Liability Insurance

 What does Liability Insurance it cover?

Man in suit slipping on a banana peal.A general liability insurance policy is something that all businesses need. General liability policies reduce the risk of exposure by protecting businesses from personal injury and from property damage. By the business’s actions either not doing or not doing properly. General liability insurance is meant to cover property damage, personal injury bodily injury, and unforeseen circumstances. These could affect the business or work product. General liability will not cover things such as failure to perform duties to your industry standard, professional negligence, or product liability.

People often say that they are excellent worker in their craft, they go above and beyond all the time, but even with all the hard work and cautiousness, accidents still do happen. Even the best workers have off days, may become distracted or clumsy, and that’s all that is needed in order to be wiped out if they don’t have coverage.

Apart from all of that, even if the worker is always perfect at their craft, it is very possible that a client or customer says that the work or product caused them pain and suffering. Even though that client or customer could be completely wrong or just filing a claim in the hopes that you’ll settle with them, that in itself is enough to cost a fair amount in lost time from work, lawyers’ fees, or court expenses. That could be enough to drive the company into debt.

A handful of the types of businesses that most likely need errors and omissions policies include realtors, doctors, accountants and computer repair people. To avoid situations such as this talk to a licensed insurance professional for help in determining what coverage or coverages are needed in order to be protected from these risks.

Learn about Employment Practices Liability (EPL) Insurance.

By: Niklas Almström, Insurance Advisors

Employment Practices Liability (EPL) Insurance

What is Employment Practices Liability Insurance?

Employment Liability Insurance | Insurance AdvisorsEmployee Practices Liability Insurance is a fairly new form of liability insurance. It provides protection for an employer against claims that are made by employees, former employees, or potential employees. It covers sexual harassment, wrongful termination of employment, discrimination (age, sex, race, disability, etc.), and other employment-related allegations. It covers your firm including the Directors and Officers.

When is Employment Practices Liability Insurance needed?

Insurance is needed as soon as you start to hire employees. Directors and Investors often require that you have this coverage as a part of your Directors and Officers Liability Insurance since they too can be held liable in suits regarding to employee practices.

Why is Employment Practices Liability Insurance needed?

Cases against employers are on the rise so it is important to protect yourself in the event of a suit. It is estimated that 3 out of 5 firms will be sued by an employee. Companies are vulnerable from the pre hiring process through the exit interview, even if that employee was never hired, or only with the company for a short period of time. This can happen to any firm, everyone has heard about such situations. Every employer can be the target of legal action from the past, present, and prospective employees. Even if the claim is minor or fraudulent the defense of a suit can be costly over time, financially and in resources. The most vulnerable to these types of claims are new technology firms along with fast growing companies due to their management teams not having yet designed or implemented proper procedures for hiring, firing, and disciplining employees.

Store personal customer information? Learn about Cyber Liability Insurance.

By: Niklas Almström

Winter Precautions

Slip and fall precautionsWinter is here in full force, and with your best efforts to keep your driveway and sidewalks shoveled and salted it is tough to keep your premises completely slip free. You can help protect your employees and customers by taking these recommendations under consideration.

Shovel Safely and Thoroughly

Many business owners choose to shovel their own sidewalks instead of opting to pay someone to save some costs. This option opens up increased liability and injuries to employees. Be sure to teach these employees that will be doing the salting and shoveling the proper techniques in order to help prevent repetitive motion, back, and shoulder injuries.

Contract with a Respected Plowing Company

If it is possible it is recommended to hire a local contractor to plow the snow on your premises. When looking who to hire be sure to obtain certificates of insurance. Once you verify that the business carries insurance it is important to sit down and put together a well thought out snow removal plan. This should outline where the contractor should plow, and where the snow should go. Be sure to identify which areas have the most traffic and what times are the busiest for your business.

Document Work Done and Injuries

With the unpredictable weather a great way to minimize liability is to keep a shoveling and salting log. When it is possible, show that you’ve done everything you could to stay on top of shoveling and salting; most courts will dismiss frivolous claims that arise from slips on ice, because no one can keep a sidewalk clean 100% of the time. This shoveling and salting log should include the date and time, which sidewalks were shoveled or salted, and the name of the person who did the work.

A winter slip and fall injury could happen on your premises despite your best efforts. If someone reports to have fallen in your parking lot or on your sidewalk be sure to investigate the situation immediately. Locate where the fall had taken place and take pictures documenting the location. If ice or snow helped contribute to the fall, be sure to shovel or plow the area as soon as possible, if not, look back at your shoveling and salting log and make a note of when the last time that area was plowed, shoveled, or salted.

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Cyber Liability Insurance

Why should I car about Cyber Liability?

Cartoon about spyware with a sneaky spy connecting to someones computer.In an ever-growing technological and online age, the cyber risks are increasing. Liability for loss of consumer or employee data is not typically covered under a corporate insurance policy. You may think that only large companies are the ones that are at risk, but that is not the case. Studies have shown that over 72 percent of data breeches have occurred in small to medium sized businesses with 40 percent of those breeches occurring in organizations of 1000 or fewer employees, and the average cost of a data breech is upwards of 5 million dollars.

Many overlook this type of insurance due to the fact that they do not know that something of this nature exists or they don’t think a data breech could happen to them, but actually we are all at risk. With October being National Cyber Awareness month, now is the time to learn or reevaluate if Cyber Liability Insurance is something for you and your business. Cyber liability is available for organizations of all sizes, and it can be offered as a standalone policy or as part of a comprehensive suite of other management liability overages.

By: By: Niklas Almström, Insurance Advisors