Getting a company car is a coveted perk for employees, but it can also cause some coverage issues with your personal auto policy. The standard auto policy excludes coverage for non-owned vehicles furnished or available for your regular use. This means you are relying solely on the company’s insurance for protection. If for any reason…Read more
Employees Driving on the Job in Own Cars are Your Liability
Many business owners don’t think twice when asking a worker to run to the office supply store, to the bank, or to run another errand for the company while on the clock. But as soon as that employee enters their personal vehicle on a trip for your business, you automatically become vicariously liable for their…Read more
Directors and Officers Insurance Vital for Nonprofit Organizations
Nonprofits usually have a certain demographic that they serve. Often the allure of a nonprofit organization is that it attracts like-minded individuals that have a passion for the cause that the nonprofit works on. And the most passionate of these individuals often become board members. At that point, they also enter a world of new…Read more
Small Firms Increasingly Need Directors and Officers Insurance
While directors and officers liability has been traditionally thought of as insurance for publicly traded companies, increasingly it’s smaller companies that account for the largest share of exposure among top decision-makers. A study published by the news website Advisen found that over the past 10 years, small businesses accounted for 70% of all D&O insurance…Read more
Types of Insurance a Small Business Needs
If you are just getting a business off the ground, have bought equipment, and started hiring employees, insurance should be top of mind. There are four types of insurance that most small businesses purchase to protect themselves, and without them, one accident or oversight could leave you with liabilities you may not be able to…Read more
COVID-19 Drives Surge in Employment Practices Claims
Employers are being hit with a wave of COVID-19-related employment lawsuits, which is starting to have an effect on employment practices liability insurance (EPLI) rates and coverages. A tally by the law firm of Fisher Phillips found that as of August 2021 there had been 2,950 COVID-19-related employment lawsuits filed in the U.S. Most of…Read more
Workers’ Comp Payroll
The owners of a California flooring installation company allegedly underreported their payroll amounts to workers’ compensation insurers to the tune of $30 million, costing the insurance company almost $4 million in premiums. The men are each facing three felony charges. These are the potential consequences for those who deliberately falsify their payroll records and reports…Read more
Cargo Insurance
Although you may not hear much about it on the evening news, according to the FBI, cargo theft is on the rise and represents a threat to both our economy and our national security. Over the past five years, criminals involved in this type of activity have become more sophisticated, and more violent, in their…Read more
New Definition of Independent Contractor
In the last month of the Trump administration, the Labor Department finalized a regulation to clarify for employers which workers are employees and which are independent contractors. Because independent contractors are typically ineligible for employee benefits, businesses have an incentive to classify workers that way. The new regulation’s purpose is to make answering the question…Read more
Non–Owned Auto Coverage
Even businesses that own fleets of autos sometimes use vehicles that do not belong to them. Often, a business asks an employee to run an errand or visit a customer or vendor using that employee’s car. The organization may become legally liable for anything an employee acting on its behalf does while behind the wheel.…Read more
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