Ways to Foster Workplace Wellness

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Managing an office that promotes a healthy work-life balance is a trial-and-error process. Between constant accessibility as a result of technology and the pressure to meet deadlines, employee and workplace wellness is too often compromised.

It may not seem like your responsibility, but you want to encourage your employees to balance their personal and professional wellness. Some of the most successful companies in the country are investing in their employees’ wellness.

We’re here to help. Below are five ways to implement workplace wellness in your office.

Get up and active

Identify a workout studio that is close to your office location and attend a class as a group. Encourage people to initiate fitness groups within the office, or opt for walking meetings. Apps like Eventbrite and Groupon sometimes post special deals for companies looking to explore fitness.

 

Professional and continuing education

Employee and workplace wellness is not always about physical health – it includes mental, intellectual, and emotional. Remind your employees that their careers and growth are important to you. You can show that you mean it by going the extra mile and getting your employees in touch with wellness professionals from the likes of LeggUp (https://www.leggup.com/) or similar coaching platforms, and help them unload mentally to stay sane. Furthermore, you can offer to cover the cost of educational workshops and classes that will help people improve the work they do and strengthen their confidence in their trades. You can read up on blogs such as https://www.edenhealth.com/blog/what-are-employee-benefits/ to learn more about the aspects of employee benefits that could be integrated into the corporate culture.

 

Keep hydrated and improve workplace snacking options

That third cup of coffee is doing nothing to hydrate you. Water is extremely important to keep your body healthy – from your skin to your kidneys to your blood pressure – and often goes by the wayside during the busy day. Design company water bottles as a friendly reminder to your employees to prioritize hydration. If the budget allows, invest in a flavored water dispenser like this one.

 

Mandatory mental health days

Well, maybe not mandatory, but employers can do a much better job emphasizing the importance of mental health days. Your employees are hard-working and don’t want to be seen as slackers, though they might very much need a personal day every so often. Drop hints that you are understanding as an employer and encourage your staff to take time when they need it.

 

Modernize your desk and other office furniture

The research is in: desks are not healthy. Employees are often seen to be complaining about the issues in the office’s furniture, poor utilization of workspace, and absence of recreational places. For the employer, sometimes, these problems might not seem genuine, however, when ignored for a long period, it can affect the productivity of the employees. An office interior design expert might help with easy solutions for problems such as these. Also, did you know that some companies are replacing their chairs with a yoga balls as a way to fix employees’ posture and burn calories? Others are opting for adjustable desks, which allow workers to sit or stand. Both of these options often result in an increase in productivity and decrease in back pain. All in all, one must know that good office equipment and furniture could prove to go a long way in improving posture and overall health!

Get some sunshine

Encourage your employees to get their daily dose of vitamin D when the weather allows for it. Set an example by eating lunch outside or making it known that you are going for a walk.

 

 

The bottom line is this: employee and workplace wellness is not optional, it’s essential. Not only will it help your employee retention, but an increase in productivity and workplace happiness will only benefit your business.

Study Shows Majority of Boston Area Small Businesses Are Overexposed to Risk

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56-percent of companies failed a business risk assessment, operating without basic safeguards against damage caused by cyber-attacks, HR issues and other common operational realities

This past summer, we conducted a study to see just how aware Boston area small business owners are of their overall insurance coverage. This was the first study of its kind; we call it the Cleary Small Business Risk Index.

The results were scary.

 

The Index shows that more than half (55%) of Boston area businesses failed a risk assessment that probed 19 areas of risk management including cyber security, professional liability, employment practices and more.

So what does this boil down to?

“This proved what we have always assumed – most business owners don’t understand how to properly assess or account for risk,” said Bill Cleary, president, Cleary Insurance. “The answer isn’t always ‘more insurance.’  There are many ways to offload, avoid or manage risk. But in order to succeed, you need to understand the basic situation, and too many business owners just don’t.”

The Boston-area wide survey (including businesses on the North Shore, South Shore and Metrowest) was conducted online questioning 100 business owners, operators and employees spanning a variety of industries including healthcare, retail, financial services, and more.  All respondents had a significant influence on the operational decisions of each company.

Could you pass? Take the Cleary Small Business Risk Assessment today to test your understanding of coverage.  Also, check back for the next few posts which outline and answer some of the greatest areas for risk.

New Healthcare Assessment for Massachusetts Employers

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We want to make you aware of an important law that will impact Massachusetts-based employers beginning January 1, 2018. Under a law signed recently by Governor Baker, employers with six or more employees will begin paying a new health care assessment to support the Commonwealth’s Medicaid program, MassHealth.

