Home Renovations: Don't Forget Your Insurance Policy

Dreaming of a stunning new kitchen, a spa-like bathroom, or a finished basement retreat? Home renovations are an exciting opportunity to improve your living space and increase the value of your property. But as you plan your project, it’s important not to forget a critical element: your homeowners insurance.

Renovation projects, whether large or small, can affect your insurance coverage in several ways. From increasing the replacement value of your home to raising liability risks, it’s essential to consider how your policy may need to change.

Property Value Increases Mean Coverage Should Too

Renovations often increase your home’s value. A modernized kitchen with custom cabinets or a newly added bedroom contributes to a higher rebuilding cost in the event of a total loss. If your insurance coverage was based on your home’s pre-renovation value, it may no longer be sufficient.

Many homeowners assume their policy automatically adjusts for improvements, but that’s not always the case. If you’ve added square footage or upgraded building materials, your dwelling coverage might need an update. Contact your insurance broker at Tooher-Ferraris Insurance Group to reassess your policy and help ensure your coverage accurately reflects your home’s current value.

Consider Your Personal Property Coverage

Home renovations often include new purchases such as appliances, furniture, and electronics. These additions increase the overall value of your personal belongings. Standard homeowners policies typically cover personal property as a percentage of your total dwelling coverage, but that may not be enough if you’ve made significant investments.

To protect your new purchases, review your personal property limits. For high-value items like art, antiques, or custom installations, you may need a scheduled personal property endorsement to ensure full protection.

Address Liability Risks During Construction

Renovations bring people, tools, and potential hazards onto your property. Whether it’s a contractor slipping on a wet floor or a delivery person injured by construction debris, you could be held liable for accidents that occur during the project.

Your existing homeowners policy includes liability coverage, but you should confirm the limits are sufficient for the added risk. It’s also important to verify that your contractors carry their own liability and workers compensation insurance. If they don’t, you could be on the hook for injuries or damage they cause.

Before work begins, talk with your insurance broker to determine whether your liability coverage should be increased during the renovation period.

Always Notify Your Insurance Provider

Perhaps the most important step is notifying your insurance company before you begin any substantial renovation. Whether it’s a major kitchen remodel or an addition to your home, your insurer needs to know about the scope of work to accurately assess your risk and recommend appropriate adjustments.

Failing to inform your insurance provider could result in denied claims or gaps in coverage. It’s better to have these conversations early so you can make changes proactively rather than after an issue arises.

Renovate with Confidence

At Tooher-Ferraris Insurance Group, we believe in helping you protect what matters most. Our team of licensed insurance brokers will review your current policy, recommend any necessary updates, and provide expert guidance so you can move forward with confidence.

Contact us today to schedule a coverage review and make sure your dream renovation doesn’t turn into an insurance nightmare.

Business Insurance

May 28, 2025

Executive Risk Insurance: What Every Business Leader Needs to Know

It started with an email—a shareholder upset over a dip in quarterly earnings. What followed was a demand letter, accusations of mismanagement, and a looming legal threat. For the CEO, this wasn’t just about the company’s bottom line. It was personal.

This story isn’t rare. C-suite executives operate under immense pressure, managing not only business performance but legal, regulatory, and fiduciary responsibilities. One misstep, or even the perception of one, can trigger lawsuits that jeopardize reputations, careers, and personal assets. That’s where executive risk insurance becomes not just a smart move, but a necessary one.

What Is Executive Risk Insurance?

Executive risk insurance is a specialized type of coverage designed to protect company leadership from claims related to governance decisions, employment practices, fiduciary responsibilities, and regulatory compliance. This coverage typically includes components like directors & officers insurance, employment practices liability, and fiduciary liability coverage.

In an increasingly litigious and transparent corporate environment, executives are expected to navigate compliance laws, shareholder expectations, and employee rights. When allegations of wrongful termination, discrimination, breach of fiduciary duty, or negligence arise, these policies step in to protect both the individuals and the organization.

Why Today’s Executives Need Protection More Than Ever

Corporate leaders face more scrutiny today than at any other time in history. Regulatory bodies are aggressive, whistleblower protections are stronger, and class-action lawsuits can arise quickly—often without warning.

Executives may assume that the company’s general liability insurance or professional liability insurance offers full coverage. In truth, these policies often fall short when it comes to defending individual leaders. Without executive risk insurance, directors and officers may find themselves personally responsible for legal defense fees, settlement costs, or even civil penalties.

