Risk & Business

Every business owner sign numerous contracts during the course of business. One of the major provisions in most contracts is transfer of risk and or responsibility. What is common is the person or entity that lets the contract is trying to pass risk and liability on to the signer. So before you put your signature on another contract read it and look for  key words that will clue you in on what your agreeing to. Here are just a few. "Any and all": when you see these words it usually is not good for a business owner. Someone in a contract is trying to make sure there are no issues you the signer won't be responsible for. "By any cause whatsoever" : this is easily understood that what ever liability or risk that was being referenced in the contract , you the signer, are on the hook no matter what the cause of liability or risk is. "Hold Harmless" :  this is a fancy way of saying you the signer are going to have to protect the entity that is having you

It seems that everyday in the news another large company or financial institution is being hacked. Do to the large scale of these cyber breaches many small and middle sized businesses feel that their company would not be the target of professional hackers. This is simply not correct. Many small businesses get cyber attacked every day but never make the headlines. That is why a Cyber insurance policy is so important. I thought I would outline the "meat and potatoes" of this important coverage and then make a pitch on why you should buy a policy for your business.  The basics of cyber insurance coverage is to protect the business (First Party) and the business customers, (Third Party). Protecting the business from unauthorized access, virus transmissions, theft of data, loss of business income,  and cyber extortion are just some of the first party protections a cyber insurance policy can offer. The policy can also cover customers who were financially harmed by a hack to your b

The process of hiring and firing employees has become a risky endeavor for business owners. Employers are finding out the hard way that by not following good risk management protocols, their chance of lawsuits from disgruntled employees increase. The risks also increase if you have over 50 employees as this triggers many federal laws and rules that could trip up employers. So what does a business owner do to better protect themselves?  Along with a good risk management process, the next step,would be to buy a Employment Practices Liability policy (EPL).  This insurance policy will protect the employer from hiring and firing claims. For example, if a fired employee sues their employer for wrongful termination, this policy will pay defense costs and also cover any judgements. Another example would be if the business was being sued because it hired one person over the other, again the EPL policy would cover the employer. In addition to the protections of hiring and firing,  EPL policies h