Business Archives - Premier Insurance Services

The Importance of Employment Practices Liability Coverage

Mark Kofalt
October 28, 2019
Business

Every employer, no matter how small, faces the specter of being sued by a past, present or prospective employee at some time. In fact, such employment practices claims are widespread - so much so that most businesses are much more likely to have an employment practices liability claim than a general liability or property loss claim. Nearly three-quarters of all litigation against corporations today involves employment disputes, which can be extremely costly. The cost associated with an employment practices claim can be significant. In 2018, the Equal Employment Opportunity Commission resolved 90,558 charges of discrimination and recovered about $505 million…

Two Real-World Lawsuits and Lessons Learned for Contractors

Mark Kofalt
October 17, 2019
Business

Things go wrong on a regular basis on construction projects. That's why contractor's liability insurance exists - to protect everyone involved. The policy holder is assured that an honest mistake or oversight will not destroy a thriving business, and the client and other stakeholders are assured that no matter what foreseeable event might come to pass, there is enough liquidity on the table to compensate them for damages incurred. Contracts contribute to damages There is the occasional straight-ahead case, but in most cases, determining a single party to be at fault is extremely difficult. Often, the actions or oversights of…

Protect Your Officers with Drive Other Car Coverage

Mark Kofalt
September 19, 2019
All / Business

Linda is a junior partner in a law firm and drives a car that the firm owns and insures. The firm's auto insurance covers her as a partner and she doesn't own another car, so she sees no need to have her own policy. Most of the time, this is not a problem. However, spring break comes and she takes her kids to DisneyWorld. She rents a car at the Orlando airport and never gives a thought to whether her firm's insurance will cover her if she has an accident with the rental. In this case, a phone conversation…

Don’t Overlook Equipment Breakdown Insurance

Mark Kofalt
September 16, 2019
Business

Imagine it's a typical summer day. You own a 30,000-square-foot office building that is 85 percent occupied. And the air conditioning and ventilation systems stop working. The outside temperature is in the 90s and the humidity is high. It doesn't take long before the tenants start to complain. The contractor you hire determines that an electrical arc fried the circuit board that controls the environmental systems. The board must be replaced, but it will take up to five business days for it to arrive. In the meantime, the building is unfit for people to work in, and the leases oblige…

Common Questions About Fire Sprinkler Systems

Mark Kofalt
September 2, 2019
Business / Personal/Family

Automatic fire sprinkler systems can save lives and property in both residential and commercial settings. There are several common questions that arise when people consider installing these systems. This guide provides answers to most questions, but those who have further questions should call us. Are fire sprinklers really effective? According to the National Fire Protection Association, there are no records of fires resulting in more than two fatalities in areas that had adequate sprinkler coverage. In cases where fatalities resulted in buildings with sprinklers, the people who died were usually in direct contact with flames before the sprinklers were activated.…

How to Handle Water Damage to Your Home, Business

People often worry about fires damaging their homes and commercial buildings. While fires are dangerous and can cause extensive damage to property, they are rare compared to another element that is in the home or building every minute of every day: Water. Properties suffer water damage more frequently than they do other causes of loss. Water damage emergencies occur 14,000 times a day in American homes and businesses, according to insurance industry data. In comparison, fires occur in fewer than 3,600 homes per day, and burglaries occur 8,200 times a day. The basements in 98% of US homes will suffer…

Performing a Thorough Background Check

Mark Kofalt
August 12, 2019
Business

Employment background checks are not just for executive-level management. A thorough background check should be performed to avoid making any assumptions about an employee's history. To help you get started, here are some essentials of a complete background check: Current address Confirm a current address through a telephone directory, confirmation with landlord, rental or mortgage company, or county tax office. Former addresses Confirm prior addresses through former employers, credit agencies, or by contacting landlords of former residences. Other detailed information you might choose to verify is the amount of rent or mortgage paid, whether it was paid on time, details…

Annual Insurance Review is Crucial to Your Growing Business

Mark Kofalt
July 19, 2019
Business

One of the biggest mistakes owners of growing businesses make is not keeping up their insurance coverage to account for the expanding assets and potential liabilities. Let's say you started your business 10 years ago with just a small space and computer desk. Today, you have an office full of employees and equipment. If you still have the same insurance coverage as you did a decade ago, or even three years ago, the chances are high that you are underinsured. To make sure you have all of your assets covered, you should review your business insurance program annually. Circumstances change,…