Protector Group_June 2008 - Protector Group Insurance

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					Keeping You Informed to Insure Your Success                                                                   VOLUME 7 • ISSUE 1



COGSWELL SPRINKLER
A STRONG HISTORY OF CUSTOMER SERVICE                                                       LONG TERM
          The Cogswell family’s        dedication to the fire sprinkler
                                                                                           CARE INSURANCE
          involvement in the fire
          sprinkler industry is well
                                       industry, Jack teamed up with his
                                       two sons in 1983 to form Cogswell                   PROTECTING YOUR COMPANY
documented and well known
within the New England sprinkler
                                       Sprinkler Company, Inc. (CSC). A
                                       third floor apartment on Edgeworth
                                                                                           AND YOUR EMPLOYEES
community. What you may not            Street in Worcester, MA served as                     Long Term Care (LTC) is the type of
know is that it all started three      the corporate office for the young                    personal care a person of any age may
generations and almost 60 years        company. Jack was responsible for                     need when he or she can no longer
ago when the family matriarch,         the sales and design, while sons                      perform everyday tasks alone. Due
Mary J. Cogswell, made her mark        John and Jeff handled installations                   to illness, an accident, or the effects
by becoming the first woman            under their father's watchful eye.
                                                                                             of aging, a person may need assistance
president of the Rockwood Sprinkler    Despite the slow economy, CSC grew
                                                                                             with normal activities of daily living
Company's Mutual Aid Association       into a formidable force in the Central
                                                                                             such as bathing, dressing, and eating.
in February of 1949. Shortly there-    Massachusetts region.
after in 1951, John (Jack) Cogswell                                                          While aging accounts for much of the
followed his mother, Mary, through     When Jack unexpectedly passed away                    need for long term care, it’s not just
the doors at Rockwood Sprinkler to     in 1988, the young brothers, only 28                  for the elderly – it can strike at any age.
establish the second generation of     and 25 years old, had the daunting
Cogswells in the sprinkler industry.   task of maintaining the business while                Medical, dental, and life insurance have
As a junior design trainee, young      dealing with the loss of their father                 long been a part of employee benefit
Jack listened and learned from         and mentor. It was a very tall order                  packages. In the past, LTC insurance
some of the masters and founders       for the two young men, but as history                 was only available for purchase on an
of the burgeoning international fire   has shown, one for which the “boys”                   individual basis after having a medical
sprinkler industry.                    were well prepared.                                   exam, which was a factor in determining
                                                                                             your rate.Today, employers are recogniz-
After several years with Rockwood      By 1989, the third floor on Edgeworth
                                                                                             ing the potential financial impact on both
Sprinkler, and many years of           Street couldn't hold the upwardly
                                                                                             their employees and business, and are
                                       mobile duo any longer, so CSC
                                         relocated to larger space on Milton                 making long term care insurance part of
                                            Street in Worcester. At this time,               their benefits package.
                                               their sister Joni and several of
                                                 their childhood friends joined              Many baby boomers caring for aging
                                                                                             parents have already become intimately
                                                    JEFF AND JOHN COGSWELL                   familiar with long term care and its
                                                                                             impact on retirement savings. Over
                                                                                             13 million people in the United States
                                                                                             require long term care1 and family
                                                                                             members and friends serve as sole
                                                                                             caregivers for over 70% of the elderly
                                                                                             population.2 Based on yearly nursing

                                                            Cogswell Sprinkler - Page 2.                 Long Term Care Insurance - Page 3.


                                                                                                                                              1
                                                         COGSWELL SPRINKLER (                            CONTINUED FROM COVER)

    RENTING A CAR FOR                                    the company. In 1991, due to
                                                         steady growth, CSC needed even
                                                                                                  Cogswell, “The investment is
                                                                                                  already paying off, and as costs