Executives also oversee fiduciary decisions tied to retirement plans and employee benefits. If there’s a miscalculation or oversight in how a 401(k) is managed, fiduciary liability claims can surface. As companies grow, so does exposure to employment-related lawsuits. Allegations of harassment, discrimination, or wrongful termination could put any executive in the hot seat, regardless of their involvement.

The Role of Directors & Officers Insurance

At the core of most executive risk insurance programs lies directors’ & officers’ Insurance. D&O policies shield executives from claims alleging wrongful acts in their capacity as company leaders. These policies typically cover defense costs, settlements, and judgments stemming from lawsuits brought by shareholders, employees, regulators, or other stakeholders.

D&O coverage can also protect board members and officers of non-profits, startups, and private companies—not just public corporations. Even businesses with smaller footprints face serious risks if internal decisions are questioned or governance is challenged.

Secure the Leadership, Protect the Mission

You work hard to lead with vision, integrity, and accountability. But even the most cautious executive can face accusations or legal action beyond their control. With the right executive risk insurance strategy, you can focus on driving your business forward—knowing your personal and professional legacy is protected.

At Tooher-Ferraris Insurance Group, we understand the high-stakes decisions executives make every day. We work closely with business leaders to develop customized coverage plans that address complex corporate risks, from directors & officers insurance to professional liability insurance and everything in between. Your leadership deserves more than just insurance—it deserves confidence.

Call Tooher-Ferraris Insurance Group today to protect what you’ve built and those who help you lead it.

Employee Benefits

May 16, 2025

Onboarding with Benefits in Mind: Setting New Hires Up for Success

Welcoming a new employee is an important moment for any organization. It’s the first impression, the foundation for engagement, and an opportunity to foster a positive and productive working relationship. While the initial focus often lies on job responsibilities and company culture, strategically integrating employee benefits education into the onboarding process can yield significant long-term advantages.

Tooher-Ferraris Insurance Group understands the importance of a well-rounded onboarding experience and is here to help you understand your Employment Practices Insurance, and employee benefits needs.

The Power of Early Benefits Education

Imagine a new hire overwhelmed with paperwork, trying to decipher complex employee benefits packages amidst learning their new role. This scenario is all too common and can lead to confusion, missed opportunities, and, ultimately, dissatisfaction. By proactively incorporating comprehensive employee benefits education into the onboarding process, companies empower their new team members from day one. This early exposure ensures that employees understand the value of their total compensation package, fostering a sense of appreciation and loyalty right from the start.

Boosting Engagement and Utilization

When new hires clearly understand their employee benefits, they are more likely to engage with them. This isn’t just about knowing they have health insurance; it’s about understanding the different plan options, the availability of wellness programs, retirement savings opportunities, and other valuable perks. Well-informed employees are more likely to utilize these employee benefits effectively, leading to improved health outcomes, increased financial security, and a greater sense of well-being. This, in turn, translates to higher morale, reduced stress, and increased productivity.

Minimizing Confusion and Future Regret

Waiting until open enrollment to explain employee benefits can lead to rushed decisions and, ultimately, regret. New employees might choose plans without fully grasping their implications, potentially leading to inadequate coverage or missed opportunities for savings. Integrating employee benefits education during onboarding provides the necessary time and resources for new hires to make informed decisions. Clear explanations, accessible resources, and opportunities to ask questions can significantly reduce confusion and prevent dissatisfaction down the line. This proactive approach minimizes administrative burdens associated with correcting enrollment errors and addressing employee grievances related to their employee benefits.

Practical Strategies for Benefits-Focused Onboarding

How can organizations effectively integrate employee benefits into their onboarding process? Consider these strategies:

Dedicated Benefits Sessions: Allocate specific time during onboarding for a comprehensive overview of all available employee benefits.

Clear and Concise Materials: Provide easy-to-understand summaries, comparison charts, and FAQs about each benefit offering.

Interactive Presentations: Utilize visuals, real-life examples, and interactive tools to make the information engaging and accessible.

One-on-One Support: Offer opportunities for new hires to meet with HR or benefits specialists to address individual questions and concerns.

Digital Resources: Create a dedicated online portal with all relevant employee benefits information, including enrollment guides, provider directories, and contact information.

Ongoing Communication: Reinforce employee benefits information through regular newsletters, webinars, and internal communication channels.

By prioritizing employee benefits education during onboarding, organizations invest in their employees’ well-being and set the stage for a positive and productive employment journey. Informed employees are engaged employees, and engaged employees contribute significantly to the success of the organization.

Ready to optimize your onboarding process with a strong focus on employee benefits?

