W3 Insurance Named One of Tampa Bay’s Best Places to Work

April 16, 2018 By W3 Insurance

The results are in, and the employees have spoken: W3 Insurance is one of the top 100 places to work in Tampa Bay. It’s the fourth time the company has earned the honor, which is awarded annually by The Tampa Bay Times based on employee survey responses. W3 landed at #41 in the small business category for 2018.

Employees lauded W3 for multiple attributes, including flexibility, autonomy and earning potential. Other praises were aimed at the company’s dedication to the organization’s mission and a supportive working environment.

“The culture is very positive and inspiring,” one employee said. “I truly want to create raving fans out of my clients and am given the resources to do so.”

To W3 Insurance CEO Scott Gramling, the news that the employees are raving fans as well comes as no surprise. The company goes above and beyond for their own, whether that means opening a temporary daycare in the days after Hurricane Irma or scheduling a yearly beach weekend retreat for every team member.

“Our goal company-wide is to make clients into raving fans, and we do that as a team,” Gramling says. “We’re all in this together.”

Distracted Driving Awareness Month

April 15, 2018 By Trish Blocker

More than 40,000 people were killed in motor vehicle accidents in 2017, and distracted driving was a major cause. According to the National Safety Council, distracted drivers cause a death every 15 minutes. The repercussions of these tragedies are real for the workplace. A death of an employee can spur productivity loss, increase claims (whether workman’s comp or group health insurance), incur possible litigation for the employer, heighten stress and cause morale issues.

Safety shouldn’t end at the office – the most dangerous environment is out on the road. Participate in Distracted Driver Awareness Month. Create an employee awareness campaign and institute clear workplace policies regarding cell phone usage. If no policy exists, such use may be viewed as an acceptable practice. Remember: a distracted driver is four times more likely to crash.* Make it company policy that employees put down the phone while driving.

NSC offers infographics, posters, fact sheets and a number of social media-friendly initiatives: http://safety.nsc.org/ddam

They also have a webinar planned for this month. See the description below for registration information.

Webinar: Engaging Ways to Address Distracted Driving at Work

NSC Senior Program Manager Lisa Robinson and Medstar Risk and Safety Manager Shaun Curtis will present a free webinar, Engaging Ways to Address Distracted Driving at Work, on Thursday, April 19, 2018. With car crashes the No. 1 cause of workplace death – and distracted driving a leading cause of crashes – you can learn how workplaces can help addresses this problem in a way that engages employees. The webinar will be held at 11 a.m. Central time. Register through this link: http://eventcallregistration.com/reg/index.jsp?cid=75732t11

Cyber Attacks: Every Business is Vulnerable

April 2, 2018 By W3 Insurance

Odds are high that your business will be affected by a cyberattack. We’ve all heard of the recent casualties of the Cyber War: an Equifax data breach revealed the personal information of 145 million customers. The Yahoo breach left 3 billion accounts vulnerable. Uber customers totaling 57 million found a ride – and had their personal data stolen.

But my business is smaller than these, you say. Is my risk really that high?

The answer is a resounding yes. According to USA Today, nearly two out of three cyberattacks are now directed at small businesses. Their vulnerability exists dueto a perception they are not the target, and the absence of insurance protection after the event. It’s a problem of preparation AND protection. Without the proper security in place, a breach may occur – and without insurance coverage to handle the aftermath, the result can be financially devastating.

Cyber insurance is likely necessary regardless of your company’s size. For proof, examine the following scenarios. Both are real-life cautionary stories from Bay Area small businesses.

Looking back, it’s obvious that the accounting software was easy to breach. A hacker found a way in and methodically added fake employees one by one, shuttling money to an outside account and leading to more than $200,000 in losses.

Another cyber criminal did his homework in a major way, learning about the company’s employees and customers in detail. He then requested a wire transfer from a client to a fake email address that read suspiciously close to a salesperson’s. -The result? Thousands of dollars lost.

Regardless of how a breach occurs, the end result is the same: potential economic devastation. Businesses may store private customer information protected by law, and a cyberattack can create havoc for a business owner from a first and third-party standpoint. The business owner could lose access to valuable data necessary to run their business, resulting in a temporary shutdown and perhaps even a ransom to restore it.

If customer data is breached, the business could face lawsuits from third parties for not adequately protecting information, as well as government fines and penalties for certain types of legally protected data. After probable costs of legal fees, data forensics, public relations consultants, notification and data monitoring services are totaled, the loss is staggering. According to the Ponemon Institute, the average cost is $154 to $158 per breached record.

Adequately protect your business with a two-pronged approach. By implementing loss control measures to avoid or reduce your exposure to cyber risk and purchasing a cyber insurance policy specifically designed to cover this type of loss, you can avoid becoming a statistic.

According to a 2016 survey conducted by Risk.net, risk management executives named cyberattacks as the top emerging risk to their business – and there’s no one-size-fits-all answer for coverage. Invite an experienced insurance advisor to examine your risk and recommend the correct course of action.

Gauge your company’s current vulnerability. Download the free Cyber Risk Exposure Scorecard and contact us to learn more about Cyber Risk Management services that protect your business.

Your Boat or Yacht is an Investment. Here’s How to Protect It.