    THAT SUMMER VACATION?                                more room and relocated to its
                                                         current headquarters at 22
                                                                                                  continue to escalate we’re
                                                                                                  confident that this investment
    Do you need car rental insurance?                    Canterbury Street in Worcester.          will prove even more valuable
                                                                                                  in the long run.”
    Many renters are unsure                              Since its founding over 25 years
    what to do when                                      ago, CSC has been designing,             Working in the residential,
    it comes to accept-                                  inspecting, maintaining, and             commercial, municipal, federal,
    ing or declining the                                 installing fire sprinkler systems,       industrial, and institutional areas,
    rental company’s                                     and adhering to the strong belief        the Cogswells have grown to meet
    coverages and                                        that absolute service and dedication     the challenges placed upon them.
    waivers.This                                         to its customers is the most critical    There has never been the “too
    indecision often                                     commitment it can make. With             large” or “too small” response to
    comes from not knowing                               continued opportunities in the fire      a customer in need of a life- and
    what their personal or business                      protection arena, CSC has grown          property-saving fire sprinkler sys-
    car insurance covers while renting a vehicle.        to serve additional New England          tem, but rather the fulfillment of
    Unfortunately, the answer to that question is        states, namely Connecticut, Rhode        the solidly entrenched philosophy
    not simple or clear cut. Here are some steps         Island, New Hampshire, and Maine,        of the “Customer Comes First.”
    to take to help you find the answer.                 and not only in the fire sprinkler
                                                         business, but horizontally as well.      “It’s clear that Protector Group
    • The best thing to do is PLAN AHEAD.                New divisions, under the umbrella        shares our ‘customer first’
      Don’t wait until you are at the rental counter     of The Cogswell Companies, are           philosophy,” said John Cogswell.
      to try and determine what you need or don’t        dedicated to diverse markets such        “In our business things are often
      need for rental car insurance.                     as residential, fire alarm, special      very last minute, yet we can always
    • Check your personal auto policy and talk to        hazards, and specific applications.      depend upon George Breen, Vice
      your insurance agent.The same coverage                                                      President; Nancy Melton, Senior
      and deductibles you carry on your car will         With the strong work ethic set by        Account Manager; Nancy Kalaora,
      apply – in most cases – to a vehicle you rent.     their father it is not surprising that   Loss Control Coordinator; Darlene
      However, if you own and insure an older            CSC has achieved significant growth      Beshaw, Vice President of Surety;
      vehicle, that coverage may not be enough if        and success under John and Jeff’s        Terri Nabulsi, Underwriter, and
      you want to rent a new convertible for your        management. As the company has           Laurie Penniman, Underwriting
      vacation.Your insurance agent will be able
                                                         grown, they have made a number           Assistant; to be there for us… and
      to assist you with what is covered and what
                                                         of investments in efficiency and         we use them a lot!”
      is not.
                                                         productivity-boosting software and
    • Check the coverage provided by your charge         technologies to ensure that they stay    Protector Group provides CSC
      card company. Coverage varies from card            focused on customer service. One         with their property and casualty
      to card and may have exclusions based on           recent example is the purchase and       insurance, auto insurance, workers’
      the vehicle you want to rent.There are also        installation of GPS systems on its       compensation, and surety needs.
      limits, exclusions, or special requirements
                                                         fleet of vehicles. This enables the      “While it’s critical, of course, that
      for driving outside the United States.
                                                         company to incorporate individual        they provide us with competitive
    • After you have determined that you do              trip data into its timekeeping system,   solutions,” explained John, “it’s
      need additional coverage, comparison shop          maximize fuel and time efficiencies,     also all about the relationship.
      among the rental car companies ahead of            monitor vehicle maintenance, and         George and his team have not only
      time by visiting their websites or calling their   quickly locate vehicles if they break    helped us be more competitive,
      toll free numbers. Each company provides           down, are involved in an accident,       they have also been a great support
      many insurance options, so be sure to
                                                         or are stolen. According to John         to us and are a trusted partner.”
      evaluate each product separately.
    Bottom Line – Don’t feel pressured to buy the
    rental company’s insurance. Why pay for some-
    thing you might already have? Planning ahead
    and conducting a little research will ensure that
    you purchase only what you need and will give
    you peace of mind to enjoy your vacation.


