Risk & Business

A recent study by Ames & Gough found that contractors are increasingly assuming risk that previously were considered the domain of architects and engineers. This is occurring through contract risk transfer and many unassuming contractors are "holding the bag" and they do not even know it. READ YOUR CONTRACTS CAREFULLY... Watch for words and paragraphs that deal with indemnification and hold harmless language. Especially as it relates to architects and engineers! Keep us informed so we can discuss your insurance options. Also, if this poses a big risk to you because of the type of jobs you do, then buy Contractors Liability coverage. Call is if you need this coverage or want to discuss it. My personal feeling is ever contractor should have this... K

It remains to be seen what the overall effect on rates will be, but this Delaware Reform bill is very neccessary. Clients have been calling me already asking when will they see rate reductions. I do not know but I would imagine before the end of the year there will be adjustments. It is good to see the Del Legislative give small business in Delaware some relief from the high comp rates that have held Delaware behind the other surrounding States. Lets stay tuned to the future positive developments. K

In a recent article in Fortune Mag., a study finds business owners dealing with more and more workplace "drama" between employees. Relationship issues, sexual harrassment, racial discrimination, etc... are causing business owners to reevaluate thier policies and procedures to protect themselves. If you do not have a policy and procedures manual to deal with these type of issues, you are setting yourself up for a indefensible lawsuit. Also the insurance industry has coverage called and EPLI policy, which will protect the business owner from employee lawsuits. If you are interested in buying this coverage contact our office. GKN