March 26, 2018 By W3 Insurance

When you consider protecting your boat or yacht, what comes to mind? Is it an all-encompassing, individualized insurance policy that includes hull coverage? A security system to discourage thieves from coming too close? Perhaps your mind goes straight for visual elements — covers that shield vinyl seats from sun damage or regular detailing to battle corrosion.

All of the above protect your beloved boat or yacht investment from harm, but none is as vital as marine insurance. Yes, it’s important to have physical safeguards in place. Often, however, the most dangerous elements are those that are unforeseen. Armor your vessel with a great marine insurance policy, and you’ll enjoy time out on the water without worry. Here’s why.

Inclement weather can put your vessel at risk.

The elements are unpredictable. If the violent hurricane season of 2017 taught boat owners anything, it’s that Mother Nature deserves respect. High winds? Capsizing? Submersion? She brought all of them to harbors Florida-wide, and forward-thinking boat owners were ready. Those who elected to take chances and purchase the minimum insurance protection necessary were left with high deductibles and damages galore.

It’s a sure bet that some of those boat owners loved their water craft. The yacht owners likely took great care in maintaining the gelcoat façade; cushions were likely draped in tarps or custom-made protective coverings. No doubt the engines on many affected vessels were regularly serviced and maintained.

None of it mattered when the hurricanes hit. Yacht owners who didn’t purchase enough coverage faced devastating losses. And some boat owners couldn’t find the funds to pay a salvage team to raise their submerged craft. These are the most severe examples, yes – but even taking hurricanes and other damaging weather conditions out of consideration, there are many elements that insurance protection addresses.

Marine insurance protects your vessel and you.

What happens if someone is hurt while you captain your boat or yacht? If you are involved in an accident that causes damage to another craft, who will pay for the repairs? Consider the aftermath of a lightning strike that affects all your electronics – or a fire that consumes the vessel and all the contents on board.

Marine insurance doesn’t just protect your boat or yacht. It protects you. It doesn’t matter how well you maintain your vessel; if you do not carry a sufficient marine insurance policy, you are only as secure as your present situation dictates.

Protect your investment with the right marine insurance coverage.

No one can see the future – but you can prepare for it. We hope that your marine insurance policy is a preventive safeguard similar to those onboard life preservers you hope to never need. Just like those preservers, though, marine insurance offers vital protection. Don’t be caught adrift without it.

For more information about marine insurance specific to the needs of your boat or yacht, contact W3 Marine today. Their advisors understand the nuances of coverage for vessels of all size and use and will direct you to the best option for your craft.

Top Hurricane Claims of 2017: Learn From the Past and Prepare for the Future

March 22, 2018 By W3 Insurance

Florida boat owners: This blog contains the most valuable advice you’ll read before the 2018 hurricane season begins. Learn from the top hurricane claims of 2017. Protect your marine investment. And should history repeat itself and massive storms fill the forecast, know that you and your vessel are secure.

According to Insurance Journal, hurricane claims were so high in 2017 that many major insurers issued profit loss warnings. For boat owners, this means plenty of damages were filed. There is a silver lining is this news. Irma and Harvey taught us all a valuable lesson: We must pay attention to the scope and depth of our marine coverage. Boat owners, your marine insurance policy is a vital element of your storm preparedness plan.

Here are the top hurricane claims of 2017 and what you should learn from them:

Physical Damage Coverage

Have you elected physical damage coverage, also known as hull coverage? If not, put it as number one on your hurricane preparedness priority list.

Beware, boat owners who elect liability coverage only. High winds and flying debris from storms caused major damage to boats in 2017. If you opt to not purchase hull coverage, you may end up paying more to repair your vessel. Additionally, you will not have recompense for salvage expenses. This leads us to the next large hurricane claim category.

Salvage Claims After a Hurricane

Vessels submerged due to storm surge have to be recovered somehow, and many boat owners made a costly mistake in 2017. Though some followed the protocol outlined by their individual marine policies, others hastily signed contracts with marine salvage companies as soon as the storm dissipated. It’s understandable that they were eager to recover their boats as soon as possible, but this is a costly mistake.

Salvage service is expensive, and providers need to be approved by your insurance carrier. If salvage services are necessary and time permits, check first with your insurer.

Hurricane Haul-Out Coverage

Many policies allow for some reimbursement if you have your boat moved by professionals or haul out your vessel at a marina facility. This is called ‘hurricane haul-out protection,’ and it usually reimburses the insured 50% of expenses up to a specified limit. Hurricane haul-out coverage customarily goes into effect if NOAA issues a hurricane watch or warning for the location where the boat is being stored.

Avoid the need for salvage altogether by accessing this benefit – and prepare that vessel for future inclement weather.

Named Storm Deductible

Another great way to prepare for hurricane season is to check your named storm deductible (NSD). Many marine policies contain up to a 10% NSD derived from the vessel’s agreed value. Some even offer partial reimbursement if you implement a hurricane haul out plan to mitigate vessel damage. That proactivity means there will be no need for a hull damage claim – and you will save a significant amount of money.

Hurricanes and Marine Insurance Claims

The two major takeaways from the 2017 Florida marine insurance claims list are to purchase adequate insurance and have a means to secure your vessel. Make a hurricane plan now for your vessel- and follow through with it. A Florida marine insurance agent with access to a variety of markets is the best advisor as you prepare for the 2018 hurricane season.

We all hope that this year is quiet compared to the 2017 maelstrom. Florida boat owners should be prepared just in case.