Insurance

Earlier this year New Jersey officials conducted a sting operation to catch general contractors that were operating without the necessary permits and insurance coverage. Using a vacant house, they were able to find a rather large number of contractors operating outside of the legal requirements, resulting in civil penalties. All because some companies chose to not have the required licenses and liability insurance coverage.

Contractors are involved in the process of building and restoring America’s homes and commercial buildings, opening themselves up to all sorts of liabilities on the job. Contractors insurance coverage is mandatory for these businesses as they need to protect themselves and their employees should something go wrong on the job.

Regardless of the size of your business, or what your business does, you need to have the right business insurance coverage in place. Because so many small businesses rely on one person to run the whole operation, you need to also have the right coverage for the person at top, so that their family has the protection they need should something happen to the primary bread winner.

Self employed individuals usually only employ themselves, which means that their ability to purchase medical insurance generally boils down to three different options. Join our discussion of health coverage options for the typical self employed individual and learn what their options might be.

Directors and officers liability insurance is a necessity for most publicly traded companies, and other businesses that have upper management that can be held personally liable for the decisions they make on a daily basis. This also holds true for foreign based (or companies with foreign operations) that can be held liable for said actions in a US court.

Self employed individuals need business insurance coverage, just like larger companies. If you have a business, you need certain coverages. It is as simple as that. Here are some coverages a home-based entrepreneur should consider.

Workers comp insurance is a coverage most companies (with employees) are required to purchase. This important insurance protects employees when they are injured while performing their job duties, and can be a heavy burden on a small business. Fortunately there are steps to take in order to help reduce the expense of workers compensation coverage.

Directors and Officers insurance coverage use is increasing with companies that have management that is at risk to being held liable for their actions, according to a recent study. D&O coverage is also gaining popularity with companies that have foreign operations.

Employee theft is a large issue for small companies. Generally, the smaller the company, the less procedures they have in place to prevent and detect employee fraud, making it easier for certain employees to steal from their employer. Having a fidelity bond in place is a good way to limit a company’s loss should an employee theft take place, but it is equally as important to have the right policies and procedures in place to limit the likelihood of it occurring in the first place.

Directors and officers insurance protection is purchased by most large companies, especially those that are publicly held. However, one very well known, very successful, publicly held corporation forgoes purchasing this valuable business insurance coverage for those steering the ship. Find out who it is and why they chose to go without by reading this article.