The Bowdoin Group and Bowdoin Technology Partners

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We are pleased to spotlight The Bowdoin Group and Bowdoin Technology Partners in our Fall Newsletter. They have been a valued client since their inception in 1994 and we appreciate the trust they have placed in our organization!

Both companies were awarded Inavero’s 2015 Best of Staffing Satisfaction Awards for achieving satisfaction ratings in the top 2% of all companies in the US and Canada.  They were also named one of the fastest growing private companies in Massachusetts by the Boston Business Journal.

Since 1994, Bowdoin has placed thousands of professionals throughout North America and the United Kingdom.  They are committed to delivering highly customized recruiting solutions to leading and innovative companies while providing fulfilling careers to their employees and candidates through their relentless commitment to excellence.

We would like to congratulate The Bowdoin Group and Bowdoin Technology Partners for their 2015 awards!  They are a pleasure to work with and we wish them continued success!

Three Phases of Money

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Presented by Doug Greene

Each client, whether they realize it or not, go through three phases of money in their lifetime. It’s important to educate them as to how their money actually works.

Beginning right out of college with their first job starts The Accumulation Phase.  In this phase, they will run through a lot of life experiences (marriage, first home purchase, children, etc.). It is important for them to grow their money to the most they possibly can in the most efficient way possible. There are number of different ways to do this. Just ask Google. It’s our goal to educate them to all of these options without opinion, attitude, or sales hype. Every product has its positives & negatives. It’s not the product that matters, it’s the product plus the strategy that matters.

The first day of retirement is when The Distribution Phase starts. This is where the rubber meets the road. Everything changes once those paychecks stop coming in every week. The goal of this phase is to turn on as much income as possible from all the assets they have accumulated. At the end of the day it doesn’t matter how big the account balance is for these folks. All that matters is how much income can those accounts generate. Again, it’s not the product (401k, IRA, SEP, NQ Account, etc.) but the product plus the strategy that matters!

After retirement (I think we all know what that means!), The Preservation Phase comes into play. How do we pass all of our remaining assets, property, life insurance, etc. in the most efficient manner as possible? How do we get them to our heirs, charities, endowments? This phase needs to be addressed throughout the other phases of money as well. It is important to make sure the least amount as possible goes to other parties that have interest in their wealth (IRS, probate, creditors). One more time, it’s not the product (CRUT, ILIT, SLAT, etc.) that matters. It’s how everything works in lockstep together.

Executive Order # 13706 – Paid Sick Leave

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Presented by Al Corvigno

President Obama signed Executive Order 13706 on September 7, 2015.  It requires that certain federal contractors provide employees with up to seven days of paid sick leave per year.   The proposed effective date of the order is January 1, 2017.

Under this Executive Order, federal contractors are required to provide affected employees with at least one hour of paid sick leave for every 30 hours worked and employees must be permitted to to accrue no less than seven days of sick leave each year.

The Order directs the Secretary of Labor to issue regulations by the end of September in 2016.   Those regulations will define more clearly the terms used in the Order and provide guidance to contractors.

There are certainly many issues that will need to be resolved and more discussions regarding this Order prior to the release of any regulations.

Click here to read Executive Order 13706 in its entirety.

Volunteers Are Not Covered by Workers Compensation

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Many non-profit organizations depend on volunteers for various functions and capacities. In some cases volunteers may be involved in strenuous and physical activities that are crucial for operations. Physical injury to the volunteer is a real possibility. It is important for non-profit organizations to understand that injuries to volunteers are not protected by Workers Compensation.

Workers Compensation insurance is a requirement for businesses and is designed to cover an employee’s medical expenses and lost wages as a result of a work related injury. Volunteers are not considered employees under the Workers Compensation laws for most states.

Volunteer Participant Accident insurance was developed to provide some level of medical, disability or death benefits for volunteers. This coverage will respond to injuries sustained by a volunteer during the course of their work for the non-profit. A wide range of benefit levels and options are available. The insurance is an important consideration for providing a level of protection to the volunteers who make operations possible. Let us know if you would like additional information regarding the product.

