So, who needs an umbrella policy? Everybody!
I can see you all shaking your heads in disagreement with me, but think about it. Who expects to have an accident? Who expects to nod off at the wheel and drift into the path of an 18-wheeler transporting hazardous waste? Who expects to run into a school bus filled with children? Parents send off their teenage drivers with stern warnings not to text and drive, never expecting to receive a call from the police informing them that teen has just rear-ended a minivan with a family of five inside. Think of the recent college graduate with hand-me-down furniture, a little apartment and an older model car, but who has huge earning potential – do you think if they become legally liable for a loss there won’t be a judgment that attaches future earnings? Let’s face it, even those of meager means have assets to protect, but usually it will comes down to a question of affordability. However, umbrellas pack a big coverage punch for a very modest premium. A $1 million umbrella for a home and two cars may cost as little as $14 per month. For that $14 per month, you can get $1 million of protection. That sounds like a pretty good deal. If you have not reviewed your limits of liability lately, please take time to look at your insurance policies and discuss the possibility of increasing your liability limits with your insurance professional (or me). In the midst of the festive and hectic holiday atmosphere, it is easy to forget the serious responsibility involved with hosting a party at your home or business. In many states, individuals and employers hosting holiday parties can be held liable in cases where a guest or third party is injured in an accident related to alcohol consumption at your event. Hosts have been held responsible for medical bills, vehicle repair costs, lost time from work, and even wrongful death. Jon Jepsen, a Trusted Choice® independent insurance agent at SentryWest Insurance, recommends that those planning to host holiday parties this year review their homeowners,renter’s or comprehensive general liability (CGL) insurance policy and ensure they have adequate liability coverage if sued and found liable for the actions of a guest who drank at their home or business.
While all holiday partygoers and hosts alike should be responsible and know their limits, consumers need to acknowledge that most risks cannot be eliminated entirely. But planning ahead and learning about what’s involved in hosting a reception is the best defense. Liability Coverage Tips:
Party Host Safety Tips:
As Thanksgiving approaches, many people will celebrate the holiday by giving back to their community. Volunteering time or services to a company or non-profit organization may be a selfless act of generosity, but these acts of goodwill can also expose volunteers to possible lawsuits if they are making decisions on behalf of the organizations or company. Fortunately, there is a way to mitigate the exposure to lawsuits and continue lending a hand.
A directors and officers (D&O) insurance policy protects directors and officers from liability risks associated with working or volunteering on the board of an organization or company. These risks can include negligent acts or omissions, antitrust violations, wrongful termination, libel and slander, and misleading statements that result in a lawsuit against the company. Whether you’re working or volunteering as a director or officer, it’s important to make sure you’re protected from these risks with a D&O policy. Directors and officers can be sued by the company or organization they work or volunteer for or by other current or former directors and officers, employees, shareholders, investors, lenders, vendors, customers, competitors, various government officials, such as state attorney generals, the IRS and state and federal labor departments, consumer groups and numerous other third parties. While the entities that can sue a board member are numerous, the situations in which lawsuits can be filed are limitless. Here are just a few examples of real D&O claims from the Independent Insurance Agents & Brokers of America:
There are several types of D&O insurance that can protect individuals from these situations. These coverages include corporate reimbursement coverage, which protects directors and officers of a company or organization; side-A coverage for directors and officers who are not indemnified by a firm; and entity coverage for protection against claims made against a company. D&O policies can also be written to include coverage for employment practices liability for protection against lawsuits for wrongfully terminating an employee or sexual harassment. Before you start working or volunteering in a director or officer capacity, you should check with the company or organization to make sure it has a D&O insurance policy in place. If you’re serving on a board and you’re unsure about whether you’re protected, Jon Jepsen at SentryWest Insurance (a Trusted Choice® independent insurance agent) can answer any questions you have about coverage and risk exposure. |
AuthorJonny Jepsen, CIC Categories
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