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Language And Meaning In Your Policy Can Effect Workers' Compensation Coverage

Under a commercial insurance policy, there are several types of insured. Understanding the difference between these types of insureds can be crucial to understanding coverage. 

FAQ Files: Separation of Insureds & Severability of Interests

The Separation of Insureds is a standard policy condition of the commercial general liability policy. Also known as the severability of interests, the condition serves several purposes. Still, it can be quite complicated to understand in some of those contexts. As it is increasingly common for contractors to request or demand a separation of insured provision within a business’s insurance policy, companies should make sure they understand the term and how it might affect them.

Why You Need A Digital Forensics Company In Your Cybersecurity Action Plan

In the event of a cybersecurity breach, any company with a cyber insurance policy should contact their carrier as soon as possible. One of the first steps the cyber insurance carrier will take is to hire a forensics company to investigate the breach. Digital forensics is one of the more expensive aspects of most cyber claims, with costs typically ranging from $20,000 to $50,000.

Avoiding A Risky Position: Hold Harmless In Contract Negotiations

Liability rolls downhill. Big companies use their negotiating leverage to demand favorable indemnification clauses and hold harmless agreements be included in their vendor and customer contracts. Some degree of this is reasonable, but there are always a few players who try to push things as far as possible. The result is indemnification and hold harmless provisions that seem to foist all the liability on companies with less leverage without regard to fault or negligence. Many go so far as to seek that the second party indemnify the first party for the first party’s own negligence.

Business Insurance Concerns: Action Over Cases

Action over cases have become increasingly common over the past two decades. These cases involve employees collecting worker’s compensation from their employer, and then suing a third party that caused their injuries through negligence who had a contractual indemnity clause with the employer that covers the lawsuit.   The prevalence of these suits have led insurance companies to take action by issuing new endorsements aimed at protecting themselves.

A Perfect Storm For Cyber Risk: What Does Your Forecast Look Like?

There are recognized patterns of higher risk. For example, Hurricanes and earthquakes do catastrophic damage to a specific geographic area. These natural disasters pose unique risks to insurance companies as a result of that history. If an insurance company insures at lot of this type of risk, it can face massive losses and have its financial stability threatened. For this reason, insurance companies try to avoid insuring too many homes or businesses (for this example) in an at risk area for hurricane or earthquake damage. While this helps keep insurance companies financially sound, it can make coverage harder to obtain for those who need it most.

Read This If Your Employees Drive On The Job

Lawsuits are expensive... and they only ever get more costly as time goes on. To reduce delays, state governments have searched for ways to fairly apportion damages for certain types of accidents without having injured parties resort to filing lawsuits for some time. Workers' Compensation is one example of a system that states have used to avoid and prevent lawsuits in the specific field of workplace injuries by eliminating any requirement for fault or negligence.

Five Doubts You Should Clarify About CA9948

Pollution coverage in commercial automobile coverage can be a tricky subject. The standard commercial automobile policy excludes coverage for pollution events unless the pollution stems from a substance necessary to the operation of the vehicle; this means substances like gasoline or brake fluid. There are three ways companies get around this exclusion – through the MCS-90, through transportation pollution liability coverage through a stand-alone policy or as part of a contractor’s pollution liability policy, or through the CA-9948 endorsement.

The Most Dangerous Social Engineering Scams of 2019

The problem of Social Engineering techniques called Phishing, Whaling, Spear Phishing, Pharming, or Impersonation Fraud has become significant and widespread in recent years. The insurance industry has made efforts to keep these risks in mind for cyber liability policies. Sometimes there is language added that will protect a company, but sometimes communication is added to a basic policy that would not protect a business against these specific risks. 

Meeting ERISA Bond Requirements And Protecting Your Business

Retirement plans are an excellent way for employers to attract and retain key employees by offering non-salary compensation. Most employers in the modern era offer some form of 401(k) or other retirement offering to their employees. These plans, though, come with many risks and regulations that employers need to pay attention to, or they could wind up costing themselves big money.