At Cleary, we will evaluate your business exposures and work with you to develop a comprehensive plan to safeguard your business. Give us a call today at 617-723-0700

President Signs PACE ACT Changing Small Group Definition

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On Oct. 7, 2015, President Obama signed The Protecting Affordable Coverage for Employees (PACE) Act that amends the Affordable Care Act (ACA) definition of a “small employer” for the purpose of purchasing health insurance coverage.

Small Group Market Expansion
Most states have historically defined “small employers” as those with 50 or fewer employees for purposes of defining their small group health insurance market. Effective for 2016 plan years, the ACA expanded the definition of a “small employer” to include those that employed an average of between one and 100 employees. The PACE Act eliminates the ACA’s new definition and gives states the option of expanding their small group markets to include businesses with up to 100 employees.

Summary
Obviously employers with well over 100 employees are not affected by this act, and employers with under 50 employees would generally be considered part of the small group market regardless of these changes. Employers in the range of 50-100 employees will need to consult with their employee benefits advisors and health insurance carriers to determine how this may impact their benefits and rates going forward.

At Cleary, we know how important a comprehensive benefits package can be to your continued success. Give us a call today at 617-723-0700 and we will work with you to create a plan that meets your business objectives, takes into account state and federal laws, and capitalizes on incentives and innovative solutions now being offered.

Newton Electrical Supply

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This spring we are pleased to spotlight one of our long time clients, Newton Electrical Supply.  We would like to congratulate them as they celebrate their 50th anniversary in the electrical and lighting business!

Newton Electrical has built a great reputation for superior customer service and quality products. They offer their customers a level of service over and above that of their competitors.

In addition to providing outstanding products and service, they are proud supporters of Habitat for Humanity’s ReStore.  Their donations help build numerous homes in the surrounding communities.

Congratulation’s Newton Electrical and Happy 50th from your friends at Cleary Insurance.  We wish you continued success!

Notice to Fireman’s Fund Policyholders

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ACE Private Risk Services purchased the renewal rights for the Fireman’s Fund Personal Lines book of business.

Effective August 1, 2015 Fireman’s Fund policyholders will be converted to ACE Private Risk Services.  ACE is a leader in financial strength among High Net Worth insurance carriers.

ACE Private Risk Services was created from a renewal rights conversion of the Atlantic Mutual business.  ACE Group has completed over 10 similar transactions in the last five years alone, and is well prepared to convert the Fireman’s Fund business.

The strength, scope, and expertise of the combined teams will offer clients in all facets, including underwriting, claims, service, and risk consulting.

The vast majority of our Fireman’s Fund clients will receive replacement policy offers from ACE Private Risk Services at their next renewal.

If you have any questions or concerns regarding this change, please reach out to your Account Executive for assistance.

Life Insurance Choices

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Protecting your family with the right amount and right type of life insurance is an important responsibility. The first step is to determine how much life insurance you need to fully protect your loved ones. Once you know how much you need, the next step is to decide what type of coverage is right for you.

There are two basic types of life insurance to choose from:

  • Permanent insurance offers lifetime protection, which means that your beneficiaries will receive a death benefit no matter how long you live. Whole life insurance is one type of permanent coverage that also accumulates guaranteed cash value which can be used to help address life’s opportunities and challenges. For example, people may buy homes because they need places to live. However, during the latter part of their lives, the equity in their homes may help them address other financial needs, such as helping to pay for their children’s college educations or providing additional funds for retirement.
  • Term insurance provides temporary coverage for a specific period of time and only offers death benefit protection. Consequently, the initial premiums for term insurance may be lower than for a comparable amount of permanent coverage. In addition, there is no cash value component with term life insurance.

Many people find that a combination of both permanent and term coverage helps provide the protection and accumulation they need, at a price they can afford.

Douglas W. Greene CFP® CLU®
101 Federal Street, Suite 800 | Boston, MA 02110
Phone 617-305-0360 | Cell 781-640-5718 | Fax 617-723-7275

The Importance of Resistance Training

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Many Americans are aware that about two hours and 30 minutes of exercise each week is necessary to stay healthy, and many of those individuals choose an aerobic activity, such as running or biking. however, recent research has shown that splitting your two hours and 30 minutes of exercise between varied activities—aerobic and muscle-strengthening—improves health the most.

