Month: February 2017
As an attorney working in the US you may one day find yourself facing an allegation of malpractice in the dispensing of your services to a client. Claims against attorneys are nothing new, and at times we have seen an increase in claims, perhaps more so during the past two decades. Lawyers all over the country, in firms big and small, as well as in all areas of practice, have come under fire from dissatisfied clientele.
The cost of a professional liability claim can be quite hefty. Even when a lawyer is ultimately cleared of wrongdoing, the money they wind up having to spend defending their position can be a very costly proposition. Professional Liability Insurance in Austin, TX can help ease their burden by providing help with much of the monetary risks involved, as well as assuming most of the responsibility for responding to and defending against such claims.
Common reasons for professional liability claims
Probably the most common claims brought against lawyers involve allegations of administrative errors or substantive errors of law. Many of those claims allege that the lawyer either completely abandoned a representation, or as in most cases, in the clients view they simply failed to address their needs. Lawyers have been known to face lawsuits citing breach of fiduciary duty. Such claims are often brought about due to a perceived conflict of interest. Another common scenario is claims made as a result of clients who feel they are the victims of exorbitant fees.
Risks covered by a professional liability insurance policy
Professional Liability Insurance in Austin, TX is generally designed to provide coverage for claims arising from “wrongful acts” committed in the rendering of legal services in your capacity as a lawyer. The insured is generally provided with both indemnification coverage and claims expense coverage, subject to specified deductibles and endorsements.
Protect the career and business you’ve worked so hard to cultivate. You need to address any concerns to your agent and get advice on which liability policy will work best for you and just how much coverage might be right.
As a business owner, you realize how important it is to make the right decisions for your company. Everything you do can affect your clients, your employees and, of course, the business itself. This includes decisions about business insurance, because without proper coverage all that you have accomplished will mean nothing if the company winds up having to close its doors due to improper insurance coverage.
A business owners policy (BOP) that you can purchase through an OC insurance company combines property, liability and business interruption coverage for small to medium-sized businesses. This packaged coverage is suitable for smaller companies because it is less expensive than purchasing policies separately. A BOP gives owners the ability to customize their policy to meet their own individual business needs.
Protecting business property
Property insurance helps protect the property a business owns, leases or rents, including the buildings. The loss of any business property you own can impact your bottom line. Business property insurance is designed to help you replace covered business property, such as computers, inventory, furniture, fixtures, equipment and tools.
Business liability coverage
When it comes to liability protection, every company needs coverage, and the broader the coverage the better. Purchase a policy that provides liability insurance that covers the business in the event that any of your employees is responsible for causing harm to a person and/or damage to property. It will also help to cover any defense costs.
Business interruption can result in loss of business income
An unexpected event could cause your operations to be suspended for an extended period of time, and coverage for business interruption will help replace any loss of income that occurs. This will help you to meet many continuing financial obligations, such as money for the lease or payroll commitments.
Your business should have general liability coverage that includes operations. In addition, some owners should consider adding business auto coverage or commercial property insurance as well under separate policies.
Purchase a BOP from a respected agency that can provide additional services, such as loss prevention programs. There are agents available that can evaluate your current conditions and recommend ways to lower property, auto, workers compensation or liability losses. An oc insurance agency will work hard to find the right combination of coverage to meet your specific needs.
Vegan restaurants and manufacturing facilities were developed to show the general public that meat, dairy, and egg alternatives can be delicious as well as fun. Serving up vegan dishes is an effective way of demonstrating that choosing animal-free meals is not about giving up the foods we have become so fond of over the years and love, but simply a process where we are now redefining the ingredients we choose to utilize.
If you own or operate a vegan establishment you need to consider the liability risks inherent in any company, such as slips and falls to parties other than employees, along with third-party property damage that could easily result in a lawsuit. As a vegan food entrepreneur, you will also have additional liability risks that may involve product recalls. You need to have vegan food insurance to address these concerns.
For example, something as simple as a labeling error may result in some products being recalled. They might mistakenly contain an item unsuitable for vegans, and this obviously affects the integrity of the product since it is something other than as advertized. Other product recalls may involve foods that contain undeclared soy and nut allergens. These are real concerns since they represent something other than what is considered suitable for vegan ingestion.
