Working as a human resource professional exposes you to a significant number of risks, making professional liability a must-have. Though the financial impact of a lawsuit or claim brought by a former or current employee can be devastating, carrying an HR insurance policy can defray the costs away from you as an individual.
While you try to do your best to help employees, hire the right people, and administer benefit plans, you may make a few mistakes. These errors can lead to lawsuits. The following are some of the most common liabilities facing HR professionals.
- Errors on employment paperwork: While it is the responsibility of new hires to fill out their paperwork, HR staff are to keep individuals accountable for completing the paperwork in its entirety and turning it in on time. Forms must be kept on file for a minimum of three years.
- Hour and wage disputes: Remote employment has made it difficult for employers to ensure compliance with wage and hour laws. Establish clear parameters for schedules and wages, including overtime compensation.
- Worker classification errors: There are different benefits and protections afforded to different classifications of workers. Failing to classify the employees can lead to lawsuits over unemployment insurance, disability insurance, workers’ comp, or health insurance.
These are just three of the common litigation problems you may run into as an HR professional. Protect yourself with professional liability insurance.
All truckers and trucking companies should know about MCS-90. If a member of the public suffers injuries because of a trucker, he or she may demand compensation. The best way for said person to get compensation is if there is an MCS-90.
The MCS-90 Explained
The MCS-90 is an add-on or endorsement to an insurance policy. This specific add-on only relates to motor carriers or companies that transport cargo. This add-on is for the public. It guarantees that if someone is injured by a truck driver that they will be compensated for the damages. Now, for the MCS-90 to go into effect, the accident has to occur when the trucker is doing business that crosses state lines only.
The Purpose of the MCS-90
If a member of the public suffers an injury due to a trucking accident, the MCS-90 endorsement guarantees that the insurance company will pay for the claim, regardless of why the accident occurred. The purpose of the add-on is to supplement existing liability insurance. As an example, there are some accident causes that insurance companies will not generally handle.
To ensure that victims of truck accidents receive compensation and MCS 90 form can be filled out in addition to an insurance policy. If a trucking company practices interstate commerce, it has to have MCS-90.
Pregnancy is a big change for many women. In order to ensure the health of mother and child, expecting parents must make a number of lifestyle and dietary changes. While there are plenty of restrictions placed on pregnant women, it can become unclear which activities are still safe. For example, plenty of couples wonder if it is safe for a woman to be on a boat while she is pregnant. Airlines restrict women in their third trimester from flying, leading many to believe other modes of transportation offer similar restrictions.
Safety Depends on Several Factors
In truth, boating while pregnant is only as unsafe as any other means of getting around. Accidents can happen, especially during inclement weather or when on the water with those without proper knowledge on how to operate a boat. Additionally, a pregnant woman should consider her own health. If she is the type of person who gets sick easily while on the water, it is definitely not a good idea to get on a boat until after the baby has arrived. Additional points to consider include:
Know What To Expect
It is always better to play it safe when you are expecting. Take time to think over the related factors and it will be a lot easier for you to determine what you can and cannot do safely while pregnant.
Restaurants face increased risks in certain areas depending on the specific business model they operate under. It is crucial that anyone managing a food service establishment understand those risks and how to manage them. Research into what liabilities are covered with restaurant insurance shows that the right insurance package can offer protection and help manage risks such as these.
SAfe food handling and storage can prevent many types of food-borne illnesses. However, someone may still get sick after eating at your restaurant. Any liability insurance should offer protection in the case of a claim.
All sorts of equipment and machinery can lead to severe injuries in a commercial kitchen. In addition to a liability policy, restaurants should carry workers’ comp coverage to help offset costs associated with work-related injuries.
Fire and Smoke Damage
Ovens, fryers, grills, and cooktops are all potential sources of fire and smoke. While some can be contained, others are capable of destroying entire buildings. Without the right restaurant insurance, a fire could easily lead to catastrophic losses.
Improper Licensing and Permits
All food service establishments need to have proper permits and licenses in place to operate. The sale of alcohol adds another layer to the equation. Restaurant insurers are aware of the necessary steps to take and can help you develop a risk management plan to ensure proper operational procedures are followed.
Restaurants face many risks, but many of those liabilities are covered with the right restaurant insurance.
You may have heard the term bonded in advertisements for construction companies. You may have even wondered what that meant. If you are working on any form of construction, you should know all about bonds.
What Is a Surety Construction Bond?
A bond is a contract or agreement between the construction company, suppliers, clients, or bonding agencies who have a stake in the project. All bonds serve as a form of protection on the parties’ investment.
What Does a Construction Bond Protect?
There are different types of construction bonds, each serving a different purpose or interest in a project. The construction bonds protect:
- Project developers for protection on a bid
- Government agencies for protection against defective work
- Developers for protection against defective materials
- Subcontractors for protection against not being paid for the work
- Suppliers and developers against nonpayment for materials
Although there are others, these are the main types of construction bonds.
Why You Need a Bond?
Developers, construction companies, and other agencies need bonds for a variety of reasons. One of the main reasons is protection, but in some cases, they are required by law. They often act as a form of guarantee or warranty against defective work or materials.
Construction bonds are an essential part of operating a construction business or hiring a construction company. They protect all of those involved in the transaction and save you time, and money should a project or bid go wrong.
Companies hire temporary workers for a limited time when regular employees are absent for prolonged periods. Your business must comply with federal laws when hiring temporary employees.
When Should You Hire Temporary Workers?
