Employment practices liability claims have been on the upswing for a long time and even the best of companies can end up being sued for issues such as wrongful termination, discrimination, or sexual harassment. Over the past 20 years, employment-related claims have risen 400%, with wrongful termination suits comprising over half. These types of lawsuits have become so common that most businesses will face one or more at some point in time, with the only questions relating to when, how much will it cost, and how much damage will it do to the company’s reputation.
Reasons for Increase in Lawsuits
In part, due to federal and state legislative efforts to ensure a more diverse workplace, the three original classes of employment lawsuits have expanded to include the following:
- Wrongful demotion
- Failure to hire
According to industry experts, the four most common types of employment practices claims are:
- Pregnancy discrimination claims
- Claims related to unpaid interns – are they employees or not?
- Allegations of illegal background checks
- Using or requesting genetic information from employees or applicants
The size of awards has escalated over time, too, along with the increase in the number of claims.
How You Can Protect Your Company
To reduce costs, smaller or private companies will sometimes forego purchasing insurance. This decision could lead to devastating consequences. Your single biggest line of defense is to carry adequate employment practices liability insurance.
Do you work at a successful accounting firm, and are you considering upgrading or augmenting your current liability coverage? If yes, then you probably know that an error or oversight at the wrong place and time can turn into a major liability for your operation, legally and in terms of reputation. Now you know what you need, it’s time to look over your alternatives. Accountants liability insurance comes at a couple of different scales for different types of businesses.
High-revenue firms taking in well over 20 million per year need a specific type of coverage to meet the demands of their clients. It’s a fact of doing business that scandals uncovered by audits and accounting are often unfortunately blamed on the messenger. In this context, that means that major firms need the ability to address these liabilities by a method outside of legal proceedings, such as by holding accountants liability insurance with adequate coverage.
Even the smallest firms can be exposed to risks that involve questions of audit independence. Accountants are meant to be impartial and often are. The problem with independence is sometimes in the perception rather than the practice. That’s why this is an important item in most accounting insurance policies.
There are some concerns unique to small businesses, just as some risks are only present for large firms. Deciding what type of coverage you need might take more than just looking at the revenue numbers, so talk to an agent if you have any questions.
Because even seemingly frivolous lawsuits can wipe out business assets, there is no question that small business owners need to have business liability coverage. If you are shopping for a New Mexico business liability policy, here are some things to keep in mind.
Know your limits. Many states require companies to carry a certain amount of business liability insurance. At a minimum, make sure you research and understand the state base-level insurance requirements in every jurisdiction where you operate. And, if you have contracts to deliver goods or provide services, check to make sure you are complying with all requirements to carry a liability policy.
Survey Your business. Once you understand how much liability insurance you are required to carry, when purchasing a New Mexico business liability policy, you also must understand how much you should carry. Survey your business and determine the amount of liability coverage you need to protect your interests. Make sure the amount of coverage you buy will at least protect all your company’s assets. Also, consider whether purchasing coverage beyond simple liability insurance is a smart idea for your business.
Ensure that your company complies with legal requirements and protects its assets by purchasing a comprehensive business liability policy.
With hundreds of new breweries and wineries opening each year across the nation, it is obvious that America’s love of crafted adult beverages is not going away anytime soon. Many insurers have been struggling to keep up with this explosion of small-scale, highly specialized startup companies. This often makes it important that owners and operators find an equally specialized policy when looking for business insurance in Delaware.
Getting a Personalized Assessment
Many insurers have begun offering plans aimed at new brewers and vintners. However, it is typically crucial to choose a policy that is crafted around a truly comprehensive assessment of business operations. Brokers should learn about these items:
- Type of equipment used on site
- Types of vehicles used for transport, and whether employees or contractors are drivers
- Amount of annual business income
- Extent of liquor legal liability
Beyond the Basics
These are just a few of the key components of a strong policy. If you are researching business insurance in Delaware, make sure that your broker can offer a wide range of specialized coverage. In addition to general liability, you will want to find a plan that addresses the risks and unique coverage needs of your operation, from accurate loss valuation for beer and wine to on-site retail activities.
No matter your industry, there are likely plenty of risks of which you should consider. The key to getting the proper New Jersey business insurance is knowing the biggest risks and how to mitigate them. Learn more about the liabilities of which you should be informed with the help of a knowledgeable insurance agent.
No matter how small your business operation might seem, it’s not excluded or invulnerable to a data breach. Make sure the credit card software and hardware you use meets the most current protective standards, and take steps to protect your customers’ and employees’ sensitive, personal and financial data stored on computers.
While you can’t stop a hurricane, strong winds or tornado from ripping your business apart, you can make sure you have the right insurance policy to combat such incidents. Familiarize yourself with your area’s climate conditions and hazards and check to see that your insurance policy includes each one. Additionally, it’s a good idea to have business interruption coverage.