Analyzing your property exposures
Any exposures existing on the property you own or lease is a critical factor as well. As a vegan food manufacturer, its likely that you have a significant investment in the building you occupy, as well as the equipment you own or lease that can be damaged as a result of a fire or other type of catastrophic event. First, there is the very real cost of getting the property back to being functional, with the equipment fully operational, and there is also any business interruption exposure that you may experience, and that can be significant.
There is a reason why you ventured into a business that serves the vegan lifestyle, as opposed to a conventional food production facility. Regardless, vegan food production facilities require comprehensive coverage just like any other business. The diverse exposures faced by plant-based manufacturers demand an expert with knowledge about vegan food insurance. Speak to a reputable agent about any questions or concerns you may have.
When oil industry businesses purchase oil and gas insurance in New Mexico, they may think that their general liability coverage will cover pollution exposures on their covered properties and construction, but that is not the case. Umbrella and excess policies may also not cover pollution liability. A separate policy for pollution liability coverage will need to be added.
What Pollution Liability Covers
A pollution liability policy will cover any legal expenses for defense of the client in a pollution case, as well as pay for the cleaning and remediation of the pollution site. Errors and omissions for pollution cleaning companies and environmental consultants can also be included in this coverage. This type of liability coverage is important to have as environmental regulations and their enforcement is getting stricter in recent years.
The exposure to pollution liability should not be underestimated. Drilling and pipelines are usually thought of in terms of high pollution liability in the oil industry. Other allied industries are liable as well, including oil industry supply manufacturers, equipment sales, and sub-contractors out on site.
The total cost of oil and gas insurance in New Mexico will vary based on what level of liability you are taking on and a number of additional coverages needed. Talk to an insurer that is familiar with the oil industry to get more information about the insurance that will fit the needs of your business.
Looking out for your clients best interests is what makes you a great broker. You understand that they require your help in maintaining the best coverage available to them.
With the types of risks and exposures they face, marina operators can relax knowing that they’re being provided recreational marine insurance designed to fit their specific needs. There’s an added layer of comfort knowing that you’re in the capable hands of a company that fully understands the importance of having comprehensive insurance, along with important loss control measures in place.
Insurance can often be complicated, and buying the wrong insurance is sort of like having no insurance. It helps to partner with a company with extensive knowledge and a long history of providing products and services to agencies operating in this complex industry. This really helps when your client needs help with mitigating situations involving injuries, accidents and other incidences that can easily occur. This, coupled with strategic risk management planning will help your clients minimize exposures and reduce their costs over the long haul.
Your agency understands this market
You can make informed decisions because you’ve worked with marine insurers and understand the types of coverage your clients can benefit from the most. It helps to know that you’re partnering with a network of financially strong admitted (and non-admitted) insurers. The upside? It enables you to get comprehensive, flexible coverage with broad policy terms and competitive pricing.
Areas of coverage include marine liability, general liability, premises liability, and products & completed operations. Most coverage plans can be tailored to include contractual liability, sudden & accidental pollution, non-owned and hired an auto, stop gap, employee benefits liability and liquor liability.
With this diverse insurance portfolio, your client will meet their needs as owners and operators of watercraft, with policies that deal with any concerns about any risks or exposures that they may face. Insurance, coupled with a stringent boating safety program, can potentially have a significant impact on running a safe marina and possibly saving lives.
Safe boating practices, and ongoing safety education and training, along with hands-on boating experience, can make a huge difference in how well prepared they’ll be to deal with the throngs of individuals making use of marinas during high season. By enforcing navigational rules and safety procedures, along with having comprehensive recreational marine insurance, participants can help reduce the number of injuries and the likelihood of property damage.
Business owners may struggle with containing costs that can impact their ability to succeed. One of these expenses that can balloon is North Carolina small business workers compensation. Owners must carry coverage to protect their employees who are injured at work, but with clear and consistent safety standards, they may be able to lower the workers compensation costs.
Reviewing current safety procedures can be a good place to start, but companies should also review past and current claims to identify any patterns. The information gathered could be useful in crafting new safety standards.
