November 15, 2019

The Value of Umbrella Policies


If you own a business, you probably have insurance policies for general liability, property, auto liability, and possibly workers’ compensation if you have employees.  However, there is one standard liability policy that is sometimes overlooked – umbrella liability.  No, it’s not insurance for those things you hold over your head when it rains, but much like those types of umbrellas, umbrella liability policies provide extra coverage. Commercial umbrella liability policies offer an extra layer of protection for businesses with claims against bodily injury, property damage, and other liability claims.  The policies are designed to extend coverage when your business’ general … Continue reading

October 30, 2019

Motor Truck Cargo Insurance


Your business has been approached by a local contractor with an opportunity to transport the contractor’s equipment from job site to job site for the next year. The opportunity is a great one. It will ensure that you will have a positive cash flow, and work for your employees, for at least the next year without any interruptions. You are reviewing the contract requirements, including the necessary insurance requirements, and you come across an insurance coverage you have never heard of; motor truck cargo insurance.  You wonder to yourself, what is motor truck cargo insurance, and do I have that … Continue reading

October 7, 2019

Protecting Your Business from Errors and Omissions


Does your business work directly with clients in a professional manner or give advice as a service?  If so, your business would likely benefit from the protection of an errors and omissions liability policy.  Business professionals such as contractors, real estate agents, lawyers, marketing professionals, architects, engineers, doctors, bankers, insurance agents, event planners, and technology companies are prime candidates to carry this policy. Errors and omissions, or E&O, liability policies are a type of professional liability insurance that covers claims arising from mistakes, oversights, and negligence.  They provide coverage for misrepresentation of facts, documentation errors, and perceived poor or inaccurate … Continue reading

September 10, 2019

Employment Practices Liability Insurance Basics


Employment Practices Liability Insurance, often called EPLI, is a coverage that has become more popular in recent years.  Part of the reason for the increase in popularity is due to the growing amount of lawsuits in our country for matters including wrongful termination, sexual harassment, discrimination, invasion of privacy, breach of contract, emotional distress, and more.  Those issues and cases have grown large in the public eye, with employers often assumed as the guilty party. One way to protect your business from a claim like this is to have an EPLI policy in place.  EPLI policies provide financial protection to … Continue reading

August 28, 2019

The Ins and Outs of Directors & Officers Liability


Mismanagement. Bankruptcy. Financial mishandling. Employment discrimination. If you are in the position to make decisions in your business, you could be held personally liable for the consequences of those decisions, no matter how good your intentions were at the outset.  Any party who holds an interest in the company and believes they were hurt based on your decision can expose the possibility of legal action.  This kind of situation can become very costly very quickly.  Events such as change of control in a company, dishonesty of a director or officer, dramatic change in share value, boardroom disputes, and poor trading … Continue reading

August 13, 2019

Preparing Your Business for Extreme Weather


Hurricanes, tornadoes, blizzards, wildfires, flooding, wind storms, and overall severe weather has affected millions of people and all kinds of businesses throughout the U.S. economically and logistically in the past decade. According to NOAA’s National Centers for Environmental Information, 2017 was the costliest year on record for weather-related disasters, which included 16 different billion-dollar disaster events that resulted in over $300 billion in losses. So far for 2019, as of April 9, we’ve already experienced 2 events exceeding $1 billion in costs in the U.S. Extreme weather events are unfortunately becoming the norm, and it is important to know what … Continue reading

August 13, 2019

Preparing Your Business for Extreme Weather


Hurricanes, tornadoes, blizzards, wildfires, flooding, wind storms, and overall severe weather has affected millions of people and all kinds of businesses throughout the U.S. economically and logistically in the past decade. According to NOAA’s National Centers for Environmental Information, 2017 was the costliest year on record for weather-related disasters, which included 16 different billion-dollar disaster events that resulted in over $300 billion in losses. So far for 2019, as of April 9, we’ve already experienced 2 events exceeding $1 billion in costs in the U.S. Extreme weather events are unfortunately becoming the norm, and it is important to know what … Continue reading

June 28, 2019

Admitted vs. Non-Admitted Insurance Carriers


How important is it when choosing an insurance carrier that they be admitted (standard market) vs. non-admitted (excess or surplus lines)? Although it may be important, it may not be as important as choosing an insurance company with financial stability. For example, an admitted company with an A.M. Best rating of C may be more of a risk than a non-admitted carrier with a higher A.M. Best rating. Typically, insurance will not be placed with a non-admitted carrier unless it has been declined by admitted carriers (the agent is required to do their due diligence in seeking a standard market … Continue reading

May 28, 2019

Insurance for Caregivers


Insurance for caregivers is a topic that is often overlooked, or it is often assumed there is coverage on the homeowner’s policy, but usually that is not the case. First, let’s cover who is considered a caregiver. A caregiver could be a nanny that watches your children, someone who looks after an elderly parent in their home most or all of the time, or even a housekeeper. Caregivers can be paid by W2 or 1099, but they do not work for a separate business that has its own insurance. They are considered an employee, which is essentially what excludes them … Continue reading

May 28, 2019

What Can Cyber Liability Do for You?


If you had to guess what the fastest growing line of insurance for business is, what would you guess?  I’d like to contend that it is cyber liability.  In fact, the National Association of Insurance Commissioners (NAIC) cited cyber insurance as the fastest-growing line for 2017.  The reason for this jump in cyber liability popularity is many-fold.  The prevalence of smartphones, and the growing number of computer hackers put us all at risk both personally and through the businesses we interact with and own.  Large and small businesses deal with cyber security breaches on a daily basis.  Names like Target, … Continue reading

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