Nearly every aspect of the workforce utilizes the internet at some point throughout the course of any given day. In addition, the majority of Americans have internet access in their homes as well as through mobile devices. Unfortunately, the internet allows for people to conduct themselves unprofessionally or commit crimes, such as identify theft, making unauthorized transactions, or using fraudulent business practices. In order to protect business owners, employees, and every day citizens, many find the purchase of Cyber Liability insurance beneficial.
What is Cyber Liability Insurance?
Cyber Liability Insurance covers a person or group of people from the consequences of unauthorized access to personal information and illegal activity on the internet. Without the need to be physically present for online businesses to conduct transactions, hackers, disgruntled employees, and strangers can cause many complications for a business or person.
“I trust my employees, so should I purchase Cyber Liability Insurance?”
Yes. While you don’t want to appear standoffish to your employees, you will be the one person held responsible for the activity conducted on your premises and online presence. Furthermore, the rise of social media has given millions of people the opportunity to cause irreparable damage to your business’s reputation, which can extend into your personal life outside of the workplace as well. Sadly, the news is riddled with stories of employees deciding to utilize an employer’s resources for their own financial gain, which can include instances of insider trading, promotion of illegal, pornographic material, and driving clients away to other businesses.
In order to protect your investment in your business, or even your own personal life, you need to obtain a policy to cover the risks associated with the use of the internet. While protecting yourself financially, a Cyber Liability policy adds merit to you and your employees’ moral and ethical decisions. It’s better to be prepared for the worst, than to risk financial ruin.
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Workers’ comp insurance is designed to cover employees should they become injured or sickened while on the job. It protects employees from being responsible for covering medical expenses for accidents and injuries that occur while they are working. Workers’ comp also protects employers by ensuring that they cannot be sued for payment of medical expenses by their employees.
Workers’ Comp Insurance Basics
In California, the law is pretty clear about the responsibilities of the employer when it comes to providing workers’ comp insurance. Even those companies who have only one part-time employee are required to have such insurance.
The penalties for not providing workers’ comp insurance are fines up to $10,000, sentencing to the county jail for not more than one year or both. California can also levy additional penalties of up to $100,000 against uninsured employees. Employers are required to bear the full cost of this insurance.
Is Workers’ Comp Required if There are no Employees?
California does not require you to have workers’ comp insurance if you are self-employed. However, while it is not required, it does not mean that such insurance is not a wise investment – not only for your own health but also for the health of your company. Think about the consequences of an injury that causes you to be unable to work.
If you are the sole employee of your business and you become injured while performing your job duties, it could spell disaster for the long term viability of your business. Common injuries such as those incurred as the result of a car accident or during a slip-and-fall could result in you being unable to fulfill your job duties. Without workers’ comp insurance, you might find it difficult to keep your business afloat while you are recuperating. You could also find yourself struggling to pay your personal bills as well.
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Of all of your business expenses, none can be as necessary as commercial auto insurance for your fleet of business vehicles. Unfortunately, automobile accidents involving a commercial vehicle place your business as the primary person of responsibility rather than the individual driver, your employee, of the vehicle. As such, when determining the best ways to approach your commercial auto insurance, you need to take some special considerations for your drivers and vehicles.
Driver Responsibility
All of your employees need to exhibit the responsibility and care in driving your commercial vehicles as they literally have the future of your business in their hands. Prior to allowing employees to drive a commercial vehicle, have them complete the following strict set of criteria.
- Pass a standardized drug screen to check for the presence mind-altering substances. In addition, you may need to conduct a questionnaire about each employee’s alcohol use. If you ever suspected an employee of coming to work while under the influence of alcohol, you cannot allow that employee to drive your commercial vehicles.
- Complete a defensive driving course. All of your drivers need to be extraordinarily aware of their surroundings when driving during the course of business. Furthermore, you may consider continuing education for monthly updates on changes to existing traffic laws.
Commercial Vehicle Responsibility
- Do not allow commercial vehicles to be used outside of the course of work. The more time you or your employees spend driving work-related vehicles, your risk for having an accident increases.
- Ensure your commercial vehicles receive proper, routine maintenance. Check the brakes, tire pressure, turn signals, headlights, taillights, and license plate visibility of your commercial vehicles once per week if not every day prior to use.
Although you may have already purchased a commercial auto insurance policy, you have a duty to actively work to prevent auto accidents. In addition to keeping your employees and other drivers safe on the road through driver diligence and vehicle maintenance, you need to make sure your investment will be protected against disasters.