Get It in Writing
Drafting a new safety policy to address specific areas of concern as well as standard operations may help reduce the number of potential injuries in the workplace. Educating employees on the new standards can be part of ongoing training.
On the Regular
By holding regular meetings with employees to address safety, business owners can ensure their employees understand and adhere to safety protocols. Workers can also share experiences to strengthen managements understanding of potential hazards.
One for All
For workers to take safety seriously, they should know the company policy applies to everyone. Business owners should adhere to their standards as well.
Taking steps to commit to stringent safety procedures can make a difference in North Carolina small business workers compensation expenses. An insurance agent can also review coverage and discuss other ways to lower coverage costs.
All states have license and permit bond requirements for many different businesses and enterprises. Within government agencies, there are regulations that must be stringently followed. When a contractor engages in business with a vendor or company, they’ll be required to purchase surety bonds in NJ to protect those entities doing business with them.
There are agencies licensed in the state of New Jersey to assist with surety bond needs.
The price of bonds may vary, depending on the type of bond needed and the principals financial strength. Most people prefer to work with businesses that are bonded because it provides security that they will be protected in the event that the work is not finished, is unsatisfactorily performed, or something else goes awry.
For those smaller contractors looking to expand to larger jobs, it is beneficial to have bonds in place when making bids on contracts for jobs. Larger companies will often use a small construction firm, but only if they are bonded. Insurance brokers and mortgage brokers are among a few operators who are required to be bonded. Other professions that typically have to meet state requirements include auto dealers, collection agencies and travel agencies.
Securing of bonds is crucial to the US business market
Although bonds are insurance products, they function more as a line of credit that can be used to pay for performance issues. Consumers can make claims on bonds to gain financial reparation. In some instances, individuals intent on establishing a new business may find out that they dont have the financial means necessary because they were unaware of bonding requirements for their industry.
Providing collateral upfront and paying bonding fees can be extra costs someone new to such an enterprise might not be prepared to deal with. Entrepreneurs need to evaluate all aspects of their industry in the beginning to determine how their business will meet regulations and fit into the market of their choosing. Purchasing surety bonds in nj can help them meet this criteria.
Professionals who aren’t required by law to secure surety bonds can still choose to take advantage of their benefits since these bonds also provide financial protection if, for example, a dishonest employee chooses to steal from the company or otherwise engage in illegal activities.
The plastics industry employs over 1.1 million workers in the U.S. Plastic, glass and paper products are three major industries that provide packaging for a variety of products sold in stores and businesses across the nation. There are, however, safety concerns when it comes to the plastics industry. These are due to the raw materials being used and the actual processing of the plastics, known to create harmful fumes when exposed to intense heat. Because of these health hazards, manufacturers insurance is needed to ensure that any illness arising from working with these materials will be covered.
Health hazards from constant exposure
Plastic, when heated in the manufacturing process, produces fumes, which may severely irritate the lungs, eyes and nasal mucosa of workers exposed to them. In some cases, over time the effects may become chronic and irreversible. There are many safety measures that need to be taken to ensure that accidental exposure to these toxic fumes does not occur. Measures to reduce risks include scheduling regular maintenance of the processing plant and adhering to the recommended temperatures for working with plastics.
Fire prevention is equally important
Some of the materials used in the plastics industry are highly flammable and can therefore present a fire hazard. Expandable polystyrene (EPS) bead, for example, contains an extremely flammable gas. A fire could be the direct result of the accidental ignition of leaking gases. Certain safety precautions, not smoking anywhere near where the substance is being stored or used, and ensuring that any heaters used are inspected thoroughly because they may pose a risk of igniting the EPS bead.
For these reasons, its important that any business owner engaging in the manufacturing of plastic products have proper manufacturers insurance coverage to protect their workers, as well as their business. Costly raw materials, innovative equipment, uninterrupted production cycles, pollution, product liability, and shipment issues should all be considered as well as they pose a serious threat to the success of these types of operations.
Look into the type of risks and exposures associated with this type of manufacturing and find suitable coverage for the type of concerns raised in this article. Speak to an agent, one that specializes in the plastics industry that can provide the best answers and solutions.