The world of insurance can be a complicated maze of initials and acronyms, which are often seemingly used to confuse the insurance buyer. Among the hodge-podge of acronyms, nicknames and “short-fors” are E & O and D & O which, when used together, have comfortably sunk into the industry lexicon as meaning anything and everything…Read more
Builders Risk Insurance
Builders’ policies are not totally comprehensive. While specific policies vary, the vast majority of construction coverage policies are written based on a regulator-approved standard form. So for the most part, you can expect your policy to cover the buildings and structures on the property, including the systems directly installed thereto. Usually, your standard policy will…Read more
Do I Need Workers Comp Insurance?
Workers comp insurance provides coverage for medical benefits and wage replacement when an employee is injured or killed on the job. When an injured employee accepts workers’ compensation payments, he or she legally gives up the right to sue the employer later for damages or negligence. This is commonly known as the compensation bargain, and…Read more
Commercial Auto Rates
By now, you’ve likely noticed that your commercial automotive insurance rates have been increasing since last year, and for now, there seems to be no slowing the momentum. The increase is probably noticeable since the period between 2011 and 2016 saw rates drop thanks to a number of factors, including fewer accidents, fewer cars on…Read more
Insurance For Green Commercial Buildings
A study by the U.S. Green Building Council estimated that environmentally-friendly, or “green” construction, would grow at a compound annual rate of 9.5 percent between 2014 and 2019. Traditional property insurance products do not adequately cover these innovative construction methods and materials. In recent years, the insurance industry has unveiled new coverages to help cover…Read more
Errors and Omissions Insurance
Professional liability insurance funds losses caused by errors or omissions in the rendering of services. What does this mean? Professionals are human and errors do occur. In medicine and science, the client benefits from the best course of action suggested by an experienced practitioner at the time the service is rendered. The best course of…Read more
What Renters Need To Know About Insurance
Since most homeowners are also mortgage holders, they are required to have home insurance. However, most renters are not required to purchase renter’s insurance according to the terms of a lease. They face many of the same risks as homeowners. Although renters do not have to pay for the actual structure that is rented, they…Read more
General Liability vs. Professional Liability Insurance
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
4 Types of Insurance for Small Business
There are four types of insurance that most small businesses purchase. The first is property insurance. This type of coverage provides compensation if business property is damaged, stolen or lost. In addition to covering the physical business structure, property insurance covers personal property. This includes inventory, office furnishings, raw materials, computers, machinery and other items…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
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