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DOES IT MAKE SENSE TO GET INSURANCE THAT IS NOT REQUIRED?
State laws or lenders require people and businesses to buy certain types of insurance. Most states require Automobile Liability insurance on all registered vehicles. If the vehicles are financed, the lenders will require the owners to carry Collision and Fire coverage. Employers have to carry Workers Compensation in most states. Mortgage lenders require borrowers to insure their buildings against loss by fire and other perils. In certain areas at high risk of flooding, lenders might require them to buy Flood insurance as well.
However, many kinds of insurance are not required by anyone. In Texas, employers can opt out of buying Workers Compensation coverage. Although nearly all businesses use computer networks, no laws or lenders require them to buy insurance against damage to their systems or damages others might suffer because of a problem with their networks. State laws do not require employers to carry Employment Practices Liability coverage. Lenders normally do not require people who live in low-risk flood zones to buy Flood coverage. No laws require businesses to buy Umbrella policies, which provide additional liability insurance above standard Liability and Auto policies. This begs a question...
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Happy October! Fall has finally arrived, and with it, some annual festivities... including "Bark in the Park". This annual fundraiser for the Animal Rescue League of NH - North is always a good time, and supports a GREAT cause - the Conway Animal Shelter.
This year our office put together a team to participate in the Walk for the Animals. With your help, our team of three raised just under $800 for the animals (and had a blast doing it - thank you!) Check out the crew below (sans Ranger, who was picked up along the way), "paws-ing" for a photo-op at the start of the walk.
 | | Left to Right: Heather, Shrimpy, Gwen, Barbara |
The regal looking pooch in this shot is "Shrimpy." She's in Gwen's arms, but can you guess who her Mama is? (in case you're not nearly as intuitive as I think you are, she belongs to Heather, standing to the left of Gwen).
Upon arriving at the Park, Heather discovered that the Shrimp was not a fan of the carnival atmosphere. What with the loud P.A. system, the crowd of people, all the other dogs and the balloons (Shrimpy is very nervous around balloons - go figure), the poor pup was beside herself. She crept along with her tail between her legs, looking as if she wished the ground would open and swallow her whole just so she could escape the chaos.
Here's what strikes me about the picture above: in the midst of an uncertain and stressful situation, that dog knew where she should look. She kept her gaze on the one she trusted. It didn't change the circumstances, but it did give her assurance that she wasn't alone, and that there was someone who would guide her through the unfamiliar.
I hope that you feel that way about our agency. Life is filled with unpredictability and it can seem at times that you are totally out of your element, but it is our desire that in those times of uncertainty, you take comfort in knowing that you're not alone. Our dedicated team has just the right set of skills and knowledge to guide you through the challenges your business faces, and what's more, they love what they do and are committed to you.
Look to us. We're here for you.

Dave Mason, CIC
Mason & Mason Insurance
M&M Assurance Group
P.S. Looking to connect? Check out our new blog! You can also find us on facebook... and don't forget about our website at www.mmins.com. Let us know what you think!
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ESSENTIAL RISK MANAGEMENT TIPS FOR SMALL BUSINESS OWNERS
As every business owner knows, risk is an unavoidable part of doing business. It is, however, manageable and controllable. Although it's a challenge that requires time and experimentation, finding a perfect balance between profitability and peace of mind is essential. It's impossible to eliminate risk completely, so it's important to set realistic goals. Policies that are enacted in an attempt to fully eliminate risk could actually hamper business growth.
The Importance of Risk Management. The common concept of risk management among small business owners involves simply purchasing regular insurance protection. Other aspects of protection often escape consideration. Risk management is much more complex than simply purchasing insurance and implementing rules. These are both necessary parts of every plan. However, there are many other things to consider.
Tips for Implementing a Realistic Risk Management Plan. It's best to start with a simple plan that is easy to follow. The prime goals should be mitigation and management of business risks. After trying the plan, analyze it and make any necessary changes or additions. Consider the following steps in order to make a positive change:
1. Identify the...
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WHY D&O COVERAGE IS VITAL FOR SMALL AND MEDIUM FIRMS 
Directors & Officers Liability coverage is important for all medium and small firms. This form of coverage protects personal assets of directors and officers during a lawsuit stemming from mismanagement. When they're charged with mismanaging the company, directors and officers who don't have this type of insurance face the risk of significant losses. Directors and officers liability affords them the protection they need, and money for their legal expenses is also provided. If the company they work for must be brought into the lawsuit, this coverage may also be extended to include the company itself. There are many other beneficial provisions these policies offer.
Directors and Officers Make Mistakes. Nobody is perfect, so it's important to be prepared for directors and officers to make mistakes. Although most mistakes that require this coverage are the result of negligence, it's important to remember that anyone is capable of making such mistakes. Training directors and officers to make responsible and ethical choices is necessary, but don't pay so much for training that there isn't enough money for liability coverage. It's better to create a healthy balance by preparing representatives and obtaining coverage to protect them.
Lawsuits Might Drive an Unprotected Firm...
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Thank you for taking the time to read this month's newsletter! Remember, your feedback helps shape future issues. We value your input, so please...let us know what you think! Have a great month!
Sincerely,
David Mason, CIC
President
Mason and Mason Insurance
M&M Assurance Group |
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Mason & Mason Insurance M&M Assurance Group
458 South Avenue 3304 White Mountain Hwy
Whitman, MA 02382 North Conway, NH 03860
T (800) 759-1452 T (800) 298-0802
F (781) 447-2832 F (603) 356-9290
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