Archive for August 2014
What You Should Know about Product Liability
Health insurance, worker’s
compensation, and commercial property insurance—these are some of
the most common types of insurance coverages that businesses should
have. However, what many fail to take into consideration is the
importance of product liability insurance. This also falls under
errors and omissions insurance, and for good reason, too.
Product Flaws
When one thinks of product
liabilities, manufacturing errors is often the first thought to cross
the mind. This problem is rampant ever since the beginning of the
Industrial Revolution, where every step of the manufacturing process
could be tainted with imperfections or mistakes. Though mass
production processes are much more refined today, flawed products
remain one of the most common sources of business lawsuits.
Design or Instruction
Defects
Sometimes though, the
manufacturing process isn’t to blame, but the very nature of the
product itself. Many customers often file class action suits claiming
that a product’s design is hazardous, ineffective, injurious or
even downright deadly (when it shouldn’t be). In some cases, the
manufacturer failed to give sufficient instructions as to the
product’s proper use.
Failure to Warn
Even with sufficient
instructions as to use, a manufacturer could nonetheless fail to
provide sufficient information as to the danger or hazards that a
product poses. This is especially true when it comes to chemical
cleaners, fertilizers, or other substances and products that can
potentially harm the user.
Property Insurance for Small Business Owners: Deciding if You Need It
Generally, property insurance policies cover damaged or completely destroyed physical assets. It could be your building that needs remodeling after a fire, or your inventory and machines that require replacement due to flooding. IT industries and other offices that rely on computers or machines can especially benefit from technology insurance policies that would protect the tools used for business. Some policies can also cover office furnishings like furniture and light fixtures. Additional provisions of this insurance may include coverage for the properties you lose to theft, fraud, or vandalism.
http://www.insureyourcompany.com/property-insurance-small-business-owners-deciding-need/
How Business Insurance in NJ Protects your Company against Liabilities
In protecting your business, insurance is the place to start. There are various types of business insurance in NJ, but sufficient coverage against the most common liabilities should be a priority. Attorney fees, court costs, settlement or judgment payments, and other expenses can easily add up to hundreds of thousands or even millions of dollars. The benefits offered by insurance companies could save your business by shouldering these costs fully or partially.
http://www.insureyourcompany.com/business-insurance-nj-protects-company-liabilities/
Insurance Small Business Owners Should Get
As a business owner, you
have the primary responsibility over your enterprise’s survival—and
one of the most important ways to protect your assets is to buy
adequate insurance
coverage so that you avert the potential risk of getting buried in
financial burdens. Here are some insurance products that should be
invaluable to your small business:
Liability Insurance
Liability insurance coverage
protects your business from costly lawsuits. There are three main
types: (1) general liability that protects you against accidents or
injuries related to negligence, (2) product liability meant for
product defects and injuries caused by your products, and (3)
professional liability that protects you against errors and
negligence within your business, especially if you provide
professional or personal services.
Employee Compensation and
Liability
Businesses with quite a
number of employees have to invest in a reliable employee
compensation insurance in case of workplace accidents. Check your
state’s laws for provisions about the minimum number of insurance
for which the workplace compensation requirements apply. Aside from
compensation though, you can also get employee liability insurance
that can protect you against groundless lawsuits from within your
workforce.
Car Coverage
The vehicles your business
uses also needs to be insured, just as much as your personal car.
Business vehicle coverage is very important in the trucking or
logistics industry, as well as any other enterprise that calls for a
vehicle as an integral part of operations.
Despite Law to End Criminal Bias, NJ Business Insurance Still Matters
The “ban the box” law is a welcome development, but it shouldn’t be a reason for employers to be complacent. There’s always the temptation to return to a life of crime. When it happens after the ex-convict gets the job, the impact on the company and its clients can be significant. Background checks will still remain an integral part of the screening processe despite the law. If such an incident does happen, a company carrying fidelity bonds from NJ business insurance providers like InsureYourCompany.com can mitigate its effects. Fidelity bonds cover any losses incurred by an employee’s wrongdoing. If interviews are unable to see any risk of fraud, fidelity bonds act as a company’s second line of defense.
http://www.insureyourcompany.com/despite-law-end-criminal-bias-nj-business-insurance-still-matters/
Ensure Protection from Hour Claims with EPL Small Business Insurance
If an employee must work beyond hours, whether after work or a weekend, the law requires offices to pay extra for the trouble. This sounds okay for occupations with regular schedules, which is why those with irregular schedules cry unfair. Despite compensation, however, the afterhours are finally taking their toll on workers physically, mentally, and socially. Enter H.R. 5159, also known as the Schedules that Work Act. This legislation aims to end on-call schedules by giving workers more rights to flexible work schedules. Proponents aren’t asking to change the law-mandated 40-hour work schedule. They only want to be given a heads-up every time they receive a valid reason to work after hours.
http://www.insureyourcompany.com/ensure-protection-hour-claims-with-epl-small-business-insurance/
Shielding Against Practice Liability
Not every business performs
like a well-oiled machine. Some companies may have a few bad seeds
that you found fit to dismiss or well-performing employees that left
because of a misunderstanding. Whichever the circumstances, it’s
not going to be pleasant when the former employee(s) serve a case on
you. Given the high costs of employment litigation, you don’t want
your finances sapped for a claim that may be without merit,
warranting protective foresight through an employment practices
liability insurance (EPLI) policy.
EPLIs are insurance policies
designed to shoulder a company’s legal costs in case they are sued
for workplace matters such as wrongful termination, discrimination,
or sexual harassment, among others. They are usually activated when a
claim is made upon occurrence of a sensitive workplace issue.
In arranging for an EPLI
policy, some legal experts recommend studying how to have all bases
covered. Your preferred insurer’s packages should contain coverage
for intentional acts, bodily injuries, and full prior acts, among
other elements. The latter is vital because the plaintiff can argue
that certain acts allegedly performed on them were carried out over a
period of time.
Being sued by an ex-employee
can be tough. Experts on insurance for small business owners will
help you with ample coverage.
