November 1, 2019
Employees file lawsuits against their employers for many reasons. A 62-year-old white male employee with a positive performance record and favorable bonuses was terminated by a foundation. He sued the foundation, alleging he was terminated from his job so that the employer could hide a pattern of discrimination against women and minorities. The employee further […]
October 11, 2019
Most people would rather go to the dentist than try to read an insurance policy. Like most things that seem intimidating at first, though, when you break it down, it makes a lot more sense. There are four basic parts to every insurance policy: Declarations Insuring agreement Exclusions Conditions Declarations: The declarations introduce your coverage. […]
August 20, 2019
Standard business general liability (GL) policies provide little coverage for pollution damage, including toxic spills like the one in West Virginia in 2014. Today most companies that store or handle potentially toxic materials purchase a separate environmental liability policy. These policies cover the exposure that the GL policy excludes. Property owners purchase environmental impairment liability […]
August 6, 2019
If you manufacture, sell or distribute any kind of product, you probably need some kind of protection from product liability claims. What Does Product Liability Insurance Cover? Product liability insurance protects the manufacturer, distributor or seller of a product from legal liability resulting from a defective condition that caused personal injury or damage associated with […]
July 24, 2019
Your organization has just been sued, and you’ve notified your liability insurer. Then you receive a reservation of rights letter. Here’s what it means and what to do. Practical Risk Management defines a reservation of rights as “an insurer’s notification to an insured that coverage for a claim may not apply. This allows for an […]
July 10, 2019
Theft is one of the biggest reasons businesses often struggle. Consider these recent findings: The University of Florida National Retail Security Survey estimates total retail losses of $44 billion every year, with 30-40 percent of those losses walking straight out the door. In a survey conducted by Kessler International, 95 percent of employees admitted to […]
July 3, 2019
We are often asked, “What limit of coverage should I have?” While there are several factors to consider when making this decision, we suggest considering these top three: What assets am I trying to protect? Is there someone outside of our company that requires specific limits of coverage? What is my attitude toward taking/retaining risk? […]
June 19, 2019
Due to the lack of actuarial data, it’s been difficult to price cyber liability insurance. This is one reason Insurers depend so much on evaluating each insured according to its risk management procedures and risk culture. As a result, cyber risk coverages are more customized and, therefore, can be more costly, depending on the vulnerabilities […]
June 5, 2019
Your insurance may cover your losses, but will it be enough to meet new building code requirements if you rebuild? A good insurance program will protect your business property from loss due to fire, theft, vandalism and more. But without certain important coverages, your property coverage could leave you short of the funds needed to […]
May 22, 2019
The coverage was introduced only a few years ago and more companies are now offering it. Sadly, following incidents like the shootings in Las Vegas, Parkland, Fla., Christchurch, N.Z., as well as numerous shootings in California and up and down the east coast and elsewhere in the U.S. this year and last year, there is […]
