Regardless of what the type of business you own, giving it an extra layer of protection will always be a wise investment. We should never gamble with our company’s assets and protecting it with the right insurance policy ensures that our business is prepared for any eventuality. But with all the insurance policies available in the market today making the choice could be difficult. Studying your options ensures that you’re getting the right set of coverage for your business. Read along and discover facts about business liability insurance – one…
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Towers Watson research indicates that inquiries into D&O insurance coverage are growing
A Towers Watson survey has shown that a growing number of corporate officers and directors are looking into the coverage that their companies have or need for protection against possible lawsuits, which indicates that there is an increasing concern over the broad range of risks to which they are exposed. The annual survey, performed by Towers Watson, a worldwide professional services company, was called the “2011 Directors and Officers (D&O) Liability Survey”. It also determined that many American public, private, and nonprofit businesses and organizations have increased their D&O liability…
Read MoreLawmakers in Massachusetts approve rate freeze for the state’s unemployment insurance plans
Massachusetts lawmakers have passed a $130 million spending plan this week. The legislation includes a provision that freezes the unemployment insurance rate that businesses have to pay. This is the fourth consecutive year that lawmakers have put a freeze on the insurance rate, hoping to spare the state’s businesses from costly and, at times, excessive rate increases from insurance companies. Legislators believe that the rate freeze will help stimulate the state’s economy, as businesses will be saving approximately $220 per employee on insurance coverage. The nation’s economy is still showing…
Read MoreThe importance of understanding what business interruption insurance can provide
According to partner Robert Glasser from the Dempsey Partners L.L.C. New York Office, it is very important for a company to assess its needs for business interruption coverage and to do so carefully. That said, while CFOs and risk managers are typically confident in determining many of the insurance needs of their organizations, they often balk in the face of business interruption because they don’t have a structured approach to provide them with the information they require to make their decision regarding this coverage and its limits. Unfortunately, this discomfort…
Read MoreLawyers gain broadened professional liability coverage from OneBeacon
OneBeacon Insurance Group member, OneBeacon Professional Insurance (OBPI), has launched a broadened lawyers’ professional liability (LPL) coverage so that its protections will now include network security and privacy (NSP) liability. Lawyers can access this new offering in either of two possible ways, which are: 1. As an LPL policy endorsement 2. As its own standalone coverage According to the OBPI senior vice president of the LPL division, Kim Noble, these days, a law firm’s lifeblood is its information systems, and it is vital to protect those systems, as they may…
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