Highlights of the new law

  • It increases the existing Employer Medical Assistance Contribution (EMAC) from $51 per employee to $76.50 per employee.
  • It establishes a new assessment on employers for any employee who enrolls in MassHealth or subsidized insurance coverage offered through the Massachusetts Health Connector. The assessment is $750 per employee, per year.
  • Employers will most likely pay the assessment on a quarterly basis–just like they do for unemployment insurance.
  • Employers who hire any worker for at least one day during any 13 weeks in a calendar year, and who pay at least $1,500 in wages per quarter, will be required to contribute.

The Massachusetts Department of Unemployment Assistance and the Health Connector are still finalizing regulations to implement the assessment. The regulations are expected to be completed before the end of the year. The assessment is expected to generate $200 million annually; it is scheduled to end on December 31, 2019.

Law also reduces unemployment contribution rates
To help offset the impact of the new assessment on employers, the law also reduces Massachusetts unemployment contribution rates for two years. For more information on the employer contribution schedule, visit  the link below:

https://www.mass.gov/service-details/changes-to-employer-medical-assistance-contributions-emac-effective-january-1-2018.

5 Questions to Ask Clients Who Are Considering a 401(k) Loan

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Presented by Douglas W. Greene CFP® CLU®

 

Advisors may suggest to their clients that they never take a loan from their 401(k) plan, but things happen, and happen more often than you might think.  According to Morningstar, at the end of 2012, 21% of 401(k) plan participates who were eligible had loans outstanding against their 401(k).  50% of people who borrow against their 401(k) will do so more than once.

Here are five key questions to ask clients:

  1. Does your intended use of funds promise a higher rate of return than leaving the money be?
    – Steering borrowed funds to an investment with an uncertain payoff is much less compelling than paying off high interest debt.
  2. Is your job secure?
    – If you leave your employer with a loan outstanding, you will usually be forced to pay back the loan soon, usually within 90 days.
  3. Can you realistically pay this back?
    – Because there is no credit check, the client is the one responsible to deciding if the loan is financially viable.  Make sure household budget is considered as interest will increase the payments.
  4. Are you prepared to lose the benefit of your tax deductions?
    – A 401k provides an employee federal and state income tax deductions on contributions.  If a loan is taken, it must be paid with after-tax dollars thus offsetting the benefit of the deductions.
  5. Do you feel like you can afford to delay your retirement saving?
    – Their budget may not be able to support the loan repayment and current 401(k) savings.  Also, the money withdrawn does not have the opportunity to grow with the market.

Is Your Business Prepared for a Natural Disaster?

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While all businesses should have a plan in place to protect their employees and their bottom line when a natural disaster hits, they should also consider their location and the insurance that is necessary to keep their doors open after a catastrophic event.

For a detailed disaster plan you can visit  the link:  https://www.fema.gov/pdf/library/bizindst.pdf

Reviewing the insurance plan:

Businesses should review their insurance plan to reduce out of pocket expenses.  Make sure you have significant coverage to pay for the indirect costs of the disaster, disruption to your business and the cost to repair or rebuild your premises.  Most policies do not cover flood or earthquake damage and you may need to buy separate insurance for these perils. Be sure you understand your policy deductibles and limits.  New additions or improvements should also be reflected in your policy. This includes construction improvement to a property and the addition of new equipment.

For a business, the costs of a disaster can extend beyond the physical damage to the premises, equipment, furniture and other business property. There’s the potential loss of income while the premises are unusable. Your policy should include business interruption insurance and extra expense insurance. Even if your basic policy covers expenses and loss of net business income, it may not cover income interruptions due to damage that occurs away from your premises, such as to your key customer or supplier or to your utility company. You can generally buy this additional coverage and add it to your existing policy.

Basic commercial insurance to consider:

  • Building coverage provides coverage up to the insured value of the building if it is destroyed or damaged by wind/hail, or another covered cause of loss. This policy does not cover damage caused by a flood or storm surge nor does it cover losses due to earth movement, such as a landslide or earthquake, unless added by endorsement.
  • Business personal property provides coverage for contents and business inventory damaged or destroyed by wind/hail, or another covered cause of loss.
  • Tenants improvements and betterments provides coverage for fixtures, alterations, installations, or additions made as part of the building that the insured occupies but does not own, which are acquired and made at the insured’s expense.
  • Additional property coverage provides for items such as fences, pools or awnings at the insured location. Coverage limits vary by type of additional property.
  • Business income provides coverage for lost revenue and normal operating expenses if the place of business becomes uninhabitable after a loss during the time repairs are being made.
  • Extra expense provides coverage for the extra expenses incurred, such as temporary relocation or leasing of business equipment, to avoid or minimize the suspension of operations during the time that repairs are being completed to the normal place of business.
  • Ordinance or law provides coverage to rebuild or repair the building in compliance with the most recent local building codes.