The Cost of Human Capital
From employee injuries to layoffs, your employees present a unique risk to your company. Besides the standard workers’ compensation, it’s best to look into employment practices liability and management liability coverage.
Having New Jersey business insurance is essential, but so is knowing the risks that might require an insurance claim. Use these tips and the recommendations of your insurance agent to protect your business.
You know you need insurance, but you might be wondering where to find it. Fortunately, there are plenty of avenues for finding the ideal insurance company in Urbana for your needs. For starters, you can ask around to see if anyone you know has recommendations. Coworkers, neighbors and family members are excellent resources. If you need to get business insurance, then you can ask any of your colleagues in the industry where they got theirs. If someone tells you they have been doing business with a certain company in Urbana for a while, then that is a great sign.
If you are still having issues compiling a good list of different companies, then you can look online. Plenty of sites are available that have lists of companies in your area. You can also find other people’s reviews of the company in order to get a clearer picture of how good the company actually is. Once you get a few company names, you are ready to start scheduling meetings. These consultations are crucial for getting a feel of the organization to see if they are right for your needs. It often takes a little while to find a good insurance company in Urbana, but with a little patience, you will soon be fully insured for anything.
Purchasing a New Mexico business liability policy is one of the best things you can do to protect your business from a significant financial loss. If you are purchasing a policy for the first time or revamping your business’ insurance portfolio, it is important to remember that liability insurance is not “one size fits all.” Here are some tips for ensuring your operations are properly protected.
First, consider your industry. If your business is in a high-risk industry, like construction, you will need more liability insurance than a business that offers web design services, for example, Your New Mexico business liability policy should adequately reflect the level of risk your operations face on a daily basis.
Second, ensure you properly catalog and disclose all of your business’ assets. This will ensure you are able to recover quickly and successfully if your business ever experiences a loss that renders its property unusable.
Third, do not wait to purchase a liability policy. Since you never know when an accident will occur, it is best to always be protected. If you fail to purchase a policy and something does happen, your business could face a significant loss. Speak with an insurance professional in your area as soon as possible if you need help determining your liability coverage needs.
When it comes to saving money on your commercial policy in Glen Rock, bundling is the way to go. If you purchase a separate policy for each facet of your business insurance needs, you’re going to incur higher premiums in the long run. A bundled package is designed to include all of the coverage you require under one umbrella, and when you combine your needs under this single umbrella, it actually costs you less. If you’re concerned that you won’t have a complete policy to protect you against every possible scenario your business could face, don’t be. A bundle is more secure than you might think.
Meet with a qualified agent to go over your business structure, the number of people you employ, what you do and what you have. This agent will then tailor your bundled coverage to your exact needs. A commercial policy in Glen Rock will include your general insurance, such as property and liability, but it can also add workers’ compensation, automobile and/or fleet, equipment breakdown and even inland marine coverage to protect you if you work on the water. Your business insurance doesn’t have to break the bank, nor should it. Bundle your protection to save money and use the extra income to grow your company.
As an insurance agent, you know that the challenge is in the specialized policies. You work hard to secure the best coverage for your clients, but when that coverage need is unique, it can be difficult to find a good match between policy and cost. Yacht club insurance is one of those specialty niches that requires extensive coverage at an affordable rate. The marina where the yacht club is docked must be protected against a wide variety of mishaps. Both owned watercraft and sale and rental watercraft must be protected while resting in the slips, as should all property aboard the yachts.
Yacht clubbers party on their vessels; that’s one of the reasons to buy one. Yes, people want to go out on the waters, but sometimes it’s just as fun to have a get-together on the boat while it’s docked. Your client needs to find relief under an insurance umbrella should the party get out of hand in any way. Whether there is an accident in the wharf waters or on the docks or piers themselves, additional liability coverage is in order. When looking for yacht club insurance to protect your client against all possible accidents and disasters, work with a marine insurance wholesaler with extensive experience in this special niche. You and your client will be glad that you did.
Your home healthcare organization provides an important and unique service; you offer convenient and affordable care in the homes of those who are injured or ill. Whether your clients need ongoing or temporary care, your talented staff administers to their specific needs. The services you provide are different from that of almost any other industry and your insurance should be different too. Insurance for home healthcare providers is tailored to fit the ever-changing challenges of this sector.
Unlike other businesses or organizations that operate in a particular location, your staff moves from home to home, meaning the work environment for each employee is unpredictable. Oversights and mistakes in the medical industry are a common risk with even the most skilled caregivers, but your limited ability to supervise introduces a distinct challenge in this area. Like you, many businesses work with clients on a daily basis, but in addition to working with and caring for clients, your employees may have to drive them to various appointments or to run errands. You not only need insurance that is specific to the healthcare segment; you need insurance created by underwriters and product developers who understand how home healthcare differs from any other industry. Insurance for home healthcare providers should be different because what you do is different.