Month: April 2014

Tips for Architects and Engineers Errors & Omissions Claims

As most any engineer knows, the work that you do as a design professional will often come under heavy scrutiny. Any flaw or error can be costly, because your work can ultimately affect the lives of those who inhabit the buildings you design. And it only takes one miscalculation or mistake to cause a costly delay or even worse injuries or property damage.

The most common cause of architects and engineers errors and omissions (E&O) claims have been found to be a lack of documentation of communications with contractors and project owners. This often leads to errors; particularly in cases where material changes are made to final designs and it goes unchecked. The potential for you to get sued over mistakes will often lead to hefty legal and other expenses, which can multiply exponentially.

 The importance of professional liability insurance

Professional liability insurance protects your business if a client should make a claim that you’re responsible for mistakes that result in their financial loss. For example, if a project is completed based on your specifications, but at some point down the road your design is deemed faulty or hazardous, your client will likely allege that an error you made in providing your professional services was the cause for the problem. Or, let’s say, you were unaware of current local codes and your construction project fails to meet city or state regulations, you could be held liable for any work that is required to correct any issues.

Without proper coverage, your legal defense, the time you spend in court, and any other court -related expenses would be yours to pay out-of-pocket. If you’re legally obligated to compensate your client for any loss or other damages, having architects and engineers errors and omissions insurance will pay these expenses, in accordance with the provisions in your policy.

photo credit: Todd Ehlers cc

Purchasing High Value Home Insurance in Loudon, VA

As the owner of an expensive home, you should understand that, when it comes to protecting items and furnishings that are often quite expensive in Loudon, VA, high value homeowners insurance is the only way to go. This should come as no surprise if your residence is one of those with a value in excess of $300,000. For homes of this type of value, standard homeowners insurance is generally not enough to cover any serious damage to the structure or the contents within.

What’s more, you need an agent who fully recognizes the unique coverage needs of high value homeowners such as yourself. Therefore, it’s vital to do the research to find a company that is able to offer clients like you worthwhile additional coverages, including:

  • Property Insurance – With extended dwelling replacement value as well as “all risk” coverage
  • Personal Liability – Increased limits of liability (encompassing umbrella liability protection) to protect your assets
  • Contents – This covers any losses at replacement cost so your personal furnishings are not devalued due to depreciation
  • Loss of use coverage – For living expenses if your home is damaged and uninhabitable
  • Enhanced coverage – For collectables including art, computers, jewelry, furs, silverware, guns, and more.

In addition, coverage for domestic employees may be available, as well as identity theft coverage, which is a growing and ever-present concern. Even if your coverage is a good fit right now, it’s always wise to shop around every few years in order to get the best rate.

Owners of luxury homes are different with regard to what possessions they have, the value of their homes can greatly vary, and their vulnerability to lawsuits. Companies currently selling high value home insurance in the Loudon VA area will provide insurance geared to your distinct, personal needs.

photo credit: Universal Pops (David) cc

D&O Insurance Is a Sound Investment for Companies Big and Small

d&o insurance
d&o insurance

When a lawsuit regarding alleged financial wrongdoings is in the news, it often involves large public companies that are often targets of stakeholders because they believe that they are the victims of misconduct by directors or officers of these firms. They then cite financial mismanagement, misappropriation of funds, or other forms of negligence and decide to pursue litigation. But just as often there are middle-market firms, as well as smaller firms, that are also frequent targets of these very same types of lawsuits.


Companies big and small all face the same types of risks


There are many people with these very same risks and exposures that refuse to believe they may become embroiled in such litigation and therefore resist the need for directors and officers (D&O) insurance, simply because they are affiliated with companies that have few shareholders. They may take a look at their past record and conclude their company could never have a D&O claim, which obviously is the furthest thing from the truth. Every company is a potential target for a claim of errors or omissions.


This kind of perspective overlooks the fact that the vast majority of prospective D&O claimants is quite broad and may include customers, vendors, competitors, suppliers, regulators, creditors and others who may be affected. Even a frivolous suit can be expensive to defend while, at the same time, the cost of D&O insurance is relatively low.


