Archive for August 2014
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.
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.
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.
Sunday, August 24, 2014
Posted by Dan Levenson
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.
Friday, August 22, 2014
Posted by Dan Levenson
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 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.
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.
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.
Posted by Dan Levenson
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.
Monday, August 18, 2014
Posted by Dan Levenson
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.