Tooher-Ferraris Insurance Group provides the best employee benefits services along with dependable insurance solutions, including professional liability insurance services and workers’ compensation insurance for small businesses.

Contact us today to learn how we can help you create a comprehensive and effective employee benefits program that attracts, retains, and empowers your valuable employees.

Employee Benefits

May 16, 2025

Workers’ Comp and Return-to-Work Strategies: A Win-Win for Employers and Employees

Understanding the complexities of workers’ compensation can feel like a daunting task for any business owner. From understanding coverage requirements to managing claims, the process can be time-consuming and costly.

At Tooher-Ferraris Insurance Group, we understand these challenges and are here to help you with all your workers’ compensation insurance service needs.

However, effectively managing workers’ compensation goes beyond just securing the right insurance policy. Implementing proactive safety measures and well-defined return-to-work strategies are essential for reducing claims costs and, more importantly, fostering a supportive environment for your employees.

Let’s take a look at how these strategies can create a win-win situation for everyone involved.

Proactive Safety Planning: Laying the Foundation for a Safer Workplace

The most effective way to reduce workers’ compensation claims is to prevent workplace injuries from happening in the first place. This requires a proactive approach to safety planning, which involves:

Identifying and Assessing Risks: Regularly evaluate your workplace to pinpoint potential hazards. This could involve anything from slippery floors and faulty equipment to ergonomic issues and inadequate training.

Implementing Preventative Measures: Once risks are identified, take concrete steps to mitigate them. This might include investing in safety equipment, providing thorough training, establishing clear safety protocols, and conducting regular safety audits.

Fostering a Safety Culture: Encourage open communication about safety concerns and actively involve employees in identifying and addressing hazards. A strong safety culture empowers employees to take ownership of their well-being and the safety of their colleagues.

By investing in proactive safety planning, businesses can significantly reduce the frequency and severity of workplace injuries, leading to lower workers’ compensation premiums and a healthier, more productive workforce.

The Power of Return-to-Work Policies: Facilitating a Smooth Transition

When workplace injuries do occur, having a well-defined return-to-work (RTW) policy is essential. These policies focus on facilitating a safe and timely return to work for injured employees, which benefits both the employee and the employer. Effective RTW strategies typically include:

Early and Frequent Communication: Maintaining open lines of communication with the injured employee from the outset demonstrates care and helps alleviate anxieties about their job security.

Modified Duty Options: Offering temporary or permanent modified duties that accommodate the employee’s physical limitations allows them to return to work in a productive capacity while they continue to recover. This can involve reduced hours, different tasks, or ergonomic adjustments to their workstation.

Collaboration with Healthcare Providers: Working closely with the employee’s healthcare providers ensures a clear understanding of their medical restrictions and facilitates the development of appropriate return-to-work plans.

Providing Necessary Support: Offering resources and support to the returning employee, such as physical therapy or counseling, can aid in their recovery and reintegration into the workplace.

Implementing a robust RTW program can significantly reduce the duration and cost of workers’ compensation claims. It also demonstrates your commitment to your employees’ well-being, fostering loyalty and boosting morale.

Proper Classification: Ensuring Accurate Coverage and Costs

Another important aspect of managing workers’ compensation effectively is ensuring that your employees are classified correctly. Workers’ compensation insurance rates are based on the specific job classifications within your business, reflecting the inherent risks associated with different types of work.

Misclassifying employees can lead to inaccurate premium calculations, potentially resulting in overpayment or, more seriously, inadequate coverage. It’s essential to work with your insurance provider to accurately classify your employees based on their actual job duties. This ensures you have the right coverage at the right cost.

Partner with Tooher-Ferraris Insurance Group for Your Workers’ Compensation Needs

Effectively managing workers’ compensation requires a comprehensive approach that encompasses proactive safety planning, well-defined return-to-work strategies, and proper classification.

By prioritizing these elements, businesses can significantly reduce claims costs, improve employee outcomes, and create a safer, more supportive work environment.

At Tooher-Ferraris Insurance Group, we are committed to providing comprehensive insurance solutions tailored to your specific business needs. Our team of certified insurance brokers offers expert guidance and support for all your insurance requirements, including workers’ compensation insurance services, commercial vehicle insurance, Medicare Advantage plans, and more.

Ready to take control of your workers’ compensation costs and create a safer workplace? Contact Tooher-Ferraris Insurance Group today for a consultation.

Trusted By

Industry Leader Since

Serving Customers In

Home Renovations: Don’t Forget Your Insurance Policy