People often think of professional liability insurance (aka..E&O Insurance) as something only doctors and lawyers need. The truth is that anyone in any profession can be sued for making bad decisions. Standard business general liability insurance policies do not cover liability for professional mistakes. They will not cover errors that cost someone else money without…Read more
Does Insurance Cover Business Disruption due to Dorian?
What happens if your business suffers property damage or a supply chain disruption and is forced to stop operations either fully or partially? Will your insurance cover the work stoppage or slowdown? It is important to understand how your insurance can protect you from the resulting financial loss. In addition to potential recovery for property…Read more
What is a Certificate of Insurance?
When stores lease real estate spaces or construction firms win jobs, the party on the other end usually has a very specific set of requirements. One of the main requirements is that the tenant, contractor or borrower show proof that he or she has adequate insurance. Copies of insurance documents may be sufficient. But, not…Read more
Annual Insurance Review is Crucial to Your Growing Business
One of the biggest mistakes owners of growing businesses make is not keeping up their insurance coverage to account for the expanding assets and potential liabilities. An annual insurance review is crucial to an expanding business. Let’s say you started your business 10 years ago with just a small space and computer desk. Today, you…Read more
Why Contractors Need Pollution Insurance
Many contractors that produce some type of pollutant throughout the course of daily business operations don’t know they are doing so. Others know they are producing pollutants and have processes and safeguards in place to reduce their release into the environment. A business can be held liable for some very costly damages when these byproducts…Read more
Business Growth Will Lead to Increased Risk
As the economy continues expanding, companies need to be careful about properly managing their risk, according to a report by Advisen Inc., an insurance research and data firm. Increased activity typically means proportionally additional losses. For example, more trucks driving more miles will inevitably result in more accidents. However, there are other kinds of risk…Read more
Commercial Liability Rates Start Climbing as Lawsuits Rise
Commercial liability insurance rates are starting to edge higher after years of flat or declining rates, depending on your market. A new survey by MarketScout found that general liability, umbrella/excess and professional liability lines increased by 2% in the first quarter of 2019. Another report by insurance exchange IVANS Insurance Solutions found that rates for…Read more
Workers’ Comp Audit: What to Look For
No company owner wants to undergo a workers’ compensation audit, but they are a fact of life if you run a business and have employees. Unfortunately, many audits don’t go smoothly and sometimes your insurer may make mistakes. Missouri-based Workers’ Compensation Consultants, which helps employers through the workers’ comp audit process, recently listed the 10…Read more
Small Businesses Don’t Need Cyber Insurance
If your business has millions of excess cash and a crisis department dedicated to damage control, your business may not need Cyber insurance. If your business falls into the 95% category, and you do not have these resources, Cyber insurance is a must. Cyber attacks on companies’ information systems and data have reached unprecedented proportions,…Read more
Employment Practices Liability Insurance
Since Title VII of the Civil Rights Act of 1964 passed, the issue of employees’ rights continues to be controversial. Employers involved in interstate commerce are prohibited from discriminating against applicants. Understanding How Fast Lawsuit Risks Are Increasing As more laws are enacted for workplaces, employers face a higher risk of lawsuits. The likelihood of…Read more
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