Why ‘Side-A’ Is Critical if you’re a Director or an Officer

There are three parts to a D&O Policy—Parts A, B, and C. In recent years, exposure to Part A / Side-A risks have increased dramatically. To protect themselves, anyone considering joining a board of directors should find out the extent the corporation will indemnify them for results of any decisions they may help make while serving. Indemnification is just a …

How a Business Income Worksheet Helps You Rebuild after Disaster

An estimated 70 percent of companies that undergo a major loss eventually go out of business, because they failed to plan for the disaster. Proper planning includes completing a business income/extra expense worksheet. This worksheet can help you get all the funds you’re entitled to after a disaster—here’s how. Business property policies usually include business income and extra expense coverage. …

Top 10 Risks to Businesses – 2018

Each year Allianz Global ranks the top 10 risks to businesses, according to a survey of U.S. risk managers. Here’s how they ranked the risks for 2018: Cyber incidents (e.g. cybercrime, IT failure, data breaches) Business interruption (including supply chain disruption) Natural catastrophes (e.g. storm, flood, earthquake) Market developments (e.g. volatility, intensified competition/new entrants, mergers and acquisitions, market stagnation/fluctuation) Fire, …

What’s Covered in a Typical Equipment Breakdown Insurance Policy?

Damage to “covered property” at the location named in the policy. Expediting expenses, to cover the costs of getting insured equipment operational as fast as possible. This may include expedited shipping and making temporary repairs. Business income and extra expense. Many of these policies will cover income lost, if due to a slowdown or stoppage caused by breakdown of the …

How Changes at EEOC Could Benefit Employers

President Trump’s appointment to the U.S. Equal Employment Opportunity Commission (EEOC) could signal a more cooperative attitude at the agency. Now that the EEOC is likely to have a 3-2 Republican majority under nominee Janet Dhillon, its policies are expected to slant in a more pro-employer direction. Control at the field office level, where much of the litigation against employers …

Ways to Fill Winter Storm Insurance Coverage Gaps

To cover many of the winter storm property insurance exposures not met  by named peril insurance policies, businesses can purchase one of the following: A “broad form” property policy: covers the basic named perils, and adds coverage for falling objects, weight (of snow, ice, or sleet), water damage (from certain causes) or collapse (from certain causes). An “all-risks” policy: covers …

Avoiding Winter Storm Damage

As you read this article, some business owners have already experienced damage from hurricanes. But more bad weather from winter storms — including windstorms, snow and, ice — is coming soon. Is your business prepared? Winter storms rank third in terms of the dollar value of damage they cause, second only to hurricanes and tornadoes. According to Forbes, a “simple” …

Is Distracted Driving Increasing Your Auto Insurance Costs?

At least 17% of all highway crashes are the result of distracted driving, according to the National Highway Traffic Safety Administration. That translates to approximately $148 billion a year — $47 billion in in physical damage plus $101 billion in “societal harm,” such as traffic congestion and lost productivity. Distracted driving can be visual — taking your eyes off the …

What Is Subrogation and How Does It Apply to Insurance?

Subrogation, in the context of insurance, is the right of an insurance company to “step into the shoes” of the insured after their company has paid the insured’s loss. Subrogation entitles the insurance company to assert any rights that the insured may have had, on its own behalf, in order to recover payment from the parties that actually caused the …

How Will Driverless Cars Affect Your Business?

It’s predicted that driverless cars will account for 25 percent of global car sales by 2035. How will this affect your business and your employees? Features such as adaptive cruise control, blind-spot monitoring, automated parking and lane departure and forward collision warnings are already making the majority of new cars semi-autonomous. The next level of innovation, implementing automated acceleration, braking …