5 Things Millennials Should Know About Life Insurance

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Regardless of how well prepared you think you are for adult responsibilities, there is always room for improvement – especially when it comes to life insurance. For millennials, life insurance may not feel like a totally immediate concern; however, it is the type of insurance that is too often underestimated and even more complicated than many people anticipate.

Whether or not you think you need it, it’s time to prioritize arranging your coverage. But we know this can be a confusing process, so we’re here to make it easier.

Below are five things that all millennials should understand about life insurance:

 

  1. Life insurance can help family avoid bankruptcy. Life insurance is often thought of as money that will be inherited from a parent or guardian once they pass. However, life insurance might also help in covering the expenses that would normally fall to those who are responsible for making arrangements. You could look here for more information.
  2. Student loans don’t disappear. Believe it or not, your loans don’t go away if you die. If you have Federal student loans, your loans will be discharged and your family will not be responsible for your debt; however, private loans will be inherited by your family. The last thing your family needs are debt collectors harassing them in their moment of grief.
  3. Life insurance is cheaper the younger you are. At this age, you can buy a quality life insurance policy for less than the cost of a commuter pass – especially if you don’t have big expenses to cover after you’ve died. As you get older and your health risks increase, you’ll pay more.
  4. Life insurance may be part of your employee benefits. Take some time to assess your benefits package because many employers offers life insurance as part of it. That said, if you plan to switch jobs in the next few years, it will be worthwhile to obtain an individual policy as well.
  5. There are many different types of life insurances to consider. Millennials should know that there is not one type fits all when it comes to life insurance. At Cleary, we offer a variety of categories under life insurance. These include, Whole Life Insurance, Term Life Insurance, Disability Insurance, Long Term Care, Key Employee Insurance and Buy Sell Insurance.

We are here to answer your questions. Contact us at any time, and we will be happy to assist you.

 

Questions to ask yourself when assessing your personal insurance needs

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In light of the recent natural disasters happening around the globe, we are unfortunately reminded of the importance of obtaining proper personal insurance. If you are a homeowner, it is pertinent to routinely assess your personal insurance policy’s coverage. Unforeseen events (knock on wood) happen, and at that time you will be relieved of one less stress with the proper policy.

Personal insurance can range from home to auto, and rental to expensive items like jewelry and electronics. If you have something of value that is not yet covered by insurance, there is no harm in learning about your options.

 

We’re here to help with the legwork. Below are a few questions you can ask yourself when evaluating your personal insurance policy.

  • How much coverage is enough for my home?
  • What would it cost to replace my belongings?
  • Do I need or have reimbursement for additional living expenses if I can’t live in my home due to loss?
  • How much would it cost to repair the inside of my home if it were damaged?
  • Should I get insurance in the case of natural disasters (i.e. flood, earthquake, hurricane, etc.)?

 

The goal of personal insurance is to guarantee your family is secure, financially and emotionally. At Cleary, we believe a solid insurance policy is a necessary step in order for your family to live life to the fullest. Contact us with any questions.

 

3 Tips for Building your Startup

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The first step is to come up with your business idea – now it’s time to build! In order for your new startup to be a success, you need spunk, determination and a strategy.

But where to begin?

From product, to employees, to clients, the responsibility can be overwhelming. We’ve put together a few of our tried-and-true tips to help you begin to successfully build your startup.

 

Networking is key

Identify your professional community and engage with it. Nowadays, you can successfully and efficiently network via social media platforms like LinkedIn. While this is a manageable day-to-day tool, we also suggest taking advantage of professional networking events for face-to-face interaction.

Networking also entails meeting the right people who can help you launch your business. The benefit of having strong connections is that they can turn into powerful allies.

When you interact with people who are already running a successful business, you may be able to gain a better understanding of the funds and number of shares to authorize that can satisfy investors, and you can offer to your future employees.

 

Find a balance

A startup is very demanding and can eat up the bulk of your time; however, it is important for you to give yourself (and your employees) a break. There is a reason Google’s offices have Ping-Pong tables, basketball courts and rock climbing walls. These activities help people expand there minds and think outside the box.

Moreover, bonding with employees outside the office can be essential to a company’s success. Mutual respect outside the office will transfer to exist inside the office and ensure that everyone feels safe in the work environment.

 

Ask questions

Even though you’re the boss, don’t feel like you need to have all the answers right away. Ask questions to people you trust.

 

People love to share their own experiences. Particularly at Cleary, we are happy to help with your startup questions and provide information about the various types of coverage that would be most beneficial for you.