When it comes to risk management in the equipment dealer industry, do you know who is making the biggest difference when it comes to maintaining a day-to-day safety culture? The answer should be everyone. As a business owner you’ve tackled challenges, but have you developed as far as you can in terms of safety? Consider areas that might need changes or improvements to help your employees and peers be the best they can be. If a preventable loss were to occur, how fast would you be back on your feet? And would you be able to recoup any losses with rising inflation and cost of materials? With con ..read more

During National Fire Prevention Month this October, Federated Insurance® is helping NAEDA members spread a message of fire prevention at businesses. Consider following these three steps to help curb the risks of dangerous or deadly fires before one sparks. Stay educated on the consequences of a potential fire at your business. The impact of a fire can be: Deadly Expensive Time-consuming Overwhelming It’s not just your business that could be affected. Your employees, their families, and their livelihoods are also at stake. Implement a fire prevention plan at your business. Your plan might ..read more

Estate planning may seem like something you won’t have to worry about for a long time. However, the reality is that you never know what could happen in the future. Careful planning now can help you, your employees, and your family be more prepared for the days ahead.  As a business owner, you have a responsibility to help ensure that your business transfers according to your wishes at your retirement, or in case of disability or death. A plan crafted by your attorney with appropriate legal documentation is instrumental to helping prepare for a smooth and effective transition.  You’re ..read more

When it comes to weather and climate disasters, the clock is ticking. As the likelihood of a major climate event impacting your business surges higher each year, disaster recovery planning is critical. In 2022, the U.S. experienced 18 separate weather or climate disasters that resulted in at least $1 billion each in damages. It had the eighth most disaster-related fatalities for the contiguous U.S. since 1980, with 474 direct or indirect fatalities. Damages from the 2022 disasters totaled $165.1 billion, and the combined cost from events of this caliber over the past 10 years totals $1.1 tril ..read more

North American Equipment Dealers Association has joined forces with Specialty Equipment Insurance Services to create the NAEDA member-exclusive extended warranty program, NAEDA Protect. This extended warranty program is geared towards making sure not only dealers, but their clients are not losing time or money due to a piece of equipment needing service, according to Edgar Gonzalez, Vice President of Sales and Chief Sales Officer for Specialty Equipment Insurance Services and liaison for NAEDA Protect. “From the construction firms that are making holes where we make skyscrapers, these pieces o ..read more

Risk, in its many forms, is an ever-present part of our lives. When it comes to your business, you know that mitigating risk is an important factor in keeping your employees safe, your claims costs low, and your business standing strong. Federated Insurance® has the resources to help, and would like to offer you an exclusive invitation to our complimentary 2 ½-Day Risk Management AcademySM (RMA) session. This informative session will be held on June 20-22, 2023. It will be hosted by Federated Insurance in Owatonna, Minnesota. Business owners are encouraged to attend — this session will equip y ..read more

Risk Management Roundup In our modern world, the use of emails as a primary form of communication has become the norm. But with this comes the risk of cyberattacks that prey upon you and your employees who use email in increasingly clever ways. Phishing emails are sent by scammers to try to gain access to basic information from users. Once they have this, they may be able to infiltrate your email, I.T. network, bank account, or other accounts. Even the use of spam filters may not be enough to catch every phishing email that tries to sneak into your inbox. So, what can be done to keep your busi ..read more

With the increased urgency in hiring, some companies have found it necessary to hire first, ask questions later. This can be risky. Employers should be aware of and minimize potential liability during their hiring process. Background Screening Background checks can be useful to help employers make personnel decisions. An employer may, where appropriate, ask questions about an applicant’s background or require a background check. But there are some risks involved. Implementing the following may help minimize those risks. Be sure to consult with your attorney, and review and comply with federal ..read more

As a business owner, there’s so much more to know about insurance than premiums (payments in exchange for coverage), losses (incidents that cause financial harm), claims (requests to pay for a loss), and deductibles (the value that an insured party must pay before an insurer will begin paying). It can be an intimidating piece of the business puzzle. But learning the basics – and a few not-so-basics – can remove some of the mystery and help you become a well-informed consumer. There’s so much more to know about insurance than premiums, losses, claims, and deductibles. Risk: The possibility of a ..read more

Establishing and promoting a culture of risk management can have a significant impact at your business. Emphasis on workplace safety and loss prevention — from senior management to front line employees — can help businesses run more efficiently and avoid errors that could negatively impact your bottom line. It’s important to understand that one size doesn’t fit all when it comes to risk management culture. Whatever your specific needs are, remember that a solid foundation is key. Basic regulatory requirements need to be examined first, then you can delve into your business’s deeper needs. It S ..read more