According to the American College of Sports Medicine, adults should aim to do muscle-strengthening activities, such as weightlifting, at least two times a week. Right now, only about 1 out of every 3 adults meets this goal.

A common misconception that many people have is that muscle-strengthening activities are more suited for men, which may stem from the misguided belief that women will “bulk up” too much from that type of exercise. However, women generally do not have the same level of anabolic hormones, which is what
causes men to build larger muscles more easily.

In fact, muscle-strengthening activities are extremely important for women to engage in because they are more likely to develop problems with their bones and joints as they age. Increasing muscle strength—through weightlifting or other resistance training—can help prevent those problems.

Resistance training can also help with the following:

  • Increasing flexibility and balance, which decreases the number and severity of falls a person may experience as he or she ages.
  • Maintaining proper weight, as people who have more muscle mass have a higher metabolism—sometimes up to 15 percent higher

Before beginning a new exercise routine or changing up an old one, speak to a medical professional to ensure you are healthy enough. And remember that commitment to a regular physical activity program is more important than the intensity of your workouts, so be sure to choose muscle-strengthening exercises you enjoy.

At Cleary, we know how important a comprehensive benefits package can be to your continued success. Give us a call today at 617-723-0700 and we will work with you to create a plan that meets your business objectives, takes into account state and federal laws, and capitalizes on incentives and innovative solutions now being offered.

From Rags to Ruins

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As the weather gets warmer across much of the United States, the winter snow starts to melt, crocuses bloom and many homeowners are reinvigorated to tackle spring cleaning and home improvement projects. Yet oily rags and other items left at a worksite can quickly lead to spontaneous combustion—a cause of major fire losses each year. Fortunately, these losses are easy to prevent.

Picture this:
A contractor is hired to power wash and refinish a wood deck. Oily rags are left in a pile at the end of the workday for use the next morning. Within minutes, the stain-soaked rags spontaneously combust in the warm spring sun, igniting the deck and engulfing the home in flames.

What’s wrong with this picture?
Rags, drop cloths, towels and paintbrushes used during deck staining and other home improvement projects are highly combustible—even under normal weather conditions.  Spontaneous combustion is the outbreak of fire without application of heat. This happens when a flammable material like oil or stain comes into contact with a combustible object. The object slowly heats to its ignition temperature through a reaction with oxygen in the air, until fire starts.

Many house fires are caused by a third party working in the home
Although spontaneous combustion isn’t a common occurrence, it happens more often than you might think, and the results can be disastrous. Homeowners are often unaware of the added risk associated with hiring contractors and household staff.

  • Consider the scenario below:
    • After priming walls with oil-based paint, a painter stacks wet drop cloths in the garage.
    • A carpenter leaves newly stained hardwood floors to dry for the night, along with a heap of stain soaked towels.

Rags and other items should never be piled up around a house or construction site.  Instead, homeowners and their contractors and staff should store and dispose of them properly in a metal container of water with an airtight lid, especially at the end of each workday.

Other causes of house fires
Additional scenarios that are likely to happen during spring cleaning and can also result in the rapid outbreak of fire include:

  • After sweeping the fireplace, a housekeeper dumps ashes into a plastic bucket on the porch.
  • A landscaper disposes of cigarette butts in the kitchen trash.

Situations such as these are easily avoidable. Dispose of fireplace ashes and other flammable items in a sealed metal container kept outside the home and away from flammable items. Enforce a “no smoking” policy on the property, and be sure fireplace extinguishers are easily accessible.

Educate yourself before a loss
Now is the perfect time to get educated about spontaneous combustion and other fire risks during spring-cleaning and home-improvement projects. Click on this Chubb link for Home Tips and Tools.

Concerned about your personal insurance coverage? At Cleary, our experienced Personal Lines department will work with you to evaluate your insurance needs, identify exposures, and create a customized insurance portfolio. Give us a call today at 617-723-0700.