Business Archives - Page 9 of 10 - Premier Insurance Services

Two Real-World Lawsuits and Lessons Learned for Contractors

Post author:Mark Kofalt
Post published:October 17, 2019
Post category: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…

Don’t Overlook Equipment Breakdown Insurance

Post author:Mark Kofalt
Post published:September 16, 2019
Post category: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…

How to Handle Water Damage to Your Home, Business

Post author:Mark Kofalt
Post published:August 26, 2019
Post category:Business Personal/Family

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

Post author:Mark Kofalt
Post published:August 12, 2019
Post category: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…

Lawsuits Grow for Incidents from Providing Professional Services

Post author:Mark Kofalt
Post published:July 16, 2019
Post category:Business

People often think of professional liability insurance as something only doctors and lawyers need. The truth is that anyone in any profession can be sued for making bad decisions. Standard business general liability insurance policies do not cover liability for professional mistakes. They will not cover errors that cost someone else money without causing bodily injury to them or destroying their property. Occupations that may not at first blush be considered "professions" may still be at risk of lawsuits for acts they have or have not committed. Here are some examples: An ebook publisher issues a collection of short stories.…

New Rule Allows Employers to Pay Workers to Buy Their Own Health Coverage

Post author:Mark Kofalt
Post published:June 30, 2019
Post category:Business Personal/Family

The Trump administration has issued new rules that allows employers to provide workers with funds in health reimbursement accounts (HRAs) that can be used to purchase health insurance on the individual market. The rule reverses a long-standing part of the Affordable Care Act that carried hefty fines of up to $36,500 a year per employee for applicable large employers that are caught providing funds to workers so they can buy insurance. The rule was put in place to keep employers from shunting unhealthy or older workers from their group health plans into private insurance and government-run marketplaces. Under the rules…

Helping Your Workers Care for Aging Parents

Post author:Mark Kofalt
Post published:June 17, 2019
Post category:Business Personal/Family Senior Care

As the costs of nursing homes and assisted living services soar, the financial burden of paying for those services often falls on the elderly individual's adult children. Many families cannot afford these services, so they are opting for their ageing parent to live with them. Unfortunately, as those parents get older and need more care, it can take a toll on their adult children and has forced many of them to quit their jobs and take care of their parents full time. A recent survey by Unum Insurance Company found that 39% of caregivers end up quitting their jobs to…

Property Coverage for Businesses with Changing Needs

Post author:Mark Kofalt
Post published:June 15, 2019
Post category:Business

Some businesses have very stable property insurance needs as the value of their non-building assets, equipment and inventory doesn't vary much during the year. Other types of business experience wide variations in the value of their property. Florists tend to carry more stock around Valentine's Day and Mothers' Day than they do on most days of the year. Many retailers earn most of their profits during the holiday shopping season, so they keep larger amounts of stock on hand during that period. Warehouses and manufacturers may have variable amounts of product on their premises with vastly different values. Depending on…