Insurance Access Legislation for Marijuana Industry Introduced in Senate

Current federal law makes access to insurance products by cannabis businesses illegal. The Clarifying Law Around Insurance of Marijuana (CLAIM) Act of 2021 has been reintroduced by U.S. Senator Bob Menendez of New Jersey. Menendez is a senior member of the Senate Banking Committee and chairman of the subcommittee that oversees the insurance industry. The CLAIM Act seeks to help …

COVID-19 Related Employment Liability Claims Update

A majority of the claims involve an allegation of wrongful termination. Well over two thousand employment liability claims have been filed as of April 2021 since the beginning of the pandemic. Most claims involve disability leave, accommodation, discrimination/harassment, retaliation/ whistleblowing, and wage and hour claims, according to the COVID-19 Employment LitWatch from Jackson Lewis, P.C. LitWatch also points out that, …

What Impact Will the Biden Administration Have on the Insurance Industry?

Expect a great deal of legislative activity on a wide range of issues affecting the property/casualty industry. January 20 was the historic inauguration ceremony surrounded by U.S. soldiers guarding against domestic terrorism. A ceremony that had a field of 200,000 illuminated flags representing Americans who could not attend the ceremony because of the coronavirus pandemic. President Joe Biden and Vice …

8 Major Cyber Security Concerns in the Age of COVID-19

More employees working from home means more possibilities for cyber security breaches. The Covid-19 pandemic has been a game changer for businesses. For some businesses change may have even been beneficial, such as increased online sales or greater numbers of people working from home. But Covid-19 has also brought more digitization, and that has helped accelerate our cyber vulnerabilities, according …

How to Understand the Fine Print on Your Insurance

While it’s a good idea to read your insurance policy, hardly anybody does. The important thing is to recognize what’s in it, so it’s best to learn to understand your insurance fine print. Here are a couple of concepts to know about how your insurance works. What is subrogation and how does it apply to insurance? Subrogation in the context …

Can Employers Legally Mandate COVID-19 Vaccinations?

Unless your state government enacts mandatory vaccination laws requiring it as a condition of employment, you could put your company at legal risk. The COVID-19 vaccination has been touted as the easiest way to return to normalcy following the almost year-long pandemic. Such vaccinations will allow businesses to safely reopen and permit individuals and families to return to their routines. …

Why Almost Every Business Needs Additional Insured Coverage

You have business liability insurance, but it may not provide coverage if you are considered “vicariously liable.” Do you work with outside contractors or partner with other businesses on ventures? What if they cause injury or property damage to others while doing work for you or representing your interests? Additional insured coverage can protect your organization from liability due to …

Impact of COVID-19 on Property and Liability Insurance

While estimates vary, the insurance industry is currently expected to pay as much as $110 billion in claims related to the pandemic in 2020, according to Lloyd’s. The coronavirus outbreak has reduced risk in some areas while, at the same time, changing and heightening it in others,” according to Chief Claims Officer Thomas Sepp of Allianz Global Corporate & Specialty …

Don’t Forget Your Umbrella Insurance

If your business is the typical small or mid-sized business, you probably have somewhere between $500,000 and $2 million in liability coverage under your business owner policy (BOP) or commercial general liability policy. How does umbrella insurance coverage work with these policies to provide extra liability protection? In addition to your BOP, you might also have liability coverage under other …

Operating Your Business During the COVID-19 Pandemic

Many businesses have adjusted to the pandemic by implementing work from home arrangements for their employees. This is often an incomplete or inadequate solution though. How has your work or business during the COVID-19 pandemic been affected? The results can be less than ideal for the business, its employees and customers. Some businesses cannot even survive let alone thrive under …