Skip to content

risk management

Low Cost Liability Insurance for Consultants

The Hartford Financial Services Group, Inc. now offers a miscellaneous professional liability policy with premiums beginning at less than $1,000. The Hartford offers miscellaneous professional liability coverage through its Hartford Financial Products (HFP) unit. The coverage is available as a stand-alone policy or as part of the company’s Private Choice Encore!! Policy. The miscellaneous professional liability policy is designed for small firms that provide advice or services requiring specialized knowledge. Generally, these firms generate less than $1 million in revenue and have fewer than 10 employees. They represent a range of industries, including marketing or management consultants, executive coaches, career… Read More »Low Cost Liability Insurance for Consultants

“Your Work” Exclusion on CGL Policy

Insurance isn’t a warranty. It doesn’t replace faulty work or products, but it does cover the Bodily Injury (BI) and Property Damage (PD) caused by the faulty work or product. The exclusion of faulty work often referred to as “your work”. One of the most contested provisions of the commercial general liability (CGL) policy is the provision excluding coverage for property damage to the insured’s completed work. In 1986 Insurance Services Office, Inc. (ISO), revised the standard CGL policy form to include an exception to this exclusion if a subcontractor performed the work for the insured. This revision has become… Read More »“Your Work” Exclusion on CGL Policy

Funny Insurance Law Suites – 2

After a Tennessee woman gave a cheeseburger to a homeless man outside a restaurant, he shouted, threw the burger at her, and said he just wanted money. She called him an “ungrateful bastard,” and he subsequently attacked her. She is now suing the restaurant and a neighboring liquor store for providing “an environment to crime.” (read story) Paperless Advice:  if you can, try to eat healthy. Avoid fast food 364 days of the year. Thus you can not only improve your health, but also refuse to enter to problems like the one shown above 🙂

USING PORTABLE FIRE EXTINGUISHERS

In the event of a fire, correctly using a portable fire extinguisher could mean the difference between suffering a minor loss or a major one. Portable fire extinguishers, when used properly, can make that difference. But there are several important things to consider in using fire extinguishers. First, you must know the class of fire involved and the correct type of fire extinguisher to use. Class “A” Fires – involves ordinary combustibles such as paper, wood, cloth, rubber or plastics – use water or dry chemical extinguishers Class “B” Fires – involves flammable liquids, grease or gases – use foam, carbon dioxide or dry chemical extinguishers Class “C” Fires – involves live electrical fires –… Read More »USING PORTABLE FIRE EXTINGUISHERS

Risk Control – Contractors

Fleet A significant risk for contractors relates to vehicle accidents. Construction workers typically spend more time in vehicles than other workers because they regularly move between job sites and use vehicles to obtain supplies. Construction work often entails physically demanding work in less than comfortable environments over long hours, resulting in fatigued drivers behind the wheel. Often contractors allow their staff to take vehicles home at night and weekends. This increases accident exposure, particularly if a spouse or child is allowed to drive or are passengers in the company vehicle. Contractors often expect employees to use their own vehicles for… Read More »Risk Control – Contractors

The Cure for Malingering Injuries

The Hartford Works Hard to Spot “Malingerers” and Employers Can Too Content to Collect You might assume that an injured worker wants to recover and get back to work as quickly as possible, but that’s not always the case, according to Hartford Special Investigations Manager Odie Waters. Some people, as it turns out, are content to stay home and collect workers’ compensation benefits — long after their injury has healed. This type of fraud, known in the industry as “malingering,” can be difficult to identify and equally difficult to prove. The Hartford devotes considerable resources to stopping malingerers — and… Read More »The Cure for Malingering Injuries

Small Businesses Lose $200K to Fraud

U.S. organizations lose an estimated 7% of their annual revenues to fraud – but damages are more common among small businesses, according to a new study. The median loss suffered by organizations with fewer than 100 employees was $200,000, higher than the median loss for any other category among fraud cases detailed in the survey, according to a report by the Association of Certified Fraud Examiners (ACFE). The study also found that check tampering and fraudulent billing were the most common of all small business fraud schemes. In fact, more than one-fourth of all small business frauds in the survey… Read More »Small Businesses Lose $200K to Fraud

Avoiding Fake Slips, Trips, and Falls

Tips You Need to Avoid Fraudulent Slip and Fall Claims Slip and fall claims represent a significant fraud risk because they can be easy to fake and difficult to disprove. And any location where the public is invited—grocery stores, restaurants, banks, etc.—is vulnerable. Opportunities Abound “The people who would attempt insurance fraud see a wet floor or a grape on the floor as an opportunity,” said Jack McGoldrick, Director, Hartford Special Investigations. “There are people who make an absolute living at it.”In some instances, the fraud artist will even create an opportunity. In a recent case in a Texas sandwich… Read More »Avoiding Fake Slips, Trips, and Falls

How to Manage Risk in Your Business

Planning for the risks that will occur in your business is critical to your success. Here are some basic steps to help you make certain you have an adequate risk program in place. To manage risk in your business: 1. Write your business plan and review it every once in a while to reflect industry changes and new demands. 2. Go through your business plan critically looking at every area that could involve risk, making a list of what areas you need to consider. As it well said in an old proverb: it’s better over react than under react. 3.… Read More »How to Manage Risk in Your Business