best Practices status for the fourth consecutive year in a row, once again becoming a part of an elite group of independent insurance agencies around the United States. This status comes by participating in the Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) Best Practices Study group. The annual survey and Study of leading independent insurance agencies documents the business practices of the “best” agencies and urges others to adopt similar practices.

Since 1993, the Big “I” and Reagan Consulting, an Atlanta-based management consulting firm, have join forces to study the country’s leading agencies in six revenue categories. The agencies comprising the study groups are selected every third year through a comprehensive nomination and qualifying process and awarded a “Best Practices Agency” designation. The agency was nominated by either an IIABA affiliated state association or an insurance company and qualified based on its operational excellence.

The selected Best Practices agencies retain their status during the three-year cycle by submitting extensive financial and operational data for review each year. This is the third year of the current three-year Study cycle (2019-2021), where over 1,000 independent agencies throughout the U.S. were nominated to take part in the annual Study in 2019, but only 262 agencies qualified for the honor. To be chosen, the agency had to be among the 35-45 top-performing agencies in one of six revenue categories.

Founded in 1896, the Independent Insurance Agents & Brokers of America (the Big “I”) is the nation’s oldest and largest national association of independent insurance agents and brokers, representing more than 25,000 agency locations united under the Trusted Choice brand. Trusted Choice independent agents offer consumers all types of insurance—property, casualty, life, health, employee benefit plans and retirement products—from a variety of insurance companies.

About Overmyer Hall Associates

Overmyer Hall Associates is one of the fastest growing agencies in the country, quickly becoming one of the largest property and casualty insurance agencies in Central Ohio. Overmyer Hall Associates provides clients with insurance and risk management, specializing in Business Insurance, Surety Bonding, and Home & Auto Insurance. Since its founding in 2011, the firm has been awarded Columbus Business First’s "Fast 50" and "Best Places to Work" awards, the IIABA’s “Best Practices Agency” recognition, Columbus CEO Magazine’s “Best Insurance Broker” and the Columbus Young Professionals Club’s “Wonderful Workplace for Young Professionals” award. www.oh-ins.com