2
LONG TERM CARE INSURANCE                               (CONTINUED FROM COVER)

home costs, a portfolio of $250,000           the base plan offered by an employer.
would be depleted in less than five years.3   In addition, employees that are
With LTC insurance, retirement funds          caregivers for individuals with LTC
and other investments should not need         coverage experience fewer disruptions
to be touched to pay for long term care.      to their work, experience less stress,
                                              and are twice as likely to stay on the
In addition to depleting savings,             job as those that care for individuals
care-giving duties for a family member        without LTC insurance. Employers
or close friend can also mean that            offering LTC coverage are often
work-related responsibilities suffer.         rewarded with greater success in
Employers, too, experience an impact          attracting and retaining qualified
when they must assign coworkers or            employees, and enjoy certain tax
hire and train temporary workers              advantages.
to cover for absences. Over time,                                                                           Some Key Benefits:
continued absences result in a less                  “Over 13 million people                                • Employers can tailor LTC packages to
efficient and effective employee, cause                                                                       the specific needs of employees.
greater stress, and may decrease morale
                                                  in the United States require                              • Group LTC policies generally offer
for employees that must take on added              long term care and family                                  better rates and can provide guarantee
responsibilities – all of which can lead                                                                      issue (i.e., no medical exams).
to lower profitability.                           members and friends serve                                 • Group LTC policies can be offered to
                                                      as sole caregivers for                                  other direct family members.
                                                                                                            • The employer typically offers a base
                                                     over 70% of the elderly                                  plan, which employees can increase.
                                                          population.”                                      • Many different services fall under LTC,
                                                                                                              including nursing facilities, home health
                                              Educating younger employees about                               care, personal care, adult day care, long
                                              the benefits of LTC insurance also                              term home health care, respite care, and
                                              makes good business sense. Not                                  hospice care.
                                              only can the need for long term care                          • LTC is affordable – paying privately for
                                              affect anyone at any age, but younger                           long term care and home health care is
                                              individuals can also purchase policies                          very expensive.
                                              with lower premiums because rates                             • Providing LTC can help reduce absences
                                              increase with age.                                              of care-giving employees.
                                                                                                            • Most long term care services are not
                                              Contact Protector Group to see how                              covered by Medicare beyond a limited
                                              you can make LTC insurance part of                              number of days.
                                              your total benefits package offered                           • Savings may not have to be tapped – to
                                              to employees, or to inquire about                               qualify for Medicaid, currently the major
                                                                                                              source of funding for long term care
Experience with care-giving employees         purchasing an individual policy. Either
                                                                                                              services, individuals must meet certain
has led many employers to turn to             way, our account executives have the
                                                                                                              income and asset tests.
Group LTC insurance to minimize               knowledge and the experience to help
                                                                                                            • Benefits received from tax-qualified
future problems. Employers offering           you decide on an LTC plan that is
                                                                                                              LTC plans are generally not considered
LTC insurance enjoy a number of               best suited to the needs of both your
                                                                                                              taxable income under either federal or
benefits. For example, group rates can        company and your employees.                                     state law.
be less than rates for an individual, no      1Health Insurance Association of America (HIAA), A Guide to
                                              Long Term Care Insurance, May 2003.
                                                                                                            • LTC insurance policies provide the
medical exams are required, the plan          2Health Insurance Association of America (HIAA), A Guide to     broadest coverage of long term care
can be offered to other direct family         Long Term Care Insurance, May 2004.
                                              3                                                               services.
                                               Health Insurance Association of America (HIAA), A Guide to
members, and employees can increase           Long Term Care Insurance, May 2003.


                                                                                                                                                          3
       THE RULES HAVE CHANGED IN THE
       MASSACHUSETTS AUTO INSURANCE GAME.
       Previously, insurance rates were set by the Massachusetts       • Loyalty/renewal credits
       Division of Insurance and were based strictly on driving        • Account credits
       records, driving experience, and the town the vehicle           • Good student discounts
       was garaged in. Under the new system, rates vary by
                                                                       • Student away at school discounts
       company and are based on a combination of many factors
       including previous lapses in coverages, types of coverages      • Advanced driver training discounts
       selected, or other policies in force.The new competitive        • Hybrid vehicle discounts
       marketplace is creating new coverage options,                   • Payment in full discounts
       better prices, and additional discounts, creating               • Group discounts
       new opportunities to get the best value for your
       insurance dollar.                                               Not all coverages and discounts are available with
                                                                       every insurance company. Restrictions apply, and
       New coverages that are now available include:                   fees are subject to change.

       • Replacement cost for new vehicles                             Be sure to evaluate both coverage and premium when
       • Accident forgiveness                                          comparative shopping. A lower priced quote could mean
       • Disappearing deductibles for good drivers                     less coverage.With more than 100 different rating factors
       • Pet injury protection                                         to be considered, you need an experienced insurance
                                                                       agent like Protector Group working for you. Don’t
       • Personal belongings
                                                                       sacrifice service for premium savings – it could make
       • Emergency road/travel expenses                                a big difference at the time of a loss. Since most large
       • Auto loan/lease GAP coverage                                  direct writing companies do not have agents that you
       • Increased towing and rental allowances                        can go to for assistance, getting immediate local service
       • Additional customized equipment                               could be difficult.

       Most insurance companies now offer optional package             Protector Group is ready to work with you in reviewing
       endorsements that can be added to your auto policy for          your current insurance policies to find the best rate
       a fee, and include a selection of the coverages above.          to fit your needs and budget. Plus, if you insure your
                                                                       property and vehicle with the same company, you’ll enjoy
       In addition to the standard low mileage, anti-theft, multiple   increased savings on both lines of coverage. Contact us
       car, and good driver discounts, there are new discounts         at 888-850-9400, via email at info@protectorgroup.com,
       now available including:                                        or visit www.protectorauto.com.


The Protector Group Insurance Agency, Inc.
                                                                                                                           PRSRT STD
100 Front Street, Suite 800
                                                                                                                          US POSTAGE
Worcester, MA 01608                                                                                                          PAID
                                                                                                                         WORCESTER, MA
                                                                                                                          PERMIT NO. 2




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