A consultant recommends that a client purchase and implement software to automate certain manufacturing processes. An update to the software causes it to crash repeatedly, forcing the client to shut down its production lines for 10 days until a fix is available. The client sues the consultant for giving bad advice. A new commercial building…Read more
Are your Workers Employees or Independent Contractors?
Before classifying a worker as an independent contractor, it is important for a business owner to do his or her homework carefully. Employment laws today are very strict, so discuss any concerns with an agent. The United States Department of Labor and the Internal Revenue Service have combined their efforts to help various states share…Read more
How to Prepare for a Workers’ Compensation Audit
Just the mention of a workers’ compensation audit causes fear to some. If you are scheduled for a workers’ compensation audit, there is no need to dread it or be fearful. A small amount of preparation and common sense can save you a lot of aggravation and money. Devoting a few hours of your attention…Read more
Cyber Liability Insurance
On April 20, 2011, someone hacked the Sony Playstation Network. They found an opening in the online video gaming network’s password-reset system and penetrated the security protecting its customer database. Days later, the company admitted that the hackers had obtained personal information on 70 million or more subscribers. The hackers got names, physical and email…Read more
3 Steps to Controlling Workers’ Compensation Costs
Workers’ Compensation can be a large cost center for a business. The extent depends on the type of business and the state where the business is located. The cost to insure a single employee making $30,000 per year can range from less than $100 (for a clerical worker) to around $1,400 (for a restaurant worker)…Read more
Directors & Officers Insurance
For the last several years, stories of wrongdoing and bad judgment by corporate managers have filled the headlines. Enron, Worldcom, and Countrywide are just some of the companies that became household names because of mistakes or criminal acts their leaders committed. These stories became big news because they were exceptional; the vast majority of companies…Read more
Do I Need Terrorism Insurance For My Business?
Terrorism insurance is provided by a public or private risk-sharing partnership. It gives the government and insurers the responsibility of sharing losses if there is a terrorist attack. This coverage is offered as a special add-on feature or endorsement to commercial property insurance. If there is a terrorist attack, a regular business policy will not…Read more
What is a Surety Bond?
In today’s competitive market, a surety bond is a valuable commodity for a contractor. Obtaining a surety bond shows your company’s best face to both potential customers and lending institutions. That’s because a surety bond amounts to a seal of approval from an independent third party, the surety bond company, which has evaluated your work.…Read more
Insurance for Small Construction Businesses
Small construction businesses require several of the same types of insurance coverage that larger businesses need. In addition to this, there are types of coverage available that are specific to the construction industry. It’s best to speak with a qualified agent who has experience in insuring small construction businesses. Agents with experience are able to…Read more
Misclassifying Workers as Independent Contractors is Bad for Your Business
Employer misclassification of workers as independent contractors is a large and growing problem. Employers trying to keep their costs down may inadvertently or deliberately misclassify workers who should be classified as employees. They escape employment taxes, unemployment and workers’ compensation insurance costs, and paying overtime rates required by law for employees. They also cheat workers…Read more
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