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Starting your own business is the first step towards achieving your dream of self-reliance and fulfillment in your career; however, the chaos of the world will try to bring your thriving business to the ground. You have the ability to prevent undue damage to your business when you purchase an insurance policy for your small business. There are many different types of insurance policies available for small businesses, which range from covering your business structures to your employees’ inappropriate actions, and you need to know what each policy means for your business
Business Property Insurance
If you experience a natural or man-made disaster, a Business Property insurance policy will protect your business from the associated damages, such as from weather, vandalism, or fires.
Liability Insurance
Liability insurance policies protect you against the majority of your concerns as a small business owner. This type of insurance is used to cover any possible issues involving a third party, which includes customers, landlords, products, and even medical expenses. If you were to have a customer trip over your merchandise, a Liability Insurance plan will protect you.
Worker’s Compensation Insurance
If one of your employees becomes injured while at work, you will be held responsible for medical treatment, lost wages, and pain and suffering. Worker’s Compensation insurance shows your employees that you care about their safety while working while protecting your reputation and finances from these unforeseen expenses.
Excess Liability Coverage
Although you purchase a variety of insurance policies to protect your business, you may find that your policy limits do not cover the financial cost of certain claims. In these cases, an Excess Liability insurance policy will provide a cushion above and beyond your existing limitations of liability.
Employment Practices Liability Coverage
This type of insurance for small businesses protects you against allegations of discrimination, harassment, and retaliation.
Life Insurance
Life insurance covers you, your business partners, your employees, or your spouse in the event of death by accident or other circumstances. It will enable your loved ones or friends to continue the legacy of your business.
Health Insurance
You may choose to offer your employees health coverage or purchase health insurance for yourself. The options for Health insurance vary in amounts respective of deductibles, copayments, and limitations. However, some changes have been implemented since the introduction of the Affordable Care Act, so please check with your insurance agent to select a policy suited to your needs.
It can be difficult to navigate the available insurance policies you need for your small business. However, it’s better to be protected against an unfortunate circumstance rather than lose your business and hard work.
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Being a business without workers’ compensation insurance in California is a serious matter. If an employee is injured during the course of business duties and the business is not insured, it does not mean that the business is absolved of its responsibilities. The Uninsured Employers Benefits Trust Fund was established to ensure that employees are still compensated for their medical expenses even if the business did not comply with the law. Using the power vested in this entity, it can pursue many avenues to ensure that the injured employee is compensated, including placing a lien on the business, imposing a stop order so that the business can no longer legally and delivering fines, penalties and jail time.
If you should decide that you do not want to carry workers’ compensation insurance on your employees and one of them becomes injured or sick while on the job, you will be responsible for paying 100% of the cost of their bills. Without obtaining adequate workers’ compensation insurance, an injured or sickened employee can sue your company to obtain the funds necessary to cover their medical bills. In addition, there is the potential that your business will be fined, penalized and even more for not meeting its obligations to its employees.
The California state labor board, the Division of Labor Standards Enforcement, is responsible for ensuring that businesses comply with a range of labor standards, including having an adequate amount of workers’ compensation insurance. If the Division determine that the business was lacking in this regard, in addition to fines and penalties, it is possible that you will serve a jail sentence in the county jail. A stop order is also likely to be issued that prohibits the business from using the labor of those employees who are not covered. It is a misdemeanor to not comply with such an order.
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According to the National Retail Insight Center report, this year’s Halloween spending will average about $77 per person. This means we are likely to see an increase in trick-or-treaters at our homes. For many homeowners, this is not generally a problem but there are some common things that occur every Halloween that you should be aware of.
The dreaded dog bite
If you have a family dog, keeping him in a closed room can help prevent this calamity. Dogs are naturally territorial and when there are strangers pouring into your yard and ringing your doorbell, chances are your dog will get overly excited and could potentially harm a child. Before Halloween, check with your insurance agent about your coverage for this type of injury.
Children fall all the time
Children can be clumsy and when they are walking into unfamiliar yards, they can be even more clumsy. Combine this natural tendency with garments that are not always well-fitting and you have a potential recipe for disaster. Chances are if a child slips and falls on your property whether it is a tumble off the porch or tripping over cast-off toys or garden tools, you will be responsible for any medical bills the parent incurs.
Some surprising facts about homeowners insurance
Most people are unaware of some of the items their homeowners insurance covers. For example, Halloween is a night of pranks and if your home is egged, a headstone you own is toppled or your home is vandalized because you are not at home, these items may be covered. Before you pay for cleanups, repair a headstone or grave marker or repair home vandalism, check with your insurance company to see if any of these items are covered.
Halloween is meant to be a fun evening for adults and children alike. Sometimes things happen that are beyond your control. Do not assume you have all the insurance coverage you need, check with your insurance representative before it is too late.
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