Lawsuits can threaten small businesses, but proper records, legal compliance, and the right insurance can reduce risks. Follow these six steps to protect your company, reputation, and financial future.
Why General Liability Coverage Alone Isn’t Enough When it comes to construction projects, General Liability insurance is essential but not always sufficient. General Liability typically covers third-party bodily injury and property damage claims resulting from faulty workmanship, but it doesn’t cover the costs to repair or replace the defective work or products. This is where Professional Liability insurance comes into play. Professional Liability, also known as Errors & Omissions (E&O) insurance, can cover these costs, including situations where faulty workmanship causes only financial losses without any physical damage. For most construction claims, which often involve bodily injury or property damage,… Read More »Why General Liability Isn’t Enough: The Importance of Professional Liability Insurance for Contractors
Learn more about SFUSD insurance requirements with the focus on SAM insurance.
Explore the complexities of Miscellaneous Professional Liability insurance, essential for modern professionals in diverse fields. Understand the importance of tailored service definitions, the role of brokers, and the challenges of aligning coverage with unique business risks to ensure robust protection against negligence claims.
In this article, we will examine the complexities of miscellaneous professional liability policies and placements and how to obtain better coverages by communicating your specific risk exposures.
In the small tech world, it seems like there’s always some software, hardware, service, or gadget that is claiming to be The Next Big Thing. You know the kind of technology that promises to revolutionize your business and the world. The problem is, it can be hard to figure out early on if The Next Big Thing is the real deal (think: iPhone), or just unmerited hype (think: Google Glass).
It can be especially hard for a small business owner to decide if it’s worth spending money on the new technology. So, how do you distinguish the hype from the truth? We’ve collected six key questions you can ask yourself the next time you hear about The Next Big Thing and find yourself wanting to hop aboard.
1. “What Will the ROI Be?”
As a small business, you need every dollar you spend to provide a return on your investment. You don’t have the cash flow of a Fortune 500 company to gamble on investments that might not pan out. When The Next Big Thing’s (let’s shorten that to from now on) hype machine is hard at work, you’ll hear a lot of vague promises and marketing speak about what it can do for your business. Ignore it. Do your own homework and ask questions. Speak to those who have tried it. Try it yourself. Make projections. Consult your accountant. Before you spend anything, make sure you know exactly how TNBT is going to make your money back and how soon.Read More »6 Questions to Ask Before You Buy into the Next Big Tech Thing for Your Small Business
The terms general and professional liability insurance are often confused. General liability helps cover the costs of damages and lawsuits if your business is held responsible for things like property damage, bodily injury, libel, and slander against another. Professional liability helps cover the costs related to claims your business committed errors or omissions in the advice or services it provided. It’s more important than ever to know how to protect your business from a lawsuit. According to the U.S. Chamber Institute for Legal Reform, in 2008 (the most recent data available), small businesses paid out more than $105 billion in tort liability costs. Unfortunately, small… Read More »Difference Between General and Professional Liability
In 1990, the Americans with Disabilities Act (ADA) was signed into law to give disabled people the same access to American life as those without disabilities. The Act is intended to give equal access to all Americans to all public spaces. The law was initially thought of as only applying to brick and mortar locations and couldn’t address access to the Internet since the Internet wasn’t fully commercialized until 1995. However, in response to a landmark case in Florida (Gil v. Winn Dixie), the court declared that Title III requirements of the law apply if the website is ‘heavily integrated’… Read More »Is Your Website Compliant with ADA
With ample capacity in a nursing home and long-term care liability insurance, competition remains strong among carriers. However, clouds have been gathering on the horizon, with the convergence of three separate events threatening to create a perfect storm in the marketplace.
Increasing Claims
Claim frequency and severity has been climbing for the past several years, with nursing home litigation being one of the fastest-growing areas of health care litigation. In a recently published report on an actuarial analysis of the long-term care sector, it was stated that long-term care frequency is increasing by 5% annually.
Severity is a concern as well. Consider a few mega-claims in the past few years:Read More »Nursing Home Liability
SprinklerPro® is a multi-line insurance program for fire sprinkler contractors engaged in the design, fabrication, installation, testing, service, and repair of fixed water-type and special hazard suppression systems.