Risk & Business

Effective July 17th 2007 Independent Contractors who work in the construction business in Delaware are required to carry workmans compensation coverage on themselves. There is a whole lot of scenarios that apply to contractors who need it and those sole proprietors and partnerships who can exempt themselves. It is too much information for this blog, so go to our website home page and click "clients" and then click on the Special Insurance Bulletins. You should be able to see the June issue which goes into more detail about the new law. As always call us with any questions. K

I have had the discussion with many clients on how much liability limits they should buy. I can honestly say over the last 23 years in the business, that there is no easy answer to this question. Large limits available to plantiff attorneys are a big target. I have had clients that had large umbrella policies and were sued because the insurance policy with all that "money" available was too much for the plantiff attorney's to resist. In other words there is some thought out there that the bigger the limits the more your business is targeted. Then there is the thought that it is easier to sleep at night as a business owner when you have large liability limits protecting your business. As a person who makes their living helping business owners protect their businesses, I say buy as much as you can afford. It is better to have a well protected "target" than to have a "target" that is slim when it comes to liability coverage and limits. Notice that as a sm...