When a company has a claim against one of their officers or directors, expenses can mount very quickly. Consider that the court is less likely to approve the removal of an individual employee or director named in a suit if the company is in weak financial condition, because of concern that the weak financial footing of the company could affect any payment to the plaintiff should the plaintiff prevail.


A D&O lawsuit consumes a lot of time in terms of preparation and defense. This can cause considerable financial damage to the company in terms of lost production, lost opportunities and dissatisfied customers, not to mention the harm their reputation will experience.


One very important benefit to having D&O insurance coverage is being able to utilize the expertise of the broker or agent.Fortunately there a many insurance companies that can handle these types of claims with a level of expertise that can make the experience less of a burden. The knowledge acquired in this specialized field of law can make all the difference in the outcome of a case.

The Right Motorcycle Dealerships Workers Compensation Plan for Your Clients

motorcycle dealerships workers compensation
motorcycle dealerships workers compensation

If you are working with clients who run motorcycle dealerships, it is essential that you help them understand the importance of motorcycle dealerships workers compensation. As a dealer who sells motorcycles, they are in the business of offering fun and freedom to their customers, and they should have the same experience while they work. The following are just some of the benefits of helping your clients get the right motorcycle dealerships workers compensation plan:


  • Workers compensation for a motorcycle dealership protects the employees when they are showing a bike to a potential customer. Sometimes during a test run, an employee could get hurt. The workers compensation will help to pay any following medical bills.
  • Just like any other job, your clients’ employees are susceptible to accidents at work such as a slip and fall. Workers compensation will ensure that your clients don’t end up having to pay for something that was out of their control.
  • If an employee of the motorcycle dealership is out of work for a while, they will probably need the funds to cover regular living expenses. Workers compensation will allow your clients’ employees to have the money they need to care for their families.


As you can see, motorcycle dealerships workers compensation is an extremely important component of running a business. If you have clients who run motorcycle dealerships, do your part to help them understand the importance of such a policy.

The Most Important Type of Insurance for Businesses

general liability insurance in New York
general liability insurance in New York

Most small businesses face liabilities almost every day. With countless injuries, accidents and mistakes it’s a good idea to seek a coverage plan that provides safety. The best way to ensure your assets are protected is to invest in exceptional general liability insurance in New York. This is the first line of defense against many of the biggest financial claims that could hurt your company.


Basic Coverage


If your business can only afford to purchase a single insurance policy right now, then general liability is probably your best bet. It covers four main categories:


  • Bodily injury
  • Advertising injury
  • Property damage
  • Personal injury (such as libel or slander)


If your business is sued or a lawsuit is brought against you then general liability will also usually cover the related expenses and the settlement. Even if the claims brought against you were fraudulent.


Additional Coverage


If your business needs to be protected against more than injuries, accidents or damages then it may be a good idea to speak with your insurance agent about additional policies. These can be combined with your general liability insurance in New York to provide a full range of coverage for your assets.


Keep your business safeguarded against a number of claims or accidents that may occur by investing in general liability insurance in New York. Speak with an insurance agent today to hear your options.

The Breakdown of a Non Owned Auto Policy

hired non owned auto
hired non owned auto

Having an auto insurance policy for your staffing firm is vital, especially if some of your employees are going to be driving around vehicles. If the vehicles to be driven are not owned by the staffing firm, you need hired non owned auto liability insurance. Liability can help provide minimum coverage and offer certain perks to a policy that make it even more appealing.


Understanding Liability


Usually within any state in the US, liability coverage is required when operating a vehicle. Liability means that the insurance policy will cover claims that are considered the fault of the insured. In other words, if someone at your staffing firm causes an accident where bodily injury or property damage occurs, the insurance policy will pay out to the limits described in the policy.


Possible Perks to a Policy


Depending on the policy that your firm goes with, you could end up with perks like no deductible and no aggregate limit. This would mean you do not have a dollar amount you must meet before your insurance starts paying, and there is no maximum dollar amount the insurer will stop paying at over the agreed course of coverage.


At the very least, liability coverage is required of drivers around the US. Your staffing firm’s coverage depends on the hired non owned auto policy that is purchased, but you could see certain perks when you go with the right insurance company. Examine your policy options closely before making your final decision.