Businesses hire temporary workers for a specific project or purpose while avoiding the cost of hiring regular, permanent employees. There are many reasons an owner might hire someone temporarily, including:
- When a permanent employee is on maternity leave, family leave, or vacation
- When there is a short-term need for a specific skill set, such as creative or computer expertise
- When you desire to keep staffing levels optimal without overworking your regular employees
How Long Can You Employ a Temporary Employee?
A temporary worker’s time with your company cannot exceed 1,040 hours per year. The same employee cannot work at your company for more than two consecutive years.
Employers should specify both the scope of duties and length of time for temporary help. These employees should not perform the same responsibilities as regular, full-time staff indefinitely.
Why is There a Time Limit for Temporary Personnel?
Temporary workers do not qualify for health insurance or retirement benefits, and they typically earn a lower wage than permanent employees in similar jobs. Therefore, it costs companies less to employ temporary staff members. Laws are in place to prevent employment abuse.
Sometimes hiring permanent workers is the better solution, but for the right business at the right time, hiring temporary employees can solve short-term needs.
As a real estate agent, you are the most effective when you know your clients, the property market, and your professional risks. It is easy to understand why you need to know the market and your clients, but you may wonder about your professional risks. Every business deal or transaction leaves you vulnerable to claims of negligence, errors, and omissions, or breach of contract.
Professional Liability Coverage
As a safeguard from the most common claims against your services, real estate agent insurance is a wise investment. Breach of duty and negligence suits are the most commonly filed complaints against agents, either for allegations that pertinent information wasn’t disclosed regarding a transaction or for failing to act in the best interest of the client. Professional liability coverage provides the resources to defend or clear your name.
Lack of Coverage
Professional liability protects you from risks, but not those that arise from any illegal activity. Intentional wrongdoing is another area where coverage will be denied. If you have employees or contract out parts of your job, this policy will not address physical injuries or property damage done. The coverage only extends to damages a third party may incur as a result of following your advice.
The cost of purchasing adequate coverage depends on things like your location, claims history, business size, and transaction types. Regardless of cost, it is most cost-effective to carry this insurance than handling a client lawsuit out of your own funds.
Architecture firms have become increasingly dependent on technology to assist in the development of new projects and manage day-to-day operations. With this rise in tech comes an increase in the need for a robust cybersecurity system. Knowledge of the best cybersecurity practices can protect firms from encountering cyber attacks.
Knowledge is Power
Security threats are difficult to manage because an attack can come in a variety of forms, including data breaches, malware attacks, and hacking. For this reason, it is important to maintain awareness of cybersecurity threats in the following ways:
- Document all security breaches to prevent future incidents
- Back up data to prevent loss
- Managing employee access and revoking access upon the termination of employment
- Installing anti-malware software and other security walls on all company devices
Each employee at a firm has a point of access to company devices, meaning that there are multiple points of vulnerability to that firm’s cybersecurity system. Whenever new employees are onboarded, it is important for management to educate them on safe cybersecurity practices to prevent the compromising of a firm’s system. Some of these practices include not opening suspicious emails or downloading Internet apps onto company devices. By taking the proper precautions, employees can assist in the protection of their firm’s infrastructure.
Purchasing an RV is an exciting endeavor, full of endless adventure opportunities for you and your passengers. It is a home away from home that travels with you to your chosen destinations. You want to make sure you know what to expect when you purchase insurance for your new house on wheels, whether it is parked in place or traveling down the road.
RV Insurance Protections
Whether you purchase a motorhome, trailer, or 5th wheel, your new RV needs the protections required of other vehicles on the road, but it also has many of the same risks associated with a house. As such, an insurance policy for your recreational vehicle can have coverages similar to both auto and home insurance.
What Is Covered?
Protecting your RV and its contents from non-collision damages, such as fires, floods, theft or vandalism is an important component of your policy coverage. This is the protection that safeguards your camper and your belongings, even when it is parked.
According to recreational vehicle insurance experts, you can also expect the following accident damages to be covered in an RV policy:
- Auto liability coverage
- Uninsured and underinsured motorists
- Medical costs (or personal injury protection, where required)
When you carry your home with you on the road, you want to ensure it is adequately protected. Getting insurance coverage tailored specifically for RVs gives you peace of mind to enjoy your new adventures, wherever the road may take you.
CBD oils are giving cannabis manufacturers the type of positive recognition they seek to stabilize their image and assert their importance as an industry. The concern is with regulations varying from state-to-state; there is considerable risk of exposure in three areas for legitimate businesses. Insurance claims have the potential to wipe out business owners, due to a lack of uniform guidelines within the industry.
3 Risk Factors to Consider
- Malpractice: CBD products used for medicinal purposes are subject to strict regulations. Manufacturers who make claims that CBD can cure diseases to sell products leave the industry vulnerable to costly insurance claims.
- State law issues: States may allow the manufacture of CBD products with higher psychoactive properties than are permitted by federal regulations. This variance between state laws and federal requirements can result in lawsuits where products are produced despite being prohibited by law. The lack of uniform guidelines and oversight is troubling for manufacturers wanting to follow the rules and meet expectations.
- False marketing: Manufacturers are attempting to promote the legitimate benefits of CBD products while tamping down deceptive advertising. Some business owners are heralding CBD as a medical cure, capitalizing on recent successes for profit. These dishonest tactics subject many cannabis business owners to the risk of lawsuits for fraudulent CBD claims.
Cannabis manufacturers are getting important recognition as businesses that provide essential products for health and well-being. The next steps will be working to pass clear and uniform regulatory guidelines, so businesses that operate responsibly won’t have to fear unnecessary insurance claim risks.